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Christeyns Food Hygiene Limited

Registered number: 02456403
Annual report and financial statements
For the year ended 31 December 2023

 
CHRISTEYNS FOOD HYGIENE LIMITED
 
 
COMPANY INFORMATION


Directors
C Bayliss 
A Bethel 
J Wittouck 
G N Hunneman 
Christeyns NV 
N G Jones 
P M Littleton 




Registered number
02456403



Registered office
2 Cameron Court
Winwick Quay

Warrington

Cheshire

WA2 8RE




Independent auditor
Mazars LLP
Chartered Accountants & Statutory Auditor

5th Floor

3 Wellington Place

Leeds

LS1 4AP




Bankers
Royal Bank of Scotland
40 Horsemarket Street

Warrington

WA1 1XN





 
CHRISTEYNS FOOD HYGIENE LIMITED
 

CONTENTS



Page
Strategic Report
 
1 - 2
Directors' Report
 
3 - 4
Independent Auditor's Report
 
5 - 8
Statement of Comprehensive Income
 
9
Statement of Financial Position
 
10
Statement of Changes in Equity
 
11
Notes to the Financial Statements
 
12 - 29


 
CHRISTEYNS FOOD HYGIENE LIMITED
 
 
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 chemical products and support services to service the food and drink marketplace.
Principal risks and uncertainties
A continued erratic global supply chain, impacted directly by dynamic worldwide events, continued to provide an uncertain back drop to managing the business throughout 2023. However, following several years of continued investment into the operational infrastructure, with a particular focus on manufacturing efficiency & bulk storage options, the business was able to continue to steer successfully through an erratic supply context, and above all maintain strong and consistent customer service.  
In addition, a continued adaptable and flexible approach coupled with excellent teamwork and communication, ensured any risks were addressed and logical solutions found. This has continued to minimise any impacts on our business and on that of our customers' businesses of a dynamic supply context.
Operating & input costs - although raw material inflation and energy costs have progressively settled during the year, other costs, such as labour costs have continued to rise. Excellent relationships with suppliers and a strong transparent and open dialogue with customers has ensured a continuation of strong business momentum throughout the period.
Focused investments in our transport fleet have ensured we have minimised any impacts of fluctuating transport costs. 
Market risk - Like all companies we are exposed to competition in the market. We manage this by providing a consistent high level of service and helping our customers safely develop their businesses. Our key value of acting like and giving a service of a "family business" with our customers, continuing to seek to improve their operations coupled with the backing of our financially stable privately owned parent company ensures the business should continue to develop successfully.
Our consistent high level of service and the manner in which we conduct ourselves with our customer base has ensured a continued flow of new customer wins, which continually positively impact performance beyond 2023.
Operational risk - A manufacturing business is always exposed to potential operational risk by the nature of the business. However, these are mitigated by the extensive management controls we have in place, with existing accreditations, ISO 45001, with ISO 9001 quality standard ensuring we have procedures in place to work efficiently and ensure quality throughout the business. ISO14001, ensuring we are environmentally responsible and ISO 45001 ensuring we have the right standard of management systems around occupational health & safety in place. The continued positive momentum of the business has meant a requirement to move the business to a full COMAH site, this work will continue in 2024. 
Compliance with the above standards is all independently audited. We continue to take the issue of Health and Safety very seriously ensuring the business follows all the guidance given by the HSE to make our operations fully compliant with prevailing regulations. 
Recruitment and retention risk - The retention and recruitment of key personnel remains an important aspect of the Company's culture. Our people and the expertise we offer is a key part of our successful proposition. We continue to explore opportunities to enhance our people practices, provide development opportunities, and find ways for our staff to benefit in the success of the business.
 
- 1 -

 
CHRISTEYNS FOOD HYGIENE LIMITED
 

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

During 2023 we continued to work towards the Company's vision for the future, following our core values and strategic quality goals. We continue to promote a "customer first culture" with strong emphasis on customer service in all aspects. Promoting the spirit of continuous improvement, we constantly look for ways to improve further both within the business and with our customers. Stronger and more integrated relationships with our customers and suppliers have been a considerable positive coming out of the challenges of recent uncertain times.
We continue to add to our overarching customer service proposition, with very successful partnerships with 3rd party businesses helping build an increasing one stop shop of hygiene related products and services.
All risks are monitored by the board regularly, with the prime focus being on performance, strategy and how we serve our customers in any way that adds "value" to our mutual businesses.
Issues surrounding the mitigation and management of the above risks at an acceptable level. 
Financial key performance indicators
The Company continues with a structured approach to performance measurement so that we can take a more scientific approach to analysing the overall performance of the business, focusing 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.
Capital expenditure is budgeted for and can only be authorised by a director.
Debtor days form part of the approach to measurement, credit limits are enforced, and all customers are checked for credit suitability.
On all our key performance indicators we have been pleased with the continued robustness of the Company performance in the last financial year, through flexibility, bravery, and a preparedness to change, we have been able to continue navigating a steady course through a highly unstable external environment. We continue to grow our customer base, building our reputation for excellent customer service and an ability to improve our customer operations.
Several consistent years of investment into our manufacturing and storage capability, has ensured we can deliver on our outstanding service promise, despite the unpredictable external context.
The Company is in a strong position with net current assets of £9,851,226 net assets of £11,273,579 and  significant available resources meaning it can face any future challenges.


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


N G Jones
Director

- 2 -

 
CHRISTEYNS FOOD HYGIENE 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 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; and

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.

Results and dividends

The profit for the year, after taxation, amounted to £8,283,289 (2022 - £3,665,858).

Dividends declared in the year totalled £6,000,000 (2022: £1,600,000).

Directors

The directors who served during the year were:

C Bayliss 
A Bethel 
J Wittouck 
G N Hunneman 
Christeyns NV 
N G Jones 
P M Littleton 

- 3 -

 
CHRISTEYNS FOOD HYGIENE LIMITED
 
 
 
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 company. Specifically: Safety First, Family, Continuous improvement, Expertise & Passion.

Matters covered in the Strategic Report

Certain information not shown in the Directors' Report is shown in the Strategic Report on Pages 1 and 2 instead in accordance with Section 414C (11) of the Companies Act 2006. This includes a business review and prinicpal 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.

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.
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. Therefore, 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 looking at existing and future business prospects and remain confident of a strong sales line. The period of assessment covers a period of at least 12 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.

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 G Jones
Director

- 4 -

 
CHRISTEYNS FOOD HYGIENE LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CHRISTEYNS FOOD HYGIENE LIMITED
 

Opinion

We have audited the financial statements of Christeyns Food Hygiene Limited (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.
- 5 -

 
CHRISTEYNS FOOD HYGIENE LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CHRISTEYNS FOOD HYGIENE LIMITED
 

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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

- 6 -

 
CHRISTEYNS FOOD HYGIENE LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CHRISTEYNS FOOD HYGIENE LIMITED
 

Responsibilities of Directors

As explained more fully in the Directors' Responsibilities Statement set out on page 3, 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 either to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

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 these 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: UK tax legisaltion, pensions legislation, employment regulation and health and safety regulation.
 
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 Companies Act 2006. 
- 7 -

 
CHRISTEYNS FOOD HYGIENE LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CHRISTEYNS FOOD HYGIENE LIMITED
 

In addition, we evaluated the directors’ and management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were 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 revenue cut-off, bad debt provisioning 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.

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
- 8 -

 
CHRISTEYNS FOOD HYGIENE LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
 £
£

  

Turnover
 4 
36,018,916
29,468,906

Cost of sales
  
(20,989,145)
(21,157,108)

Gross profit
  
15,029,771
8,311,798

Administrative expenses
  
(4,241,691)
(3,737,127)

Operating profit
 5 
10,788,080
4,574,671

Interest receivable and similar income
 9 
101,109
523

Interest payable and similar expenses
 10 
(174)
(179)

Profit before tax
  
10,889,015
4,575,015

Tax on profit
 11 
(2,605,726)
(909,157)

Profit for the financial year
  
8,283,289
3,665,858

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 12 to 29 form part of these financial statements.

- 9 -

 
CHRISTEYNS FOOD HYGIENE LIMITED
REGISTERED NUMBER: 02456403

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 14 
1,658,031
1,505,767

Investments
 15 
100
100

  
1,658,131
1,505,867

Current assets
  

Stocks
 16 
1,742,432
3,068,613

Debtors: amounts falling due within one year
 17 
7,122,897
7,063,850

Cash at bank and in hand
 18 
5,024,070
2,095,262

  
13,889,399
12,227,725

Creditors: amounts falling due within one year
 19 
(4,038,173)
(4,591,437)

Net current assets
  
 
 
9,851,226
 
 
7,636,288

Total assets less current liabilities
  
11,509,357
9,142,155

Provisions for liabilities
  

Deferred tax
 20 
(235,778)
(151,865)

  
 
 
(235,778)
 
 
(151,865)

Net assets
  
11,273,579
8,990,290


Capital and reserves
  

Called up share capital 
 21 
100
100

Profit and loss account
 22 
11,273,479
8,990,190

  
11,273,579
8,990,290


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




N G Jones
Director

- 10 -

 
CHRISTEYNS FOOD HYGIENE LIMITED
 

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


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2022
100
6,924,332
6,924,432


Comprehensive income for the year

Profit for the year
-
3,665,858
3,665,858
Total comprehensive income for the year
-
3,665,858
3,665,858


Contributions by and distributions to owners

Dividends: Equity capital
-
(1,600,000)
(1,600,000)


Total transactions with owners
-
(1,600,000)
(1,600,000)



At 1 January 2023
100
8,990,190
8,990,290


Comprehensive income for the year

Profit for the year
-
8,283,289
8,283,289
Total comprehensive income for the year
-
8,283,289
8,283,289


Contributions by and distributions to owners

Dividends: Equity capital
-
(6,000,000)
(6,000,000)


Total transactions with owners
-
(6,000,000)
(6,000,000)


At 31 December 2023
100
11,273,479
11,273,579


- 11 -

 
CHRISTEYNS FOOD HYGIENE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Christeyns Food Hygiene Limited is a private company which is limited by shares. It is incorporated in England and Wales.
Registered office:
2 Cameron Court 
Winwick Quay
Warrington
Cheshire
WA2 8RE 
The principal activity is the manufacture and distribution of food hygiene cleaning materials and equipment.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

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

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

The following principal accounting policies have been applied:

 
2.2

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;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A; and
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

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 their registered office: Algimo NV, Coupure 10, 9000, Ghent, Belgium.

- 12 -

 
CHRISTEYNS FOOD HYGIENE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

  
2.3

Exemption from preparing consolidated financial statements

The Company is a wholly owned subsidiary of Algimo NV. It is included in the consolidated financial statements of Algimo NV which are publicly available. Therefore the Company is exempt by virtue of section 401 of the Companies Act 2006 from the requirement to prepare consolidated financial statements. These financial statements are the Company’s separate financial statements.

 
2.4

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.
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. Therefore, 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 looking at existing and future business prospects and remain confident of a strong sales line. The period of assessment covers a period of at least 12 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.

 
2.5

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'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

- 13 -

 
CHRISTEYNS FOOD HYGIENE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.6

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, excluding discounts, rebates, 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.

 
2.7

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.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.8

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.

 
2.9

Interest income

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

 
2.10

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.

 
2.11

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

- 14 -

 
CHRISTEYNS FOOD HYGIENE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.12

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.

 
2.13

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.

- 15 -

 
CHRISTEYNS FOOD HYGIENE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.14

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.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

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:

Customer list
-
5
years

 
2.15

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, as stated below.

Depreciation is provided on the following basis:

Leasehold property improvements
-
15-20% straight line
Plant & machinery
-
20%-25% reducing balance, 15-20% straight line
Motor vehicles
-
15-20% reducing balance

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.

 
2.16

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

- 16 -

 
CHRISTEYNS FOOD HYGIENE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.17

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.

 
2.18

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.

 
2.19

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.

 
2.20

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.

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

 
2.21

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.

- 17 -

 
CHRISTEYNS FOOD HYGIENE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.22

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.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's 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.
 
- 18 -

 
CHRISTEYNS FOOD HYGIENE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.22
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.

- 19 -

 
CHRISTEYNS FOOD HYGIENE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.23

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 significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.
(i)          
Recoverability of receivables
The Company establishes a provision for receivables that are estimated not to be recoverable. When assessing recoverability the directors have considered factors such as the aging of the receivables, past experience of recoverability, and the credit profile of individual or groups of customers.


4.


Turnover

2023
2022
£
£

Sales of cleaning materials and equipment
36,018,916
29,468,906


Analysis of turnover by country of destination:

2023
2022
£
£

United Kingdom
33,557,069
27,522,967

Rest of Europe
2,461,847
1,945,939

36,018,916
29,468,906


- 20 -

 
CHRISTEYNS FOOD HYGIENE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Research & development charged as an expense
7,477
2,877

Exchange differences
6,139
14,531

Defined contribution pension cost
185,956
170,959

Depreciation of tangible fixed assets
565,742
381,833


6.


Auditor's remuneration

During the year, the Company obtained the following services from the Company's auditor:


2023
2022
£
£

Fees payable to the Company's auditor for the audit of the Company's financial statements

33,000
27,500


7.


Employees

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


2023
2022
£
£

Wages and salaries
4,469,552
3,880,020

Social security costs
477,787
435,564

Cost of defined contribution scheme
185,956
170,959

5,133,295
4,486,543


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


        2023
        2022
            No.
            No.







Production and distribution
47
46



Administration
15
15



Management
4
4



Technology
11
12

77
77

- 21 -

 
CHRISTEYNS FOOD HYGIENE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
768,661
501,023

Company contributions to defined contribution pension schemes
48,643
46,791

817,304
547,814


During the year retirement benefits were accruing to 4 directors (2022 - 2) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £199,174 (2022 - £162,833).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £12,786 (2022 - £24,006).


9.


Interest receivable

2023
2022
£
£


Other interest receivable
101,109
523


10.


Interest payable and similar expenses

2023
2022
£
£


Bank interest payable
174
179

- 22 -

 
CHRISTEYNS FOOD HYGIENE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
2,532,700
826,927

Adjustments in respect of previous periods
(10,887)
39,228


2,521,813
866,155


Deferred tax


Origination and reversal of timing differences
56,607
40,939

Adjustments in respect of prior periods
27,306
(10,864)

Effect of tax rate change on opening
balance
-
12,927

Total deferred tax
83,913
43,002


Taxation on profit on ordinary activities
2,605,726
909,157

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022 - higher 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
10,889,015
4,575,015


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.52% (2022 - 19%)
2,561,096
869,253

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
24,410
9,814

Fixed asset differences
390
(19,478)

Adjustments to tax charge in respect of prior periods
(10,887)
39,228

Differences relating to prior year deferred tax
27,306
(10,864)

Remeasurement of deferred tax for changes in tax rates
3,411
12,927

Group relief surrendered/(claimed)
-
8,277

Total tax charge for the year
2,605,726
909,157

- 23 -

 
CHRISTEYNS FOOD HYGIENE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
11.Taxation (continued)


Factors that may affect future tax charges

The rate of corporation tax in the United Kingdom increasead 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 to ordinary shareholders
6,000,000
1,600,000


13.


Intangible assets




Customer list

£



Cost


At 1 January 2023
481,241



At 31 December 2023

481,241



Amortisation


At 1 January 2023
481,241



At 31 December 2023

481,241



Net book value



At 31 December 2023
-



At 31 December 2022
-



- 24 -

 
CHRISTEYNS FOOD HYGIENE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

14.


Tangible fixed assets





 Leasehold Improvements
Plant & machinery
Motor vehicles
Total

£
£
£
£



Cost


At 1 January 2023
92,385
3,801,166
317,727
4,211,278


Additions
37,617
449,871
292,393
779,881


Disposals
-
(3,946)
(76,351)
(80,297)



At 31 December 2023

130,002
4,247,091
533,769
4,910,862



Depreciation


At 1 January 2023
44,141
2,427,791
233,579
2,705,511


Charge for the year
22,885
491,154
51,703
565,742


Disposals
-
-
(18,422)
(18,422)



At 31 December 2023

67,026
2,918,945
266,860
3,252,831



Net book value



At 31 December 2023
62,976
1,328,146
266,909
1,658,031



At 31 December 2022
48,244
1,373,375
84,148
1,505,767

- 25 -

 
CHRISTEYNS FOOD HYGIENE LIMITED
 
 
 
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
100



At 31 December 2023
100





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Klenzan Direct Limited
Dormant
Ordinary
100%
In Site Control Limited
Dormant
Ordinary
100%
Anit-Germ (UK) Limited
Dormant
Ordinary
100%

The registered address of In Klenzan Direct Limited is: 2 Cameron Court, Winwick Way, Warrington, Cheshire, WA2 8RE. The entity was incorporated in England and Wales.
The registered address of In Site Control Limited is: Christeyns UK Limited, Rutland Street, Bradford, England, BD4 7EA. The entity was incorporated in England and Wales.
The registered address of In Anti-Germ (UK) Limited is: 2 Cameron Court, Winwick Way, Warrington, Cheshire, WA2 8RE. The entity was incorporated in England and Wales.


16.


Stocks

2023
2022
£
£

Raw materials and consumables
792,949
1,797,418

Work in progress (goods to be sold)
79,001
76,630

Finished goods and goods for resale
870,482
1,194,565

1,742,432
3,068,613




- 26 -

 
CHRISTEYNS FOOD HYGIENE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

17.


Debtors

2023
2022
£
£


Trade debtors
5,798,712
6,320,283

Amounts owed by group undertakings
1,101,764
471,067

Other debtors
14,216
75,013

Prepayments and accrued income
208,205
197,487

7,122,897
7,063,850


Group balances are interest free and repayable on demand.


18.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
5,024,070
2,095,262

Invoice discounting
(16,497)
(318,923)

5,007,573
1,776,339



19.


Creditors: Amounts falling due within one year

2023
2022
£
£

Invoice discounting
16,497
318,923

Trade creditors
1,595,587
2,311,638

Amounts owed to group undertakings
194,667
76,581

Corporation tax
7,353
-

Other taxation and social security
839,482
694,473

Other creditors
30,727
33,063

Accruals and deferred income
1,353,860
1,156,759

4,038,173
4,591,437


The invoice discounting facility is secured on the underlying trade debtors. 

- 27 -

 
CHRISTEYNS FOOD HYGIENE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

20.


Deferred taxation




2023
2022


£

£






At beginning of year
(151,865)
(108,863)


Charged to profit or loss
(83,913)
(43,002)



At end of year
(235,778)
(151,865)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Fixed asset timing differences
(257,639)
(198,003)

Short term timing differences
21,861
46,138

(235,778)
(151,865)


21.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 (2022 - 100) Ordinary shares of £1 each
100
100

The Company has one class of ordinary shares which carry voting rights but no right to fixed income.



22.


Reserves

Profit & loss account

This represent cumulative profits and losses less dividends paid.


23.


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 £185,956 (2022 - £170,959). Contributions totalling £30,727 (2022 - £27,447) were payable to the fund at the reporting date.

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CHRISTEYNS FOOD HYGIENE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

24.


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
£
£

Land & Buildings


Not later than 1 year
390,170
390,170

Later than 1 year and not later than 5 years
1,950,850
1,560,680

Later than 5 years
313,205
1,093,545

2,654,225
3,044,395

2023
2022

£
£

Other


Not later than 1 year
198,254
129,983

Later than 1 year and not later than 5 years
207,404
173,815

405,658
303,798

During the year operating lease expenses totalling £567,519 (2022: £475,575) were charged to the Statement of Comprehensive Income.


25.


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 group companies.


26.


Controlling party

The ultimate parent company is Algimo NV, a company registered in Belgium. The registered office is: Algimo NV, Coupure 10, 9000, Gent, Belgium. The consolidated financial statements of Algimo NV can be obtained from Algimo NV, Coupure 10, 9000, Ghent, Belgium.
The immediate parent company is Christeyns UK Limited, a company registered in England and Wales. 

 
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