Caseware UK (AP4) 2023.0.135 2023.0.135 2022-12-312022-12-31No description of principal activity2022-01-01falsefalse33truefalse 06657565 2022-01-01 2022-12-31 06657565 2021-01-01 2021-12-31 06657565 2022-12-31 06657565 2021-12-31 06657565 2021-01-01 06657565 2 2022-01-01 2022-12-31 06657565 2 2021-01-01 2021-12-31 06657565 1 2022-01-01 2022-12-31 06657565 e:Director1 2022-01-01 2022-12-31 06657565 e:Director1 2022-12-31 06657565 e:Director2 2022-01-01 2022-12-31 06657565 e:Director2 2022-12-31 06657565 e:Director3 2022-01-01 2022-12-31 06657565 e:Director3 2022-12-31 06657565 e:Director4 2022-01-01 2022-12-31 06657565 e:Director4 2022-12-31 06657565 e:Director5 2022-01-01 2022-12-31 06657565 e:Director5 2022-12-31 06657565 e:Director6 2022-01-01 2022-12-31 06657565 e:Director6 2022-12-31 06657565 e:Director7 2022-01-01 2022-12-31 06657565 e:Director7 2022-12-31 06657565 e:Director8 2022-01-01 2022-12-31 06657565 e:Director8 2022-12-31 06657565 e:Director9 2022-01-01 2022-12-31 06657565 e:Director9 2022-12-31 06657565 e:RegisteredOffice 2022-01-01 2022-12-31 06657565 d:CurrentFinancialInstruments 2022-12-31 06657565 d:CurrentFinancialInstruments 2021-12-31 06657565 d:Non-currentFinancialInstruments 2022-12-31 06657565 d:Non-currentFinancialInstruments 2021-12-31 06657565 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 06657565 d:CurrentFinancialInstruments d:WithinOneYear 2021-12-31 06657565 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 06657565 d:Non-currentFinancialInstruments d:AfterOneYear 2021-12-31 06657565 d:UKTax 1 2022-01-01 2022-12-31 06657565 d:UKTax 1 2021-01-01 2021-12-31 06657565 d:ShareCapital 2022-01-01 2022-12-31 06657565 d:ShareCapital 2022-12-31 06657565 d:ShareCapital 2021-01-01 2021-12-31 06657565 d:ShareCapital 2021-12-31 06657565 d:ShareCapital 2021-01-01 06657565 d:CapitalRedemptionReserve 2022-01-01 2022-12-31 06657565 d:CapitalRedemptionReserve 2022-12-31 06657565 d:CapitalRedemptionReserve 2021-01-01 2021-12-31 06657565 d:CapitalRedemptionReserve 2021-12-31 06657565 d:CapitalRedemptionReserve 2021-01-01 06657565 d:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 06657565 d:RetainedEarningsAccumulatedLosses 2022-12-31 06657565 d:RetainedEarningsAccumulatedLosses 2021-01-01 2021-12-31 06657565 d:RetainedEarningsAccumulatedLosses 2021-12-31 06657565 d:RetainedEarningsAccumulatedLosses 2021-01-01 06657565 e:OrdinaryShareClass1 2022-01-01 2022-12-31 06657565 e:OrdinaryShareClass1 2022-12-31 06657565 e:OrdinaryShareClass1 2021-12-31 06657565 e:FRS102 2022-01-01 2022-12-31 06657565 e:Audited 2022-01-01 2022-12-31 06657565 e:FullAccounts 2022-01-01 2022-12-31 06657565 e:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 06657565 d:Subsidiary1 2022-01-01 2022-12-31 06657565 d:Subsidiary1 1 2022-01-01 2022-12-31 06657565 d:Subsidiary2 2022-01-01 2022-12-31 06657565 d:Subsidiary2 1 2022-01-01 2022-12-31 06657565 d:Subsidiary3 2022-01-01 2022-12-31 06657565 d:Subsidiary3 1 2022-01-01 2022-12-31 06657565 d:Subsidiary4 2022-01-01 2022-12-31 06657565 d:Subsidiary4 1 2022-01-01 2022-12-31 06657565 d:Subsidiary5 2022-01-01 2022-12-31 06657565 d:Subsidiary5 1 2022-01-01 2022-12-31 06657565 d:Subsidiary6 2022-01-01 2022-12-31 06657565 d:Subsidiary6 1 2022-01-01 2022-12-31 06657565 d:Subsidiary7 2022-01-01 2022-12-31 06657565 d:Subsidiary7 1 2022-01-01 2022-12-31 06657565 d:Subsidiary8 2022-01-01 2022-12-31 06657565 d:Subsidiary8 1 2022-01-01 2022-12-31 06657565 d:Subsidiary9 2022-01-01 2022-12-31 06657565 d:Subsidiary9 1 2022-01-01 2022-12-31 06657565 d:Subsidiary10 2022-01-01 2022-12-31 06657565 d:Subsidiary10 1 2022-01-01 2022-12-31 06657565 d:Subsidiary11 2022-01-01 2022-12-31 06657565 d:Subsidiary11 1 2022-01-01 2022-12-31 06657565 d:Subsidiary12 2022-01-01 2022-12-31 06657565 d:Subsidiary12 1 2022-01-01 2022-12-31 06657565 d:Subsidiary13 2022-01-01 2022-12-31 06657565 d:Subsidiary13 1 2022-01-01 2022-12-31 06657565 d:Subsidiary14 2022-01-01 2022-12-31 06657565 d:Subsidiary14 1 2022-01-01 2022-12-31 06657565 d:Subsidiary15 2022-01-01 2022-12-31 06657565 d:Subsidiary15 1 2022-01-01 2022-12-31 06657565 d:Subsidiary16 2022-01-01 2022-12-31 06657565 d:Subsidiary16 1 2022-01-01 2022-12-31 06657565 f:PoundSterling 2022-01-01 2022-12-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 06657565










COMPRESSOR CONTROLS UK LIMITED (FORMERLY KNOWN AS ROPER INDUSTRIES UK LIMITED)










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

 
COMPRESSOR CONTROLS UK LIMITED (FORMERLY KNOWN AS ROPER INDUSTRIES UK LIMITED)
 

COMPANY INFORMATION


Directors
J P Conley (resigned 23 November 2022)
R C Crisci (resigned 23 November 2022)
J K Stipancich (resigned 23 November 2022)
L Guijarro Zarate (appointed 30 June 2023)
S K Krull (appointed 23 November 2022, resigned 30 June 2023)
H Monsted (appointed 23 November 2022, resigned 30 June 2023)
J Stroup (appointed 23 November 2022, resigned 30 June 2023)
L Mounzeo (appointed 12 January 2024)
F Solimene (appointed 12 January 2024)




Registered number
06657565



Registered office
Honeywell House
Skimped Hill Lane

Bracknell

Berkshire

RG12 1EB




Trading Address






Independent auditors
PKF Smith Cooper Audit Limited
Chartered Accountants & Statutory Auditors

Prospect House

1 Prospect Place

Pride Park

Derby

DE24 8HG





 
COMPRESSOR CONTROLS UK LIMITED (FORMERLY KNOWN AS ROPER INDUSTRIES UK LIMITED)
 

CONTENTS



Page
Strategic report
1
Directors' report
2 - 3
Independent auditors' report
4 - 7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Notes to the financial statements
11 - 22


 
COMPRESSOR CONTROLS UK LIMITED (FORMERLY KNOWN AS ROPER INDUSTRIES UK LIMITED)
 

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022

Introduction
 
The director presents the strategic report for the year ended 31 December 2022.
On 28 February 2023 the company changed it's name from Roper Industries UK Limited to Indicor Industries UK
 Limited. On 9 May 2023 the company then changed it's name again to Compressor Controls UK Limited. 
 

Business review
 
The Company acts as an intermediate holding company and its subsidiaries are delivering quality innovative solutions and continuing to invest in development.
On 11 April 2023 the Company acquired Trinity Integrated Systems Ltd from RIL Holdings Limited, the consideration being a promissory note to the value of £5,282k. 
On 11 April 2023 the Company sold investments in RIL Holding Limited, Uson Limited, Advance Sensors Limited, and Technolog Holdings Limited, the consideration being a promissory note to the value of £296,580k. 
As described in note 2.2 the Directors have taken the decision to cease the trading of this company and as such have prepared these accounts on a basis other than that of the going concern basis. 


This report was approved by the board on 1 August 2024 and signed on its behalf.



L Mounzeo
Director

Page 1

 
COMPRESSOR CONTROLS UK LIMITED (FORMERLY KNOWN AS ROPER INDUSTRIES UK LIMITED)
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022

The directors present their report and the financial statements for the year ended 31 December 2022.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

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 to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £15,568 thousand (2021 - loss £9,364 thousand).

Dividends of £33,622,000 were paid during the year (2021: £8,861,900).  

Directors

The directors who served during the year were:

J P Conley (resigned 23 November 2022)
R C Crisci (resigned 23 November 2022)
J K Stipancich (resigned 23 November 2022)
S K Krull (appointed 23 November 2022, resigned 30 June 2023)
H Monsted (appointed 23 November 2022, resigned 30 June 2023)
J Stroup (appointed 23 November 2022, resigned 30 June 2023)

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 2

 
COMPRESSOR CONTROLS UK LIMITED (FORMERLY KNOWN AS ROPER INDUSTRIES UK LIMITED)
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022

Post balance sheet events

On 11 April 2023 the Company acquired Trinity Integrated Systems Ltd from RIL Holdings Limited, the consideration being a promissory note to the value of £5,282k. 
On 11 April 2023 the Company sold investments in RIL Holding Limited, Uson Limited, Advance Sensors Limited, and Technolog Holdings Limited, the consideration being a promissory note to the value of £296,580k. 
On 12 July 2024 the Company sold it's investments in Compressor Controls Corporation SRL and Trinity Integrated Systems Ltd, the consideration being a promissory note to the value of $74,178,000.
As described in note 2.2 the Directors have taken the decision to cease the trading of this company.

Auditors

Under section 487(2) of the Companies Act 2006PKF Smith Cooper Audit Limited will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

This report was approved by the board on 1 August 2024 and signed on its behalf.
 





L Mounzeo
Director

Page 3

 
COMPRESSOR CONTROLS UK LIMITED (FORMERLY KNOWN AS ROPER INDUSTRIES UK LIMITED)
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF COMPRESSOR CONTROLS UK LIMITED (FORMERLY KNOWN AS ROPER INDUSTRIES UK LIMITED)
 

Opinion


We have audited the financial statements of Compressor Controls UK Limited (formerly known as Roper Industries UK Limited) (the 'Company') for the year ended 31 December 2022, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 December 2022 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; 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.


Emphasis of matter


We draw attention to note 2.2 to the financial statements which explains that the directors intend for the company the cease trading during 2024 and therefore do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly the financial statements have been prepared on a basis other than going concern as described in Note 2.2. Our opinion is not modified in respect of this matter.








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 4

 
COMPRESSOR CONTROLS UK LIMITED (FORMERLY KNOWN AS ROPER INDUSTRIES UK LIMITED)
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF COMPRESSOR CONTROLS UK LIMITED (FORMERLY KNOWN AS ROPER INDUSTRIES 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.


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 set out on page 2, 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.


Page 5

 
COMPRESSOR CONTROLS UK LIMITED (FORMERLY KNOWN AS ROPER INDUSTRIES UK LIMITED)
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF COMPRESSOR CONTROLS UK LIMITED (FORMERLY KNOWN AS ROPER INDUSTRIES UK LIMITED) (CONTINUED)


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:

Based on our understanding of the company and industry, we identified that the principal risks of fraud or noncompliance with laws and regulations related to:
  • management bias in respect of accounting estimates and judgements made;
  • management override of control;
  • posting of unusual journals or transactions
We focused on those area that could give rise to a material misstatement in the Company financial statements.
Our procedures included, but are not limited to:
  •  Enquiry of management and those charged with governance around actual and potential litigation and    claims; 
  •  Reviewing minutes of meetings of those charged with governance where available;  
  • Reviewing financial statement disclosures and testing to supporting documentation to assess compliance   with applicable laws and regulations. 
  •  Performing audit work over the risk of management override of controls, including testing of journal entries  and other adjustments for appropriateness, evaluating the business rationale of significant transactions    outside the normal course of business and reviewing accounting estimates for bias.  
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. As part of this discussion, we identified potential for fraud through significant accounting estimates


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.


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.


Page 6

 
COMPRESSOR CONTROLS UK LIMITED (FORMERLY KNOWN AS ROPER INDUSTRIES UK LIMITED)
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF COMPRESSOR CONTROLS UK LIMITED (FORMERLY KNOWN AS ROPER INDUSTRIES UK LIMITED) (CONTINUED)





James Delve (Senior statutory auditor)
for and on behalf of
PKF Smith Cooper Audit Limited
Chartered Accountants
Statutory Auditors
Prospect House
1 Prospect Place
Pride Park
Derby
DE24 8HG

1 August 2024
Page 7

 
COMPRESSOR CONTROLS UK LIMITED (FORMERLY KNOWN AS ROPER INDUSTRIES UK LIMITED)
 

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2022

2022
2021
Note
£000
£000

  

Administrative expenses
  
(51)
(20)

Operating loss
 4 
(51)
(20)

Income from shares in group undertakings
  
33,755
-

Profit on disposal of investments
 6 
19
-

Impairment of investments
 11 
(11,667)
-

Interest receivable and similar income
 7 
217
204

Interest payable and similar expenses
 8 
(6,187)
(9,548)

Profit/(loss) before tax
  
16,086
(9,364)

Tax on profit/(loss)
 9 
(518)
-

Profit/(loss) for the financial year
  
15,568
(9,364)

There was no other comprehensive income for 2022 (2021:£NIL).

The notes on pages 11 to 22 form part of these financial statements.

Page 8

 
COMPRESSOR CONTROLS UK LIMITED (FORMERLY KNOWN AS ROPER INDUSTRIES UK LIMITED)
REGISTERED NUMBER: 06657565

BALANCE SHEET
AS AT 31 DECEMBER 2022

2022
2021
Note
£000
£000

Fixed assets
  

Investments
 11 
207,849
219,516

  
207,849
219,516

Current assets
  

Debtors: amounts falling due after more than one year
 12 
-
5,306

Debtors: amounts falling due within one year
 12 
5,518
590

Cash at bank and in hand
 13 
566
262

  
6,084
6,158

Creditors: amounts falling due within one year
 14 
(131,513)
(132,832)

Net current liabilities
  
 
 
(125,429)
 
 
(126,674)

Total assets less current liabilities
  
82,420
92,842

Creditors: amounts falling due after more than one year
 15 
(32,840)
(25,208)

  

Net assets
  
49,580
67,634


Capital and reserves
  

Called up share capital 
 16 
1
1

Capital reserve
 17 
1,465
1,465

Profit and loss account
 17 
48,114
66,168

  
49,580
67,634


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 1 August 2024.




L Mounzeo
Director

The notes on pages 11 to 22 form part of these financial statements.

Page 9

 
COMPRESSOR CONTROLS UK LIMITED (FORMERLY KNOWN AS ROPER INDUSTRIES UK LIMITED)
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022


Called up share capital
Capital reserve
Profit and loss account
Total equity

£000
£000
£000
£000


At 1 January 2021
1
1,465
84,394
85,860


Comprehensive income for the year

Loss for the year
-
-
(9,364)
(9,364)
Total comprehensive income for the year
-
-
(9,364)
(9,364)


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(8,862)
(8,862)


Total transactions with owners
-
-
(8,862)
(8,862)



At 1 January 2022
1
1,465
66,168
67,634


Comprehensive income for the year

Profit for the year
-
-
15,568
15,568
Total comprehensive income for the year
-
-
15,568
15,568


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(33,622)
(33,622)


Total transactions with owners
-
-
(33,622)
(33,622)


At 31 December 2022
1
1,465
48,114
49,580


The notes on pages 11 to 22 form part of these financial statements.

Page 10

 
COMPRESSOR CONTROLS UK LIMITED (FORMERLY KNOWN AS ROPER INDUSTRIES UK LIMITED)
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

1.


General information

Compressor Controls UK Limited (‘the Company’) acts as an intermediate holding company. 
On 28 February 2023 the company changed it's name from Roper Industries UK Limited to Indicor Industries UK Limited. On 9 May 2023 the company then changed it's name again to Compressor Controls UK Limited. 
The Company is a private company limited by shares and is incorporated and domiciled in England & Wales.  The address of its registered office is Honeywell House, Skimped Hill Lane, Bracknell, Berkshire, RG 12 1EB. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

Exemptions for qualifying entities under FRS 102
FRS 102 allows a qualifying entity certain disclosure exemptions.
The Company has taken advantage of the following disclosure exemptions in preparing these
financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in
the UK and Republic of Ireland":
• the requirements of Section 4 Statement of Financial Position paragraph 4.12(a)(iv);
• the requirements of Section 7 Statement of Cash Flows;
• the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
• the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a),
12.29(b) and 12.29A; and
• the requirements of Section 33 Related Party Disclosures paragraph 33.7.
Consolidated financial statements
At 31 December 2022 the Company was a wholly owned subsidiary of Indicor LLC.  It is included in the consolidated financial statements of Indicor LLC, the ultimate parent undertaking, registered in the U.S., and are available from Indicor LLC, 11605 N. Community House Dr., Suite 250, charlotte, NC 28277, USA.  Therefore the Company is exempt by virtue of section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements.
These financial statements are the Company’s separate financial statements.

The following principal accounting policies have been applied:

  
2.2

Going concern

The directors intend for the Company to cease trading during 2024 and therefore have considered the preparation of the accounts on a going concern basis to be inappropriate. The financial statements have been prepared on a basis other than that of the going concern basis. This basis includes, where applicable writing down the Company's assets to net realisable value. No provision has been made for the future costs of terminating the business unless such costs were committed at the reporting date.

Page 11

 
COMPRESSOR CONTROLS UK LIMITED (FORMERLY KNOWN AS ROPER INDUSTRIES UK LIMITED)
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

  
2.3

Foreign currency

The Company’s functional and presentation currency is the pound sterling.  All the Company’s transactions are denominated in its functional currency.
Foreign currency transactions are translated at the rates ruling when they occurred. Foreign currency monetary assets and liabilities are translated at the rates ruling at the balance sheet dates. Any differences are taken to the statement of comprehensive income.

  
2.4

Revenue recognition

Revenue is measured at the fair value of the consideration received or receivable.
Interest income
Interest income is recognised using the effective interest method.
Dividend income
Dividend income is recognised when the right to receive payment is established.  Dividend income is included within ‘Income from shares in group undertakings’ in the statement of comprehensive income.

  
2.5

Taxation

Taxation expense for the period comprises current and deferred tax recognised in the reporting period.  Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.  In this case tax is also recognised in other comprehensive income or directly in equity respectively.
Current tax
Current tax is the amount of income tax payable in respect of the taxable profit for the year or prior years.  Tax is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the period end.
Deferred tax
Deferred tax arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements.  These timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements.
Deferred tax is recognised on all timing differences at the reporting date.  Deferred tax assets are only recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.  
Deferred tax balances are not discounted.

  
2.6

Investments

Investments in subsidiary companies are held at cost less accumulated impairments to write the assets down to net realisable value.

Page 12

 
COMPRESSOR CONTROLS UK LIMITED (FORMERLY KNOWN AS ROPER INDUSTRIES UK LIMITED)
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

  
2.7

Financial instruments

The Company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.
Financial assets
Basic financial assets, including trade and other receivables, cash and bank balances, are initially recognised at transaction price.  Such assets are subsequently carried at amortised cost using the effective interest method.
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment.  If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows.  The impairment loss is recognised in profit or loss.
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party.
Financial liabilities
Basic financial liabilities, including trade and other payables, and loans from fellow Group companies, are initially recognised at transaction price.  Such debt instruments are subsequently carried at amortised cost using the effective interest method.
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.  Accounts payable are classified as current liabilities if payment is due in one year or less.  If not, they are presented as non-current liabilities.  Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
The amounts payable on deep discounted bonds are accrued over the life of the bond and charged to the statement of comprehensive income within interest payable and similar charges in proportion to the cumulative capital amount outstanding over the period in which the debt is to be repaid.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
Offsetting
Financial assets and liabilities are offset and 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.

  
2.8

Share capital

Ordinary shares are classified as equity.

  
2.9

Distributions to equity holders

Dividends are recognised as a liability in the financial statements in the period in which the dividends are approved by the Company’s shareholders.  These amounts are recognised in the statement of changes in equity.

Page 13

 
COMPRESSOR CONTROLS UK LIMITED (FORMERLY KNOWN AS ROPER INDUSTRIES UK LIMITED)
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

  
2.10

Related party disclosures

The Company discloses transactions with related parties which are not wholly owned within the same group.  It does not disclose transactions with members of the same group that are wholly owned.

 
2.11

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 14

 
COMPRESSOR CONTROLS UK LIMITED (FORMERLY KNOWN AS ROPER INDUSTRIES UK LIMITED)
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
(a) Critical judgements in applying the Company’s accounting policies
In preparing these financial statements the directors have had to make the following judgements:
Recoverability of intercompany balances
Determine whether the amounts owed from group undertakings are recoverable. Factors taken into consideration include the financial position and financial performance of the group company
Intercompany interest rates
Determine whether the interest charged on intercompany loans is at arms’ length. Factors taken into account include the interest rates available from external lenders.
(b) Critical accounting estimates and assumptions
The Company makes estimates and assumptions concerning the future.  The resulting accounting estimates will, by definition, seldom equal the related actual results.  The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.
Carrying value of investments
The carrying values of investments are re-assessed annually.  They are amended when necessary to reflect any impairments necessary resulting from changes in underlying profitability or other indicators of impairment.  See note 10 for the carrying amount of the investments.


4.


Operating loss

The operating loss is stated after charging:

2022
2021
£000
£000

Exchange differences
36
-


5.


Employees




The average monthly number of employees, including the directors, during the year was as follows:


        2022
        2021
            No.
            No.







Directors
3
3

Page 15

 
COMPRESSOR CONTROLS UK LIMITED (FORMERLY KNOWN AS ROPER INDUSTRIES UK LIMITED)
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

6.


Income from investments

2022
2021
£000
£000

Income from fixed asset investments
(19)
-

(19)
-







7.


Interest receivable

2022
2021
£000
£000


Interest receivable on loans to group undertakings
212
204

Other interest receivable
5
-

217
204


8.


Interest payable and similar expenses

2022
2021
£000
£000


Bank interest payable
1
-

Other interest payable
-
1

Interest payable on loans from group undertakings
6,186
9,547

6,187
9,548

Page 16

 
COMPRESSOR CONTROLS UK LIMITED (FORMERLY KNOWN AS ROPER INDUSTRIES UK LIMITED)
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

9.


Taxation


2022
2021
£000
£000

Corporation tax


Withholding tax on non-uk dividend income
518
-


518
-


Total current tax
518
-

Deferred tax

Total deferred tax
-
-


Tax on profit/(loss)
518
-

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2021 - higher than) the standard rate of corporation tax in the UK of 19% (2021 - 19%). The differences are explained below:

2022
2021
£000
£000


Profit/(loss) on ordinary activities before tax
16,086
(9,364)


Profit/(loss) on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2021 - 19%)
3,056
(1,779)

Effects of:


Non-tax deductible amortisation of goodwill and impairment
2,217
-

Non-taxable income less expenses not deductible for tax purposes, other than goodwill and impairment
(6,413)
-

Withholding tax on non-uk dividend income
518
-

Group relief
1,140
1,779

Total tax charge for the year
518
-


Factors that may affect future tax charges

From April 2023 the tax rate increased to 25% from 19% for profits over £250,000.

Page 17

 
COMPRESSOR CONTROLS UK LIMITED (FORMERLY KNOWN AS ROPER INDUSTRIES UK LIMITED)
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

10.


Dividends

2022
2021
£000
£000


Dividends
33,622
8,862


11.


Fixed asset investments





Investments in subsidiary companies

£000



Cost


At 1 January 2022
264,638



At 31 December 2022

264,638



Impairment


At 1 January 2022
45,122


Charge for the period
11,667



At 31 December 2022

56,789



Net book value



At 31 December 2022
207,849



At 31 December 2021
219,516

Group reconstruction relief has been used in respect of certain subsidiaries transferred from fellow group companies in prior years, maintaining the cost recorded at the £30,084,000 in the transferors’ books compared to the assessed fair value of £158,633,000. 
As per note 2.2 the financial statements have been prepared on a basis other than going concern. As such the Company's investments in subsidiary companies have been written down to their recoverable value. 

Page 18

 
COMPRESSOR CONTROLS UK LIMITED (FORMERLY KNOWN AS ROPER INDUSTRIES UK LIMITED)
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Principal activity

Holding

Technolog Holdings Limited
Note 1
Holding company
100%
Technolog Limited *
Note 1
Design and manufacture of electronic instruments
100%
Utilitec Limited *
Note 1
Holding company
100%
Technolog Group Limited *
Note 1
Holding company
100%
Utilitec Services Limited *
Note 1
Supply of technical and consultancy services
100%
Utility Data Services Limited *
Note 1
Provision of data services
100%
Technolog SARL*
37 Rue de la Victoire, 75009 Paris, France
Sales and marketing of electronic instruments
100%
RIL Holding Limited
Note 2
Holding company
100%
Logitech Limited *
Erskine Ferry Road, Old Kilpatrick, Dunbartonshire G60 5EU
Design and manufacture of material shaping and surface finishing equipment
100%
Uson Limited
Note 2
Design and manufacture of leak detection equipment and systems
100%
Struers Limited
Note 2
Design and manufacture of materialographic surface preparation equipment
100%
Roper Industries Limited *
Note 2
Design and manufacture of industrial safety equipment
100%
Roper Industries Manufacturing (Shanghai) Co. Limited *
BD7A, No 568 Long Pan Rd, Malu, Jiading District, Shanghai, China 202101
Sales and marketing of electronic and industrial instruments
100%
Trinity Integrated Systems Limited
Note 2
Supply of technical and consultancy services to the oil and gas industry
100%
Advanced Sensors Limited
8 Meadowbank Road, Carrickfergus, Co Antrim BT38 8YF
Development, manufacture, supply and support of oil-in-water analysers for the oil and gas industries
100%
Compressor Controls Corporation SRL
Via Giacomo Matteotti 62, 20092 Cinisello Balsamo (MI), Italy
Sale of turbomachinery control applications
100%

*indirect
Note 1: Technolog House, Ravenstor Road, Wirksworth, Matlock, Derbyshire DE4 4FY
Note 2: Squire Patton Boggs (UK) LLP, Rutland House, 148 Edmund Street, Birmingham B3 2JR

Page 19

 
COMPRESSOR CONTROLS UK LIMITED (FORMERLY KNOWN AS ROPER INDUSTRIES UK LIMITED)
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

12.


Debtors

2022
2021
£000
£000

Due after more than one year

Amounts owed by group undertakings
-
5,306


2022
2021
£000
£000

Due within one year

Amounts owed by group undertakings
5,518
590


Amounts falling due within one year owed by group undertakings are interest-free, unsecured, have no fixed date of repayment and are repayable on demand.  
Amounts falling due after more than one year owed by group undertakings are unsecured, attract interest at a rate of 5% per annum, and are due for repayment on 18 December 2029.


13.


Cash and cash equivalents

2022
2021
£000
£000

Cash at bank and in hand
566
262



14.


Creditors: Amounts falling due within one year

2022
2021
£000
£000

Amounts owed to group undertakings
131,504
132,819

Accruals and deferred income
9
13

131,513
132,832


Amounts owed to group undertakings of £64,412,000 (2021: £59,346,000) are unsecured, have no fixed date of repayment and are repayable on demand, and attract interest at between 3% and 9.8% per annum.
Amounts of £69,447,000 (2021: £73,473,000) relate to deep discounted bonds with a maturity date of 31 December 2021 and with an implicit interest rate of 2.28% (2021:8%).  

Page 20

 
COMPRESSOR CONTROLS UK LIMITED (FORMERLY KNOWN AS ROPER INDUSTRIES UK LIMITED)
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

15.


Creditors: Amounts falling due after more than one year

2022
2021
£000
£000

Amounts owed to group undertakings
32,840
25,208


Amounts falling due after more than one year in the current year are unsecured, are due for repayment on 27 December 2031 and attract interest at 4.5% per annum.


16.


Share capital

2022
2021
£000
£000
Allotted, called up and fully paid



1,003 (2021 - 1,003) Ordinary shares of £1.00 each
1
1

There is a single class of ordinary shares.  There are no restrictions on the distribution of dividends and the repayment of capital.



17.


Reserves

Capital reserve

The Capital reserve arose from a capital contribution from the ultimate parent company.  The Capital reserve is not distributable.

Profit and loss account

Profit and loss account represents accumulated comprehensive income for the year and prior years, plus transfers from the Share premium account, less dividends.


18.Financial commitments

The Company had no commitments under non-cancellable operating leases (2021: none). There are no
contingent liabilities (2021: none).


19.


Related party transactions

As the Company is a wholly owned subsidiary of Indicor LLC, it has taken advantage of the exemption provided by FRS 102 not to disclose any related party transactions with wholly owned members of the group.
There are no other related party transactions (2021: none).

Page 21

 
COMPRESSOR CONTROLS UK LIMITED (FORMERLY KNOWN AS ROPER INDUSTRIES UK LIMITED)
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

20.


Post balance sheet events

On 11 April 2023 the Company acquired Trinity Integrated Systems Ltd from RIL Holdings Limited, the consideration being a promissory note to the value of £5,282k. 
On 11 April 2023 the Company sold investments in RIL Holding Limited, Uson Limited, Advance Sensors Limited, and Technolog Holdings Limited, the consideration being a promissory note to the value of £296,580k. 
On 12 July 2024 the Company sold it's investments in Compressor Controls Corporation SRL and Trinity Integrated Systems Ltd, the consideration being a promissory note to the value of $74,178,000.
As described in note 2.2 the Directors have taken the decision to cease the trading of this company.
 


21.


Controlling party

As at 31 December 2022 the immediate parent company undertaking is Tree Dist Co (UK) Limited, a company incorporated in the United Kingdom. 
The ultimate controlling entity at 31 December 2022 was Indicor LLC, a company registered in the United States of America. Indicor LLC is the parent undertaking of the largest and smallest group of undertakings to consolidate these financial statements at 31 December 2022. The consolidated financial statements of Indicor LLC are available at its office at 2015 Aryley Town Blvd, Suite 202, Charlotte, NC 28273, USA, and are prepared in accordance with International Financial Reporting Standards, which are considered accounting standards equivalent to United Kingdom adopted international standards. 

Page 22