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COMPANY REGISTRATION NUMBER: 05107295
Vriesekoop International UK Limited (formerly known as Vriesekoop UK Limited)
Financial Statements
Period ending
30 June 2024
Vriesekoop International UK Limited (formerly known as Vriesekoop UK Limited)
Financial Statements
Period from 1 January 2023 to 30 June 2024
Contents
Page
Officers and professional advisers
1
Strategic report
2
Director's report
3
Independent auditor's report to the members
5
Statement of income and retained earnings
10
Statement of financial position
11
Statement of cash flows
12
Notes to the financial statements
13
Vriesekoop International UK Limited (formerly known as Vriesekoop UK Limited)
Officers and Professional Advisers
Director
N J Vriesekoop
Registered office
146 New London Road
Chelmsford
Essex
CM2 OAW
Auditor
Edmund Carr LLP
Chartered Accountants & Statutory Auditor
146 New London Road
Chelmsford
Essex
CM2 0AW
Vriesekoop International UK Limited (formerly known as Vriesekoop UK Limited)
Strategic Report
Period from 1 January 2023 to 30 June 2024
The director of Vriesekoop UK Limited present his strategic report for the period ended 30 June 2024. Principal activities and business review Vriesekoop International UK Limited is a subsidiary of Veco Foods UK Limited which is part of the Veco Foods BV group based in the Netherlands. Vriesekoop BV is a related party in the Netherlands, who's core business is the supply of poultry. Vriesekoop BV is where Vriesekoop International UK Limited sources its poultry from. Since its establishment in the 1980s, Vriesekoop has concentrated on the British market. During the period they were the Netherlands' largest exporter of chicken breast fillets to the United Kingdom and Ireland, but they also deliver to retail, food service, catering and cash&carry companies throughout Europe. Production has gradually increased as well. Every week they export 1000 tonnes of self-produced fresh and frozen fillets. They moreover offer an extensive range of complementary products. Assessment of potential risks and uncertainties The company operates in a competitive market, with pricing and supply availability being key competitive factors. We mitigate this risk by maintaining a heavy focus on quality. All risks are continuously reviewed by the board and appropriate processes are put in place to monitor and mitigate them as required. Strategy At the period end the trade was sold to a competitor and the company will become virtually dormant.
This report was approved by the board of directors on 26 June 2025 and signed on behalf of the board by:
N J Vriesekoop
Director
Registered office:
146 New London Road
Chelmsford
Essex
CM2 OAW
Vriesekoop International UK Limited (formerly known as Vriesekoop UK Limited)
Director's Report
Period from 1 January 2023 to 30 June 2024
The director presents his report and the financial statements of the company for the period ended 30 June 2024 .
Director
The director who served the company during the period was as follows:
N J Vriesekoop
Dividends
The director does not recommend the payment of a dividend.
Future developments
The company ceased trading on 3 June 2024 due to the sale of the trade to a competitor and the company will become virtually dormant until further notice. There is a possibility that trading will commence again in the UK in the future.
Director's responsibilities statement
The director is responsible for preparing the strategic report, director's report and the financial statements in accordance with applicable law and regulations. Company law requires the director to prepare financial statements for each financial period. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period. In preparing these financial statements, the director is required to: - select suitable accounting policies and then apply them consistently; - make judgments 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 director is 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. He is 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.
Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
This report was approved by the board of directors on 26 June 2025 and signed on behalf of the board by:
N J Vriesekoop
Director
Registered office:
146 New London Road
Chelmsford
Essex
CM2 OAW
Vriesekoop International UK Limited (formerly known as Vriesekoop UK Limited)
Independent Auditor's Report to the Members of Vriesekoop International UK Limited (formerly known as Vriesekoop UK Limited)
Period from 1 January 2023 to 30 June 2024
Opinion
We have audited the financial statements of Vriesekoop International UK Limited (formerly known as Vriesekoop UK Limited) (the 'company') for the period ended 30 June 2024 which comprise the statement of income and retained earnings, statement of financial position, statement of cash flows and the related notes, 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 FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (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 30 June 2024 and of its loss for the period then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - 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's 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 company is not a going concern. The company ceased trading on 3 June 2024 and will remain virtually dormant until further notice.
Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The director is responsible for the other information. 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.
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 strategic report and the director's report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
- the strategic report and the director's report have 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 strategic report or the director's report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the accounting records and returns; or - certain disclosures of director's remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.
Responsibilities of the director
As explained more fully in the director's responsibilities statement, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.
Auditor's 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. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows; - The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations. - We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations for the company, including the Companies Act 2006, tax legislation and data protection, anti-bribery, employment, environmental and health and safety legislation. We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management. - Identified laws and regulations were communicated with the audit team regularly and the team remained alert of instances of non-compliance throughout the audit. - We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur by; - Making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud. - Considering the internal controls in place to mitigate the risks of fraud and non-compliance with laws and regulations To address the risk of fraud through management bias and override of controls, we; - Performed analytical procedures to identify any unusual or unexpected relationships - Tested journal entries to identify unusual transactions - Assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias. - Investigated the rationale behind significant or unusual transactions In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: - Agreeing financial statement disclosures to underlying supporting documentation - Enquiring of management as to actual and potential litigation and claims Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the director. - Conclude on the appropriateness of the director's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. 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.
S Drain
(Senior Statutory Auditor)
For and on behalf of
Edmund Carr LLP
Chartered Accountants & Statutory Auditor
146 New London Road
Chelmsford
Essex
CM2 0AW
26 June 2025
Vriesekoop International UK Limited (formerly known as Vriesekoop UK Limited)
Statement of Income and Retained Earnings
Period from 1 January 2023 to 30 June 2024
Period from
1 Jan 23 to
Year to
30 Jun 24
31 Dec 22
Note
£
£
Turnover
5
110,404,019
76,965,768
Cost of sales
110,402,422
76,884,529
--------------
-------------
Gross profit
1,597
81,239
Administrative expenses
69,962
43,431
--------
--------
Operating (loss)/profit
6
( 68,365)
37,808
Interest payable and similar expenses
7
118
--------
--------
(Loss)/profit before taxation
( 68,483)
37,808
Tax on (loss)/profit
8
( 7,184)
7,184
--------
--------
(Loss)/profit for the financial period and total comprehensive income
( 61,299)
30,624
--------
--------
Retained earnings at the start of the period
78,121
47,497
--------
--------
Retained earnings at the end of the period
16,822
78,121
--------
--------
All the activities of the company are from continuing operations.
Vriesekoop International UK Limited (formerly known as Vriesekoop UK Limited)
Statement of Financial Position
30 June 2024
30 Jun 24
31 Dec 22
Note
£
£
£
£
Current assets
Debtors
9
2,424,852
5,872,745
Cash at bank and in hand
252,286
17,850
------------
------------
2,677,138
5,890,595
Creditors: amounts falling due within one year
10
2,660,216
5,812,374
------------
------------
Net current assets
16,922
78,221
--------
--------
Total assets less current liabilities
16,922
78,221
--------
--------
Net assets
16,922
78,221
--------
--------
Capital and reserves
Called up share capital
11
100
100
Profit and loss account
16,822
78,121
--------
--------
Shareholders funds
16,922
78,221
--------
--------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.
These financial statements were approved by the board of directors and authorised for issue on 26 June 2025 , and are signed on behalf of the board by:
N J Vriesekoop
Director
Company registration number: 05107295
Vriesekoop International UK Limited (formerly known as Vriesekoop UK Limited)
Statement of Cash Flows
Period from 1 January 2023 to 30 June 2024
30 Jun 24
31 Dec 22
£
£
Cash flows from operating activities
(Loss)/profit for the financial period
( 61,299)
30,624
Adjustments for:
Interest payable and similar expenses
118
Tax on (loss)/profit
( 7,184)
7,184
Accrued expenses
2,770
3,180
Changes in:
Trade and other debtors
3,447,893
68,229
Trade and other creditors
2,615,371
------------
---------
Cash generated from operations
5,997,669
109,217
Interest paid
( 118)
Tax paid
( 6,586)
------------
---------
Net cash from operating activities
5,990,965
109,217
------------
---------
Cash flows from financing activities
Proceeds from loans from group undertakings
( 5,756,529)
( 141,891)
------------
---------
Net cash used in financing activities
( 5,756,529)
( 141,891)
------------
---------
Net increase/(decrease) in cash and cash equivalents
234,436
( 32,674)
Cash and cash equivalents at beginning of period
17,850
50,524
---------
--------
Cash and cash equivalents at end of period
252,286
17,850
---------
--------
Vriesekoop International UK Limited (formerly known as Vriesekoop UK Limited)
Notes to the Financial Statements
Period from 1 January 2023 to 30 June 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 146 New London Road, Chelmsford, Essex, CM2 OAW.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The company ceased trading on 3 June 2024 and will remain dormant until further notice, therefore the company is not considered a going concern and will remain dormant until further notice. The company will be supported by its director and parent company until a decision is made about the company but there is a possibility the company may commence trading again in the UK in the future.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
The turnover shown in the profit and loss account represents amounts invoiced during the period. Discounts are accounted for on a claimed and paid basis.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Average number of employees
During the year the average number of employees was 1 (2022 - 1) which consisted of the director only.
5. Turnover
Turnover arises from:
Period from
1 Jan 23 to
Year to
30 Jun 24
31 Dec 22
£
£
Sale of goods
110,404,019
76,965,768
--------------
-------------
The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.
6. Operating (loss)/profit
Operating profit or loss is stated after charging:
Period from
1 Jan 23 to
Year to
30 Jun 24
31 Dec 22
£
£
Foreign exchange differences
5,199
2,720
-------
-------
7. Interest payable and similar expenses
Period from
1 Jan 23 to
Year to
30 Jun 24
31 Dec 22
£
£
Other interest payable and similar charges
118
----
----
8. Tax on (loss)/profit
Major components of tax (income)/expense
Period from
1 Jan 23 to
Year to
30 Jun 24
31 Dec 22
£
£
Current tax:
UK current tax (income)/expense
( 7,184)
7,184
-------
-------
Tax on (loss)/profit
( 7,184)
7,184
-------
-------
Reconciliation of tax (income)/expense
The tax assessed on the (loss)/profit on ordinary activities for the period is the same as (2022: the same as) the standard rate of corporation tax in the UK of 19 % (2022: 19 %).
Period from
1 Jan 23 to
Year to
30 Jun 24
31 Dec 22
£
£
(Loss)/profit on ordinary activities before taxation
( 68,483)
37,808
--------
--------
(Loss)/profit on ordinary activities by rate of tax
( 7,184)
7,184
--------
--------
9. Debtors
30 Jun 24
31 Dec 22
£
£
Trade debtors
2,411,118
5,872,119
Other debtors
13,734
626
------------
------------
2,424,852
5,872,745
------------
------------
10. Creditors: amounts falling due within one year
30 Jun 24
31 Dec 22
£
£
Trade creditors
2,615,371
Amounts owed to group undertakings
36,195
5,792,724
Accruals and deferred income
8,650
5,880
Corporation tax
13,770
------------
------------
2,660,216
5,812,374
------------
------------
11. Called up share capital
Issued, called up and fully paid
30 Jun 24
31 Dec 22
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
12. Analysis of changes in net debt
At 1 Jan 2023
Cash flows
At 30 Jun 2024
£
£
£
Cash at bank and in hand
17,850
234,436
252,286
Debt due within one year
(5,792,724)
5,756,529
(36,195)
------------
------------
---------
( 5,774,874)
5,990,965
216,091
------------
------------
---------
13. Related party transactions
The company was under the control of N J Vriesekoop , who is a director and 100% shareholder of the companys parent company, Veco Foods UK Limited. At the period end the company owed N Vriesekoop Oudewater B.V. £36,195 (2022 - £5,792,724) which is shown amongst creditors. During the period the company purchased goods from N Vriesekoop Oudewater B.V. of £60,547,429 (2022 - £76,713,765).
14. Controlling party
The director considers this company's ultimate parent company to be Veco Foods B.V., a company incorporated in The Netherlands.