Company registration number 01397599 (England and Wales)
CYKLOP (UK) LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
CYKLOP (UK) LIMITED
CONTENTS
Page
Strategic report
1
Balance sheet
2
Statement of changes in equity
3
Notes to the financial statements
4 - 11
CYKLOP (UK) LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

The directors present the strategic report for the year ended 31 December 2023.

Review of the business

Our core product range is focused on 'End of Line' automated strapping and wrapping systems, over the years we have established a substantial market share within the corrugated, construction and glass industries, with the addition of logistics, food and pharmaceuticals being included in our future focused markets. The company result of 2023 was a profit, time and resources continue to be focused on long term and larger contracts with new clients which will secure sales in 2024 and beyond. The directors are pleased to report a growth in turnover for the year.

Principal risks and uncertainties
Cyklop (UK) Limited faces a variety of business risks. The principal risk is the fluctuating and volatile exchange rates that we are unable to influence, and which make trading decisions more difficult. Internal procedures are designed to minimise risk for expensive and bespoke machine orders placed by customers.
Key performance indicators

On a monthly basis the management accounts are reviewed with the team, where sales targets, gross margin and also inventory levels are reviewed. With these regular meetings there is a fair control of the business, its performance and ability to react quickly to the market developments.

On behalf of the board

R G Pot
Director
29 March 2024
CYKLOP (UK) LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
83,649
25,621
Investments
5
-
0
100
83,649
25,721
Current assets
Stocks
6
622,035
839,380
Debtors
7
1,119,505
1,734,226
Cash at bank and in hand
22,333
57,744
1,763,873
2,631,350
Creditors: amounts falling due within one year
8
(1,016,007)
(1,904,019)
Net current assets
747,866
727,331
Total assets less current liabilities
831,515
753,052
Creditors: amounts falling due after more than one year
9
(14,167)
(24,167)
Net assets
817,348
728,885
Capital and reserves
Called up share capital
11
744,961
744,961
Profit and loss reserves
72,387
(16,076)
Total equity
817,348
728,885

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 29 March 2024 and are signed on its behalf by:
R G Pot
Director
Company Registration No. 01397599
CYKLOP (UK) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2022
744,961
(213,198)
531,763
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
197,122
197,122
Balance at 31 December 2022
744,961
(16,076)
728,885
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
88,463
88,463
Balance at 31 December 2023
744,961
72,387
817,348
CYKLOP (UK) LIMITED
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
1
Accounting policies
Company information

Cyklop (UK) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 2 Generation Business Park, Barford Road, Little Barford, St. Neots, Cambridgeshire, United Kingdom, PE19 6YQ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

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 financial statements have been prepared on the historical cost convention. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

 

Cyklop (UK) Limited is a wholly owned subsidiary of Cyklop International Holding BV and the results of Cyklop (UK) Limited are included in the consolidated financial statements of Cyklop International Holding BV which are available from Hooibeemd 2, NL-5705 DD Helmond.

1.2
Going concern

Atruet 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.

1.3
Turnover

Strap and spares

Turnover represents the total invoice value, excluding value added tax, of sales of strap and spares made during the year.

 

Maintenance and service contracts

Turnover from maintenance and service contracts is recognised over the term of the contract on a straight-line basis.

 

Machine sales

The sales value and attributable profit is normally recognised at the date of commissioning. Sales value and attributable profits on specific projects is recognised in accordance with the contracts negotiated with the customer.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery
20%, 25% and 33% per annum on cost
Fixtures, fittings and equipment
20% per annum on cost
Motor vehicles
25% per annum on cost
CYKLOP (UK) LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.8
Fair value measurement of financial instruments

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

1.9
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

CYKLOP (UK) LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 6 -
1.10
Financial assets

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Loans and receivables

Trade debtors, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment.

 

Interest is recognised by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial. The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating the interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the debt instrument to the net carrying amount on initial recognition.

1.11
Financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.12
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.13
Taxation

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

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

CYKLOP (UK) LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 7 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.14
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.15
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.16
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.17
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.18
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

CYKLOP (UK) LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are 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 but no material adjustments have resulted 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.

 

 

3
Employees

The average monthly number of persons employed by the company during the year was:

2023
2022
Number
Number
Management
1
1
Sales and administration staff
10
8
Engineers
7
7
Total
18
16
4
Tangible fixed assets
Plant and machinery
Fixtures, fittings and equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2023
231,697
74,208
-
0
305,905
Additions
35,932
11,456
33,495
80,883
Disposals
(71,978)
(13,682)
-
0
(85,660)
At 31 December 2023
195,651
71,982
33,495
301,128
Depreciation and impairment
At 1 January 2023
228,959
51,325
-
0
280,284
Depreciation charged in the year
7,549
8,270
7,036
22,855
Eliminated in respect of disposals
(71,978)
(13,682)
-
0
(85,660)
At 31 December 2023
164,530
45,913
7,036
217,479
Carrying amount
At 31 December 2023
31,121
26,069
26,459
83,649
At 31 December 2022
2,738
22,883
-
0
25,621
CYKLOP (UK) LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
5
Fixed asset investments
2023
2022
£
£
Unlisted investments
-
0
100
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 January 2023
100
Disposals
(100)
At 31 December 2023
-
Carrying amount
At 31 December 2023
-
At 31 December 2022
100
6
Stocks
2023
2022
£
£
Work in progress
158,525
249,626
Finished goods and goods for resale
463,510
589,754
622,035
839,380
7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
918,317
1,331,996
Amounts owed by group undertakings
111,063
346,316
Other debtors
35,457
22,380
Prepayments and accrued income
54,668
33,534
1,119,505
1,734,226

Included within debtors are amounts of £Nil (2022 - £438,242) dealt with under a financing arrangement. Included in creditors is an amount of £Nil (2022 - £324,331) that has been advanced against these debtors. During the year the company ceased using the invoice financing facility.

 

The finance supplier hold a fixed and floating charge over the assets of the company.

CYKLOP (UK) LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
8
Creditors: amounts falling due within one year
2023
2022
Notes
£
£
Bank loans
10
10,000
10,000
Trade creditors
145,045
170,447
Amounts owed to group undertakings
378,002
440,013
Corporation tax
27,836
5,813
Other taxation and social security
197,359
297,879
Other creditors
24,348
324,477
Accruals and deferred income
233,417
655,390
1,016,007
1,904,019
9
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans and overdrafts
10
14,167
24,167
10
Loans and overdrafts
2023
2022
£
£
Bank loans
24,167
34,167
Payable within one year
10,000
10,000
Payable after one year
14,167
24,167
11
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
744,961
744,961
744,961
744,961
12
Audit report information

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.

The senior statutory auditor was Tracey Richardson BSc (Hons) FCA.
The auditor was Azets Audit Services.
CYKLOP (UK) LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
13
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2023
2022
£
£
Within one year
51,802
65,232
Between two and five years
33,000
84,802
84,802
150,034
14
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2023
2022
£
£
Aggregate compensation
133,336
124,658
Other information

The company has taken advantage of the exemption in Section 33 of FRS102 from the requirement to disclose transactions with group companies on the grounds that all group companies which are party to the transactions are wholly owned by the same company in the group.

15
Ultimate controlling party

Cyklop International Holding B.V., a company registered in the Netherlands, is the immediate parent company.

The ultimate parent company is Sisco Company Ltd, a company registered in the British Virgin Islands.

2023-12-312023-01-01false29 March 2024CCH SoftwareCCH Accounts Production 2023.300No description of principal activityThis audit opinion is unqualifiedR G PotR Salemmefalse013975992023-01-012023-12-3101397599bus:Director12023-01-012023-12-31013975992023-12-31013975992022-12-3101397599core:PlantMachinery2023-12-3101397599core:FurnitureFittings2023-12-3101397599core:MotorVehicles2023-12-3101397599core:PlantMachinery2022-12-3101397599core:FurnitureFittings2022-12-3101397599core:MotorVehicles2022-12-3101397599core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3101397599core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3101397599core:Non-currentFinancialInstrumentscore:AfterOneYear2023-12-3101397599core:Non-currentFinancialInstrumentscore:AfterOneYear2022-12-3101397599core:CurrentFinancialInstruments2023-12-3101397599core:CurrentFinancialInstruments2022-12-3101397599core:ShareCapital2023-12-3101397599core:ShareCapital2022-12-3101397599core:RetainedEarningsAccumulatedLosses2023-12-3101397599core:RetainedEarningsAccumulatedLosses2022-12-3101397599core:ShareCapital2021-12-3101397599core:RetainedEarningsAccumulatedLosses2021-12-3101397599core:RetainedEarningsAccumulatedLosses2022-01-012022-12-31013975992022-01-012022-12-3101397599core:RetainedEarningsAccumulatedLosses2023-01-012023-12-3101397599core:PlantMachinery2023-01-012023-12-3101397599core:FurnitureFittings2023-01-012023-12-3101397599core:MotorVehicles2023-01-012023-12-3101397599core:PlantMachinery2022-12-3101397599core:FurnitureFittings2022-12-3101397599core:MotorVehicles2022-12-31013975992022-12-3101397599core:Non-currentFinancialInstrumentscore:UnlistedNon-exchangeTraded2023-12-3101397599core:Non-currentFinancialInstrumentscore:UnlistedNon-exchangeTraded2022-12-3101397599core:Non-currentFinancialInstruments2023-12-3101397599core:Non-currentFinancialInstruments2022-12-3101397599core:WithinOneYear2023-12-3101397599core:WithinOneYear2022-12-3101397599core:BetweenTwoFiveYears2023-12-3101397599core:BetweenTwoFiveYears2022-12-3101397599bus:PrivateLimitedCompanyLtd2023-01-012023-12-3101397599bus:SmallCompaniesRegimeForAccounts2023-01-012023-12-3101397599bus:FRS1022023-01-012023-12-3101397599bus:Audited2023-01-012023-12-3101397599bus:Director22023-01-012023-12-3101397599bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP