IRIS Accounts Production v25.1.3.33 02822116 Board of Directors 1.4.24 31.3.25 31.3.25 research, trials, product development and marketing of Sakata varieties within the UK. We are ideally located to work on key vegetable species from our purpose built site in south Lincolnshire. false true true false false false true true true true true true false false false Defined benefit pension plans These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh028221162024-03-31028221162025-03-31028221162024-04-012025-03-31028221162023-03-31028221162023-04-012024-03-31028221162024-03-3102822116ns15:EnglandWales2024-04-012025-03-3102822116ns14:PoundSterling2024-04-012025-03-3102822116ns10:Director12024-04-012025-03-3102822116ns10:CompanySecretary12024-04-012025-03-3102822116ns10:PrivateLimitedCompanyLtd2024-04-012025-03-3102822116ns10:FRS1012024-04-012025-03-3102822116ns10:Audited2024-04-012025-03-3102822116ns10:Medium-sizedCompaniesRegimeForDirectorsReport2024-04-012025-03-3102822116ns10:Medium-sizedCompaniesRegimeForAccounts2024-04-012025-03-3102822116ns10:FullAccounts2024-04-012025-03-310282211612024-04-012025-03-310282211612024-04-012025-03-3102822116ns5:TotalForAllPensionPlansExcludingMedicalOtherPlans2024-04-012025-03-3102822116ns10:OrdinaryShareClass12024-04-012025-03-3102822116ns10:Director22024-04-012025-03-3102822116ns10:Director32024-04-012025-03-3102822116ns10:Director42024-04-012025-03-3102822116ns10:RegisteredOffice2024-04-012025-03-310282211612024-04-012025-03-310282211612023-04-012024-03-3102822116ns5:CurrentFinancialInstruments2025-03-3102822116ns5:CurrentFinancialInstruments2024-03-3102822116ns5:Non-currentFinancialInstruments2025-03-3102822116ns5:Non-currentFinancialInstruments2024-03-3102822116ns5:TotalForAllPensionPlansExcludingMedicalOtherPlans2025-03-3102822116ns5:TotalForAllPensionPlansExcludingMedicalOtherPlans2024-03-3102822116ns5:ShareCapital2025-03-3102822116ns5:ShareCapital2024-03-3102822116ns5:RetainedEarningsAccumulatedLosses2025-03-3102822116ns5:RetainedEarningsAccumulatedLosses2024-03-3102822116ns5:ShareCapital2023-03-3102822116ns5:RetainedEarningsAccumulatedLosses2023-03-3102822116ns5:RetainedEarningsAccumulatedLosses2023-04-012024-03-3102822116ns5:RetainedEarningsAccumulatedLosses2024-04-012025-03-310282211612024-04-012025-03-310282211622024-04-012025-03-3102822116ns5:OwnedAssets2024-04-012025-03-3102822116ns5:OwnedAssets2023-04-012024-03-3102822116ns5:LeasedAssets2024-04-012025-03-3102822116ns5:LeasedAssets2023-04-012024-03-3102822116ns10:OrdinaryShareClass12023-04-012024-03-3102822116ns5:PatentsTrademarksLicencesConcessionsSimilar2024-03-3102822116ns5:PatentsTrademarksLicencesConcessionsSimilar2024-04-012025-03-3102822116ns5:PatentsTrademarksLicencesConcessionsSimilar2025-03-3102822116ns5:PatentsTrademarksLicencesConcessionsSimilar2024-03-3102822116ns5:LandBuildings2024-03-3102822116ns5:PlantMachinery2024-03-3102822116ns5:ComputerEquipment2024-03-3102822116ns5:LandBuildings2024-04-012025-03-3102822116ns5:PlantMachinery2024-04-012025-03-3102822116ns5:ComputerEquipment2024-04-012025-03-3102822116ns5:LandBuildings2025-03-3102822116ns5:PlantMachinery2025-03-3102822116ns5:ComputerEquipment2025-03-3102822116ns5:LandBuildings2024-03-3102822116ns5:PlantMachinery2024-03-3102822116ns5:ComputerEquipment2024-03-3102822116ns5:CurrentFinancialInstruments2024-04-012025-03-3102822116ns5:DeferredTaxation2024-03-3102822116ns5:DeferredTaxation2025-03-3102822116ns10:OrdinaryShareClass12025-03-3102822116ns5:TotalForAllPensionPlansExcludingMedicalOtherPlans2023-04-012024-03-3102822116ns5:TotalForAllPensionPlansExcludingMedicalOtherPlans2024-03-3102822116ns5:TotalForAllPensionPlansExcludingMedicalOtherPlans2023-03-31
REGISTERED NUMBER: 02822116 (England and Wales)















SAKATA UK LIMITED

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025






SAKATA UK LIMITED (REGISTERED NUMBER: 02822116)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025




Page

Company Information 1

Report of the Directors 2

Report of the Independent Auditors 4

Income Statement 7

Other Comprehensive Income 8

Balance Sheet 9

Statement of Changes in Equity 10

Notes to the Financial Statements 11


SAKATA UK LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2025







DIRECTORS: S W Cox
P F X Sicard
M F Maxant
K Nishikawa





SECRETARY: P Kidby





REGISTERED OFFICE: Spalding Road
Sutterton
Boston
Lincolnshire
PE20 2EW





REGISTERED NUMBER: 02822116 (England and Wales)





AUDITORS: Duncan & Toplis Audit Limited, Statutory Auditor
Enterprise Way
Pinchbeck
Spalding
Lincolnshire
PE11 3YR

SAKATA UK LIMITED (REGISTERED NUMBER: 02822116)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MARCH 2025

The directors present their report with the financial statements of the company for the year ended 31 March 2025.

REVIEW OF BUSINESS
The results for the year are set out on page 7 of the financial statements. The company made a profit after tax of £2,618,350 (2024: £2,240,826).

Trading has continued at a satisfactory level into the new year.

Despite a challenging economic and industry wide environment, Sakata UK continues to perform well, increasing sales turnover and profitability. Sakata UK continues to invest in strengthening its team and facilities, particularly in research and product development.

Food security, supply resilience are now commonly referenced within political and media circles as public awareness grows regarding the fragility of these topics due to a combination of political and environmental issues. Despite constant pressure for low cost supply a clear and consistent demand exists for UK grown vegetables which Sakata UK is well placed to participate in supplying the seeds for.

Currency risk: Goods are purchased from Sakata Vegetables Europe in Euros, therefore a risk exists in currency fluctuations between GBP and the Euro. Exchange rates are continually monitored and prices adjusted in order to maintain budgeted margins.

Credit risk: The credit risk arises from the collection of trade debtors. A comprehensive credit control policy is in place. Trade debtors are regularly reviewed.

DIVIDENDS
A dividend of £1,000,000 was paid in the year (2024: £500,000).

DIRECTORS
The directors shown below have held office during the whole of the period from 1 April 2024 to the date of this report.

S W Cox
P F X Sicard
M F Maxant
K Nishikawa

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Report of the Directors 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 Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

SAKATA UK LIMITED (REGISTERED NUMBER: 02822116)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MARCH 2025


AUDITORS
The auditors, Duncan & Toplis Audit Limited, Statutory Auditor, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:



P Kidby - Secretary


11 June 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
SAKATA UK LIMITED

Opinion
We have audited the financial statements of Sakata UK Limited (the 'company') for the year ended 31 March 2025 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, 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, including Financial Reporting Standard 101 'Reduced Disclosure Framework' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 March 2025 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 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 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 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.

Other information
The directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors 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 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.

Opinions 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Report of the Directors 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 Report of the Directors.

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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
SAKATA UK LIMITED


Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page two, 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 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.

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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We have identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial experience, knowledge of the sector, a review of regulatory and legal correspondence and through discussions with Directors and other management obtained as part of the work required by auditing standards. We have also discussed with the Directors and other management the policies and procedures relating to compliance with laws and regulations. We communicated laws and regulations throughout the team and remained alert to any indications of non-compliance throughout the audit.

The potential impact of different laws and regulations varies considerably. Firstly, the company is subject to laws and regulations that directly impact the financial statements (for example financial reporting legislation) and we have assessed the extent of compliance with such laws as part of our financial statements audit. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including risk of override of controls) and determined that the principal risks were related to management bias in accounting estimates and judgemental areas of the financial statements such as depreciation of tangible fixed assets, as well as the risk of inappropriate journal entries to increase reported profitability. Audit procedures performed by the engagement team included the identification and testing of material and unusual journal entries and challenging management on key accounting estimates, assumptions and judgements made in the preparation of the financial statements. We carried out detailed substantive tests on accounting estimates, including reviewing the methods used by management to make those estimates, re-performing the calculation, and reviewing the outcome of prior year estimates.

Secondly, the company is subject to other laws and regulations where the consequence for non-compliance could have a material effect on the amounts or disclosures in the financial statements. We identified the following areas as those most likely to have such an effect: Health and Safety regulations and Employment laws.

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Directors and other management and inspection. This inspection included a review of the external safety audits conducted within the year for any evidence of non-compliance, in addition to an assessment of the company's employment and health and safety controls. Through these procedures, if we became aware of any non-compliance, we considered the impact on the procedures performed on the related financial statement items.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. The further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. As with any audit, there is a greater risk of non-detection of irregularities as these may involve collusion, intentional omissions of the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

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 Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
SAKATA 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 a Report of the Auditors 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.




Alistair Main FCA (Senior Statutory Auditor)
for and on behalf of Duncan & Toplis Audit Limited, Statutory Auditor
Enterprise Way
Pinchbeck
Spalding
Lincolnshire
PE11 3YR

11 June 2025

SAKATA UK LIMITED (REGISTERED NUMBER: 02822116)

INCOME STATEMENT
FOR THE YEAR ENDED 31 MARCH 2025

2025 2024
Notes £    £    £   

TURNOVER 3 9,438,874 7,757,054

Cost of sales 5,427,056 4,417,171
GROSS PROFIT 4,011,818 3,339,883

Administrative expenses 4,041,549 3,433,281
(29,731 ) (93,398 )

Other operating income 2,813,747 2,536,043
OPERATING PROFIT 2,784,016 2,442,645

Interest receivable and similar income 282,777 121,593
Other finance income 19 57,000 54,000
339,777 175,593
3,123,793 2,618,238

Interest payable and similar expenses 5 43,351 22,419
PROFIT BEFORE TAXATION 6 3,080,442 2,595,819

Tax on profit 7 462,092 354,993
PROFIT FOR THE FINANCIAL YEAR 2,618,350 2,240,826

SAKATA UK LIMITED (REGISTERED NUMBER: 02822116)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025

2025 2024
Notes £    £   

PROFIT FOR THE YEAR 2,618,350 2,240,826


OTHER COMPREHENSIVE INCOME
Item that will not be reclassified to profit or loss:
Remeasurements of DB pension liability (1,373,000 ) (252,000 )
Income tax relating to item that will not be reclassified to profit
or loss

-

63,000
OTHER COMPREHENSIVE INCOME FOR THE YEAR,
NET OF INCOME TAX

(1,373,000

)

(189,000

)
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 1,245,350 2,051,826

SAKATA UK LIMITED (REGISTERED NUMBER: 02822116)

BALANCE SHEET
31 MARCH 2025

2025 2024
Notes £    £    £   
FIXED ASSETS
Owned
Intangible assets 9 292,292 444,792
Tangible assets 10 972,993 1,041,533
Right-of-use
Tangible assets 10, 16 97,906 98,204
1,363,191 1,584,529

CURRENT ASSETS
Stocks 11 1,316,472 1,147,361
Debtors 12 2,894,173 2,867,173
Cash at bank and in hand 8,206,384 6,532,450
12,417,029 10,546,984
CREDITORS
Amounts falling due within one year 13 1,062,566 550,184
NET CURRENT ASSETS 11,354,463 9,996,800
TOTAL ASSETS LESS CURRENT LIABILITIES 12,717,654 11,581,329

CREDITORS
Amounts falling due after more than one year 14 (23,597 ) (48,251 )

PROVISIONS FOR LIABILITIES 17 (202,256 ) (230,627 )

PENSION ASSET 19 50,000 994,000
NET ASSETS 12,541,801 12,296,451

CAPITAL AND RESERVES
Called up share capital 18 100,001 100,001
Retained earnings 12,441,800 12,196,450
SHAREHOLDERS' FUNDS 12,541,801 12,296,451

The financial statements were approved by the Board of Directors and authorised for issue on 11 June 2025 and were signed on its behalf by:





S W Cox - Director


SAKATA UK LIMITED (REGISTERED NUMBER: 02822116)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 April 2023 100,001 10,644,624 10,744,625

Changes in equity
Dividends - (500,000 ) (500,000 )
Total comprehensive income - 2,051,826 2,051,826
Balance at 31 March 2024 100,001 12,196,450 12,296,451

Changes in equity
Dividends - (1,000,000 ) (1,000,000 )
Total comprehensive income - 1,245,350 1,245,350
Balance at 31 March 2025 100,001 12,441,800 12,541,801

SAKATA UK LIMITED (REGISTERED NUMBER: 02822116)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

1. STATUTORY INFORMATION

Sakata UK Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparation
These financial statements have been prepared in accordance with Financial Reporting Standard 101 "Reduced Disclosure Framework" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared on a going concern basis which the Directors consider to be appropriate for the following reasons.

At 31 March 2025, the Company had cash reserves of £8.2m and the Company remains unencumbered from any financing or covenant requirements. The directors have reviewed the budget and cash flow forecasts of the Company for a period of 12 months from the date of approving these financial statements which indicate that, taking account of reasonably possible downsides on the operations and its financial resources, the Company will have sufficient funds to meet its liabilities as they fall due for that period.

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 101 "Reduced Disclosure Framework":

the requirement in paragraph 38 of IAS 1 Presentation of Financial Statements to present comparative information in
respect of:
- paragraphs 53(a), (h) and (j) of IFRS 16;
- paragraph 79(a)(iv) of IAS 1; and
- paragraph 73(e) of IAS 16 Property, Plant and Equipment;
the requirements of paragraphs 10(d), 10(f), 16, 38A, 38B, 38C, 38D, 40A, 40B, 40C, 40D, 111 and 134 to 136 of IAS 1;
the requirements of
- paragraphs 1 to 44E, 44H(b)(ii) and 45 to 63 of IAS 7 Statement of Cash Flows; and
- paragraphs 44F, 44G, 44H(a), 44H(b)(i), 44H(b)(iii) and 44H(c) of IAS 7;
the requirements of paragraphs 88C and 88D of IAS 12 Income Taxes;
the requirements of paragraphs 17 and 18A of IAS 24 Related Party Disclosures;
the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two
or more members of a group;
The Company proposes to continue to adopt the reduced disclosure framework of FRS 101 in its next financial statements.

The financial statements are stated in sterling, which is the Company's functional and presentation currency.

Turnover
Turnover represents the amounts (excluding value added tax) derived from the provision of goods and services to customers during the year. Turnover is recognised when the goods are dispatched to the customer and the risks and reward of ownership are transferred.

Tangible fixed assets
Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

Depreciation is charged to the profit and loss account on a straight-line basis over the estimated useful lives of each part of an item of tangible fixed assets. Land is not depreciated. The estimated useful lives are as follows:
• Freehold buildings 2 - 20% per annum
• Plant and machinery 20 - 33.33% per annum

No depreciation is provided on freehold land.

Depreciation methods, useful lives and residual values are reviewed at each balance sheet date.

SAKATA UK LIMITED (REGISTERED NUMBER: 02822116)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2025

2. ACCOUNTING POLICIES - continued

Financial instruments
The company has chosen to adopt the FRS101 in respect of financial instruments.

Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, unless the arrangement constitute a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

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 the income statement.

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

Trade creditors 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. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
The charge for taxation is based on the loss for the period and takes into account taxation deferred because of timing differences between the treatment of certain items for taxation and accounting purposes.

Research and development
Expenditure on research and development is written off to the profit and loss account in the year in which it is incurred.

Foreign currencies
Transactions in foreign currencies are translated to the Company's functional currencies at the foreign exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are retranslated to the functional currency at the foreign exchange rate ruling at that date. Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction. Foreign exchange differences arising on translation are recognised in the profit and loss account.

SAKATA UK LIMITED (REGISTERED NUMBER: 02822116)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2025

2. ACCOUNTING POLICIES - continued

Leases (policy applicable from 1 april 2019)
The Company has applied IFRS 16 using the modified retrospective approach and therefore the comparative information has not been restated and continues to be reported under IAS 17.

At the inception of a contract, the Company assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. IFRS 16.

As a lessee

The Company recognises a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred, less any lease incentives received.

The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the end of the lease term, unless the lease transfers ownership of the underlying asset to the Company by the end of the lease term or the cost of the right-of-use asset reflects that the Company will exercise a purchase option. In that case the right-of-use asset will be depreciated over the useful life of the underlying asset, which is determined on the same basis as those of property and equipment. In addition, the right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability.

The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Company's incremental borrowing rate.
Lease payments included in the measurement of the lease liability comprise the following:
- fixed payments, including in-substance fixed payments;
- variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date
- amounts expected to be payable under a residual value guarantee; and
- the exercise price under a purchase option that the Company is reasonably certain to exercise,
- lease payments in an optional renewal period if the Company is reasonably certain to exercise an extension option, and
- penalties for early termination of a lease unless the Company is reasonably certain not to terminate early.

The lease liability is measured at amortised cost using the effective interest method. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, there is a change in the Company's estimate of the amount expected to be payable under a residual value guarantee, if the Company changes its assessment of whether it will exercise a purchase, extension or termination option or if there is a revised in-substance fixed lease payment.

When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, to the extent that the right-of-use asset is reduced to nil, with any further adjustment required from the remeasurement being recorded in profit or loss.

The Company presents right-of-use assets that do not meet the definition of investment property in 'property, plant and equipment' and lease liabilities in 'loans and borrowings' in the statement of financial position.

Short-term leases and leases of low-value assets

The Company has elected not to recognise right-of-use assets and lease liabilities for lease of low-value assets and short-term leases. The Company recognises the lease payments associated with these leases as an expense on a straight-line basis over the lease term.

SAKATA UK LIMITED (REGISTERED NUMBER: 02822116)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2025

2. ACCOUNTING POLICIES - continued

Employee benefit costs
A defined benefit plan is a post-employment benefit plan other than a defined contribution plan. The Company's net obligation in respect of defined benefit pension plans is calculated by estimating the amount of future benefit that employees have earned in return for their service in the current and prior periods; that benefit is discounted to determine its present value, and the fair value of any plan assets (at bid price) are deducted. The Company determines the net interest on the net defined benefit liability/(asset) for the period by applying the discount rate used to measure the defined benefit obligation at the beginning of the annual period to the net defined benefit liability/(asset).

The discount rate is the yield at the reporting date on bonds that have a credit rating of at least AA that have maturity dates approximating the terms of the Company's obligations and that are denominated in the currency in which the benefits are expected to be paid.

Remeasurements arising from defined benefit plans comprise actuarial gains and losses, the return on plan assets (excluding interest) and the effect of the asset ceiling (if any, excluding interest). The Company recognises them immediately in other comprehensive income and all other expenses related to defined benefit plans in employee benefit expenses in profit or loss.

The calculation of the defined benefit obligations is performed by a qualified actuary using the projected unit credit method. When the calculation results in a benefit to the Company, the recognised asset is limited to the present value of benefits available in the form of any future refunds from the plan or reductions in future contributions and takes into account the adverse effect of any minimum funding requirements.

Trademarks
Trademarks are stated at cost less accumulated amortisation. Amortisation is charged to the profit and loss account on a straight line basis over its useful life.
• Trademarks 10% per annum

Provisions
A provision is recognised in the balance sheet when the Company has a present legal or constructive obligation as a result of a past event, that can be reliably measured and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects risks specific to the liability.

4. EMPLOYEES AND DIRECTORS
2025 2024
£    £   
Wages and salaries 1,348,341 1,130,049
Social security costs 140,844 124,713
Other pension costs 115,504 126,681
1,604,689 1,381,443

The average number of employees during the year was as follows:
2025 2024

Distribution and Sales 9 9
Research and Development 8 8
Administration 3 3
20 20

2025 2024
£    £   
Directors' remuneration 153,697 182,266

SAKATA UK LIMITED (REGISTERED NUMBER: 02822116)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2025

4. EMPLOYEES AND DIRECTORS - continued

The number of directors to whom retirement benefits were accruing was as follows:

Defined benefit schemes 1 1

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2025 2024
£    £   
Currency (gains)/losses 34,302 14,122
Leasing 9,049 8,297
43,351 22,419

6. PROFIT BEFORE TAXATION

The profit before taxation is stated after charging:
2025 2024
£    £   
Cost of inventories recognised as expense 5,427,056 4,417,171
Depreciation - owned assets 167,910 147,215
Depreciation - assets on hire purchase contracts or finance leases 80,951 74,654
Patents & trademarks amortisation 152,500 152,500
Audit of these financial
statements 30,800 29,000
Other professional services 10,503 14,430

7. TAXATION

Analysis of tax expense
2025 2024
£    £   
Current tax:
Tax 631,808 188,481
Adjustments in respect of prior periods (141,345 ) 173,945
Total current tax 490,463 362,426

Deferred tax (28,371 ) (7,433 )
Total tax expense in income statement 462,092 354,993

SAKATA UK LIMITED (REGISTERED NUMBER: 02822116)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2025

7. TAXATION - continued

Factors affecting the tax expense
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2025 2024
£    £   
Profit before income tax 3,080,442 2,595,819
Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 -
25%)

770,111

648,955

Effects of:
Non-taxable income (52,284 ) (93,617 )
Adjustment in respect of previous periods (141,345 ) -
Expenses not deductible for tax purposes 557 3,663
Deductible amounts (101,577 ) (69,148 )
Deferred tax (charged)/credited directly to OCI - (63,000 )
for changes in tax rate
Other timing differences (28,371 ) (91,016 )
Depreciation in excess of capital allowances 15,001 19,156

Tax expense 462,092 354,993

Tax effects relating to effects of other comprehensive income

2025
Gross Tax Net
£    £    £   
Remeasurements of DB pension liability (1,373,000 ) - (1,373,000 )

2024
Gross Tax Net
£    £    £   
Remeasurements of defined benefit liabil (252,000 ) 63,000 (189,000 )

8. DIVIDENDS
2025 2024
£    £   
Ordinary shares of 1 each
Interim 1,000,000 500,000

SAKATA UK LIMITED (REGISTERED NUMBER: 02822116)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2025

9. INTANGIBLE FIXED ASSETS
Patents &
trademarks
£   
COST
At 1 April 2024
and 31 March 2025 1,525,000
AMORTISATION
At 1 April 2024 1,080,208
Amortisation for year 152,500
At 31 March 2025 1,232,708
NET BOOK VALUE
At 31 March 2025 292,292
At 31 March 2024 444,792

10. TANGIBLE FIXED ASSETS
Land & Plant and Right of
buildings machinery use asset Totals
£    £    £    £   
COST
At 1 April 2024 1,922,300 608,425 137,955 2,668,680
Additions 25,449 73,921 97,178 196,548
Disposals - - (24,787 ) (24,787 )
At 31 March 2025 1,947,749 682,346 210,346 2,840,441
DEPRECIATION
At 1 April 2024 1,037,850 451,342 39,751 1,528,943
Charge for year 106,012 61,898 80,951 248,861
Eliminated on disposal - - (8,262 ) (8,262 )
At 31 March 2025 1,143,862 513,240 112,440 1,769,542
NET BOOK VALUE
At 31 March 2025 803,887 169,106 97,906 1,070,899
At 31 March 2024 884,450 157,083 98,204 1,139,737

11. STOCKS
2025 2024
£    £   
Seed 1,316,472 1,147,361

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2025 2024
£    £   
Trade debtors 2,404,171 2,227,368
Amounts owed by group undertakings 213,069 307,829
Other debtors 175,813 222,189
Prepayments and accrued income 101,120 109,787
2,894,173 2,867,173

SAKATA UK LIMITED (REGISTERED NUMBER: 02822116)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2025

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2025 2024
£    £   
Leases (see note 15) 77,250 52,478
Trade creditors 196,198 43,610
Amounts owed to group undertakings 102,327 152,412
Tax 184,156 -
Social security and other taxes 37,126 33,839
VAT 48,587 31,083
Accruals and deferred income 416,922 236,762
1,062,566 550,184

Amounts owed to group undertakings are repayable on 60-day terms.

14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2025 2024
£    £   
Leases (see note 15) 23,597 48,251

15. FINANCIAL LIABILITIES - BORROWINGS

2025 2024
£    £   
Current:
Leases (see note 16) 77,250 52,478

Non-current:
Leases (see note 16) 23,597 48,251

Terms and debt repayment schedule

1 year or
less 1-2 years Totals
£    £    £   
Leases 77,250 23,597 100,847

16. LEASING

Right-of-use assets

Amounts recognised in profit or loss
The following amounts have been recognised in profit or loss for which the Company is a lessee:


Leases under IFRS 16 2025 2024
Interest expenses on lease liabilities 9,049 8,297
Expenses relating to leases of low-value assets accounted, excluding short-term leases of
low-value assets

28,309


25,744

SAKATA UK LIMITED (REGISTERED NUMBER: 02822116)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2025

16. LEASING - continued

Lease liabilities

Minimum lease payments fall due as follows:

2025 2024
£    £   
Gross obligations repayable:
Within one year 82,293 57,514
Between one and five years 24,776 50,663

107,069 108,177

Finance charges repayable:
Within one year 5,043 5,036
Between one and five years 1,179 2,412
6,222 7,448

Net obligations repayable:
Within one year 77,250 52,478
Between one and five years 23,597 48,251
100,847 100,729

17. PROVISIONS FOR LIABILITIES
2025 2024
£    £   
Deferred tax
Accelerated capital allowances 202,256 293,627
Other timing differences - (63,000 )
202,256 230,627

Deferred
tax
£   
Balance at 1 April 2024 230,627
Credit to Income Statement during year (28,371 )
Balance at 31 March 2025 202,256

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2025 2024
value: £    £   
100,001 Ordinary 1 100,001 100,001

19. EMPLOYEE BENEFIT OBLIGATIONS

The company operates a defined benefit pension scheme providing benefits based on final pensionable pay. The latest full actuarial valuation was carried out at 1 April 2020 and was updated annually for IAS 19 purposes to 31 March 2021.

The scheme is closed to further accrual and is in the process of being wound up.

SAKATA UK LIMITED (REGISTERED NUMBER: 02822116)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2025

19. EMPLOYEE BENEFIT OBLIGATIONS - continued

The amounts recognised in profit or loss are as follows:

Defined benefit
pension plans
2025 2024
£    £   
Current service cost - 80,000
Net interest from net defined benefit
asset/liability

285,000

299,000
Past service cost - 14,000
285,000 393,000

Actual return on plan assets - -

Changes in the present value of the defined benefit obligation are as follows:

Defined benefit
pension plans
2025 2024
£    £   
Opening defined benefit obligation 6,053,000 6,473,000
Current service cost - 80,000
Past service cost - 14,000
Interest cost 285,000 299,000
Benefits paid (363,000 ) (323,000 )
Actuarial (gains)/losses from changes in financial
assumptions

(528,000

)

(490,000

)
5,447,000 6,053,000

Changes in the fair value of scheme assets are as follows:

Defined benefit
pension plans
2025 2024
£    £   
Opening fair value of scheme assets 7,047,000 7,564,000
Contributions by employer 372,000 195,000
Interest income 342,000 353,000
Benefits paid (363,000 ) (323,000 )
Return on plan assets (excluding interest income) (1,901,000 ) (742,000 )
5,497,000 7,047,000

The amounts recognised in other comprehensive income are as follows:

Defined benefit
pension plans
2025 2024
£    £   
Actuarial (gains)/losses from changes in financial
assumptions

528,000

490,000
Return on plan assets (excluding interest income) (1,901,000 ) (742,000 )
(1,373,000 ) (252,000 )

SAKATA UK LIMITED (REGISTERED NUMBER: 02822116)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2025

19. EMPLOYEE BENEFIT OBLIGATIONS - continued

The major categories of scheme assets as amounts of total scheme assets are as follows:

Defined benefit
pension plans
2025 2024
£    £   
Bonds & LDI - 3,993,000
Other 5,497,000 3,054,000
5,497,000 7,047,000

Investment risk

Arises from assets underperforming, resulting in an investment return not being sufficient to meet the funding objective. The Company regularly reviews the investment strategy to ensure it is consistent with its funding objectives.

The Company expects to pay £nil (2024 - £nil) in contributions to its defined benefit plans in the next annual reporting period.

Scheme assets

The above table denotes the fair value of the scheme's assets, which are not intended to be realised in the short term and may be subject to significant change before they are realised, and the present value of the scheme's liabilities, which are derived from cash flow projections over long periods and thus inherently uncertain.

Assumptions

The assumptions relating to longevity underlying the pension liabilities at the balance sheet date are based on standard actuarial mortality tables and include an allowance for future improvements in longevity. Assuming retirement at age 65, the life expectancy in years are as follows:

2025 2024
For a male aged 65 now 21.3 21.3
At 65 for a male member aged 45 now 22.6 22.6
For a female aged 65 now 23.8 23.7
At 65 for a female member aged 45 now 25.2 25.2

Principal actuarial assumptions at the balance sheet date (expressed as weighted averages):

2025 2024
Discount rate 5.70% 4.85%
Future salary increases - 2.90%
Future pension increases 2.85% 2.85%
Inflation assumptions 2.90% 2.90%

Mortality follows the standard table known as S1PA, using 100% of the base table with the CMI_2013 mortality projections with a long-term rate of improvement of 1.25%. The same mortality assumptions were used at the previous year end.

The assumptions used by the actuary are the best estimates chosen from a range of possible actuarial assumptions which, due to the timescale covered, may not necessarily be borne out in practice.

20. ULTIMATE PARENT COMPANY AND PARENT OF LARGER GROUP

The Company is a subsidiary undertaking of European Sakata Holdings which is incorporated in France. The ultimate controlling party is Sakata Seed Corporation, incorporated in Japan.

The largest group in which the results of the company are consolidated is that headed by Sakata Seed Corporation, incorporated in Japan. The smallest group in which they are consolidated is that headed by European Sakata Holdings. The consolidated financial statements of European Sakata Holdings are available to the public and may be obtained from Rue Jean Moulin, 30620 Uchaud, France.