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Registered number: 15133310










Harmoniz UK Ltd










Financial statements

Information for filing with the registrar

For the period ended 31 December 2024


 
Harmoniz UK Ltd
Registered number: 15133310

Balance sheet
As at 31 December 2024

31 December
2024
Note
£

Fixed assets
  

Tangible assets
 4 
123,688

  
123,688

Current assets
  

Stocks
  
738,675

Debtors: amounts falling due after more than one year
 5 
1,618

Debtors: amounts falling due within one year
 5 
1,686,867

Cash at bank and in hand
  
42,335

  
2,469,495

Creditors: amounts falling due within one year
 6 
(2,580,553)

Net current (liabilities)/assets
  
 
 
(111,058)

Total assets less current liabilities
  
12,630

  

Net assets
  
12,630


Capital and reserves
  

Called up share capital 
 7 
1

Profit and loss account
  
12,629

  
12,630


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 11 April 2025.




J Parry
Director

The notes on pages 2 to 8 form part of these financial statements.

Page 1

 
Harmoniz UK Ltd
 

 
Notes to the financial statements
For the period ended 31 December 2024

1.


General information

Harmoniz UK Ltd is a private company limited by shares and is incorporated in England and Wales with the registration number 15133310. 
The address of the registered office is Unit 56, Floor 1 Innovation House, Discovery Park, Sandwich, Kent, CT13 9FF.

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 financial statements are presented in pounds sterling and rounded to the nearest pound.

The following principal accounting policies have been applied:

 
2.2

Going concern

The company meets its day to day working capital requirements through loans from the group. The group will continue to financially support the company for its working capital requirements until the company is able to pay its own obligations in the ordinary course of business.
After making enquiries, the directors believe that the company will have adequate resources together with the continued support of fellow group companies to continue in operational existence for the foreseeable future. On this basis, the directors consider it appropriate to prepare the financial statements on a going concern basis.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

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 are presented in the Statement of income and retained earnings within 'Interest payable and similar charges'. 

Page 2

 
Harmoniz UK Ltd
 

 
Notes to the financial statements
For the period ended 31 December 2024

2.Accounting policies (continued)

 
2.4

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.

 
2.5

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.

 
2.6

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.

 
2.7

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.

 
2.8

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.

Page 3

 
Harmoniz UK Ltd
 

 
Notes to the financial statements
For the period ended 31 December 2024

2.Accounting policies (continued)


2.8
Tangible fixed assets (continued)

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:

Plant and machinery
-
5 years
Fixtures and fittings
-
3 years
Office equipment
-
7 years

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.

 
2.9

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 weighted average basis. 

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.

Page 4

 
Harmoniz UK Ltd
 

 
Notes to the financial statements
For the period ended 31 December 2024

2.Accounting policies (continued)

 
2.10

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.

 
2.11

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.

 
2.12

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.

 
2.13

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.

Basic 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, 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.

Page 5

 
Harmoniz UK Ltd
 

 
Notes to the financial statements
For the period ended 31 December 2024

2.Accounting policies (continued)


2.13
Financial instruments (continued)

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.


Employees

The average monthly number of employees, including directors, during the period was 4.


4.


Tangible fixed assets







Plant and machinery
Fixtures and fittings
Office equipment
Total

£
£
£
£



Cost or valuation


Additions
19,696
6,702
102,216
128,614



At 31 December 2024

19,696
6,702
102,216
128,614



Depreciation


Charge for the period on owned assets
2,002
1,707
1,217
4,926



At 31 December 2024

2,002
1,707
1,217
4,926



Net book value



At 31 December 2024
17,694
4,995
100,999
123,688

Page 6

 
Harmoniz UK Ltd
 

 
Notes to the financial statements
For the period ended 31 December 2024

5.


Debtors

31 December
2024
£

Due after more than one year

Other debtors
1,618

1,618


31 December
2024
£

Due within one year

Trade debtors
1,671,917

Other debtors
5,095

Prepayments and accrued income
9,855

1,686,867



6.


Creditors: Amounts falling due within one year

31 December
2024
£

Trade creditors
17,783

Amounts owed to group undertakings
2,458,853

Other taxation and social security
11,348

Other creditors
3,047

Accruals and deferred income
89,522

2,580,553



7.


Share capital

31 December
2024
£
Allotted, called up and fully paid


1 Ordinary share of £1.00
1


During the period, the company issued 1 ordinary share at par. 

Page 7

 
Harmoniz UK Ltd
 

 
Notes to the financial statements
For the period ended 31 December 2024

8.


Pension commitments

The Company operates a defined contribution 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 £22,103. Contributions totalling £3,047 were payable to the fund at the balance sheet date and are included within creditors.


9.


Commitments under operating leases

At 31 December 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

31 December
2024
£


Not later than 1 year
16,182

Later than 1 year and not later than 5 years
25,622

41,804


10.


Related party transactions

During the year, the company entered into transactions with other group entities. These transactions were conducted on an arm's length basis and were settled in the normal course of business.
In accordance with FRS 102 Section 1A, paragraph 1AC.35, the company has taken advantage of the exemption from disclosing transactions with wholly owned group entities.


11.


Controlling party

The company is a wholly owned subsidiary of Harmoniz Ltd, a company incorporated in Israel. The registered office of Harmoniz Ltd is Kibbutz Kfar Menahem 7987500, P.O. Box 198, Israel. The company for which consolidated financial statements are drawn up is S.G.A Seeds Group A.P Ltd, a company registered in Israel.



12.


Auditors' information

The auditors' report on the financial statements for the period ended 31 December 2024 was unqualified.

The audit report was signed on 11 April 2025 by Mark Attwood FCCA (Senior statutory auditor) on behalf of Kreston Reeves LLP.


Page 8