Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2023
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DE MONCHY UK LIMITED
COMPANY INFORMATION
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DE MONCHY UK LIMITED
CONTENTS
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DE MONCHY UK LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
The objectives of De Monchy UK Limited (hereafter: "DMU") entail wholesale and trade of raw materials for industrial applications. Sales of products mainly take place in UK and Ireland.
The year 2023
Althrough market prices decreased throughout the year 2023, demand for our products was good. After the high working capital requirements we have seen in the past few years, the working capital further reduced in the course of 2023. Our credit lines have been more than sufficientr throughout the year. Liquidity risk is monitored closely. Also, focus on credit management has incresaed by ensuring timely actions in case of over due balances and we anticipated by balancing the level of stock carefully on a product-by-product basis throughout the year.
Research and developments & Information regarding the aspects of corporate social responsibility
Adding new product lines and technologies to our current product portfolio is part of our philosophy. There is a constant focus on obtaining market information and to gather data on what raw materials are needed to develop new generation products. During recent years the sustainability and renewable trend has been picked up more and more widely across the industry. As such, part of our sourcing is related to our goal to increase the percentage of sales coming from biobased, renewable or recyclable sourcing.
Strategy & Forecast 2024
The coming year will be challenging as a result of uncertainty in the market due to persisting geopolitical tensions. This requires a flexible and adaptive strategy with a strong focus on working closely together with our stakeholders. Our long-term cooperation with our suppliers, our strategy where different markets are handled in combination with a well-balanced geographical spread serving North-Western Europe shows added value while market developments are challenging.
Via long-term partnerships with both our suppliers and our customers er are involved in research and development with a focus on new applications with a positive effect on sustainability.
Investments are expected to be done mainly in IT. The expected growth of activities will be financed via the credit facility at group level.
Substantial attention is applied to the Company's internal control and management of operational risks. Credit insurance of credit risks and adequate insurance of risks relating to liability, transport and storage is in place to mitigate risks in these areas. Furthermore, high demands are made to the commercial relationships in terms of reliability, continuity and reputation. Purchase and sale transactions in EUR and USD are hedged on individual transactions.
In addition, the dependency of specific suppliers and specific customers is limited due to the large spread in the supplier base, customer base as well the portfolio overall.
Please refer to the risk appetite table for all applicable risk categories at De Monchy UK Limited in the appendix which forms an integrated part with this strategic report.
Fraud and irregularities
Management of DMU is aware of the inherent risk of fraud that it faces, both internally and externally, in carrying out its business activities. Fraud and compliance are on top of the agenda of Management of DMU. These risks are amongst other mitigated by a Code of Business Conduct. Our financial processes are characterized by the presence of segregation of duties. Despite all internal control measures and compliance and risk awareness, a limited risk remains.
Transparent decision-making, the governance structure, an open culture in which we dare to call each other to account, periodic internal and external audits on compliance with control measures contribute to framework to prevent and detect override of controls.
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DE MONCHY UK LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Information security has priority from the perspectives of going concern, fruad and privacy and related reputation. During daily business operations, checks are carried out to determine whether work is being done in accordance with the agreements made in this regard, including the various information security protocols.
Management is of the opinion that, with all procedures and control measures taken in account, the risk assessment provides a complete overview of the risks the company faces and that adequate procedures are in place to mitigate these risks.
Turnover & Result
Net turnover of De Monchy UK Limited decreased by 28.5% from £29,8 million in 2022 to £21.3 million in 2023. This decrease is mainly caused due to the decrease inmarket prices in 2023 which had a decreasing effect on net turnover. The relative margins increased compared to 2022 from 7.8% to 9.5% in 2023 mainly due to positive effects in the mix of the sold products and also stabilizing of market prices helped the percentual margin in the last months of 2023. Personnel costs increased from £0.8 million to 2022 to £0.9 million in 2023 due to an increase in personnel remuneration and extra temporary staffing. Other operating costs (£0.5 million) increased compared to last year £0.3 miilion due to higher professional services and bad debts.
As a result of the aforementioned developments, the net profit of this year was £0.5 million lower than previous year. Solvency & Liquidity
The balance sheet at the end of the year 2023 showed a solvency ratio of 23% (2022: 15%). The liquidity (current assets divided by current liabilities) increased from 1,17 as per 31 December 2022 to 1,29 as per
31 December 2023 due to a decrease of the net working capital. Cash flow & Financing
Cash flow is positively influenced mainly by the positive operating result (£0.7 million), decreased inventories (£1,4 million), decreased trade receivables (£1,7 million). This positive impact is partly offset by higher current assets (£0.8 million) and lower current liabilities excluding bank loans and overdrafts (1.5 million).
Financing is arranged via a credit facility at group level. In 2023, there was no breach of agreements or covenants. Based on the forecasts, we expect that the group will continue to meet the convenant requirements in the foreseeable future and that the group wil generate sufficient cash flows to continue to meet its obligatiions.
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DE MONCHY UK LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
The sequence in which these risks and mitigating actions are presented in no way reflects any order of importance, chance or materiality.
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DE MONCHY UK LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
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DE MONCHY UK LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
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DE MONCHY UK LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
This report was approved by the board on 12 July 2024 and signed on its behalf.
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DE MONCHY UK LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
The director presents his report and the financial statements for the year ended 31 December 2023.
The director is responsible for preparing the Strategic report, the Director's report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the director is 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 director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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.
The profit for the year, after taxation, amounted to £344,464 (2022 - £812,633).
No dividends are planned to be paid.
The director who served during the year was:
There have been no significant events affecting the Company since the year end.
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DE MONCHY UK LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
The auditors, Creasey Son & Wickenden, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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DE MONCHY UK LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DE MONCHY UK LIMITED
We have audited the financial statements of De Monchy UK Limited (the 'Company') for the year ended 31 December 2023, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of cash flows, the Statement of changes in equity and the related notes, including a summary of significant accounting policies. The 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).
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.
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
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 director with respect to going concern are described in the relevant sections of this report.
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DE MONCHY UK LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DE MONCHY UK LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The director is 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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic report and the Director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic report and the Director's report have been prepared in accordance with applicable legal requirements.
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 Director's report.
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DE MONCHY UK LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DE MONCHY UK LIMITED (CONTINUED)
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:
Irregularities are instances of non-compliance with laws and regulations. The objectives of our audit are to obtain sufficient appropriate audit evidence regarding compliance with laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements, to perform audit procedures to help identify instances of non-compliance with other laws and regulations that may have a material effect on the financial statements, and to respond appropriately to identified or suspected noncompliance with laws and regulations identified during the audit.
In relation to fruad, the objectives of our audit are to identify and assess the risk of material misstatement of the financial statements due to fraud, to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fruad through designing and implementing appropriate responses and to respond appropriately to fruad or suspected fruad identified during the audit.
However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulation and for the prevention and detection of fruad. In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the company audit team:
∙obtain an understanding of the nature of the industry and sector, including the legal and regulatory framework that the compnay operates in and how the company is complying with the legal and regulatory framework;
∙inquired of management, and those charged with governance, about their identification and assessment of the risks of irregularities, including any known, suspected or alleged instances of fruad; and
∙discussed matters about non-compliance with laws and regulations and how fraud might occur including assessing how and where the financial statements may be susceptible to fraud.
As a result of these procedures, we consider the most significant laws and regulations that have a direct impact on the financial statements are FRS 102, the Companies Act 2006 and tax compliance regulations. We performed audit procedures to detect non-compliances which may have a material impact on the financial statements which included reviewing financial statement disclosures and completion of re;l checklists, inspecting correspondence with national and local tax authoritieswhere relevant, evaluating any tax advice received.
The most significant laws and regulations that have an indirect impact on the financial statements are those in relation to health and safety. We performed audit procedures to inquire of management and those charged with governance whether the company is compliant with these laws and regulations, reviewed minutes of relevant meetings and completed searches for any reportable incidents in the public domain.
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DE MONCHY UK LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DE MONCHY UK LIMITED (CONTINUED)
The company audit engagement team identified the risk of management override of controls as the area where financial statements were most susceptible to material misstatement due to fruad. Audit procedures performed included but were not limited to testing journal entries and other adjustments and evaluating the business rationale in respect of any significant or unuual transactions and any transactions entered into outside of the normal course of business.
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.
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 2006. Our 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.
for and on behalf of
Chartered Accountants
Statutory auditor
Hearts of Oak House
4 Pembroke Road
Kent
TN13 1XR
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DE MONCHY UK LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
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DE MONCHY UK LIMITED
REGISTERED NUMBER: 10471604
BALANCE SHEET
AS AT 31 DECEMBER 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 18 to 29 form part of these financial statements.
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DE MONCHY UK LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
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DE MONCHY UK LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
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DE MONCHY UK LIMITED
ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2023
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DE MONCHY UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
De Monchy UK Limited is incorporated in England and Wales and is a private company limited by shares. Its registered office is at Hearts of Oak House, Pembroke Road, Sevenoaks, Kent TN13 1XR and its trading address is Barham Court, Teston, Maidstone, Kent, ME18 5BZ. The company's principal activity is the distribution of industrial chemicals.
2.Accounting policies
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.
These financial statements are prepared and presented in pound Sterling. Values are rounded to the nearest £1. They present information for this company alone.
The following principal accounting policies have been applied:
Functional and presentation currency
Transactions and balances
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DE MONCHY UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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DE MONCHY UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
The estimated useful lives range as follows:
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.
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DE MONCHY UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.
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.
Basic financial assets
Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless
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DE MONCHY UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
Other financial assets
Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.
Impairment of financial assets
Financial assets are assessed for indicators of impairment at each reporting date.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
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DE MONCHY UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Other financial instruments
Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.
Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.
Derecognition of financial instruments
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
Analysis of turnover by country of destination:
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DE MONCHY UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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DE MONCHY UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
There were no factors that may affect future tax charges.
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DE MONCHY UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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DE MONCHY UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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DE MONCHY UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Revaluation reserve
Profit and loss account
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £18,266 (2022: £7,346). Contributions totalling £16,894 (2022: £15,000) were payable to the fund at the balance sheet date and are included in creditors.
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DE MONCHY UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
The immediate parent of this company is MCG BV, a company incorporated in The Netherlands. Its address is Beursplein 37, Kamer 1464, 3011 AARotterdam, Netherlands.
The ultimate controlling party remained as D.L van Wassenaer throughout the year.
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