Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2023
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CINDEV UK LIMITED
COMPANY INFORMATION
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CINDEV UK LIMITED
CONTENTS
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CINDEV UK LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
Cindev UK Limited is the holding company for the activities of Janex, a global supplier of petrochemicals. Our main operating office is in Lausanne, Switzerland.
2023 was a challenging year in the market and that is reflected in the Janex figures. Global Economic activity and change in market have been significant headwinds for our volume of business. The war in Ukraine is still impacting our business, with shortages and rising prices for energy and key raw materials. High rates of inflation and high interest rates are slowing down demand. All these factors are having an adverse impact on economic growth, hence on our business which tends to follow global GDP growth.
Volumes in 2023 were 30% lower than in 2022, while our gross margin was improved at 9.3% (2022 - 7.9%).
The principal risks and uncertainties facing the Group are as follows:
Demand for and supply of the Group’s products is broadly related to global economic activity given the end applications of the petrochemicals that we supply. To mitigate the impact of a global economic downturn, we actively diversify the number of products that we source and distribute, and the number of regions that we work with. The global economic situation is having an impact on the Group. As 2023 progressed and inflation rate increased alongside interest rates, we witnessed a slowdown in our business. The Directors have carried out an assessment of the potential impact of these uncertainties on the business, including the impact of mitigation measures, and have concluded that these are non-adjusting events with the greatest impact on the business expected to be from the economic ripple effect on the global economy. The Directors have taken account of these potential impacts in their going concern assessment. The Group continues to work with its partners to minimise any impacts of these events and maximise the realisation of any opportunities they may provide to the business.
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CINDEV UK LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Management use a range of performance measures to monitor and manage the business. The performance measures are split into financial and non-financial key performance indicators as set out below.
Financial Gross margin: This is the most important KPI for the Group. We track this operationally as gross profit per unit of product volume sold and financially as a gross profit margin. The gross margin in 2023 was 9.3%, a significant increase on the 7.9% in 2022. Available capital: Ensuring sufficient balance sheet capital and liquidity to support trading activity is critical. As such we track Liquidity Ratio 2 (Cash + Debtors - current liabilities). This was EUR 6,466K in 2023, compared with EUR 7,812K in 2022. Non-financial Expansion: The Group has been pursuing an expansion strategy in recent years, focusing on expanding our product portfolio and reducing the operating risk for the business. As a result of the unfavourable economic environment, overall volumes have fallen, but we have a broader product portfolio and a more balanced spread between our main products. We have successfully maintained our ISO 9001 Certification following the annual independent audit of our Quality Management System. Staff: The headcount increased in 2023 to 16 (2022 - 14).
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CINDEV UK LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
The Directors of the Group must act in accordance with a set of general duties, these duties are detailed in the UK's Companies Act 2006 and include a duty to promote the success of the Group under section 172 (1) of the Companies Act 2006, whilst also considering the broad range of stakeholders who interact with and are impacted by our business. Throughout the year while discharging their duties, amongst other matters, section 172 (1) requires a director to have regard to (amongst other matters):
a) the likely consequences of any decision in the long term, b) the interests of the Group's employees, c) the need to foster the Group's business relationships with suppliers, customers and others, d) the impact of the Group's operations on the community and the environment, e) the desirability of the Group maintaining a reputation for high standards of business conduct, and f) the need to act fairly as between members of the Group. To understand what matters to stakeholders and carefully consider all the relevant factors when selecting the appropriate course of action the directors consider the impact to our key stakeholder groups, examples of how the directors have engaged with key stakeholders are detailed below: Employees The expertise of our employees is the key factor in our success. We position the Group as a service company. To this end, we have a constant drive for improvement and the pursuit of excellence in relations with our employees. Environment The Group is committed to protecting the environment by monitoring and managing our business operations to better understand and continuously reduce our impact on the environment. We adhere to very strict safety standards to protect the environment and our communities. Suppliers We strive to be a preferred partner for our suppliers and to distribute their products around the world as efficiently and safely as possible. Customers We aim to exceed the needs and demands of our customers and provide to them optimal solutions based on ever-changing market requirements through our commercial and logistical expertise.
This report was approved by the board on 21 August 2024 and signed on its behalf.
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CINDEV UK LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
The directors present their report and the financial statements for the year ended 31 December 2023.
The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated 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 the Group and of the profit or loss of the Group for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group 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 the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and the Group 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 €591 thousand (2022 - €3,962 thousand).
A dividend of €2,000k was paid during the year (2022 - €1,577k).
The directors who served during the year were:
Matters covered in the Group Strategic Report
As permitted by Paragraph 1A of Schedule 7 to the Large and Medium-sized Companies and Groups (Accounts and reports) Regulations 2008 certain matters which are required to be disclosed in the Directors' report have been omitted as they are included in the Group Strategic Report instead. These matters relate to principal activity, business review, financial position at the balance sheet date, future developments, key performance indicators, principal risks and uncertainties facing the business and Directors' statement of compliance with duty to promote the success of the Group. Streamlined energy and Carbon reporting (‘SECR’) SECR is only required in respect of UK companies. Cindev UK Limited is the only UK entity in the group and is a
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CINDEV UK LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
holding company. Cindev UK Limited, the company, is exempt from SECR on the basis that it uses less than 40 MWh per annum.
Going concern After making enquiries, the Directors are satisfied that the Group and Parent Company has adequate resources to continue in operational existence for the foreseeable future. This includes being able to pay creditors as they fall due for a period of not less than 12 months from the approval of these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the annual report and financial statements. Economic impact of global events UK businesses are currently facing many uncertainties such as the consequences of Brexit, environmental sustainability and geopolitical events such as the Russian invasion of Ukraine, the Israeli-Palestinian conflict. These uncertainties have contributed to an environment where there exists a range of issues and risks, including inflation, high interest rates, labour shortages, disrupted supply chains and new ways of working. The Directors have carried out an assessment of the potential impact of these uncertainties on the business, including the impact of mitigation measures, and have concluded that these are non-adjusting events with the greatest impact on the business expected to be from the economic ripple effect on the global economy. The Directors have taken account of these potential impacts in their going concern assessment. Cindev UK Limited and its subsidiaries, continue to work with its partners to minimise any impacts of these events and maximise the realisation of any opportunities they may provide to the business.
Strategic focus for 2024 is to continue to expand the Group and diversify its product portfolio.
There have been no significant events affecting the Group since the year end.
The auditors, Donald Reid Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
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CINDEV UK LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
This report was approved by the board on
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CINDEV UK LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CINDEV UK LIMITED
We have audited the financial statements of Cindev UK Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2023, which comprise the Consolidated statement of comprehensive income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company 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).
United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) comprise a mandatory standard on employee benefits, requiring to identify a liability when an employee has provided service in exchange for employee benefits to be paid in the future including post-employment benefits, such as retirement benefits determined using the projected unit credit method (FRS 102 28.3a, FRS 102 28.9a and FRS 102 28.14).
Contrary to Note “2.9 Pensions” in the notes to the financial statements, Swiss pension plans have to be considered as defined benefits per United Kingdom Accounting Standards because there may be a legal or constructive obligation to pay further contributions if the fund does not hold sufficient assets to pay all employee benefits relating to employee service in the current and prior periods (FRS 102 28.10 Definition relating to classification of plans, Art. 65d paragraph 3 letter a of Occupational Pension Law SR 831.40). This constitutes a departure from FRS 102. Separately, management have not disclosed the full directors' remuneration value pertaining to the Company's overseas subsidiaries, in Note 9 of these financial statements, which constitutes a departure from FRS 102 and the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group 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 qualified opinion.
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CINDEV UK LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CINDEV UK LIMITED (CONTINUED)
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
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 Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group 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 Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
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CINDEV UK LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CINDEV UK LIMITED (CONTINUED)
In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.
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CINDEV UK LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CINDEV 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 Group 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:
∙enquiring of management concerning actual and potential litigation and claims;
∙performing analytical procedures to identify any unusual results that may indicate risks of material
misstatement due to fraud;
∙reading minutes of meetings;
∙assessing any management override of controls by testing journal entries and other adjustments and
reviewing accounting estimates for indications of potential bias;
∙evaluating any transactions that are unusual or outside the normal course of business; and
∙maintaining alert to any fraud risks throughout the audit.
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.
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.
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CINDEV UK LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CINDEV UK LIMITED (CONTINUED)
for and on behalf of
Chartered Accountants
Statutory Auditors
Prince Albert House
18a/20 King Street
Berkshire
SL6 1EF
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CINDEV UK LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
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CINDEV UK LIMITED
REGISTERED NUMBER: 11679051
CONSOLIDATED 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 21 August 2024.
The notes on pages 20 to 36 form part of these financial statements.
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CINDEV UK LIMITED
REGISTERED NUMBER: 11679051
COMPANY 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 20 to 36 form part of these financial statements.
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CINDEV UK LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
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CINDEV UK LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022
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CINDEV UK LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
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CINDEV UK LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022
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CINDEV UK LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
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CINDEV UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Cindev UK Limited (the 'Company') is a private company limited by shares. The company was incorporated in the United Kingdom and is registered in England and Wales. The company's registered office address is The Pinnacle, 160 Midsummer Boulevard, Milton Keynes, Buckinghamshire, MK9 1FF.
The Group's principal activity is the supply of petrochemicals focused on higher olefins, heavy alkylates, polyisobutylene, high purity paraffins and other performance chemicals. These financial statements are presented in Euros (€), This being the functional currency and currency of the primary economic environment in which the Group operates (see note 2.4). Monetary amounts included in these financial statements are rounded to the nearest €'000.
2.Accounting policies
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 Group management to exercise judgment in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
During the year the Group made a profit and is in a net asset position. In considering the appropriateness of adopting the going concern basis in preparing the financial statements, the directors have assessed the potential cash generation of the Group for the foreseeable future (being twelve months from the date of approving the financial statements).
The directors therefore believe there are adequate resources to support the going concern assumption.
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CINDEV UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Functional and presentation currency
The average rate for the period for Euro to US Dollar was 1:1.08 (2022 - 1:1.06) and the period end rate for Euro to US Dollar was 1:1.10 (2022 - 1:1.07). The Group's functional and presentation currency is Euros.
Transactions and balances
Turnover is considered as reliably measured when all the contingencies linked to the selling have been identified. The estimation is based on the basis of past experience in respect of the client profile and nature of the transaction.
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CINDEV UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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CINDEV UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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.
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CINDEV UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
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CINDEV UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Financial instruments are recognised in the Group's Balance sheet when the Group 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 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 Group'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 Group after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the
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CINDEV UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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.
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 Group 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 Group 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 Group's contractual obligations expire or are discharged or cancelled.
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CINDEV UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
The whole of the turnover is attributable to the principal activity of the group, as stated on page 1.
Analysis of turnover by country of destination:
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CINDEV UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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CINDEV UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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CINDEV UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
12.Taxation (continued)
Overseas corporation tax is in relation to The Netherlands and Switzerland, so the group is subject to any changes in tax rates in these jurisdictions.
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CINDEV UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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CINDEV UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
14.Tangible fixed assets (continued)
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CINDEV UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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CINDEV UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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CINDEV UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Merger Reserve
Profit and loss account
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CINDEV UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to €256k (2022: €266k). Contributions totalling €732 (2022: €Nil) were payable the fund at the balance sheet date.
The
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