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Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2024
TWP Accounting LLP
Chartered Accountants & Statutory Auditors
The Old Rectory
Church Street
Weybridge
Surrey
KT13 8DE
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CHAIN IQ UK LIMITED
COMPANY INFORMATION
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CHAIN IQ UK LIMITED
CONTENTS
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CHAIN IQ UK LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present their strategic report on the Company for the year ended 31 December 2024.
Chain IQ UK Limited (the "Company") is part of the Chain IQ Group AG (the "Group"). Chain IQ Group AG, Switzerland is the ultimate parent undertaking.
The principal activity of the Company is the provision of outsourced procurement services on behalf its parent, Chain IQ Group AG.
In the year, the Company made a profit before taxation of £2,301,804 (2023 as restated: £2,141,423) and has net assets of £2,214,266 (2023 as restated: £1,891,855) at the reporting date. Customer contract base remained unchanged, whilst turnover has slightly decreased, mainly driven by allocation of procurement services within the Group entities.
The management team responsible for the operation of the business use a number of financial and non-financial key performance indicators (KPI's) in order to manage and develop the business, to achieve the Company's strategic objectives. The Company's KPI's are earnings before interest, tax, depreciation, amortisation and foreign exchange (adjusted EBITDA) which is £2,340,884 (2023 as restated: £2,027,431) in the current year, and cash position which is £560,427 (2023: £974,425) at the balance sheet date.
The management of the business and the execution of the Company’s strategy are subject to a number of risks.
Financial risk In the ordinary course of business, the Company is exposed to a variety of financial risks that include credit risk and liquidity risk. Furthermore, information on Financial Risk management can be found in Directors’ report. Operational risk Operational risk is the risk of direct or indirect losses resulting from inadequate or failed internal processes or systems, human factors or from external agents. Business risk Business risk is the risk of adverse outcomes resulting from a weak competitive position or from poor choice of strategy, markets, products, activities or structures. The Company is committed to the advanced management of financial, operational and business risks.
This report was approved by the board on 12 August 2025 and signed on its behalf.
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CHAIN IQ UK LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present their report and the financial statements for the year ended 31 December 2024.
The profit for the year, after taxation, amounted to £1,722,411 (2023 as restated - £1,656,135).
Dividends paid during the year comprise a final dividend of £1,400,000 (2023: £1,700,000) in respect of the year ended 31 December 2024.
The directors who served during the year were:
The directors’ financial risk management objective is to maximise financial assets and minimise financial liabilities whilst not engaging in speculation. The financial risks faced by the Company include:
- Credit risk - Liquidity risk The directors manage each of the above mentioned financial risks by actively reviewing and approving the terms of the parties to significant commercial contracts where payment is not anticipated in advance.
Certain directors benefited from the qualifying third party indemnity provisions in place during the financial year and at the date of approval of this report.
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CHAIN IQ UK LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments 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 to 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.
The directors will continue to focus on developing the Company's principal activity, on behalf of procurement services to its parent undertaking, going forward.
There have been no significant events affecting the Company since the year end.
The auditor, TWP Accounting LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
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CHAIN IQ UK LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
This report was approved by the board on
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CHAIN IQ UK LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CHAIN IQ UK LIMITED
We have audited the financial statements of CHAIN IQ UK LIMITED (the 'Company') for the year ended 31 December 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, 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).
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's 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 United Kingdom, including the Financial Reporting Council'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.
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.
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CHAIN IQ UK LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CHAIN IQ UK LIMITED (CONTINUED)
In our opinion, based on the work undertaken in the course of the 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.
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CHAIN IQ UK LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CHAIN IQ UK LIMITED (CONTINUED)
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 extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
∙Obtain an understanding of the policies and procedures management have in place to detect and prevent fraud and non-compliance with laws and regulations.
∙Enquire of management any cases of actual or suspected fraud and non-compliance with laws and regulations.
∙Enquire of management and those charged with governance around actual and potential litigation and claims.
∙Reviewing minutes of meetings of those charged with governance.
∙Reviewing financial statement disclosures and testing to supporting documentation to assess compliance
∙with applicable laws and regulations.
∙Assess the key risk areas within the financial statements which are susceptible to fraud or error and design our audit approach thereon.
∙Perform substantive tests on a sample of transactions throughout the financial statements to ensure that no material errors have been identified.
∙Perform cut off tests on a sample of transactions to ensure income has been accounted for in the correct period.
∙Review of after year end information to ensure expenditure has been accounted for in the correct period.
∙Perform analytical review procedures to identify any irregularities and investigation thereon.
∙Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.
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 Auditor's Report.
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CHAIN IQ UK LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CHAIN IQ UK LIMITED (CONTINUED)
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.
for and on behalf of
Chartered Accountants & Statutory Auditors
The Old Rectory
Church Street
Surrey
KT13 8DE
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CHAIN IQ UK LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
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CHAIN IQ UK LIMITED
REGISTERED NUMBER: 08911603
BALANCE SHEET
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 14 to 25 form part of these financial statements.
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CHAIN IQ UK LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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CHAIN IQ UK LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
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CHAIN IQ UK LIMITED
ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2024
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CHAIN IQ UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Chain IQ UK Limited (the “Company”) provides outsourced procurement services.
The Company is a private company limited by shares which is incorporated and domiciled in the UK. The registered number is 08911603 and address of its registered office is 12th Floor, 71 Fenchurch Street, London, England, EC3M 4BS.
2.Accounting policies
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 Company’s ultimate parent undertaking, Chain IQ Group AG, Zurich (Switzerland) includes the Company in its consolidated financial statements. The consolidated financial statements of Chain IQ Group AG are prepared in accordance with all Swiss Accounting and Reporting Recommendations (Swiss GAAP FER) and are not available to the public.
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
Chain IQ UK Limited has made a profit for the financial year of £1,722,411, has a cash balance of £560,427, has total assets less current liabilities of £2,197,620 and total shareholders’ funds of £2,214,266 at the reporting date. The Company operates as part of the Chain IQ Group AG (“the Group”). The strong group balance sheet combined with continued strong operating performance, means that the Group is able to meet its ongoing working capital needs for a period of more than twelve months from the date of approval of these financial statements.
The Company’s forecast and projections, taking account of reasonably possible changes in trading performance, show that the Company should be able to operate with the level of its current facilities. After making enquiries, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future, furthermore financial support is being provided by the parent company to enable the Company to meet the financial obligations as they fall due. The directors have satisfied themselves regarding the ability and intention of the parent to provide this support. The Company therefore continues to adopt the going concern basis in preparing its financial statements.
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CHAIN IQ UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
Revenue from external clients outside of the Chain IQ Group AG represents amounts chargeable to clients for services provided during the year excluding sales tax. Services provided to clients, who at the balance sheet date have not been billed, have been recognised as revenue. Revenue recognised in this manner is based on an assessment of the fair value of services provided by the balance sheet date as a proportion of the total value of the engagement. Revenue recognised is also subject to potential adjustments if the expected level of cost savings delivered to the customer is above or below the target range as agreed with the customer.
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CHAIN IQ UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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CHAIN IQ UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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.
Depreciation is provided on the following basis:
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 profit or loss.
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CHAIN IQ UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Short term benefits Short term benefits including holiday pay and other similar non-monetary benefits are recognised as an expense in the period in which the service is received. Defined contribution plans and other long term employee benefits A defined contribution plan is a post-employment benefit plan under which the Company pays fixed contributions into a separate entity and will have no legal or constructive obligation to pay further amounts. Obligations for contributions to defined contribution pension plans are recognised as an expense in the profit and loss account in the periods during which services are rendered by employees. Annual bonus plan The Company operates an annual bonus plan for employees. An expense is recognised in the profit and loss account when the Company has a legal or constructive obligation to make payments under the plan as a result of past events, the payment is probable and a reliable estimate of the obligation can be made Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
The Company 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 ordinary shares.
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CHAIN IQ UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Analysis of turnover by country of destination:
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CHAIN IQ UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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CHAIN IQ UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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CHAIN IQ UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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CHAIN IQ UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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CHAIN IQ UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Profit and loss account
A prior year adjustment has been included in these financial statements to reflect the overstatement of medical insurance cost for the year ended 31 December 2023. Other creditors on the balance sheet have been reduced by £99,806. The correction has decreased administration expenses to a net impact of increased profits after tax of £74,855 in the prior period figures.
The total impact of these adjustments on the brought forward reserves in this financial year is an increase of £74,855.
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CHAIN IQ UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £761,201 (2023 - £684,178).
Contributions totalling £24,173 (2023 - £4,076 receivable) were payable to the fund at the balance sheet date and are included in other creditors.
The immediate parent undertaking is Chain IQ Group AG who are also the ultimate controlling party. Chain IQ Group AG is a private company incorporated in Switzerland.
The ultimate parent undertaking and the smallest and largest group to consolidate these financial statements is Chain IQ Group AG. The consolidated financial statements of the group are not available to the public.
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