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Registration number: 00145472

CHR. Hansen (UK) Limited

Annual Report and Financial Statements

for the Year Ended 31 December 2024

 

CHR. Hansen (UK) Limited

Contents

Company Information

1

Strategic Report

2 to 3

Directors' Report

4 to 6

Statement of Directors' Responsibilities

7

Independent Auditor's Report

8 to 11

Income Statement

12

Statement of Comprehensive Income

13

Statement of Financial Position

14

Statement of Changes in Equity

15

Notes to the Financial Statements

16 to 26

 

CHR. Hansen (UK) Limited

Company Information

Directors

M Hurley

K W Willemann

E Holmsgaard

Company secretary

I N Johnson

Registered office

2 Tealgate
Charnham Park
Hungerford
Berkshire
RG17 0YT

Auditors

UHY Ross Brooke
Chartered Accountants and Statutory Auditors
2 Old Bath Road
Newbury
Berkshire
RG14 1QL

 

CHR. Hansen (UK) Limited

Strategic Report for the Year Ended 31 December 2024

The directors present their report for the year ended 31 December 2024.

Principal activities and business review

Chr. Hansen (UK) Limited, (“the company”) operated as a wholly owned subsidiary of Chr. Hansen Holding A/S, trading until 29 January 2024. The previously announced merger between Chr Hansen and Novozymes groups completed on 29 January 2024 and pursuant to that the shares in the company were transferred to Novozymes A/S and Chr. Hansen (UK) Ltd remained a wholly owned subsidiary of Novozymes for the remainder of the year. The company trades across the United Kingdom. The company is a limited company which is incorporated and domiciled in the UK. The address of its registered office is 2 Tealgate, Charnham Park, Hungerford, Berkshire, RG17 0YT. The company supplies customers in the food industry with enzymes, cultures and probiotics.

Novozymes A/S has adopted a secondary name of Novonesis, which will be adopted as the primary name in due course across the Group. The combination of Chr Hansen and Novozymes has created a leading Global Biosciences Group and we are excited by the opportunities that will arise as the integration of the 2 Groups continues.

The results for the company show a profit before income tax of £794,000 (2023: £1,447,000) for the year from revenue of £21,528,000 (2023: £30,043,000). These results were in line with management expectations. The movement on exchange rates was not a major factor for the United Kingdom results. It should be noted the 2023 figures represent a 16 month period compared to the 12 month period for 2024.

Given the straightforward nature of the business, the directors are of the opinion that analysis using key performance indicators (KPIs) is not necessary for an understanding of the development, performance or position of the business. Further details of KPIs that relate to the group can be obtained from the group annual report that is available publicly.

The company's profit after tax for the period was £591,000 (2023: £1,069,000). With no dividends declared in the period, the profit will be transferred to reserves.


Future outlook
The Directors are excited by the opportunities and synergies that the merger will present and are exploring the priorities in this process. Full integration will take some time. It is noted that there is little overlap in the market where the Company and the UK part of Novozymes compete but the product portfolios of each Group are expected to provide opportunities for increasing the range of products sold to new and existing customers in each company’s market area.

Our markets are expected to remain very competitive in 2025 due to strong pressure on our customers to reduce costs and manage inflation. Additionally, uncertainties remain due to the on-going impact of the financial uncertainties in the UK, changes in exchange rates and business solvency of customers. However, we expect that we will continue to offer innovative products that appeal to our customers. The directors consider that the success of the company is dependent on the continuing supply of existing quality products together with new products resulting from the research and development activities undertaken elsewhere in the Group. This enables the directors to approach the next year with confidence.

Principal risks and uncertainties

The management of the business and the execution of the company's strategy are subject to a number of risks. The key business risks and uncertainties affecting the company are considered to relate to competition, both from national and international sources, the retention of key employees and indirectly, the availability of essential raw materials. The company has financial resources available and the directors believe that the company is well placed to manage its business risks successfully despite the continuing challenging market conditions.

The company has monitored developments in inflation and the impact that this has had both on our costs and on our employees. The company has taken steps to mitigate the effect of inflation on our costs through measured price increases and will continue to monitor developments in this matter.

 

CHR. Hansen (UK) Limited

Strategic Report for the Year Ended 31 December 2024

Approved by the board on 29 May 2025 and signed on its behalf by:
 

.........................................
I N Johnson
Company secretary

 

CHR. Hansen (UK) Limited

Directors' Report for the Year Ended 31 December 2024

The directors present their report and the financial statements for the year ended 31 December 2024.

Directors' of the company

The directors, who held office during the year, were as follows:

M Hurley

W H Bugel (ceased 1 July 2024)

M Graber (ceased 31 January 2024)

K W Willemann (appointed 31 January 2024)

L S Mortensen (ceased 31 January 2024)

E Holmsgaard (appointed 1 July 2024)

Financial risk management:

Objectives and policies

The company’s operations expose it to a variety of financial risks; these include the effects of price, credit, foreign currency, liquidity and interest rate risk. The company has in place a risk management programme, operating as part of a group risk management programme, to limit the adverse effects of these factors and their related finance costs.

In order to ensure stability of interest rate risks, the Chr. Hansen group has secured finance from a variety of lenders in a mix of currencies with varied maturity terms and rates. The company enjoys the benefits of these arrangements in terms of the rates it pays to its local bank. The company does not use derivative financial instruments to manage interest rate costs and as such no hedge accounting is applied.

Given the size of the company, the directors have delegated the responsibility of monitoring financial risk management to Chr. Hansen Holding A/S. The policies set by the board of that company are implemented by the group’s financial department. That department has specific guidelines and procedures to manage these risks.

 

CHR. Hansen (UK) Limited

Directors' Report for the Year Ended 31 December 2024

Price risk, credit risk, liquidity risk and cash flow risk

Credit risk

A policy is in place and maintained to ensure the company makes sales to customers with an appropriate credit history and the exposure to credit risk is monitored on an ongoing basis. Credit evaluations are performed on all customers requiring credit over a certain amount. The company does not require collateral in respect of financial assets.

The company is exposed to a concentration of credit risk in respect of certain companies such that, if one or more of them is affected by financial difficulty, it could materially and adversely affect the company’s financial results. The company does not believe it is exposed to major concentrations of credit risk on other classes of financial instruments.

Foreign currency risk

The company is subject to foreign exchange risks on sales and purchases that are denominated in a currency other than sterling. The principal exposure in relation to market risk arises with respect to changes in the exchange rate between the Euro and Pound sterling. Management are satisfied that there would be no significant impact of a change in exchange rates of +/- 5 percentage points due to mitigating factors in place, such as hedging arrangements that the Group undertakes.

Liquidity risk

All banking arrangements are agreed at group level and any surplus or shortfall in funding is addressed by a loan between the company and its parent.

Interest rate risk

The company’s interest rate risk arises from its overdraft facility. This is managed as part of the Group banking facilities and as such this mitigates any material exposure to interest rate risk.

Research and development

The group is active in the development of new products to satisfy the requirements of its customers and support the long term profitable growth of its businesses. All such activities are carried out elsewhere in the group.

Directors' liabilities

As permitted by the Articles of Association, the Directors and Officers have the benefit of an indemnity which is a qualifying third party indemnity provision as defined by Section 234 of the Companies Act 2006. The indemnity was in force throughout the last financial year and is currently in force. The Company also purchased and maintained throughout the financial year Directors’ and Officers’ liability insurance in respect of itself and its Directors and Officers.

 

CHR. Hansen (UK) Limited

Directors' Report for the Year Ended 31 December 2024

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

Reappointment of auditors

In accordance with section 485 of the Companies Act 2006, a resolution for the re-appointment of UHY Ross Brooke as auditors of the company is to be proposed at the forthcoming Annual General Meeting.

Approved by the board on 29 May 2025 and signed on its behalf by:
 

.........................................
I N Johnson
Company secretary

 

CHR. Hansen (UK) Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual 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 United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 101 'Reduced Disclosure Framework' ('FRS 101'). 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 and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether FRS 101 has been followed, subject to any material departures disclosed and explained in the financial statements; and

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 enable them to ensure that the financial statements comply with the Companies Act 2006. They 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.

 

CHR. Hansen (UK) Limited

Independent Auditor's Report to the Members of CHR. Hansen (UK) Limited

Opinion

We have audited the financial statements of CHR. Hansen (UK) Limited (the 'company') for the year ended 31 December 2024, which comprise the Income Statement, Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 101 'Reduced Disclosure Framework'.

In our opinion the financial statements:

give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit 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 auditor 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 UK, including the FRC’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.

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 original financial statements were 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.

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our 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.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

 

CHR. Hansen (UK) Limited

Independent Auditor's Report to the Members of CHR. Hansen (UK) Limited

Opinion on other matter 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 Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

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

We have nothing to report in respect of the following matters where 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.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities, 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.

Auditor 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 auditor’s 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.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

 

CHR. Hansen (UK) Limited

Independent Auditor's Report to the Members of CHR. Hansen (UK) Limited

Detecting irregularities, including fraud
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. As such, we have considered:

• the nature of the industry and sector, control environment and business performance including the company's remuneration policy, bonus levels, and performance targets;
• the company's own assessment, including assessments made by key management, of the risks that irregularities may occur either as a result of fraud or error;
• any matters we identified having reviewed the company's policies and procedures relating to:

- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;
- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; and
- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;

• the matters discussed amongst the audit engagement team.

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the areas in which management is required to exercise significant judgement, such as the disclosure of adjusting items. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory framework that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context were the Companies Act, tax legislation and regulations concerning importing and exporting to and from the UK.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, 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 or intentional misrepresentations, or through collusion.

 

CHR. Hansen (UK) Limited

Independent Auditor's Report to the Members of CHR. Hansen (UK) Limited

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 2006. Our 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 auditor’s 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.

......................................
Dean Blunden BFP FCA (Senior Statutory Auditor)
For and on behalf of UHY Ross Brooke, Statutory Auditor

2 Old Bath Road
Newbury
Berkshire
RG14 1QL

29 May 2025

 

CHR. Hansen (UK) Limited

Income Statement for the Year Ended 31 December 2024

Note

Continuing operations
2024
£ 000

Discontinued operations
2024
£ 000

Total
2024
£ 000

Continuing operations
16 months to
31 December
2023
£ 000

Discontinued operations
16 months to
31 December
2023
£ 000

Total
16 months to
31 December
2023
£ 000

Revenue

3

21,172

356

21,528

28,770

1,273

30,043

Cost of sales

 

(17,120)

(335)

(17,455)

(22,979)

(1,079)

(24,058)

Gross profit

 

4,052

21

4,073

5,791

194

5,985

Distribution costs

 

(1,858)

-

(1,858)

(2,261)

-

(2,261)

Administrative expenses

 

(1,761)

-

(1,761)

(2,460)

-

(2,460)

Other operating income

4

332

-

332

241

-

241

Other gains

5

-

52

52

-

-

-

Operating profit

6

765

73

838

1,311

194

1,505

Finance income

-

-

-

23

-

23

Finance costs

(44)

-

(44)

(81)

-

(81)

Net finance cost

 

(44)

-

(44)

(58)

-

(58)

Profit before tax

 

721

73

794

1,253

194

1,447

Income tax expense

11

(203)

-

(203)

(378)

-

(378)

Profit for the year

 

518

73

591

875

194

1,069

 

CHR. Hansen (UK) Limited

Statement of Comprehensive Income for the Year Ended 31 December 2024

2024
£ 000

16 months to
31 December
2023
£ 000

Profit for the year

591

1,069

Total comprehensive income for the year

591

1,069

 

CHR. Hansen (UK) Limited

(Registration number: 00145472)
Statement of Financial Position as at 31 December 2024

Note

31 December
2024
£ 000

31 December
2023
£ 000

Assets

Non-current assets

 

Property, plant and equipment

12

212

215

Right of use assets

13

1,067

1,123

 

1,279

1,338

Current assets

 

Inventories

14

80

55

Trade and other receivables

15

5,509

5,213

 

5,589

5,268

Total assets

 

6,868

6,606

Equity and liabilities

Equity

 

Called up share capital

18

250

250

Profit and loss account

 

3,246

2,655

 

3,496

2,905

Non-current liabilities

 

Long term lease liabilities

 

888

978

Deferred tax liabilities

11

33

34

 

921

1,012

Current liabilities

 

Current portion of long term lease liabilities

 

290

212

Trade and other payables

16

2,029

2,390

Income tax liability

11

132

87

 

2,451

2,689

Total liabilities

 

3,372

3,701

Total equity and liabilities

 

6,868

6,606

Approved by the board on 29 May 2025 and signed on its behalf by:
 

.........................................
E Holmsgaard
Director

 

CHR. Hansen (UK) Limited

Statement of Changes in Equity for the Year Ended 31 December 2024

Share capital
£ 000

Retained earnings
£ 000

Total
£ 000

At 1 September 2022

250

7,086

7,336

Profit for the year

-

1,069

1,069

Total comprehensive income

-

1,069

1,069

Dividends

-

(5,500)

(5,500)

At 31 December 2023

250

2,655

2,905

Share capital
£ 000

Retained earnings
£ 000

Total
£ 000

At 1 January 2024

250

2,655

2,905

Profit for the year

-

591

591

Total comprehensive income

-

591

591

At 31 December 2024

250

3,246

3,496

 

CHR. Hansen (UK) Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

1

General information

The company is a private company limited by share capital, incorporated and domiciled in UK.

The address of its registered office is:
2 Tealgate
Charnham Park
Hungerford
Berkshire
RG17 0YT

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Basis of preparation

These financial statements were prepared in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework.

The financial statements are presented in Sterling (£) and shown to the nearest £000.

Summary of disclosure exemptions

In these financial statements, the company has taken advantage of the disclosure exemptions available under FRS 101 in relation to share-based payment, business combinations, non-current assets held for sale, financial instruments, fair value measurements, capital management, revenue from contracts with customers, presentation of comparative period reconciliations for share capital, tangible fixed assets, intangible assets and investment property, presentation of a cash-flow statement, the effects of new standards not yet effective, impairment of assets and disclosures in respect of the compensation of key management personnel and of transactions with a management entity that provides key management personnel services to the company.

Disclosure of long or short period

The comparative period is for a 16 month period, the current accounting period is 12 months to 31 December 2024.

Going concern

The financial statements have been prepared on a going concern basis. The Company has confirmed that they are able to continue in operation for at least twelve months from the date of signing the financial statements.

Revenue recognition

Revenue is recognised in the income statement when goods are supplied or made available to external customers against orders received and when title and risk of loss passes to the customer.
Revenue represents net invoice value after the deduction of discounts and allowances given and accruals for estimated future rebates and returns. VAT is excluded from revenue.

 

CHR. Hansen (UK) Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

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

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

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Property, plant and equipment

Property, plant and equipment is stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of property, plant and equipment includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leasehold improvements

10 to 25 years

Plant and equipment

5 to 10 years

Motor vehicles - right of use assets

over 2 to 4 years

Property - right of use assets

over the life of the lease

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value.

 

CHR. Hansen (UK) Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Trade receivables

Trade receivables are amounts due from customers for merchandise sold or services performed in the ordinary course of business. If collection is expected in one year or less (or in the normal operating cycle of the business if longer), they are classified as current assets. If not, they are presented as non-current assets.

Trade receivables are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade receivables is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Inventories

Inventories are stated at the lower of cost and net realisable value. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, inventories are assessed for impairment. If inventories are 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.

Trade payables

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less (or in the normal operating cycle of the business if longer). If not, they are presented as non-current liabilities.

Trade payables are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the company’s financial statements in the period in which the dividends are approved by the company’s shareholders.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a separate entity and has no legal or constructive obligations to pay further contributions if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

For defined contribution plans contributions are paid publicly or privately administered pension insurance plans on a mandatory or contractual basis. The contributions are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as an asset.

Leased assets and obligations
Leases in which substantially all risks and rewards of ownership are retained by the lessor are classified as operating leases. Operating lease rentals are charged to the income statement on a straight line basis over the life of the lease.
The company has no finance leases.

 

CHR. Hansen (UK) Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

3

Turnover

The analysis of the company's turnover for the year by market is as follows:

2024
£ 000

16 months to
31 December
2023
£ 000

UK

21,528

30,017

Rest of world

-

26

21,528

30,043

4

Other operating income

The analysis of the company's other operating income for the year is as follows:

2024
£ 000

16 months to
31 December
2023
£ 000

Intercompany cash pool interest income

332

241

5

Other gains and losses

The analysis of the company's other gains and losses for the year is as follows:

2024
£ 000

16 months to
31 December
2023
£ 000

Profit on disposal of divested business

52

-

As a result of the merger between Novozymes and Chr. Hansen on 31 January 2024, Chr Hansen (UK) Limited were required to divest their Lactase division. This was sold to Kerry Ingredients UK Ltd on 30 April 2024.

6

Operating profit

Arrived at after charging/(crediting)

2024
£ 000

16 months to
31 December
2023
£ 000

Depreciation expense

29

47

Depreciation on right of use assets - machinery

139

124

Depreciation on right of use assets - property

72

96

Foreign exchange losses

32

349

 

CHR. Hansen (UK) Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

7

Finance income and costs

2024
£ 000

16 months to
31 December
2023
£ 000

Finance income

Interest income on bank deposits

-

23

Finance costs

Interest expense on other financing liabilities

(31)

(64)

Interest expense on leases - Other

(13)

(17)

Total finance costs

(44)

(81)

Net finance costs

(44)

(58)

8

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2024
£ 000

16 months to
31 December
2023
£ 000

Wages and salaries

1,568

1,810

Social security costs

169

233

Pension costs, defined contribution scheme

318

525

2,055

2,568

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

2024
No.

16 months to
31 December
2023
No.

Administration and support

7

8

Research and development

3

2

Sales

11

10

21

20

9

Directors' remuneration

All directors are remunerated by fellow group companies. No recharge is made in respect of these amounts to the company as it is not deemed possible to allocate the remuneration of these directors to individual subsidiaries.

No director accrued benefits under a defined contribution scheme (2023: none). None of the directors accrued benefits under the defined benefit scheme (2023: none).

 

CHR. Hansen (UK) Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

10

Auditors' remuneration

2024
£ 000

16 months to
31 December
2023
£ 000

Audit of the financial statements

19

17


 

11

Income tax

Tax charged/(credited) in the income statement

2024
£ 000

16 months to
31 December
2023
£ 000

Current taxation

UK corporation tax

206

344

UK corporation tax adjustment to prior periods

(2)

31

204

375

Deferred taxation

Arising from origination and reversal of temporary differences

(1)

3

Tax expense in the income statement

203

378

The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2023 - higher than the standard rate of corporation tax in the UK) of 0% (2023 - 25%).

The differences are reconciled below:

2024
£ 000

16 months to
31 December
2023
£ 000

Profit before tax

794

1,447

Corporation tax at standard rate

199

362

(Decrease)/increase in current tax from adjustment for prior periods

(2)

31

Decrease from effect of capital allowances depreciation

(26)

(27)

Increase from effect of expenses not deductible in determining taxable profit (tax loss)

29

40

Other tax effects for reconciliation between accounting profit and tax expense/(income)

3

(28)

Total tax charge

203

378

 

CHR. Hansen (UK) Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Deferred tax

Deferred tax assets and liabilities

2024

Asset
£ 000

Liability
£ 000

Net deferred tax
£ 000

Accelerated tax depreciation

-

(33)

(33)

-

(33)

(33)

2023

Asset
£ 000

Liability
£ 000

Net deferred tax
£ 000

Accelerated tax depreciation

-

(34)

(34)

-

(34)

(34)

Deferred tax movement during the year:

At 1 January 2024
£ 000

Recognised in income
£ 000

At
31 December 2024
£ 000

Accelerated tax depreciation

(34)

1

(33)

(34)

1

(33)

Deferred tax movement during the prior period:

At 1 September 2022
£ 000

Recognised in income
£ 000

At
31 December 2023
£ 000

Accelerated tax depreciation

(30)

(4)

(34)

(30)

(4)

(34)

 

CHR. Hansen (UK) Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

12

Property, plant and equipment

Leasehold improvements
£ 000

Furniture, fittings and equipment
£ 000

Total
£ 000

Cost or valuation

At 1 January 2024

291

117

408

Additions

-

26

26

At 31 December 2024

291

143

434

Depreciation

At 1 January 2024

94

99

193

Charge for the year

15

14

29

At 31 December 2024

109

113

222

Carrying amount

At 31 December 2024

182

30

212

At 31 December 2023

197

18

215

13

Right of use assets

Property
£ 000

Machinery
£ 000

Total
£ 000

Cost or valuation

At 1 January 2024

1,222

388

1,610

Additions

-

155

155

Disposals

-

(85)

(85)

At 31 December 2024

1,222

458

1,680

Depreciation

At 1 January 2024

313

174

487

Charge for the year

72

139

211

Eliminated on disposal

-

(85)

(85)

At 31 December 2024

385

228

613

Carrying amount

At 31 December 2024

837

230

1,067

 

CHR. Hansen (UK) Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

14

Inventories

31 December
2024
£ 000

31 December
2023
£ 000

Finished goods and goods for resale

80

55

The cost of inventories recognised as an expense in the year amounted to £17,142,000 (2023 - £24,058,000). This is included within cost of sales.

15

Trade and other receivables

Receivables, excluding loans, from group undertakings are interest free, unsecured and repayable on demand. Interest receivable on loans owed by group undertakings for the year was nil (2023: £nil).

The fair value of trade and other receivables are the current book values.
 

Current

31 December
2024
£ 000

31 December
2023
£ 000

Trade receivables

2,582

2,528

Provision for impairment of trade receivables

(5)

(5)

Net trade receivables

2,577

2,523

Receivables from related parties

-

175

Cash pool managed by group undertakings

2,793

2,378

Prepayments

75

108

Other receivables

64

29

5,509

5,213

16

Trade and other payables

31 December
2024
£ 000

31 December
2023
£ 000

Trade payables

132

103

Accrued expenses

499

342

Amounts due to related parties

1,012

1,603

Social security and other taxes

386

342

2,029

2,390

 

CHR. Hansen (UK) Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

17

Leases

Lease liabilities maturity analysis

A maturity analysis of lease liabilities based on undiscounted gross cash flow is reported in the table below:

31 December
2024
£ 000

31 December
2023
£ 000

Less than one year

266

214

2 years

189

214

3 years

30

154

4 years

3

-

Total lease liabilities (undiscounted)

488

582

Total cash outflows related to leases

Total cash outflows related to leases are presented in the table below:

Payment

31 December
2024
£ 000

31 December
2023
£ 000

Right of use assets

270

192

Interest

17

17

Total cash outflow

287

209

18

Share capital

Allotted, called up and fully paid shares

31 December
2024

31 December
2023

No. 000

£ 000

No. 000

£ 000

Ordinary shares of £1 each

250

250

250

250

       

Rights, preferences and restrictions

Ordinary shares have the following rights, preferences and restrictions:
Voting rights.

19

Pension and other schemes

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £318,000 (2023 - £525,000).

 

CHR. Hansen (UK) Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

20

Dividends

Interim dividends paid

31 December
2024
£ 000

31 December
2023
£ 000

Interim dividend of £Nil (2023 - £22) per each ordinary share

-

5,500

 

 

21

Parent and ultimate parent undertaking

Until 31 January 2024 the immediate controlling party was Chr Hansen (UK) Limited.

From that date onwards the company's immediate parent was Novozymes A/S whose financial statements are available upon request from Krogshojvej 36, DK-2880 Bagsvaerd, Denmark.

The ultimate controlling party and most senior entity producing publicly available financial statements was the Novo Nordisk Foundation. These financial statements are available upon request from Tuborg Havnevej 19, DK-2900 Hellerup, Denmark.