Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2022
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CALACHEM LIMITED
COMPANY INFORMATION
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CALACHEM LIMITED
CONTENTS
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CALACHEM LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022
The Director presents their strategic report on the Company for the year ended 31 December 2022.
Manufacturing The business provided contract manufacturing of intermediates and actives for major agrochemical companies, on a contractual basis. The Company ceased trading in this area, during the year. The Company has included all relevant provisions for restructuring and site clean down and decommissioning have been included in the 2021 comparative values. Industrial services The business offers industrial services, including effluent treatment, environmental services and the supply of steam, electricity, water and other utilities together with other various property & facility services. This will form the focus of the new business going forward.
For the year ended 31 December 2022, the Company made a pre-tax profit before one off items of £1.5m (2021: loss of £0.6m).
The Company generated turnover of £63.0m (2021: £47.7m) and operating EBITDA* of £2.6m (2021: £(1.4m)). Construction of a new Combined Heat and Power (CHP) plant commenced in early 2019, due for completion Q1 2024. The energy from this new CHP is expected to reduce CalaChem’s dependence on National Grid derived gas and electricity and its associated volatile pricing. CalaChem defined benefit pension scheme. The company is wholly discharged all liabilities in relation to the defined benefit obligation. * The company defines Earnings Before Interest, Taxation, Depreciation and Amortisation (EBITDA), as its operating profit plus depreciation, amortisation, foreign exchange differences and exceptional items.
The business objective is now to achieve steady and sustainable rates of growth and returns, primarily from organic growth across the business units within industrial services; environmental services, utilities services & facilities & property services. CalaChem is focussed on re-aligning the organisation to become a customer focussed industrial services business. The Board confirms the strategy as follows:
1. Seeking new opportunities and long term relationships with customers for industrial services; 2. Leasing of owned land and buildings across our site; 3. Sell surplus land and/or buildings for development purposes.
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CALACHEM LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
Employee Engagement
The management of the company is fully committed to keeping its employees informed of material matters which affect them both in the short and longer term. This information is communicated in variety of forms and frequency depending the nature and importance of the information being disseminated. This includes but not limited to:
∙Discussions with unions on the financial health of the company;
∙Monthly town hall meeting are held in order to cascade relevant information discussed at monthly management meetings;
∙Monthly town hall pack;
∙Strategy statement incorporating cores values for the company being displayed on notice boards throughout the site;
∙Frequent updates on health and safety metrics;
∙E-mail announcements on strategic decisions likely to affect the company’s business performance;
∙Regular updates of recruitment and/or departure of key senior staff and / or directors.
The company views, as key to its success, positive interactions with all other stakeholders including customers, suppliers and others relevant parties such government agencies and the local community. There are on-going periodic communications and interactions with all of these parties including:-
∙Frequent meetings with customers to review performance (delivery, quality, price, responsiveness, etc), future business requirements and any other relevant information;
∙Scheduled visits with SEPA (Scottish Environment Protection Agency) to discuss performance of site on the local environment;
∙Regular communication (including visits) with HSE (Health and Safety Executive);
∙Regular interaction with local college to facilitate on-site apprenticeships;
∙Sponsorship of local charities and schools;
∙Engagement with the local council to keep them informed on future plans and effects on the local community.
The company operates to the highest standards for business conduct and is a member of the CIA (Chemical Industries Association) and participates in regular meetings to review on-going issues within the industry and help develop best practice, both in commercial terms and with regard to environmental and regulatory matters.
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CALACHEM LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
The Board is assisted in monitoring progress on the overall business strategy and the individual strategic elements by reference to a number of measures, including the KPI’s noted below:
Principal risks and uncertainties Risks are formally reviewed by the board and appropriate processes put in place to monitor and mitigate them. The key business risks affecting the company are set out below: Impact of COVID-19 pandemic On 11 March 2020, the World Health Organization declared the Coronavirus (COVID-19) outbreak to be a pandemic in recognition of its rapid spread across the globe. To date the company has been able to trade normally but with increased health and safety measures and protocols in place. It expects to continue with minimal disruption to output, but continues to monitor developments closely. Competition and customer service The business operates in a highly competitive and fragmented market place, where price and customer service are often the key determinants of competitiveness. Also, there has been a notable growth in suppliers into this market place in recent years from the Far-East. This results in constant pressure on margins, and our need to ensure a high level of customer service as a differentiation. Our marketing teams work closely with customers on all aspects of customer service to both understand and respond to their needs, to mitigate these risks. Global supply chain crisis The ongoing global complications with respect to shipping container availability, dock congestion, local HGV driver availability and availability of raw materials pose ongoing risk. Our supply chain team works closely with our suppliers to ensure multiple raw material options are available where possible and to ensure sufficient delivery times are in place. Environmental and legislation Many aspects of chemical manufacturing are strictly governed by legislation, and it is critical that we operate safely in all aspects of our work. Our equipment and processes are fully evaluated to identify potential hazards and establish risk control measures before any manufacture commences, and on the occasion of any change in use. Many items of plant are also subject to strict maintenance regimes, and staff are fully trained for the operations that they are asked to conduct. We also collect and monitor a range of operational statistics on various aspects of Safety, Health and Environmental performance. Although manufacturing ceased within the year some equipment, areas, materials remain on-site which are treated with the same level of care to ensure the safety of our employees and compliance with all relevant laws and regulations. Employees The loss of key staff and/or the inability to recruit high quality staff would impair our ability to meet our objectives and would have a detrimental impact on the business results. To mitigate this risk, the business follows a succession planning strategy and incentivises individuals where appropriate. Post Brexit The UK’s exit from the EU in January 2020 introduced levels of uncertainty into the business environment especially with regard to imports and exports. To date there have been some minor delays in the supply chain for goods being sourced from Europe but no significant impact on profitability. Calachem continues to monitor trading relationships with Europe and potential regulatory and other changes to seek to minimise the impact on the business.
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CALACHEM LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
Financial Risks
Currency Exchange The majority of sales and business costs are in sterling and therefore exposure to foreign exchange risk is not significant. However, as a large proportion of sales are export , the company is aware that exchange differences may have a determination on orders placed by export customers. Our normal business monitoring constantly reviews performance and value for money with our customers and no significant issues in this regard have been raised. In considering specific business any potential material purchases in foreign currencies are reviewed in advance and if appropriate specific terms agreed with customers. Now that manufacturing has ceased our exposure to currency risk is immaterial. Utility Prices The business incurs significant cost in gas and electricity and prices for these have been volatile in recent years. The company seeks advice from external brokers on likely price movements ahead and where appropriate buys forward against projected needs.
This report was approved by the board and signed on its behalf.
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CALACHEM LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022
The Directors present their report and the financial statements for the year ended 31 December 2022.
The Directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.
In preparing these financial statements, the Directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgements 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;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The profit for the year, after taxation, amounted to £460,336 (2021 - loss £7,852,936).
The Director does not recommend payment of a final dividend.
The Directors who served during the year were:
Angus Gray (appointed 27 February 2023)
On-site activities demand significant consumption of energy, particularly electricity and steam. Although the company seeks to hedge its exposure to volatile utility prices, it remains the company’s aim to find a long-term solution to its energy requirements with more predictable cost per unit pricing. To this end, construction works on a new energy from waste plant started in 2019 and progressed throughout 2022. Completion of this expected early in 2024 at which time the company will be taking electricity and steam directly from this facility.
Changes to environmental legislation impact on the business. However, with continued planned investment in our plant and infrastructure we anticipate that we will be able to increase capacity and be in a better position to offer industrial services to our customers.
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CALACHEM LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
We have consistently sought to recruit and retain the best employees available, to provide the level of response and customer service demanded by our customers.
The company training programme focuses on safety and other factors required to maintain its licence to operate, whilst allowing it to exist peacefully with its neighbours, but also provides a range of professional and personal training to meet the development needs of staff. Research and development Product development and process technology innovation are driven by the specific requirements of each of our customers. Where appropriate, development and process technology efforts are managed in cross-functional teams which involve commercial and manufacturing personnel. It is believed that this structure supports clear business and customer focus. Process technology groups are all located at the site in Grangemouth. The company adopts an approach of being open with employees about matters affecting the business. The company is fully committed to keeping all employees informed about the performance, progress and issues relating to their business or work unit, and about wider business issues. Equal opportunities The company believes that every employee should be treated with the same respect and dignity. It values the rich diversity and creative potential of people with differing backgrounds and abilities, and encourages a culture of equal opportunities in which personal success depends on personal merit and performance. It is company policy that there should be no discrimination against any person for any reason that is not relevant to the effective performance of their job. All judgements about people for the purposes of recruitment, development and promotion will be made solely on the basis of their ability and potential in relation to the needs of the job. Every manager is responsible for implementing this policy. Employment of people with disabilities It is company policy that people with disabilities should have the same consideration as others with respect to recruitment, retention and personal development. Depending on their skills and abilities, they enjoy the same career prospects as other employees and the same scope for realising potential. The company also takes all reasonable steps to ensure that its working environments can accommodate special needs. The company also makes every effort to continue to employ staff who may become disabled whilst employed, providing appropriate training and adapting facilities to allow them to continue working where possible.
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CALACHEM LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
Qualification and reporting methodology CalaChem has followed 2019 HM Government Environmental Reporting Guidelines and have used the 2021 UK Government’s Conversion Factors for Company Reporting. Intensity measurement The chosen intensity measurement ratio is the total gross emissions in metric tonnes CO2e per £m Turnover, as set out in Annex F of the 2019 HM Government Environmental Reporting Guidelines. Work continues on the construction of an energy from waste plant that will supply all heat and power for the site and will reduce reliance on fossil fuels. The anticipated beneficial operation date is February 2024. CalaChem surpassed the Climate Change Agreement energy intensity target for both years of TP5, which covers the two year period 2021-2022. CalaChem, in addition to reducing CO2e/£m by 44% between 20221 and 2022, continues to seek energy efficiency opportunities. CalaChem is planning to implement ISO500001 and this will be progressed in the next reporting period.
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CALACHEM LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
There have been no significant events affecting the Company since the year end other than those included at note 33 to the accounts.
Political and charitable contributions
During the year, the company made donations to UK charities amounting to £ The company made no political contributions during the current or prior years. Going Concern The directors are confident that, having reviewed the company's budgets and forecasts, the company has adequate resources and funding to continue in operation and to enable it to pay its debts as they fall due for the foreseeable future. This review included an analysis of business operating plans, proposed capital expenditure, the availability of alternative sources of funding and associated cash flow projections. The directors, therefore, consider it appropriate to adopt the going concern basis in preparing these financial statements.
KPMG LLP resigned as auditor on 16 February 2023, at which time Anderson, Anderson & Brown Audit LLP were appointed. Pursuant to Section 487 of the Companies Act 2006, the auditor will be deemed to be reappointed and Anderson, Anderson & Brown Audit LLP will therefore continue in office.
This report was approved by the board on
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CALACHEM LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CALACHEM LIMITED
We have audited the financial statements of CalaChem Limited (the 'Company') for the year ended 31 December 2022, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In auditing the financial statements, we have concluded that the Directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The Directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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CALACHEM LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CALACHEM LIMITED (CONTINUED)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.
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CALACHEM LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CALACHEM LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' 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:
We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations – this responsibility lies with management with the oversight of the Director. Based on our understanding of the Company, discussions with management and the Director we identified financial reporting standards as having direct effect on the amounts and disclosures in the financial statements. As part of the engagement team discussion about how and where the Company’s financial statements may be materially misstated due to fraud, we did not identify any areas with an increased risk of fraud. Our audit procedures include: • Completing a risk assessment process during our planning for this audit that specifically considered the risk of fraud; • Reviewing sales invoices and relevant paperwork to ensure appropriate cut-off, accrued income and deferred income application has been made; • Assessing and testing accrued and deferred income to confirm appropriate revenue recognition; • Enquiry of management about the Company's policies, procedures and related controls regarding compliance with laws and regulations and if there are any known instances of non-compliance; • Examining supporting documents for all material balances, transaction and disclosures; • Review, where applicable, senior management team meeting minutes; • Enquiry of management about litigations and claims and inspection of relevant correspondence; • Analytical procedures to identify any unusual or unexpected relationships; • Specific audit testing on and review of areas that could be subject to management override of controls and potential bias, most notable around the key judgements and estimates, including the carrying value of investment property, intercompany balances, accruals, provisions for liabilities, deferred tax, stock impairment and revenue recognition; • Considering management override of controls outside of the normal operating cycles including testing the appropriateness of journal entries recorded in the general ledger and other adjustments made in the preparation of the financial statements including evaluating the business rationale of significant transactions outside the normal course of business. Owing to the inherent limitations of an audit, there is an unavoidable risk that some material misstatements of the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK).
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CALACHEM LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CALACHEM LIMITED (CONTINUED)
The potential effects of the inherent limitations are particularly significant in the case of misstatement resulting from fraud because fraud may involve sophisticated and carefully organised schemes designed to conceal it, including deliberate failure to record transactions, collusion or intentional misrepresentations being made to us.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' 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 Auditors' 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
Statutory Auditors
133 Finnieston St
G3 8HB
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CALACHEM LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2022
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CALACHEM LIMITED
REGISTERED NUMBER: 5369235
BALANCE SHEET
AS AT 31 DECEMBER 2022
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 16 to 36 form part of these financial statements.
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CALACHEM LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022
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CALACHEM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
CalaChem Limited is a private company incorporated, domiciled, and registered in England and Wales. Its principal place of business is Earls Road, Grangemouth, Sitrlingshire, FK3 8XG. The registered address is One St. Peters Square, Manchester, M2 3DE.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
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;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A.
This information is included in the consolidated financial statements of Aurelius Equity Opportunities SE & Co KGaA as at 31 December 2022 and these financial statements may be obtained from Aurelius Beteiligungsberatungs AG, Unterer Anger 3, 80331 Munich, Germany.
The Directors are confident that, having reviewed the Company's budgets and forecasts, the Company has adequate resources and funding to continue in operation and to enable it to pay its debts as they fall due for the foreseeable future. This review included an analysis of business operating plans, proposed capital expenditure, the availability of alternative sources of funding and associated cash flow projections. The Directors, therefore, consider it appropriate to adopt the going concern basis in preparing these financial statements.
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CALACHEM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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CALACHEM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.
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CALACHEM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
2.Accounting policies (continued)
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.
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CALACHEM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
The estimated useful lives range as follows:
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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CALACHEM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
2.Accounting policies (continued)
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Balance sheet.
Basic financial assets
Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing
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CALACHEM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
2.Accounting policies (continued)
transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
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CALACHEM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Analysis of turnover by country of destination:
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CALACHEM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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CALACHEM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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CALACHEM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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CALACHEM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
11.Taxation (continued)
The main rate of corporation tax has increased to 25% from 1 April 2023. The closing deferred tax asset has been calculated in accordance with relevant tax rates.
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CALACHEM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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CALACHEM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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CALACHEM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
The 2020 valuations were made by Ryden LLP, on an open market value for existing use basis.
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CALACHEM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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CALACHEM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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CALACHEM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Share premium account
Profit and loss account
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CALACHEM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
While the continued outcome of some of these matters cannot be readily foreseen, the Director believes that any issues will be disposed of without material effect on the financial position as shown in these financial statements.
The Company contributes to a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund, and amounted to £359,617 (2021 - £516,000). Contributions totalling £121,533 (2021 - £86,628) were payable to the fund at the balance sheet date and are included in creditors.
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CALACHEM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
31.Other financial commitments
Unsettled forward transactions at at 31 December 2022, to hedge forward gas and electricity purchases are as follows;
In the year, the Company charged Earls Gate Energy Centre Limited for recharges and other services totalling £3,410,791 (2021: £500,913). As at 31 December 2022, the Company was owed £820,158 (2021: £12,470) relating to those charges. In the year, total costs charged to the Company from Earls Gate Energy Centre Limited totalled £4,650,388 (2021: £403,669). As at 31 December 2022, the Company owed £783,120 (2021: £403,669) relating to those charges.
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CALACHEM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
On the same day, the share premium account in the amount of £5,512,000 was extinguished in full, with the same amount being credited to retained earnings.
The Company is a wholly owned subsidiary undertaking of
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