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Company registration number: 02140069
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FOR THE YEAR ENDED
31 DECEMBER 2020
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H. J. BAKER SULPHUR & FERTILIZER UK LTD
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H. J. BAKER SULPHUR & FERTILIZER UK LTD
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COMPANY INFORMATION
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Sulpher Processing Plant West Bay Road
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Chartered Accountants & Statutory Auditor
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H. J. BAKER SULPHUR & FERTILIZER UK LTD
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CONTENTS
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Statement of Financial Position
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Notes to the Financial Statements
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H. J. BAKER SULPHUR & FERTILIZER UK LTD
REGISTERED NUMBER:02140069
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STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2020
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Provisions for liabilities
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H. J. BAKER SULPHUR & FERTILIZER UK LTD
REGISTERED NUMBER:02140069
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STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2020
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
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T J Puglielli JR
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The notes on pages 3 to 9 form part of these financial statements.
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H. J. BAKER SULPHUR & FERTILIZER UK LTD
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
H. J. Baker Sulphur & Fertilizer UK Ltd is a private company limited by shares, registered in England and Wales. The address of its registered office and principal place of business is disclosed on the company information page.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
The coronavirus pandemic has created significant uncertainty globally and the company has not been immune to this. The directors have worked to ensure the safety of their employees whilst maintaining the continuity of their operations as far as they are able. Whilst the pandemic has had a financial impact on the company, the directors have taken relevant measures to ensure they are able to safeguard cashflow and jobs.
In addition, the directors have received confirmation that the company will continue to receive support from its ultimate parent company, H.J. Baker & Bro., LLC
As a result of the actions and support described above, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the annual report and accounts.
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss.
Revenue is charged based on the expenditure incurred, with a mark-up added. Revenue is measured as the fair value of the consideration received or receivable, excluding value added tax and other sales taxes, for services rendered.
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H. J. BAKER SULPHUR & FERTILIZER UK LTD
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
2.Accounting policies (continued)
The capitalisation of Finance costs incurred in relation to the purchase of tangible fixed assets is considered on an asset by asset basis. Where appropriate to capitalise, this is done so, with depreciation than charged accordingly.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Statement of Financial Position date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
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H. J. BAKER SULPHUR & FERTILIZER UK LTD
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
2.Accounting policies (continued)
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
The estimated useful lives range as follows:
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years straight line method
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Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
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The average monthly number of employees, including directors, during the year was 7 (2019 - 7).
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H. J. BAKER SULPHUR & FERTILIZER UK LTD
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
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Charge for the year on owned assets
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H. J. BAKER SULPHUR & FERTILIZER UK LTD
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
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Charge for the year on owned assets
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Borrowing costs of £289,800 were capitalised in 2016 in relation to construction of the plant. The plant became operational on 1 July 2016 and the borrowing costs are being depreciated over a useful economic life of 20 years in line with the plant.
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Amounts owed by group undertakings
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Prepayments and accrued income
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H. J. BAKER SULPHUR & FERTILIZER UK LTD
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Accruals and deferred income
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At the year ended 31 December 2020 the company had an obligation to incur future costs with regard to making good the site occupied by the sulphur processing plant on West Bay Road, Southampton. However, the directors are unable to sufficiently reliably estimate the value of the obligation due to the quantum and timing of future economic outflow being unknown. Accordingly, no provision for such dilapidation costs has been recognised within the financial statements.
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Commitments under operating leases
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At 31 December 2020 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Later than 1 year and not later than 5 years
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Related party transactions
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The company has taken advantage of the exemption available under FRS 102 Section 33.1A not to disclose transactions with the ultimate parent undertaking and those subsidiary undertakings, where the group controls 100% of those companies' voting rights.
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The ultimate parent undertaking is H.J. Baker & Bro. LLC. The address of their registered office is 2 Corporate Drive, Suite 545, Shelton, CT 06484.
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H. J. BAKER SULPHUR & FERTILIZER UK LTD
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
The auditors' report on the financial statements for the year ended 31 December 2020 was unqualified.
The audit report was signed on 22 June 2021 by Tom Woods ACA (Senior Statutory Auditor) on behalf of Menzies LLP.
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