The directors present their annual report and financial statements for the year ended 31 December 2023.
The Financial statements have been prepared in accordance with Financial Reporting Standard 102 (FRS 102) issued by the Financial Reporting Council.
A separate Strategic Report or enhanced business report has not been prepared as the Company is entitled to the small companies exemption under Part 15 of section 414B of the Companies Act 2006.
The profit of the Company for the Year Ended 31 December 2023 and the state of the Company's affairs as at that date are set out in the Company's financial statements on pages 4 to 10.
On 20th January 2023, CO.DON's business activities underwent a significant transformation. The company's operations were acquired by Rejuvenate GmbH. The Company is now a subsidiary of CO.DON GmbH, based in Leipzig, Germany, which owns 100% shares of the Company. The shares previously held in the Company by the insolvent CO.DON AG were acquired by CO.DON GmbH by means of an asset deal. The purchase agreement was concluded on 17 October 2022 and became effective on 19 January 2023 with the transfer of business operations to CO.DON GmbH. CO.DON GmbH is part of ReLive Group. The ReLive Group is an American-Asian provider with a strong focus on regenerative healing methods and biotechnology.
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
At the time of signing these financial statements, the Company intends to liquidate the business within the next 12 months from the date on which the financial statements are due to be authorised for issue.
G:\Intertrust UK Business and Operations\00 Clients - Inbound\C\Co.Don UK Group Limited\Accounting\FY23\Financial StatementsThe Company business activities, together with the factors likely to affect its future development, performance and position are set out in pages 4 to 10 of the financial statements.
The Director is required to assess the availability of resources in order to meet the Company’s financial obligations as they fall due for a period of 12 months from the date of approval of these financial statements. The Director is also required to identify any material uncertainties that may cast doubt on the Company’s ability to continue as a going concern and disclose these appropriately.
The Director has concluded that the Company is not intending to continue the business and will cease trading. As a result, the Company is no longer a going concern and it is the intention of the Director to have the Company struck off the Company's House Register within the next 12 months. It was no longer appropriate to prepare the financial statements for the year ended 31 December 2023 on a going concern basis.
The principal risks are considered to be the wider global economic environment. These risks are reviewed and managed through the Company's business performance and risk management processes.
The profit and loss account has been prepared on the basis that all operations are in respect of non-continuing operations.
There are no other comprehensive expenses or income other than as included in the loss for the current and prior years and therefore a separate statement of comprehensive income is not presented.
Co.Don UK Group Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1 Bartholomew Lane, London, United Kingdom, EC2N 2AX.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The Director is required to assess the availability of resources in order to meet the Company’s financial obligations as they fall due for a period of 12 months from the date of approval of these financial statements.
The Director is also required to identify any material uncertainties that may cast doubt on the Company’s ability to continue as a going concern and disclose these appropriately. The Director has concluded that the Company is not intending to continue the business and will cease trading. As a result, the Company is no longer a going concern and it is the intention of the
Director to have the Company struck off the Company's House Register within the next 12 months.
Therefore, it was no longer appropriate to prepare the financial statements for the year ended 31 December 2023 on a going concern basis and instead have been prepared under ‘break up’ basis. Consequently, all costs that are anticipated to be incurred over the Company's remaining life have been included within these financial statements
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
The average monthly number of persons (including directors) employed by the company during the year was:
Their aggregate remuneration comprised:
No remuneration was paid to the directors.
There was no income taxation charged on ordinary activities for the year ended 31 December 2023 or the prior year. |
On 20th January 2023, CO.DON's business activities underwent a significant transformation. The company's operations were acquired by Rejuvenate GmbH. The Company is now a subsidiary of CO.DON GmbH, based in Leipzig, Germany, which owns 100% shares of the Company. The shares previously held in the Company by the insolvent CO.DON AG were acquired by CO.DON GmbH by means of an asset deal. The purchase agreement was concluded on 17 October 2022 and became effective on 19 January 2023 with the transfer of business operations to CO.DON GmbH. CO.DON GmbH is part of ReLive Group. The ReLive Group is an American-Asian provider with a strong focus on regenerative healing methods and biotechnology.
At the time of signing these financial statements, the Company intends to liquidate the business within the next 12 months from the date on which the financial statements are due to be authorised for issue.