Company registration number 06511864 (England and Wales)
DSV UNITED KINGDOM LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
PAGES FOR FILING WITH REGISTRAR
DSV UNITED KINGDOM LIMITED
CONTENTS
Page
Balance sheet
4
Statement of changes in equity
5
Notes to the financial statements
6 - 10
DSV UNITED KINGDOM LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF DSV UNITED KINGDOM LIMITED
- 1 -
Opinion
We have audited the financial statements of DSV United Kingdom Limited (the 'company') for the year ended 30 June 2023 which comprise , the balance sheet, the statement of changes in equity and notes to the financial statements, including 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 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 2023 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.
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 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.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the directors' report has been prepared in accordance with applicable legal requirements.
DSV UNITED KINGDOM LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF DSV UNITED KINGDOM LIMITED
- 2 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption in preparing the directors' report and from the requirement to prepare a strategic report.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, 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'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.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
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 performed the following procedures:
Enquiry of management and those charged with governance around actual and potential litigation and claims.
Enquiry of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations.
Reviewing minutes of meetings of those charged with governance.
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
Auditing the risk of management override of controls, including thorough testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
DSV UNITED KINGDOM LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF DSV UNITED KINGDOM LIMITED
- 3 -
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.
Charlotte Toemaes BSc FCA
Senior Statutory Auditor
For and on behalf of Ellacotts Audit Services Limited
Chartered Accountants
Statutory Auditor
Countrywide House
23 West Bar
Banbury
Oxfordshire
England
OX16 9SA
19 September 2023
DSV UNITED KINGDOM LIMITED
BALANCE SHEET
- 4 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
463,321
443,873
Current assets
Stocks
1,902,604
1,333,141
Debtors
4
2,093,775
625,398
Cash at bank and in hand
441,065
223,774
4,437,444
2,182,313
Creditors: amounts falling due within one year
5
(2,464,334)
(678,418)
Net current assets
1,973,110
1,503,895
Total assets less current liabilities
2,436,431
1,947,768
Provisions for liabilities
6
(106,808)
(99,965)
Net assets
2,329,623
1,847,803
Capital and reserves
Called up share capital
7
1,000
1,000
Profit and loss reserves
2,328,623
1,846,803
Total equity
2,329,623
1,847,803
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime of the Companies Act 2006.
The financial statements were approved by the board of directors and authorised for issue on 24 August 2023 and are signed on its behalf by:
Dr E Hupe
Dr A Doering
Director
Director
Company Registration No. 06511864
DSV UNITED KINGDOM LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2023
- 5 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 July 2021
1,000
1,576,154
1,577,154
Year ended 30 June 2022:
Profit and total comprehensive income for the year
-
270,649
270,649
Balance at 30 June 2022
1,000
1,846,803
1,847,803
Year ended 30 June 2023:
Profit and total comprehensive income for the year
-
481,820
481,820
Balance at 30 June 2023
1,000
2,328,623
2,329,623
DSV UNITED KINGDOM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 6 -
1
Accounting policies
Company information
DSV United Kingdom Limited is a private company limited by shares incorporated in England and Wales. The registered office is Countrywide House, 23 West Bar, Banbury, Oxfordshire, England, OX16 9SA.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention.The principal accounting policies adopted are set out below.
1.2
Turnover
The turnover shown in the profit and loss account represents amounts supplied during the period, exclusive of Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold imp'ments
6% to 12.5% straight line
Plant and machinery
6% to 50% straight line
Fixtures & fittings
10% to 20% straight line
Motor vehicles
25% to 50% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
DSV UNITED KINGDOM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 7 -
1.5
Cash at bank and in hand
Cash at bank and in hand are basic financial assets and include deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax, with the following exceptions:
Provision is made for tax on gains arising from the revaluation (and similar fair value adjustments) of fixed assets, and gains on disposal of fixed assets that have been rolled over into replacement assets, only to the extent that, at the balance sheet date, there is a binding agreement to dispose of the assets concerned. However, no provision is made where, on the basis of all available evidence at the balance sheet date, it is more likely than not that the taxable gain will be rolled over into replacement assets and charged to tax only where the replacement assets are sold.
Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.
Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
1.7
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.9
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
DSV UNITED KINGDOM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 8 -
1.10
Foreign exchange
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
15
14
3
Tangible fixed assets
Leasehold imp'ments
Plant and machinery
Fixtures & fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 July 2022
237,356
1,210,239
6,499
32,998
1,487,092
Additions
58,149
45,986
9,131
113,266
At 30 June 2023
295,505
1,256,225
15,630
32,998
1,600,358
Depreciation and impairment
At 1 July 2022
199,374
814,923
301
28,621
1,043,219
Depreciation charged in the year
14,709
72,872
4,509
1,728
93,818
At 30 June 2023
214,083
887,795
4,810
30,349
1,137,037
Carrying amount
At 30 June 2023
81,422
368,430
10,820
2,649
463,321
At 30 June 2022
37,982
395,316
6,198
4,377
443,873
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,985,360
413,781
Corporation tax recoverable
33,184
Amounts owed by group undertakings
40,820
Other debtors
36,435
43,934
Prepayments and accrued income
71,980
93,679
2,093,775
625,398
DSV UNITED KINGDOM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 9 -
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
66,090
145,823
Amounts owed to group undertakings
2,075,805
296,191
Corporation tax
7,736
Other taxation and social security
25,733
5,470
Accruals and deferred income
288,970
230,934
2,464,334
678,418
6
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
106,808
99,965
7
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
1,000 (2021: 1,000) Ordinary shares of £1 each
1,000
1,000
8
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The Independent Auditor's Report was unqualified. The senior statutory auditor was Charlotte Toemaes BSc FCA. The auditor was Ellacotts Audit Services Limited.
9
Operating lease commitments
Lessee
At the reporting date the company had outstanding lease commitments for future minimum lease payments under non-cancellable operating leases of £168,946 (2022: £174,067).
10
Related party transactions
No transactions with related parties were undertaken which are required to be disclosed under FRS102 Section 1A.
DSV UNITED KINGDOM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 10 -
11
Parent company
The company's immediate parent and ultimate parent company, and the smallest and largest group for which group accounts are prepared is Deutsche Saatveredelung AG, a company incorporated in Germany. Copies of the financial statements of Deutsche Saatveredelung AG are available from Desutsche Saatveredelung AG Head Office in Lippstadt at Weissenburger Straβe 5, 59557 Lippstadt, Germany.
2023-06-302022-07-01false19 September 2023CCH SoftwareCCH Accounts Production 2023.200No description of principal activityThis audit opinion is unqualifiedMr M MannDr E HupeDr A DoeringDr A Doering065118642022-07-012023-06-30065118642023-06-30065118642022-06-3006511864core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-06-3006511864core:PlantMachinery2023-06-3006511864core:FurnitureFittings2023-06-3006511864core:MotorVehicles2023-06-3006511864core:LandBuildingscore:LeasedAssetsHeldAsLessee2022-06-3006511864core:PlantMachinery2022-06-3006511864core:FurnitureFittings2022-06-3006511864core:MotorVehicles2022-06-3006511864core:CurrentFinancialInstrumentscore:WithinOneYear2023-06-3006511864core:CurrentFinancialInstrumentscore:WithinOneYear2022-06-3006511864core:CurrentFinancialInstruments2023-06-3006511864core:CurrentFinancialInstruments2022-06-3006511864core:ShareCapital2023-06-3006511864core:ShareCapital2022-06-3006511864core:RetainedEarningsAccumulatedLosses2023-06-3006511864core:RetainedEarningsAccumulatedLosses2022-06-3006511864core:ShareCapital2021-06-3006511864core:RetainedEarningsAccumulatedLosses2021-06-30065118642021-06-3006511864bus:Director22022-07-012023-06-3006511864bus:CompanySecretaryDirector12022-07-012023-06-3006511864core:RetainedEarningsAccumulatedLosses2021-07-012022-06-30065118642021-07-012022-06-3006511864core:RetainedEarningsAccumulatedLosses2022-07-012023-06-3006511864core:LandBuildingscore:LeasedAssetsHeldAsLessee2022-07-012023-06-3006511864core:PlantMachinery2022-07-012023-06-3006511864core:FurnitureFittings2022-07-012023-06-3006511864core:MotorVehicles2022-07-012023-06-3006511864core:LandBuildingscore:LeasedAssetsHeldAsLessee2022-06-3006511864core:PlantMachinery2022-06-3006511864core:FurnitureFittings2022-06-3006511864core:MotorVehicles2022-06-30065118642022-06-3006511864bus:PrivateLimitedCompanyLtd2022-07-012023-06-3006511864bus:SmallCompaniesRegimeForAccounts2022-07-012023-06-3006511864bus:FRS1022022-07-012023-06-3006511864bus:Audited2022-07-012023-06-3006511864bus:Director12022-07-012023-06-3006511864bus:Director32022-07-012023-06-3006511864bus:CompanySecretary12022-07-012023-06-3006511864bus:FullAccounts2022-07-012023-06-30xbrli:purexbrli:sharesiso4217:GBP