Cabot Activated Carbon Holdings UK Limited
Annual report and financial statements
for the year ended 30 September 2023
Registered Number 08133730
Cabot Activated Carbon Holdings UK Limited
Contents
Page
Directors and advisors
1
Strategic report
2
Directors' report
4
Directors' responsibilities statement
6
Independent auditor's report
7
Profit and loss account
11
Balance sheet
12
Statement of changes in equity
13
Notes to the financial statements
14
Cabot Activated Carbon Holdings UK Limited
Directors and advisors
Directors
L Dumont
A Tucker
Registered office
Sully Moors Road
Sully
Penarth
CF64 5RP
United Kingdom
Auditor
Menzies LLP
5 The Crescent
Ashcombe House
Leatherhead
KT22 8DY
United Kingdom
Solicitors
Eversheds LLP
Senator House
85 Queen Victoria Street
London
EC4V 4JL
United Kingdom
Bankers
JP Morgan Chase Bank, N.A.
Chaseside
Bournemouth
BH7 7DB
United Kingdom
1
Cabot Activated Carbon Holdings UK Limited
Strategic report
for the year ended 30 September 2023
The directors present their strategic reports on the affairs of the company, together with the audited financial statements, for the year ended 30 September 2023.
Cabot Activated Carbon Holdings UK Limited is a holding company of investments held in other Cabot group companies.
Business review
There have not been any significant changes in the principal activity of the company in the financial year ended 30 September 2023.
The directors consider the year-end financial position to be satisfactory. The balance sheet position of the company is acceptable and in line with the directors' expectations.
The directors consider the functional currency of the company to be US Dollars ($). The financial statements are therefore presented in US Dollars $.
The company's loss for the year of $9,748,000 (2022: profit of $50,873,000) and its net liability position at 30 September 2023 of $195,716,000 (2022: $185,968,000) are in line with the directors' expectations.
Key performance indicators
Given the straightforward nature of the business, the company's directors are of the opinion that analysis using KPIs is not necessary for an understanding of the development, performance or position of the business of Cabot Activated Carbon Holdings UK Limited.
Principal risks and uncertainties
There are no longer any fixed asset investments so risk is minimal.
Financial risk management
The company's operations expose it to a variety of financial risks that include the effects of changes on liquidity risk and interest rate risk. The company has in place a risk management programme that seeks to limit the adverse effects on the financial performance of the company by monitoring levels of debt finance and the related finance costs.
The policies set by the board of directors are implemented by the company's finance department. The department has a policy and procedures manual that sets out specific guidelines to manage interest rate risk and circumstances where it would be appropriate to use financial instruments to manage these.
Liquidity risk
The company actively maintains short-term debt finance with other Group companies that is designed to ensure the company has sufficient available funds for operations and planned expansions.
2
Cabot Activated Carbon Holdings UK Limited
Strategic report (continued)
for the year ended 30 September 2023
Principal risks and uncertainties (continued)
Interest rate cash flow risk
The company has interest-bearing liabilities. These relate entirely to inter-group borrowings which are largely dictated by the Group's interest rate management policies.
Economic Impacts
Increase in interest rates and inflation have factored into Cabot reference rates affecting internally charged interest on various intercompany loans.
Future developments
The directors are not aware of any planned changes in the nature or scale of the company's operations.
Approved by the Board of Directors on 28 March 2024 and signed on behalf of the Board by:
A Tucker
Director
3
Cabot Activated Carbon Holdings UK Limited
Directors' report
for the year ended 30 September 2023
The directors present their annual report on the affairs of Cabot Activated Carbon Holdings UK Limited, (“the Company”), together with the audited financial statements for the year ended 30 September 2023.
Future developments
Details of future developments can be found in the Strategic Report on page 3 and form part of this report by cross-reference.
Financial risk
Details of financial risk can be found in the Strategic Report on page 2 and form part of this report by cross-reference.
Going concern
At 30 September 2023 the Company had net current liabilities $195,716,000 (2022: $185,968,000) and net liability of $195,716,000 ( 2022: $185,968,000). The directors have carried out a review of the company's financial position for a period of 12 months from the date of signing these financial statements and received a letter of support from its parent company, Cabot Corporation Inc.
Given the uncertainties surrounding the current economic environment, the company is reliant on Cabot Corporation Inc's ability to support them in the coming months. The letter of support has provided an acknowledgement whereby any amounts due to Cabot Corporation Inc. or its subsidiaries within the group will not be recalled for repayment until a time when sufficient funds are available.
Cabot Corporation Inc. monitors the company's financial situation on an ongoing basis and may take actions to refinance or other actions to financially support this wholly owned subsidiary if required in the future. Accordingly, the going concern basis adopted for the preparation of the financial statements is considered appropriate.
Dividends and transfers to reserves
The directors did not propose a dividend in the year (2022: nil). The loss for the year of $9,748,000 (2022: profit of $50,873,000) has been added to reserves.
Events after the balance sheet date
No subsequent events have occurred since the end of the financial year.
Directors
The directors who held office during the year and thereafter are L Dumont and A Tucker. The Company has made qualifying third-party indemnity provisions for the benefit of its directors which were made during the year and remain in force at the date of this report.
4
Cabot Activated Carbon Holdings UK Limited
Directors' report (continued)
for the year ended 30 September 2023
Auditor
Each of the persons who is a director of the company at the date when this report is approved confirms that:
so far as the director is aware, there is no relevant audit information of which the company's auditor is unaware; and
the director has taken all the steps that he/she ought to have taken as a director in order to make himself/herself aware of any relevant audit information and to establish that the company's auditor is aware of that information.
This confirmation is given and should be interpreted in accordance with the provisions of s418 of the Companies Act 2006.
Under section 487(2) of the Companies Act 2006, Menzies LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.
Approved by the Board of Directors on
28 March 2024
28 March 2024
and signed on behalf of the Board by:
A Tucker
Director
5
Cabot Activated Carbon Holdings UK Limited
Directors' responsibilities statement
for the year ended 30 September 2023
The directors are responsible for preparing the Annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including FRS 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 and then apply them consistently.
make judgements and accounting estimates that are reasonable and prudent; and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
6
Cabot Activated Carbon Holdings UK Limited
Independent auditor's report to the members of Cabot Activated Carbon Holdings UK Limited
Opinion
We have audited the financial statements of Cabot Activated Carbon Holdings UK Limited (the ‘company') for the year ended 30 September 2023 which comprise the Profit and Loss account, 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 our opinion the financial statements:
*
give a true and fair view of the state of the Company's affairs as at 30 September 2023 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the Annual Report other than the financial statements and our 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.
7
Cabot Activated Carbon Holdings UK Limited
Independent auditor's report to the members of Cabot Activated Carbon Holdings UK Limited (continued)
We have nothing to report in this regard.
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
*
the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
*
the Directors' Report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
*
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
*
the financial statements are not in agreement with the accounting records and returns; or
*
certain disclosures of directors' remuneration specified by law are not made; or
*
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the Directors' Responsibilities Statement set out on page 6, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.
Auditors' 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 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 noncompliance 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:
8
Cabot Activated Carbon Holdings UK Limited
Independent auditor's report to the members of Cabot Activated Carbon Holdings UK Limited (continued)
*
The Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation. We determined that the following laws and regulations were most significant included:
*
The Companies Act 2006;
*
Financial Reporting Standard 102;
*
UK tax legislation; and
*
General Data Protection Regulations.
*
We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.
*
We understood how the company is complying with those legal and regulatory frameworks by, making
inquiries to management and those responsible for legal and compliance procedures. We corroborated our inquiries through our review of board minutes.
*
The engagement partner assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise noncompliance with laws and regulations. The assessment did not identify any issues in this area.
*
We assessed the susceptibility of the company's and financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:
*
Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;
*
Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process.
*
Challenging assumptions and judgements made by management in its significant accounting estimates; and Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations.
As a result of the above procedures, we considered the opportunities and incentives that may exist within the
organisation for fraud and identified the greatest potential for fraud in the following areas;
*
The application of inappropriate judgements or estimation to manipulate the Company's financial position
*
Posting of unusual journals and complex transactions; and
*
The use of management override of controls to manipulate results, or to cause the Company to enter into transactions not in its best interests.
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 noncompliance 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 noncompliance. 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 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.
9
Cabot Activated Carbon Holdings UK Limited
Independent auditor's report to the members of Cabot Activated Carbon Holdings UK Limited (continued)
Use of our report
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 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.
Caroline Milton FCA (Senior Statutory Auditor)
for and on behalf of
Menzies LLP
Chartered Accountants
Statutory Auditor
Ashcombe House
5 The Crescent
Leatherhead
Surrey
KT22 8DY
Date: 28 March 2024
10
Cabot Activated Carbon Holdings UK Limited
Profit and loss account
for the year ended 30 September 2023
Note
2023
2022
$'000
$'000
Administrative expenses
(46)
(32)
Operating Loss
3
(46)
(32)
Sale of Investment – Impairment Reversal
-
35,933
Profit on disposal of investment
4
833
-
Dividend received
5
-
20,942
Finance costs (net)
6
(10,535)
(5,613)
(Loss)/ Profit before taxation
(9,748)
51,230
Tax (charge)/credit on loss
8
(357)
(Loss)/ Profit for the financial year
(9,748)
50,873
The accounting policies and notes on pages 14 to 20 form part of the financial statements.
All the items in the profit and loss account for the year and the prior year relate to continuing operations.
The company has no gains and losses other than the losses in the current and prior year as shown above. Therefore, a separate statement of comprehensive income has not been presented.
11
Cabot Activated Carbon Holdings UK Limited
Balance sheet
As at 30 September 2023
Note
2023
2022
$'000
$'000
Current assets
Debtors: amounts falling due within one year
9
3,884
4,015
3,884
4,015
Creditors: amounts due within one year
10
(199,600)
(189,983)
Net current liabilities
(185,968)
(195,716)
Total assets less current liabilities, being net (liabilities)
(195,716)
(185,968)
Capital and reserves
Called up share capital
11
50
50
Share premium Account
11
174,736
174,736
Profit and loss account
11
(370,502)
(360,754)
Total Equity
(195,716)
(185,968)
The accounting policies and notes on pages 14 to 20 form part of the financial statements.
The financial statements of Cabot Activated Carbon Holdings UK Limited, registered number 08133730, were approved by the Board of Directors and authorised for issue on 28 March 2024. They were signed on its behalf by:
A Tucker
Director
12
Cabot Activated Carbon Holdings UK Limited
Statement of changes in equity
For the year ended 30 September 2023
Called up share capital
Share premium
Profit and loss account
Total
$'000
$'000
$'000
$'000
At 1 October 2021
50
174,736
(411,627)
(236,841)
Profit for the financial year
-
-
50,873
50,873
Total comprehensive expense
-
-
50,873
50,873
At 30 September 2022
50
174,736
(360,754)
(185,968)
Loss for the financial year
-
-
(9,748)
(9,748)
-
Total comprehensive Income
-
(9,748)
(9,748)
At 30 September 2023
50
174,736
(370,502)
(195,716)
The accounting policies and notes on pages 14 to 20 form part of the financial statements
13
Cabot Activated Carbon Holdings UK Limited
Notes to the financial statements for the year ended 30 September 2023
1
Accounting policies
The principal accounting policies are summarised below. They have all been applied consistently throughout the current and preceding financial year.
General information and basis of accounting
Cabot Activated Carbon Holdings UK Limited (“the company”) is a private company limited by shares incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the registered office is given on page 1. The nature of the company's operations and its principal activities are set out in the strategic report on pages 2 to 3.
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 (FRS 102) issued by the Financial Reporting Council.
The accounts are presented in US Dollars (US$) due to the opinion of the directors that this is the functional currency of the company. Inter-company balances are denominated in US$, as are the interest cash flows associated with them.
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. Its financial statements are consolidated into the financial statements of its ultimate parent company, Cabot Corporation Inc., which may be obtained at Two Seaport Lane, Suite 1400, Boston MA 02210-2019, USA.
As such, advantage of the following disclosure exemptions available under paragraph 1.18 of FRS 102 were taken:
a) the requirements of section 7 Statement of cash flows;
b) the requirement of section 3 Financial Statement of Presentation paragraph 3.17 (d);
c) the requirements of section 33 Related party disclosures paragraph 33.7.
Taxation
Current tax, including UK corporation tax and foreign tax, is provided at amounts expected to be paid (or recovered) using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the balance sheet date.
Timing differences are differences between the company's taxable profits and its results as stated in the financial statements that arise from the inclusion of gains and losses in tax assessments in periods different from those in which they are recognised in the financial statements.
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into US dollars at the rates of exchange ruling at the year-end. Transactions in foreign currencies are translated at the rate of exchange ruling at the date of the transaction. All exchange differences, both realised and unrealised, are taken to the profit and loss account in the year in which they arise. They are included within the finance costs.
14
Cabot Activated Carbon Holdings UK Limited
Notes to the financial statements for the year ended 30 September 2023 (continued)
1
Accounting policies (continued)
Group financial statements
Group financial statements have not been prepared as permitted by section 401 of the Companies Act 2006 as the company is a wholly-owned subsidiary of Cabot Corporation Inc., a company incorporated in the United States of America, which prepares consolidated financial statements.
Financial instruments.
(i) Financial assets and liabilities
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss.
Debt instruments which comply with all of the condition of FRS102 are classified as 'basic'. Instruments classified as 'basic' financial instruments are subsequently measured at amortised cost using the effective interest method.
Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, the company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party. Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.
(ii) Equity Instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of transaction costs.
Interest Rates
The Company is exposed to SONIA interest rates on its group undertakings relating to intercompany debtors and creditors.
Interest Income
Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding and at the effective rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.
15
Cabot Activated Carbon Holdings UK Limited
Notes to the financial statements for the year ended 30 September 2023 (continued)
1
Accounting policies (continued)
Interest Payable
Interest payable comprises of interest payable on intercompany lending and is calculated using the applicable interest rates. Interest payable costs are expensed in the period in which they are incurred.
Share Premium
The share premium reserve contains the premium arising on issue of equity shares, net of issue expenses.
2
Critical accounting judgements and key sources of estimation uncertainty
In the application of the company's accounting policies, which are described in note 1, the directors are required to make judgements, estimates and assumptions about the carrying amounts 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
Critical accounting judgements in applying the company's accounting policies include valuation of any investments.
16
Cabot Activated Carbon Holdings UK Limited
Notes to the financial statements for the year ended 30 September 2023 (continued)
3
Operating Loss
The operating loss is made up entirely of administrative expenses which include:
2023
2022
$'000
$'000
Fees payable to the company's auditor for the audit of the company's annual financial statements
7
7
There were no fees payable to Menzies LLP and their associates for non-audit services (2022: $nil).
4
Profit on disposal of asset
The purification business, Norit, was disposed of in March 2022 with a deferred liability payable. The liability was settled with the amount of $833,000 released and therefore recognised as profit on disposal.
5
Dividend Income
No income was received from dividends in the current year (2022: $20,942,000).
6
Finance costs (net)
2023
2022
$'000
$'000
Interest payable on inter-company loans
10,580
5,674
Interest receivable on inter-company loans
(102)
(9)
Exchange (Gain)/Loss
57
(52)
Total
10,535
5,613
17
Cabot Activated Carbon Holdings UK Limited
Notes to the financial statements for the year ended 30 September 2023 (continued)
7
Staff numbers and costs
There were no employees, other than the directors, in the company in either year. The directors received no remuneration for their services to the company (2022: nil).
8 Tax on (loss)/ profit
The tax charge/(credit) comprises:
2023
2022
$'000
$'000
Current tax on (loss)/ profit
UK corporation tax
-
357
Tax charge/(credit) for the year
-
357
The tax charge/(credit) for the year is less than (2022:less than) the standard rate of corporation tax of 22.01% (the corporation tax rate of 25% came into force on the 1st April 23, the rate currently being used is time apportioned) (2022: 19%).
2023
2022
$'000
$'000
(Loss)/ profit before tax
(9,748)
51,230
Tax on (loss)/ profit at the rate of UK corporation tax of 22.01% (2022: 19%)
(2,145)
9,734
Effects of:
Amounts overprovided in previous years
-
357
Expenses not allowed for tax purposes
2,145
(9,734)
Current tax charge/(credit) for the year
-
357
Deferred Tax
A deferred tax asset in respect of non trade losses of $107,006 (2022: $106,772) has not been recognised due to the uncertainty of the recoverability of the asset.
18
Cabot Activated Carbon Holdings UK Limited
Notes to the financial statements for the year ended 30 September 2023 (continued)
9
Debtors
2023
2022
$'000
$'000
Amounts due within one year
Amounts owed by group undertakings
3,884
4,015
Total
3,884
4,015
Amounts due from group undertakings are interest-bearing and based on 3 month SONIA rates plus a spread of 1.25% for short term debts or SWAP rates using a mid market quote for long term debts. The effective interest rate used for the current year is 4.13%. Amounts are repayable on demand.
10
Creditors: amounts falling due within one year
2023
2022
$'000
$'000
Accruals
47
1,042
Amounts due to group undertakings
899
367
Trade Creditors
1
-
Other Creditors
24
-
Bank loans and overdrafts
198,629
188,574
Total
199,600
189,983
Amounts owed to group undertakings predominantly consist of interest accrued on bank loan and accounts payable are not interest bearing.
19
Cabot Activated Carbon Holdings UK Limited
Notes to the financial statements for the year ended 30 September 2023 (continued)
10
Creditors: amounts falling due within one year (continued)
The company participates in a group-wide overdraft/banking facility, with no individual limit. The facility is ongoing, with no expiry date. There is no security held on this by Cabot Activated Carbon Holdings UK Limited. Interest on the overdraft facility is settled by another group company on behalf of the facility as a whole. The effective interest rate is 5.694%. The amount attributed to the company can be found in the profit and loss account.
11
Called up share capital and reserves
Ordinary shares of $1 each
2023
2022
$
$
50,300 Ordinary shares of $1 each – allotted, called up and fully paid
50,300
50,300
The company has one class of ordinary share which carries no right to fixed income.
Share Premium
The share premium reserve contains the premium arising on issue of equity shares, net of issue expenses. Share Premium remains at $174,736,000 (2022: $174,736,000).
Reserves
The profit and loss deficit of $370,502,000 (2022: $360,754,000) represents cumulative profits and losses.
12
Ultimate and immediate holding company
The ultimate parent undertaking and controlling party is Cabot Corporation Inc., a company incorporated in the United States of America, which is the parent undertaking of the smallest and largest group to consolidate the company's results. Copies of the group financial statements can be obtained from Cabot Corporation Inc., Two Seaport Lane, Suite 1300, Boston MA 02210-2019, USA which is also the entity's registered address.
The directors regard Cabot Activated Carbon UK Limited as its immediate holding company. Copies of the financial statements of Cabot Activated Carbon UK Limited may be obtained from Cabot Activated Carbon UK Limited, Sully Moors Road, Sully, Penarth, CF64 5RP.
20
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