Caseware UK (AP4) 2023.0.135 2023.0.135 2024-12-312024-12-31The principal activity of the Company is the provision of outsourced procurement services on behalf its parent,Chain IQ Group AG.742024-01-01false77falsefalsefalse 08911603 2024-01-01 2024-12-31 08911603 2023-01-01 2023-12-31 08911603 2024-12-31 08911603 2023-12-31 08911603 2023-01-01 08911603 1 2024-01-01 2024-12-31 08911603 1 2023-01-01 2023-12-31 08911603 2 2024-01-01 2024-12-31 08911603 2 2023-01-01 2023-12-31 08911603 5 2024-01-01 2024-12-31 08911603 5 2023-01-01 2023-12-31 08911603 d:CompanySecretary1 2024-01-01 2024-12-31 08911603 d:Director1 2024-01-01 2024-12-31 08911603 d:Director2 2024-01-01 2024-12-31 08911603 d:Director3 2024-01-01 2024-12-31 08911603 d:Director4 2024-01-01 2024-12-31 08911603 d:Director5 2024-01-01 2024-12-31 08911603 d:Director5 2024-12-31 08911603 d:Director7 2024-01-01 2024-12-31 08911603 d:Director7 2024-12-31 08911603 d:RegisteredOffice 2024-01-01 2024-12-31 08911603 e:FurnitureFittings 2024-01-01 2024-12-31 08911603 e:FurnitureFittings 2024-12-31 08911603 e:FurnitureFittings 2023-12-31 08911603 e:FurnitureFittings e:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 08911603 e:OfficeEquipment 2024-01-01 2024-12-31 08911603 e:OfficeEquipment 2024-12-31 08911603 e:OfficeEquipment 2023-12-31 08911603 e:OfficeEquipment e:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 08911603 e:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 08911603 e:CurrentFinancialInstruments 2024-12-31 08911603 e:CurrentFinancialInstruments 2023-12-31 08911603 e:Non-currentFinancialInstruments 2024-12-31 08911603 e:Non-currentFinancialInstruments 2023-12-31 08911603 e:CurrentFinancialInstruments e:WithinOneYear 2024-12-31 08911603 e:CurrentFinancialInstruments e:WithinOneYear 2023-12-31 08911603 e:ReportableOperatingSegment1 2024-01-01 2024-12-31 08911603 e:ReportableOperatingSegment1 2023-01-01 2023-12-31 08911603 f:UnitedKingdom 2024-01-01 2024-12-31 08911603 f:UnitedKingdom 2023-01-01 2023-12-31 08911603 f:RestEuropeOutsideUK 2024-01-01 2024-12-31 08911603 f:RestEuropeOutsideUK 2023-01-01 2023-12-31 08911603 f:RestWorldOutsideUK 2024-01-01 2024-12-31 08911603 f:RestWorldOutsideUK 2023-01-01 2023-12-31 08911603 e:UKTax 2024-01-01 2024-12-31 08911603 e:UKTax 2023-01-01 2023-12-31 08911603 e:ShareCapital 2024-12-31 08911603 e:ShareCapital 2023-12-31 08911603 e:ShareCapital 2023-01-01 08911603 e:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 08911603 e:RetainedEarningsAccumulatedLosses 2024-12-31 08911603 e:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 08911603 e:RetainedEarningsAccumulatedLosses 2023-12-31 08911603 e:RetainedEarningsAccumulatedLosses 2023-01-01 08911603 e:AcceleratedTaxDepreciationDeferredTax 2024-12-31 08911603 e:AcceleratedTaxDepreciationDeferredTax 2023-12-31 08911603 e:OtherDeferredTax 2024-12-31 08911603 e:OtherDeferredTax 2023-12-31 08911603 d:OrdinaryShareClass1 2024-01-01 2024-12-31 08911603 d:OrdinaryShareClass1 2024-12-31 08911603 d:OrdinaryShareClass1 2023-12-31 08911603 d:FRS102 2024-01-01 2024-12-31 08911603 d:Audited 2024-01-01 2024-12-31 08911603 d:FullAccounts 2024-01-01 2024-12-31 08911603 d:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 08911603 e:WithinOneYear 2024-12-31 08911603 e:WithinOneYear 2023-12-31 08911603 e:BetweenOneFiveYears 2024-12-31 08911603 e:BetweenOneFiveYears 2023-12-31 08911603 2 2024-01-01 2024-12-31 08911603 7 2024-01-01 2024-12-31 08911603 g:PoundSterling 2024-01-01 2024-12-31 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 08911603







CHAIN IQ UK LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024






















TWP Accounting LLP
Chartered Accountants & Statutory Auditors
The Old Rectory
Church Street
Weybridge
Surrey
KT13 8DE

 
CHAIN IQ UK LIMITED
 

COMPANY INFORMATION


Directors
P Schnieper 
N Patsch 
B Jaquet 
M Stalder 
R Vettiger (appointed 27 March 2025)
D Stumm (appointed 13 March 2025)




Company secretary
N Patsch



Registered number
08911603



Registered office
12th Floor
71 Fenchurch Street

London

EC3M 4BS




Independent auditor
TWP Accounting LLP
Chartered Accountants & Statutory Auditors

The Old Rectory

Church Street

Weybridge

Surrey

KT13 8DE





 
CHAIN IQ UK LIMITED
 

CONTENTS



Page
Strategic Report
1
Directors' Report
2 - 4
Independent Auditor's Report
5 - 8
Statement of Comprehensive Income
9
Balance Sheet
10
Statement of Changes in Equity
11
Statement of Cash Flows
12
Analysis of Net Debt
13
Notes to the Financial Statements
14 - 25


 
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.

Introduction
 
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.

Business review
 
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.

Principal risks and uncertainties
 
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.



P Schnieper
Director

N Patsch
Director

Page 1

 
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.

Results and dividends

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.

Directors

The directors who served during the year were:

P Schnieper 
N Patsch 
B Jaquet 
M Stalder 

Financial risk management

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.

Directors' indemnity

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.

Page 2

 
CHAIN IQ UK LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 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 2006They 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.

Future developments

The directors will continue to focus on developing the Company's principal activity, on behalf of procurement services to its parent undertaking, going forward. 

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditor

The auditor, TWP Accounting LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Page 3

 
CHAIN IQ UK LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

This report was approved by the board on 12 August 2025 and signed on its behalf.
 





P Schnieper
Director
N Patsch
Director

Page 4

 
CHAIN IQ UK LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CHAIN IQ UK LIMITED
 

Opinion


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 policiesThe 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 31 December 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.


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'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.


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 ReportOur 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.


Page 5

 
CHAIN IQ UK LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CHAIN IQ UK LIMITED (CONTINUED)


Opinion on other matters prescribed by the Companies Act 2006
 

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


the information given in the 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.


Matters on which we are required to report by exception
 

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.


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.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 3, 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.


Page 6

 
CHAIN IQ UK LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CHAIN IQ UK LIMITED (CONTINUED)


Auditor's 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 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.


Page 7

 
CHAIN IQ UK LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CHAIN IQ UK LIMITED (CONTINUED)


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 2006Our 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.





Philip Munk FCA FCCA (Senior Statutory Auditor)
  
for and on behalf of
TWP Accounting LLP
 
Chartered Accountants & Statutory Auditors
  
The Old Rectory
Church Street
Weybridge
Surrey
KT13 8DE

12 August 2025
Page 8

 
CHAIN IQ UK LIMITED
 

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024

As restated
2024
2023
Note
£
£

  

Turnover
 4 
13,344,006
13,654,223

Gross profit
  
13,344,006
13,654,223

Administrative expenses
  
(11,042,291)
(11,512,800)

Operating profit
 5 
2,301,715
2,141,423

Interest receivable and similar income
  
89
-

Profit before tax
  
2,301,804
2,141,423

Tax on profit
 9 
(579,393)
(485,288)

Profit for the financial year
  
1,722,411
1,656,135

There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 14 to 25 form part of these financial statements.

Page 9

 
CHAIN IQ UK LIMITED
REGISTERED NUMBER: 08911603

BALANCE SHEET
AS AT 31 DECEMBER 2024

As restated
2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 11 
29,602
33,998

  
29,602
33,998

Current assets
  

Debtors
 13 
4,768,021
3,919,391

Cash at bank and in hand
 14 
560,427
974,425

  
5,328,448
4,893,816

Creditors: amounts falling due within one year
 15 
(3,130,828)
(3,032,396)

Net current assets
  
 
 
2,197,620
 
 
1,861,420

Total assets less current liabilities
  
2,227,222
1,895,418

Provisions for liabilities
  

Deferred tax
 16 
(12,956)
(3,563)

  
 
 
(12,956)
 
 
(3,563)

Net assets
  
2,214,266
1,891,855


Capital and reserves
  

Called up share capital 
 17 
70,000
70,000

Profit and loss account
 18 
2,144,266
1,821,855

  
2,214,266
1,891,855


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 12 August 2025.




P Schnieper
N Patsch
Director
Director

The notes on pages 14 to 25 form part of these financial statements.

Page 10

 
CHAIN IQ UK LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2023
70,000
1,865,720
1,935,720


Comprehensive income for the year

Profit for the year - As restated
-
1,656,135
1,656,135

Dividends
-
(1,700,000)
(1,700,000)



At 1 January 2024 - As restated
70,000
1,821,855
1,891,855


Comprehensive income for the year

Profit for the year
-
1,722,411
1,722,411

Dividends
-
(1,400,000)
(1,400,000)


At 31 December 2024
70,000
2,144,266
2,214,266


The notes on pages 14 to 25 form part of these financial statements.

Page 11

 
CHAIN IQ UK LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024

As restated
2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
1,722,411
1,656,135

Adjustments for:

Depreciation of tangible assets
39,648
41,087

Interest received
(89)
-

Taxation charge
579,393
485,288

Decrease/(increase) in debtors
1,332,493
(195,839)

(Increase)/decrease in amounts owed by groups
(2,171,123)
234,429

(Decrease) in creditors
(396,191)
(1,991)

Increase in amounts owed to groups
494,623
860,264

Corporation tax (paid)
(580,000)
(797,807)

Net cash generated from operating activities

1,021,165
2,281,566


Cash flows from investing activities

Purchase of tangible fixed assets
(35,252)
(3,207)

Interest received
89
-

Net cash from investing activities

(35,163)
(3,207)

Cash flows from financing activities

Dividends paid
(1,400,000)
(1,700,000)

Net cash used in financing activities
(1,400,000)
(1,700,000)

Net (decrease)/increase in cash and cash equivalents
(413,998)
578,359

Cash and cash equivalents at beginning of year
974,425
396,066

Cash and cash equivalents at the end of year
560,427
974,425


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
560,427
974,425

560,427
974,425


The notes on pages 14 to 25 form part of these financial statements.

Page 12

 
CHAIN IQ UK LIMITED
 

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2024




At 1 January 2024
Cash flows
At 31 December 2024
£

£

£

Cash at bank and in hand

974,425

(413,998)

560,427

Debt due within 1 year

-

-

-


974,425
(413,998)
560,427

The notes on pages 14 to 25 form part of these financial statements.

Page 13

 
CHAIN IQ UK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

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

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The 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:

 
2.2

Going concern

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.

Page 14

 
CHAIN IQ UK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

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 profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.4

Revenue

Revenue is measured at the fair value of the consideration received or receivable and represents the amount receivable for procurement and consultancy services rendered to the Company's parent undertaking, Chain IQ Group AG and to third parties. Revenue is calculated on the basis of the service actually provided to the customer up to the balance sheet date. These revenues are recognised if the amount of revenue can be reliably measured and it is sufficiently probable that the economic benefits will flow to Chain IQ UK Limited.
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.

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 15

 
CHAIN IQ UK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 16

 
CHAIN IQ UK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.9
Tangible fixed assets (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:

Fixtures and fittings
-
2 to 5 years
Office equipment
-
1 to 3 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 17

 
CHAIN IQ UK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.13

Employee benefits

The Company provides a range of benefits to employees, including annual bonus arrangements, paid holiday arrangements and defined contribution pension plans.
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

 
2.14

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate 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.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.15

Financial instruments

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.


 
2.16

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 18

 
CHAIN IQ UK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. These estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the financial year. The company makes certain assumptions in relation to the outcome of revenue contracts that impacts the recognition of accrued income. Over or under-achieving against contractual targets could influence the level of income ultimately recovered. Aside from this, the management has not identified any critical estimates and assumptions.


4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Procurement and consultancy services
13,344,006
13,654,223

13,344,006
13,654,223


Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
4,499,117
4,533,955

Rest of Europe
8,844,889
9,117,182

Rest of World
-
3,086

13,344,006
13,654,223



5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Depreciation
39,648
41,087

Exchange differences
(479)
(155,079)

Other operating lease rentals
260,547
260,547


6.


Auditor's remuneration

During the year, the Company obtained the following services from the Company's auditor:


2024
2023
£
£

Auditors' remuneration
21,000
18,250

Page 19

 
CHAIN IQ UK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

7.


Staff costs

Staff costs were as follows:


2024
2023
£
£

Wages and salaries
7,548,484
7,661,011

Social security costs
814,897
849,147

Cost of defined contribution scheme
761,201
684,178

9,124,582
9,194,336


The directors did not receive any emoluments in respect of their services to the Company. They were remunerated by the parent undertaking Chain IQ Group AG, for their services to the group as a whole.

The average monthly number of employees, excluding the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Management
1
1



Procurement
67
70



Administration
6
6

74
77


8.


Interest receivable

2024
2023
£
£


Other interest receivable
89
-

89
-

Page 20

 
CHAIN IQ UK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

9.


Taxation


As restated
2024
2023
£
£

Corporation tax


Current tax on profits for the year
569,001
480,042

Adjustments in respect of previous periods
-
1,205


569,001
481,247


Total current tax
569,001
481,247

Deferred tax


Origination and reversal of timing differences
28,282
(7,119)

Changes to tax rates
-
(448)

Adjustment in respect of previous periods
(17,890)
11,608

Total deferred tax
10,392
4,041


Tax on profit
579,393
485,288

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 23.52%). The differences are explained below:

As restated
2024
2023
£
£


Profit on ordinary activities before tax
2,301,804
2,141,423


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.52%)
575,451
505,140

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
21,832
78

Adjustments to tax charge in respect of prior periods
(17,890)
12,813

Non-taxable income
-
(30,009)

Effect of tax rate difference
-
(2,734)

Total tax charge for the year
579,393
485,288

Page 21

 
CHAIN IQ UK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

10.


Dividends

2024
2023
£
£


Final dividend paid £2,000 per share (2023: £2,429) in respect of prior year but not recognised as liabilities in that year
1,400,000
1,700,000

1,400,000
1,700,000

The directors do not propose a dividend (2023: £1,400,000) for the financial year 2024.


11.


Tangible fixed assets





Fixtures and fittings
Office equipment
Total

£
£
£



Cost 


At 1 January 2024
179,776
268,298
448,074


Additions
-
35,252
35,252



At 31 December 2024

179,776
303,550
483,326



Depreciation


At 1 January 2024
179,776
234,300
414,076


Charge for the year on owned assets
-
39,648
39,648



At 31 December 2024

179,776
273,948
453,724



Net book value



At 31 December 2024
-
29,602
29,602



At 31 December 2023
-
33,998
33,998


12.


Investments

In 2017 Chain IQ UK Limited invested 10 Indian Rupees for 1 Ordinary share (0.01% held)  in Chain IQ India LLP, a company incorporated in India providing procurement services.
The registered office of Chain IQ India LLP is 12th Floor, Gigaplex Building 9, Mindspace, Airoli West, Navi Mumbai 400708.












Page 22

 
CHAIN IQ UK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

13.


Debtors


As restated
2024
2023
£
£

Due after more than one year

Other debtors
153,868
153,868

153,868
153,868

Due within one year

Trade debtors
458,755
575,170

Amounts owed by group undertakings
3,383,447
1,212,324

Other debtors
77,670
68,389

Prepayments and accrued income
694,281
1,909,640

4,768,021
3,919,391



14.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
560,427
974,425

560,427
974,425



15.


Creditors: Amounts falling due within one year

As restated
2024
2023
£
£

Trade creditors
17,782
299,540

Amounts owed to group undertakings
1,354,887
860,264

Other taxation and social security
382,823
319,506

Other creditors
28,571
48,288

Accruals and deferred income
1,346,765
1,504,798

3,130,828
3,032,396


Page 23

 
CHAIN IQ UK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

16.


Deferred taxation




2024


£






At beginning of year
(3,563)


Charged to profit or loss
(9,393)



At end of year
(12,956)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(7,401)
(8,500)

Short term timing differences
(5,555)
4,937

(12,956)
(3,563)

There are no unused tax losses or unused tax credits.


17.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



700 (2023 - 700) Ordinary Shares shares of £100.00 each
70,000
70,000

There is a single class of ordinary shares with nominal value of £100. There are no restrictions on the distributions of dividends and the repayment of capital.



18.


Reserves

Profit and loss account

The profit and loss account represents profit and losses net of adjustments and dividends.


19.


Prior year adjustment

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.

Page 24

 
CHAIN IQ UK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

20.


Pension commitments

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.


21.


Commitments under operating leases

At 31 December 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
268,029
268,029

Later than 1 year and not later than 5 years
335,036
603,065

603,065
871,094


22.


Related party transactions

The Company has taken advantages of the following FRS102 disclosure exemptions available to qualifying entities: The Company takes disclosure exemption on transactions between group members under FRS102 Section 33.1A.
During the year, key management personnel received remuneration amounting to £204,833 (2023 - £191,776) and pension contributions amounting to £16,441 (2023 - £15,196).


23.


Controlling party

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.


Page 25