Registered number: 04259586
CYP (UK) LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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CYP (UK) LIMITED
COMPANY INFORMATION
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Victoria Margaret Martin-Jones
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CYP (UK) LIMITED
CONTENTS
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Independent auditors' report
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Statement of profit or loss and other comprehensive income
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Statement of financial position
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Statement of changes in equity
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Notes to the financial statements
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Detailed profit and loss account and summaries
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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.
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
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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.
The Directors who served during the year were:
Disclosure of information to auditors
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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
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CYP (UK) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Small companies' exemption note
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In preparing this report, the Directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.
The auditors, Hamlyns Limited, will 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.
Page 2
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CYP (UK) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CYP (UK) LIMITED
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 income, the Statement of financial position, the Statement of cash flows, the 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.
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
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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.
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 report. 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. 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
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CYP (UK) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CYP (UK) LIMITED (CONTINUED)
Opinion on other matters prescribed by the Companies Act 2006
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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
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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
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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
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CYP (UK) LIMITED
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
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Total comprehensive income
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The notes on pages 12 to 22 form part of these financial statements.
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Page 7
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CYP (UK) LIMITED
REGISTERED NUMBER: 04259586
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023
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Property, plant and equipment
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Trade and other receivables
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Cash and cash equivalents
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Page 8
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CYP (UK) LIMITED
REGISTERED NUMBER: 04259586
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023
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Trade and other liabilities
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Issued capital and reserves
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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:
The notes on pages 12 to 22 form part of these financial statements.
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CYP (UK) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
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Comprehensive income for the year
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Total comprehensive income for the year
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Contributions by and distributions to owners
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Comprehensive income for the year
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Total comprehensive income for the year
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Contributions by and distributions to owners
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The notes on pages 12 to 22 form part of these financial statements.
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Page 10
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CYP (UK) LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
Cash flows from operating activities
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Depreciation of property, plant and equipment
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Bank and other interest receivable
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Finance lease charges payable
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Movements in working capital:
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Decrease in trade and other receivables
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Decrease/(increase) in inventories
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(Decrease)/increase in trade and other payables
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Cash generated from operations
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Net cash used in operating activities
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Cash flows from investing activities
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Purchases of property, plant and equipment
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Net cash from/(used in) investing activities
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Cash flows from financing activities
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Interest paid on convertible loan notes
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Dividends paid on shares classified as liabilities
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Payment of lease liabilities
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Net cash used in financing activities
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Net decrease in cash and cash equivalents
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Cash and cash equivalents at the beginning of year
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Cash and cash equivalents at the end of the year
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The notes on pages 12 to 22 form part of these financial statements.
Page 11
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CYP (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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 (£).
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
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
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CYP (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
3.Accounting policies (continued)
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.
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.
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
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CYP (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
3.Accounting policies (continued)
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Property, plant and equipment
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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:
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Short-term leasehold property
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straight line over 10 years
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Included in Short Leasehold is right-of-use assets of £401,415.63 (2022: £448,640.64).
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.
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Slow-moving stock provision
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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.
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
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CYP (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
3.Accounting policies (continued)
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Financial instruments (continued)
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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.
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Employee benefit expenses
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Employee benefit expenses (including Directors) comprise:
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Defined contribution pension cost
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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.
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The monthly average number of persons, including the Directors, employed by the Company during the year was as follows:
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Average number of employees
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Page 15
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CYP (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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Turnover by geographical market
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Finance income and expense
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Recognised in profit or loss
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Finance leases (interest portion)
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Net finance expense recognised in profit or loss
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Page 16
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CYP (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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7.1 Income tax recognised in profit or loss
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Origination and reversal of timing differences
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Tax expense excluding tax on sale of discontinued operation and share of tax of equity accounted associates and joint ventures
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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:
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Income tax credit/expense (including income tax on associate, joint venture and discontinued operations)
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Tax using the Company's domestic tax rate of 0% (2022:19%)
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Other timing differences leading to an increase/(decrease) in taxation
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Page 17
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CYP (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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Property, plant and equipment
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Short-term leasehold property
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Short-term leasehold property
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Accumulated depreciation and impairment
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Charge owned for the year
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Charge owned for the year
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Page 18
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CYP (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
8.Property, plant and equipment (continued)
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8.1. Assets held under leases
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The net book value of owned and leased assets included as "Property, plant and equipment" in the Statement of financial position is as follows:
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Property, plant and equipment owned
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Right-of-use assets, excluding investment property
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Information about right-of-use assets is summarised below:
Net book value
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Additions to right-of-use assets
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Additions to right-of-use assets
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Depreciation on right-of-use assets
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Short-term leasehold property
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Page 19
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CYP (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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Finished goods and goods for resale
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Trade and other receivables
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Prepayments and accrued income
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Total trade and other receivables
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Other payables - tax and social security payments
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Total current trade and other payables
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Total loans and borrowings
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Page 20
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CYP (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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Ordinary shares of £1.00 each
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Ordinary shares of £1.00 each
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At 1 January and 31 December
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Ultimate Controlling Party
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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.
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Issued Financial Guarantees
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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.
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Related Party Disclosures
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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
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CYP (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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Notes supporting statement of cash flows
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Cash at bank available on demand
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Cash and cash equivalents in the statement of financial position
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Cash and cash equivalents in the statement of cash flows
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Page 22
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