Company registration number 14357721 (England and Wales)
UK CFC4 LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
UK CFC4 LIMITED
COMPANY INFORMATION
Directors
Mr D Webster
Mr S Callison
(Appointed 16 May 2024)
Company number
14357721
Registered office
125 Wood Street
London
EC2V 7AN
Auditor
MHA
80 Mosley Street
Manchester
M2 3FX
UK CFC4 LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Notes to the financial statements
11 - 18
UK CFC4 LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 1 -
The directors present the strategic report 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.
Principal risks and uncertainties
The key business risk affecting the Company is considered to relate to investment risk. The Company holds investments in its subsidiary undertakings. It is therefore exposed to the risk that these entities do not perform as expected and an impairment of the investment in shareholdings will become necessary. The directors monitor this risk and regularly assess the need for impairment. The directors also maintain a presence on the board of any subsidiary companies through which they are able to ensure the interests of the Company are represented.
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.
Key performance indicators
The directors manage and assess the Company performance through various means, with primary financial and operating measures including net assets which totalled £20,079,064 (2023 - £19,598,543).
Promoting the success of the company
Given the Company is a non-trading holding company and it does not have any employees, customers or suppliers, no decisions were made by the directors during the reporting period which required them to have regard to:
the interests of the Company's employees;
the impact of the Company's operations on the community;
the need to foster the Company's business relationships with suppliers and customers.
Long term decisions
As a member of ASP CPM Holdings LLC the directors are committed to the long-term success of the Company. All strategic decisions consider the interest of the Company's key stakeholders including shareholders and the public.
Engagement with other stakeholders
The Company works closely with all its stakeholders and engages with them when it matters, always with a clear and distinct point of view.
High standards of business conduct and the need to act fairly between members
Directors and management operate the business in a responsible manner by maintaining high standards of business conduct and considering all members equally and fairly.
Mr S Callison
Director
20 June 2025
UK CFC4 LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 2 -
The directors present their annual report and financial statements for the year ended 30 September 2024.
The company was incorporated on 15 September 2022.
Results and dividends
The loss for the period, after taxation amounted to £19,833,795.
No ordinary dividends were paid during the period. The directors do not recommend the payment of a dividend for the period.
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)
Liquidity risk
The objective of the Company in managing liquidity risk is to ensure that it can meet its financial obligations as and when they fall due.
Foreign exchange risk
Our activities subject us to financial vulnerabilities arising from fluctuations in foreign currency exchange rates. Our exposure is limited to related party transactions. In an effort to mitigate exposure to exchange rate risk, we regularly review these related party transactions and the applicable exchange rates.
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.
Qualifying third-party indemnity provisions
The directors have the benefit of an indemnity which is a qualifying third-party indemnity provision as defined by Section 234 of the Companies Act 2006. The indemnity was in force throughout the period and is currently in force. UK CFC4 Limited maintained throughout the financial period directors' and officers' liability insurance.
Streamlined energy and carbon reporting ('SECR')
As a holding company, UK CFC4 Limited does not employ any staff, maintain any local offices, or take part in any trading activities. As a result, the Company has not incurred any energy costs and has no energy use to report during the current period.
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.
UK CFC4 LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -
On behalf of the board
Mr S Callison
Director
20 June 2025
UK CFC4 LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 4 -
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:
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 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 CFC4 LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF UK CFC4 LIMITED
- 5 -
Opinion
We have audited the financial statements of UK CFC4 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:
give a true and fair view of the state of the company's affairs as at 30 September 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
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.
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 CFC4 LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF UK CFC4 LIMITED (CONTINUED)
- 6 -
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
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 strategic report or 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:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption in preparing the directors' report.
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:
enquiries with management, about any known or suspected instances of non-compliance with laws and regulations or fraud within the business;
challenging assumptions and judgements made by management in their key accounts estimated, particularly those used when assessing the impairment of investments;
auditing the risk of management override of controls, including those through testing of journal entries and other adjustments made by management for appropriateness; and
reviewing legal and professional expenditure and board minutes to identify any evidence of ongoing litigation or enquiries.
UK CFC4 LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF UK CFC4 LIMITED (CONTINUED)
- 7 -
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.
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 CFC4 LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 8 -
Year
Period
ended
ended
30 September
30 September
2024
2023
Notes
£
£
Turnover
-
-
Administrative expenses
303,967
(20,040,464)
Operating profit/(loss)
3
303,967
(20,040,464)
Interest receivable and similar income
5
1,759,889
1,835,162
Interest payable and similar expenses
6
(1,423,695)
(1,484,589)
Profit/(loss) before taxation
640,161
(19,689,891)
Tax on profit/(loss)
7
(160,040)
(143,904)
Profit/(loss) for the financial year
480,121
(19,833,795)
The profit and loss account has been prepared on the basis that all operations are continuing operations.
UK CFC4 LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
8
23,484,252
23,484,252
Current assets
Debtors
10
40,739,193
42,754,964
Creditors: amounts falling due within one year
11
(160,820)
Net current assets
40,578,373
42,754,964
Total assets less current liabilities
64,062,625
66,239,216
Creditors: amounts falling due after more than one year
12
(43,983,561)
(46,640,273)
Net assets
20,079,064
19,598,943
Capital and reserves
Called up share capital
13
39,432,738
39,432,738
Profit and loss reserves
(19,353,674)
(19,833,795)
Total equity
20,079,064
19,598,943
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 14357721 (England and Wales)
UK CFC4 LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 10 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 15 September 2022
-
Period ended 30 September 2023:
Loss and total comprehensive income
-
(19,833,795)
(19,833,795)
Issue of share capital
13
39,432,738
-
39,432,738
Balance at 30 September 2023
39,432,738
(19,833,795)
19,598,943
Year ended 30 September 2024:
Profit and total comprehensive income
-
480,121
480,121
Balance at 30 September 2024
39,432,738
(19,353,674)
20,079,064
UK CFC4 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 11 -
1
Accounting policies
Company information
UK CFC4 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
Reporting period
The company has prepared these financial statements to cover the period from 1 October 2023 to 30 September 2024. The prior period financial statements covered the period from incorporation on 15 September 2022 to 30 September 2023.
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.
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:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The company has taken advantage of the exemption under section 401 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.
UK CFC4 Limited is a wholly owned subsidiary of ASP CPM Holdings LLC and the results of UK CFC4 Limited are included in the consolidated financial statements of ASP CPM Holdings LLC. The consolidated financial statements may be obtained from the Companies House website under the name of UK CFC4 Limited as they are appended as part of these financial statements.
The company has applied FRS 102 para 33.1A and is exempt from disclosing related party transactions with other companies that are wholly owned within the ASP CPM Holdings LLC Group.
UK CFC4 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 12 -
1.3
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 that the intercompany balances will not be called, and 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.
1.4
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities 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 or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.5
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.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
UK CFC4 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 13 -
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
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.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.6
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.
1.7
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.
UK CFC4 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 14 -
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.
1.8
Foreign exchange
i. Functional and presentation currency
The Company's functional and presentational currency is Pounds Sterling and rounded to the nearest Pound.
ii. Transactions and balances
Foreign currency transactions are translated into 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 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 with 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.
UK CFC4 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 15 -
2
Judgements and key sources of estimation uncertainty
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The Company makes estimates and assumptions concerning the future. In the future, actual experience may differ from these estimates and assumptions. The estimates and assumptions that have a significant risk of causing material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.
(i) Impairment of investments
The Company's investments in subsidiaries are reviewed to determine whether there are indicators of impairment that may affect their value. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the subsidiaries.
3
Operating profit/(loss)
2024
2023
Operating profit/(loss) for the year is stated after (crediting):
£
£
Exchange gains
(304,747)
(303,239)
Impairment of investment
-
20,343,703
4
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
2
5
Interest receivable and similar income
2024
2023
£
£
Interest receivable and similar income includes the following:
Interest receivable from group companies
1,759,889
1,835,162
6
Interest payable and similar expenses
2024
2023
£
£
Interest payable and similar expenses includes the following:
Interest payable to group undertakings
1,423,695
1,484,589
UK CFC4 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 16 -
7
Taxation
2024
2023
£
£
Current tax
Payments for group tax relief
160,040
143,904
The actual charge for the year can be reconciled to the expected charge/(credit) for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Profit/(loss) before taxation
640,161
(19,689,891)
Expected tax charge/(credit) based on the standard rate of corporation tax in the UK of 25.00% (2023: 22.01%)
160,040
(4,333,745)
Tax effect of expenses that are not deductible in determining taxable profit
4,477,649
Group relief received (current period losses)
(160,040)
(143,904)
Group relief paid for
160,040
143,904
Taxation charge for the year
160,040
143,904
8
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
23,484,252
23,484,252
9
Subsidiaries
Details of the company's subsidiaries at 30 September 2024 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
CPM WPS Limited
UK
Ordinary
100.00
-
UK CFC3 Limited
UK
Ordinary
0
100.00
Europa Crown Limited
UK
Ordinary
0
100.00
Ebortec Limited
UK
Ordinary
0
100.00
CPM SKET GmbH
Germany
Ordinary
0
100.00
Extricom Extrusion GmbH
Germany
Ordinary
0
100.00
Eruopa Crown LLC
U.S.
Ordinary
0
100.00
UK CFC4 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 17 -
10
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
40,739,193
42,754,964
Amounts owed by group undertakings are unsecured, interest free and are repayable on demand. Interest is accruing on a daily basis at a rate of 4.46%.
11
Creditors: amounts falling due within one year
2024
2023
£
£
Amounts owed to group undertakings
160,820
Amounts owed to group undertakings are unsecured and repayable in accordance with agreements. Interest is accruing cumulatively daily.
12
Creditors: amounts falling due after more than one year
2024
2023
£
£
Amounts owed to group undertakings
43,983,561
46,640,273
Amounts owed to group undertakings are unsecured and repayable in accordance with agreements. Interest is accruing cumulatively daily at a rate of 3.28%.
13
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
39,432,738
39,432,738
39,432,738
39,432,738
14
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.
UK CFC4 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 18 -
15
Parent company
The Company's immediate parent company is CPM Europe B.V. a Company incorporated in The Netherlands.
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.
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