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Christeyns UK Ltd

Registered number: 00847863
Annual report and
 financial statements
For the year ended 31 December 2023

 
CHRISTEYNS UK LTD
 
 
COMPANY INFORMATION


Directors
Christeyns NV 
D Aveyard 
J Wittouck 
N Jones 
J Roberts 
S Wilson 
J Kerslake 




Company secretary
J Roberts



Registered number
00847863



Registered office
Rutland Street
East Bowling

Bradford

West Yorkshire

BD4 7EA




Independent auditor
Mazars LLP
Chartered Accountants & Statutory Auditor

5th Floor

3 Wellington Place

Leeds

LS1 4AP




Bankers
The Royal Bank of Scotland
45-47 Bank Street

Bradford

BD1 1TS





 
CHRISTEYNS UK LTD
 

CONTENTS



Page
Strategic Report
 
1 - 4
Directors' Report
 
5 - 10
Independent Auditor's Report
 
11 - 14
Statement of Comprehensive Income
 
15
Statement of Financial Position
 
16
Statement of Changes in Equity
 
17
Notes to the Financial Statements
 
18 - 39


 
CHRISTEYNS UK LTD
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
The directors present their Strategic Report for the year ended 31 December 2023.

Business review
 
The Company continued its principal activities which is the manufacture of industrial laundry products in both liquid and general contract manufacturing.
Having separated from Christeyns UK, the construction business created a new operating company called, Oscrete UK Ltd. 2023 saw further refinement of the processes and systems to optimize this separation. The re-focused overall Christeyns UK business saw a strong return of business volumes from the key laundry sector as international travel and business travel recovered post the Covid years, increasing the volumes in the key laundry sectors. 
The successful closure of the Cole & Wilson manufacturing facility and integration of the business into the Bradford factory, ensured a strong profit improvement in this sector without compromising volume. A new customer partnership in our contract manufacturing sector also supported the strong business growth in 2023.

Principal risks and uncertainties
 
Market risk – Like all companies we are exposed to competition in the market. We continue to manage this by providing an excellent service and helping our customers to develop their businesses.
Raw Material Pricing – The Ukraine war & the aftermath of Covid caused significant inflationary pressures throughout 2022 & leading into 2023. The inflationary pressure on raw materials softened in many areas during the year and ensured we could get margins back to the pre-covid levels. 
Energy & Transport Costs – We saw significant increases in the cost of energy and transport throughout the first half of 2023 which eased increasingly through the second half, but remain higher than previous years. Energy use efficiency has played a full part of our overall sustainability focus, with plans well advanced on the introduction of  solar panels.
Qualified Staff availability – The pressures on the labour market experienced for much of 2023 also started to dissipate towards the end of the year. Although wage inflation remained high. Through a mixture of a structured renumeration programme and an integrated people development plan CUK remained a “great place to work”, which was supported by the staff feedback through the annual satisfaction survey. This has enabled us to continue to attract high calibre new colleagues and retain our highly valued existing colleagues.
Continuing our focus on maintaining a consistently high level of customer service, offering our customers through both product innovation and service propositions opportunities to reduce costs in their own businesses has ensured we have maintained excellent relationships with our key customers helping to reduce their burden of inflationary pressures and reduce the environmental impacts at the same time.
A continued high focus on sustainability throughout the business has ensured we are in a good position to meet our obligations towards this important agenda and allow us to work with our customer partners to improve their businesses and their own sustainable propositions. Whether this is through internal initiatives or equipment innovations on key aspects of our competitors operation, such as, use of water control. 
 
- 1 -

 
CHRISTEYNS UK LTD
 

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


Operational risk – As a manufacturer we are exposed to many different risks. These are mitigated by the management controls we have in place. With key accreditation standards, independently audited; the ISO9001 quality standard (ensuring we have procedures in place to work efficiently and ensure quality throughout the business); ISO14001 (which ensures we are environmentally responsible); and ISO45001 (Ensuring we have appropriate Occupational Health and Safety Management systems). Significant investment in completing the replacement of our bulk tanks to upgrades that meet all standards further under pins operations going forward.
Reputational risk – The continued excellent reputation of Christeyns is the key to the success of the business, the accreditations of course help us to manage these risks but as this year has more than demonstrated, it is our people that make it happen. We have a high level of professional expertise and extensive knowledge throughout, and through a “family” entrepreneurial attitude we aim to exceed our customer’s expectations in all areas. During 2023 we continued to work towards the Company's vision for the future, following our core values, behaviours and strategic quality goals. We continue to promote a “customer first culture” with strong emphasis on customer retention and growth.
The Company has considerable financial resources together with strong relationships with a number of customers and suppliers across different geographic areas and industries. The Company is also a member of the Algimo NV group that has a strong presence in markets across Europe. Consequently, the directors believe that the company is well placed to manage its business risks successfully in the current economic climate.
In 2023 CUK also bought the Christeyns Irish business, Christeyns Technologies Ireland Ltd, from our French sister company, although owned by CUK, the Irish business will continue operate as a distinct separate business.
The Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus, we continue to adopt the going concern basis of accounting in preparing the financial statements.
 
Financial key performance indicators
 
The Company in Bradford use KPI focused approach to managing the business, with weekly leadership forums, focussing on the core topics of:
• Customers.
• People.
• Process; and
• Finance.
Budgets are agreed at group level and results monitored throughout the year; analysis of variance takes place regularly and where appropriate actions taken to mitigate.
Any capital expenditure is budgeted for and can only be authorised by a director.
Debtor days form part of the KPI approach to measurement, credit limits are enforced, and all customers are checked for credit suitability. Given the challenges of the market, we are staying very close to our customers.
The Company is in a strong position with net current assets of £12,944,868, net assets of £39,995,769 and close continued attention to our cash position ensures significant available resources remain available allowing us to face any future challenges.
 
- 2 -

 
CHRISTEYNS UK LTD
 

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

Directors' statement of compliance with duty to promote the success of the Company
The Directors of the Company have acted in accordance with their duties codified in law, which include their duty to act in the way in which they consider, in good faith, would be most likely to promote the success of the Company for the benefit of its members as a whole, having regard to the stakeholders and matters set out in section 172(1) of the Companies Act 2006 which is summarised as follows:
A director of a company must act in the way they consider, in good faith, would be most likely to promote the success of the company for the benefit of its shareholders as a whole and, in doing so have regard (amongst other matters) to:
• The likely consequences of any decisions in the long-term;
• The interests of the company’s employees.
• The need to foster the company’s business relationships with suppliers, customers and others.
• The impact of the company’s operations on the community and environment.
• The desirability of the company maintaining a reputation for high standards of business conduct; and
• The need to act fairly as between shareholders of the Company.
Section 172 considerations are embedded in decision making at Board level and throughout the Group.
Engagement with suppliers, customers and others 
Our People and Values 
The Directors appreciate that the company employees are key to deliver the goals and achieve the business strategy. The company encourages and promotes development of talent within the business. It actively looks to train and develop key personnel to ensure that knowledge and skills are retained within the business. This is delivered through the talent management programming which aims to monitor, measure and build talent in the workforce. This includes participation in the Investors in People programme in which it currently holds the Silver award.
Health and safety is a primary objective and the company has the necessary resources employed to ensure compliance and more importantly employee safety. The company encourages employees to participate in Health and Safety activities to ensure there is a group wide “buy in” and an appreciation that health and safety is everyone’s responsibility. 
The company promotes actively maintaining standards through its accreditation to ISO9001,14001 and 45001. 
Business Relationships 
These relationships are fundamental to the performance and existence of the business. We focus on maintaining these relationships at both ends of the supply chain. We value all our suppliers and customers and strive to maintain good relations and encourage open and honest dialogue. 
The company has a management structure in place to ensure customers and suppliers communication is appropriate. This includes Key account directors, Key account manager and Technical account managers. The management team has specialist in the necessary fields to effectively manage the business. Management meetings are held monthly and other focus groups meet regularly. Departments have a regular timetable of meetings to aid communication through the business and quarterly team briefs are held for the whole company.

- 3 -

 
CHRISTEYNS UK LTD
 

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

Community and Environment 
The industry the company operates in makes community and environment a key consideration in all decision-making processes. We understand the impact our business can have on the local community and the environment, we work minimise any impact as much as possible. This includes introducing innovations into the industry to help our customers operate in a more environmentally friendly way. Initiatives within the company are also aim to reducing waste, emissions and the energy usage of the company.
We actively participate in community initiatives and contribute to local charities. We encourage our employees to participate in fund raising and volunteering for local charities and community projects. We engage with local schools in several formats to enhance pupils’ engagement with businesses, through our Christeyns Experience initiative.
Shareholders 
The Directors are appointed by the shareholders to manage the company day to day and provide strategic direction. Performance is reported to the shareholder in monthly management accounts and board meetings.  The annual budget meeting is used to set the expectations for the next financial year and to ratify longer term strategies. The shareholders are available to provide guidance, support and strategic direction.
The shareholders are responsible for ensuring the resources are available so the business can deliver its strategies and goals in the long term.


This report was approved by the board on 23 April 2024 and signed on its behalf.



N Jones
Director

- 4 -

 
CHRISTEYNS UK LTD
 
 
 
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 Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


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

make judgments and accounting estimates that are reasonable and prudent;

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 Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Principal activity

The principal activity of the Company is the manufacture of industrial laundry products in both liquid and powder form, concrete and construction admixtures and speciality additives and general contract manufacturing.

Results and dividends

The profit for the year, after taxation, amounted to £8,701,721 (2022 - £3,182,571).

A dividend of £4,500,000 was paid during the year (2022 - £1,000,000).

Directors

The directors who served during the year were:

Christeyns NV 
D Aveyard 
J Wittouck 
N Jones 
J Roberts 
S Wilson 
J Kerslake 
P Bostoen - resigned 29 May 2023

- 5 -

 
CHRISTEYNS UK LTD
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Future developments

The Company will continue with its focus on its core activities and aims to be the partner and employer of choice, being ahead of our competitors with innovation, creativity and entrepreneurial flair, adhering to the core values that become enshrined within the DNA of the business. We will continue to grow organically and through carefully identified acquisitions which are complimentary to the principal activities.

Going concern

The Company's business activities, together with the factors likely to affect its future development, performance and position are set out in the Directors' Report. The Strategic Report outlines the Company's objectives, policies, and procedures for managing capital; its financial risk management objectives and its exposure to credit risk and liquidity.
The Company has sufficient financial resources together with clearly defined performance objectives. It has the strong support of its parent company and fellow subsidiary members in working towards meeting its financial objectives. Consequently, the directors believe that the Company is well placed to manage its business risks successfully despite the current economic outlook.
The Directors of the Company have undertaken a robust forecasting exercise considering the probable and possible likely volume trends. The period of assessment covers a period of at least twelve months from the date of the audit report. The Company is in a strong position giving the Directors a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future and that it can face future challenges. As such the Directors are satisfied that the Company remains a going concern and the financial statements have been prepared on the going concern basis.
Post balance sheet events
There have been no significant events affecting the company since the year end.

- 6 -

 
CHRISTEYNS UK LTD
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Greenhouse gas emissions, energy consumption and energy efficiency action

The Company's greenhouse gas emissions and energy consumption for the year are:

Site
Scope 1
Value
Conversion Factor
CO2e 2023
CO2e 2022
Bradford 
Gas(KwH)
826,265
0.18
151,148
154,890

Vehicle Fuel - Freight (Miles)
386,910
1.40
542,834
400,102

Passenger Fuel - Petrol (Miles)
314,045
0.26
82,842
172,462

Passenger Fuel - Diesel (Miles) 
233,363
0.27
63,783
33,510

Non Company car (Litres)



2,888

CO2e


840,607
763,852

Scope 2
Value
Conversion Factor
CO2e 2023
CO2e 2022

Electricity
581,475
0.21
120,365
114,865

Passenger Fuel- PHEV (Miles)
82,880
0.04
3,441
732

CO2e


123,806
115,597

Total CO2e


964,413
879,450







Production Kg


18,584,000
18,110,518

Intensity Ratio





Kg CO2e/Production Kg


0.05
0.05






Site
Scope 1
Value
Conversion Factor
CO2e 2023
CO2e 2022
CFH
Gas(Kwh)
848
0.18
155
2,711

Vehicle Fuel - Freight (Miles)
217,480
1.40
305,124
205,911

Passenger Fuel - Petrol (Miles)
11,324
0.26
2987
395,036

Passenger Fuel - Diesel (Miles)
50,660
0.27
13,846
0.00







CO2e


322,113
603,658

Scope 2 
Value
Conversion Factor
CO2e 2023
CO2e 2022

Electricity 
464,508
0.21
96,153
62,688

Passenger Fuel - PHEV (Miles)
468,100
0.04
19,435
0.00

CO2e


115,588
62,688

Total CO2e


437,701
666,346







Production Kg


27,956,621
27,100,000

Intensity Ratio





Kg CO2e/Production Kg


0.016
0.025






- 7 -

 
CHRISTEYNS UK LTD
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Site
Scope 1
Value
Conversion Factor 
CO2e 2023
CO2e 2022
CPH
Gas(KwH)
460,185
0.18
84,181
51,513

Passenger Fuel - Petrol (Miles)
21,545
0.26
5,683
200,901

Passenger Fuel - Diesel (Miles)
31,100
0.27
8,500
252,414

CO2e


98,365
252,414

Scope 2
Value
Conversion Factor
CO2e 2023
CO2e 2022

Electricity*
739,064
0.21
152,986
168,532

Passenger Fuel - PHEV (Miles)
22,517
0.04
935
0

CO2e


153,921
168,532

Total CO2e


252,286
420,946







Production Kg


10,435,776
11,193,421

Intensity Ratio





Kg CO2e/Production Kg


0.0242
0.039
Total



CO2e 2023
CO2e 2022

Scope 1


1,261,085
1,619,927

Scope 2


393,316
346,817

CO2e


1654400
1,966,744

Production


56,976,397
56,403,939

Intensity Ratio: Kg CO2e/ Production Kg


0.0290
0.0348
Plus: Self-Generated (Solar Power)*
Methodologies used in the calculations
The reported Gas and Electricity data is taken from the UK’s internal reporting system and the mileage is taken from data held within the UK’s internal expenses system or via our fuel card provider.  The carbon emission factors are taken from the UK Government GHG Conversion Factors for Company Reporting data for 2023. Use for transport includes fuel use or mileage for all company vehicles and other vehicles driven on company business where fuel is purchased by or for the company.
Gas = Natural Gas Gross CV Basis
Emissions are calculated under scope 1 and scope 2 categories. At this stage Scope 3 data is not available for indicative calculations. Comparative data for 2022 totals is shown below.

- 8 -

 
CHRISTEYNS UK LTD
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023


Report on Activities to Reduce Climate Impact
Christeyns Terra Project (“Terra” means Earth) looks into every aspect of Christeyns business across all its UK sites in relation to sustainability and the environment with the objective to assess our climate-related risks and opportunities. The project is led by a Board Director, Justin Kerslake, and has influence across all operations and investment decisions across the UK businesses of Christeyns Food Hygiene, Christeyns Laundry Technology, Oscrete Construction Products, Cole and Wilson and Christeyns Professional Hygiene.
2023 energy projects included installing low energy LED lighting replacement and the firm switched energy supply for the main Bradford plant to achieve net Carbon Zero.
We have introduced an electric vehicle policy for company car users with high initial uptake ending the year with greater than 83% of vehicles either PHEV or EV; delivery times have been affected due to shortages of component chips and disruption to the World markets. As current contractual leases terminate, we expect to move to higher levels of uptake in 2024. The company has invested in EV charging infrastructure at its two production sites in Bradford and Warrington with a “free to charge” policy to encourage non-company car drivers to switch and therefore reduce emissions associated with the commute to work.
We have invested significantly into developing efficient chemical systems, incorporating both equipment and chemicals to reduce impacts on our own and customer’s sites. During 2023 we installed heat exchangers and water filtration systems to assist multiple customers in our Laundry segment, reducing water and energy use as well as the impact of effluent. Recent developments such as our PureSan and EPIC chemical brand have also led to the introduction of concentrated formulations that reduce the number of deliveries and hence carbon footprint. Further technology improvements in formulations and installed equipment will enable a further reduction in Environmental impacts at our customer sites.
Customers continue to invest in Christeyns technology and equipment, with projects being realised for the Heat X & Lint X equipment for energy and water recovery; and HydRO Water-saving technology to recover, treat and recycle wastewater from the washhouse, the Plug-&-play unit reduces fresh water intake by > 80%.
Raw materials are purchased from carefully selected suppliers with sustainability being a key requirement when selecting ingredients.  
The Bradford manufacturing facility has now completed its migration to a waste broker that utilises a ‘greener path’ for waste, this has enabled the facility to reach its Zero waste to landfill goal for 2023, whilst the Warrington facility has maintained this achievement again in 2023. 
Wash-out water from both customer sites and the firm’s manufacturing facilities, is recovered and saves nearly 400,000 litres of mains water annually. This practice also reduces the amount of effluent being deposited into the environment.
Hybrid working has continued in 2023, with a number of people working from home for 1 or more days, in conjunction with the use of ‘TEAMs’ calls this has minimise the number of personal miles travelled for meetings etc.
The Professional Hygiene facility based in Whaley Bridge has completed its 2nd phase of solar panels, which now provide excess power that can be fed back into the national grid. The Bradford facility is currently undergoing solar panel installation at the Rutland St location, Warrington are exploring solar panel options for 2024/25.
With regard to packaging, we have traditionally been active in recovering used packaging from customer sites for refilling and where practicable, installing bulk chemical storage on customer sites to reduce delivery journeys. We continue to work with our industry segments towards reducing small pack use. To emphasise the importance of minimising the use of disposable packaging, we issued staff with reusable cups and drinks bottles.
 
- 9 -

 
CHRISTEYNS UK LTD
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023


We are active in industry trade groups (such as the Textile Services Association where we have representation on the Sustainability Steering Group) and share knowledge and ideas with industry peers to cascade best practice and understanding of emergent technologies. 
Group level, our Head Office in Ghent has appointed a new role of Sustainability Manager with a remit to review targets, advice local business units and co-ordinate activities.
We continue to review our operations and impacts with an objective to reduce our impact on the climate crisis.

Matters covered in the Strategic Report

Certain information not shown in the Directors’ Report is shown in the Strategic Report on page 1 instead in accordance with Section 414C (11) of the Companies Act 2006. This includes a business review and principal risks and uncertainties.

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the directors are aware, there is no relevant audit information of which the Company's auditor is unaware, and

the directors have taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Auditor

The auditor, Mazars LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 23 April 2024 and signed on its behalf.
 



N Jones
Director

- 10 -

 
CHRISTEYNS UK LTD
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CHRISTEYNS UK LTD
 

Opinion

We have audited the financial statements of Christeyns UK Ltd (the ‘Company’) for the year ended 31 December 2023 which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and notes to the financial statements, 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 FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

give a true and fair view of the state of the Company’s affairs as at 31 December 2023 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

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 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 auditor’s 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.
- 11 -

 
CHRISTEYNS UK LTD
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CHRISTEYNS UK LTD
 

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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:
 
the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of Directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.

Responsibilities of Directors
As explained more fully in the Directors' Responsibilities Statement set out on page 5, the Directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Directors are responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.
- 12 -

 
CHRISTEYNS UK LTD
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CHRISTEYNS UK LTD
 

Auditor's 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 auditor’s 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 the financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
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.
Based on our understanding of the company and its industry, we considered that non-compliance with the following laws and regulations might have a material effect on the financial statements: employment regulation, health and safety regulation, anti-money laundering regulation, data protection regulation and the Bribery Act 2010. 

To help us identify instances of non-compliance with these laws and regulations, and in identifying and assessing the risks of material misstatement in respect to non-compliance, our procedures included, but were not limited to:
 Inquiring of management and, where appropriate, those charged with governance, as to whether the     Company is in compliance with laws and regulations, and discussing their policies and procedures    regarding compliance with laws and regulations;
 Inspecting correspondence, if any, with relevant licensing or regulatory authorities;
 Communicating identified laws and regulations to the engagement team and remaining alert to any    indications of non-compliance throughout our audit; and
 Considering the risk of acts by the Company which were contrary to applicable laws and regulations,    including fraud.  
We also considered those laws and regulations that have a direct effect on the preparation of the financial statements, such as: tax legislation, pension legislation and the Companies Act 2006. 
In addition, we evaluated the Directors’ and management’s incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of management override of controls, and determined that the principal risks related to: posting manual journal entries to manipulate financial performance; management bias through judgements and assumptions in significant accounting estimates, in particular in relation to stock provisioning, stock valuation and bad debt provisioning; revenue recognition (which we pinpointed to cut-off, the risk of recognising revenue in the incorrect period); and significant one-off or unusual transactions.
Our audit procedures in relation to fraud included but were not limited to:
  Making enquiries of the Directors and management on whether they had knowledge of any actual,     suspected or alleged fraud;
 Gaining an understanding of the internal controls established to mitigate risks related to fraud;
 Discussing amongst the engagement team the risks of fraud; and
 Addressing the risks of fraud through management override of controls by performing journal entry testing.
 
- 13 -

 
CHRISTEYNS UK LTD
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CHRISTEYNS UK LTD
 

There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls.
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 auditor’s report.

Use of the audit 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 auditor's 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.



 
Christopher Hudson (Senior Statutory Auditor)
 

  
for and on behalf of

Mazars LLP
Chartered Accountants and Statutory Auditor 
5th Floor
3 Wellington Place
Leeds
LS1 4AP

23 April 2024
- 14 -

 
CHRISTEYNS UK LTD
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
 £
£

  

Turnover
 4 
33,706,875
34,203,085

Cost of sales
  
(24,866,166)
(27,810,100)

Gross profit
  
8,840,709
6,392,985

Distribution costs
  
(1,567,207)
(1,215,242)

Administrative expenses
  
(3,909,853)
(3,492,720)

Operating profit
 5 
3,363,649
1,685,023

Income from fixed assets investments
 9 
6,126,025
1,704,188

Interest receivable and similar income
 10 
35,364
7,032

Profit before tax
  
9,525,038
3,396,243

Tax on profit
 11 
(823,317)
(213,672)

Profit for the financial year
  
8,701,721
3,182,571

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

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

The notes on pages 18 to 39 form part of these financial statements.

- 15 -

 
CHRISTEYNS UK LTD
REGISTERED NUMBER: 00847863

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 13 
365,485
141,503

Tangible assets
 14 
3,760,278
3,917,705

Investments
 15 
23,263,051
20,207,029

  
27,388,814
24,266,237

Current assets
  

Stocks
 16 
3,921,595
5,661,880

Debtors: amounts due after more than one year
 17 
117,805
612,930

Debtors: amounts due within one year
 17 
9,626,802
9,039,491

Cash at bank and in hand
 18 
3,643,627
334,936

  
17,309,829
15,649,237

Creditors: amounts falling due within one year
 19 
(4,364,961)
(3,874,625)

Net current assets
  
 
 
12,944,868
 
 
11,774,612

Total assets less current liabilities
  
40,333,682
36,040,849

Creditors: amounts due after more than one year
 20 
(44,342)
(66,513)

Provisions for liabilities
  

Deferred tax
 21 
(293,571)
(180,288)

Net assets
  
39,995,769
35,794,048


Capital and reserves
  

Called up share capital 
 22 
2,047,030
2,047,030

Capital redemption reserve
 23 
252,970
252,970

Profit and loss account
 23 
37,695,769
33,494,048

  
39,995,769
35,794,048


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 23 April 2024.


N Jones
Director

The notes on pages 18 to 39 form part of these financial statements.

- 16 -

 
CHRISTEYNS UK LTD
 

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


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

£
£
£
£


At 1 January 2022
2,047,030
252,970
31,311,477
33,611,477


Comprehensive income for the year

Profit for the year
-
-
3,182,571
3,182,571
Total comprehensive income for the year
-
-
3,182,571
3,182,571


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(1,000,000)
(1,000,000)


Total transactions with owners
-
-
(1,000,000)
(1,000,000)



At 1 January 2023
2,047,030
252,970
33,494,048
35,794,048


Comprehensive income for the year

Profit for the year
-
-
8,701,721
8,701,721
Total comprehensive income for the year
-
-
8,701,721
8,701,721


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(4,500,000)
(4,500,000)


Total transactions with owners
-
-
(4,500,000)
(4,500,000)


At 31 December 2023
2,047,030
252,970
37,695,769
39,995,769


- 17 -

 
CHRISTEYNS UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Christeyns UK Limited is a private company which is limited by shares. It is incorporated in England and Wales. The registered office can be found on the company information page.
The principal activity is the manufacture of industrial laundry products in both liquid and powder form, concrete and construction admixtures and speciality additives and general contract manufacturing.

2.Accounting policies

 
Basis of preparation of financial statements

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

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

The following principal accounting policies have been applied:

 
2.1

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
  the requirements of Section 7 Statement of Cash Flows; and
  the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d); and
  the requirements of Section 33 Related Party Disclosures paragraph 33.7.
  the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
This information is included in the consolidated financial statements of Algimo NV as at 31 December 2023 and these financial statements may be obtained from Algimo NV, Coupure 10, 9000, Gent, Belgium.
 
 
2.2

Exemption from preparing consolidated financial statements

The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of a state other than the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 401 of the Companies Act 2006.

- 18 -

 
CHRISTEYNS UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

Going concern

The Company's business activities, together with the factors likely to affect its future development, performance and position are set out in the Directors' Report. The Strategic Report outlines the Company's objectives, policies, and procedures for managing capital; its financial risk management objectives and its exposure to credit risk and liquidity.
The Company has sufficient financial resources together with clearly defined performance objectives. It has the strong support of its parent company and fellow subsidiary members in working towards meeting its financial objectives. Consequently, the directors believe that the Company is well placed to manage its business risks successfully despite the current economic outlook.
The Directors of the Company have undertaken a robust forecasting exercise considering the probable and possible likely volume trends. The period of assessment covers a period of at least twelve months from the date of the audit report. The Company is in a strong position giving the Directors a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future and that it can face future challenges. As such the Directors are satisfied that the Company remains a going concern and the financial statements have been prepared on the going concern basis.

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP, rounded to the nearest £1.

Transactions and balances

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

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

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

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'.

- 19 -

 
CHRISTEYNS UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, inclusive of discounts, rebates but excluding value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.6

Operating leases: the Company as lessee

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

 
2.7

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only

 
2.8

Interest income

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

- 20 -

 
CHRISTEYNS UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.9

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company 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 Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
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 reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting 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; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

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 reporting date.

- 21 -

 
CHRISTEYNS UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.11

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of Comprehensive Income over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Goodwill
-
5
years
Licenses/Trademarks
-
10
years
Software
-
5
years

 
2.12

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.

Land is not depreciated. Depreciation on other assets 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:

Freehold property
-
2 - 10% straight line
Leasehold improvements
-
10 - 25% straight line
Plant and machinery
-
10 - 33% straight line
Engineering installations
-
25% straight line
Assets under construction
-
Not depreciated

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.

- 22 -

 
CHRISTEYNS UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.13

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.14

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 reporting 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.

 
2.15

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.

 
2.16

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.

 
2.17

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.

 
2.18

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.

- 23 -

 
CHRISTEYNS UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.19

Financial instruments

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

Financial instruments are recognised in the Company's Statement of Financial Position when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
 
- 24 -

 
CHRISTEYNS UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.19
Financial instruments (continued)


Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

- 25 -

 
CHRISTEYNS UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.20

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.


Judgements in applying accounting policies and key sources of estimation uncertainty

Critical judgements in applying the Company’s accounting policies 
The critical judgements that the directors have made in the process of applying the Company’s accounting policies that have the most significant effect on the amounts recognised in the statutory financial statements are discussed below.

(i) Assessing indicators of impairment 
In assessing whether there have been any indicators of impairment assets, the directors have considered both external and internal sources of information such as market conditions, counterparty credit ratings and experience of recoverability and where applicable, the ability of the asset to be operated as planned.
 
Key sources of estimation uncertainty 
The key assumptions concerning the future, and other key sources of estimation uncertainty, that have a heightened possibility of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.

ii) Recoverability of receivables
The Company establishes a provision for receivables that are estimated not to be recoverable. When assessing recoverability management have considered factors such as the aging of the receivables, past experience of recoverability, and the credit profile of individual or groups of customers. 

(ii)     Stock valuation & provisioning
Finished goods and WIP represent a significant amount in the balance sheet. The finished goods & WIP are valued using the raw material as well as absorbed labour and overhead costs. There is estimation uncertainty surrounding the rate at which overheads are absorbed. Management also apply a provision to stock to ensure that stock is correctly valued at the lower of cost and net realisable value. There is uncertainty in terms of future sales of specific stock lines. As such management use judgement to estimate the required stock provision based on the information available to them.

- 26 -

 
CHRISTEYNS UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Turnover

Analysis of turnover by country of destination:

2023
2022
£
£

United Kingdom
30,742,454
30,638,988

Rest of Europe
2,598,726
2,615,916

Rest of the World
365,695
948,181

33,706,875
34,203,085


An analysis of turnover by class of business is as follows:

2023
2022
£
£



Laundry
28,008,051
24,937,656

Construction
5,698,824
9,276,495

33,706,875
34,214,151


5.


Operating profit

The operating profit is stated after charging/(crediting):

2023
2022
£
£

Amortisation of intangible fixed assets
67,126
39,087

Exchange differences
(105,768)
(45,248)

Defined contribution pension scheme costs
209,989
206,183

Profit on disposal of tangible fixed assets
(500)
(9,850)

Depreciation of tangible fixed assets
1,139,205
1,059,983


6.


Auditor's remuneration

2023
2022
£
£

Fees payable to the Company's auditor for the audit of the Company's financial statements
39,000
35,000

Fees payable to the Company's auditor in respect of:

Preparation of financial statements and provision of iXBRL services
4,175
3,900

Taxation compliance services
6,500
6,000

- 27 -

 
CHRISTEYNS UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Employees

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


2023
2022
£
£

Wages and salaries
4,959,443
4,647,744

Social security costs
559,638
523,321

Defined contribution pension scheme
209,989
206,182

5,729,070
5,377,247


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


        2023
        2022
            No.
            No.







Manufacturing
44
44



Selling and distribution
40
46



Administration
29
28

113
118


8.


Directors' remuneration

Directors remuneration is stated net of recharges to fellow group companies. 


2023
2022
£
£

Directors' emoluments
332,720
641,017

Company contributions to defined contribution pension schemes
37,159
44,358

369,879
685,375


During the year retirement benefits were accruing to 4 directors (2022 - 4) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £188,004 (2022 - £185,124).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £18,819 (2022 - £17,921).

- 28 -

 
CHRISTEYNS UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Income from investments

2023
2022
£
£





Dividends received from subsidiary companies
6,126,025
1,704,188



10.


Interest receivable

2023
2022
£
£


Interest receivable
35,364
7,032


11.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
732,802
130,198

Adjustments in respect of previous periods
(22,768)
(37,906)


Total current tax
710,034
92,292

Deferred tax


Origination and reversal of timing differences
88,576
127,366

Adjustments in respect of previous periods
24,707
(5,986)

Total deferred tax
113,283
121,380


Taxation on profit on ordinary activities
823,317
213,672
- 29 -

 
CHRISTEYNS UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
11.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 23.52% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
9,525,038
3,396,243


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.52% (2022 - 19%)
2,240,289
645,286

Effects of:


Expenses not deductible for tax purposes
14,958
9,690

Fixed asset differences
1,712
(23,994)

Adjustments to tax charge in respect of prior periods
(22,768)
(37,906)

Adjustments to deferred tax charge in respect of prior periods
24,707
(5,986)

Dividends from UK Companies
(1,440,875)
(323,796)

Remeasurement of deferred tax for changes in tax rates
5,242
30,568

Other differences leading to an increase (decrease) in the tax charge
52
(4,371)

Group relief surrendered/(claimed)
-
(75,819)

Total tax charge for the year
823,317
213,672


Factors that may affect future tax charges

From 1 April 2023, the rate of corporation tax in the United Kingdom increased from 19% to 25%. Companies with profits of £50,000 or less will continue to be taxed at 19%, which is a new small profits rate. Where taxable profits are between £50,000 and £250,000, the higher 25% rate will apply but with a marginal relief applying as profits increase.


12.


Dividends

2023
2022
£
£


Dividends paid
4,500,000
1,000,000

- 30 -

 
CHRISTEYNS UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

13.


Intangible assets




Software
Licenses/  Trademarks
Goodwill
Total

£
£
£
£



Cost


At 1 January 2023
283,032
-
100,299
383,331


Additions
290,614
494
-
291,108



At 31 December 2023

573,646
494
100,299
674,439



Amortisation


At 1 January 2023
169,947
-
71,881
241,828


Charge for the year
38,476
232
28,418
67,126



At 31 December 2023

208,423
232
100,299
308,954



Net book value



At 31 December 2023
365,223
262
-
365,485



At 31 December 2022
113,085
-
28,418
141,503



- 31 -

 
CHRISTEYNS UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

14.


Tangible fixed assets





Freehold property
Leasehold improvements
Plant and machinery
Engineering installations
Assets under construction
Total

£
£
£
£
£
£



Cost


At 1 January 2023
2,052,316
56,946
4,307,126
8,710,792
-
15,127,180


Additions
26,946
-
293,792
428,339
241,990
991,067


Disposals
-
-
(5,485)
(29,724)
-
(35,209)



At 31 December 2023

2,079,262
56,946
4,595,433
9,109,407
241,990
16,083,038



Depreciation


At 1 January 2023
1,187,701
34,407
2,712,180
7,275,187
-
11,209,475


Charge for the year
82,876
9,874
373,412
673,043
-
1,139,205


Disposals
-
-
(5,485)
(20,435)
-
(25,920)



At 31 December 2023

1,270,577
44,281
3,080,107
7,927,795
-
12,322,760



Net book value



At 31 December 2023
808,685
12,665
1,515,326
1,181,612
241,990
3,760,278



At 31 December 2022
864,615
22,539
1,594,946
1,435,605
-
3,917,705

The value of land not depreciated is £40,020 which is included within Freehold property.

- 32 -

 
CHRISTEYNS UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

15.


Fixed asset investments





Investments in subsidiary companies

£



Cost


At 1 January 2023
21,516,163


Additions
3,056,022



At 31 December 2023

24,572,185



Impairment


At 1 January 2023
1,309,134



At 31 December 2023

1,309,134



Net book value



At 31 December 2023
23,263,051



At 31 December 2022
20,207,029

The additions in the year relates to investments in Christeyns Technologies Ireland Ltd.

- 33 -

 
CHRISTEYNS UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Principal activity

Class of shares

Holding

Christeyns Portugal SA
Manufacturing cleaning chemicals
Ordinary
100%
Christeyns Italia srl
Manufacturing cleaning chemicals
Ordinary
82%
Alex Reid Limited
Non-trading
Ordinary A
100%
Christeyns Food Hygiene Limited
Manufacturing cleaning chemicals
Ordinary
100%
Cole and Wilson Limited
Dormant
Ordinary
100%
Adcrete Limited
Sale of building materials
Ordinary A
75%
Christeyns Professional Hygiene UK Limited
Manufacturing cleaning chemicals
Ordinary A
100%
Oscrete UK Ltd
Sale of building materials
Ordinary
100%
P&B Gannon Holdings Limited
Manufacturing cleaning chemicals
100%
Christeyns Technologies Ireland Ltd
Manufacturning cleaning chemicals
Ordinary
100%

- 34 -

 
CHRISTEYNS UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Subsidiary undertakings (continued)

The following are indirect subsidiaries of Christeyns UK Limited:
- Christeyns Italy Professional Hygiene srl (82% indirect holding) - the principal activity of the company is the manufacture of cleaning chemicals;
- Christeyns Italy Food Hygiene srl (90% indirect holding) - the principal activity of the company is the manufacture of cleaning chemicals.
- Anti-Germ (UK) Limited (100% indirect holding) - the company remains dormant;
- Klenzan Direct Limited (100% indirect holding) - the company remains dormant; and
- In Site Control Limited (100% indirect holding) - the company remains dormant.
The registered address of Christeyns Portugal SA is: Christeyns Portugal SA, Estrada de Paço de Arcos, Zoom Business Park - Edificio E, Escritório 12735-307 CACÉM, Portugal. 
The registered addresses of Christeyns Italia srl, Christeyns Italy Professional Hygiene srl and Christeyns Italy Food Hygiene srl are: Via Aldo Moro 30, 20060 Pessano con Bornago, Italy. 
The registered address of Alex Reid Limited, Cole & Wilson Limited & In Site Control Limited is: Christeyns UK Limited, Rutland Street, East Bowling, Bradford, West Yorkshire, BD4 7EA, UK.
The registered addresses of Christeyns Food Hygiene Limited, Anti-Germ (UK) Limited and Klenzan Direct Limited are: Cameron Court 2, Warrington, Cheshire, WA2 8RE, UK. 
The registered address of Adcrete Limited is: 31 Enterprise House Lisburn Enterprise Centre, 6 Enterprise Crescent, Ballinderry Road, Lisburn, County Antrim, Northern Ireland, BT28 2BP 
The registered address of Christeyns Professional Hyiene UK Limited is: Clover House, Macclesfield Road, Whaley Bridge, High Peak, Derbyshire, SK23 7DQ
The registered address of Oscrete UK Ltd is: Christeyns UK Limited, Rutland Street, East Bowling, Bradford, West Yorkshire, BD4 7EA, UK.
The registered address of P&B Gannon Holdings Limited is: Ballindine, Co Mayo, Claremorris, Ireland.
The registered address of Christeyns Technologies Ireland Ltd is: Block 3, Harcourt Centre, Harcourt Road, Dublin, D02 A339.


16.


Stocks

2023
2022
£
£

Raw material
1,690,383
2,047,270

Work in progress
203,869
738,084

Finished goods
2,027,343
2,876,526

3,921,595
5,661,880


- 35 -

 
CHRISTEYNS UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

17.


Debtors

2023
2022
£
£

Due after more than one year

Trade debtors
117,805
612,930


2023
2022
£
£

Due within one year

Trade debtors
6,743,032
5,934,789

Amounts owed by group undertakings
2,609,879
2,740,009

Other debtors
12,115
150,230

Prepayments and accrued income
261,776
214,463

9,626,802
9,039,491


Group balances are interest free and repayable on demand.


18.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
3,643,627
334,936



19.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
1,489,661
2,351,332

Amounts owed to group undertakings
634,413
336,021

Corporation tax
47,208
-

Other taxation and social security
509,078
356,881

Other creditors
83,753
68,586

Accruals and deferred income
1,600,848
761,805

4,364,961
3,874,625


Group Balances are interest free and repayable on demand.

- 36 -

 
CHRISTEYNS UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

20.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Other creditors
44,342
66,513



21.


Deferred taxation




2023
2022


£

£






At beginning of year
(180,288)
(58,908)


Charged to profit or loss
(113,283)
(121,380)



At end of year
(293,571)
(180,288)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Fixed asset timing differences
(314,159)
(225,993)

Short term timing differences
20,588
45,705

(293,571)
(180,288)

- 37 -

 
CHRISTEYNS UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

22.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



40,940,595 (2022 - 40,940,595) Ordinary shares of £0.05 each
2,047,030
2,047,030



23.


Reserves

Capital redemption reserve

This reserve represents the nominal value of previous share repurchases.

Profit and loss account

This reserve represents cumulative profits and losses, less dividends paid.


24.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £209,989 (2022 - £206,183). Contributions totalling £37,055 (2022 - £15,077)  were payable to the fund at the balance sheet date.


25.


Commitments under operating leases

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

2023
2022
£
£

Vehicles and Equipment


Not later than 1 year
582,811
485,797

Later than 1 year and not later than 5 years
824,744
630,717

Later than 5 years
22,658
35,153

1,430,213
1,151,667

During the period £613,002 (2022 - £545,758) was charged to the Statement of Comprehensive Income in relation to operating leases.

- 38 -

 
CHRISTEYNS UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

26.Other financial commitments

As at the year end the Company had entered into forward contracts to purchase €500,000 (2022: €Nil). The fair value adjustment to the contracts is not material and thus have not been incorporated into the financial statements.


27.


Transactions with directors

At the year end £Nil was owed by directors of the Company (2022: £Nil). During the period repayments were made totalling £Nil (2022: £4,069).


28.


Related party transactions

The Company has taken advantage of the exemption available in section 33 of FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" related party disclosures from the requirement to disclose transactions with wholly owned group companies.


29.


Controlling party

The ultimate parent company is Algimo NV, a company registered in Belgium. The consolidated financial statements of Algimo NV can be obtained from Algimo NV, Coupure 10, 9000, Gent, Belgium.
The immediate parent company is Christeyns NV, a company registered in Belgium. 

- 39 -