REGISTERED NUMBER: 12941793 (England and Wales) |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
TRISK UK HOLDCO LIMITED |
REGISTERED NUMBER: 12941793 (England and Wales) |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
TRISK UK HOLDCO LIMITED |
TRISK UK HOLDCO LIMITED (REGISTERED NUMBER: 12941793) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 6 |
Consolidated Income Statement | 10 |
Consolidated Other Comprehensive Income | 11 |
Consolidated Balance Sheet | 12 |
Company Balance Sheet | 13 |
Consolidated Statement of Changes in Equity | 14 |
Company Statement of Changes in Equity | 15 |
Consolidated Cash Flow Statement | 16 |
Notes to the Consolidated Cash Flow Statement | 17 |
Notes to the Consolidated Financial Statements | 19 |
TRISK UK HOLDCO LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditor |
First Floor, Davidson House |
Forbury Square |
Reading |
Berkshire |
RG1 3EU |
TRISK UK HOLDCO LIMITED (REGISTERED NUMBER: 12941793) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
The directors present their strategic report of the company and the group for the year ended 31 December 2023. |
The directors present their strategic report of the company and the group for the year ended 31 December 2023. |
PRINCIPAL ACTIVITIES |
Trisk UK Holdco is a private limited company incorporated in the United Kingdom and is head of the Trisk group. The Trisk group includes Ducares B.V. (until 13 December 2023), Trisk. Bidco B.V., Trisk. Midco B.V., Trisk. Topco B.V. and Trisk UK Holdco Ltd. Trisk is a specialized provider of food and feed testing services, complemented by compliance and risk management services. |
Trisk UK Holdco is part of the Levine Leichtman Capital Partners Europe II SCSp fund in Luxembourg through a portfolio construction. |
The company's registered office is at Suite 1, 7th Floor 50 Broadway, London, United Kingdom, SW1H 0DB. It is registered in the United Kingdom under company registration number 12941793. |
VISION |
Consumers want to rely on safe, transparent and healthy products now and in the future. With the ongoing globalization of supply chains, risks in the supply chain are increasing where regulatory compliance, trade restrictions, quality incidents and counterfeit products can lead to disruptions in product availability worldwide. This increases the need for specific knowledge with regard to legislation, monitoring and risk management of products. |
REVIEW OF BUSINESS AND KEY PERFORMANCE INDICATORS |
Due to wider market turmoil (inflation and interest rates) and customer performance the trading environment for the company was difficult and revenue performance was behind expectations. Management continued to asses all opportunities to growth the business and mitigate any shortfalls. This included running a sale process for Ducares BV. |
FINANCIAL INFORMATION |
The net revenue was €10,865,441and the operating loss was €3,552,073 over the period 1 January 2023 to 31 December 2023. |
On 14th December 2023 the operating entity of the group, Ducares BV, was sold to CERTANIA Aquico-NL B.V.. |
TRISK UK HOLDCO LIMITED (REGISTERED NUMBER: 12941793) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
PRINCIPAL RISKS AND UNCERTAINTIES |
Within Trisk the following risks, among others, are distinguished: |
- Risks related to strategic decision-making |
- External developments in the various markets |
- Dependence on European legislation (particularly GMO and Registration Services) |
- Operational risks, for direct or indirect loss due to inadequate or failing operational processes, people, |
systems or external factors |
- Liquidity and currency risks, among other things as a result of agreements with customers and suppliers and the group capital structure |
Trisk chooses to hedge these risks through a strategic reorientation on the previously chosen principles. |
ON BEHALF OF THE BOARD: |
TRISK UK HOLDCO LIMITED (REGISTERED NUMBER: 12941793) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
The directors present their report with the financial statements of the company and the group for the year ended 31 December 2023. |
DIVIDENDS |
No dividends will be distributed for the year ended 31 December 2023. |
DIRECTORS |
Other changes in directors holding office are as follows: |
GOING CONCERN |
On 14th December 2023 the operating subsidiary of the Group (Ducares BV) was sold to a third party. As a result of this transaction the directors are uncertain as to whether the Group will have adequate resources to continue in operational existence for a period of at least 12 months from the date of approval of these financial statements. |
The going concern basis of accounting has been adopted in preparing the financial statements. The directors do not believe there would be any significant adjustments to these accounts if the going concern basis were not appropriate. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
TRISK UK HOLDCO LIMITED (REGISTERED NUMBER: 12941793) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
AUDITORS |
The audit business of Haines Watts was acquired by Cooper Parry Group Limited on 30th September 2024. Haines Watts has resigned as auditor and Cooper Parry Group has been appointed in its place. |
The auditors, Cooper Parry Group Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
TRISK UK HOLDCO LIMITED |
Opinion |
We have audited the financial statements of Trisk UK Holdco Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 Financial Reporting Standard 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 group's and of the parent company affairs as at 31 December 2023 and of the group's loss 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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. |
Material uncertainty relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
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. |
In connection with our audit of the financial statements, 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 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. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
TRISK UK HOLDCO LIMITED |
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 Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page four, 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 necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
TRISK UK HOLDCO LIMITED |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors 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: |
We obtained an understanding of the legal and regulatory framework applicable to the Group and the industry in which it operates. We determined that the following laws and regulations were most |
significant: FRS102 - the Financial Reporting Standard applicable in the UK & The Republic of Ireland, the Companies Act 2006 and relevant tax compliance regulations in the UK. |
We obtained an understanding of how the Group is complying with those legal and regulatory frameworks by making enquiries of management. |
We assessed the susceptibility of the Group's financial statements to material misstatement, including how fraud might occur, by meeting with management to understand where management considered there was susceptibility to fraud. Audit procedures performed by the audit team included: |
- | Challenging assumptions and judgements made by management in its significant accounting estimates; |
- | Identifying and testing journal entries, with a focus on entries made with unusual accounting combinations; |
- | Confirming with management whether they have knowledge of any actual, suspected or illegal fraud; |
- | Evaluating whether there was evidence of bias by management that represents a risk of material misstatement due to fraud. |
These procedures were designed to provide reasonable assurance that the financial statements were free from fraud or error. |
Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK). For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance with all laws and regulations. |
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 Report of the Auditors. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
TRISK UK HOLDCO LIMITED |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 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 a Report of the Auditors 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. |
for and on behalf of |
Statutory Auditor |
First Floor, Davidson House |
Forbury Square |
Reading |
Berkshire |
RG1 3EU |
TRISK UK HOLDCO LIMITED (REGISTERED NUMBER: 12941793) |
CONSOLIDATED INCOME STATEMENT |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2023 | 2022 |
Notes | € | € |
TURNOVER | 3 | 10,865,441 | 14,345,307 |
Cost of sales | 1,301,038 | 2,022,717 |
GROSS PROFIT | 9,564,403 | 12,322,590 |
Administrative expenses | 13,344,497 | 19,856,252 |
(3,780,094 | ) | (7,533,662 | ) |
Other operating income | 222,122 | 96,287 |
Gain/loss on revaluation of intangible assets |
- |
(55,131,065 |
) |
OPERATING LOSS | 5 | (3,557,972 | ) | (62,568,440 | ) |
Profit/loss on sale of invest | 6 | 943,391 | - |
(4,501,363 | ) | (62,568,440 | ) |
Income from other participating interests | 7 | 504,952 | - |
(3,996,411 | ) | (62,568,440 | ) |
Interest payable and similar expenses | 8 | 2,915,500 | 2,335,151 |
LOSS BEFORE TAXATION | (6,911,911 | ) | (64,903,591 | ) |
Tax on loss | 9 | (178,166 | ) | (248,771 | ) |
LOSS FOR THE FINANCIAL YEAR | ( |
) | ( |
) |
Loss attributable to: |
Owners of the parent | (6,733,745 | ) | (64,654,820 | ) |
TRISK UK HOLDCO LIMITED (REGISTERED NUMBER: 12941793) |
CONSOLIDATED OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2023 | 2022 |
Notes | € | € |
LOSS FOR THE YEAR | (6,733,745 | ) | (64,654,820 | ) |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
(6,733,745 |
) |
(64,654,820 |
) |
Total comprehensive income attributable to: |
Owners of the parent | (6,733,745 | ) | (64,654,820 | ) |
TRISK UK HOLDCO LIMITED (REGISTERED NUMBER: 12941793) |
CONSOLIDATED BALANCE SHEET |
31 DECEMBER 2023 |
2023 | 2022 |
Notes | € | € | € | € |
FIXED ASSETS |
Intangible assets | 11 | - | 185,209 |
Tangible assets | 12 | - | 2,728,705 |
Investments | 13 | - | 20,000 |
- | 2,933,914 |
CURRENT ASSETS |
Stocks | 14 | - | 301,764 |
Debtors | 15 | 552,302 | 2,761,424 |
Cash at bank and in hand | 70,599 | 3,014,416 |
622,901 | 6,077,604 |
CREDITORS |
Amounts falling due within one year | 16 | 2,277,254 | 15,494,909 |
NET CURRENT LIABILITIES | (1,654,353 | ) | (9,417,305 | ) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
(1,654,353 |
) |
(6,483,391 |
) |
CREDITORS |
Amounts falling due after more than one year |
17 |
(31,434,135 |
) |
(19,852,476 |
) |
PROVISIONS FOR LIABILITIES | 20 | - | (18,876 | ) |
NET LIABILITIES | (33,088,488 | ) | (26,354,743 | ) |
CAPITAL AND RESERVES |
Called up share capital | 21 | 2,000,001 | 2,000,001 |
Share premium | 22 | 46,701,379 | 46,701,379 |
Legal reserve | 22 | - | 116,105 |
Retained earnings | 22 | (81,789,868 | ) | (75,172,228 | ) |
SHAREHOLDERS' FUNDS | (33,088,488 | ) | (26,354,743 | ) |
The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 18 March 2025 and were signed on its behalf by: |
W F Trevelyan Thomas - Director |
TRISK UK HOLDCO LIMITED (REGISTERED NUMBER: 12941793) |
COMPANY BALANCE SHEET |
31 DECEMBER 2023 |
2023 | 2022 |
Notes | € | € |
CURRENT ASSETS |
Debtors | 15 |
CREDITORS |
Amounts falling due within one year | 16 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CAPITAL AND RESERVES |
Called up share capital | 21 |
Share premium | 22 |
Retained earnings | 22 | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
Company's loss for the financial year | (24,954 | ) | (48,731,800 | ) |
The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on |
TRISK UK HOLDCO LIMITED (REGISTERED NUMBER: 12941793) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Called up |
share | Retained | Share | Legal | Total |
capital | earnings | premium | reserve | equity |
€ | € | € | € | € |
Balance at 1 January 2022 | 1 | (10,433,881 | ) | 46,701,379 | 32,578 | 36,300,077 |
Changes in equity |
Increase in share capital | 2,000,000 | - | - | - | 2,000,000 |
Reserves transfer | - | (83,527 | ) | - | 83,527 | - |
Total comprehensive income | - | (64,654,820 | ) | - | - | (64,654,820 | ) |
Balance at 31 December 2022 | 2,000,001 | (75,172,228 | ) | 46,701,379 | 116,105 | (26,354,743 | ) |
Changes in equity |
Total comprehensive income | - | (6,617,640 | ) | - | (116,105 | ) | (6,733,745 | ) |
Balance at 31 December 2023 | 2,000,001 | (81,789,868 | ) | 46,701,379 | - | (33,088,488 | ) |
TRISK UK HOLDCO LIMITED (REGISTERED NUMBER: 12941793) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Called up |
share | Retained | Share | Total |
capital | earnings | premium | equity |
€ | € | € | € |
Balance at 1 January 2022 | ( |
) |
Changes in equity |
Increase in share capital | 2,000,000 | - | - | 2,000,000 |
Total comprehensive income | - | ( |
) | - | ( |
) |
Balance at 31 December 2022 | ( |
) | ( |
) |
Changes in equity |
Total comprehensive income | - | ( |
) | - | ( |
) |
Balance at 31 December 2023 | ( |
) | ( |
) |
TRISK UK HOLDCO LIMITED (REGISTERED NUMBER: 12941793) |
CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2023 | 2022 |
Notes | € | € |
Cash flows from operating activities |
Cash generated from operations | 1 | (2,730,934 | ) | 372,198 |
Interest paid | (2,915,500 | ) | (2,335,151 | ) |
Tax paid | 31,335 | 94,155 |
Net cash from operating activities | (5,615,099 | ) | (1,868,798 | ) |
Cash flows from investing activities |
Purchase of intangible fixed assets | - | (138,150 | ) |
Purchase of tangible fixed assets | (29,591 | ) | (929,355 | ) |
Sale of intangible fixed assets | 34,590 | - |
Sale of tangible fixed assets | - | 26,250 |
Sale of fixed asset investments | 20,000 | - |
Dividends received | 504,952 | - |
Net cash from investing activities | 529,951 | (1,041,255 | ) |
Cash flows from financing activities |
New loans in year | 9,803,058 | 19,200,000 |
Loan repayments in year | (9,336,000 | ) | (18,000,000 | ) |
Net financing costs | 1,674,273 | 92,804 |
Share issue | - | 2,000,000 |
Net cash from financing activities | 2,141,331 | 3,292,804 |
(Decrease)/increase in cash and cash equivalents | (2,943,817 | ) | 382,751 |
Cash and cash equivalents at beginning of year |
2 |
3,014,416 |
2,631,665 |
Cash and cash equivalents at end of year |
2 |
70,599 |
3,014,416 |
TRISK UK HOLDCO LIMITED (REGISTERED NUMBER: 12941793) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
1. | RECONCILIATION OF LOSS FOR THE FINANCIAL YEAR TO CASH GENERATED FROM OPERATIONS |
2023 | 2022 |
€ | € |
Loss for the financial year | (6,733,745 | ) | (64,654,820 | ) |
Depreciation charges | 316,743 | 7,454,742 |
Loss on revaluation of fixed assets | - | 55,131,065 |
Loss on disposal of investment | 943,391 | - |
Finance costs | 2,915,500 | 2,335,151 |
Finance income | (504,952 | ) | - |
Taxation | (178,166 | ) | (248,771 | ) |
(3,241,229 | ) | 17,367 |
Decrease/(increase) in stocks | 146,904 | (156,245 | ) |
Decrease in trade and other debtors | 1,019,281 | 378,260 |
(Decrease)/increase in trade and other creditors | (655,890 | ) | 132,816 |
Cash generated from operations | (2,730,934 | ) | 372,198 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31 December 2023 |
31/12/23 | 1/1/23 |
€ | € |
Cash and cash equivalents | 70,599 | 3,014,416 |
Year ended 31 December 2022 |
31/12/22 | 1/1/22 |
€ | € |
Cash and cash equivalents | 3,014,416 | 2,631,665 |
TRISK UK HOLDCO LIMITED (REGISTERED NUMBER: 12941793) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
3. | ANALYSIS OF CHANGES IN NET DEBT |
At 1/1/23 | Cash flow | At 31/12/23 |
€ | € | € |
Net cash |
Cash at bank and in hand | 3,014,416 | (2,943,817 | ) | 70,599 |
3,014,416 | (2,943,817 | ) | 70,599 |
Debt |
Debts falling due within 1 year | (11,440,328 | ) | 9,440,328 | (2,000,000 | ) |
Debts falling due after 1 year | (19,852,476 | ) | (11,581,659 | ) | (31,434,135 | ) |
(31,292,804 | ) | (2,141,331 | ) | (33,434,135 | ) |
Total | (28,278,388 | ) | (5,085,148 | ) | (33,363,536 | ) |
TRISK UK HOLDCO LIMITED (REGISTERED NUMBER: 12941793) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
1. | STATUTORY INFORMATION |
Trisk UK Holdco Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements have been prepared under the historical cost convention unless otherwise |
specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the |
Companies Act 2006. |
The preparation of financial statements in compliance with FRS 102 requires the use of certain |
critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies. |
The Company has taken advantage of the exemption allowed under section 408 of the Companies |
Act 2006 and has not presented its own statement of comprehensive income in these financial |
statements. |
Going concern |
On 14th December 2023 the operating subsidiary of the Group (Ducares BV) was sold to a third party. As a result of this transaction the directors are uncertain as to whether the Group will have adequate resources to continue in operational existence for a period of at least 12 months from the date of approval of these financial statements. |
The going concern basis of accounting has been adopted in preparing the financial statements. The directors do not believe there would be any significant adjustments to these accounts if the going concern basis were not appropriate. |
Basis of consolidation |
The consolidated financial statements present the results of the Company and its own subsidiaries |
("the Group") as if they form a single entity. Intercompany transactions and balances between group |
companies are therefore eliminated in full. |
The consolidated financial statements incorporate the results of business combinations using the |
purchase method. In the balance sheet, the acquiree's identifiable assets, liabilities and contingent |
liabilities are initially recognised at their fair values at the acquisition date. The results of acquired |
operations are included in the consolidated statement of comprehensive income from the date on |
which control is obtained. They are deconsolidated from the date control ceases. |
TRISK UK HOLDCO LIMITED (REGISTERED NUMBER: 12941793) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Critical accounting judgements and key sources of estimation uncertainty |
Preparation of the financial statements can require management to make significant judgements and estimates. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. |
Revenue recognition |
The Group recognises revenue in accordance with FRS 102 (see accounting policy above). Management make appropriate judgements around the stage of completion of individual projects which relates to timing of revenue. |
Fixed assets depreciation and impairment |
Estimates have been made of the useful economic life of tangible and intangible fixed assets and judgements have been made as to whether or not assets have become impaired. |
Revenue |
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the |
Group 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 Group has transferred the significant risks and rewards of ownership to the buyer; |
- the Group 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 Group will receive the consideration due under the transaction; and |
- the costs incurred or to be incurred in respect of the transaction can be measured reliably. |
Rendering of services |
Revenue from a contract to provide services is recognised in the period in which the services are |
provided in accordance with the stage of completion of the contract when all of the following |
conditions are satisfied: |
- the amount of revenue can be measured reliably; |
- it is probable that the Group will receive the consideration due under the contract; |
- the stage of completion of the contract at the end of the reporting period can be measured |
reliably; and |
- the costs incurred and the costs to complete the contract can be measured reliably. |
Goodwill |
Goodwill represents the difference between the amounts paid on the cost of a business combination and the acquirers interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the consolidated statement of comprehensive income over its useful economic life. |
The estimated useful life of goodwill is 10 years. |
TRISK UK HOLDCO LIMITED (REGISTERED NUMBER: 12941793) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Development costs |
Development costs are capitalised in so far as incurred in respect of potentially profitable projects. The development of an intangible fixed asset is considered commercially profitable if the following conditions are met: the completion of the asset is technically feasible, the Group has the intention of completing the asset and then of using or selling it (including the availability of adequate technical, financial and other resources to achieve this), the Group has the ability to use or sell the asset, it is probable that the asset will generate future economic benefits, and the costs during the development phase can be determined reliably. Development costs are measured at construction cost, less accumulated amortisation and impairment losses. The construction cost comprises mainly salaries of staff involved; the capitalised costs are amortised over the estimated useful life after completion of the development phase (asset ready for usage), which is 3-10 years. Amortisation is calculated using the straight-line method. The costs of research and other development costs are charged to the result in the period in which they are incurred. |
A legal reserve is formed for the capitalised development costs that have not yet been amortised. |
Tangible fixed assets |
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. |
Depreciation is charged so as to allocate the cost of assets less their residual value over their |
estimated useful lives, using the straight-line method. |
The estimated useful lives range as follows: |
- Land & buildings - 15 to 20 years |
- Plant & machinery etc - 3 to 10 years |
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted |
prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. |
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the consolidated statement of comprehensive income. |
Investments in subsidiaries |
Investments in subsidiaries are measured at cost less accumulated impairment. |
Stocks |
Work in progress is valued at the lower of cost and net realisable value. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads and is recognised on a stage of completion basis. |
TRISK UK HOLDCO LIMITED (REGISTERED NUMBER: 12941793) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The Group only enters into basic financial instrument transactions that result in the recognition of |
financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares. |
Debt instruments (other than those wholly repayable or receivable within one year), including loans |
and other accounts receivable and payable, are initially measured at present value of the future cash |
flows and subsequently at amortised cost using the effective interest method. Debt instruments that |
are payable or receivable within one year, typically trade debtors and creditors, are measured, |
initially and subsequently, at the undiscounted amount of the cash or other consideration expected to |
be paid or received. However, if the arrangements of a short-term instrument constitute a financing |
transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a |
rate of interest that is not a market rate or in the case of an out-right short-term loan not at market |
rate, the financial asset or liability is measured, initially, at the present value of the future cash flow |
discounted at a market rate of interest for a similar debt instrument and subsequently at amortised |
cost. |
Financial assets that are measured at cost and amortised cost are assessed at the end of each |
reporting period for objective evidence of impairment. If objective evidence of impairment is found, |
an impairment loss is recognised in the consolidated statement of comprehensive income. |
For financial assets measured at cost less impairment, the impairment loss is measured as the |
difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Group would receive for the asset if it were to be sold at the balance sheet date. |
Financial assets and liabilities are offset and the net amount reported in the balance sheet when |
there is an 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. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
TRISK UK HOLDCO LIMITED (REGISTERED NUMBER: 12941793) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Fixed asset investments |
In the separate accounts of the Company, interests in subsidiaries, are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses are recognised immediately in profit or loss. |
Impairment of fixed assets |
At each reporting period end date, the group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to eliminate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. |
If the recoverable amount of an asset (or cash generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease. |
Debtors |
Short term debtors are measured at transaction price, less any impairment. |
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. |
Share premium |
Amounts contributed by shareholders in excess of the nominal share capital are accounted for as share premium. This also includes additional capital contributions by existing shareholders without issuance of shares or rights to subscribe or acquire shares of the company. |
TRISK UK HOLDCO LIMITED (REGISTERED NUMBER: 12941793) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Finance costs |
Finance costs are charged to the consolidated 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. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument. |
Operating leases |
Rentals paid under operating leases are charged to the consolidated statement of comprehensive |
income 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. |
Pensions |
Defined contribution pension plan |
The Group operates a defined contribution plan for its employees. A defined contribution plan is a |
pension plan under which the Group pays fixed contributions into a separate entity. Once the |
contributions have been paid the Group has no further payment obligations. |
The contributions are recognised as an expense in the consolidated statement of comprehensive |
income when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the Group in independently administered funds. |
Interest Income |
Interest income is recognised in the consolidated statement of comprehensive income using the |
effective interest method. |
Borrowing costs |
All borrowing costs are recognised in the consolidated statement of comprehensive income in the |
year in which they are incurred. |
Provisions for liabilities |
Provisions are made where an event has taken place that gives the Group 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 the consolidated statement of comprehensive income in the year that the Group becomes aware of the obligation, and are measured at the best estimate at the balance sheet 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 balance sheet. |
Foreign currency translation |
Functional and presentation currency |
The Group's functional and presentational currency is Euros. |
Transactions and balances |
Foreign currency transactions are translated into the functional currency using the spot exchange |
rates at the dates of the transactions. |
TRISK UK HOLDCO LIMITED (REGISTERED NUMBER: 12941793) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
At each period end foreign currency monetary items are translated using the closing rate. Nonmonetary 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 the consolidated statement of comprehensive income except when |
deferred in other comprehensive income as qualifying cash flow hedges. |
3. | TURNOVER |
The turnover and loss before taxation are attributable to the one principal activity of the group. |
An analysis of turnover by geographical market is given below: |
2023 | 2022 |
€ | € |
Netherlands | 7,179,513 | 9,819,535 |
Rest of Europe | 1,700,317 | 2,592,497 |
Rest of the world | 1,985,611 | 1,933,275 |
10,865,441 | 14,345,307 |
4. | EMPLOYEES AND DIRECTORS |
2023 | 2022 |
€ | € |
Wages and salaries | 7,350,413 | 8,726,125 |
The average number of employees during the year was as follows: |
2023 | 2022 |
Sales | 6 | 8 |
Projects & testing | 66 | 74 |
Administration | 9 | 13 |
2023 | 2022 |
€ | € |
Directors' remuneration | - | - |
TRISK UK HOLDCO LIMITED (REGISTERED NUMBER: 12941793) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
4. | EMPLOYEES AND DIRECTORS - continued |
2023 | 2022 |
€ | € |
Wages and salaries | 4,724,925 | 5,375,648 |
Social security | 804,527 | 943,914 |
Pension | 686,983 | 825,242 |
Other staff costs | 1,133,978 | 1,581,321 |
7,350,413 | 8,726,125 |
5. | OPERATING LOSS |
The operating loss is stated after charging/(crediting): |
2023 | 2022 |
€ | € |
Depreciation - owned assets | 273,147 | 325,902 |
Goodwill amortisation | - | 7,064,312 |
Development costs amortisation | 14,976 | - |
Computer software amortisation | 28,620 | 64,529 |
Auditors' remuneration | 23,897 | 26,537 |
Foreign exchange differences | (112 | ) | - |
Fee's paid to other auditors |
2023 | 2022 |
€ | € |
Audit of the financial statements of subsidiaries of the company | 110,004 | 99,840 |
6. | EXCEPTIONAL ITEMS |
2023 | 2022 |
€ | € |
Profit/loss on sale of invest | (943,391 | ) | - |
7. | INCOME FROM OTHER PARTICIPATING INTERESTS |
2023 | 2022 |
€ | € |
Other participating interests | 504,952 | - |
In 2023 Ducares B.V. ended its participation with the 1st Lab Consortium, resulting in a cash distribution received of €504,952. |
TRISK UK HOLDCO LIMITED (REGISTERED NUMBER: 12941793) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
8. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2023 | 2022 |
€ | € |
Loan interest | 2,892,377 | 2,318,554 |
Bank interest and charges | 23,123 | 16,597 |
2,915,500 | 2,335,151 |
9. | TAXATION |
Analysis of the tax credit |
The tax credit on the loss for the year was as follows: |
2023 | 2022 |
€ | € |
Current tax: |
UK corporation tax | (178,166 | ) | (248,771 | ) |
Tax on loss | (178,166 | ) | (248,771 | ) |
Reconciliation of total tax credit included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
2023 | 2022 |
€ | € |
Loss before tax | (6,911,911 | ) | (64,903,591 | ) |
Loss multiplied by the standard rate of corporation tax in the UK of 23.521 % (2022 - 19 %) |
(1,625,751 |
) |
(12,331,682 |
) |
Effects of: |
Expenses not deductible for tax purposes | 1,410,076 | 10,645,634 |
Depreciation in excess of capital allowances | - | 1,416,401 |
Utilisation of tax losses | - | (45,461 | ) |
Effect of overseas tax rates | 37,509 | 66,337 |
Total tax credit | (178,166 | ) | (248,771 | ) |
The UK's main corporation tax rate increased from 19% to 25% with effect from 1 April 2023. |
10. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
TRISK UK HOLDCO LIMITED (REGISTERED NUMBER: 12941793) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
11. | INTANGIBLE FIXED ASSETS |
Group |
Development | Computer |
Goodwill | costs | software | Totals |
€ | € | € | € |
COST |
At 1 January 2023 | 70,643,116 | 116,106 | 263,885 | 71,023,107 |
Disposals | (70,643,116 | ) | (116,106 | ) | (263,885 | ) | (71,023,107 | ) |
At 31 December 2023 | - | - | - | - |
AMORTISATION |
At 1 January 2023 | 70,643,116 | - | 194,782 | 70,837,898 |
Amortisation for year | - | 14,976 | 28,620 | 43,596 |
Eliminated on disposal | (70,643,116 | ) | (14,976 | ) | (223,402 | ) | (70,881,494 | ) |
At 31 December 2023 | - | - | - | - |
NET BOOK VALUE |
At 31 December 2023 | - | - | - | - |
At 31 December 2022 | - | 116,106 | 69,103 | 185,209 |
There were no intangible fixed assets within the parent company. |
12. | TANGIBLE FIXED ASSETS |
Group |
Improvements | Plant and | Computer |
to property | machinery | equipment | Totals |
€ | € | € | € |
COST |
At 1 January 2023 | 2,105,925 | 1,223,752 | 56,620 | 3,386,297 |
Additions | - | 25,435 | 4,156 | 29,591 |
Disposals | (2,105,925 | ) | (1,249,187 | ) | (60,776 | ) | (3,415,888 | ) |
At 31 December 2023 | - | - | - | - |
DEPRECIATION |
At 1 January 2023 | 171,748 | 466,918 | 18,926 | 657,592 |
Charge for year | 100,103 | 162,019 | 11,025 | 273,147 |
Eliminated on disposal | (271,851 | ) | (628,937 | ) | (29,951 | ) | (930,739 | ) |
At 31 December 2023 | - | - | - | - |
NET BOOK VALUE |
At 31 December 2023 | - | - | - | - |
At 31 December 2022 | 1,934,177 | 756,834 | 37,694 | 2,728,705 |
There were no tangible fixed assets within the parent company. |
TRISK UK HOLDCO LIMITED (REGISTERED NUMBER: 12941793) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
13. | FIXED ASSET INVESTMENTS |
Group |
Shares in |
group | Unlisted |
undertakings | investments | Totals |
€ | € | € |
COST |
At 1 January 2023 | 48,701,380 | 20,000 | 48,721,380 |
Disposals | - | (20,000 | ) | (20,000 | ) |
At 31 December 2023 | 48,701,380 | - | 48,701,380 |
PROVISIONS |
At 1 January 2023 |
and 31 December 2023 | 48,701,380 | - | 48,701,380 |
NET BOOK VALUE |
At 31 December 2023 | - | - | - |
At 31 December 2022 | - | 20,000 | 20,000 |
Company |
Shares in |
group |
undertakings |
€ |
COST |
At 1 January 2023 |
and 31 December 2023 |
PROVISIONS |
At 1 January 2023 |
and 31 December 2023 | 48,701,380 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
TRISK UK HOLDCO LIMITED (REGISTERED NUMBER: 12941793) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
13. | FIXED ASSET INVESTMENTS - continued |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
Registered office: Amsterdam, 2595 DA The Hague (the Netherlands), Anna van Buerenplein 41 |
Nature of business: |
% |
Class of shares: | holding |
2023 | 2022 |
€ | € |
Aggregate capital and reserves |
Loss for the year | ( |
) |
Triskelion Midco B.V. |
Registered office: Amsterdam, 2595 DA The Hague (the Netherlands), Anna van Buerenplein 41 |
Nature of business: Holding Company |
% |
Class of shares: | holding |
Ordinary | 100.00 |
2023 | 2022 |
€ | € |
Aggregate capital and reserves | 67,724,418 | 58,164,426 |
Loss for the year | (243,066 | ) | (534,843 | ) |
Triskelion Bidco B.V. |
Registered office: Amsterdam, 2595 DA The Hague (the Netherlands), Anna van Buerenplein 41 |
Nature of business: Group management company |
% |
Class of shares: | holding |
Ordinary | 100.00 |
2023 | 2022 |
€ | € |
Aggregate capital and reserves | 9,350,121 | 64,391,969 |
Loss for the year | (75,742,091 | ) | (1,736,329 | ) |
Ducares B.V. |
The investment in Ducares B.V. was sold to a third party on 14 December 2023. |
1st Lab Consortium |
The 1st Lab Consortium (formerly: Fenelab Consortium COVID-19) was established to perform the COVID-19 tests. It was established during 2020 and in 2021 a capital contribution of EUR 20,000 was made. In 2023 Ducares B.V. ended its participation, resulting in a repayment and cash distribution received of €0.5 million. |
TRISK UK HOLDCO LIMITED (REGISTERED NUMBER: 12941793) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
14. | STOCKS |
Group |
2023 | 2022 |
€ | € |
Work-in-progress | - | 301,764 |
15. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
€ | € | € | € |
Trade debtors | - | 1,661,276 |
Other debtors | 33,825 | 88,322 |
Tax | 289,824 | 142,993 |
VAT | 228,653 | - |
Prepayments and accrued income | - | 868,833 |
552,302 | 2,761,424 |
16. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
€ | € | € | € |
Other loans (see note 18) | 2,000,000 | 11,440,328 |
Trade creditors | 248,754 | 1,471,258 |
Amounts owed to group undertakings | - | - |
Social security and other taxes | - | 545,746 |
VAT | - | 17,245 | - | - |
Other creditors | - | 516,518 |
Accruals and deferred income | 28,500 | 1,503,814 |
2,277,254 | 15,494,909 |
17. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group |
2023 | 2022 |
€ | € |
Other loans (see note 18) | 31,434,135 | 19,852,476 |
TRISK UK HOLDCO LIMITED (REGISTERED NUMBER: 12941793) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
18. | LOANS |
An analysis of the maturity of loans is given below: |
Group |
2023 | 2022 |
€ | € |
Amounts falling due within one year or | on demand: |
Other loans | 2,000,000 | 11,440,328 |
Amounts falling due in more than five | years: |
Repayable otherwise than by | instalments |
Other loans more 5yrs non-inst | 31,434,135 | 19,852,476 |
19. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Non-cancellable |
operating leases |
2023 | 2022 |
€ | € |
Within one year | - | 1,068,684 |
Between one and five years | - | 4,056,169 |
In more than five years | - | 5,809,601 |
- | 10,934,454 |
20. | PROVISIONS FOR LIABILITIES |
Group |
2023 | 2022 |
€ | € |
Other provisions | - | 18,876 |
Aggregate amounts | - | 18,876 |
21. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | € | € |
1,701,001 | Ordinary | £1 | 2,000,001 | 2,000,001 |
TRISK UK HOLDCO LIMITED (REGISTERED NUMBER: 12941793) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
22. | RESERVES |
Group |
Retained | Share | Legal |
earnings | premium | reserve | Totals |
€ | € | € | € |
At 1 January 2023 | (75,172,228 | ) | 46,701,379 | 116,105 | (28,354,744 | ) |
Deficit for the year | (6,733,745 | ) | (6,733,745 | ) |
Legal reserve transfer | 116,105 | - | (116,105 | ) | - |
At 31 December 2023 | (81,789,868 | ) | 46,701,379 | - | (35,088,489 | ) |
Company |
Retained | Share |
earnings | premium | Totals |
€ | € | € |
At 1 January 2023 | ( |
) | (2,053,472 | ) |
Deficit for the year | ( |
) | ( |
) |
At 31 December 2023 | ( |
) | (2,078,426 | ) |
The legal reserve relates to capitalised development costs. A legal reserve has been formed for capitalised development costs equal to their carrying amount, amounting to €116,105. |
23. | RELATED PARTY DISCLOSURES |
At the period end the Group had outstanding Loans totalling €22,001,391 (2022: €10,513,886) from controlling parties. |
During the period the Group was charged €1,684,447 (2022: €1,379,442) in interest on loans from controlling parties held during the period. |
During the period the Group made sales to an entity in which the Group holds a non-controlling interest, these sales were made at arms-length and totalled €nil (2022: €526,795). |
24. | ULTIMATE CONTROLLING PARTY |
The controlling party is Levine Leichtman Capital PartnersEurope II SCSP. |