Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-312023-01-01truefalsetruetruefalseNo description of principal activity1718false 09460512 2023-01-01 2023-12-31 09460512 2022-01-01 2022-12-31 09460512 2023-12-31 09460512 2022-12-31 09460512 2022-01-01 09460512 c:Director1 2023-01-01 2023-12-31 09460512 c:Director1 2023-12-31 09460512 c:Director2 2023-01-01 2023-12-31 09460512 c:Director3 2023-01-01 2023-12-31 09460512 c:Director4 2023-01-01 2023-12-31 09460512 c:Director5 2023-01-01 2023-12-31 09460512 c:Director5 2023-12-31 09460512 c:RegisteredOffice 2023-01-01 2023-12-31 09460512 d:Buildings d:ShortLeaseholdAssets 2023-01-01 2023-12-31 09460512 d:Buildings d:ShortLeaseholdAssets 2023-12-31 09460512 d:Buildings d:ShortLeaseholdAssets 2022-12-31 09460512 d:PlantMachinery 2023-01-01 2023-12-31 09460512 d:PlantMachinery 2023-12-31 09460512 d:PlantMachinery 2022-12-31 09460512 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 09460512 d:MotorVehicles 2023-01-01 2023-12-31 09460512 d:MotorVehicles 2023-12-31 09460512 d:MotorVehicles 2022-12-31 09460512 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 09460512 d:FurnitureFittings 2023-01-01 2023-12-31 09460512 d:FurnitureFittings 2023-12-31 09460512 d:FurnitureFittings 2022-12-31 09460512 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 09460512 d:OfficeEquipment 2023-01-01 2023-12-31 09460512 d:OfficeEquipment 2023-12-31 09460512 d:OfficeEquipment 2022-12-31 09460512 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 09460512 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 09460512 d:CurrentFinancialInstruments 2023-12-31 09460512 d:CurrentFinancialInstruments 2022-12-31 09460512 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 09460512 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 09460512 d:UKTax 2023-01-01 2023-12-31 09460512 d:UKTax 2022-01-01 2022-12-31 09460512 d:ShareCapital 2023-12-31 09460512 d:ShareCapital 2022-12-31 09460512 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 09460512 d:RetainedEarningsAccumulatedLosses 2023-12-31 09460512 d:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 09460512 d:RetainedEarningsAccumulatedLosses 2022-12-31 09460512 d:RetainedEarningsAccumulatedLosses 2022-01-01 09460512 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-12-31 09460512 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2022-12-31 09460512 d:FinancialLiabilitiesFairValueThroughProfitOrLoss d:UnlistedNon-exchangeTraded 2023-12-31 09460512 d:FinancialLiabilitiesFairValueThroughProfitOrLoss d:UnlistedNon-exchangeTraded 2022-12-31 09460512 c:OrdinaryShareClass1 2023-01-01 2023-12-31 09460512 c:OrdinaryShareClass1 2023-12-31 09460512 c:OrdinaryShareClass1 2022-12-31 09460512 c:FRS102 2023-01-01 2023-12-31 09460512 c:Audited 2023-01-01 2023-12-31 09460512 c:FullAccounts 2023-01-01 2023-12-31 09460512 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 09460512 d:WithinOneYear 2023-12-31 09460512 d:WithinOneYear 2022-12-31 09460512 d:BetweenOneFiveYears 2023-12-31 09460512 d:BetweenOneFiveYears 2022-12-31 09460512 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 09460512 d:AcceleratedTaxDepreciationDeferredTax 2022-12-31 09460512 d:TaxLossesCarry-forwardsDeferredTax 2023-12-31 09460512 d:TaxLossesCarry-forwardsDeferredTax 2022-12-31 09460512 d:OtherDeferredTax 2023-12-31 09460512 d:OtherDeferredTax 2022-12-31 09460512 7 2023-01-01 2023-12-31 09460512 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:shares xbrli:pure
Registered number: 09460512














BIOBEST UK LIMITED
DIRECTORS' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

 
BIOBEST UK LIMITED
 

COMPANY INFORMATION


Directors
Mr S Jones (resigned 1 August 2024)
2M-Consult BVBA 
JM Vandoorne BVBA 
TTP BVBA 
Mr T L Crittenden (appointed 1 August 2024)




Registered number
09460512



Registered office
Unit 1 Wyvern Way
Henwood Industrial Estate

Ashford

Kent

TN24 8DW




Independent auditors
Magee Gammon Corporate Limited
Chartered Accountants & Statutory Auditors

Henwood House

Henwood

Ashford

Kent

TN24 8DH





 
BIOBEST UK LIMITED
 

CONTENTS



Page
Directors' Report
 
1 - 2
Independent Auditors' Report
 
3 - 7
Statement of Income and Retained Earnings
 
8
Balance Sheet
 
9
Notes to the Financial Statements
 
10 - 22


 
BIOBEST UK LIMITED
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

Directors' responsibilities statement

The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Directors

The directors who served during the year were:

Mr S Jones (resigned 1 August 2024)
2M-Consult BVBA 
JM Vandoorne BVBA 
TTP BVBA 

Engagement with suppliers, customers and others

The directors have had regard in the need to foster good relationships with suppliers, customes and other stakeholders in the year.  This has involved maintaining a high quality service and ensuring suppliers are paid within standard payment terms.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Page 1

 
BIOBEST UK LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Auditors

The auditorsMagee Gammon Corporate Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





___________________________
Mr T L Crittenden
Director

Date: 11 April 2025

Page 2

 
BIOBEST UK LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BIOBEST UK LIMITED
 

Opinion


We have audited the financial statements of Biobest UK Limited (the 'Company') for the year ended 31 December 2023, which comprise the Statement of Income and Retained Earnings, the Balance Sheet and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion, except for the effects of the matter described in the Basis for qualified opinion section of our report, the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 December 2023 and of its loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Page 3

 
BIOBEST UK LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BIOBEST UK LIMITED (CONTINUED)


Basis for qualified opinion


FRS102 states that at the end of each reporting period an entity shall assess whether there is objective evidence of impairment of any assets that are measured at cost or amortised cost. If there is objective evidence of impairment, the entity shall recognise an impairment loss in the profit and loss account immediately.
In accordance with the group accounting policy stipulated by the parent company, the company provides for bad debts at 50% of outstanding balances between 60 and 89 days old, and 100% of balances greater than 90 days old.
Based on the information obtained during the audit, in our opinion the bad debt provision should be £1,969 (2022 - £53) as compared to the figure of £49,927 (2022 - £146,376) reported in the financial statements. We therefore consider the bad debt provision is materially overstated by £47,958 (2022 - £146,323). 
FRS102 states that deferred tax shall be recognised in respect of all timing differences at the reporting date.  However, unrelieved tax losses and other deferred tax assets shall be recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits (the very existence of unrelieved tax losses is strong evidence that there may not be other future taxable profits against which the losses will be relieved).
The company has recognised a deferred tax asset in respect of unrelieved losses in excess of deferred tax liabilities amounting to £66,213.  Based on the information obtained during the audit, in our opinion there is insufficient evidence to determine that it is probable the excess unrelieved losses will be recovered against future profits.
We therefore consider the deferred tax asset is materially overstated by £66,213.
In addition to the above, during our audit we identified errors in the recording of group fees and recharges amounting to £66,079.  The amounts owed to group undertakings are understated by £66,079.
If the financial statements were adjusted for these errors, the loss before tax would be increased from £328,155 to £346,276 (2022 reduced from £180,000 to £33,677).


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 4

 
BIOBEST UK LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BIOBEST UK LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Directors' Report has been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the directors were not entitled to take advantage of the small companies' exemptions in preparing the Directors' Report and from the requirement to prepare a Strategic Report.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 1, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 5

 
BIOBEST UK LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BIOBEST UK LIMITED (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the company, we have considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006. We evaluated management incentives and opportunities for fraudulent manipulation of the financial statements including management override, and considered that the principal risk was related to the posting of inappropriate journal entries to improve the result before tax for the year.
We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion.
Procedures performed by the audit team included:
• Discussions with management regarding known or suspected instances of non-compliance with laws and   regulations;
• Evaluation of controls designed to prevent and detect irregularities; and
• Assessing journal entries as part of our planned audit approach.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.


Page 6

 
BIOBEST UK LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BIOBEST UK LIMITED (CONTINUED)


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Andrew John Childs FCA (Senior Statutory Auditor)
for and on behalf of
Magee Gammon Corporate Limited
Chartered Accountants
Statutory Auditors
Henwood House
Henwood
Ashford
Kent
TN24 8DH

22 April 2025
Page 7

 
BIOBEST UK LIMITED
 

STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note

  

Turnover
 3 
4,599,801
5,326,972

Cost of sales
  
(3,738,564)
(4,291,168)

GROSS PROFIT
  
861,237
1,035,804

Administrative expenses
  
(1,409,218)
(1,494,850)

Other operating income
 4 
221,055
279,046

OPERATING LOSS
  
(326,926)
(180,000)

Interest payable and similar expenses
 8 
(1,229)
-

LOSS BEFORE TAX
  
(328,155)
(180,000)

Tax on loss
 9 
65,158
8,815

LOSS AFTER TAX
  
£(262,997)
£(171,185)

  

  

Retained earnings at the beginning of the year
  
522,499
693,684

Loss for the year
  
(262,997)
(171,185)

RETAINED EARNINGS AT THE END OF THE YEAR
  
£259,502
£522,499
There were no recognised gains and losses for 2023 or 2022 other than those included in the statement of income and retained earnings.

The notes on pages 10 to 22 form part of these financial statements.

Page 8

 
BIOBEST UK LIMITED
REGISTERED NUMBER: 09460512

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note

FIXED ASSETS
  

Tangible assets
 10 
226,617
300,238

CURRENT ASSETS
  

Stocks
  
141,804
128,934

Debtors: amounts falling due within one year
 11 
295,769
257,978

Cash at bank and in hand
 12 
250,662
400,604

  
688,235
787,516

Creditors: amounts falling due within one year
 13 
(655,250)
(565,155)

NET CURRENT ASSETS
  
 
 
32,985
 
 
222,361

  

NET ASSETS
  
£259,602
£522,599


CAPITAL AND RESERVES
  

Called up share capital 
 16 
100
100

Profit and loss account
  
259,502
522,499

  
£259,602
£522,599


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




___________________________
Mr T L Crittenden
Director

Date: 11 April 2025

The notes on pages 10 to 22 form part of these financial statements.

Page 9

 
BIOBEST UK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Biobest UK Limited is a private company, limited by shares, incorporated in England and Wales. 
The Company number is 09460512 and the registered office of the company and the principal place of business is Unit 1 Wyvern Way, Henwood Industrial Estate, Ashford, Kent, TN24 8DW.
The company's principal activity is the to provide sustainable crop protection and pollination to commercial growers and farmers through the sale and technical support of a range of products and services including biological control, pollinators and biopesticides.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Floridienne SA as at 31 December 2023 and these financial statements may be obtained from http://www.floridienne .be/financial-information/.

 
2.3

Going concern

The financial statements have been prepared on a going concern basis. Biobest UK Limited is a subsidiary of Biobest Group NV, a company incorporated in Belgium. Biobest UK Limited is dependent on the continuing financial support of its parent undertaking to operate as a going concern. The parent undertaking has confirmed in writing that it will allow Biobest UK Limited to subordinate payments of the inter-group balance to enable Biobest UK Limited to be able to settle its third party liabilities in full as they fall due for a period of at least twelve months from the date of approval of these financial statements.
Accordingly, the directors consider that it is appropriate to prepare the financial statements on the going concern basis.

Page 10

 
BIOBEST UK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP and presented in whole pounds.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Income and Retained Earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 11

 
BIOBEST UK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.6

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 12

 
BIOBEST UK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Page 13

 
BIOBEST UK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Short-term leasehold property
-
over the term of the lease
Plant and machinery
-
10%
Motor vehicles
-
20%
Fixtures and fittings
-
20%
Office equipment
-
33.3%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.11

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.14

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 14

 
BIOBEST UK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.15

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.

 
2.16

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.17

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Page 15

 
BIOBEST UK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.17
Financial instruments (continued)


Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.


3.


Turnover

The whole of the turnover is attributable to the provision of sustainable biologicals to assist with the pollination and health of crops.

All turnover arose within the United Kingdom.


4.


Other operating income

2023
2022

Other operating income
£221,055
£279,046


Page 16

 
BIOBEST UK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors and their associates:


2023
2022

Fees payable to the Company's auditors and their associates for the audit of the Company's financial statements
18,625
6,200

Fees payable to the Company's auditors and their associates in respect of:

Taxation compliance services
3,375
980

All other services

107
144

20,905
7,324


6.


Employees

Staff costs, including directors' remuneration, were as follows:


2023
2022

Wages and salaries
759,246
845,728

Cost of defined contribution scheme
60,594
57,513

£819,840
£903,241


The average monthly number of employees, including directors, during the year was 17 (2022 - 18).


7.


Directors' remuneration

2023
2022

Directors' emoluments
107,192
102,734

Company contributions to defined contribution pension schemes
12,794
12,113

£119,986
£114,847


During the year retirement benefits were accruing to 1 director (2022 - 1) in respect of defined contribution pension schemes.


8.


Interest payable and similar expenses

2023
2022


Other interest payable
£1,229
£-

Page 17

 
BIOBEST UK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Taxation


2023
2022

Corporation tax


Adjustments in respect of previous periods
(3,045)
(5,205)


(3,045)
(5,205)


Total current tax
£(3,045)
£(5,205)

Deferred tax


Origination and reversal of timing differences
(62,113)
(3,610)

Total deferred tax
£(62,113)
£(3,610)


Tax on loss
£(65,158)
£(8,815)

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022 - higher than) the standard rate of corporation tax in the UK of 25% (2022 - 19%). The differences are explained below:

2023
2022


Loss on ordinary activities before tax
£(328,155)
£(180,000)


Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2022 - 19%)
(82,039)
(34,200)

Effects of:


Capital allowances for year in excess of depreciation
2,200
5,079

Adjustments to tax charge in respect of prior periods
(3,045)
(5,205)

Changes in provisions leading to an increase (decrease) in the tax charge
-
25,511

Unrelieved tax losses not probable to recover
17,726
-

Total tax charge for the year
£(65,158)
£(8,815)


Factors that may affect future tax charges

Thecompany has incurred losses for corporation tax purposes which are being carried forward to utilise against future profits.

Page 18

 
BIOBEST UK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Tangible fixed assets





Short-term leasehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Office equipment
Total



Cost or valuation


At 1 January 2023
98,200
24,303
336,845
1,596
9,838
470,782


Disposals
-
-
(41,390)
-
-
(41,390)



At 31 December 2023

98,200
24,303
295,455
1,596
9,838
429,392



Depreciation


At 1 January 2023
23,818
7,934
130,133
834
7,825
170,544


Charge for the year on owned assets
9,819
2,431
60,158
166
1,047
73,621


Disposals
-
-
(41,390)
-
-
(41,390)



At 31 December 2023

33,637
10,365
148,901
1,000
8,872
202,775



Net book value



At 31 December 2023
£64,563
£13,938
£146,554
£596
£966
£226,617



At 31 December 2022
£74,382
£16,369
£206,712
£762
£2,013
£300,238


11.


Debtors

2023
2022


Trade debtors
202,092
226,482

Other debtors
16,879
17,973

Prepayments and accrued income
10,585
9,423

Deferred taxation
66,213
4,100

£295,769
£257,978



12.


Cash and cash equivalents

2023
2022

Cash at bank and in hand
£250,662
£400,604


Page 19

 
BIOBEST UK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

13.


Creditors: Amounts falling due within one year

2023
2022

Trade creditors
26,668
28,971

Amounts owed to group undertakings
426,304
357,636

Other taxation and social security
72,042
95,297

Other creditors
13,897
7,341

Accruals and deferred income
116,339
75,910

£655,250
£565,155



14.


Financial instruments

2023
2022

Financial assets


Financial assets measured at amortised cost
£452,754
£627,086


Financial liabilities


Financial liabilities measured at amortised cost
£452,972
£386,607

Financial assets measured at amortised cost comprise trade debtors and bank and cash balances.


Other financial liabilities measured at amortised cost comprise amounts owed to group undertakings and trade creditors.

Page 20

 
BIOBEST UK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

15.


Deferred taxation




2023
2022





At beginning of year
4,100
490


Charged to profit or loss
62,113
3,610



At end of year
£66,213
£4,100

The deferred tax asset is made up as follows:

2023
2022


Accelerated capital allowances
10,234
4,100

Tax losses carried forward
42,356
-

Other timing differences
13,623
-

£66,213
£4,100


16.


Share capital

2023
2022
Allotted, called up and fully paid



100 (2022 - 100) Ordinary shares of £1.00 each
£100
£100



17.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £60,594 (2022 - £57,513). Contributions totalling £4,566 (2022 - £4,733) were payable to the fund at the balance sheet date and are included in creditors.


18.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022


Not later than 1 year
22,400
22,400

Later than 1 year and not later than 5 years
3,733
26,133

£26,133
£48,533

Page 21

 
BIOBEST UK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

19.

Ultimate parent undertaking and controlling party

At the balance sheet date, the immediate parent undertaking is Biobest Group NV, a company incorporated in Belgium. 
Biobest Group NV is the controlling party of the company.
The parent undertaking of the smallest group to consolidate their financial statements is Biobest Group NV, a company incorporated in Belgium. The registered office of the company is Isle Velden 18, B-2260, Westerlo, Belgium.
The parent undertaking of the largest group to consolidate these financial statements is Floridienne SA, a company incorporated in Belgium. The registered address of the company is Drève Richelle 161, bte 4, Bât P, Waterloo Park Office, B-1410, Waterloo, Belgium.
The ultimate parent undertaking is Floridienne SA, a company incorporated in Belgium.
Floridienne SA is also the most senior parent entity producing publicly available financial statements.
Floridienne SA is the ultimate controlling party of the company. The company is quoted on the Belgian Stock Exchange.
Floridienne SA has prepared consolidated financial statements which include this company and are publicly available.



Page 22