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Christeyns Professional Hygiene UK Limited (formerly known as Clover Chemicals Limited)

Registered number: 02476263
Annual report and
 financial statements
For the year ended 31 December 2023

 
CHRISTEYNS PROFESSIONAL HYGIENE UK LIMITED
 
 
COMPANY INFORMATION


Directors
J Roberts 
J Wittouck 
Christeyns N.V 
N Jones 
A Hilditich (appointed 3 January 2023)




Company secretary
J S Roberts



Registered number
02476263



Registered office
Clover House
Macclesfield Road

Whaley Bridge

High Peak

Derbyshire

SK23 7DQ




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 PROFESSIONAL HYGIENE UK LIMITED
 

CONTENTS



Page
Strategic Report
 
1 - 2
Directors' Report
 
3 - 5
Independent Auditor's Report
 
6 - 9
Statement of Comprehensive Income
 
10
Statement of Financial Position
 
11
Statement of Changes in Equity
 
12
Notes to the Financial Statements
 
13 - 30


 
CHRISTEYNS PROFESSIONAL HYGIENE UK 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 cleaning chemicals.

Principal risks and uncertainties
 
The Directors and management of the Company regularly consider the risk and uncertainties the Company faces. These are broadly categorised as:
Inflationary Pressures & Supply Chain Risk
Throughout 2023 the business has had to deal with a continuing challenging supply chain caused by worldwide events. The erratic nature of the last few years, including 2023, has made it challenging, yet greater focus & resource dedicated to procurement has allowed us to maintain our very high customer service standards. Being a member of the broader Christeyns group benefits the business significantly when dealing with any availability issue. While general raw material cost inflation has softened progressively throughout the year, high energy costs and incremental overall wage costs have challenged the business. Timely strategic investments in solar panels & increased automation have helped the business mitigate some of these impacts. 
Operational Risk
As a manufacturer we are exposed to many different risks. These are mitigated by the management controls we have in place. We have accreditation for the quality standard ISO9001, this ensures we have procedures in place to work efficiently and ensure quality throughout the business. We are also accredited for ISO14001, which ensures we are environmentally responsible. Compliance with the above standards is independently audited. We take the issue of Health and Safety very seriously in all respects as well as the overall "wellbeing" of all our employees. We have continued to invest in health and safety related infrastructure improvements, with a full employee represented Health & safety team helping to direct future activities.   
Market Risk
Like all companies we are exposed to competition in the market and fluctuations in demand. Demand in our market remains unpredictable; however strategic investments into increased operational automation & manufacturing efficiency activities, has helped keep the business competitive and maintain a strong consistent customer service delivery. Which in turn has not only ensured we satisfy existing customers, but also attract new ones.
Financial Risk
The Company remains in a strong position with net current assets of £1.8m, net assets of £5.3m and a cash position that can be supported by existing facilities to raise funds if required to develop the business further and meet any future challenges. The business will continue to invest in its operations enhancing its operational capabilities to meet an increasing anticipated demand for its products.
Company Rebranding
2023 also saw the business seamlessly change its company name from Clover Chemicals Limited to Christeyns Professional Hygiene Limited. This has been achieved without customer disruption or business loss, allowing the business to benefit further from the overall Christeyns group media, innovation and reputation.

- 1 -

 
CHRISTEYNS PROFESSIONAL HYGIENE UK LIMITED
 

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

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 and monitored regularly.
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 and improve the businesses overall profitability. We continue to grow our customer base, building our reputation for excellent customer service and an ability to improve our customer operations.
The Company is in a strong position with net current assets of £1.8m, net assets of £5.3m 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 Jones
Director

- 2 -

 
CHRISTEYNS PROFESSIONAL HYGIENE UK LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

Directors' responsibilities statement

The directors are responsible for preparing the 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 judgements 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.

Principal activity

The principal activity of Christeyns Professional Hygiene Limited is the manufacture of cleaning chemicals.

- 3 -

 
CHRISTEYNS PROFESSIONAL HYGIENE UK LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Going concern

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. The ability to gain funding from the Christeyns network, has allowed the business to invest heavily in the operational infrastructure throughout 2023.
A continued agreed investment plan ensures emphasis on driving overall efficiency in operations will continue to ensure continuous improvement in efficiency and competitiveness to meet market and economic challenges. The Directors feel the company is well placed to manage its business risks having successfully adapted both the culture and business approach to ensure business success in a very competitive market.
The Directors of the Company continue to strategically develop the business through a long-term plan through which the business forecast is assessed and the needs of the business against this plan adapted as appropriate. By utilising a flexible and adaptable business approach, in meeting both customer demands and operational issues, the business performance continues to be maximised and any risks managed.
The business has had to react to increased energy & wage costs by investing in automation and continues to benefit, from alternative energy sources, such as Solar paneling to mitigate any increase in energy costs.
The period of assessment covers a period of at least 12 months from the date of the audit report. The Company is in a good 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.

Future developments

The business is in the middle of implementing a strong investment programme to drive efficiency and output that will allow the business to overcome some of the challenges that currently exist in the labour market, by driving productivity. This ensures a continued focus on improving lead times and maximising the benefit of the 30,000ft warehouse facility adjacent to our existing manufacturing facilities purchased in 2021.
Christeyns Professional Ltd remains in a strong position with net current assets of £1.8m, net assets of £5.3m and a cash position that can be supported by the broader Christeyns group or by existing facilities to raise funds if required to develop the business further and meet any future challenges. The business will continue to invest in its operations enhancing its operational capabilities to meet an increasing demand for its products and ensure an efficient supply chain.

Results and dividends

The profit for the year, after taxation, amounted to £1,065,433 (2022 - £42,281).

Dividends of £NIL were paid during the year (2022: £Nil).

- 4 -

 
CHRISTEYNS PROFESSIONAL HYGIENE UK LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023


Directors

The directors who served during the year were:

J Roberts 
J Wittouck 
Christeyns N.V 
N Jones 
A Hilditich (appointed on 3 January 2023)

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.

Post balance sheet events

No significant events post year end have occurred.

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

- 5 -

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

Opinion

We have audited the financial statements of Christeyns Professional Hygiene UK 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.





- 6 -

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

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.
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 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.

- 7 -

 
CHRISTEYNS PROFESSIONAL HYGIENE UK LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CHRISTEYNS PROFESSIONAL HYGIENE UK 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 either intend 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 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: UK tax legislation.
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 bad debt provisions, revenue recognition (which we pinpointed to the cut off assertion) and significant one-off or unusual transactions. 
 
- 8 -

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

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
- 9 -

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

2023
2022
Note
 £
£

  

Turnover
 4 
12,151,837
11,197,997

Cost of sales
  
(8,925,811)
(9,285,494)

Gross profit
  
3,226,026
1,912,503

Administrative expenses
  
(1,780,491)
(1,806,896)

Other operating income
 5 
12,892
14,220

Operating profit
 6 
1,458,427
119,827

Interest receivable and similar income
 10 
4,653
207

Interest payable and similar expenses
 11 
(9,806)
(298)

Profit before tax
  
1,453,274
119,736

Tax on profit
 12 
(387,841)
(77,455)

Profit for the financial year
  
1,065,433
42,281

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 13 to 30 form part of these financial statements.

- 10 -

 
CHRISTEYNS PROFESSIONAL HYGIENE UK LIMITED
REGISTERED NUMBER: 02476263

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 13 
64,437
70,254

Tangible assets
 14 
3,905,022
3,207,267

  
3,969,459
3,277,521

Current assets
  

Stocks
 15 
1,611,818
2,282,169

Debtors: amounts due within one year
 16 
1,918,165
2,291,366

Cash at bank and in hand
 17 
602,139
50,808

  
4,132,122
4,624,343

Creditors: amounts due within one year
 18 
(2,367,073)
(3,270,835)

Net current assets
  
 
 
1,765,049
 
 
1,353,508

Total assets less current liabilities
  
5,734,508
4,631,029

Creditors: amounts due after more than one year
 19 
(50,780)
(112,507)

Provisions for liabilities
  

Deferred tax
 21 
(404,296)
(304,523)

Net assets
  
5,279,432
4,213,999


Capital and reserves
  

Called up share capital 
 22 
100
100

Profit and loss account
 23 
5,279,332
4,213,899

  
5,279,432
4,213,999


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 13 to 30 form part of these financial statements.

- 11 -

 
CHRISTEYNS PROFESSIONAL HYGIENE UK 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
4,171,618
4,171,718


Comprehensive income for the year

Profit for the year
-
42,281
42,281
Total comprehensive income for the year
-
42,281
42,281



At 1 January 2023
100
4,213,899
4,213,999


Comprehensive income for the year

Profit for the year
-
1,065,433
1,065,433
Total comprehensive income for the year
-
1,065,433
1,065,433


At 31 December 2023
100
5,279,332
5,279,432


The notes on pages 13 to 30 form part of these financial statements.

- 12 -

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

1.


General information

Clover Chemicals Limited ("the Company") is a private company limited by shares incorporated in the United Kingdom registered in England and Wales with registration number 02476263. The address of its registered office and principal place of business is Clover House, Macclesfield Road, Whaley Bridge, High Peak, Derbyshire, SK23 7DQ. 
The functional currency of the Company is Pounds Sterling as this is the currency of the primary economic environment in which the Company operates.
The principal activity of the Company is the manufacture of cleaning chemicals. It offers floor, skin, car care, hard surface cleaners, housekeeper and janitorial, laundry and dishwashing, leisure industry, and food and washroom hygiene products. The company serves customers through distributors. 

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 judgement 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;
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 Algimo NV, Coupure 10, 9000, Ghent, Belgium.

- 13 -

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

2.Accounting policies (continued)

 
2.3

Going concern

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. Agreed investment priorities to drive overall efficiency in operations will ensure an improvement in efficiency and competitiveness to meet market and economic challenges. The Directors feel the company is well placed to manage its business risks despite a context of continuing supply chain and market unpredictability.
The Directors of the Company are constantly reviewing the business forecast to assess the needs of the business against this plan. By utilising a flexible and adaptable business approach, in meeting both customer demands and operational issues, the business performance continues to be maximised and any risks managed.
The period of assessment covers a period of at least 12 months from the date of the audit report. The Company is in a good 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'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

- 14 -

 
CHRISTEYNS PROFESSIONAL HYGIENE UK LIMITED
 
 
 
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, 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.

 
2.6

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. The capitalised development costs are subsequently amortised on a straight line basis over their useful economic lives.
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.

 
2.7

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.

The UK government has offered a range of financial support packages to help companies, including government backed financing arrangements, furlough schemes, deferment of VAT payments and, for some sectors, business rates holidays. Of the offered schemes, the Company used the furlough scheme. The income from the furlough scheme has been recognised within 'Other operating income'. They are recognised when the entity has reasonable assurance that they will comply with the conditions attaching the grant, and that the grant will be received.

 
2.8

Interest income

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

- 15 -

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

2.Accounting policies (continued)

 
2.9

Finance costs

Finance costs are charged to the Statement of Comprehensive Income 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.

 
2.10

Borrowing costs

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

 
2.11

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.

 
2.12

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.

- 16 -

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

2.Accounting policies (continued)

 
2.13

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:

Development expenditure
-
5
years
Trademarks
-
5
years

 
2.14

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.

Land is not depreciated. Depreciation is provided on the following basis:

Freehold property
-
2% straight line
Plant & machinery
-
20% reducing balance, 5-20% straight line
Fixtures & fittings
-
15% reducing balance, 10-25% straight line
Assets under construction
-
Not depreciated
Other fixed assets
-
33% straight line

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.

 
2.15

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.

- 17 -

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

2.Accounting policies (continued)

 
2.16

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.

 
2.17

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.

 
2.18

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.

 
2.19

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.

 
2.20

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.
 
- 18 -

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

2.Accounting policies (continued)


2.20
Financial instruments (continued)


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.

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.

- 19 -

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

2.Accounting policies (continued)


2.20
Financial instruments (continued)

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.

- 20 -

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

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

Critical judgements in applying the Company’s accounting policies
The directors believe that there are no critical judgements to be 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.
Key sources of estimation uncertainty
The key assumptions concerning the future, and other key sources of estimation uncertainty, that could cause 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

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


2023
2022
£
£

Sale of goods
12,151,837
11,197,997


Analysis of turnover by country of destination:

2023
2022
£
£

United Kingdom
11,221,132
10,458,893

Rest of the world
930,705
739,104

12,151,837
11,197,997



5.


Other operating income

2023
2022
£
£

Other operating income
3,464
1,542

Government grants receivable
9,428
12,678

12,892
14,220


- 21 -

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

6.


Operating profit

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

2023
2022
£
£

Research & development charged as an expense
18,012
8,360

Amortisation of intangible fixed assets
24,212
20,084

Loss/(Profit) on disposal of tangible fixed assets
(2,715)
98,962

Defined contribution pension scheme costs
54,377
46,816

Depreciation of tangible fixed assets
296,365
259,752


7.


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

29,000
27,500


8.


Employees

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


2023
2022
£
£

Wages and salaries
2,668,705
2,470,438

Social security costs
231,640
219,382

Defined contribution pension scheme costs
54,377
46,816

2,954,722
2,736,636


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


        2023
        2022
            No.
            No.







Manufacturing
72
74



Selling and distribution
3
3



Administration
12
12

87
89

- 22 -

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

9.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
149,856
-

Company contributions to defined contribution pension schemes
4,403
-


During the year retirement benefits accrued 1 director (2022 - none) in respect of defined contribution pension schemes.


10.


Interest receivable

2023
2022
£
£


Interest receivable
4,653
207


11.


Interest payable and similar expenses

2023
2022
£
£


Loans from group undertakings
9,548
-

Finance leases and hire purchase contracts
258
298

- 23 -

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

12.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
288,068
-

Adjustments in respect of previous periods
-
(1,568)


Total current tax
288,068
(1,568)

Deferred tax


Origination and reversal of timing differences
67,508
74,353

Effect of changes in tax rates
-
23,481

Adjustment in respect of prior periods
32,265
(18,811)

Total deferred tax
99,773
79,023


Taxation on profit on ordinary activities
387,841
77,455

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
1,453,274
119,736


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.52% (2022 - 19%)
341,818
22,750

Effects of:


Expenses not deductible for tax purposes
975
174

Fixed asset differences
8,788
(15,436)

Adjustments to tax charge in respect of prior periods
-
(1,568)

Adjustments to tax charge in respect of previous periods - deferred tax
32,265
(18,811)

Remeasurement of deferred tax for changes in tax rates
3,995
23,480

Group relief
-
66,866

Total tax charge for the year
387,841
77,455

- 24 -

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


Factors that may affect future tax charges

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.


13.


Intangible assets




Development expenditure
Trademarks
Total

£
£
£



Cost


At 1 January 2023
103,721
5,079
108,800


Additions
15,278
3,117
18,395



At 31 December 2023

118,999
8,196
127,195



Amortisation


At 1 January 2023
37,134
1,412
38,546


Charge for the year 
22,781
1,431
24,212



At 31 December 2023

59,915
2,843
62,758



Net book value



At 31 December 2023
59,084
5,353
64,437



At 31 December 2022
66,587
3,667
70,254



- 25 -

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

14.


Tangible fixed assets





Freehold property
Plant & machinery
Fixtures & fittings
Assets under construction
Other fixed assets
Total

£
£
£
£
£
£



Cost


At 1 January 2023
2,266,289
3,120,264
650,887
-
6,053
6,043,493


Additions
20,472
304,982
147,842
511,432
18,421
1,003,149


Disposals
-
(105,198)
(22,377)
-
(319)
(127,894)



At 31 December 2023

2,286,761
3,320,048
776,352
511,432
24,155
6,918,748



Depreciation


At 1 January 2023
527,486
2,087,724
220,591
-
425
2,836,226


Charge for the year
45,477
173,703
71,548
-
5,637
296,365


Disposals
-
(96,373)
(22,377)
-
(115)
(118,865)



At 31 December 2023

572,963
2,165,054
269,762
-
5,947
3,013,726



Net book value



At 31 December 2023
1,713,798
1,154,994
506,590
511,432
18,208
3,905,022



At 31 December 2022
1,738,803
1,032,540
430,296
-
5,628
3,207,267



- 26 -

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

15.


Stocks

2023
2022
£
£

Raw materials and consumables
707,391
1,129,128

Work in progress
55,593
58,112

Finished goods
848,834
1,094,929

1,611,818
2,282,169



16.


Debtors

2023
2022
£
£


Trade debtors
1,628,991
1,896,043

Amounts owed by group undertakings
24,952
-

Other debtors
224
52,177

Prepayments and accrued income
263,998
343,146

1,918,165
2,291,366



17.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
602,139
50,808

Invoice discounting
-
(1,418,172)

602,139
(1,367,364)


- 27 -

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

18.


Creditors: Amounts falling due within one year

2023
2022
£
£

Invoice discounting
-
1,418,172

Trade creditors
854,798
920,222

Amounts owed to group undertakings
1,070,459
515,621

Corporation tax
8,096
-

Other taxation and social security
192,768
177,372

Obligations under finance lease and hire purchase contracts
1,985
1,985

Other creditors
25,120
21,158

Accruals and deferred income
213,847
216,305

2,367,073
3,270,835


Amounts owed to group undertakings are repayable on demand and interest is payable at 1%.
Bank facilities and invoice finance facilities are secured by a debenture and legal charge incorporating a fixed and floating charge over all current and future assets of the company as well as all monies due or to become due to the company.


19.


Creditors: Amounts falling due with more than one year

2023
2022
£
£

Net obligations under finance leases and hire purchase contracts
780
2,507

Trade creditors
50,000
110,000

50,780
112,507



20.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
1,985
1,985

Between 1-5 years
780
2,507

2,765
4,492

Hire purchase liabilities are secured against the specific assets to which they relate.

- 28 -

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

21.


Deferred taxation




2023
2022


£

£






At beginning of year
(304,523)
(225,500)


Charged to profit or loss
(99,773)
(79,023)



At end of year
(404,296)
(304,523)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Fixed asset timing differences
(411,852)
(315,667)

Short term timing differences
7,556
11,144

(404,296)
(304,523)


22.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 (2022 - 100) Ordinary shares of £1.00 each
100
100



23.


Reserves

Profit & loss account

The Profit and Loss account reserve represents cumulative profits and losses made by the Company to date less any dividends declared.


24.


Capital commitments


At 31 December 2023 the Company had capital commitments as follows:

2023
2022
£
£


Contracted for but not provided in these financial statements
230,373
768,208

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

25.


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 during the year ended 31 December 2023 and amounted to £54,377 (2022: £46,816). Contributions totalling £12,906 (2022: £10,518) were payable to the fund at the reporting date and are included in creditors.


26.


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. 
There are no other material related party transactions to disclose.


27.


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, Ghent, Belgium.
The immediate parent company is Christeyns UK Limited, a company registered in England and Wales.

- 30 -