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Registered number: 11679051









CINDEV UK LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
CINDEV UK LIMITED
 
 
COMPANY INFORMATION


Directors
R P Miners 
S Miners 




Registered number
11679051



Registered office
C/O Forvis Mazars Llp
The Pinnacle

160 Midsummer Boulevard

Milton Keynes

Buckinghamshire

MK9 1FF




Independent auditors
Donald Reid Limited
Chartered Accountants & Statutory Auditors

Prince Albert House

18a/20 King Street

Maidenhead

Berkshire

SL6 1EF





 
CINDEV UK LIMITED
 

CONTENTS



Page
Group strategic report
1 - 3
Directors' report
4 - 6
Independent auditors' report
7 - 11
Consolidated statement of comprehensive income
12
Consolidated balance sheet
13
Company balance sheet
14
Consolidated statement of changes in equity
15 - 16
Company statement of changes in equity
17 - 18
Consolidated statement of cash flows
19
Notes to the financial statements
20 - 36


 
CINDEV UK LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
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.

Business review
 
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%).

Principal risks and uncertainties
 
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.

Page 1

 
CINDEV UK LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Key performance indicators
 
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).

Page 2

 
CINDEV UK LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Directors' statement of compliance with duty to promote the success of the Group
 
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.



S Miners
Director

Page 3

 
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.

Directors' responsibilities statement

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 2006They 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.

Results and dividends

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).

Directors

The directors who served during the year were:

R P Miners 
S Miners 

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
Page 4

 
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.

Future developments

Strategic focus for 2024 is to continue to expand the Group and diversify its product portfolio.

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 and the Group'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 and the Group's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Group since the year end.

Auditors

The auditorsDonald Reid Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Page 5

 
CINDEV UK LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

This report was approved by the board on 21 August 2024 and signed on its behalf.
 





S Miners
Director

Page 6

 
CINDEV UK LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CINDEV UK LIMITED
 

Qualified Opinion


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 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).


Except for the effects of the matters described in the Basis for Qualified Opinion section of our report, in our opinion the financial statements:


give a true and fair view of the state of the Group's and of the parent Company's affairs as at 31 December 2023 and of the Group's 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 Qualified Opinion


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.


Page 7

 
CINDEV UK LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CINDEV UK LIMITED (CONTINUED)


Conclusions relating to going concern


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.


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.


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 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.


Page 8

 
CINDEV UK LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CINDEV UK LIMITED (CONTINUED)


Matters on which we are required to report by exception
 

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.


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 by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company 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 4, 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 Group's and the parent 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 Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 9

 
CINDEV UK LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CINDEV 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 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.


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 10

 
CINDEV UK LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CINDEV UK LIMITED (CONTINUED)





Daniel Reid FCA (Senior statutory auditor)
  
for and on behalf of
Donald Reid Limited
 
Chartered Accountants
Statutory Auditors
  
Prince Albert House
18a/20 King Street
Maidenhead
Berkshire
SL6 1EF

21 August 2024
Page 11

 
CINDEV UK LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
€000
€000

  

Turnover
 4 
80,493
147,376

Cost of sales
  
(73,012)
(135,755)

Gross profit
  
7,481
11,621

Administrative expenses
  
(6,806)
(6,897)

Other operating income
 5 
40
-

Operating profit
 6 
715
4,724

Interest receivable and similar income
 10 
51
47

Interest payable and similar expenses
 11 
(40)
(187)

Profit before taxation
  
726
4,584

Tax on profit
 12 
(135)
(622)

Profit for the financial year
  
591
3,962

Profit for the year attributable to:
  

Owners of the parent Company
  
591
3,962

  
591
3,962

Total comprehensive income for the year attributable to:
  

Owners of the parent Company
  
591
3,962

  
591
3,962

There were no recognised gains and losses for 2023 or 2022 other than those included in the consolidated statement of comprehensive income.

There was no other comprehensive income for 2023 (2022:NIL).

The notes on pages 20 to 36 form part of these financial statements.

Page 12

 
CINDEV UK LIMITED
REGISTERED NUMBER: 11679051

CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
€000
€000

Fixed assets
  

Tangible assets
 14 
54
5

  
54
5

Current assets
  

Stocks
 16 
3,374
3,499

Debtors: amounts falling due within one year
 17 
12,229
20,242

Cash at bank and in hand
 18 
6,225
1,487

  
21,828
25,228

Creditors: amounts falling due within one year
 19 
(11,988)
(13,917)

Net current assets
  
 
 
9,840
 
 
11,311

Total assets less current liabilities
  
9,894
11,316

Provisions for liabilities
  

Deferred taxation
 21 
(90)
(103)

  
 
 
(90)
 
 
(103)

Net assets excluding pension asset
  
9,804
11,213

Net assets
  
9,804
11,213


Capital and reserves
  

Called up share capital 
 22 
1
1

Merger reserve
 23 
6
6

Profit and loss account
 23 
9,797
11,206

Equity attributable to owners of the parent Company
  
9,804
11,213

  
9,804
11,213


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 21 August 2024.


S Miners
Director

The notes on pages 20 to 36 form part of these financial statements.

Page 13

 
CINDEV UK LIMITED
REGISTERED NUMBER: 11679051

COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
€000
€000

Fixed assets
  

Tangible assets
 14 
53
-

Investments
 15 
7,295
7,295

  
7,348
7,295

Current assets
  

Cash at bank and in hand
 18 
137
242

  
137
242

Creditors: amounts falling due within one year
 19 
(60)
(89)

Net current assets
  
 
 
77
 
 
153

Total assets less current liabilities
  
7,425
7,448

  

  

Net assets
  
7,425
7,448


Capital and reserves
  

Called up share capital 
 22 
1
1

Merger reserve
 23 
6
6

Profit and loss account brought forward
 23 
7,441
7,400

Profit for the year
 23 
1,977
1,618

Dividends: Equity Capital

 13 

(2,000)
(1,577)

Profit and loss account carried forward
 23 
7,418
7,441

  
7,425
7,448


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 21 August 2024.


S Miners
Director

The notes on pages 20 to 36 form part of these financial statements.

Page 14

 
CINDEV UK LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Merger reserve
Profit and loss account
Equity attributable to owners of parent Company
Total equity

€000
€000
€000
€000
€000

At 1 January 2023
1
6
11,206
11,213
11,213


Comprehensive income for the year

Profit for the year
-
-
591
591
591
Total comprehensive income for the year
-
-
591
591
591


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(2,000)
(2,000)
(2,000)


Total transactions with owners
-
-
(2,000)
(2,000)
(2,000)


At 31 December 2023
1
6
9,797
9,804
9,804


The notes on pages 20 to 36 form part of these financial statements.

Page 15

 
CINDEV UK LIMITED
 

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


Called up share capital
Merger reserve
Profit and loss account
Equity attributable to owners of parent Company
Total equity

€000
€000
€000
€000
€000

At 1 January 2022
1
6
8,821
8,828
8,828


Comprehensive income for the year

Profit for the year
-
-
3,962
3,962
3,962
Total comprehensive income for the year
-
-
3,962
3,962
3,962


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(1,577)
(1,577)
(1,577)


Total transactions with owners
-
-
(1,577)
(1,577)
(1,577)


At 31 December 2022
1
6
11,206
11,213
11,213


The notes on pages 20 to 36 form part of these financial statements.

Page 16

 
CINDEV UK LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


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

€000
€000
€000
€000

At 1 January 2023
1
6
7,441
7,448


Comprehensive income for the year

Profit for the year
-
-
1,977
1,977
Total comprehensive income for the year
-
-
1,977
1,977


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(2,000)
(2,000)


Total transactions with owners
-
-
(2,000)
(2,000)


At 31 December 2023
1
6
7,418
7,425


The notes on pages 20 to 36 form part of these financial statements.

Page 17

 
CINDEV UK LIMITED
 

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


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

€000
€000
€000
€000

At 1 January 2022
1
6
7,400
7,407


Comprehensive income for the year

Profit for the year
-
-
1,618
1,618
Total comprehensive income for the year
-
-
1,618
1,618


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(1,577)
(1,577)


Total transactions with owners
-
-
(1,577)
(1,577)


At 31 December 2022
1
6
7,441
7,448


The notes on pages 20 to 36 form part of these financial statements.

Page 18

 
CINDEV UK LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
€000
€000

Cash flows from operating activities

Profit for the financial year
591
3,962

Adjustments for:

Depreciation of tangible assets
18
5

Interest paid
40
187

Interest received
(51)
(47)

Taxation charge
135
622

Decrease/(increase) in stocks
125
(2,720)

Decrease in debtors
8,014
5,466

(Decrease) in creditors
(1,848)
(4,122)

Corporation tax (paid)
(230)
(256)

Net cash generated from operating activities

6,794
3,097


Cash flows from investing activities

Purchase of tangible fixed assets
(67)
-

Interest received
51
47

Net cash (used in)/generated from investing activities

(16)
47

Cash flows from financing activities

Dividends paid
(2,000)
(1,577)

Interest paid
(40)
(187)

Net cash used in financing activities
(2,040)
(1,764)

Net increase in cash and cash equivalents
4,738
1,380

Cash and cash equivalents at beginning of year
1,487
107

Cash and cash equivalents at the end of year
6,225
1,487


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
6,225
1,487

6,225
1,487


The notes on pages 20 to 36 form part of these financial statements.

Page 19

 
CINDEV UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

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

 
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 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:

 
2.2

Basis of consolidation

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.

 
2.3

Going concern

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.

Page 20

 
CINDEV UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Foreign currency translation

Functional and presentation currency

For subsidiaries, the functional currency of Janex International BV is Euros and functional currency of Janex SA is US Dollar.
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

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 Consolidated 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'.

On consolidation, the results of overseas operations are translated into Euros at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

 
2.5

Turnover

Turnover consisting of sale of goods and services correspond to the fair value received or to be received from the clients. Turnover is presented net of value added tax, price discounts, cash discounts, bulk discounts or any other discounts. The Group recognises revenues upon the transfer of the principal risks and rewards to the purchaser (based on the Incoterms of the sale) and when there is sufficient certainty that Janex will receive an economic benefit that can be reliably measured. 
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. 

Page 21

 
CINDEV UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.6

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.9

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Group in independently administered funds.

Swiss pension plans are generally considered as defined benefit plans. As the Swiss subsidiary company's plans are fully reinsured, they are accounted for like contribution plans. 

Page 22

 
CINDEV UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

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:

Office equipment
-
3 - 5 years

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.

Page 23

 
CINDEV UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.12

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

The Directors consider any indicators of impairment annually.

 
2.13

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.14

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.15

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.16

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.17

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.18

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Page 24

 
CINDEV UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.18
Financial instruments (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
Page 25

 
CINDEV UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.18
Financial instruments (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.

 
2.19

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the opinion of management and the Directors, there is no judgements or key sources of estimation uncertainty in the preparation of the group financial statements.

Page 26

 
CINDEV UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Turnover

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:

2023
2022
€000
€000

United Kingdom
4,194
7,401

Rest of Europe
25,938
45,708

Rest of the world
50,361
94,267

80,493
147,376



5.


Other operating income

2023
2022
€000
€000

Other operating income
40
-

40
-



6.


Operating profit

The operating profit is stated after charging:

As restated
2023
2022
€000
€000

Depreciation of tangible fixed assets
18
5

Exchange differences
440
(527)

Operating lease expense
457
643

Page 27

 
CINDEV UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Auditors' remuneration

During the year, the Group obtained the following services from the Company's auditors and their associates:


2023
2022
€000
€000

Audit fee
21
22

Fees payable to the Company's auditors and their associates in respect of:

Non-audit services
6
9


8.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
Company
Company
2023
2022
2023
2022
€000
€000
€000
€000


Wages and salaries
4,315
5,098
115
-

Social security costs
370
488
10
-

Cost of defined contribution scheme
256
266
-
-

4,941
5,852
125
-


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


        2023
        2022
            No.
            No.







Employees
16
14


9.


Directors' remuneration

2023
2022
€000
€000

Directors' emoluments
115
-

115
-


No retirement benefits were accruing to the directors during the period.

Page 28

 
CINDEV UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Interest receivable

2023
2022
€000
€000


Other interest receivable
51
47

51
47


11.


Interest payable and similar expenses

2023
2022
€000
€000


Bank interest payable
40
187

40
187


12.


Taxation


2023
2022
€000
€000

Corporation tax


Overseas corporation tax
149
620


149
620


Total current tax
149
620

Deferred tax


Origination and reversal of timing differences
(14)
2

Total deferred tax
(14)
2


Tax on profit
135
622
Page 29

 
CINDEV UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
12.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2022 - lower than) the standard rate of corporation tax in the UK of 25% (2022 - 19%). The differences are explained below:

2023
2022
€000
€000


Profit on ordinary activities before tax
726
4,584


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2022 - 19%)
182
871

Effects of:


Foreign corporation tax rate and other difference
(47)
(249)

Total tax charge for the year
135
622


Factors that may affect future tax charges

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.


13.


Dividends

2023
2022
€000
€000


Dividends paid
2,000
1,577

2,000
1,577

Page 30

 
CINDEV UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

14.


Tangible fixed assets

Group






Office equipment

€000



Cost or valuation


At 1 January 2023
44


Additions
67



At 31 December 2023

111



Depreciation


At 1 January 2023
39


Charge for the year on owned assets
18



At 31 December 2023

57



Net book value



At 31 December 2023
54



At 31 December 2022
5

Page 31

 
CINDEV UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

           14.Tangible fixed assets (continued)


Company






Office equipment

€000

Cost or valuation


Additions
67



At 31 December 2023

67



Depreciation


Charge for the year on owned assets
14



At 31 December 2023

14



Net book value



At 31 December 2023
53



At 31 December 2022
-







15.


Fixed asset investments

Company





Investments in subsidiary companies

€000



Cost or valuation


At 1 January 2023
7,295



At 31 December 2023
7,295




Page 32

 
CINDEV UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Janex International BV
Herikerbergweg 238, 1101CM Amsterdam, Netherlands
Ordinary
100%
Janex SA
Place Bel-Air 1, 1003 Lausanne, Switzerland
Ordinary
100%

The shareholding in relation to Janex International BV is a direct shareholding.
The shareholding in relation to Janex SA is a indirect shareholding.






16.


Stocks

Group
Group
Company
Company
2023
2022
2023
2022
€000
€000
€000
€000

Raw materials and consumables
3,374
3,499
-
-

3,374
3,499
-
-



17.


Debtors

Group
Group
Company
Company
2023
2022
2023
2022
€000
€000
€000
€000


Trade debtors
11,820
19,652
-
-

Other debtors
160
18
-
-

Prepayments and accrued income
249
572
-
-

12,229
20,242
-
-


Page 33

 
CINDEV UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

18.


Cash and cash equivalents

Group
Group
Company
Company
2023
2022
2023
2022
€000
€000
€000
€000

Cash at bank and in hand
6,225
1,487
137
242

6,225
1,487
137
242



19.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2023
2022
2023
2022
€000
€000
€000
€000

Trade creditors
7,259
7,816
-
-

Other creditors
1,161
1,243
-
-

Accruals and deferred income
3,568
4,858
60
89

11,988
13,917
60
89



20.


Financial instruments

Group
Group
Company
Company
2023
2022
2023
2022
€000
€000
€000
€000

Financial assets

Financial assets measured at fair value through profit or loss
6,225
1,487
137
242

Financial assets that are debt instruments measured at amortised cost
11,980
19,670
-
-

18,205
21,157
137
242


Financial liabilities

Financial liabilities measured at amortised cost
(11,989)
(13,917)
(61)
(89)


Financial assets measured at fair value through profit or loss comprise cash and cash equivalents.
Financial assets that are debt instruments measured at amortised cost comprise trade debtors and other debtors.
Financial liabilities measured at amortised cost comprise trade creditors, other creditors and accruals.

Page 34

 
CINDEV UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

21.


Deferred taxation


Group



2023
2022


€000

€000






At beginning of year
(103)
(101)


Charged to profit or loss
14
(2)



At end of year
(89)
(103)

The provision for deferred taxation is made up as follows:

Group
Group
2023
2022
€000
€000

Accelerated capital allowances
(89)
(103)

(89)
(103)


22.


Share capital

2023
2022
€000
€000
Allotted, called up and fully paid



1,114 (2022 - 1,114) Ordinary shares of 1.00 each
1
1


The Ordinary shares each carry a voting right but no right to fixed income.


23.


Reserves

Merger Reserve

The Merger reserve represents the value of the investment acquired above the nominal value of share capital issued as consideration.

Profit and loss account

The profit and loss accounts represents the cumulative profits and losses, after the payment of dividends.

Page 35

 
CINDEV UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

24.


Pension commitments

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.


25.


Commitments under operating leases

At 31 December 2023 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2023
2022
€000
€000

Not later than 1 year
123,653
109,710

Later than 1 year and not later than 5 years
288,523
365,700

412,176
475,410
There are no specific lease commitments relating to the company.


26.


Related party transactions

The group has taken advantage of the exemption available in accordance within Section 33 'Related party disclosure' of FRS 102 not to disclose transactions entered into between two or more members of a group that are wholly owned.


27.


Controlling party

The Directors are considered to be the ultimate controlling parties by virtue of their ownership of Cindev UK Limited.

 
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