Cindev UK Limited is the holding company for activities of Janex, a global supplier of chemicals. Our main operating office is in Lausanne, Switzerland.
Following a record year in 2024 in terms of volume, and early warning signs observed in Q4 2024 indicating that 2025 would be more challenging, we have been navigating a particularly difficult year. We have faced a reduction in volumes alongside significant margin pressure in what has become a buyer’s market. This impact was further compounded by a significant weakening of the USD. Volumes in 2025 were 38% lower than in 2024, while our gross margin increased at 9.3% (2024 : 7.8%).
The principal risks and uncertainties facing the Group are as follows:
Demand for and supply of the Group’s products is broadly related to global economic activity given the end applications of the chemicals that we supply. To mitigate the impact of a global economic downturn, we actively diversify the number of products that we source and distribute, and the number of regions that we work with.
The global economic and geopolitical situations are having an impact on the Group. In this uncertain environment, despite strong sales volumes, our margins have been under pressure.
The Directors have carried out an assessment of the potential impact of these uncertainties on the business, including the impact of mitigation measures, and have concluded that these are non-adjusting events. The Directors have taken account of these potential impacts in their going concern assessment.
The Group continues to work with its partners to minimise any impacts of these events and maximise the realisation of any opportunities they may provide to the business.
Management use a range of performance measures to monitor and manage the business. The performance measures are split into financial and non-financial key performance indicators as set out below.
Financial
Gross margin: This is the most important KPI for the Group. We track this operationally as gross profit per unit of product volume sold and financially as a gross profit margin. The gross margin in 2025 was 9.3%, up from 7.8% in 2024.
Available capital: Ensuring sufficient balance sheet capital and liquidity to support trading activity is critical. As such we track Liquidity Ratio 2 (Cash + Debtors - current liabilities). This was EUR 7,030K in 2025, compared with EUR 6,580K in 2024.
Non-financial
Expansion: The Group has been pursuing an expansion strategy in recent years, focusing on expanding our product portfolio and reducing the operating risk for the business. As a result of the unfavourable economic environment, overall volumes have fallen, but we have a broader product portfolio and a more balanced spread between our main products.
We have successfully maintained our ISO 9001 Certification following the independent audit of our Quality Management System in December 2025.
Staff: The headcount remains stable in 2025 at 15 (2024 - 17).
The Directors of the Group must act in accordance with a set of general duties, these duties are detailed in the UK's Companies Act 2006 and include a duty to promote the success of the Group under section 172 (1) of the Companies Act 2006, whilst also considering the broad range of stakeholders who interact with and are impacted by our business. Throughout the year while discharging their duties, amongst other matters, section 172 (1) requires a director to have regard to (amongst other matters):
a) the likely consequences of any decision in the long term,
b) the interests of the Group's employees,
c) the need to foster the Group's business relationships with suppliers, customers and others,
d) the impact of the Group's operations on the community and the environment,
e) the desirability of the Group maintaining a reputation for high standards of business conduct, and
f) the need to act fairly as between members of the Group.
To understand what matters to stakeholders and carefully consider all the relevant factors when selecting the appropriate course of action the directors consider the impact to our key stakeholder groups, examples of how the directors have engaged with key stakeholders are detailed below:
Employees
The expertise of our employees is the key factor in our success. We position the Group as a service company. To this end, we have a constant drive for improvement and the pursuit of excellence in relations with our employees.
Environment
The Group is committed to protecting the environment by monitoring and managing our business operations to better understand and continuously reduce our impact on the environment. We adhere to very strict safety standards to protect the environment and our communities.
Suppliers
We strive to be a preferred partner for our suppliers and to distribute their products around the world as efficiently and safely as possible.
Customers
We aim to exceed the needs and demands of our customers and provide to them optimal solutions based on ever-changing market requirements through our commercial and logistical expertise.
On behalf of the board
The directors present their annual report and financial statements for the year ended 31 December 2025.
The results for the year are set out on page 8.
Ordinary dividends were paid amounting to €1,850k (2024: €1,500k). The directors do not recommend payment of a further dividend.
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
The group has no post balance sheet events of note to report.
Strategic focus for 2026 is to continue to expand the Group and diversify its product portfolio.
In accordance with the company's articles, a resolution proposing that FLB Audit LLP be reappointed as auditor of the group will be put at a General Meeting.
As the group has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.
United Kingdom company law requires the directors to prepare financial statements for each financial year. Under that law, the directors have elected to prepare the group and parent company financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and parent company, and of the profit or loss of the group for that period.
In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable United Kingdom 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 group and parent company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and parent company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and parent company, and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and parent company, and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
After making enquiries, the Directors are satisfied that the Group and Parent Company has adequate resources to continue in operational existence for the foreseeable future. This includes being able to pay creditors as they fall due for a period of not less than 12 months from the approval of these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the annual report and financial statements.
UK businesses are currently facing many uncertainties such as the consequences of Brexit, environmental sustainability and geopolitical events such as the Russian invasion of Ukraine, the Israeli-Palestinian conflict. These uncertainties have contributed to an environment where there exists a range of issues and risks, including inflation, high interest rates, labour shortages, disrupted supply chains and new ways of working.
The Directors have carried out an assessment of the potential impact of these uncertainties on the business, including the impact of mitigation measures, and have concluded that these are non-adjusting events with the greatest impact on the business expected to be from the economic ripple effect on the global economy. The Directors have taken account of these potential impacts in their going concern assessment.
Cindev UK Limited and its subsidiaries, continue to work with its partners to minimise any impacts of these events and maximise realisation of any opportunities they may provide to the business.
Qualified opinion on financial statements
We have audited the financial statements of Cindev UK Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2025 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
Basis for qualified opinion
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent 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
Opinions on other matters prescribed by the Companies Act 2006
Notwithstanding our qualified opinion on the financial statements, in our opinion, based on the work undertaken in the course of our audit:
The information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
The strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
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:
enquiring of management concerning actual and potential litigation and claims;
reviewing legal expenses for any indication of breaches of laws and regulations;
performing analytical procedures to identify any unusual results that may indicate risks of material misstatements due to fraud:
reading minutes of meetings:
assessing any management override of controls by testing journal entries and other adjustments and reviewing accounting estimates for indications of potential bias;
performing detailed sample testing over sales transactions to ensure no material misstatements due to fraud;
evaluating any transactions that are unusual or outside the normal course of business; and
maintaining alert to any fraud risks throughout the audit.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Use of our report
This report is made solely to the parent 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 parent 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 parent company and the parent company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
The notes on pages 14 to 29 form part of these financial statements.
The notes on pages 14 to 29 form part of these financial statements.
The notes on pages 14 to 29 form part of these financial statements.
As permitted by section 408 of the Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was €1,864k (2024 - €1,428k profit).
The notes on pages 14 to 29 form part of these financial statements.
The notes on pages 14 to 29 form part of these financial statements.
The notes on pages 14 to 29 form part of these financial statements.
Cindev UK Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is C/o Forvis Mazars LLP, The Pinnacle, 160 Midsummer Boulevard, Milton Keynes, Buckinghamshire, United Kingdom, MK9 1FF.
The group consists of Cindev UK Limited and all of its subsidiaries.
The Group's principal activity is the supply of petrochemicals focused on higher olefins, heavy alkylates, polyisobutylene, high purity paraffins and other performance chemicals.
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in euros, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest €000.
The financial statements have been prepared under the historical cost convention, unless otherwise specified within these accounting policies. The principal accounting policies adopted are set out below.
The parent Company has taken advantage of the exemption from preparing a statement of cash flows, on the basis that it is a qualifying entity and the Group statement of cash flows, included in these financial statements, includes the Company's cash flows.
The consolidated group financial statements consist of the financial statements of the parent company Cindev UK Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.
All financial statements are made up to 31 December 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.
The Group remains in a net asset position. In considering the appropriateness of adopting the going concern basis in preparing the financial statements, the directors have assessed the potential cash generation of the Group for the foreseeable future (being twelve months from the date of approving the financial statements).
The directors therefore believe there are adequate resources to support the going concern assumption.
Turnover comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Turnover is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.
When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which is recognised as interest income.
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (based on the Incoterms of the sale), the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.
Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.
In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
At each reporting period end date, the group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.
Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.
The tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the statement of financial position. The Assets of the plan are held separately from the company in independently administered funds.
Swiss pension plans are generally considered as defined benefit plans. As the Swiss subsidiary company's plans are fully reinsured, they are accounted for like contribution plans.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
For subsidiaries, the functional currency of Janex International BV and Cindev BV is Euros and functional currency of Janex SA is US Dollar.
The average rate for the period for Euro to US Dollar was 1:1.12 (2024 - 1:1.08) and the period end rate for Euro to US Dollar was 1:1.17 (2024-1:1.04).
The Group's functional and presentation currency is Euros.
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
On consolidation, the results of overseas operations are translated into Euros at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.
Group reorganisations and transfers of investments within the group
The company accounts for investments in subsidiaries at cost less impairment.
Where investments are transferred between entities under common control and the transaction is not specifically addressed by FRS 102, management applies the requirements of FRS 102 paragraph 10.4 in developing an appropriate accounting policy.
In a reorganisation involving the transfer of subsidiary undertakings within the group, the company allocates the carrying amount of existing investments between the affected investments based on their relative values immediately before the reorganisation. No gain or loss is recognised as a result of such transfers.
Accordingly, where a subsidiary undertaking is transferred from one subgroup to another within the common-control group, the carrying amount previously included within an existing investment is reallocated to the newly acquired investment on a relative value basis.
In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Management are of the opinion that there are no estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities as at year end.
The whole of the turnover is attributable to the principal activity of the group, as stated on Note 1.
The average monthly number of persons (including directors) employed by the group and company during the year was:
Their aggregate remuneration comprised:
No retirement benefits were accruing to the directors during the period.
The actual charge for the year can be reconciled to the expected (credit)/charge for the year based on the profit or loss and the standard rate of tax as follows:
Overseas corporation tax is in relation to The Netherlands and Switzerland, so the group is subject to any changes in tax rates in these jurisdictions.
During the year, a group reorganisation was undertaken whereby the indirect holding in Janex SA was transferred to Cindev BV. In accordance with the company's accounting policy for common-control reorganisations, part of the carrying value of the investment in Janex International BV was reallocated to the investment in Cindev BV using a relative value methodology. The transaction did not result in any change in the total carrying value of investments held by the company.
Details of the company's subsidiaries at 31 December 2025 are as follows:
Financial assets measured at fair value through profit or loss comprise cash and cash equivalents.
Financial assets that are debt instruments measured at amortised cost comprise trade debtors, other debtors and accrued income.
Financial liabilities measured at amortised cost comprise trade creditors, other creditors and accruals.
The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:
Accelerated capital allowances are expected to reverse in accordance with the depreciation period of the tangible fixed assets to which they relate.
The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to €291k (2024: €301k). Contributions totalling €28k (2024: €Nil) were payable to the fund at the balance sheet date.
The Ordinary shares each carry a voting right but no right to fixed income.
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
The group has taken advantage of the exemption available in accordance within Section 33 'Related party disclosure' of FRS 102 not to disclose transactions entered into between two or more members of a group that are wholly owned.
The group has no post balance sheet events of note to report.