C3 UK Holdings Limited is a private company limited by shares incorporated in England and Wales. The registered office is 28 Chancery Lane, London, United Kingdom, WC2A 1LB.
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 company is dependent on its trading subsidiary, Company 3 / Method London Limited, whose continuation as a going concern is dependent upon its ability to develop and attain profitable operations and generate funds therefrom. The parent company have provided a committment that it will financially support the company, if required.
The Directors note that the Group’s ability to provide this support is dependent on its ability to refinance or renegotiate the maturing debt obligations and covenant levels. Management have been actively engaged in discussions with lenders and are confident of the Group’s ability to successfully refinance or renegotiate these obligations. However, at the date of approving these financial statements no agreement to refinance is in place and there can be no certainty that the facility will be renewed or that the level of facility will be sufficient to cover cash flow requirements.
Based on the expectation that a successful refinancing will occur, the Directors believe that it remains appropriate to prepare the financial statements on a going concern basis. However, this matter indicates the existence of a material uncertainty related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern and, therefore, to continue realising its assets and discharging its liabilities in the normal course of business. The financial statements do not include any adjustments that would result from the basis of preparation being inappropriate.
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The only significant estimate included within the financial statements is:
Investment impairment
An assessment has been made, as to whether the current carrying value of investments is impaired. Detailed calculations are performed based on discounting expected pre-tax cash flows of the investments and discounting these at an appropriate discount rate, the determination of which requires the exercise of judgment. Management have deemed one of the investments is fully impaired and the other is not impaired.
With the exception of the estimate described above, the director considers that there are no other significant judgements or estimates in preparation of these financial statements.
The average monthly number of persons employed by the company during the year was Nil (2021: Nil).
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 auditor's report was unqualified.
There are no related party transactions in the period.
The ultimate parent company is Infinity Topco Limited, a UK Company.