Company registration number 13876277 (England and Wales)
UK CFC3 LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
UK CFC3 LIMITED
COMPANY INFORMATION
Directors
Mr D Webster
Mr S Callison
(Appointed 16 May 2024)
Company number
13876277
Registered office
125 Wood Street
London
EC2V 7AN
Auditor
MHA
80 Mosley Street
Manchester
M2 3FX
UK CFC3 LIMITED
CONTENTS
Page
Directors' report
1
Directors' responsibilities statement
2
Independent auditor's report
3 - 5
Statement of comprehensive income
6
Balance sheet
7
Statement of changes in equity
8
Notes to the financial statements
9 - 12
UK CFC3 LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 1 -

The directors present their annual report and financial statements for the year ended 30 September 2024.

Principal activities

The principal activity of the Company is that of an internal lender and borrower of funds among its affiliated companies by issuing intercompany loans and charging interest.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr D E Ostrich
(Resigned 16 May 2024)
Mr D Webster
Mr S Callison
(Appointed 16 May 2024)
Future developments

At the date of this report, the directors do not foresee there will be any major change in the Company's activities in the next year.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Going concern

The going concern basis has been used in the preparation of the financial statements as the parent undertaking, ASP CPM Holdings LLC, has confirmed that it will provide financial support to enable the Company to meet its liabilities as they fall due and to continue in business for a period of at least 12 months following signature of these financial statements.

Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
Mr S Callison
Director
20 June 2025
UK CFC3 LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 2 -

The directors are responsible for preparing the annual 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 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 of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

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 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

UK CFC3 LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF UK CFC3 LIMITED
- 3 -
Opinion

We have audited the financial statements of UK CFC3 Limited (the 'company') for the year ended 30 September 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including 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:

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 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 ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 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.

UK CFC3 LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF UK CFC3 LIMITED (CONTINUED)
- 4 -

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

 

In the 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 directors' report.

Matters on which we are required to report by exception

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:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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 responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud, is detailed below:

UK CFC3 LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF UK CFC3 LIMITED (CONTINUED)
- 5 -

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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 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.

Lee Van Houplines FCA
Senior Statutory Auditor
For and on behalf of MHA, Statutory Auditor
Manchester, United Kingdom
20 June 2025
MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales (registered number OC455542)
UK CFC3 LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 6 -
2024
2023
Notes
£
£
Turnover
-
-
Administrative expenses
(2,187,281)
(3,191,757)
Operating loss
(2,187,281)
(3,191,757)
Interest receivable and similar income
3
867,033
897,189
Loss before taxation
(1,320,248)
(2,294,568)
Tax on loss
(216,748)
(203,080)
Loss for the financial year
(1,536,996)
(2,497,648)

The profit and loss account has been prepared on the basis that all operations are continuing operations.

UK CFC3 LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 7 -
2024
2023
Notes
£
£
£
£
Current assets
Debtors
4
25,610,610
26,917,953
Creditors: amounts falling due within one year
5
(432,733)
(203,080)
Net current assets
25,177,877
26,714,873
Capital and reserves
Called up share capital
6
13
13
Profit and loss reserves
25,177,864
26,714,860
Total equity
25,177,877
26,714,873

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 20 June 2025 and are signed on its behalf by:
Mr S  Callison
Director
Company registration number 13876277 (England and Wales)
UK CFC3 LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 8 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 October 2022
13
29,212,508
29,212,521
Year ended 30 September 2023:
Loss and total comprehensive income
-
(2,497,648)
(2,497,648)
Balance at 30 September 2023
13
26,714,860
26,714,873
Year ended 30 September 2024:
Loss and total comprehensive income
-
(1,536,996)
(1,536,996)
Balance at 30 September 2024
13
25,177,864
25,177,877
UK CFC3 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 9 -
1
Accounting policies
Company information

UK CFC3 Limited is a private company limited by shares incorporated in England and Wales. The registered office is 125 Wood Street, London, EC2V 7AN.

1.1
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.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the company are consolidated in the financial statements of ASP CPM Holdings LLC. These consolidated financial statements are available from Companies House, Crown Way, Cardiff, CF14 3UZ under the name of UK CFC2 Limited as they are appended as part of these financial statements.

1.2
Going concern

The directors belief that preparing the financial statements on the going concern basis is appropriate includes the the continued financial support of the ultimate parent company ASP CPM Holdings LLC. The Directors have obtained a letter of support from the Company's parent confirming additional financial assistance will be provided if needed, to meet its liabilities for a period at least 12 months from the date approval of this annual report and financial statements. The company therefore continues to adopt the going concern basis in preparing its financial statements.

UK CFC3 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 10 -
1.3
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.

Basic financial assets

Basic financial assets, which include amounts owed by group undertakings 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.

1.4
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.

1.5
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.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

UK CFC3 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 11 -
1.6
Foreign exchange

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 the Statement of Comprehensive Income except where deferred in other comprehensive income as qualifying cash flow hedges.

 

Foreign exchange gains and losses that relate to borrowings are presented in the Statement of Comprehensive Income within interest receivable and similar income or interest payable and similar expenses. All other foreign exchange gains and losses are presented in the Statement of Comprehensive Income within other operating (losses)/expenses or administrative expenses.

1.7

Interest receivable and similar income

Interest income is recognised in the Statement of Comprehensive Income using the effective interest rate method.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
2
2

The directors have not received remuneration from the company. Their salaries are borne by the parent company and not recharged as their services are incidental to those provided to the group.

3
Interest receivable and similar income
2024
2023
£
£
Interest receivable and similar income includes the following:
Interest receivable from group companies
867,033
897,189
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
3,103
3,198
UK CFC3 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
4
Debtors
(Continued)
- 12 -
2024
2023
Amounts falling due after more than one year:
£
£
Loans owed by group undertakings
25,607,507
26,914,755
Total debtors
25,610,610
26,917,953

Loans owed by group undertakings are secured, bear interest at rate of 3.43% and are repayable between 8 to 12 years.

 

Amounts owed by group undertakings are unsecured, interest free and are repayable on demand.

5
Creditors: amounts falling due within one year
2024
2023
£
£
Amounts owed to group undertakings
432,733
203,080

Amounts owed to group undertakings are unsecured, interest free and repayable on demand.

6
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Allotted, called up and partly paid
Ordinary shares of 0.00001p each
133,215,123
133,215,123
13
13
7
Related party transactions

The Company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

8
Parent company

The Company's immediate parent company is CPM WPS Limited a Company incorporated in the United Kingdom.

 

The smallest and largest entity to prepare consolidated financial statements to include the Company is ASP CPM Holdings LLC.

 

The ultimate parent company is ASP CPM Holdings LLC, a Company incorporated in United States of America.

2024-09-302023-10-01falsefalsefalseCCH SoftwareCCH Accounts Production 2025.100Mr D E OstrichMr D WebsterMr S Callison138762772023-10-012024-09-3013876277bus:Director22023-10-012024-09-3013876277bus:Director32023-10-012024-09-3013876277bus:Director12023-10-012024-09-3013876277bus:RegisteredOffice2023-10-012024-09-30138762772024-09-30138762772022-10-012023-09-3013876277core:RetainedEarningsAccumulatedLosses2022-10-012023-09-3013876277core:RetainedEarningsAccumulatedLosses2023-10-012024-09-30138762772023-09-3013876277core:CurrentFinancialInstrumentscore:WithinOneYear2024-09-3013876277core:CurrentFinancialInstrumentscore:WithinOneYear2023-09-3013876277core:ShareCapital2024-09-3013876277core:ShareCapital2023-09-3013876277core:RetainedEarningsAccumulatedLosses2024-09-3013876277core:RetainedEarningsAccumulatedLosses2023-09-3013876277core:ShareCapital2022-09-3013876277core:RetainedEarningsAccumulatedLosses2022-09-3013876277core:ShareCapitalOrdinaryShareClass12024-09-3013876277core:ShareCapitalOrdinaryShareClass12023-09-3013876277core:CurrentFinancialInstruments2023-09-3013876277core:Non-currentFinancialInstruments2024-09-3013876277core:Non-currentFinancialInstruments2023-09-3013876277core:CurrentFinancialInstruments2024-09-3013876277bus:OrdinaryShareClass12023-10-012024-09-3013876277bus:OrdinaryShareClass12024-09-3013876277bus:OrdinaryShareClass12023-09-3013876277bus:PrivateLimitedCompanyLtd2023-10-012024-09-3013876277bus:FRS1022023-10-012024-09-3013876277bus:Audited2023-10-012024-09-3013876277bus:FullAccounts2023-10-012024-09-30xbrli:purexbrli:sharesiso4217:GBP