CYKLOP NEEDHAM LIMITED
Company registration number 09200825 (England and Wales)
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
CYKLOP NEEDHAM LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
CYKLOP NEEDHAM LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
31 December 2024
30 November 2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
325,994
Tangible assets
4
1,258,334
71,280
1,258,334
397,274
Current assets
Stocks
835,280
458,383
Debtors
5
322,592
776,851
Cash at bank and in hand
86,340
5,859
1,244,212
1,241,093
Creditors: amounts falling due within one year
6
(1,567,763)
(351,411)
Net current (liabilities)/assets
(323,551)
889,682
Total assets less current liabilities
934,783
1,286,956
Provisions for liabilities
(15,412)
(11,249)
Net assets
919,371
1,275,707
Capital and reserves
Called up share capital
7
1,200,100
100
Profit and loss reserves
(280,729)
1,275,607
Total equity
919,371
1,275,707
CYKLOP NEEDHAM LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2024
31 December 2024
- 2 -
For the financial Period ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the Period in question in accordance with section 476.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 29 April 2025 and are signed on its behalf by:
Mr A R Ellis
Director
Company registration number 09200825 (England and Wales)
CYKLOP NEEDHAM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 3 -
1
Accounting policies
Company information
Cyklop Needham Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 2a-2b, Civic Industrial Park, Waymills, Whitchurch, Shropshire, SY13 1TT.
1.1
Reporting period
The reporting period has been extended to the 13 months ending 31 December 2024 to align with the Group's reporting period. As a result, comparative amounts presented in the financial statements (including the related notes) are not entirely comparable.
1.2
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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 financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.3
Turnover
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.
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.
1.4
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred.
1.5
Intangible fixed assets - goodwill
The directors have made the decision to change the accounting treatment of the Goodwill in the period to be in line with the wider group's accounting policy. In 2024, the accounting treatment was to expense the amount to the profit and loss account. The result of this is that administration costs include the carrying amount of the Goodwill brought forward at the beginning of the period, which was £92,099 and therefore the balances are not entirely comparable with the prior year.
In respect of the comparative balances, Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is five to ten years.
CYKLOP NEEDHAM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Intangible fixed assets other than goodwill
The directors have made the decision to change the accounting treatment of other intangibles in the period to be in line with the wider group's accounting policy. In 2024, the accounting treatment was to expense the amount to the profit and loss account. The result of this is that administration costs include the carrying amount of the Goodwill brought forward at the beginning of the period, which was £253,006 and therefore the balances are not entirely comparable with the prior year.
In respect of the comparative balances, Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Development Costs
4 years straight line
1.7
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings Freehold
20 years straight line
Leasehold improvements
10% straight line/20% reducing balance
Plant and machinery
20% reducing balance
Fixtures, fittings & equipment
20% reducing balance
Computer equipment
33.33% straight line
Motor vehicles
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.8
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible 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 estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.9
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
CYKLOP NEEDHAM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 5 -
1.10
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.11
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet 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.
Classification of financial liabilities
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.
1.12
Equity instruments
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.
1.13
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.14
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
1.15
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
CYKLOP NEEDHAM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 6 -
1.16
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.17
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the Period was:
2024
2023
Number
Number
Total
20
23
CYKLOP NEEDHAM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 7 -
3
Intangible fixed assets
Goodwill
Other
Total
£
£
£
Cost
At 1 December 2023
609,899
348,855
958,754
Additions
114,211
114,211
Disposals
(609,899)
(470,611)
(1,080,510)
Transfers
7,545
7,545
At 31 December 2024
Amortisation and impairment
At 1 December 2023
502,451
130,309
632,760
Amortisation charged for the Period
15,350
87,296
102,646
Disposals
(517,801)
(217,605)
(735,406)
At 31 December 2024
Carrying amount
At 31 December 2024
At 30 November 2023
107,448
218,546
325,994
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 December 2023
47,018
171,341
218,359
Additions
1,216,756
1,216,756
Disposals
(47,018)
(47,018)
Transfers
30,766
30,766
At 31 December 2024
1,216,756
202,107
1,418,863
Depreciation and impairment
At 1 December 2023
20,733
126,346
147,079
Depreciation charged in the Period
23,043
14,116
37,159
Eliminated in respect of disposals
(23,709)
(23,709)
At 31 December 2024
20,067
140,462
160,529
Carrying amount
At 31 December 2024
1,196,689
61,645
1,258,334
At 30 November 2023
26,285
44,995
71,280
CYKLOP NEEDHAM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 8 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
126,674
191,318
Corporation tax recoverable
20,379
34,393
Amounts owed by group undertakings
522,604
Other debtors
175,539
28,536
322,592
776,851
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
100
Trade creditors
975,229
193,613
Amounts owed to group undertakings
317,586
114,539
Corporation tax
600
Other taxation and social security
150,755
37,438
Other creditors
123,593
5,721
1,567,763
351,411
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,200,100
100
1,200,100
100
On 5 September 2024, 1,200,000 Ordinary Shares were allotted for cash at a nominal value of £1 per share.
8
Financial commitments, guarantees and contingent liabilities
A guarantee of £2,000,000 (2023: £Nil) was given to HSBC bank for their facility to Cyklop International Holding B.V
9
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
120,968
24,468
CYKLOP NEEDHAM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 9 -
10
Parent company
The parent company of Cyklop Needham Limited is Cyklop International Holdings B.V and its registered office is Hooibeemd 2, 5705 Dd Helmond, Netherlands.
On 5 September 2024, the entire share capital of Cyklop Needham Limited was acquired by Cyklop International Holdings B.V.