Palziv UK Limited Company accounts

Palziv UK Limited Company accounts

PALZIV UK LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 5015359
Palziv UK Limited
Financial Statements
31 December 2019
Palziv UK Limited
Financial Statements
Year ended 31 December 2019
Contents
Page
Director's report
1
Independent auditor's report to the members
3
Statement of income and retained earnings
7
Statement of financial position
8
Notes to the financial statements
9
Palziv UK Limited
Director's Report
Year ended 31 December 2019
The director presents his report and the financial statements of the company for the year ended 31 December 2019 .
Director
The director who served the company during the year was as follows:
Mr M Langer
Director's responsibilities statement
The director is responsible for preparing the 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 year. 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.
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 13 February 2020 and signed on behalf of the board by:
Mr M Langer
Director
Registered office:
1 St Josephs Court
Trindle Road
Dudley
West Midlands
DY2 7AU
Palziv UK Limited
Independent Auditor's Report to the Members of Palziv UK Limited
Year ended 31 December 2019
Opinion
We have audited the financial statements of Palziv UK Limited (the 'company') for the year ended 31 December 2019 which comprise the statement of income and retained earnings, statement of financial position 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 31 December 2019 and of its loss for the year 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
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
- the director's use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
- the director has not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.
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 director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the director's report 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 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; or - the director was not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the director's report and from the requirement to prepare a strategic report.
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. 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.
Donna Westwood FCCA
(Senior Statutory Auditor)
For and on behalf of
Chartwells Accountants Limited
Chartered certified accountants & statutory auditor
Chartwells House
1 St Josephs Court
Trindle Road
Dudley
West Midlands
DY2 7AU
13 February 2020
Palziv UK Limited
Statement of Income and Retained Earnings
Year ended 31 December 2019
2019
2018
Note
£
£
Turnover
4,242,342
4,599,258
Cost of sales
3,771,310
4,053,757
-----------
-----------
Gross profit
471,032
545,501
Administrative expenses
576,611
555,831
--------
--------
Operating loss
( 105,579)
( 10,330)
--------
--------
Loss before taxation
6
( 105,579)
( 10,330)
Tax on loss
7
( 3,499)
( 1,909)
--------
-------
Loss for the financial year and total comprehensive income
( 102,080)
( 8,421)
--------
-------
Retained earnings at the start of the year
315,479
323,900
--------
--------
Retained earnings at the end of the year
213,399
315,479
--------
--------
All the activities of the company are from continuing operations.
Palziv UK Limited
Statement of Financial Position
31 December 2019
2019
2018
Note
£
£
£
Fixed assets
Tangible assets
8
12,225
19,547
Current assets
Stocks
433,425
704,641
Debtors
9
1,029,055
1,392,282
Cash at bank and in hand
189,994
254,633
-----------
-----------
1,652,474
2,351,556
Creditors: amounts falling due within one year
10
1,451,299
2,052,386
-----------
-----------
Net current assets
201,175
299,170
--------
--------
Total assets less current liabilities
213,400
318,717
Provisions
Taxation including deferred tax
–
3,237
--------
--------
Net assets
213,400
315,480
--------
--------
Capital and reserves
Called up share capital
11
1
1
Profit and loss account
213,399
315,479
--------
--------
Shareholders funds
213,400
315,480
--------
--------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
These financial statements were approved by the board of directors and authorised for issue on 13 February 2020 , and are signed on behalf of the board by:
Mr M Langer
Director
Company registration number: 5015359
Palziv UK Limited
Notes to the Financial Statements
Year ended 31 December 2019
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 1 St Josephs Court, Trindle Road, Dudley, West Midlands, DY2 7AU.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of 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 prepare in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Long Leasehold Property
-
10% straight line
Plant and Machinery
-
20% straight line
Motor Vehicles
-
25% reducing balance
Office Equipment
-
15% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Auditor's remuneration
2019
2018
£
£
Fees payable for the audit of the financial statements
7,950
7,950
------
------
5. Employee numbers
The average number of persons employed by the company during the year amounted to 8 (2018: 9 ).
6. Profit before taxation
Profit before taxation is stated after charging:
2019
2018
£
£
Depreciation of tangible assets
9,621
11,165
------
-------
7. Tax on loss
Major components of tax income
2019
2018
£
£
Current tax:
UK current tax (income)/expense
( 262)
262
Deferred tax:
Origination and reversal of timing differences
( 3,237)
( 2,171)
------
------
Tax on loss
( 3,499)
( 1,909)
------
------
Reconciliation of tax income
The tax assessed on the loss on ordinary activities for the year is higher than (2018: higher than) the standard rate of corporation tax in the UK of 19 % (2018: 19 %).
2019
2018
£
£
Loss on ordinary activities before taxation
( 105,579)
( 10,330)
--------
-------
Loss on ordinary activities by rate of tax
( 20,060)
( 1,963)
Effect of expenses not deductible for tax purposes
305
166
Effect of capital allowances and depreciation
( 1,987)
–
Unused tax losses
18,131
–
Rounding on tax charge
112
( 112)
--------
-------
Tax on loss
( 3,499)
( 1,909)
--------
-------
8. Tangible assets
Long leasehold property
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 January 2019
20,112
69,179
22,828
14,781
126,900
Additions
–
880
–
1,419
2,299
-------
-------
-------
-------
--------
At 31 December 2019
20,112
70,059
22,828
16,200
129,199
-------
-------
-------
-------
--------
Depreciation
At 1 January 2019
18,134
53,172
22,828
13,219
107,353
Charge for the year
938
7,923
–
760
9,621
-------
-------
-------
-------
--------
At 31 December 2019
19,072
61,095
22,828
13,979
116,974
-------
-------
-------
-------
--------
Carrying amount
At 31 December 2019
1,040
8,964
–
2,221
12,225
-------
-------
-------
-------
--------
At 31 December 2018
1,978
16,007
–
1,562
19,547
-------
-------
-------
-------
--------
9. Debtors
2019
2018
£
£
Trade debtors
987,619
1,335,952
Prepayments and accrued income
38,981
35,533
Corporation tax repayable
262
–
Other debtors
2,193
20,797
-----------
-----------
1,029,055
1,392,282
-----------
-----------
10. Creditors: amounts falling due within one year
2019
2018
£
£
Trade creditors
20,118
24,669
Amounts owed to group undertakings
1,396,566
1,991,950
Accruals and deferred income
15,365
28,996
Corporation tax
–
262
Social security and other taxes
18,545
5,522
Other creditors
705
987
-----------
-----------
1,451,299
2,052,386
-----------
-----------
11. Called up share capital
Issued, called up and fully paid
2019
2018
No.
£
No.
£
Ordinary shares of £ 1 each
1
1.00
1
1.00
----
-----
----
-----
12. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2019
2018
£
£
Not later than 1 year
68,666
68,666
-------
-------
13. Related party transactions
During the year the company purchased goods with a value of £3,698,236 (2018: £3,998,809) from its parent company. At the year end the company owed £1,396,566 to the parent company (2018: £1,991,950) During the year the company purchased goods with a value of £nil (2018: £nil) from Palziv North America which is a fellow subsidiary undertaking. At the year end the company owed £nil to Palziv North America (2018: £nil) Palziv North America is a fellow subsidiary undertaking of the group company. During the year the company purchased goods with a value of £nil (2018: £nil) from Tropal Romania SRL which is also a fellow subsidiary undertaking. At the year end the company owed £nil to Tropal Romania SRL (2018: £nil) Tropal Romania SRL is a fellow subsidiary undertaking of the group company.
14. Controlling party
The parent company of Palziv UK Limited is Palziv Ein Hanaziv Agricultural Co-Operative Society Limited, a company incorporated in Israel. Group financial statements are prepared and are available from: Ein Hanatziv M.P. Emek Hamaayanot 1080500 Israel