Palziv UK Limited Filleted accounts for Companies House (small and micro)

Palziv UK Limited Filleted accounts for Companies House (small and micro)

PALZIV UK LIMITED - Company Information

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5 28 February 2023 false false true false false false false false false true false false false false false false No description of principal activity 2022-01-01 Sage Accounts Production Advanced 2021 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP 05015359 2022-01-01 2022-12-31 05015359 2022-12-31 05015359 2021-12-31 05015359 2021-01-01 2021-12-31 05015359 2021-12-31 05015359 core:LandBuildings core:LongLeaseholdAssets 2022-01-01 2022-12-31 05015359 core:PlantMachinery 2022-01-01 2022-12-31 05015359 core:MotorVehicles 2022-01-01 2022-12-31 05015359 bus:OrdinaryShareClass1 2022-01-01 2022-12-31 05015359 bus:Director2 2022-01-01 2022-12-31 05015359 core:WithinOneYear 2022-12-31 05015359 core:WithinOneYear 2021-12-31 05015359 core:LandBuildings core:LongLeaseholdAssets 2021-12-31 05015359 core:PlantMachinery 2021-12-31 05015359 core:MotorVehicles 2021-12-31 05015359 core:LandBuildings core:LongLeaseholdAssets 2022-12-31 05015359 core:PlantMachinery 2022-12-31 05015359 core:MotorVehicles 2022-12-31 05015359 core:UKTax 2022-01-01 2022-12-31 05015359 core:UKTax 2021-01-01 2021-12-31 05015359 core:ShareCapital 2022-12-31 05015359 core:ShareCapital 2021-12-31 05015359 core:RetainedEarningsAccumulatedLosses 2022-12-31 05015359 core:RetainedEarningsAccumulatedLosses 2021-12-31 05015359 core:BetweenOneFiveYears 2022-12-31 05015359 core:BetweenOneFiveYears 2021-12-31 05015359 core:MoreThanFiveYears 2022-12-31 05015359 core:MoreThanFiveYears 2021-12-31 05015359 core:LandBuildings core:LongLeaseholdAssets 2021-12-31 05015359 core:PlantMachinery 2021-12-31 05015359 bus:SmallEntities 2022-01-01 2022-12-31 05015359 bus:Audited 2022-01-01 2022-12-31 05015359 bus:FullAccounts 2022-01-01 2022-12-31 05015359 bus:SmallCompaniesRegimeForAccounts 2022-01-01 2022-12-31 05015359 bus:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 05015359 bus:OrdinaryShareClass1 2022-12-31 05015359 bus:OrdinaryShareClass1 2021-12-31 05015359 core:OfficeEquipment 2022-01-01 2022-12-31 05015359 core:OfficeEquipment 2021-12-31 05015359 core:OfficeEquipment 2022-12-31 05015359 core:AllAssociates 2022-01-01 2022-12-31
COMPANY REGISTRATION NUMBER: 05015359
Palziv UK Limited
Filleted Financial Statements
31 December 2022
Palziv UK Limited
Statement of Financial Position
31 December 2022
2022
2021
Note
£
£
£
Fixed assets
Tangible assets
6
2,259
2,751
Current assets
Stocks
957,033
443,097
Debtors
7
1,104,465
1,250,811
Cash at bank and in hand
211,289
399,031
-----------
-----------
2,272,787
2,092,939
Creditors: amounts falling due within one year
8
1,824,115
1,691,622
-----------
-----------
Net current assets
448,672
401,317
--------
--------
Total assets less current liabilities
450,931
404,068
Provisions
Taxation including deferred tax
168
245
--------
--------
Net assets
450,763
403,823
--------
--------
Capital and reserves
Called up share capital
9
1
1
Profit and loss account
450,762
403,822
--------
--------
Shareholders funds
450,763
403,823
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements were approved by the board of directors and authorised for issue on 28 February 2023 , and are signed on behalf of the board by:
Mr T Cnaani
Director
Company registration number: 05015359
Palziv UK Limited
Notes to the Financial Statements
Year ended 31 December 2022
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.
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
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. Employee numbers
The average number of persons employed by the company during the year amounted to 5 (2021: 5 ).
5. Tax on profit
Major components of tax expense
2022
2021
£
£
Current tax:
UK current tax expense
11,429
25,021
Deferred tax:
Origination and reversal of timing differences
( 77)
245
-------
-------
Tax on profit
11,352
25,266
-------
-------
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is higher than (2021: lower than) the standard rate of corporation tax in the UK of 19 % (2021: 19 %).
2022
2021
£
£
Profit on ordinary activities before taxation
58,292
168,090
-------
--------
Profit on ordinary activities by rate of tax
11,075
31,937
Effect of expenses not deductible for tax purposes
303
330
Effect of capital allowances and depreciation
51
494
Utilisation of tax losses
–
( 7,495)
Deferred tax
( 77)
–
-------
--------
Tax on profit
11,352
25,266
-------
--------
6. Tangible assets
Long leasehold property
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 January 2022
20,112
70,328
22,828
17,030
130,298
Additions
–
–
–
457
457
-------
-------
-------
-------
--------
At 31 December 2022
20,112
70,328
22,828
17,487
130,755
-------
-------
-------
-------
--------
Depreciation
At 1 January 2022
19,621
69,757
22,828
15,341
127,547
Charge for the year
181
229
–
539
949
-------
-------
-------
-------
--------
At 31 December 2022
19,802
69,986
22,828
15,880
128,496
-------
-------
-------
-------
--------
Carrying amount
At 31 December 2022
310
342
–
1,607
2,259
-------
-------
-------
-------
--------
At 31 December 2021
491
571
–
1,689
2,751
-------
-------
-------
-------
--------
7. Debtors
2022
2021
£
£
Trade debtors
1,039,481
1,181,479
Prepayments and accrued income
48,872
49,660
Other debtors
16,112
19,672
-----------
-----------
1,104,465
1,250,811
-----------
-----------
8. Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
36,328
25,057
Amounts owed to group undertakings
1,707,116
1,567,495
Accruals and deferred income
58,981
64,690
Corporation tax
11,429
25,021
Social security and other taxes
7,605
6,271
Other creditors
2,656
3,088
-----------
-----------
1,824,115
1,691,622
-----------
-----------
9. Called up share capital
Issued, called up and fully paid
2022
2021
No.
£
No.
£
Ordinary shares of £ 1 each
1
1
1
1
----
----
----
----
10. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2022
2021
£
£
Not later than 1 year
109,129
109,129
Later than 1 year and not later than 5 years
436,516
436,516
Later than 5 years
318,293
427,422
--------
--------
863,938
973,067
--------
--------
11. Summary audit opinion
The auditor's report for the year dated 28 February 2023 was unqualified .
The senior statutory auditor was Christopher Goldie BSc ACA , for and on behalf of Chartwells Accountants Limited .
12. Related party transactions
During the year the company purchased goods with a value of £4,964,595 (2021: £3,762,872) from its parent company Palziv Ein Hanatziv Agricultural. At the year end the company owed £1,707,116 to the parent company (2021: £1,518.044) During the year the company purchased goods from its fellow subsidiary company Tropal Romania SRL of £nil (2021: £49,451) . As at 31 December 2022, there was an outstanding balance due to Tropal Romania SRL of £nil (2021: £49,451)
13. 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