Registered number: 13047013
CARE TREE MINO LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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CARE TREE MINO LIMITED
COMPANY INFORMATION
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S T Foxall-Smith (appointed 4 January 2023)
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M H Lefebvre (appointed 4 January 2023)
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1st Floor 1 Lakeside Business Park
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CARE TREE MINO LIMITED
CONTENTS
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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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CARE TREE MINO 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 period under review was that of an investment company.
The loss for the year, after taxation, amounted to £7,384 (2022 - loss £876,270).
The directors who served during the year were:
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S T Foxall-Smith (appointed 4 January 2023)
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M H Lefebvre (appointed 4 January 2023)
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The company's operations expose it to financial risks that include credit risk and liquidity risk. Management have delegated the responsibility of monitoring financial risk management to the finance director.
This report was approved by the board and signed on its behalf.
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A C De Changy
Director
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CARE TREE MINO LIMITED
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
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Profit/(loss) from operations
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Total comprehensive income
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The notes on pages 8 to 12 form part of these financial statements.
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CARE TREE MINO LIMITED
REGISTERED NUMBER: 13047013
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023
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Investments in equity-accounted associates
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Trade and other receivables
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Cash and cash equivalents
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Trade and other liabilities
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CARE TREE MINO LIMITED
REGISTERED NUMBER: 13047013
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023
Issued capital and reserves
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For the year ending 31 December 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The Company's financial statements have been prepared in accordance with the provisions applicable to the companies subject to the small companies regime.
The financial statements on pages 2 to 12 were approved and authorised for issue by the board of directors on 24 July 2024 and were signed on its behalf by:
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A C De Changy
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The notes on pages 8 to 12 form part of these financial statements.
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CARE TREE MINO LIMITED
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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Total 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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Total contributions by and distributions to owners
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The notes on pages 8 to 12 form part of these financial statements.
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CARE TREE MINO LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
Cash flows from operating activities
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Net foreign exchange loss/(gain)
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Movements in working capital:
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(Increase)/decrease in trade and other receivables
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Decrease in trade and other payables
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Cash generated from operations
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Net cash (used in)/from operating activities
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Cash flows from investing activities
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Purchases of financial assets
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Net cash (used in)/from investing activities
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Cash flows from financing activities
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Net cash from financing activities
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Net increase 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 8 to 12 form part of these financial statements.
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CARE TREE MINO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Care Tree Mino Limited (the 'Company') is a private company, limited by shares, registered in England and Wales.
The company's registered office is disclosed on the company information page.
The presentation currency of the financial statements is the Pound Sterling (£).
The financial statements have been prepared in accordance with International Financial Reporting Standards, International Accounting Standards and Interpretations as adopted by the UK (collectively IFRSs). They were authorised for issue by the Company's board of directors on 24 July 2024.
Details of the Company's accounting policies, including changes during the year, are included in note 2.
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 areas where judgements and estimates have been made in preparing the financial statements and their effects are disclosed in note 3.
The financial statements have been prepared on the historical cost basis.
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CARE TREE MINO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies
Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale.
Investment income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalisation.
All other borrowing costs are recognised in profit or loss in the period in which they are incurred.
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 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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Accounting estimates and judgements
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Management make estimates and assumptions concerning the future. The resulting accounting estimates and
judgements by definition, seldom equal the related actual results.
In the course of preparing financial statements, management have made significant judgements and estimates that
can have an impact on the financial statements.
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Foreign exchange difference - loss/(gain)
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CARE TREE MINO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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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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No directors receive remuneration from the company.
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Finance income and expense
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Recognised in profit or loss
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Other loan interest payable
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Net finance expense recognised in profit or loss
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Total interest expense on financial liabilities
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CARE TREE MINO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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Trade and other receivables
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Receivables from related parties
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Receivables from participating interests
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Total financial assets other than cash and cash equivalents classified as loans and receivables
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Total trade and other receivables
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Payables to related parties
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Payables to participating interests
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Total financial liabilities, excluding loans and borrowings, classified as financial liabilities measured at amortised cost
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Less: current portion - payables to related parties
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Less: current portion - payables to participating interests
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Total non-current position
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Total loans and borrowings
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CARE TREE MINO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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Ordinary A shares of £610.00 each
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Ordinary B shares of £0.01 each
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Ordinary A shares of £610.00 each
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Ordinary B shares of £0.01 each
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At 1 January and 31 December
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Profit and loss account
This reserve records retained earnings and accumulated losses.
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CARE TREE MINO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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Financial instruments - fair values and risk management
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12.1 Interest rate risk management
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The Company is exposed to interest rate risk because the Company borrows funds at both fixed and floating interest rates. The risk is managed by the Company by maintaining an appropriate mix between fixed and floating rate borrowings, and by the use of interest rate swap contracts and forward interest rate contracts. Hedging activities are evaluated regularly to align with interest rate views and defined risk appetite, ensuring the most cost-effective hedging strategies are applied.
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Related party transactions
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Details of transactions between the Company and its related parties are disclosed below.
Care Tree Holding Limited
The Company is owed £47,500 (2022: £Nil) by Care Tree Holding Limited, an associate of the Company. The loan is interest free and repayable on demand.
Care Tree Invest Limited
The Company owes £40,940 (2022: £40,940) to Care Tree Invest Limited, an associate of the Company. The loan was interest free and repayable on demand.
Care Tree Invest 2 Limited
The Company is owed £4,999,996 (2022: £4,000,000) by Care Tree Invest 2 Limited, an associate of the Company. The loan is interest free and repayable on demand.
Alpha Charlie SRL
At the balance sheet date, the Company owed £666,267 (2022: £8,243,346) to Alpha Charlie SRL (2023: all current, 2022: £1,002,993 current, £7,240,353 non-current).
Phinais SRL
At the balance sheet date, the Company owed £333,133 (2022: £4,121,674) to Phinais SRL (2023: all current, 2022: £501,497 current, £3,620,177 non current).
MIF UK SPRL
At the balance sheet date, the Company owed £Nil (2022: £2,495,510) to MIF UK SPRL (2022: all current).
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