Company Registration No. 06511864 (England and Wales)
DSV UNITED KINGDOM LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
PAGES FOR FILING WITH REGISTRAR
DSV UNITED KINGDOM LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
DSV UNITED KINGDOM LIMITED
BALANCE SHEET
AS AT 30 JUNE 2020
30 June 2020
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Tangible assets
3
476,363
367,130
Current assets
Stocks
445,406
400,015
Debtors
4
700,163
395,320
Cash at bank and in hand
910,329
411,666
2,055,898
1,207,001
Creditors: amounts falling due within one year
5
(777,041)
(267,249)
Net current assets
1,278,857
939,752
Total assets less current liabilities
1,755,220
1,306,882
Provisions for liabilities
(85,695)
(61,222)
Net assets
1,669,525
1,245,660
Capital and reserves
Called up share capital
7
1,000
1,000
Profit and loss reserves
1,668,525
1,244,660
Total equity
1,669,525
1,245,660
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 22 September 2020 and are signed on its behalf by:
Mr M Mann
Dr E Hupe
Director
Director
Company Registration No. 06511864
DSV UNITED KINGDOM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
- 2 -
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 a
mounts
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 replacement cost and cost, adjusted where applicable for any loss of service potential.
DSV UNITED KINGDOM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2020
1
Accounting policies
(Continued)
- 3 -
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.
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.
DSV UNITED KINGDOM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2020
1
Accounting policies
(Continued)
- 4 -
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 lease
s
asset are consumed.
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:
2020
2019
Number
Number
Total
13
17
3
Tangible fixed assets
Leasehold imp'ments
Plant and machinery
Fixtures & fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 July 2019
231,648
1,029,692
2,083
32,998
1,296,421
Additions
195,693
195,693
Disposals
(148,469)
(148,469)
At 30 June 2020
231,648
1,076,916
2,083
32,998
1,343,645
Depreciation and impairment
At 1 July 2019
153,199
752,834
2,083
21,175
929,291
Depreciation charged in the year
15,990
68,742
1,728
86,460
Eliminated in respect of disposals
(148,469)
(148,469)
At 30 June 2020
169,189
673,107
2,083
22,903
867,282
Carrying amount
At 30 June 2020
62,459
403,809
10,095
476,363
At 30 June 2019
78,449
276,858
11,823
367,130
As at 30 June 2020, capital expenditure of £nil was contracted but not provided for in the financial statements (2019: £164,157).
DSV UNITED KINGDOM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2020
- 5 -
4
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
457,212
208,942
Corporation tax recoverable
57,253
47,422
Amounts owed by group undertakings
56,127
61,796
Other debtors
30,570
14,044
Prepayments and accrued income
99,001
63,116
700,163
395,320
5
Creditors: amounts falling due within one year
2020
2019
£
£
Trade creditors
167,824
130,404
Amounts owed to group undertakings
360,677
21,498
Taxation and social security
34,232
30,650
Other creditors
149
Accruals and deferred income
214,308
84,548
777,041
267,249
6
Provisions for liabilities
2020
2019
£
£
Deferred tax liabilities
85,695
61,222
7
Called up share capital
2020
2019
£
£
Ordinary share capital
Issued and fully paid
1,000 (2019: 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 name of the Senior Statutory Audit who signed the audit report was
David Stevens
BA FCA who signed for and on behalf of Ellacotts Audit Services Limited, Statutory Auditor.
DSV UNITED KINGDOM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2020
- 6 -
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 £236,606 (2019: £289,074).
10
Related party transactions
No transactions with related parties were undertaken which are required to be disclosed under FRS102 Section 1A.
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.