Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-3151939038995800200300440066001616555446687013210818false2023-01-010.1914142023-12-31042595860 04259586 1 2023-01-01 2023-12-31 04259586 2 2023-01-01 2023-12-31 04259586 2022-01-01 2022-12-31 04259586 1 2022-01-01 2022-12-31 04259586 2 2022-01-01 2022-12-31 04259586 2023-12-31 04259586 2022-12-31 04259586 2022-01-01 04259586 d:CompanySecretary1 2023-01-01 2023-12-31 04259586 d:Director1 2023-01-01 2023-12-31 04259586 d:Director2 2023-01-01 2023-12-31 04259586 d:Director3 2023-01-01 2023-12-31 04259586 d:RegisteredOffice 2023-01-01 2023-12-31 04259586 e:Buildings e:ShortLeaseholdAssets 2023-01-01 2023-12-31 04259586 e:Buildings e:ShortLeaseholdAssets 2022-01-01 2022-12-31 04259586 e:Buildings e:ShortLeaseholdAssets 2023-12-31 04259586 e:Buildings e:ShortLeaseholdAssets 2022-12-31 04259586 e:Buildings e:ShortLeaseholdAssets 2022-01-01 04259586 e:LandBuildings 2023-12-31 04259586 e:LandBuildings 2022-12-31 04259586 e:PlantMachinery 2023-01-01 2023-12-31 04259586 e:PlantMachinery 2022-01-01 2022-12-31 04259586 e:PlantMachinery 2023-12-31 04259586 e:PlantMachinery 2022-12-31 04259586 e:PlantMachinery 2022-01-01 04259586 e:FurnitureFittings 2023-01-01 2023-12-31 04259586 e:FurnitureFittings 2022-01-01 2022-12-31 04259586 e:FurnitureFittings 2023-12-31 04259586 e:FurnitureFittings 2022-12-31 04259586 e:FurnitureFittings 2022-01-01 04259586 e:ComputerEquipment 2023-01-01 2023-12-31 04259586 e:ComputerEquipment 2022-01-01 2022-12-31 04259586 e:ComputerEquipment 2023-12-31 04259586 e:ComputerEquipment 2022-12-31 04259586 e:ComputerEquipment 2022-01-01 04259586 e:CurrentFinancialInstruments 2023-12-31 04259586 e:CurrentFinancialInstruments 2022-12-31 04259586 e:Non-currentFinancialInstruments 2023-12-31 04259586 e:Non-currentFinancialInstruments 2022-12-31 04259586 e:ShareCapital 2023-01-01 2023-12-31 04259586 e:ShareCapital 2023-12-31 04259586 e:ShareCapital 2022-01-01 2022-12-31 04259586 e:ShareCapital 2022-12-31 04259586 e:ShareCapital 2022-01-01 04259586 e:SharePremium 2023-01-01 2023-12-31 04259586 e:SharePremium 2023-12-31 04259586 e:SharePremium 2022-01-01 2022-12-31 04259586 e:SharePremium 2022-12-31 04259586 e:SharePremium 2022-01-01 04259586 e:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 04259586 e:RetainedEarningsAccumulatedLosses 2023-12-31 04259586 e:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 04259586 e:RetainedEarningsAccumulatedLosses 2022-12-31 04259586 d:OrdinaryShareClass1 2023-01-01 2023-12-31 04259586 d:OrdinaryShareClass1 2023-12-31 04259586 d:OrdinaryShareClass1 2022-12-31 04259586 d:FullIFRS 2023-01-01 2023-12-31 04259586 d:Audited 2023-01-01 2023-12-31 04259586 d:FullAccounts 2023-01-01 2023-12-31 04259586 d:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 04259586 e:ContinuingOperations 2023-01-01 2023-12-31 04259586 e:ContinuingOperations 2022-01-01 2022-12-31 04259586 e:ValueBeforeAllowanceForImpairmentLoss 2023-12-31 04259586 e:ValueBeforeAllowanceForImpairmentLoss 2022-12-31 04259586 e:Right-of-useAssets 2023-01-01 2023-12-31 04259586 e:Right-of-useAssets 2022-01-01 2022-12-31 04259586 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure xbrli:shares

Registered number: 04259586










CYP (UK) LIMITED










FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
CYP (UK) LIMITED
 

 
COMPANY INFORMATION


Directors
Hsin-Erh Chen 
Cheng Yi Tsai 
Chuan-Pin Yang 




Company secretary
Victoria Margaret Martin-Jones



Registered number
04259586



Registered office
Sundial House
98 High Street

Horsell

Woking

Surrey

GU21 4SU




Independent auditors
Hamlyns Limited

98 High Street

Horsell

Woking

Surrey

GU21 4SU





 
CYP (UK) LIMITED
 

 
CONTENTS


Page
Directors' report
 
 
1 - 2
Independent auditors' report

 
3 - 6
Statement of profit or loss and other comprehensive income

 
7
Statement of financial position
 
 
8 - 9
Statement of changes in equity
 
 
10
Statement of cash flows
 
 
11
Notes to the financial statements
 
 
12 - 22
Detailed profit and loss account and summaries

 
22

 

 
CYP (UK) LIMITED
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The Directors present their report and the financial statements for the year ended 31 December 2023.

Principal activity

The principal activity of the company in the year under review was that of the wholesale and retail of audio visual equipment.

Directors' responsibilities statement

The Directors are responsible for preparing the Directors' report and the financial statements, in accordance with applicable law.

Company law requires the Directors to prepare financial statements for each financial year. Under that law they have elected to prepare the financial statements in accordance with International Financial Reporting Standards (IFRS) as adopted by the UK.

Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing the financial statements, the Directors are required to:

select suitable accounting policies and then apply them consistently;

make judgments and estimates that are reasonable and prudent;

state whether they have been prepared in accordance with IFRS as adopted by the UK, subject to any material departures disclosed and explained in the financial statements;

assess the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern; and

use the going concern basis of accounting unless they either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

The Directors are 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. They are responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error, and have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the Company and to prevent and detect fraud and other irregularities.

Directors

The Directors who served during the year were:

Hsin-Erh Chen 
Cheng Yi Tsai 
Chuan-Pin Yang 

Disclosure of information to auditors

Each of the persons who are Directors at the time when this Directors' report is approved has confirmed that:
 
so far as the Director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the Director has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Page 1

 
CYP (UK) LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Small companies' exemption note

In preparing this report, the Directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

Auditors

The auditorsHamlyns Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 25 March 2024 and signed on its behalf.
 



Hsin-Erh Chen
Director
Page 2

 
CYP (UK) LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CYP (UK) LIMITED
 

Opinion


We have audited the financial statements of CYP (UK) Limited for the year ended 31 December 2023 which comprise the Statement of profit or loss and other comprehensive incomethe Statement of financial positionthe Statement of cash flowsthe Statement of changes in equity and the related notes, including a summary of significant accounting policies set out on pages 12 - 15. The financial reporting framework that has been applied in their preparation is applicable law and International Financial Reporting Standards (IFRSs) as adopted by the United Kingdom.

In our opinion the financial statements:

give a true and fair view of the state of the Company's affairs as at 31 December 2023 and of its loss for the year then ended;

have been properly prepared in accordance with IFRSs as adopted by the United Kingdom; and

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 auditors' 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 United Kingdom, including the Financial Reporting Council'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


In auditing the financial statements, we have concluded that the Directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Our evaluation of the Directors' assessment of the Company's ability to continue to adopt the going concern basis of accounting included:
Review of managements budgets and forecasts and analysis of the figures.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this report.

Other information


The other information comprises the information included in the Annual report, other than the financial statements and our auditors' report thereon.  The directors are responsible for the other information contained within the Annual reportOur 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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.

Page 3

 
CYP (UK) LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CYP (UK) LIMITED (CONTINUED)


Opinion 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 Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Page 4

 
CYP (UK) LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CYP (UK) LIMITED (CONTINUED)


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 Strategic report or the Directors' 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 Directors' remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit.


Responsibilities of directors

As explained more fully in the Directors' responsibilities statement on page 1, the Directors are 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 Directors determine 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 Directors are 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 Directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

Auditors' 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 auditors' 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
The objectives of our audit in respect to irregularities including fraud are to identify and assess the risks of material misstatement of the financial statements due to such issues. We obtained an understanding of the legal and regulatory frameworks that are applicable to the entity and determined that the most significant are the Companies Act 2006, the reporting framework of the international financial reporting standards "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions UK taxation legislation.
We understood how the company was complying with those frameworks through discussions with management and those charged with governance. Where the risk was considered to be higher, we performed audit procedures to address each identified fraud risk. Based on our understanding of the entity and its environment we identified the following areas as key risks and designed our audit approach as detailed to ensure material misstatements and irregularities would be detected in these areas:
Stock:
The main risk area in terms of stock is stock valuation. Substantive testing will be carried out on the stock balance to ensure it is not materially misstated.
Going concern:
We have reviewed the latest financials and performed sensitivity testing on budgets and forecast, as well as testing the assumptions behind these.  
 
Page 5

 
CYP (UK) LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CYP (UK) LIMITED (CONTINUED)



Revenue recognition:
The main area of risk identified with Income recognition lies with cut off and completion of income. To ensure this is not materially misstated or manipulated we have carried out substantive testing on income cut off and completion.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.  The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors' report.




 
 
Oliver Spevack ACA FCCA (Senior statutory auditor)
  
for and on behalf of
Hamlyns Limited
 
98 High Street
Horsell
Woking
Surrey
GU21 4SU

25 March 2024
Page 6

 
CYP (UK) LIMITED
 

 
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023


2023
2022
Note
£
£

  

Revenue
  
1,254,399
1,535,011

Cost of sales
  
(850,336)
(1,040,252)

Gross profit
  
404,063
494,759

  

Administrative expenses
  
(650,760)
(683,144)

Loss from operations
  
(246,697)
(188,385)

  

Finance income
  
678
69

Finance expense
  
(15,157)
(7,380)

Loss before tax
  
(261,176)
(195,696)

  

Tax credit
 7 
1,481
717

Loss for the year
  
(259,695)
(194,979)


Total comprehensive income
  
(259,695)
(194,979)

The notes on pages 12 to 22 form part of these financial statements.

Page 7

 
CYP (UK) LIMITED
REGISTERED NUMBER: 04259586

 
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023



2023
2022
Note
£
£

Assets

Non-current assets
  

Property, plant and equipment
 8 
430,022
484,834

  
430,022
484,834

Current assets
  

Inventories
 10 
426,482
644,013

Trade and other receivables
 11 
113,272
174,133

Cash and cash equivalents
 18 
361,662
422,584

  
901,416
1,240,730

Total assets

  

1,331,438
1,725,564
Page 8

 
CYP (UK) LIMITED
REGISTERED NUMBER: 04259586

 
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023


2023
2022
Note
£
£

Liabilities

Non-current liabilities
  

Loans and borrowings
 13 
368,073
410,275

Deferred tax liability
 7 
4,985
6,466

  
373,058
416,741

Current liabilities
  

Trade and other liabilities
 12 
105,600
197,793

Loans and borrowings
 13 
42,202
40,757

  
147,802
238,550

Total liabilities
  
520,860
655,291

Net assets
  
810,578
1,070,273


Issued capital and reserves
  

Share capital
 14 
100
100

Share premium reserve
  
2,200
2,200

Retained earnings
  
808,278
1,067,973

TOTAL EQUITY
  
810,578
1,070,273

The financial statements on pages 7 to 22 were approved and authorised for issue by the board of Directors on 25 March 2024 and were signed on its behalf by:

Hsin-Erh Chen
Director

The notes on pages 12 to 22 form part of these financial statements.

Page 9

 
CYP (UK) LIMITED


 
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023



Share capital
Share premium
Retained earnings
Total equity


£
£
£
£

At 1 January 2022
100
2,200
1,262,952
1,265,252

Comprehensive income for the year



Loss for the year
-
-
(194,979)
(194,979)

Total comprehensive income for the year
-
-
(194,979)
(194,979)

Contributions by and distributions to owners





At 31 December 2022
100
2,200
1,067,973
1,070,273

At 1 January 2023
100
2,200
1,067,972
1,070,272

Comprehensive income for the year



Loss for the year
-
-
(259,695)
(259,695)

Total comprehensive income for the year
-
-
(259,695)
(259,695)

Contributions by and distributions to owners





At 31 December 2023
100
2,200
808,277
810,577

The notes on pages 12 to 22 form part of these financial statements.

Page 10

 
CYP (UK) LIMITED


 
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023


2023
2022
Note
£
£

Cash flows from operating activities
  

Loss for the year
  
(259,695)
(194,979)

Adjustments for
  

Depreciation of property, plant and equipment
 8 
54,811
40,651

Bank and other interest receivable
  
-
(69)

Finance lease charges payable
  
15,093
7,316

Deferred tax movement
 7 
(1,481)
(717)

  
(191,272)
(147,798)

Movements in working capital:
  

Decrease in trade and other receivables
  
60,861
28,061

Decrease/(increase) in inventories
  
217,531
(83,184)

(Decrease)/increase in trade and other payables
  
(92,193)
70,014

Cash generated from operations
  
(5,073)
(132,907)

  

Net cash used in operating activities

  
(5,073)
(132,907)

Cash flows from investing activities
  

Purchases of property, plant and equipment
  
-
(3,405)

Net cash from/(used in) investing activities

  
-
(3,405)

Cash flows from financing activities
  

Interest paid on convertible loan notes
  
(15,092)
(7,316)

Dividends paid on shares classified as liabilities
  
-
69

Payment of lease liabilities
  
(40,757)
(28,024)

Net cash used in financing activities
  
(55,849)
(35,271)

Net decrease in cash and cash equivalents
  
(60,922)
(171,583)

  

Cash and cash equivalents at the beginning of year
  
422,584
594,167

Cash and cash equivalents at the end of the year
 18 
361,662
422,584

The notes on pages 12 to 22 form part of these financial statements.

Page 11

 
CYP (UK) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


Statutory Information

CYP (UK) Limited is a private company, limited by shares, registered in England and Wales. The company's registered office address is Sundial House, 98 High Street, Horsell, Woking, Surrey, GU21 4SU. 
The company's principle place of business is Unit 7, Shepperton Business Park, Govett Avenue, Shepperton, TW17 8BA.
The company's registered number is 04259586
The presentation currency of the financial statements is Pound Sterling (£). 


2.


Basis of preparation

These financial statements have been prepared in accordance with International Financial Reporting Standards.  International Accounting Standards and interpreted as adopted by the UK (collectively IFRSs) and the companies act 2006. They were authorised for issue by the Company's board of directors.   
In preparing these financial statements, management has made judgements, estimates and assumptions that affect the application of the company accounting policies and the reported amounts of assets, liabilities, income and expenses.  Actual results may differ from these estimates.
Estimates and underlying assumptions are reviewed on an ongoing basis.  Revisions to estimates are recognised prospectively.
The financial statements have been prepared under the historical cost basis. Historical cost is generally based on the fair value of the consideration given in exchange for goods and services.  


3.Accounting policies


3.1

Going Concern

The financial statements have been prepared on a going concern basis. The directors have acknowledged the latest guidance on going concern and financial reporting published by the Finanical Reporting Council. 
The company has significant retained earnings that have been accumulated over a number of years which is the main source of financing. The directors have also considered the current level of cash held by the company and are confident that this together with positive cash flows from trading will be sufficient to enable the company to settle its liabilities as they fall due. Assurances have been received from the directors of the immediate parent company that additional funding would be made available by way of loans or share capital should this be necessary.
During the past year the company has felt the impact of the cost of living crisis, rising inflation as well as more cautionary purchasing from some of our European partners due to the Ukraine War.

Page 12

 
CYP (UK) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.Accounting policies (continued)


3.2

Revenue Recognition

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Sale of goods - wholesale
Revenue relating to the sale of goods via wholesale is recognised when the risks and rewards of ownership have passed to the customer. This is determined as at the point at which goods are dispatched from the CYP (UK) Limited premises to the customer. There is limited judgement needed in identifying the point control passes: once physical delivery of the products to an agreed location has occured, the company no longer has physical possession, usually will have a present right to payment and retains none of the significant risks and rewards of the goods in question.
Revenue represents net invoiced sales of goods, excluding value added tax. 

  
3.3

Leasing

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee. All other leases are classified as operating leases.

CYP (UK) Limited is party to a lease contract relating to the company's office premises. The lease liability is initially recognised at the present value of the lease payments which have not yet been made and subsequently measured under the amortised cost method.
The initial cost of the right-of-use asset comprises the amount of the initial measurement of the lease liability, lease payments made prior to the lease commencement date, initial direct costs and the estimated  costs of removing or dismantling the underlying asset per the conditions of the contract.
Where ownership of the right-of-use asset transfers to the lessee at the end of the lease term, the right-of-use asset is depreciated over the asset's remaining useful life. If ownership of the right-of-use asset does not transfer to the lessee at the end of the lease term, depreciation is charged over the shorter of the useful life of the right-of-use asset and the lease term. 

 
3.4

Taxation

Current taxes are based on the results shown in the financial statements and are calculated according to local tax rules, using tax rates enacted or substantially enacted by the statement of the financial position date. 
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. 
Deferred tax assets are recognised only when it is probable that taxable profits will be available against which the deferred tax asset can be utilised. 

Income tax expense represents the sum of the tax currently payable and deferred tax.

Page 13

 
CYP (UK) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.Accounting policies (continued)

 
3.5

Property, plant and equipment

Items of property, plant and equipment are measured at cost less accumulated depreciation and any accumulated impairment losses.

If significant parts of an item of property, plant and equipment have different useful lives, then they are accounted for as separate items (major components) of property, plant and equipment. Any gain or loss on disposal of an item of property, plant and equipment is recognised in profit or loss. Subsequent expenditure is capitalised only if it is probable that the future economic benefits associated with the expenditure will flow to the Company.

Depreciation is provided on all other items of property, plant and equipment so as to write off their carrying value over their expected useful economic lives. It is provided at the following rates:

Short-term leasehold property
straight line over 10 years
Plant and machinery
50% on cost
Fixtures and fittings
20% on reducing balance
Computer equipment
20% on reducing balance

Included in Short Leasehold is right-of-use assets of £401,415.63 (2022: £448,640.64).

 
3.6

Inventories

Inventories are stated at the lower of cost and net realisable value. Costs of inventories are determined on a weighted average basis. Net realisable value represents the estimated selling price for inventories less all estimated costs of completion and costs necessary to make the sale.

 
3.7

Slow-moving stock provision

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation. When a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Inventories are provided for over their estimated useful economic life from the date of purchase.
Inventories aged over 1 year old are written down by 25% of their cost.
Inventories aged over 2 years old are written down by 50% of their cost.
Inventories aged over 3 years old are written down by 100% of their cost. 

 
3.8

Financial instruments

Financial assets and financial liabilities are recognised when an entity becomes a party to the contractual provisions of the instruments.

Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added to or deducted from
Page 14

 
CYP (UK) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.Accounting policies (continued)


3.8
Financial instruments (continued)

the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognised immediately in profit or loss.


4.


Employee benefit expenses

2023
2022
£
£

Employee benefit expenses (including Directors) comprise:

Wages and salaries
355,388
383,017

National insurance
31,870
35,680

Defined contribution pension cost
11,040
12,254

398,298
430,951

Key management personnel compensation

Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the Company, including the Directors of the Company listed on page , and the Financial Controller of the Company.


2023
2022
£
£


Remuneration
165,365
159,333

165,365
159,333

The monthly average number of persons, including the Directors, employed by the Company during the year was as follows:


2023
2022
No.
No.

Average number of employees
14
14

14
14

Page 15

 
CYP (UK) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Turnover by geographical market

2023
2022
£
£



United Kingdom
643,065
697,176

Europe
408,541
616,273

Other
163,975
180,775

1,215,581
1,494,224


6.


Finance income and expense

Recognised in profit or loss


2023
2022
£
£
Finance income

Interest on:
Bank deposits
678
69

Total finance income

678
69

Finance expense

Bank interest payable
64
64

Finance leases (interest portion)
15,093
7,316

Total finance expense
15,157
7,380


Net finance expense recognised in profit or loss
(14,479)
(7,311)

Page 16

 
CYP (UK) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Tax expense

7.1 Income tax recognised in profit or loss



2023
2022
£
£

Current tax


Deferred tax expense

Origination and reversal of timing differences
(1,481)
(717)



Tax expense excluding tax on sale of discontinued operation and share of tax of equity accounted associates and joint ventures
(1,481)
(717)

The reasons for the difference between the actual tax charge for the year and the standard rate of corporation tax in the United Kingdom applied to losses for the year are as follows:


2023
2022
£
£


Loss for the year
(259,694)
(194,979)

Income tax credit/expense (including income tax on associate, joint venture and discontinued operations)
(1,481)
(717)

Loss before income taxes
(261,175)
(195,696)


Tax using the Company's domestic tax rate of 0% (2022:19%)
-
(37,182)

Other timing differences leading to an increase/(decrease) in taxation
(1,481)
37,182

Double tax relief
-
(717)

Total tax expense
(1,481)
(717)

Page 17

 
CYP (UK) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Property, plant and equipment





Short-term leasehold property
Plant and machinery
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£



Cost or valuation







At 1 January 2022
179,619
38,172
32,941
98,442
349,174


Additions
472,253
-
-
3,405
475,658


Disposals
(122,549)
-
-
-
(122,549)



At 31 December 2022
529,323
38,172
32,941
101,847
702,283



At 31 December 2023
529,323
38,172
32,941
101,847
702,283


Short-term leasehold property
Plant and machinery
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£



Accumulated depreciation and impairment







At 1 January 2022
167,608
37,416
28,595
65,729
299,348


Charge owned for the year
32,477
504
870
6,800
40,651


Disposals
(122,549)
-
-
-
(122,549)



At 31 December 2022
77,536
37,920
29,465
72,529
217,450


Charge owned for the year
48,000
252
695
5,864
54,811



At 31 December 2023
125,536
38,172
30,160
78,393
272,261



Net book value


At 1 January 2022
12,011
756
4,346
32,713
49,826


At 31 December 2022
451,787
252
3,476
29,318
484,833


At 31 December 2023
403,787
-
2,781
23,454
430,022

Page 18

 
CYP (UK) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.Property, plant and equipment (continued)


8.1. Assets held under leases


The net book value of owned and leased assets included as "Property, plant and equipment" in the Statement of financial position is as follows:

31 December 2023
31 December 2022
£
£


Property, plant and equipment owned
26,234
33,047

Right-of-use assets, excluding investment property
403,788
451,787

430,022
484,834

Information about right-of-use assets is summarised below:

Net book value

31 December 2023
31 December 2022
£
£

Property
403,788
451,787

403,788
451,787



Additions to right-of-use assets

31 December 2023
31 December 2022
£
£

Additions to right-of-use assets
-
472,253


9.


Depreciation on right-of-use assets

2023
2022
£
£



Short-term leasehold property
48,000
(90,073)

48,000
(90,073)

Page 19

 
CYP (UK) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Inventories

2023
2022
£
£



Finished goods and goods for resale
426,482
644,013

426,482
644,013


11.


Trade and other receivables


2023
2022
£
£


Trade receivables
85,523
125,062

Prepayments and accrued income
27,749
49,071

Total trade and other receivables
113,272
174,133


12.


Trade and other payables


2023
2022
£
£


Current

Trade payables
62,127
59,667

Accruals
11,525
107,233

Other payables - tax and social security payments
31,948
30,893

Total current trade and other payables
105,600
197,793


13.


Leases

2023
2022
£
£

Non-current

Lease liabilities
368,073
410,275

368,073
410,275

Current

Lease liabilities
42,202
40,757

Total loans and borrowings
410,275
451,032

Page 20

 
CYP (UK) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
14.


Share capital

Authorised

2023
2023
2022
2022
Number
£
Number
£

Shares treated as equity
Ordinary shares of £1.00 each

100

100

100
 
100
 
100

100

100
 
100
 

Issued and fully paid


2023
2023
2022
2022
Number
£
Number
£

Ordinary shares of £1.00 each

At 1 January and 31 December
100

100

100
 
100
 


15.


Ultimate Controlling Party

Cypress Technology Co. Limited (Taiwan) is the ulitimate parent company by virtue of their shareholding.
Cypress Technology Co. Limited (Taiwan) is the ultimate controlling party.


16.


Issued Financial Guarantees

The company has a cross guarantee with Barclays Bank Plc with Lektropacks Limited, a company under common control, which is secured by a fixed and floating charge over the assets of the company, dated 19th May 2003. 
Barclays Bank Plc holds a fixed and floating charge over the assets of the company in respect of a bond guarantee. This charge is dated 3rd March 2020. 


17.


Related Party Disclosures

During the year CYP (UK) Limited supplied goods and recharged expenses to a fellow subsidiary company amounting to £66,941.65 (2022: £450,657)
At 31st December 2023, Lektropacks Limited owed a fellow subsidiary company £23,181 (2022: £32,124).
During the year CYP (UK) Limited purchased goods from it's parent company amounting to £609,207 (2022: £887,358). 
                                                                                                                                                            
At 31st December 2023, CYP (UK) Limited owed it's parent company £14,111 (2022: £50,096).

Page 21

 
CYP (UK) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

18.

Notes supporting statement of cash flows

2023
2022
£
£


Cash at bank available on demand
361,368
421,816

Cash on hand
294
768

Cash and cash equivalents in the statement of financial position

361,662
422,584


Cash and cash equivalents in the statement of cash flows
361,662
422,584

Page 22