Year Ended
Registration number:
Imerys UK Limited
Contents
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Company Information |
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Strategic Report |
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Director's Report |
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Statement of Director's Responsibilities |
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Independent Auditor's Report |
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Profit and Loss Account |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Financial Statements |
Imerys UK Limited
Company Information
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Director |
E S S Vaudoyer |
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Company secretary |
H S Trahair-Davies |
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Registered office |
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Solicitors |
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Bankers |
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Auditors |
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Imerys UK Limited
Strategic Report for the Year Ended 31 December 2024
The director presents her strategic report for the year ended 31 December 2024.
Principal activity
The principal activity of the company is that of an investment holding company.
Fair review of the business
Imerys UK Limited ("the Company") is a wholly-owned subsidiary of the Imerys SA Group, a French multinational company headquartered in Paris and a constituent of the CAC Mid 60 index.
As a holding company, the Company does not generate revenues. Loss after tax for the year was £1,150,000 (2023: £14,411,000) due to an impairment of £657,000 (2023: £13,967,000).
As at the year end, the Company's balance sheet showed net assets of £198,999,000 (2023: £176,781,000). On 28 June 2023, the company acquired 80% of the share capital in Research by British Lithium Limited, now Imerys British Lithium Limited, for £27,931,000. This was funded by an intercompany loan.On 30 October 2024, the company aquired the remaining 20% for £21,000,000 with £5,000,000 payable in 2024 and the remaining £16,000,000 deferred consideration.
Assets are reviewed for impairment on an ongoing basis when there are indications of a potential impairment needed, taking account of market conditions, investment performance and position, and any occurrence or events that indicate that the related carrying value may not be recoverable. As explained above, an impairment of £657k was required in the year (2023: £13,967,000 impairment of investments). The current year impairment reduced the carrying value of the investment in Imerys Minerals Limited to reflect the net assets of the subsidiary, being the investment's deemed recoverable amount.
The company's key financial and other performance indicators during the year were as follows:
|
Financial KPIs |
Unit |
2024 |
2023 |
|
Profit / (loss) after tax |
£000 |
(1,782) |
(14,411) |
|
Net assets |
£000 |
198,999 |
176,781 |
As a Holding company, there are no significant non-financial KPIs to note.
Principal risks and uncertainties
The key risks and uncertainties facing the Company relate to rising interest rates and the impact that will have on discount rates and therefore recoverability of the investment carrying value. As explained above, assets are reviewed for impairment on an ongoing basis when there are indications of a potential impairment needed.
Imerys UK Limited
Strategic Report for the Year Ended 31 December 2024 (continued)
Section 172(1) statement
S172(1)(a) - 'The likely consequences of any decision in the long term'
The Director understands the business and the changing environment in which the Company is in, including the challenges of navigating through the economic uncertainty.
The Board operates to deliver in the long term aligned to this strategic direction, generate long term value whilst recognising that any long-term success is dependent on business stakeholders.
The Director recognises that not all decisions may align with all stakeholder groups interests given the nature of the change in the business and the wider economic challenges. Given the strategic direction and the industry requirements in which the Company's subsidiaries operate, the Director has taken decisions they believe support the strategic direction of the Company.
S172(1)(b) - 'The interest of the Company's employees'
The Company is a holding company and does not have any employees.
S172(1)(c) - 'The need to foster the Company's business relationships with suppliers, customers and others'
The Company is a holding company and does not trade. There are no suppliers nor customers outside of other Imerys Group companies. Any strategic decision is considered in the context of the impact of our wider Group external stakeholders and early involvement and communication is actively practiced. The Director receives regular updates and information on a variety of topics in the day to day business projects to inform how these stakeholders have been engaged and the impact assessed.
S172(1)(d) - 'The impact of the Company's operations on the community and the environment'
The Company is a holding company and does not directly have trading operations which would impact the community nor environment. The Directors of each subsidiary will ensure that any environmental impact of those companies is considered in all decision-making processes, and work closely with the Environmental Agency. The Directors of those subsidiary companies actively promote supporting both the local communities in the UK and on a national basis.
S172(1)(e) - 'The desirability of the company maintaining a reputation for high standards of business conduct'
The Company works under clear frameworks which are approved by the Board including Ethics and Compliance manuals throughout the business. The Board works with the wider Imerys business to ensure the standards throughout the business are maintained. The Board is informed on a regular basis and monitors compliance.
S172(1)(f) - 'The need to act fairly as between members of the company'
After weighing up all relevant factors, the Director considers which course of action best enables delivery of our strategy through the long term, taking into consideration the impact on stakeholders. In doing so, the Director acts fairly as between the Company's members but are not required to balance the Company's interests with those of other stakeholders and this can sometimes mean that certain stakeholders may not be fully aligned.
Imerys UK Limited
Strategic Report for the Year Ended 31 December 2024 (continued)
GENERAL CONFIRMATION OF DIRECTORS DUTIES
The Company's Board has a clear framework for determining the matters within its remit. The Board operates under clear referential guidelines from the Imerys Group that determines the matters within the remit. Clear financial and strategic thresholds are determined to identify matters which require UK Board consideration and approval and those which require further consideration and approval of the parent company in the Imerys Group.
A clear delegation of authority sets out where the delegation and approval process can be applied in the wider business.
When making decisions, each Director ensures that they act in the way the they consider would most likely promote the company's success for the benefit of its business as a whole, and in doing so have regards (among other matters) to the requirements of s172 as outlined above.
Approved and authorised by the
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Imerys UK Limited
Director's Report for the Year Ended 31 December 2024
The director presents her report and the financial statements for the year ended 31 December 2024.
Director of the company
The director who held office during the year was as follows:
Financial instruments
Objectives and policies
The Company is exposed to a number of financial risks including credit risk, cash flow risk and liquidity risk.
Price risk, credit risk, liquidity risk and cash flow risk
Cash flow risk
The Company holds intercompany balances in foreign currencies and is therefore exposed to the financial risks of changes in foreign currency exchange rates and interest rates. The risk is managed centrally by the larger Group through the use of foreign exchange forward contracts and interest rate swap contracts to hedge these exposures. As such, the Company does not itself enter into these contracts.
Credit risk
The Company's principal financial assets are intercompany receivables and investments. The Company's credit risk is primarily attributable to its receivable balances. The amounts presented in the balance sheet are net of allowances for doubtful receivables. An allowance for impairment is made where there is an identified loss event which, based on previous experience, is evidence of a reduction in the recoverability of the cash flows. As the receivable balances are with other Group companies, the risk is deemed to be low.
Liquidity risk
In order to maintain liquidity to ensure the sufficient funds are available for ongoing operations and future developments, the company uses intercompany funding.
Non-financial and sustainability information
Energy and carbon report
Information included in the Strategic Report
Included within the Strategic Report is a statement on employee engagement and engagement with suppliers, customers and others.
Future developments
The Company continues to review the investments held to align with the wider Group's strategy.
Research and development
The Company did not conduct any research and development activities during the year.
Imerys UK Limited
Director's Report for the Year Ended 31 December 2024 (continued)
Branches outside the United Kingdom
The Company has no branches, as defined in section 1046(3) of the Companies Act 2006, outside of the UK.
Going concern
Imerys UK Limited is a holding company that does not trade, and is in a net asset position with no liabilities. The ultimate parent company, Imerys SA, group 2024 accounts were prepared on a going concern basis with no material uncertainties identified. Similarly, Imerys SA quarterly results up to March 2025 did not identify any additional risks and the quarterly profits for 2025, although slightly down against the same period in the prior year, still report a profit. As a result, the director has prepared these financial statements on a going concern basis.
Disclosure of information to the auditors
The director has taken steps that she ought to have taken as a director in order to make herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. The director confirms that there is no relevant information that she knows of and of which she knows the auditors are unaware.
Approved and authorised by the
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Imerys UK Limited
Statement of Director's Responsibilities
The director acknowledges her responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless she is 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 director is required to:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable her to ensure that the financial statements comply with the Companies Act 2006. She is 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.
Imerys UK Limited
Independent Auditor's Report to the Members of Imerys UK Limited
Opinion
We have audited the financial statements of Imerys UK Limited (the 'company') for the year ended 31 December 2024, which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
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 loss 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 responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our 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 director's 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 original financial statements were 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 director are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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.
In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
Imerys UK Limited
Independent Auditor's Report to the Members of Imerys UK Limited (continued)
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Strategic Report and Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
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• |
the Strategic Report and Director's Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our 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 and the Director's Report.
We have nothing to report in respect of the following matters where 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 director's remuneration specified by law are not made; or |
• | we have not received all the information and explanations we require for our audit. |
Responsibilities of the director
As explained more fully in the Statement of Director's Responsibilities set out on page 7, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor Responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Imerys UK Limited
Independent Auditor's Report to the Members of Imerys UK Limited (continued)
Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations related to acts by the company which were contrary to applicable laws and regulations, including fraud.
We considered those laws and regulations that have a direct impact on the preparation of the financial statements, including, but not limited to the reporting framework (FRS 102 and Companies Act 2006) and the relevant tax compliance regulations in the UK. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to fraudulent financial reporting.
Audit procedures performed by the engagement team include, but were not limited to, discussion and inquiries with management of compliance with laws and regulations. We also addressed the risk of management override of internal controls, including testing of journals and evaluating whether there was evidence of bias by the Directors that represented a risk of material misstatement due to fraud.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate omissions, collusion, forgery, misrepresentations, or the override of internal controls. We are also less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
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Melville Building East
Unit 18, 23 Royal William Yard
Devon
PL1 3GW
Imerys UK Limited
Profit and Loss Account
Year Ended 31 December 2024
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Note |
2024 |
2023 |
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Turnover |
- |
- |
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Gross profit/(loss) |
- |
- |
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|
Administrative expenses |
( |
- |
|
|
Other operating income |
|
|
|
|
Operating (loss)/profit |
(730) |
16 |
|
|
Net loss on financial liabilities at fair value through profit and loss |
- |
( |
|
|
Other interest receivable and similar income |
- |
|
|
|
Amounts written off investments |
( |
( |
|
|
Interest payable and similar expenses |
( |
( |
|
|
(1,150) |
(14,444) |
||
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Loss before tax |
( |
( |
|
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Tax on loss |
|
|
|
|
Loss for the financial year |
( |
( |
The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
Imerys UK Limited
Balance Sheet
31 December 2024
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Note |
2024 |
2023 |
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Fixed assets |
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Investments |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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||
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
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Provisions for liabilities |
- |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Shareholders' funds |
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Approved and authorised by the
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Company Registration Number: 03674799
Imerys UK Limited
Statement of Changes in Equity
Year Ended 31 December 2024
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Share capital |
Profit and loss account |
Total |
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At 1 January 2024 |
|
|
|
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Loss for the year |
- |
( |
( |
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New share capital subscribed |
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- |
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At 31 December 2024 |
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Share capital |
Profit and loss account |
Total |
|
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At 1 January 2023 |
|
|
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Loss for the year |
- |
( |
( |
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At 31 December 2023 |
61,290 |
115,491 |
176,781 |
Imerys UK Limited
Notes to the Financial Statements
Year Ended 31 December 2024
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Summary of disclosure exemptions
As Imerys UK Limited is a qualifying entity, exemptions have been taken in these separate Company financial statements in relation to presentation of cash flow statement, financial instruments and remunerations of key management personnel.
Group accounts not prepared
The company is exempt under section 401 of the Companies Act 2006 from the requirement to prepare consolidated financial statements as it and its subsidiary undertakings are included by full consolidation in the consolidated financial statements of Imerys SA, a company incorporated in France. The financial statements of Imerys SA can be obtained from the following address:
The Company Secretary
Imerys SA
43 Quai de Grenelle
75015 Paris
France
Imerys UK Limited
Notes to the Financial Statements
Year Ended 31 December 2024 (continued)
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2 |
Accounting policies (continued) |
Going concern
Imerys UK Limited is a holding company that does not trade, and is in a net asset position with no liabilities. The ultimate parent company, Imerys SA, group 2024 accounts were prepared on a going concern basis with no material uncertainties identified. Similarly, Imerys SA quarterly results up to March 2025 did not identify any additional risks and the quarterly profits for 2025, although slightly down against the same period in the prior year, still report a profit. As a result, the director has prepared these financial statements on a going concern basis.
Judgements
The Director does not believe that there are any critical judgements, apart from those involving estimations (which are dealt with separately below), that they have made in the process of applying the Company's accounting policies and that have the most significant effect on the amounts recognised in the financial statements. |
Key sources of estimation uncertainty
On an annual basis, the Director performs a review of the Company's investments to determine whether there has been any impairment trigger events. If such a trigger event is noted then the recoverable amount of the asset is estimated and compared to the carrying value of the asset. The assumptions used to calculate the recoverable amount include an estimate of future cash flows relating to the cash generating units that comprise the investment after applying a discount factor. This requires knowledge and experience of management, together with external market indicators. The carrying amount is £200,499,000 (2023 -£188,753,000).
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
Tax is recognised in profit or loss, except that a change attributable to an item of income or expense
recognised as other comprehensive income is also recognised directly in other comprehensive
income.
The current corporation tax charge is calculated on the basis of tax rates and laws that have been
enacted or substantively enacted by the reporting date in the countries where the company operates
and generates taxable income.
The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Imerys UK Limited
Notes to the Financial Statements
Year Ended 31 December 2024 (continued)
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2 |
Accounting policies (continued) |
Investments
Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
On an annual basis the Director performs a review of the Company's investments to determine whether there has been any impairment trigger events. If such a trigger event is noted then the recoverable amount of the asset is estimated and compared to the carrying value of the asset. Recoverable amount is the higher of the value in use to the Company of the asset and net realisable value from the disposal of the asset. Value in use is estimated by calculating the net present value of the estimated future cash flows relating to the cash generating units that comprise the investment after applying a discount factor. Net realisable value is estimated by applying the knowledge and experience of the management, together with external market indicators. If the recoverable amount is below the carrying value of the asset then the carrying value is reduced to recoverable amount, and the resulting charge is taken to the profit and loss account.
Provisions
Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
Financial instruments
Classification
• Short term other debtors and creditors;
• Intercompany loans; and
• Cash and bank balances.
All financial instruments are classified as basic.
Recognition and measurement
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.
Except for intercompany loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
Intercompany loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.
Imerys UK Limited
Notes to the Financial Statements
Year Ended 31 December 2024 (continued)
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Other operating income |
The analysis of the company's other operating income for the year is as follows:
|
2024 |
2023 |
|
|
Miscellaneous other operating income |
|
|
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Staff costs |
The average number of persons employed by the company (including the director) during the year, was
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Auditor's remuneration |
Fees payable to the auditor for the audit of the Company's financial statements were £4,200 (2023: £4,000). This cost was borne by another Imerys Group company.
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Other interest receivable and similar income |
|
2024 |
2023 |
|
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Other finance income |
- |
|
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Interest payable and similar expenses |
|
2024 |
2023 |
|
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Interest expense on other finance liabilities |
|
|
Imerys UK Limited
Notes to the Financial Statements
Year Ended 31 December 2024 (continued)
|
Taxation |
Tax charged/(credited) in the profit and loss account
|
2024 |
2023 |
|
|
Current taxation |
||
|
UK corporation tax |
( |
( |
The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2023 - higher than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
|
2024 |
2023 |
|
|
Loss before tax |
( |
( |
|
Corporation tax at standard rate |
( |
( |
|
Increase in UK and foreign current tax from adjustment for prior periods |
|
- |
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
|
Increase from tax losses for which no deferred tax asset was recognised |
- |
|
|
Total tax credit |
( |
( |
Deferred tax
There are £Nil of unused tax losses (2023 - £94,973) for which no deferred tax asset is recognised in the balance sheet.
Pillar Two legislation
Pillar Two of the Organisation for Economic Co-Operation and Development's (“OECD's”) Two Pillar Solution provides for the taxation of income of large groups at a minimum effective rate of 15% on a jurisdictional basis. The Company is an indirect subsidiary of Parjointco, which is incorporated in Belgium and is the ultimate parent undertaking for the Group. The Group is within scope of the OECD Pillar Two model rules. Pillar Two legislation received Royal Assent on 11 July 2023 in the United Kingdom and applies to accounting periods beginning on or after 31 December 2023. Pillar Two applies to the Group from the accounting period ended 31 December 2024 and onwards. As the Group’s effective tax rate in the UK is above 15%, the Company does not suffer any additional Pillar two top-up taxes by the application of Pillar Two. The Company has applied the exception to recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes, as provided in the amendments to Section 29 issued in July 2023.
Imerys UK Limited
Notes to the Financial Statements
Year Ended 31 December 2024 (continued)
|
Investments |
|
2024 |
2023 |
|
|
Investments in subsidiaries |
|
|
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Subsidiaries |
£ 000 |
|
Cost or valuation |
|
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At 1 January 2024 |
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Additions |
|
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Disposals |
( |
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At 31 December 2024 |
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Provision |
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At 1 January 2024 |
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Provision |
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At 31 December 2024 |
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Carrying amount |
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At 31 December 2024 |
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At 31 December 2023 |
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Details of undertakings
Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
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Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
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2024 |
2023 |
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Subsidiary undertakings |
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England and Wales |
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England and Wales |
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England and Wales |
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Imerys UK Limited
Notes to the Financial Statements
Year Ended 31 December 2024 (continued)
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9 |
Investments (continued) |
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Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
|
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England and Wales |
|
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England and Wales |
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England and Wales |
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Subsidiary undertakings |
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Imerys Minerals Limited The principal activity of Imerys Minerals Limited is |
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Imerys UK Finance Limited The principal activity of Imerys UK Finance Limited is |
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Imerys British Lithium Limited (previously Research by British Lithium Limited) The principal activity of Imerys British Lithium Limited (previously Research by British Lithium Limited) is |
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Imerys Trustees Limited The principal activity of Imerys Trustees Limited is |
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Imerys UK Pension Fund Trustees Limited The principal activity of Imerys UK Pension Fund Trustees Limited is |
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Imerys PCC UK Limited The principal activity of Imerys PCC UK Limited is |
Imerys UK Limited
Notes to the Financial Statements
Year Ended 31 December 2024 (continued)
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Debtors |
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Note |
2024 |
2023 |
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Amounts due from group undertakings |
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Other debtors |
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- |
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Cash and cash equivalents |
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2024 |
2023 |
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Cash at bank |
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Creditors |
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Note |
2024 |
2023 |
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Due within one year |
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Amounts due to group undertakings |
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Other creditors |
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Share capital |
Allotted, called up and fully paid shares
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2024 |
2023 |
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No. 000 |
£ 000 |
No. 000 |
£ 000 |
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85,290 |
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61,290 |
Within the year 24,000,000 ordinary shares of £1 each were issued at par.
Rights, preferences and restrictions
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Ordinary shares have the following rights, preferences and restrictions: |
Imerys UK Limited
Notes to the Financial Statements
Year Ended 31 December 2024 (continued)
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Related party transactions |
The company has taken advantage of the exemption provided by FRS 102 paragraph 33.1A to not disclose transactions entered into between two or more members of a group, provided that any subsidiary which as a party to the transaction is wholly owned by such a member.
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Parent and ultimate parent undertaking |
The company's immediate parent is
The ultimate parent is
The most senior parent entity producing publicly available financial statements is
Imerys SA
43 Quai de Grenelle
75015 Paris
France
The ultimate controlling party is