Registered number: 00847863
Annual report and
financial statements
financial statements
For the year ended 31 December 2024
CHRISTEYNS UK LTD
COMPANY INFORMATION
CHRISTEYNS UK LTD
CONTENTS
CHRISTEYNS UK LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present their Strategic Report for the year ended 31 December 2024.
The Company continued its principal activities which is the manufacture of industrial laundry products in both liquid and general contract manufacturing.
Christeyns UK continued to benefit in 2024 from the overall recovery of business volumes from the industrial laundry sector as international & business travel, hotel occupancy rates and hospitality levels returned fully to pre-covid levels.
The continued development of key customer partnerships in our contract manufacturing sector also supported the strong business growth in 2024.
A much more stable supply chain, in terms of raw material availability and pricing vs recent years has allowed for much more consistent planning and coupled with increased digitalisation has ensured improvements in operational efficiencies.
Christeyns UK continued to benefit in 2024 from the overall recovery of business volumes from the industrial laundry sector as international & business travel, hotel occupancy rates and hospitality levels returned fully to pre-covid levels.
The continued development of key customer partnerships in our contract manufacturing sector also supported the strong business growth in 2024.
A much more stable supply chain, in terms of raw material availability and pricing vs recent years has allowed for much more consistent planning and coupled with increased digitalisation has ensured improvements in operational efficiencies.
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CHRISTEYNS UK LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Market risk – Like all companies we are exposed to competition in the market. We continue to manage this by providing an excellent service and helping our customers to develop their businesses. A continued focus water and energy initiatives and an ingrained customer led mindset, has led to sustainable business partnerships with our key customers.
Raw Material Pricing – Continued to stabilise after several years of unpredictability and inflation. However, given global uncertainties and events we are conscious this could change at any point. The business has robustly adapted to all the challenges of recent years and will again if the need arises.
Energy & Transport Costs – The significant increases in the cost of energy and transport in 2023 have eased. Energy use efficiency continues to play a full part of our overall sustainability focus, with solar panels being introduced to our Rutland Street site in 2024, and plans to roll out further across our site. We do anticipate some inflationary pressure as a result of the increase in employers national insurance costs.
Qualified Staff availability – The pressures on the labour market experienced for much of 2023 also started to dissipate as we moved through 2024. Although wage inflation remained high, through a mixture of a structured remuneration programme and an integrated people development plan, Christeyns UK remained a “great place to work”, which was supported by the staff feedback through the annual satisfaction survey. This has enabled us to continue to attract high calibre new colleagues and retain our highly valued existing colleagues.
Continuing our focus on maintaining a consistently high level of customer service and offering our customers through both product innovation and service propositions opportunities to reduce costs in their own businesses has ensured we have maintained excellent relationships with our key customers. This has helped to reduce their burden of any inflationary pressures and reduce the environmental impacts at the same time. Our continual alignment to our customer needs ensures we maintain strong long term customer partnerships.
A continued high focus on sustainability throughout the business has ensured we are in a good position to meet our obligations towards this important agenda and allow us to work with our customer partners to improve their businesses and their own sustainable propositions. Whether this is through internal initiatives or equipment innovations on key aspects of our customers operation, such as, use of water control. Focus on accurate carbon footprint reporting remains a key priority for the business.
Raw Material Pricing – Continued to stabilise after several years of unpredictability and inflation. However, given global uncertainties and events we are conscious this could change at any point. The business has robustly adapted to all the challenges of recent years and will again if the need arises.
Energy & Transport Costs – The significant increases in the cost of energy and transport in 2023 have eased. Energy use efficiency continues to play a full part of our overall sustainability focus, with solar panels being introduced to our Rutland Street site in 2024, and plans to roll out further across our site. We do anticipate some inflationary pressure as a result of the increase in employers national insurance costs.
Qualified Staff availability – The pressures on the labour market experienced for much of 2023 also started to dissipate as we moved through 2024. Although wage inflation remained high, through a mixture of a structured remuneration programme and an integrated people development plan, Christeyns UK remained a “great place to work”, which was supported by the staff feedback through the annual satisfaction survey. This has enabled us to continue to attract high calibre new colleagues and retain our highly valued existing colleagues.
Continuing our focus on maintaining a consistently high level of customer service and offering our customers through both product innovation and service propositions opportunities to reduce costs in their own businesses has ensured we have maintained excellent relationships with our key customers. This has helped to reduce their burden of any inflationary pressures and reduce the environmental impacts at the same time. Our continual alignment to our customer needs ensures we maintain strong long term customer partnerships.
A continued high focus on sustainability throughout the business has ensured we are in a good position to meet our obligations towards this important agenda and allow us to work with our customer partners to improve their businesses and their own sustainable propositions. Whether this is through internal initiatives or equipment innovations on key aspects of our customers operation, such as, use of water control. Focus on accurate carbon footprint reporting remains a key priority for the business.
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CHRISTEYNS UK LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Operational risk – As a manufacturer we are exposed to many different risks. These are mitigated by the management controls we have in place. With key accreditation standards, independently audited; the ISO9001 quality standard (ensuring we have procedures in place to work efficiently and ensure quality throughout the business); ISO14001 (which ensures we are environmentally responsible); and ISO45001 (Ensuring we have appropriate Occupational Health and Safety Management systems). Significant investment in completing the replacement of our bulk tanks to upgrades that meet all standards further under pins operations going forward.
Reputational risk – The continued excellent reputation of Christeyns is the key to the success of the business, the accreditations of course help us to manage these risks but as this year has more than demonstrated, it is our people that make it happen. We have a high level of professional expertise and extensive knowledge throughout, and through a “family” entrepreneurial attitude we aim to exceed our customer’s expectations in all areas. During 2024 we continued to work towards the Company's vision for the future, following our core values, behaviours and strategic quality goals. We continue to promote a “customer first culture” with strong emphasis on customer retention and growth.
Future planning around our commercial & operational business interests ensures we are well placed to manage the stability and direction of the business.
The Company has considerable financial resources together with strong relationships with a number of customers and suppliers across different geographic areas and industries. The Company is also a member of the Algimo NV group that has a strong presence in markets across Europe. Consequently, the directors believe that the Company is well placed to manage its business risks successfully in the current economic climate.
Going Concern
The Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus, we continue to adopt the going concern basis of accounting in preparing the financial statements.
Reputational risk – The continued excellent reputation of Christeyns is the key to the success of the business, the accreditations of course help us to manage these risks but as this year has more than demonstrated, it is our people that make it happen. We have a high level of professional expertise and extensive knowledge throughout, and through a “family” entrepreneurial attitude we aim to exceed our customer’s expectations in all areas. During 2024 we continued to work towards the Company's vision for the future, following our core values, behaviours and strategic quality goals. We continue to promote a “customer first culture” with strong emphasis on customer retention and growth.
Future planning around our commercial & operational business interests ensures we are well placed to manage the stability and direction of the business.
The Company has considerable financial resources together with strong relationships with a number of customers and suppliers across different geographic areas and industries. The Company is also a member of the Algimo NV group that has a strong presence in markets across Europe. Consequently, the directors believe that the Company is well placed to manage its business risks successfully in the current economic climate.
Going Concern
The Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus, we continue to adopt the going concern basis of accounting in preparing the financial statements.
The Company use a KPI focused approach to managing the business, with weekly leadership forums, focussing on the core topics of:
• Customers.
• People.
• Process.
• Finance; and
• Sustainability & Carbon footprint.
Budgets are agreed at group level and results monitored throughout the year; analysis of variance takes place regularly and where appropriate actions taken to mitigate.
Any capital expenditure is budgeted for and can only be authorised by a director.
Debtor days form part of the KPI approach to measurement, credit limits are enforced, and all customers are checked for credit suitability. Given the challenges of the market, we are staying very close to our customers.
The Company is in a strong position with net current assets of £13.7m, net assets of £41.1m and close continued attention to our cash position ensures significant available resources remain available allowing us to face any future challenges.
• Customers.
• People.
• Process.
• Finance; and
• Sustainability & Carbon footprint.
Budgets are agreed at group level and results monitored throughout the year; analysis of variance takes place regularly and where appropriate actions taken to mitigate.
Any capital expenditure is budgeted for and can only be authorised by a director.
Debtor days form part of the KPI approach to measurement, credit limits are enforced, and all customers are checked for credit suitability. Given the challenges of the market, we are staying very close to our customers.
The Company is in a strong position with net current assets of £13.7m, net assets of £41.1m and close continued attention to our cash position ensures significant available resources remain available allowing us to face any future challenges.
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CHRISTEYNS UK LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Directors' statement of compliance with duty to promote the success of the Company
The Directors of the Company have acted in accordance with their duties codified in law, which include their duty to act in the way in which they consider, in good faith, would be most likely to promote the success of the Company for the benefit of its members as a whole, having regard to the stakeholders and matters set out in section 172(1) of the Companies Act 2006 which is summarised as follows:
A director of a company must act in the way they consider, in good faith, would be most likely to promote the success of the company for the benefit of its shareholders as a whole and, in doing so have regard (amongst other matters) to:
The Directors of the Company have acted in accordance with their duties codified in law, which include their duty to act in the way in which they consider, in good faith, would be most likely to promote the success of the Company for the benefit of its members as a whole, having regard to the stakeholders and matters set out in section 172(1) of the Companies Act 2006 which is summarised as follows:
A director of a company must act in the way they consider, in good faith, would be most likely to promote the success of the company for the benefit of its shareholders as a whole and, in doing so have regard (amongst other matters) to:
∙The likely consequences of any decisions in the long-term;
∙The interests of the company’s employees;
∙The need to foster the company’s business relationships with suppliers, customers and others;
∙The impact of the company’s operations on the community and environment;
∙The desirability of the company maintaining a reputation for high standards of business conduct; and
∙The need to act fairly as between shareholders of the Company.
Section 172 considerations are embedded in decision making at Board level and throughout the Group.
Engagement with suppliers, customers and others
Our People and Values
The Directors appreciate that the company employees are key to deliver the goals and achieve the business strategy. The company encourages and promotes development of talent within the business. It actively looks to train and develop key personnel to ensure that knowledge and skills are retained within the business. This is delivered through the talent management programming which aims to monitor, measure and build talent in the workforce. This includes participation in the Investors in People programme in which it currently holds the Silver award.
Our very successful internal “emerging leaders” programme continues to support the development of our managers. And the number of our employee’s achieving external qualifications continues to increase, demonstrating the development and learning culture the business works hard on promoting.
Health and safety is a primary objective and the company has the necessary resources employed to ensure compliance and more importantly employee safety. The company encourages employees to participate in Health and Safety activities to ensure there is a group wide “buy in” and an appreciation that health and safety is everyone’s responsibility.
The company promotes actively maintaining standards through its accreditation to ISO9001,14001 and 45001.
Business Relationships
These relationships are fundamental to the performance and existence of the business. We focus on maintaining these relationships at both ends of the supply chain. We value all our suppliers and customers and strive to maintain good relations and encourage open and honest dialogue with any arising issues or challenges dealt with in as mutually beneficial way as possible.
The Company has a management structure in place to ensure customers and suppliers’ communication is appropriate. This includes key account directors, key account manager and technical account managers. The management team has specialists in the necessary fields to effectively manage the business. Director led operational meetings are held bi-weekly, with the extended leadership team focusing on how we work effectively bi-monthly and other focus groups meet regularly. Departments have a regular timetable of meetings to aid communication through the business and quarterly team briefs are held for the whole company.
Engagement with suppliers, customers and others
Our People and Values
The Directors appreciate that the company employees are key to deliver the goals and achieve the business strategy. The company encourages and promotes development of talent within the business. It actively looks to train and develop key personnel to ensure that knowledge and skills are retained within the business. This is delivered through the talent management programming which aims to monitor, measure and build talent in the workforce. This includes participation in the Investors in People programme in which it currently holds the Silver award.
Our very successful internal “emerging leaders” programme continues to support the development of our managers. And the number of our employee’s achieving external qualifications continues to increase, demonstrating the development and learning culture the business works hard on promoting.
Health and safety is a primary objective and the company has the necessary resources employed to ensure compliance and more importantly employee safety. The company encourages employees to participate in Health and Safety activities to ensure there is a group wide “buy in” and an appreciation that health and safety is everyone’s responsibility.
The company promotes actively maintaining standards through its accreditation to ISO9001,14001 and 45001.
Business Relationships
These relationships are fundamental to the performance and existence of the business. We focus on maintaining these relationships at both ends of the supply chain. We value all our suppliers and customers and strive to maintain good relations and encourage open and honest dialogue with any arising issues or challenges dealt with in as mutually beneficial way as possible.
The Company has a management structure in place to ensure customers and suppliers’ communication is appropriate. This includes key account directors, key account manager and technical account managers. The management team has specialists in the necessary fields to effectively manage the business. Director led operational meetings are held bi-weekly, with the extended leadership team focusing on how we work effectively bi-monthly and other focus groups meet regularly. Departments have a regular timetable of meetings to aid communication through the business and quarterly team briefs are held for the whole company.
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CHRISTEYNS UK LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Community and Environment
The industry the company operates in makes community and environment a key consideration in all decision- making processes. We understand the impact our business can have on the local community and the environment, we work to minimise any impact as much as possible. This includes introducing innovations into the industry to help our customers operate in a more environmentally friendly way. Initiatives within the company also aim to reducing waste, emissions and the energy usage of the Company.
We actively participate in community initiatives and contribute to local charities and local business forums. We encourage our employees to participate in fund raising and volunteering for local charities and community projects. We engage with local schools in several formats to enhance pupils’ engagement with businesses, through our Christeyns Experience initiative.
Shareholders
The Directors are appointed by the shareholders to manage the Company day to day and provide strategic direction. Performance is reported to the shareholder in monthly management accounts and board meetings. The annual budget meeting is used to set the expectations for the next financial year and to ratify longer-term strategies. The shareholders are available to provide guidance, support and strategic direction.
The shareholders are responsible for ensuring the resources are available so the business can deliver its strategies and goals in the long term.
The industry the company operates in makes community and environment a key consideration in all decision- making processes. We understand the impact our business can have on the local community and the environment, we work to minimise any impact as much as possible. This includes introducing innovations into the industry to help our customers operate in a more environmentally friendly way. Initiatives within the company also aim to reducing waste, emissions and the energy usage of the Company.
We actively participate in community initiatives and contribute to local charities and local business forums. We encourage our employees to participate in fund raising and volunteering for local charities and community projects. We engage with local schools in several formats to enhance pupils’ engagement with businesses, through our Christeyns Experience initiative.
Shareholders
The Directors are appointed by the shareholders to manage the Company day to day and provide strategic direction. Performance is reported to the shareholder in monthly management accounts and board meetings. The annual budget meeting is used to set the expectations for the next financial year and to ratify longer-term strategies. The shareholders are available to provide guidance, support and strategic direction.
The shareholders are responsible for ensuring the resources are available so the business can deliver its strategies and goals in the long term.
This report was approved by the board on 7 May 2025 and signed on its behalf.
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CHRISTEYNS UK LTD
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 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;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
∙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 profit for the year, after taxation, amounted to £10,077,619 (2023 - £8,701,721).
The directors who served during the year were:
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CHRISTEYNS UK LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The Company will continue with its focus on its core activities and aims to be the partner and employer of choice, being ahead of our competitors with innovation, creativity and entrepreneurial flair, adhering to the core values that become enshrined within the DNA of the business. We will continue to grow organically and through carefully identified acquisitions which are complimentary to the principal activities.
The Company's business activities, together with the factors likely to affect its future development, performance and position are set out in the Directors' Report. The Strategic Report outlines the Company's objectives, policies, and procedures for managing capital; its financial risk management objectives and its exposure to credit risk and liquidity.
The Company has sufficient financial resources together with clearly defined performance objectives. It has the strong support of its parent company and fellow subsidiary members in working towards meeting its financial objectives. Consequently, the directors believe that the Company is well placed to manage its business risks successfully despite the current economic outlook.
The Directors of the Company have undertaken a robust forecasting exercise considering the probable and possible likely volume trends. The period of assessment covers a period of at least twelve months from the date of the audit report. The Company is in a strong position giving the Directors a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future and that it can face future challenges. As such the Directors are satisfied that the Company remains a going concern and the financial statements have been prepared on the going concern basis.
Post balance sheet events
There have been no significant events affecting the Company since the year end.
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CHRISTEYNS UK LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Greenhouse gas emissions, energy consumption and energy efficiency action
The Company's greenhouse gas emissions and energy consumption for the year are:
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CHRISTEYNS UK LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Methodologies used in the calculations
The reported Gas and Electricity data is taken from the UK’s internal reporting system and the mileage is taken from data held within the UK’s internal expenses system or via our fuel card provider. The carbon emission factors are taken from the UK Government GHG Conversion Factors for Company Reporting data for 2024. Use for transport includes fuel use or mileage for all company vehicles and other vehicles driven on company business where fuel is purchased by or for the company.
Gas = Natural Gas Gross CV Basis
The reported Gas and Electricity data is taken from the UK’s internal reporting system and the mileage is taken from data held within the UK’s internal expenses system or via our fuel card provider. The carbon emission factors are taken from the UK Government GHG Conversion Factors for Company Reporting data for 2024. Use for transport includes fuel use or mileage for all company vehicles and other vehicles driven on company business where fuel is purchased by or for the company.
Gas = Natural Gas Gross CV Basis
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CHRISTEYNS UK LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Emissions are calculated under scope 1 and scope 2 categories. At this stage Scope 3 data is not available for indicative calculations. Comparative data for 2021-4 totals is shown below.
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CHRISTEYNS UK LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Report on Activities to Reduce Climate Impact
Christeyns Terra Project (“Terra” means Earth) looks into every aspect of Christeyns business across all its UK sites in relation to sustainability and the environment with the objective to assess our climate-related risks and opportunities. The project is led by a Board Director, Justin Kerslake, and has influence across all operations and investment decisions across the UK businesses of Christeyns Food Hygiene, Christeyns Laundry Technology, Oscrete Construction Products and Christeyns Professional Hygiene.
All three main sites progressed key energy projects in 2024.
The Professional Hygiene facility based in Whalley Bridge has completed its 2nd phase of solar panels, which now provide excess power that can be fed back into the national grid; in 2024 the site generated 233,370 kWh from solar power.
The Bradford facility has completed solar panel installation at the Rutland St location and planning its 2nd phase of solar panel installation at its Prospect St facility; in 2024 the site generated 44,354 kWh from solar power. Furthermore the site switched to zero carbon energy supply for residual electricity needs and at the end of the year completed a trial installation of Voltage Optimisation equipment.
Christeyns Professional Hygeine have gained third party agreements which allow exploration of solar panel options for 2025.
We have introduced an electric vehicle policy for company car users with greater than 90% of vehicles either PHEV or EV. As current contractual leases terminate, we expect to move to higher levels of uptake in 2025. The company has invested in EV charging infrastructure at its two production sites in Bradford and Warrington with a “free to charge” policy to encourage non-company car drivers to switch and therefore reduce emissions associated with the commute to work.
We have invested significantly into developing efficient chemical systems, incorporating both equipment and chemicals to reduce impacts on our own and customer’s sites. During 2024 we installed heat exchangers and water filtration systems to assist multiple customers in our Laundry segment, reducing water and energy use as well as the impact of effluent. Recent developments such as our PureSan and EPIC chemical brand have also led to the introduction of concentrated formulations that reduce the number of deliveries and hence carbon footprint.
Within both our Food and Laundry customer bases, we have seen the first UK installations of the HydRO Water-saving technology to recover, treat and recycle wastewater from production processes. HydRO has the ability to recycle up to 80% of process water.
We have improved our Supplier Assessment process to further analysis the impacts of our supply chain.
Wash-out water from both customer sites and the firm’s manufacturing facilities, is recovered and saves nearly 400,000 litres of mains water annually. This practice also reduces the amount of effluent being deposited into the environment.
Hybrid working has continued in 2024, with a number of people working from home for 1 or more days, in conjunction with the use of ‘TEAMs’ calls this has minimise the number of personal miles travelled for meetings etc.
With regard to packaging, we have traditionally been active in recovering used packaging from customer sites for refilling and where practicable, installing bulk chemical storage on customer sites to reduce delivery journeys. We continue to work with our industry segments towards reducing small pack use. To emphasise the importance of minimising the use of disposable packaging, we issued staff with reusable cups and drinks bottles.
Christeyns Terra Project (“Terra” means Earth) looks into every aspect of Christeyns business across all its UK sites in relation to sustainability and the environment with the objective to assess our climate-related risks and opportunities. The project is led by a Board Director, Justin Kerslake, and has influence across all operations and investment decisions across the UK businesses of Christeyns Food Hygiene, Christeyns Laundry Technology, Oscrete Construction Products and Christeyns Professional Hygiene.
All three main sites progressed key energy projects in 2024.
The Professional Hygiene facility based in Whalley Bridge has completed its 2nd phase of solar panels, which now provide excess power that can be fed back into the national grid; in 2024 the site generated 233,370 kWh from solar power.
The Bradford facility has completed solar panel installation at the Rutland St location and planning its 2nd phase of solar panel installation at its Prospect St facility; in 2024 the site generated 44,354 kWh from solar power. Furthermore the site switched to zero carbon energy supply for residual electricity needs and at the end of the year completed a trial installation of Voltage Optimisation equipment.
Christeyns Professional Hygeine have gained third party agreements which allow exploration of solar panel options for 2025.
We have introduced an electric vehicle policy for company car users with greater than 90% of vehicles either PHEV or EV. As current contractual leases terminate, we expect to move to higher levels of uptake in 2025. The company has invested in EV charging infrastructure at its two production sites in Bradford and Warrington with a “free to charge” policy to encourage non-company car drivers to switch and therefore reduce emissions associated with the commute to work.
We have invested significantly into developing efficient chemical systems, incorporating both equipment and chemicals to reduce impacts on our own and customer’s sites. During 2024 we installed heat exchangers and water filtration systems to assist multiple customers in our Laundry segment, reducing water and energy use as well as the impact of effluent. Recent developments such as our PureSan and EPIC chemical brand have also led to the introduction of concentrated formulations that reduce the number of deliveries and hence carbon footprint.
Within both our Food and Laundry customer bases, we have seen the first UK installations of the HydRO Water-saving technology to recover, treat and recycle wastewater from production processes. HydRO has the ability to recycle up to 80% of process water.
We have improved our Supplier Assessment process to further analysis the impacts of our supply chain.
Wash-out water from both customer sites and the firm’s manufacturing facilities, is recovered and saves nearly 400,000 litres of mains water annually. This practice also reduces the amount of effluent being deposited into the environment.
Hybrid working has continued in 2024, with a number of people working from home for 1 or more days, in conjunction with the use of ‘TEAMs’ calls this has minimise the number of personal miles travelled for meetings etc.
With regard to packaging, we have traditionally been active in recovering used packaging from customer sites for refilling and where practicable, installing bulk chemical storage on customer sites to reduce delivery journeys. We continue to work with our industry segments towards reducing small pack use. To emphasise the importance of minimising the use of disposable packaging, we issued staff with reusable cups and drinks bottles.
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CHRISTEYNS UK LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
We are active in industry trade groups (such as the Textile Services Association where we have representation on the Sustainability Steering Group) and share knowledge and ideas with industry peers to cascade best practice and understanding of emergent technologies.
At Group level, our Head Office in Ghent has appointed a new role of Sustainability Manager with a remit to review targets, advise local business units and co-ordinate activities.
We continue to review our operations and impacts with an objective to reduce our impact on the climate crisis.
At Group level, our Head Office in Ghent has appointed a new role of Sustainability Manager with a remit to review targets, advise local business units and co-ordinate activities.
We continue to review our operations and impacts with an objective to reduce our impact on the climate crisis.
Certain information not shown in the Directors’ Report is shown in the Strategic Report on page 1 instead in accordance with Section 414C (11) of the Companies Act 2006. This includes a business review and principal risks and uncertainties.
The auditor, Forvis Mazars LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on 7 May 2025 and signed on its behalf.
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CHRISTEYNS UK LTD
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CHRISTEYNS UK LTD
The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).
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.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The Directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
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CHRISTEYNS UK LTD
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CHRISTEYNS UK LTD
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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CHRISTEYNS UK LTD
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CHRISTEYNS UK LTD
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
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.
Based on our understanding of the company and its industry, we considered that non-compliance with the following laws and regulations might have a material effect on the financial statements: employment regulation, health and safety regulation, anti-money laundering regulation, data protection regulation and the Bribery Act 2010.
statements, such as: tax legislation, pension legislation and the Companies Act 2006.
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CHRISTEYNS UK LTD
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CHRISTEYNS UK LTD
Use of the audit 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.
for and on behalf of
Chartered Accountants and Statutory Auditor
5th Floor
3 Wellington Place
Leeds
LS1 4AP
8 May 2025
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CHRISTEYNS UK LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
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CHRISTEYNS UK LTD
REGISTERED NUMBER: 00847863
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
The notes on pages 20 to 41 form part of these financial statements.
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CHRISTEYNS UK LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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CHRISTEYNS UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Christeyns UK Limited is a private company which is limited by shares. It is incorporated in England and Wales. The registered office can be found on the company information page.
The principal activity is the manufacture of industrial laundry products in both liquid and powder form, concrete and construction admixtures and speciality additives and general contract manufacturing.
The principal activity is the manufacture of industrial laundry products in both liquid and powder form, concrete and construction admixtures and speciality additives and general contract manufacturing.
2.Accounting policies
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
• the requirements of Section 7 Statement of Cash Flows; and
• the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d); and
• the requirements of Section 33 Related Party Disclosures paragraph 33.7.
• the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
This information is included in the consolidated financial statements of Algimo NV as at 31 December 2024 and these financial statements may be obtained from Algimo NV, Coupure 10, 9000, Gent, Belgium.
• the requirements of Section 7 Statement of Cash Flows; and
• the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d); and
• the requirements of Section 33 Related Party Disclosures paragraph 33.7.
• the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
This information is included in the consolidated financial statements of Algimo NV as at 31 December 2024 and these financial statements may be obtained from Algimo NV, Coupure 10, 9000, Gent, Belgium.
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CHRISTEYNS UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
The Company has sufficient financial resources together with clearly defined performance objectives. It has the strong support of its parent company and fellow subsidiary members in working towards meeting its financial objectives. Consequently, the directors believe that the Company is well placed to manage its business risks successfully despite the current economic outlook.
The Directors of the Company have undertaken a robust forecasting exercise considering the probable and possible likely volume trends. The period of assessment covers a period of at least twelve months from the date of the audit report. The Company is in a strong position giving the Directors a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future and that it can face future challenges. As such the Directors are satisfied that the Company remains a going concern and the financial statements have been prepared on the going concern basis.
Functional and presentation currency
Transactions and balances
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CHRISTEYNS UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only
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CHRISTEYNS UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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CHRISTEYNS UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Goodwill
Other intangible assets
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
The estimated useful lives range as follows:
Land is not depreciated. Depreciation on other assets 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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CHRISTEYNS UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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CHRISTEYNS UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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CHRISTEYNS UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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CHRISTEYNS UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
The critical judgements that the directors have made in the process of applying the Company’s accounting policies that have the most significant effect on the amounts recognised in the statutory financial statements are discussed below.
(i) Assessing indicators of impairment
In assessing whether there have been any indicators of impairment assets, the directors have considered both external and internal sources of information such as market conditions, counterparty credit ratings and experience of recoverability and where applicable, the ability of the asset to be operated as planned.
Key sources of estimation uncertainty
The key assumptions concerning the future, and other key sources of estimation uncertainty, that have a heightened possibility of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.
(i) Stock valuation
Finished goods and WIP represent a significant amount in the balance sheet. The finished goods & WIP are valued using the raw material as well as absorbed labour and overhead costs. There is estimation uncertainty surrounding the rate at which overheads are absorbed.
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CHRISTEYNS UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Analysis of turnover by country of destination:
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CHRISTEYNS UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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CHRISTEYNS UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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CHRISTEYNS UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
12.Taxation (continued)
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CHRISTEYNS UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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CHRISTEYNS UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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CHRISTEYNS UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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CHRISTEYNS UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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CHRISTEYNS UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Subsidiary undertakings (continued)
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CHRISTEYNS UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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CHRISTEYNS UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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CHRISTEYNS UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Capital redemption reserve
Profit and loss account
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CHRISTEYNS UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
27.Other financial commitments
As at the year end the Company had entered into forward contracts to purchase €1,500,000 (2023: €500,000). The fair value adjustment to the contracts is not material and thus have not been incorporated into the financial statements.
The immediate parent company is Christeyns NV, a company registered in Belgium.
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