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CLR CODE LIMITED Niederlassung Deutschland

Overath

Befreiender Jahresabschluss gem. §325 a HGB
zum Geschäftsjahr vom 01.01.2020 bis zum 31.12.2020

CLR CODE LIMITED // London/UK

Annual Report and Financial Statements For the year ended 31 December 2020

Registered Number: 10411689

Strategic Report For the year ended 31 December 2020

The Directors present their Strategic Report for the year ended 31 December 2020.

Principal activities and future developments

CLR Code Limited ("the Company") is a company limited by shares and domiciled in the UK.

The Company commenced trading in June 2017 and operates through a German branch. The Company imports products (the Coloro system which enables designers to identify the specific colours they wish to use in their collections and supply their manufacturers with precise colour requirements) from China and sells these worldwide (excluding China). It is intended that the Company will continue with these activities for the foreseeable future.

The Coloro system is unique within the industry as it has been constructed utilising a 7-digit coding system for each individual colour based on a three-dimensional model. This creates a clear communication system throughout the entire colour selection and manufacturing process with a value proposition of reducing cycle times and errors. In addition, the layout of the system and model enable the ability to create colour harmonies based on science. Finally, the system enables companies to take a strategic approach to colour by utilising the 9-segment feature of the system. Because all colours are logically placed into 9 different segments reflecting the colours lightness and chroma, companies can map their sales data into the 9 segments to see where they are most successful and help in targeting certain geographies, and customer demographics in their colour choices.

Results

The results for the Company show revenue of €1,112,000 (2019: €698,000) and a pre-tax loss of €1,321,000 (2019: €1,417,000) for the year.

Stakeholder Engagement

Section 172(1) of the Companies Act 2006 requires directors to act in way that promotes the success of the company while having regard to its range of stakeholders. We consider the key stakeholders of the Company to be aligned to that of the Ascential plc Group ("the Group"), being its customers, people, investors and wider society. Please refer to the Ascential plc annual report pages 10-15 for details on engagement with each of these stakeholders.

Principal risks and uncertainties

The Directors consider the following to be the key risks and uncertainties of the Company:

Impact of Coronavirus

The Company's operations, the retail sector and the global economy have seen significant disruption from the outbreak of Covid-19. The outbreak may continue to impact the health of the Company's workforce and key employees, customer ability to pay on a timely basis and demand for our services. Our business continuity plans have allowed staff to remain both safe and productive.

Macroeconomic and geopolitical conditions

Economic uncertainty or downturns in markets may reduce customer demand. Political and regulatory changes, such as those that may arise following the UK's exit of the European Union, may disrupt patterns of trade, impose operating inefficiencies, and may significantly affect the Company's tax position.

Credit risk

Credit risk arises from exposure to customers. The Company incurs credit risk in the usual course of business; however, this is limited as cash is generally received before the service is provided. The Company further considers that it is not exposed to a significant amount of either customer credit or bad debt risk due to the diversified and fragmented nature of the customer base. However, it is noted that the impact of Covid-19 could result in additional credit risk as customers may face financial difficulties.

Inventory

Due to the nature of the product and unpredictability of customer buying patterns, as well as the lead time of restocking from China, a minimum level of inventory is required to be held. The net realisable value of inventory is supported by management's forecast growth plans. If these plans are not met the value of inventory may not be recovered and a write down of the value may be necessary in future periods.

Other risks

In addition, the principal risks of the Group, whilst not material to the Company, may indirectly impact the Company. Please refer to the Ascential plc annual report pages 50-69 for further details on these risks and actions taken by the Group to manage the risks:

1.	Customer end-market development
2.	Competition/substitution
3.	Execution of new product and capability development
4.	Acquisitions and disposals
5.	People
6.	Reliance on data providers
7.	Cyber threat and information security
8.	Business resilience
9.	Financial risk
10.	Regulation and compliance

Key performance indicators ("KPIs")

During the year, the Board set operational KPIs which are tracked and reviewed at each Board meeting in order to assess performance. The KPI below is useful for the understanding of the development, performance and position of the business.

Loss before interest, tax, depreciation, amortisation, exceptional items and share-based payments ("Adjusted EBITDA) of €1,294,000 (2019: €1,393,000) provides a measure of the underlying profitability of the business.

The KPI above is not defined in the Financial Reporting Standard 101 Reduced Disclosure Framework.

Going concern

Notwithstanding net current liabilities of €4,621,000 as at 31 December 2020 and a loss for the year then ended of €1,321,000, the financial statements have been prepared on a going concern basis which the directors consider to be appropriate for the following reasons.

Ascential Group Limited has indicated its intention to continue to make available such funds as are needed by the company for at least the next 12 months from the date of this report. As with any company placing reliance on other group entities for financial support, the directors acknowledge that there can be no certainty that this support will continue although, at the date of approval of these financial statements, they have no reason to believe that it will not do so.

The directors of the Company have considered the recent consolidated financial statements of the Ascential plc group ("the Group") for the year to and as at 31 December 2020 (approved 12 March 2021). These are available at www.ascential.com.

The financial information for the Group as at and for the year to 31 December 2020 was prepared on a going concern basis. In making this determination, the directors of the Group considered the uncertainty surrounding the resolution of the Covid-19 outbreak and the impact to the wider global economy through the evaluation of a number of severe but plausible scenarios. They took into account the strong condition of the Group's balance sheet, its 2020 refinancing, the recent disposal of the Built Environment & Policy segment, the diversification and digital nature of many of its business models and proactive steps taken already to provide covenant headroom and adjust its cost base as well as further potential mitigating actions. Further details including the various assumptions for the severe but plausible scenarios considered in coming to this conclusion are presented in the Group's annual financial information which is available at www.ascential.com.

Consequently, the directors are confident that the Company will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements and therefore have prepared the financial statements on a going concern basis.

Approved by the Board on 27 July 2021.

M Gradden, Director

Company registered number: 10411689

Directors' Report For the year ended 31 December 2020

The Directors submit their report and financial statements for the year ended 31 December 2020.

Directors

The Directors who held office at any time during or since the end of the financial year are:

D Painter

M Gradden

Insurance of Directors

Throughout the year, Directors' and Officers' liability insurance has been maintained by the ultimate parent company, Ascential plc.

Employment practices

All employment decisions are made irrespective of colour, race, age, nationality, ethnic or national origin, gender, gender identity, mental or physical disabilities, marital status or sexual orientation. For employees who may have a disability, the Group ensures proper procedures and equipment are in place to aid them. When it comes to training, career development and promotion, all employees are treated equally, and job applications are always judged on aptitude. Further details on the Group's policies on engagement and employment practices are set out on pages 56 to 59 of the Ascential plc annual report.

Corporate and Social responsibility

In 2019, the Ascential Group launched our Corporate Responsibility framework and in 2020 we embedded it across the business. The focus for the past year has been in two key areas. Firstly, putting in place enabling structures and governance, with clear accountability, a shared vision and the right people. Secondly, we have taken the time to ensure we're responding, not reacting, to recent events, including the acceleration of the Black Lives Matter movement. This focus, has rightly, prioritised our Diversity and Inclusion work. Thanks to the Company's history in this area, we have been able to swiftly broaden our approach from gender to also include race and ethnicity and set out clear objectives for the ways in which we'll improve this particular area of diversity.

As events of 2020 unfolded, our partnership with The Prince's Trust remained vitally important. We have for the eighth year taken part in The Prince's Trust Million Makers programme and the necessary virtual fundraising has enabled us to get the entire company involved, raising money for employability programmes for disadvantaged young people in the UK. Further details on the Group's policies on corporate and social responsibilities are set out on pages 60 to 66 of the Ascential plc annual report.

Greenhouse gas emissions and energy consumption

In 2019, the Ascential Group completed the mandatory ESOS notification to the Environment Agency, following the completion of site-specific audits to identify potential areas of energy efficiency improvements across the UK operations. These recommendations included LED lighting, A/C temperatures and transport data gathering.

With the impact of Covid-19 in 2020 the implementation of these has been delayed and further carbon reduction initiatives and recommendations are being considered.

Political Donations

The Company did not make any political donations during the year (2019: €nil).

Dividends

No interim dividend was paid during the year (2019: €nil). The Directors do not recommend the payment of a final dividend (2019: €nil).

Disclosure of information to the auditor

The Directors who held office at the date of approval of this Directors' report confirm that, so far as they are each aware, there is no relevant audit information of which the Company's auditor is unaware; and each Director has taken all the steps that they ought to have taken as a Director to make themselves aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Auditor

Pursuant to Section 487 of the Companies Act 2006, the auditor will be deemed to be reappointed and KPMG LLP will therefore continue in office.

Approved by the Board on 27 July 2021.

M Gradden, Director

Company registered number: 10411689

Statement of Directors' Responsibilities in respect of the Strategic Report, the Directors' Report and the Financial Statements For the year ended 31 December 2020

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 they have elected to prepare the financial statements in accordance with UK accounting standards and applicable law (UK Generally Accepted Accounting Practice), including FRS 101 Reduced Disclosure Framework.

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 estimates that are reasonable and prudent;
•	assess the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern; and
•	use the going concern basis of accounting unless they either intend to liquidate the Company or to cease operations or have no realistic alternative but to do so.

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 responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error, and have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the company and to prevent and detect fraud and other irregularities.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the UK governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CLR CODE LTD.

Opinion

We have audited the financial statements of CLR Code Ltd ("the company") for the year ended 31 December 2020 which comprise the Profit and Loss Account and Other Comprehensive Income, Balance Sheet and Statement of Changes in Equity and related notes, including the accounting policies in note 1.

In our opinion the financial statements:

•	give a true and fair view of the state of the company's affairs as at 31 December 2020 and of its loss for the year then ended;
•	have been properly prepared in accordance with UK accounting standards, including FRS 101 Reduced Disclosure Framework
•	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 are described below. We have fulfilled our ethical responsibilities under, and are independent of the company in accordance with, UK ethical requirements including the FRC Ethical Standard. We believe that the audit evidence we have obtained is a sufficient and appropriate basis for our opinion.

Going concern

The directors have prepared the financial statements on the going concern basis as they do not intend to liquidate the company or to cease its operations, and as they have concluded that the company's financial position means that this is realistic. They have also concluded that there are no material uncertainties that could have cast significant doubt over its ability to continue as a going concern for at least a year from the date of approval of the financial statements ("the going concern period").

In our evaluation of the directors' conclusions, we considered the inherent risks to the company's business model and analysed how those risks might affect the company's financial resources or ability to continue operations over the going concern period.

Our conclusions based on this work:

•	we consider that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate;
•	we have not identified, and concur with the directors' assessment that there is not, a material uncertainty related to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for the going concern period.

However, as we cannot predict all future events or conditions and as subsequent events may result in outcomes that are inconsistent with judgements that were reasonable at the time they were made, the above conclusions are not a guarantee that the company will continue in operation.

Fraud and breaches of laws and regulations - ability to detect

To identify risks of material misstatement due to fraud ("fraud risks") we assessed events or conditions that could indicate an incentive or pressure to commit fraud or provide an opportunity to commit fraud. Our risk assessment procedures included:

•	Enquiring of directors, internal audit and inspection of policy documentation as to the Company's high-level policies and procedures to prevent and detect fraud, including the internal audit function, and the Company's channel for "whistleblowing", as well as whether they have knowledge of any actual, suspected or alleged fraud.
•	Reading Board minutes.
•	Considering remuneration incentive schemes and performance targets for management and directors including the EPS target for management remuneration
•	Using analytical procedures to identify any unusual or unexpected relationships.

We communicated identified fraud risks throughout the audit team and remained alert to any indications of fraud throughout the audit.

As required by auditing standards, and taking into account possible pressures to meet profit targets and our overall knowledge of the control environment, we perform procedures to address the risk of management override of controls, in particular the risk that management may be in a position to make inappropriate accounting entries and the risk of bias in accounting estimates and judgements.

On this audit we do not believe there is a fraud risk related to revenue recognition because of limited pressures on current performance due to COVID-19, and the simplicity and homogeneous nature of revenue transactions and sources.

We did not identify any additional fraud risks.

We performed procedures including:

•	Identifying journal entries to test based on risk criteria and comparing the identified entries to supporting documentation. These included those posted by unexpected users or with unexpected account pairings.

Identifying and responding to risks of material misstatement due to non-compliance with laws and regulations

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, through discussion with the directors and other management (as required by auditing standards), and from inspection of the Company's regulatory and legal correspondence and discussed with the directors and other management the policies and procedures regarding compliance with laws and regulations.

As the Company is regulated, our assessment of risks involved gaining an understanding of the control environment including the entity's procedures for complying with regulatory requirements.

We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit.

The potential effect of these laws and regulations on the financial statements varies considerably.

Firstly, the Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation (including related companies legislation), distributable profits legislation and taxation legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

Secondly, the Company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation or the loss of the Company's license to operate. We identified the following areas as those most likely to have such an effect: health and safety, anti-bribery, employment law, regulatory capital and liquidity and certain aspects of company legislation recognising the financial and regulated nature of the Company's activities and its legal form. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and other management and inspection of regulatory and legal correspondence, if any. Therefore if a breach of operational regulations is not disclosed to us or evident from relevant correspondence, an audit will not detect that breach.

Context of the ability of the audit to detect fraud or breaches of law or regulation

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it.

In addition, as with any audit, there remained a higher risk of non-detection of fraud, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. Our audit procedures are designed to detect material misstatement. We are not responsible for preventing non-compliance or fraud and cannot be expected to detect non-compliance with all laws and regulations.

Strategic report and directors' report

The directors are responsible for the strategic report and the directors' report. Our opinion on the financial statements does not cover those reports and we do not express an audit opinion thereon.

Our responsibility is to read the strategic report and the directors' report and, in doing so, consider whether, based on our financial statements audit work, the information therein is materially misstated or inconsistent with the financial statements or our audit knowledge. Based solely on that work:

•	we have not identified material misstatements in the strategic report and the directors' report;
•	in our opinion the information given in those reports for the financial year is consistent with the financial statements; and
•	in our opinion those reports have been prepared in accordance with the Companies Act 2006.

Matters on which we are required to report by exception

Under the Companies Act 2006 we are required 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[.]/[; or

We have nothing to report in these respects.

Directors' responsibilities

As explained more fully in their statement set out on page 7, the directors are responsible for: the preparation of the financial statements and for being satisfied that they give a true and fair view; such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error; 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 they either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities

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 our opinion in an auditor's report. Reasonable assurance is a high level of assurance, but does not 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 aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements.

A fuller description of our responsibilities is provided on the FRC's website at www.frc.org.uk/auditorsresponsibilities.

The purpose of our audit work and to whom we owe our responsibilities

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.

United Kingdom 27 July 2021

Ian Griffiths, Senior Statutory Auditor

for and on behalf of KPMG LLP, Statutory Auditor

Chartered Accountants

15 Canada Square

London, E14 5GL

Profit and loss and Other Comprehensive Income For the year ended 31 December 2020

		2020	2019
	Note	€'000	€000
Continuing operations
Turnover	3	1,112	698
Cost of sales		(813)	(471)
Gross profit		299	227
Administrative expenses		(1,725)	(1,644)
Operating loss	4	(1,426)	(1,417)
Adjusted EBITDA ^*		(1,294)	(1,393)
Depreciation and amortisation		(6)	(5)
Exceptional item	4	(128)	-
Share-based payments		2	(19)
Operating loss		(1,426)	(1,417)
Interest receivable and similar income	7	118	-
Interest payable and similar expenses	8	(13)	-
Loss before taxation		(1,321)	(1,417)
Tax	9	-	-
Loss for the year		(1,321)	(1,417)
Other comprehensive income		-	-
Total comprehensive loss for the year		(1,321)	(1,417)

^* Adjusted EBITDA is a non-FRS measure, defined as the Company's operating profit before expensing depreciation, amortisation, exceptional items and share-based payments.

The accompanying notes on pages 15 to 25 are an integral part of these financial statements

Balance Sheet For the year ended 31 December 2020

		2020	2019
	Note	€'000	€'000
Non-current assets
Intangible assets	10	4	9
Tangible assets	11	-	1
Total non-current assets		4	10
Current assets
Inventories	12	1,306	1,674
Debtors	13	982	770
Cash at bank and in hand		303	367
Total current assets		2,591	2,811
Total assets		2,595	2,821
Liabilities
Current liabilities
Creditors: amounts falling due within one year	14	(7,212)	(6,117)
Total liabilities		(7,212)	(6,117)
Net liabilities		(4,617)	(3,296)
Capital and reserves
Called up share capital	15	-	-
Profit and loss account		(4,617)	(3,296)
Shareholders deficit		(4,617)	(3,296)

The accompanying notes on pages 15 to 25 are an integral part of these financial statements and were approved by the Board of Directors on 27 July 2021 and were signed on its behalf by:

Director

Company registered number: 10411689

Statement of Changes in Equity For the year ended 31 December 2020

	Called up share capital	Profit and Loss Account	Total Equity
	€'000	€'000	€'000
At 1 January 2019	-	(1,879)	(1,879)
Total comprehensive loss for the year	-	(1,417)	(1,417)
At 31 December 2019 and 1 January 2020	-	(3,296)	(3,296)
Total comprehensive loss for the year	-	(1,321)	(1,321)
At 31 December 2020	-	(4,617)	(4,617)

The accompanying notes on pages 15 to 25 are an integral part of these financial statements

Notes to the accounts For the year ended 31 December 2020

1. Accounting policies

Basis of preparation

CLR Code Limited ("the Company") is a company limited by shares and incorporated and domiciled in the United Kingdom. The Company registration number is 10411689 and the registered office address is c/o Ascential Group Limited, The Prow, 1 Wilder Walk, London, W1B 5AP.

The financial statements are presented in Euro (€) which is the Company's functional currency and have been rounded to €'000s except where otherwise indicated.

The financial statements have been prepared on a going concern basis (see further details below) and under the historical cost convention.

Going concern

The directors of the Company have taken into account the recent consolidated financial statements of the Ascential plc group ("the Group") for the year to and as at 31 December 2020 (approved 12 March 2021). These are available at www.ascential.com.

Accounting policies

The principal accounting policies in the preparation of the financial statements have been applied consistently to both periods presented.

Basis of accounting

The Company is exempt by virtue of s400 of the Companies Act 2006 from the requirement to prepare group financial statements. These financial statements present information about the Company as an individual undertaking and not about its group.

These financial statements were prepared in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework ("FRS 101").

In preparing these financial statements, the Company applies the recognition, measurement and disclosure requirements of International Financial Reporting Standards as adopted by the EU ("Adopted IFRSs"), but makes amendments where necessary in order to comply with Companies Act 2006 and has set out below where advantage of the FRS 101 disclosure exemptions has been taken.

The Company's ultimate parent undertaking, Ascential plc, includes the Company in its consolidated financial statements. The consolidated financial statements of Ascential plc are prepared in accordance with International Financial Reporting Standards and are available to the public and may be obtained from The Prow, 1 Wilder Walk, London W1B 5AP.

In these financial statements, the Company has applied the exemptions available under FRS 101 in respect of the followina disclosures:

•	Cash Flow Statement and related notes;
•	Certain disclosures regarding revenue;
•	Comparative period reconciliations for share capital, tangible fixed assets and intangible assets;
•	Disclosures in respect of capital management;
•	The effects of new but not yet effective IFRSs;
•	Disclosures in respect of the compensation of Key Management Personnel; and
•	Disclosures of transactions with a management entity that provides key management personnel services to the Company.

As the consolidated financial statements of Ascential plc include the equivalent disclosures, the Company has also taken the exemptions under FRS 101 available in respect of the following disclosures:

•	IFRS 2 Share-Based Payments in respect of group settled share-based payments
•	Certain disclosures required by IFRS 13 Fair Value Measurement and the disclosures required by IFRS 7 Financial Instrument Disclosures.

The accounting policies set out below have, unless otherwise stated, been applied consistently to all periods presented in these financial statements.

Branch results

Included within the results for the Company are the results from a branch based in Germany. The branch follows the same accounting policies as the Company and its results and balances are added to the results and balances of the Company.

Foreign currency translation

Transactions in foreign currencies are translated to the Company's functional currencies at the foreign exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are retranslated to the functional currency at the foreign exchange rate ruling at that date. Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction. Non-monetary assets and liabilities denominated in foreign currencies that are stated at fair value are retranslated to the functional currency at foreign exchange rates ruling at the dates the fair value was determined. Foreign exchange differences arising on translation are recognised in the profit and loss account.

Turnover

Revenue is measured based on the consideration specified in a contract with a customer. If multiple performance obligations exist within a contract, the revenue is allocated to the obligations based on the stand-alone selling price, with any discounts allocated evenly across the obligations. Revenue is recognised when the Company satisfies the performance obligations.

Alternative Performance Measures

The financial statements include Alternative Performance Measures, including Adjusted EBITDA, as another measure of profitability of the trading performance of the continuing operations of the Company. Adjusted EBITDA is a non-IFRS measure, defined as the Company's operating profit before expensing depreciation of tangible fixed assets and amortisation of software, exceptional items, amortisation of acquired intangible assets, impairment of tangible fixed assets and software intangibles, share-based payments and one-off finance costs.

Finance costs and income

Finance cost or income is recognised using the effective interest method. The 'effective interest rate' is the rate that discounts estimated future cash payments or receipts through the expected life of the financial instrument to the gross carrying amount of the financial asset, or the amortised cost of the financial liability.

Tax

The Company is primarily subject to corporation tax in the UK and judgement and estimates of future profitability are required to determine the Company's deferred tax position. If the final tax outcome is different to that assumed, resulting changes will be reflected in the income statement, unless the tax relates to an item charged to equity, in which case the changes in tax estimates on those items will be reflected in equity.

Income tax on the profit or loss for the period comprises current tax and deferred tax. Income tax is recognised in the income statement, except to the extent that it relates to items recognised directly in equity, in which case it is recognised in equity.

Current tax is tax payable based on taxable profits for the period, using tax rates that have been enacted or substantively enacted at the reporting date, along with any adjustment relating to tax payable in previous years. Taxable profit differs from net profit in the income statement in that income or expense items that are taxable or deductible in other years are excluded, as are items that are never taxable or deductible.

Using the liability method, deferred tax is provided on temporary differences at the reporting date between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes, except for certain temporary differences, such as goodwill that is not deductible for tax purposes.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the year in which the asset is realised or the liability is settled, based on tax rates that have been enacted or substantively enacted at the reporting date.

The deferred tax assets and liabilities are only offset where they relate to the same taxing authority and the Company has a legal right to offset.

Intangible assets

Intangible assets other than goodwill are those that are distinct and can be sold separately or arise from legal rights. Intangible assets acquired as part of a business combination are capitalised at fair value at the date of acquisition. Intangible assets purchased separately are capitalised at cost.

The cost of intangible assets is amortised and charged to the income statement on a straight-line basis over their estimated useful lives as follows:

Software

3-5 years

Useful lives are examined every year and adjustments are made, where applicable, on a prospective basis.

Tangible assets

Tangible assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost comprises expenditure directly attributable to the purchase of the asset. Assets are depreciated to their estimated residual value, on a straight-line basis, over their estimated useful life as follows:

Office equipment

2-5 years

Estimated useful lives and residual values are reviewed at each reporting date.

A tangible asset is written off either on disposal or when there is no expected future economic benefit from its continued use. Any gain or loss on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying value of the asset) is included in the income statement in the year the item is derecognised.

Inventories

Inventories are stated at the lower of cost and net realisable value. Cost represents purchase cost, including attributable overheads, and is determined using a first-in, first-out basis. Net realisable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and costs necessary to make the sale.

Debtors

Trade debtors are recognised initially at fair value and subsequently measured at amortised cost, less loss allowances.

Loss allowances are calculated for lifetime expected credit losses. Expected credit losses are a probability weighted estimate of credit losses and are calculated based on actual historical credit losses over the past three years and adjusted to reflect differences between the historical credit losses and the Company's view of the economic conditions over the expected lives of the receivables. The amount of the loss is recognised in the income statement. When a trade receivable is uncollectible, it is written off against the allowance account for trade receivables. Subsequent recoveries of amounts previously written off are credited to the income statement.

Trade and other creditors

Creditors are recognised initially at fair value. Subsequent to initial recognition they are measured at amortised cost using the effective interest method.

Employee Benefits

Short-term benefits

Short-term employee benefit obligations are measured on an undiscounted basis and are expensed as the related service is provided. A liability is recognised for the amount expected to be paid under short-term cash bonus or profit-sharing plans if the Company has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee and the obligation can be estimated reliably.

Pension and other post-employment benefits

The Company operates a defined contribution pension scheme. Contributions payable are charged to the income statement and included in employee costs as an operating expense as incurred.

Share-based payments

Where the Company grants options over its ultimate parent company's shares to employees, it accounts for the transaction as a cash-settled share-based payment and recognises an employee benefits expense and an increase in the intercompany payable.

2. Critical accounting judgements and estimates

The preparation of these financial statements requires management to exercise judgement in applying the Company's accounting policies. It also requires the use of estimates and assumptions that affect the reported amounts of assets, liabilities, income and expenses. The actual future outcomes may differ from these estimates and give rise to material adjustments to the reported results and financial position of the Company. Estimates and underlying assumptions are reviewed on an ongoing basis, with revisions recognised in the year in which the estimates are revised and in any future periods affected.

The areas involving a higher degree of judgement or complexity and assumptions or estimation are set out below.

Key sources of estimation

Valuation and recoverability of inventory

Inventories are stated at the lower of cost and net realisable value. In assessing the net realisable value management have considered the forecast performance of the fashion and retail markets and the company's ability to win business from its competitors. These forecasts are based on management's best knowledge and actual results ultimately may differ from those estimates which may result in a write down in the value of inventory in the future.

3. Turnover from contracts with customers

i) Disaggregation of revenue

An analysis of revenue by geographical market is given below:

	2020	2019
	€'000	€'000
Asia Pacific	216	139
North America	246	204
Europe	650	355
Total	1,112	698

All revenue represents the sale of goods.

ii) Contract balances

The following table provides information about receivables and contract liabilities from contracts with customers.

	Note	2020	2019
		€'000	€'000
Receivables, which are included within debtors	13	491	125
Contract liabilities - deferred income	14	53	-

4. Operating loss before taxation

Operating loss before taxation is stated after charging:

	2020	2019
	€'000	€'000
Employee costs	938	1,016
Depreciation of tangible fixed assets	1	1
Amortisation of intangible fixed assets	5	4
Fees for the audit of the Company	11	9
Exceptional item	128	-

The exceptional item relates to a one-off redundancy programme undertaken in light of the post-Covid-19 economic outlook.

5. Remuneration of Directors

The Directors' services were incidental to their service to the Group as a whole and no allocation has been made to the Company.

6. Staff numbers and costs

(a) Employees

The average monthly number of persons employed by the Company during the year that the Company traded is as follows:

By job category	2020	2019
Cost of sales	2	2
Sales and marketing	5	5
Other administrative functions	1	1
Total	8	8

(b) Costs

	2020	2019
	€'000	€'000
Wages and salaries	833	874
Social security costs	84	99
Share-based payments	(2)	19
Other pension costs	23	24
Total	938	1,016

(c) Pension costs

The Company participates in a defined contribution pension scheme. The assets of the scheme are held by independent custodians and are kept entirely separate from the assets of the Company. No loans have been made by the scheme to the Company and no shareholdings of the scheme have been used as security for any loans to the Company. The pension charge represents contributions due from the employer. During the year it amounted to €23,000 (2019: €24,000). The pension scheme is administered by Ascential Group Limited, an intermediary parent undertaking.

(d) Share-based payments

Certain employees of the Company receive part of their remuneration in the form of share-based payment transactions, whereby employees render services in exchange for shares or rights over shares of the ultimate parent company, Ascential plc. Refer to the Ascential plc accounts, Note 7, for details of the type of share-based payment arrangements and the general terms and conditions of each arrangement.

7. Interest receivable and similar income

	2020	2019
	€'000	€'000
Foreign exchange gain on loans from Group undertakings	118	-
Total	118	-

8. Interest payable and similar expenses

	2020	2019
	€'000	€'000
Foreign exchange loss on cash and cash equivalents	13	-
Total	13	-

9. Taxation

There was no UK corporation tax or overseas taxes charged on losses for the periods presented.

Factors affecting the tax charge for the current year:

The tax assessed for the period is higher (2019: higher) than the standard rate of corporation tax in the UK. The difference between tax as per the financial statements and tax at the UK standard rate is explained below:

	2020	2019
	€'000	€'000
Loss before tax	(1,321)	(1,417)
Expected tax credit at 19.0% (2019: 19.0%)	(251)	(270)
Non-deductible permanent items	1	4
Losses not recognised for deferred tax	250	266
Total tax charge	-	-

The company operates through a branch in Germany and, as such, is subject to German taxes on its trading profits. It has no activities in the UK and suffers no additional taxes in the UK.

The company has tax losses totalling €4,600,000 (2019: €3,300,000), which are not recognised for deferred tax purposes due to insufficient certainty of future profits against which these losses can be used. Current tax losses not recognised total €250,000 (2019: €266,000).

10. Intangible assets

	Software	Total
	€'000	€'000
Cost
At 1 January 2020 and 31 December 2020	13	13
Amortisation
At 1 January 2020	(4)	(4)
Charge for the year	(5)	(5)
At 31 December 2020	(9)	(9)
Net book value
At 31 December 2020	4	4
At 31 December 2019	9	9

11. Tangible assets

	Office equipment	Total
	€'000	€'000
Cost
At 1 January 2020 and 31 December 2020	2	2
Accumulated depreciation
At 1 January 2020	(1)	(1)
Charge for the year	(1)	(1)
At 31 December 2020	(2)	(2)
Net book value
At 31 December 2020	-	-
At 31 December 2019	1	1

12. Inventories

	2020	2019
	€'000	€'000
Finished goods and goods for resale	1,306	1,674
Total	1,306	1,674

The stock by its nature is not degradable and is stored in appropriate conditions in a professionally run warehouse in Ireland. Furthermore, the nature of the stock means that it cannot become obsolete as the colour palette does not change.

Inventories are stated after provisions for impairment of €nil (2019: €16,000).

13. Debtors

	2020	2019
	€'000	€'000
Trade debtors net of allowance for doubtful debts	491	125
Amounts receivable from Group undertakings	75	71
Other tax and social security	398	286
Prepayments	18	288
Total	982	770

	2020	2019
	€'000	€'000
Due within one year	982	770
Total	982	770

Amounts due from Group undertakings are unsecured and are repayable on demand. Included within the amounts receivable from Group undertakings is the cash swept daily by the intermediate parent company Ascential Group Limited. There is a cash sweeping agreement in place between entities within the Group.

14. Creditors: falling due within one year

	2020	2019
	€'000	€'000
Trade creditors	44	199
Other taxation and social security	6	18
Accruals	387	200
Amounts payable to Group undertakings	6,686	5,692
Other creditors	36	8
Contract liabilities - deferred income	53	-
Total	7.212	6,117

Amounts payable to Group undertakings are unsecured and are repayable on demand.

15. Called up share capital

	2020	2019
	€	€
Allotted, issued and fully paid
100 Ordinary shares of £1 each	114	114
Total	114	114

The ordinary shares confer on the holders thereof, voting rights, an entitlement to dividends as recommended by the Directors and the right to share in the surplus on a winding up after all liabilities and participation rights of other classes of shares have been satisfied.

16. Commitments and contingencies

During the year, the Company was a member of the Group cash pooling arrangement. This allows the Group to combine the liquidity of companies within the Group in order to distribute such cash centrally as required.

The Company is registered with H.M. Revenue & Customs as a member of the Ascential Group Limited group for Value Added Tax and Pay As You Earn purposes and is therefore jointly and severally liable on a continuing basis for amounts owing by other members of the Group in respect of their Value Added Tax, income tax and national insurance contributions liabilities.

17. Related party transactions

The Company is exempt from disclosing related party transactions as it is wholly owned by a member of the Ascential plc.

18. Ultimate parent company

The immediate and controlling parent undertaking is WGSN Limited.

The ultimate controlling party at 31 December 2020 was Ascential plc. The results of the Company are included in the consolidated financial statements of Ascential plc. Copies of Ascential plc accounts can be obtained from the Company Secretary at The Prow, 1 Wilder Walk, London, W1B 5AP.

19. Events after the reporting period

There are no reportable events after the reporting period requiring disclosure.

2d:T16ceb,

CLR CODE LIMITED Niederlassung Deutschland

Overath

Befreiender Jahresabschluss gem. §325 a HGB
zum Geschäftsjahr vom 01.01.2019 bis zum 31.12.2019

CLR CODE LIMITED

London/UK

Annual Report and Financial Statements For the year ended 31 December 2019

Registered Number: 10411689

Strategic Report For the year ended 31 December 2019

The Directors present their Strategic Report for the year ended 31 December 2019.

Principal activities and future developments

CLR Code Limited ("the Company") is a company limited by shares and domiciled in the UK.

The Coloro system is unique within the industry as it has been constructed utilizing a 7-digit coding system for each individual colour based on a three-dimensional model. This creates a clear communication system throughout the entire colour selection and manufacturing process with a value proposition of reducing cycle times and errors. In addition, the layout of the system and model enable the ability to create colour harmonies based on science. Finally, the system enables companies to take a strategic approach to colour by utilizing the 9-segment feature of the system. Because all colours are logically placed into 9 different segments reflecting the colours lightness and chroma, companies can map their sales data into the 9 segments to see where they are most successful and help in targeting certain geographies, and customer demographics in their colour choices.

Results

The results for the Company show revenue of €698,000 (2018: €370,000) and a pre-tax loss of €1,417,000 (2018: €1,457,000) for the year.

Principal risks and uncertainties

The Directors consider the following to be the key risks and uncertainties of the Company:

Impact of Coronavirus

The Company's operations and the worldwide economy have seen significant disruption from the outbreak of COVID-19 for which the timing of resolution is uncertain. The outbreak may impact the health of the Company's workforce and key employees, customer ability to pay on a timely basis and demand for our services. Our business continuity plans have allowed staff to remain both safe and productive. In respect of the other risks and uncertainties, these are managed as described below.

Brexit risk

As there remain significant uncertainties and unknowns in respect of the final outcome of Brexit, our impact analysis concludes that the most significant threat is the increased broader economic uncertainty including risk of recession. The Board has concluded that it remains appropriate to identify and manage impacts from Brexit under the relevant specific principal risk, rather than recording Brexit as a discrete principal risk.

Inventory

Macroeconomic and geopolitical conditions

Economic uncertainty or downturns in markets may reduce customer demand by slowing the demand for products. Political and regulatory changes, such as those that may arise following the UK's decision to leave the European Union, may disrupt patterns of trade or impose operating inefficiencies.

Credit risk

Credit risk arises from exposure to customers. The Company incurs credit risk in the usual course of business, however this is limited as cash is generally received before the service is provided. The Company further considers that it is not exposed to a significant amount of either customer credit or bad debt risk due to the diversified and fragmented nature of the customer base. However, it is noted that the impact of COVID-19 could result in additional credit risk as customers face financial difficulties

Other risks

In addition, the principal risks of the Ascential plc Group ("the Group"), whilst not material to the Company, may indirectly impact the Company. Please refer to the Ascential plc annual report pages 40-45 for further details on these risks and actions taken by the Group to manage the risks:

1.	Customer end-market development
2.	Competition/substitution
3.	Execution of new product and capability development
4.	People
5.	Reliance on data providers
6.	Cyber threat and information security
7.	Business resilience
8.	Financial risk
9.	Regulation and compliance

Going concern

Notwithstanding net current liabilities of £3,296,000 as at 31 December 2019 and a loss for the year then ended of £1,417,000, the financial statements have been prepared on a going concern basis which the directors consider to be appropriate for the following reasons.

The directors of the Company have prepared cash flow forecasts for a period of at least 12 months from the date of approval of these financial statements which indicate that, taking account of reasonably possible downsides, the company will have sufficient funds, through funding from its intermediate parent company, Ascential Group Limited, to meet its liabilities as they fall due for that period if required.

Those forecasts are dependent on Ascential Group Limited providing additional financial support during that period. Ascential Group Limited has indicated its intention to continue to make available such funds as are needed by the company for the period covered by the forecasts. As with any company placing reliance on other group entities for financial support, the directors acknowledge that there can be no certainty that this support will continue although, at the date of approval of these financial statements, they have no reason to believe that it will not do so.

The directors of the Company have taken into account the recent condensed consolidated interim financial statements of the Ascential plc group ("the Group") for the six month period to and as at 30 June 2020 (approved 24 July 2020) and significant updates since this, in particular the cancellation of Money20/20 Europe and US (announced 4 August) in forming their conclusions. These are available at www.ascential.com.

The interim financial information for the Group as at and for the six months to 30 June 2020 was prepared on a going concern basis. In making this determination, the directors of the Group considered the uncertainty surrounding the resolution of the COVID-19 outbreak and the impact to the wider global economy through the evaluation of a number of stressed scenarios. They took into account the strong condition of the Group balance sheet, the recent refinancing, the diversification of business models and proactive steps taken already to provide covenant headroom and adjust the cost base as well as further potential mitigating actions. The directors concluded they were satisfied that there were sufficient resources for the operational needs of the Group and it would remain in compliance with the financial covenants in its bank facilities agreement for at least the next 12 months from the date of approving the interim statements. Further details including the various assumptions for the severe but plausible scenarios considered in coming to this conclusion are presented in the interim financial information which is available at www.ascential.com.

M Gradden, Director

Directors' Report For the year ended 31 December 2019

The Directors submit their report and financial statements for the period ended 31 December 2019.

Directors

The Directors who held office at any time during or since the end of the financial year are given below:

D Painter

M Gradden

K Silk (Resigned 28 ^th June 2019)

Insurance of Directors

Throughout the year, Directors' and Officers' liability insurance has been maintained by the ultimate parent company, Ascential plc.

Employment practices

Corporate and Social responsibility

2019 saw the launch of the Group's new Corporate Responsibility framework and highlighted two strategic issues for focus: Sustainability (for our customers and internally) and Diversity & Inclusion. The framework also identifies helping young people thrive in a digital world as key signature activity. In order to implement this new framework, Ascential has multiple initiatives across the group. All of the Group's major events are addressing gender inequality in their industries (for example See it Be it at Cannes Lions, Money20/20's Rise Up programme), and WGSN furthered its partnership with Just Like Us. Sustainability at events has been a focus and Cannes Lions operated several awards as part of Lions for Good. Along with being a Patron of The Prince's Trust in order to implement the key activity of helping young people thrive in a digital world, Ascential also support various local charities across the Group.

Political Donations

The Company did not make any political donations during the year (2018: €nil).

Dividends

No interim dividend was paid during the year (2018: €nil). The Directors do not recommend the payment of a dividend (2018: €nil).

Disclosure of information to the auditor

Auditor

Pursuant to Section 487 of the Companies Act 2006, the auditor will be deemed to be reappointed and KPMG LLP will therefore continue in office.

Approved by the Board on 7 September 2020.

M Gradden, Director

Statement of Directors' Responsibilities in respect of the Strategic Report, the Directors'

Report and the Financial Statements For the year ended 31 December 2019

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 they have elected to prepare the financial statements in accordance with UK accounting standards and applicable law (UK Generally Accepted Accounting Practice), including FRS 101 Reduced Disclosure Framework.

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 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;
•	assess the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern; and
•	use the going concern basis of accounting unless they either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CLR CODE LIMITED

Opinion

We have audited the financial statements of CLR Code Limited ("the company") for the year ended 31 December 2019 which comprise the Profit and Loss Account and Other Comprehensive Income, Balance Sheet and Statement of Changes in Equity and related notes, including the accounting policies in note 1.

In our opinion the financial statements:

•	give a true and fair view of the state of the company's affairs as at 31 December 2019 and of its loss for the year then ended;
•	have been properly prepared in accordance with UK accounting standards, including FRS 101 Reduced Disclosure Framework; and
•	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

Going concern

We are required to report to you if we have concluded that the use of the going concern basis of accounting is inappropriate or there is an undisclosed material uncertainty that may cast significant doubt over the use of that basis for a period of at least a year from the date of approval of the financial statements. In our evaluation of the directors' conclusions, we considered the inherent risks to the company's business model and analysed how those risks might affect the company's financial resources or ability to continue operations over the going concern period. We have nothing to report in these respects.

However, as we cannot predict all future events or conditions and as subsequent events may result in outcomes that are inconsistent with judgements that were reasonable at the time they were made, the absence of reference to a material uncertainty in this auditor's report is not a guarantee that the company will continue in operation.

Strategic report and directors' report

The directors are responsible for the strategic report and the directors' report. Our opinion on the financial statements does not cover those reports and we do not express an audit opinion thereon.

•	we have not identified material misstatements in the strategic report and the directors' report;
•	in our opinion the information given in those reports for the financial year is consistent with the financial statements; and
•	in our opinion those reports have been prepared in accordance with the Companies Act 2006.

Matters on which we are required to report by exception

Under the Companies Act 2006 we are required 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.

We have nothing to report in these respects.

Directors' responsibilities

As explained more fully in their 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; such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error; 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 they either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities

A fuller description of our responsibilities is provided on the FRC's website at www.frc.org.uk/auditorsresponsibilities.

The purpose of our audit work and to whom we owe our responsibilities

London, E14 5GL United Kingdom, 07 September 2020

for and on behalf of KPMG LLP, Statutory Auditor

Ian Griffiths, Senior Statutory Auditor, Chartered Accountants

Profit and loss and Other Comprehensive Income For the year ended 31 December 2019

		2019	2018
	Note	€'000	€'000
Continuing operations
Turnover	2	698	370
Cost of sales		(471)	(263)
Gross profit		227	107
Administrative expenses		(1,644)	(1,564)
Operating loss	3	(1,417)	(1,457)
Loss before tax		(1,417)	(1,457)
Tax	6	-	-
Loss for the year		(1,417)	(1,457)
Total Other comprehensive income		-	-
Total comprehensive loss for the year		(1,417)	(1,457)

Balance Sheet For the year ended 31 December 2019

		2019	2018
	Note	€'000	€'000
Non-current assets
Intangible assets	7	9	-
Tangible assets	8	1	1
Total non-current assets		10	1
Current assets
Inventories	9	1,674	1,701
Debtors	10	770	489
Cash at bank and in hand		367	38
Total current assets		2,811	2,228
Total assets		2,821	2,229
Liabilities
Current liabilities
Creditors: amounts falling due within one year	12	(6,117)	(4,108)
Total liabilities		(6,117)	(4,108)
Net liabilities		(3,296)	(1,879)
Capital and reserves
Called up share capital	13	-	-
Profit and loss account		(3,296)	(1,879)
Shareholders deficit		(3,296)	(1,879)

The accompanying notes on pages 12 to 21 are an integral part of these financial statements and were approved by the Board of Directors on 7 September 2020 and were signed on its behalf by:

M Gradden, Director

Statement of Changes in Equity For the year ended 31 December 2019

	Called up share capital	Profit and Loss Account	Total Equity
	€'000	€'000	€'000
At 1 January 2018	-	(422)	(422)
Total comprehensive loss for the year	-	(1,457)	(1,457)
At 31 December 2018 and 1 January 2019	-	(1,879)	(1,879)
Total comprehensive loss for the year	-	(1,417)	(1,417)
At 31 December 2019	-	(3,296)	(3,296)

Notes to the accounts For the year ended 31 December 2019

1. Accounting policies

CLR Code Limited ("the Company") is a company limited by shares and incorporated and domiciled in United Kingdom. The company registration number is 10411689 and the registered address is c/o Ascential Group Limited, The Prow, 1 Wilder Walk, London, W1B 5AP.

Basis of accounting

These financial statements were prepared in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework ("FRS 101").

The Company's ultimate parent company, Ascential plc, includes the Company in its consolidated financial statements. The consolidated financial statements of Ascential plc are prepared in accordance with International Financial Reporting Standards and are available to the public and may be obtained from The Prow, 1 Wilder Walk, London W1B 5AP.

In these financial statements, the Company has applied the exemptions available under FRS 101 in respect of the following disclosures:

•	Certain disclosures regarding revenue;
•	A Cash Flow Statement and related notes;
•	Comparative period reconciliations for share capital, property, plant and equipment and intangible assets;
•	Disclosures in respect of capital management;
•	The effects of new but not yet effective IFRSs;
•	Disclosures in respect of the compensation of Key Management Personnel; and
•	Disclosures of transactions with a management entity that provides key management personnel services to the Company.

•	Certain disclosures required by IFRS 13 "Fair Value Measurement" and the disclosures required by IFRS 7 "Financial Instrument Disclosures";
•	IFRS 2 Share Based Payments in respect of group settled share-based payments.

The accounting policies set out below have, unless otherwise stated, been applied consistently to all periods presented in these financial statements.

Accounting developments and changes

IFRS 16 is effective from 1 January 2019. The Company has no leases and instead uses space leased by another group entity and is recharged for the cost accordingly. The Company is the beneficiary of any leasehold improvements and the useful life of the assets are in line with the lease term of the leased space.

Measurement convention and presentation

The financial statements are prepared on the historical cost basis. The financial statements are presented in thousands of euros, which is the Company's functional currency to the nearest €'000.

Going concern

Branch results

Intangible assets

The cost of intangible assets is amortised and charged to the income statement on a straight-line basis over their estimated useful economic lives as follows:

Software

3-5 years

Useful lives are examined every year and adjustments are made, where applicable, on a prospective basis

Tangible assets

Office equipment

2-5 years

Estimated useful lives and residual values are reviewed at each reporting date.

Tangible assets are written off either on disposal or when there is no expected future economic benefit from its continued use. Any gain or loss on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying value of the asset) is included in the income statement in the year the item is derecognised.

Inventories

Inventories are stated at the lower of cost and net realisable value. Cost represents purchase cost and is determined using a first-in, first-out basis. Net realisable value is the estimated selling price in the ordinary course of business, less estimated costs necessary to make the sale.

Debtors

Debtors are recognised initially at fair value and subsequently measured at amortised cost, less loss allowances.

Loss allowances are calculated for lifetime expected credit losses. Expected credit losses are a probability weighted estimate of credit losses and are calculated based on actual historical credit losses over the past three years and adjusted to reflect differences between the historical credit losses and the Company's view of the economic conditions over the expected lives of the receivables. The amount of the loss is recognised in the profit and loss. When a debtor is uncollectible, it is written off against the allowance account for debtors. Subsequent recoveries of amounts previously written off are credited to the profit and loss. The carrying amount of the asset is reduced through the use of an allowance account and the amount of the loss is recognised in the profit and loss.

Trade and other creditors

Creditors are recognised initially at fair value. Subsequent to initial recognition they are measured at amortised cost using the effective interest method.

Foreign currency translation

Tax

Tax on the profit or loss for the year comprises of current and deferred tax. Tax is recognised in the profit and loss account except to the extent that it relates to items recognised directly in equity or other comprehensive income, in which case it is recognised directly in equity or other comprehensive income.

Current tax is tax payable based on taxable profits for the period, using tax rates that have been enacted or substantively enacted at the reporting date, along with any adjustment relating to tax payable in previous years. Taxable profit differs from net profit in the consolidated income statement in that income or expense items that are taxable or deductible in other years are excluded, as are items that are never taxable or deductible.

The deferred tax assets and liabilities are only offset where they relate to the same taxing authority and the Company has a legal right to offset.

Employee Benefits

Short-term benefits

Short-term employee benefit obligations are measured on an undiscounted basis and are expensed as the related service is provided. A liability is recognised for the amount expected to be paid under shortterm cash bonus or profit-sharing plans if the Company has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee and the obligation can be estimated reliably.

Termination benefits

Termination benefits are recognised as an expense when the Company is demonstrably committed, without realistic possibility of withdrawal, to a formal detailed plan to either terminate employment before the normal retirement date, or to provide termination benefits as a result of an offer made to encourage voluntary redundancy. Termination benefits for voluntary redundancies are recognised as an expense if the Company has made an offer of voluntary redundancy, it is probably that the offer will be accepted, and the number of acceptances can be estimated reliably. If benefits are payable more than 12 months after the reporting date, then they are discounted to their present value.

Pension and other post-employment benefits

The Company operates a defined contribution pension scheme. Contributions payable are charged to the income statement and included in employee costs as an operating expense as incurred.

Share-based payments

Turnover

Revenue is measured based on the consideration specified in a contract with a customer. If multiple performance obligations exist within a contract, the revenue is allocated to the obligations based on the stand alone selling price, with any discounts allocated evenly across the obligations. For contracts with rebates and therefore variable consideration, revenue is recognised based on the best estimate of the revenue net of the rebated amount.

Revenue is recognised when the Company satisfies the performance obligations.

Transactional revenue is recognised when the goods or services are delivered.

Critical accounting judgments and key sources of estimation uncertainty

The actual future outcomes may differ from these estimates and give rise to material adjustments to the reported results and financial position of the Company. The areas requiring a higher degree of judgement, or areas where assumptions and estimates are significant to the financial statements, are discussed below.

Key sources of estimation uncertainty

Valuation and recoverability of inventory

2. Turnover from contracts with customers

i) Disaggregation of revenue

An analysis of revenue by geographical market is given below:

	2019	2018
	€'000	€'000
Asia Pacific	139	195
North America	204	38
Europe	355	137
Total	698	370

All revenue represents the sale of goods.

ii) Contract balances

The following table provides information about receivables, contract assets and contract liabilities from contracts with customers.

	Note	2019	2018
		€'000	€'000
Receivables, which are included within debtors	10	125	162
Contract liabilities - deferred income	12	-	28

3. Operating loss before taxation

Operating loss before taxation is stated after charging:

	2019	2018
	€'000	€'000
Employee costs	1,016	769
Depreciation of tangible fixed assets	1	-
Amortisation of intangible fixed assets	4	-
Fees for the audit of the Company	9	9

4. Remuneration of Directors

The Directors' services were incidental to their service to the Group as a whole and no allocation has been made to the Company.

5. Staff numbers and costs

(a) Employees

The average monthly number of persons employed by the Company during the year that the Company traded is as follows:

By job category	2019	2018
Cost of sales	2	3
Sales and marketing	5	4
Other administrative functions	1	-
Total	8	7

(b) Costs

	2019	2018
	€'000	€'000
Wages and salaries	874	677
Social security costs	99	81
Share-based payments	19	2
Other pension costs	24	9
Total	1,016	769

(c) Pension costs

The Company participates in adefined contribution pension scheme. The assets of the scheme are held by independent custodians and are kept entirely separate from the assets of the Company. No loans have been made by the scheme to the Company and no shareholdings of the scheme have been used as security for any loans to the Company. The pension charge represents contributions due from the employer. During the year it amounted to €24,000 (2018: €9,000). The pension scheme is administered by Ascential Group Limited, an intermediary parent undertaking.

(d) Share-based payments

6. Taxation

There was no UK corporation tax or overseas taxes charged on losses for the periods presented.

Factors affecting the tax charge for the current year:

The tax assessed for the period differs from the standard rate of corporation tax in the UK. The difference between tax as per the financial statements and tax at the UK standard rate is explained below:

	2019	2018
	€'000	€'000
Loss before tax	(1,417)	(1,457)
Expected tax credit at 19.0% (2018:19.0%)	(270)	(277)
Non-deductible permanent items	4	-
Losses not recognised for deferred tax	266	277
Total tax charge	-	-

The company operates through a branch in Germany and, as such, incurs German taxes on its trading profits. It has no activities in the UK and suffers no additional taxes in the UK.

7. Intangible assets

	Software	Total
	€'000	€'000
Cost
At 1 January 2019	-	-
Additions	13	13
At 31 December 2019	13	13
Amortisation
At 1 January 2019	-	-
Charge for the year	(4)	(4)
At 31 December 2019	(4)	(4)
Net book value
At 31 December 2019	9	9
At 31 December 2018	-	-

8. Tangible assets

	Office equipment	Total
	€'000	€'000
Cost
At 1 January 2019	1	1
Additions	1	1
At 31 December 2019	2	2
Accumulated Depreciation
At 1 January 2019	-	-
Charge for the year	(1)	(1)
At 31 December 2019	(1)	(1)
Net book value
At 31 December 2019	1	1
At 31 December 2018	1	1

9. Inventories

	2019	2018
	€'000	€'000
Finished goods and goods for resale	1,674	1,701
Total	1,674	1,701

The stock, by its nature is not degradable and is stored in appropriate conditions in a professionally run warehouse in Germany. Furthermore, the nature of the stock means that is cannot become obsolete as the colour palette does not change.

Inventories are stated after provisions for impairment of €16,000 (2018: €14,000).

10. Debtors

	2019	2018
	€'000	€'000
Trade debtors net of allowance for doubtful debts	125	162
Other debtors	-	12
Amounts receivable from Group undertakings	71	67
Other tax and social security	286	248
Prepayments	288	-
Total	770	489

	2019	2018
	€'000	€'000
Due within one year	770	489
Total	770	489

11. Deferred tax

The company has tax losses totalling €3,300,000 (2018: €1,900,000), which are not recognised for deferred tax purposes due to insufficient certainty of future profits against which these losses can be used. Current tax losses not recognised total €266,000 (2018: €277,000).

12. Creditors: falling due within one year

	2019	2018
	€'000	€'000
Trade creditors	199	969
Other taxation and social security	18	14
Accruals	200	109
Amounts payable to Group undertakings	5,692	2,952
Other creditors	8	36
Deferred income	-	28
Total	6,117	4,108

Amounts payable to Group undertakings are unsecured and are repayable on demand.

13. Called up share capital

	2019	2018
	€	€
Allotted, issued and fully paid
100 Ordinary shares of £1 each	114	114
Total	114	114

14. Commitments and contingencies

The Company had capital commitments of €niI at 31 December 2019 (2018: €13,000).

15. Related party transactions

The Company is exempt from disclosing related party transactions as it is wholly owned by a member of the Ascential plc.

16. Ultimate parent company

The immediate and controlling parent undertaking is WGSN Limited.

The ultimate controlling party at 31 December 2019 was Ascential plc. The results of the Company are included in the consolidated financial statements of Ascential plc. Copies of Ascential plc accounts can be obtained from the Company Secretary at The Prow, 1 Wilder Walk, London, W1B 5AP.

17. Events after the reporting period

After the year end, the COVID-19 pandemic has created significant disruption to the worldwide economy. This may lead to decreased demand of Coloro products, and in addition there is an expectation of an increased number of potential customers with financial difficulties which may increase the risk of bad debt. Due to the uncertainty this unprecedented situation has resulted in, a fellow Group company, Ascential Group Limited, has indicated its intention to provide adequate financial support to the Company if required to enable it to continue as a going concern.

2e:T1811a,

CLR CODE LIMITED Niederlassung Deutschland

Overath

Befreiender Jahresabschluss gem. §325 a HGB
zum Geschäftsjahr vom 01.01.2018 bis zum 31.12.2018

CLR CODE LIMITED

London/UK

Registered Number: 10411689

Index to the Financial Statements For the year ended 31 December 2018

Contents

Directors, Officers and Auditor

Strategic Report

Directors' Report

Statement of Directors' Responsibilities

Independent Auditor's Report to the members of CLR Code Limited

Profit and loss and Other Comprehensive Income

Balance Sheet

Statement of Changes in Equity

Notes to the accounts

Directors, officers and auditor For the year ended 31 December 2018

Directors	D Painter
	M Gradden
	K Silk (Resigned 28 June 2019)
Company secretaries	S Looi
	L Meads
Auditor	KPMG LLP
	15 Canada Square
	London
	E14 5GL
Registered office	The Prow
	1 Wilder Walk
	London
	United Kingdom
	W1B 5AP
Company number	10411689

Strategic Report For the year ended 31 December 2018

Principal activities and future developments

CLR Code Limited ("the Company") is a company limited by shares and domiciled in the UK.

Results and dividends

The results for the Company show a pre-tax loss of €1,457,000 (2017: €422,000) for the year and revenue of €370,000 (2017: €320,000). The 2017 results were for a 15-month period, 5 October 2016 31 December 2017, being the Company's first set of accounts. The increased loss is due to increased spend in staff and professional fees required to support this new business stream and ensure its future growth.

No interim dividend was paid during the year (2017: €nil). The Directors do not recommend the payment of a final dividend (2017: €nil).

Principal risks and uncertainties

Brexit risk

As there remain significant uncertainties and unknowns in respect of the final deal that may be struck, the impact analysis focuses on the worst-case scenario of a 'disorderly hard' Brexit. The conclusion of this analysis was that the most significant threat is the increased broader economic uncertainty including risk of recession. This is especially relevant given that the inventory of the Company is stored in Germany. The Board has concluded that it remains appropriate to identify and manage impacts from Brexit under the relevant specific principal risk rather than recording Brexit as a discrete principal risk.

Macroeconomic and geopolitical conditions

Economic uncertainty or downturns in markets may reduce customer demand. Political and regulatory changes, such as those that may arise following the UK's decision to leave the European Union, may disrupt patterns of trade, impose operating inefficiencies, and may significantly affect the Company's tax position.

Competition and customer demand

The Company faces continual change in customer requirements and demand for its products. The Company has three main competitors and failure to gain market share and have users switch to the Coloro product would adversely impact the performance of the Company.

The Company faces pricing risk. This arises from general market pressures in tougher trading environments and from pricing strategies of its competitors. Senior management manage this risk by reviewing pricing strategies and monitoring of the external competitive environment.

Inventory

Foreign exchange, liquidity and insurance risk

Certain risks, including liquidity, foreign exchange, insurance and elements of operational risk are managed by the ultimate parent undertaking, Ascential plc. The principal risks and uncertainties of Ascential plc and its subsidiaries, which include those of the Company, are discussed within its publicly available annual report and financial statements, which do not form part of this report.

Credit risk

Credit risk arises from exposure to customers. The Company incurs credit risk in the usual course of business. The Company considers that it is not exposed to a significant amount of either customer credit or bad debt risk due to the diversified and fragmented nature of the customer base.

Key performance indicators ("KPIs")

Management and the Board set operational KPIs which are tracked and reviewed regularly. However, as the Company has only been trading since June 2017 the Directors do not believe that analysis using key performance indicators is appropriate for an understanding of the position of the business at this early stage of its existence. The development, performance and position of Ascential plc, which includes the Company, is discussed within the Ascential plc annual report and financial statements, which do not form part of this report.

Going concern

CLR Code Limited is a member of the Ascential plc Group ("the Group"), which consists of the ultimate parent Ascential plc and its subsidiaries. The Group has prepared trading forecasts which indicate that there is sufficient liquidity headroom against all financial covenants for a period of not less than 12 months from the date of approval of these financial statements.

The Company is a guarantor to the term loan facilities ("New Facilities Agreement") held by Ascential plc. The financial statements have been prepared on a going concern basis which assumes that the Group will be able to meet the mandatory repayment terms of the banking facilities. At 31 December 2018, the Group was in compliance with all its financial covenants.

Notwithstanding net current liabilities of €1,880,000 as at 31 December 2018 and a pre-tax loss of €1,457,000, the financial statements have been prepared on a going concern basis which the directors consider to be appropriate for the following reasons.

The Directors have prepared cash flow forecasts for a period of 12 months from the date of approval of these financial statements which indicate that, taking account of reasonably possible downsides, the Company will have sufficient funds, through funding from its intermediate parent company, Ascential Group Limited, to meet its liabilities as they fall due for that period.

Those forecasts are dependent on Ascential Group Limited not seeking repayment of the amounts currently due to it and its subsidiaries, which at 31 December 2018 amounted to €2,952,000, and providing additional financial support during that period. Ascential Group Limited has indicated its intention to continue to make available such funds as are needed by the company, and that it does not intend to seek repayment of the amounts due at the balance sheet date, for the period covered by the forecasts. As with any company placing reliance on other group entities for financial support, the directors acknowledge that there can be no certainty that this support will continue although, at the date of approval of these financial statements, they have no reason to believe that it will not do so.

Consequently, the Directors have a reasonable expectation that the Company will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements and therefore have prepared the financial statements on a going concern basis.

Approved by the Board on 27 September 2019.

M Gradden, Director

The Directors submit their report and financial statements for the period ended 31 December 2018.

Directors

The current Directors are shown on page 1. The Directors who held office at any time during or since the end of the financial year are given below:

D Painter
M Gradden
KSilk	(Resigned 28 June 2019)

Insurance of Directors

Throughout the year, Directors' and Officers´ liability insurance has been maintained by the ultimate parent company, Ascential pic.

Employees

All employment decisions are made irrespective of colour, race, age, nationality, ethnic or national origin, gender, mental or physical disabilities, marital status or sexual orientation. For employees who may have disability, the Company ensures proper procedures and equipment are in place to aid them. When it comes to training, career development and promotion, all employees are treated equally and job applications are always judged on aptitude. Further details on the Group's policies on engagement and employment practices is set out on pages 42 to 44 of the Ascential plc annual report.

Donations

As a Patron of The Prince's Trust, Ascential sponsors The Trust's Million Makers Awards for London and the South East. Our fund raising efforts have grown considerably over the years, and in 2018 raised over £350,000. Ascential also supports various local charities across the Group.

Political Donations

The Company did not make any political donations during the year.

Dividends

The Directors do not recommend the payment of a dividend (2017: €nil).

Disclosure of information to the auditor

The Directors who held office at the date of approval of this Directors' report confirm that, so far as they are each aware, there is no relevant audit information of which the Company's auditor is unaware and each Director has taken all the steps that they ought to have taken as a Director to make themselves aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Auditor

Pursuant to Section 487 of the Companies Act 2006, the auditor will be deemed to be reappointed and KPMG LLP will therefore continue in this.

Approved by the Board on 27 September 2019.

M Gradden, Director

Statement of Directors' Responsibilities in respect of the Strategic Report, the Directors' Report and the Financial Statements For the year ended 31 December 2018

The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.

•	select suitable accounting policies and then apply them consistently;
•	make judgements and 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;
•	assess the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern; and
•	use the going concern basis of accounting unless they either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CLR CODE LIMITED

Opinion

We have audited the financial statements of CLR Code Limited ("the company") for the year ended 31 December 2018 which comprise the Profit and Loss Account and Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and related notes, including the accounting policies in note 1.

In our opinion the financial statements:

•	give a true and fair view of the state of the company's affairs as at 31 December 2018 and of its loss for the year then ended;
•	have been properly prepared in accordance with UK accounting standards, including FRS 101 Reduced Disclosure Framework; and
•	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

The impact of uncertainties due to the UK exiting the European Union on our audit

Uncertainties related to the effects of Brexit are relevant to understanding our audit of the financial statements. All audits assess and challenge the reasonableness of estimates made by the directors, such as recoverability of goodwill, recoverability of stock and related disclosures and the appropriateness of the going concern basis of preparation of the financial statements. All of these depend on assessments of the future economic environment and the company's future prospects and performance.

Brexit is one of the most significant economic events for the UK, and at the date of this report its effects are subject to unprecedented levels of uncertainty of outcomes, with the full range of possible effects unknown. We applied a standardised firm-wide approach in response to that uncertainty when assessing the company's future prospects and performance. However, no audit should be expected to predict the unknowable factors or all possible future implementations for a company and this is particularly the case in relation to Brexit.

Going concern

We are required to report to you if we have concluded that the use of the going concern basis of accounting is inappropriate or there is an undisclosed material uncertainty that may cast significant doubt over the use of that basis for a period of at least a year from the date of approval of the financial statements. In our evaluation of the directors' conclusions, we considered the inherent risks to the company's business model, including the impact of Brexit, and analysed how those risks might affect the company's financial resources or ability to continue operations over the going concern period. We have nothing to report in these respects.

However, as we cannot predict all future events or conditions and as subsequent events may result in outcomes that are inconsistent with judgements that were reasonable at the time they were made, the absence of reference to a material uncertainty in this auditor's report is not a guarantee that the company will continue in operation.

Strategic report and directors' report

The directors are responsible for the strategic report and the directors' report. Our opinion on the financial statements does not cover those reports and we do not express an audit opinion thereon.

•	we have not identified material misstatements in the strategic report and the directors' report;
•	in our opinion the information given in those reports for the financial year is consistent with the financial statements; and
•	in our opinion those reports have been prepared in accordance with the Companies Act 2006.

Matters on which we are required to report by exception

Under the Companies Act 2006 we are required 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.

We have nothing to report in these respects.

Directors' responsibilities

As explained more fully in their statement set out on page 5, the directors are responsible for: the preparation of the financial statements and for being satisfied that they give a true and fair view; such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error; 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 they either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities

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 our opinion in an auditor's report. Reasonable assurance is a high level of assurance but does not 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 aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements.

A fuller description of our responsibilities is provided on the FRC's website at www.frc-org.uk/auditorsresponsibilities.

The purpose of our audit work and to whom we owe our responsibilities

27 September 2019

Ian Griffiths, Senior Statutory Auditor

for and on behalf of KPMG LLP, Statutory Auditor Chartered Accountants

Chartered Accountants

15 Canada Square

London, E14 5GL

United Kingdome

Profit and loss and Other Comprehensive Income For the year ended 31 December 2018

		2018	15 months to 31 Dec 2017
	Note	€'000	€'000
Continuing operations
Turnover	2	370	320
Cost of sales		(263)	(165)
Gross profit		107	155
Administrative expenses		(1,564)	(577)
Operating loss	3	(1,457)	(422)
Loss before tax	3	(1,457)	(422)
Tax	6	-	-
Loss for the year		(1,457)	(422)
Total Other comprehensive income		-	-
Total comprehensive loss for the year		(1,457)	(422)

Balance Sheet For the year ended 31 December 2018

		2018	2017
	Note	€'000	€'000
Non-current assets
Tangible assets	7	1	-
Total non-current assets		1	-
Current assets
Inventories	8	1,701	1,614
Debtors	9	489	563
Cash at bank and in hand		38	32
Total current assets		2,228	2,209
Total assets		2,229	2,209
Liabilities
Current liabilities
Creditors: amounts falling due within one year	11	(4,108)	(2,631)
Total liabilities		(4,108)	(2,631)
Net Liabilities		(1,879)	(422)
Capital and reserves
Called up share capital	12	-	-
Profit and loss account		(1,879)	(422)
Shareholders' deficit		(1,879)	(422)

The accompanying notes on pages 12 to 21 are an integral part of these financial statements and were approved by the Board of Directors on 27 September 2019 and were signed on its behalf by:

M Gradden, Director

The accompanying notes form part of the financial statements.

Statement of Changes in Equity For the year ended 31 December 2018

	Called up share capital	Profit and Loss Account	Total Equity
	€'000	€'000	€'000
Balance on incorporation at 5 October 2016	-	-	-
TotaL comprehensive loss for the 15 month period	-	(422)	(422)
Balance at 31 December 2017	-	(422)	(422)
Total comprehensive loss for the year	-	(1,457)	(1,457)
Balance at 31 December 2018	-	(1,879)	(1,879)

Notes to the accounts For the year ended 31 December 2018

1. Accounting policies

CLR Code Limited ("the Company") is a company limited by shares and incorporated and domiciled in the United Kingdom.

Basis of accounting

These financial statements were prepared in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework ("FRS 101").

In these financial statements, the Company has applied the exemptions available under FRS 101 in respect of the following disclosurees:

•	Certain disclosures regarding revenue;
•	A Cash Flow Statement and related notes;
•	Comparative period reconciliations for share capital, property, plant and equipment and intangible assets;
•	Disclosures in respect of capital management;
•	The effects of new but not yet effective IFRSs;
•	Disclosures in respect of the compensation of Key Management Personnel; and
•	Disclosures of transactions with a management entity that provides key management personnel services to the Company.

•	Certain disclosures required by IFRS 13 "Fair Value Measurement" and the disclosures required by IFRS 7 "Financial Instrument Disclosures"; and

The accounting policies set out below have, unless otherwise stated, been applied consistently to all periods presented in these financial statements.

Change in accounting policy

IFRS15 and IFRS9 have been applied from 1 January 2018. The impact on the financial statements is insignificant.

Measurement convention and presentation

The financial statements are prepared on the historical cost basis. The financial statements are presented in thousands of euros, which is the Company's functional currency to the nearest €'000.

Going concern

Branch results

Tangible assets

Property, plant and equipment

Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. Cost comprises expenditure directly attributable to the purchase of the asset. Assets are depreciated to their estimated residual value, on a straight-line basis, over their estimated useful life as follows:

Office equipment

2-5 years

Estimated useful lives and residual values are reviewed at each reporting date.

An item of property, plant or equipment is written off either on disposal or when there is no expected future economic benefit from its continued use. Any gain or loss on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying value of the asset) is included in the income statement in the year the item is derecognised.

Inventories

Debtors

Debtors are recognised initially at fair value and subsequently measured at amortised cost, less loss allowances.

Loss allowances are calculated for lifetime expected credit losses. Expected credit losses are a probability weighted estimate of credit losses and are calculated based on actual historical credit losses over the past three years and adjusted to reflect differences between the historical credit losses and the Company's view of the economic conditions over the expected lives of the receivables. The amount of the loss is recognised in the profit and loss. When a debtor is uncollectible, it is written off against the allowance account for debtors. Subsequent recoveries of amounts previously written off are credited to the profit and loss. The carrying amount of the asset is reduced through the use of an allowance account and the amount of the loss is recognized in the profit and loss.

Trade and other creditors

Trade and other creditors are recognised initially at fair value. Subsequent to initial recognition they are measured at amortised cost using the effective interest method.

Interest-bearing borrowings

Interest-bearing borrowings are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition, interest-bearing borrowings are stated at amortised cost using the effective interest method, less any impairment losses.

Intra-group financial instruments

Where the Company enters into financial guarantee contracts to guarantee the indebtedness of other companies within the Group, the Company considers these to be insurance arrangements and accounts for them as such. In this respect, the Company treats the guarantee contract as a contingent liability until such time as it becomes probable that the Company will be required to make a payment under the guarantee.

Foreign currency translation

Transactions in foreign currencies are translated to the Company's functional currencies at the foreign exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are retranslated to the functional currency at the foreign exchange rate ruling at that date. Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction. Non-monetary assets and liabilities denominated in foreign currencies that are stated at fair value arc retranslated to the functional currency at foreign exchange rates ruling at the dates the fair value was determined. Foreign exchange differences arising on translation are recognised in the income account.

Tax

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the year in which the asset is realized or the liability is settled, based on tax rates that have been enacted or substantively enacted at the reporting date.

The deferred tax assets and liabilities are only offset where they relate to the same taxing authority and the Company has a legal right to offset.

Operating leases

Rental costs under operating leases are charged to the income statement on a straight line basis over the period of the lease. Lease incentives received are recognised in the income statement as an integral part of the total lease expense.

Employee Benefits

Short-term benefits

Short-term employee benefit obligations are measured on an undiscounted basis and are expensed as the related service is provided. A liability is recognised for the amount expected to be paid under shortterm cash bonus or profit-sharing plans if the Company has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee and the obligation can be estimated reliably.

Termination benefits

Pension and other post-employment benefits

The Company operates a defined contribution pension scheme. Contributions payable are charged to the income statement and included in employee costs as an operating expense as incurred.

Share-based payments

Turnover

Revenue is measured based on the consideration specified in a contract with a customer. If multiple performance obligations exist within a contract, the revenue is allocated to the obligations based on the stand alone selling price, with any discounts allocated evenly across the obligations. For contracts with rebates and therefore variable consideration, revenue is recognised based on the best estimate of the revenue net of the rebated amount.

Revenue is recognised when the Group satisfies the performance obligations.

Barter transactions are those where goods and services, rather than cash, are exchanged between two third parties and revenue is recognised at fair value for the goods and services provided. Where goods or services are provided at a discount and dissimilar to the goods or services received, the discounted price is recorded as revenue with the corresponding amount included in operating costs.

Critical accounting judgements and key sources of estimation uncertainty

the reported results and financial position of the Company. The areas requiring a higher degree of judgement, or areas where assumptions and estimates are significant to the financial statements, are discussed below.

Critical accounting judgements

Alternative Performance Measures

The Group uses alternative performance measures which are not defined or specified under IFRS and comprises adjusting items. Adjusting items include amortisation and impairment of acquired intangibles, share-based payments and exceptional items. The classification of exceptional items requires significant management judgement to determine the nature and presentation of such transactions. Exceptional items are those which are considered significant by virtue of their nature, size or incidence. These items are presented as a separate column on the face of the income statement but within their relevant income statement caption. The Board view this as a relevant analysis to assist the reader in their understanding of the underlying performance and financial results of the Group.

Key sources of estimation uncertainty

Taxation (Note 10}

Deferred tax assets are recognised to the extent that their utilisation is probable. The utilisation of deferred tax assets will depend on the judgement whether it is more likely than not that the Group will generate sufficient and suitable taxable income of the correct type and jurisdiction in the future, taking into account any restrictions on the length of the loss-carry forward period. Various factors are used to assess the probability of the future utilisation of deferred tax assets, including past operating results, operational plans and loss-carry forward periods.

Valuation and recoverability of inventories

Inventories are stated at the lower of cost and net realisable value. In assessing the net realisable value management have considered the forecast performance of the fashion and retail markets and Coloro's ability to win business from its competitors. These forecasts are based on management's best knowledge and actual results ultimately may differ from those estimates which may result in a write down in the value of inventory in the future.

2. Turnover from contracts with customers

i) Disaggregation of revenue

An analysis of revenue by geographical market is given below:

	2018	15 months to 31 Dec 2017
	€'000	€'000
Asia Pacific	195	159
North America	38	34
Europe	137	127
Total	370	320

An analysis of revenue by category is as follows:

	2018	15 months to 31 Dec 2017
	€'000	€'000
Sale of goods	370	320
Total	370	320

i) Contract balances

The following table provides information about receivables, contract assets and contract liabilities from contracts with customers.

	Note	2018	2017
		€'000	€'000
Receivables, which are included within debtors	9	162	188
Contract liabilities - deferred income	11	28	-

3. Operating loss before taxation

Operating loss before taxation is stated after charging:

	2018	15 months to 31 Dec 2017
	€'000	€'000
Employee costs	769	267
Operating lease rentals
property	12	4
Fees for the audit of the Company	9	10

Amounts receivable by the Company's auditor and its associates in respect of services to the Company and its associates, other than the audit of the Company's financial statements, have not been disclosed as the information is required instead to be disclosed on a consolidated basis in the consolidated financial statements of the Company's ultimate parent company, Ascential plc.

4. Remuneration of Directors

The Directors' services were incidental to their service to the Group as a whole and no allocation has been made to the Company.

5. Staff numbers and costs

(a) Employees

The average monthly number of persons employed by the Company during the year that the Company traded is as follows:

By job category	2018	15 months to 31 Dec 2017
Cost of sales	3	2
Sales and marketing	4	4
Other administrative functions	-	-
Total	7	6

(b) Costs

	2018	15 months to 31 Dec 2017
	€'000	€'000
Wages and salaries	677	232
Social security costs	81	31
Share-based payments	2	3
Other pension costs	9	1
Total	769	267

The Company participates in a defined contribution pension scheme. The assets of the scheme are held by independent custodians and are kept entirely separate from the assets of the Company. No loans have been made by the scheme to the Company and no shareholdings of the scheme have been used as security for any loans to the Company. The pension charge represents contributions due from the employer. During the year it amounted to €9.000 (2017: €1.000). The pension scheme is administered by Ascential Group Limited, an intermediary parent undertaking.

(d) Share-based payments

Certain employees (including directors) of the Company receive part of their remuneration in the form of share-based payment transactions, whereby employees render services in exchange for shares or rights over shares of the ultimate parent company, Ascential plc. Refer the Ascential plc accounts, note 7, for details of the type of share-based payment arrangements and the general terms and conditions of each arrangement.

6. Taxation

	2018	15 months to 31 Dec 2017
	€'000	€'000
Current tax charge
UK corporation tax on loss for the period	-	--
Overseas taxes on profit for the period	-	-
Total tax charge	-	-

Factors affectins the tax charge for the current year:

The tax assessed for the period is lower (2017: lower) than the standard rate of corporation tax in the UK. The difference between tax as per the financial statements and tax at the UK standard rate is explained below:

	2018	15 months to 31 Dec 2017
	€'000	€'000
Loss before tax	(1,457)	(422)
Expected tax credit at 19,0% (2017:19,25%)	(277)	(81)
Losses not recognised for deferred tax	277	81
Total tax charge for the period	-	-

The Company operates through a branch in Germany and, as such, bears German taxes on its trading profits. It has no activities in the UK and bears no additional taxes in the UK.

7. Tangible assets

	Office equipment	Total
	€'000	€'000
Cost
At 1 January 2018	-	-
Additions	1	1
At 31 December 2018	1	1
Accumulated Depreciation
At 1 January 2018	-	-
At 31 December 2018	-	-
Net book value
At 31 December 2018	1	1
At 31 December 2017	-	-

8. Inventories

	2018	2017
	€'000	€'000
Finished goods and goods for resale	1,701	1,614
Total	1,701	1,614

The stock, by its nature is not degradable and is stored in appropriate conditions in a professionally run warehouse in Germany, Furthermore, the nature of the stock means that it is unlikely to become obsolete as the colour palette does not change.

Inventories are stated after provisions for impairment of €14,000 (2017: €nil).

9. Debtors

	2018	2017
	€'000	€'000
Trade debtors net of allowance for doubtful debts	162	188
Other debtors	12	26
Amounts receivable from Group undertakings	67	-
Other tax and social security	248	349
Total	489	563

	2018	2017
	€'000	€'000
Due within one year	489	563
Due after more than one year	-	-
Total	489	563

10. Deferred tax

The company has tax losses totalling €1,900,000 (2017: €400,000), which are not recognised for deferred tax purposes due to insufficient certainty of future profits against which these losses can be used.

11. Creditors: falling due within one year

	2018	2017
	€'000	€'000
Trade creditors	969	1,731
Other taxation and social security	14	4
Accruals	109	62
Amounts payable to Group undertakings	2,952	834
Other creditors	36	-
Deferred income	28	-
Total	4,108	2.631

Amounts payable to Group undertakings are unsecured and are repayable on demand.

12. Called up share capital

	2018	2017
	€	€
Allotted, issued and fully paid
100 Ordinary shares of £1 each	114	114
Total	114	114

13. Operating leases

Non-cancellable operating lease rentals are payable as follows:

	Land and buildings 2018	Land and buildings 2017
	€'000	€'000
Not later than one year	-	5
	-	5

14. Commitments and contingencies

During the year the Company was a member of the Group cash pooling arrangement. This allows the Group to combine the liquidity of companies within the Group in order to distribute such cash centrally as required.

The Company is registered with H.M. Revenue & Customs as a member of the Ascential Group Limited group for value added tax and Pay As You Earn purposes and is therefore jointly and severally liable on a continuing basis for amounts owing by other members of the Group in respect of their value added tax, income tax and national insurance contributions liabilities.

The Company had capital commitments of €13,000 at 31 December 2018 (2017: €15,000).

15. Related party transactions

The Company is exempt from disclosing related party transactions as it is wholly owned by a member of the Ascential plc.

16. Ultimate parent company

The immediate and controlling parent undertaking is WGSN Limited.

The ultimate controlling party at 31 December 2018 was Ascential plc. The results of the Company are included in the consolidated financial statements of Ascential pic. Copies of Ascential plc accounts can be obtained from the Company Secretary at The Prow, 1 Wilder Walk, London, W1B 5AP.

17. Events after the reporting period

There were no reportable events after the reporting period.

2f:T10b1d,

CLR CODE LIMITED Niederlassung Deutschland

Overath

Befreiender Jahresabschluss gem. §325 a HGB
zum Geschäftsjahr vom 09.06.2017 bis zum 31.12.2017

CLR CODE LIMITED / London/UK

Annual Report and Financial Statements For the 15 months ended 31 December 2017

Registered Number: 10411689

Index to the Financial Statements For the period ended 31 December 2017

Contents

Directors, Officers and Auditor
Strategic Report
Directors' Report
Statement of Directors' Responsibilities
Independent Auditor's Report to the members of CLR Code Limited
Income Statement and Other Comprehensive Income
Balance Sheet
Statement of Changes in Equity
Notes to the Financial Statements

Directors, Officers and Auditor For the period ended 31 December 2017

Directors	D Painter	(Appointed 5th Oct 2016)
	M Gradden	(Appointed 5th Oct 2016)
	K Silk	(Appointed 5th Oct 2016)
Company secretaries	S Looi	(Appointed 5th Oct 2016)
	L Meads	(Appointed 6th Feb 2017)
Auditor	KPMG LLP
	15 Canada Square
	London
	E14 5GL
Registered office	The Prow
	1 Wilder Walk
	London
	United Kingdom
	W1B 5AP
Company number	10411689

Strategic Report For the period ended 31 December 2017

Principal activities and future developments

WGSN Trading Limited was incorporated on 5 October 2016. On 2 March 2017 the name was changed to CLR Code Limited. CLR Code Limited ("the Company") is a company limited by shares and domiciled in the UK. These accounts have been prepared from the 5 October 2016 being the date of incorporation to 31 December 2017. As a result, no comparative period is presented.

The Coloro system is unique within the industry as it has been constructed utilizing a 7 digit coding system for each individual colour based on a three dimensional model. This creates a clear communication system throughout the entire colour selection and manufacturing process with a value proposition of reducing cycle times and errors. In addition, the layout of the system and model enable the ability to create colour harmonies based on science. Final ly, the system enables companies to take a strategic approach to colour by utilizing the 9 segment feature of the system. Because all colours are logically placed into 9 different segments reflecting the colours lightness and chroma companies can map their sales data into the 9 segments to see where they are most successful and heip in targeting certain geographies, and customer demographics in their colour choices. Results and dividends

The results for the Company show a pre-tax loss of €422,000 for the period and revenue of €320,000.

No interim dividend was paid during the period. The Directors do not recommend the payment of a final dividend.

Principal risks and uncertainties

The Company sells products with its main clients being in the fashion and retail end-markets. A downturn in these end-markets could adversely impact the performance of the Company. Equally, an economic downturn in the global or any of the Company's regional markets may result in a decline in spending, negatively impacting the Company's revenues.

The Company has three main competitors and failure of their users to switch to the Coloro product would adversely impact the performance of the Company.

Due to the nature of the product and unpredictability of customer buying patterns and the lead time of restocking from China requires a minimum level of inventory to be held. The net realisable value of inventory is supported by management's forecast growth plans. If these plans are not met the value of inventory may not be recovered and a write down of the value may be required in future periods.

The Company incurs credit risk in the usual course of business. The Company considers that it is not exposed to a significant amount of either customer credit or bad debt risk due to the diversified and fragmented nature of the customer base.

Key performance indicators ("KPIs")

Management and the Board set operational KPIs which are tracked and reviewed regularly. However, as the company has only been trading since June 2017 the Directors do not believe that analysis using key performance indicators is appropriate for an understanding of the position of the business at this early stage of its existence. The development, performance and position of Ascential plc, which includes the Company, is discussed within the Ascential plc annual report and financial statements, which do not form part of this report.

Going concern

The Company's business activities together with the factors likely to affect its future development and position are set out above.

The Company is a subsidiary of Ascential plc ("the Group") and participates in the Group's centralised treasury arrangements and shares banking arrangements with its parent and fel low subsidiaries.

The Directors have no reason to believe that a material uncertainty exists that may cast doubt about the ability of the Group to continue as a going concern or its current banking arrangements.

Prior to the launch of the business, the Directors and management undertook extensive research and worked closely with a VIP panel (which consisted of a number of our potential customers) in assessing the likelihood of conversion to the product. The positive feedback from this research amongst other factors led to the decision to go ahead and launch the product. This was taken into account when assessing the risk referred to above in relation to the failure of users to convert to the Coloro system.

As the Company is in a net current liability position, the intermediate parent undertaking, Ascential Group Limited (AGL), has confirmed that it does not intend to demand repayment of any or all of the €834,000 owed to it and its subsidiaries at 31 December 2017, if such a repayment would cause CLR Code Limited to be unable to pay its liabilities as they fall due.

The directors of AGL have also provided a letter of support to the company and have resolved that it will continue to support CLR Code Limited by providing adequate financial support to enable CLR Code Limited to continue its business operations as a going concern for the foreseeable future.

On the basis of their assessment, the Company's Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing these financial statements.

Approved by the Board an 3rd August 2018.

M Gradden, Director

Company registered number: 10411689

Directors' Report For the period ended 31 December 2017

The Directors submit their report and financial statements for the period ended 31 December 2017.

Directors

The current Directors are shown an page 1. The Directors who held office at any time during or since the end of the financial year are given below:

D Painter	(Appointed 5th Oct 2016)
M Gradden	(Appointed 5th Oct 2016)
K Silk	(Appointed 5th Oct 2016)

Insurance of Directors

Throughout the year, Directors' and Officers' liability insurance has been maintained by the ultimate parent company, Ascential plc.

Employees

The Company is committed to maintaining a working environment underpinned by decency and fairness and where equality and diversity is recognised, encouraged and valued. The Company gives full consideration to applications for employment from disabled persons where the candidate's particular aptitudes and abilities are consistent with adequately meeting the requirements of the job.

Where existing employees become disabled, it is the Company's policy to provide continuing employment wherever practicable in the same or an alternative position and to provide appropriate training to achieve this aim. Opportunities are available to disabled employees for training, career development and promotion.

Donations

As a Patron of The Prince's Trust, Ascential sponsors The Trust's Million Makers Awards for London and the South East. Our fund raising efforts have been recognised with the 'Above and Beyond' Award from The Prince's Trust for the past three years, during which time we have raised over £560,000. Ascential also support various local charities across the Group.

Dividends

The Directors do not recommend the payment of a final dividend.

Disclosure of information to the auditor

The Directors who held office at the date of approval of this Directors' report confirm that, so far as they are each aware, there is no relevant audit information of which the Company's auditor is unaware and each Director has taken all the steps that they ought to have taken as a Director to make themselves aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Auditor

In accordance with Section 485 of the Companies Act 2006, KPMG LLP was appointed auditor an 2nd August 2018. Pursuant to Section 487 of the Companies Act 2006, the auditor will be deemed to be reappointed and KPMG LLP will therefore continue in this.

Approved by the Board an 3rd August 2018.

M Gradden, Director

Company registered number: 10411689

Statement of Directors' Responsibilities in respect of the Strategic Report, the Directors' Report and the Financial Statements For the period ended 31 December 2017

The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.

•	select suitable accounting policies and then apply them consistently;
•	make judgements and estimates that are reasonable and prudent;
•	assess the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern; and
•	use the going concern basis of accounting unless they either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Independent Auditor's Report

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CLR CODE LIMITED

Opinion

We have audited the financial statements of CLR Code Limited ("the company") for the period ended 31 December 2017 which comprise the Income Statement and Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and related notes, including the accounting policies in note 1.

In our opinion the financial statements:

•	give a true and fair view of the state of the company's affairs as at 31 December 2017 and of its loss for the period then ended;
•	have been properly prepared in accordance with UK accounting standards, including FRS 101 Reduced Disclosure Framework and
•	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

Going concern

Strategie report and directors' report

The directors are responsible for the strategic report and the directors' report. Our opinion on the financial statements does not cover those reports and we do not express an audit opinion thereon.

•	we have not identified material misstatements in the strategic report and the directors' report;
•	in our opinion the information given in those reports for the financial year is consistent with the financial statements; and
•	in our opinion those reports have been prepared in accordance with the Companies Act 2006.

Matters on which we are required to report by exception

Under the Companies Act 2006 we are required 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.

We have nothing to report in these respects.

Independent Auditor's Report

Directors' responsibilities

Auditor's responsibilities

A fuller description of our responsibilities is provided on the FRC's website at www. th.org.uidauditorsresponsibilities.

The purpose of our audit work and to whom we owe our responsibilities

3rd August 2018

Matthew Campbell, Senior Statutory Auditor, for and on behalf of KPMG LLP, Statutory Auditor, Chartered Accountants, 15 Canada Square, London, E14 5GL, United Kingdom

Income Statement and Other Comprehensive Income For the period ended 31 December 2017

		2017
	Note	€'000
Continuing operations
Revenue	2	320
Cost of sales		(165)
Gross profit		155
Administrative expenses		(577)
Operating loss	3	(422)
Loss before taxation		(422)
Taxation of loss	6	-
Loss for the period		(422)

Balance Sheet As at 31 December 2017

		2017
	Note	€'000
Current assets
Inventories	7	1,614
Trade and other receivables	8	563
Cash at bank and in hand		32
Total assets		2,209
Liabilities
Current liabilities
Creditors falling due within one year	9	(2,631)
Total liabilities		(2,631)
Net Liabilities		(422)
Capital and reserves
Called up share capital	10	-
Profit and loss account		(422)
Shareholders' deficit		(422)

The financial statements on pages 8 to 18 were approved by the Board of Directors on 3rd August 2018 and were signed on its behalf by:

M Gradden, Director

Company registered number: 10411689

Statement of Changes in Equity For the period ended 31 December 2017

	Called up share capital	Profit and Loss Account	Total Equity
	€'000	€'000	€'000
On incorparation at 5 October 2016	-	-	-
Total comprehensive loss for the period	-	(422)	(422)
At 31 December 2017	-	(422)	(422)

Notes to the Financial Statements For the period ended 31 December 2017

1. ACCOUNTING POLICIES

CLR Code Limited ("the Company") is a company limited by shares and incorporated and domiciled in United Kingdom.

Basis of Accounting

These financial statements were prepared in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework ("FRS 101").

In these financial statements, the Company has applied the exemptions available under FRS 101 in respect of the following disclosures:

•	A Cash Flow Statement and related notes;
•	Disclosures in respect of capital management;
•	The effects of new but not yet effective IFRSs;
•	Disclosures in respect of the compensation of Key Management Personnel; and
•	Disclosures of transactions with a management entity that provides key management personnel services to the Company.

•	Certain disclosures required by IFRS 13 "Fair Value Measurement" and the disclosures required by IFRS 7 "Financial Instrument Disclosures"; and
•	IFRS 2 "Share Based Payments" in respect of group settled share-based payments.

The accounting policies set out below have, unless otherwise stated, been applied consistently to all periods presented in these financial statements.

Measurement convention and presentation

The financial statements are prepared an the historical cost basis. The financial statements are presented in thousands of euros.

Going concern

The Company's business activities together with the factors likely to affect its future development and position are set out above.

The Company is a subsidiary of Ascential plc ("the Group") and participates in the Group's centralised treasury arrangements and shares banking arrangements with its parent and fel low subsidiaries.

The Directors have no reason to believe that a material uncertainty exists that may cast doubt about the ability of the Group to continue as a going concern or its current banking arrangements.

Prior to the launch of the business, the Directors and management undertook extensive research and worked closely with a VIP panel (which consisted of a number of our potential customers) in assessing the I ikelihood of conversion to the product. The positive feedback from this research amongst other factors led to the decision to go ahead and launch the product. This was taken into account when assessing the risk referred to above in relation to the failure of users to convert to the Coloro system.

As the Company is in a net current liability position, the intermediate parent undertaking, Ascential Group Limited (AGL), an the basis of their assessment has confirmed that it does not intend to demand repayment of any or all of the €834,000 owed to it and its subsidiaries at 31 December 2017, if such a repayment would cause CLR Code Limited to be unable to pay its liabilities as they fall due.

The directors of AGL have also provided a letter if support to the company and have resolved that it will continue to support CLR Code Limited by providing adequate financial support to enable CLR Code Limited to continue its business operations as a going concern for the foreseeable future.

Inventory

I nventories are stated at the lower of cost and net realisable value. Cost represents purchase cost and is determined using a first-in, first-out basis. Net realisable value is the estimated sel ling price in the ordinary course of business, less estimated costs necessary to make the sale

Trade and other receivables

Trade and other receivables are recognised initially at fair value. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any impairment losses.

Cash and cash equivalents

Cash and cash equivalents includes cash, short-term deposits and other short-term highly liquid investments with an original maturity of three months or less.

Trade and other creditors

Trade and other creditors are recognised initially at fair value. Subsequent to initial recognition they are measured at amortised cost using the effective interest method.

Interest-bearing borrowings

Intra-group financial instruments

Where the Company enters into financial guarantee contracts to guarantee the indebtedness of other companies within the group, the Company considers these to be insurance arrangements and accounts for them as such. In this respect, the Company treats the guarantee contract as a contingent liability until such time as it becomes probable that the Company will be required to make a payment under the guarantee.

Foreign currency

Transactions in foreign currencies are translated to the Company's functional currencies at the foreign exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are retranslated to the functional currency at the foreign exchange rate ruling at that date. Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction. Non-monetary assets and liabilities denominated in foreign currencies that are stated at fair value are retranslated to the functional currency at foreign exchange rates ruling at the dates the fair value was determined. Foreign exchange differences arising an translation are recognised in the profit and loss account.

Taxation

Tax on the profit or loss for the year comprises current and deferred tax. Tax is recognised in the income statement except to the extent that it relates to items recognised directly in equity or other comprehensive income, in which case it is recognised directly in equity or other comprehensive income.

Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in respect of previous years.

Deferred tax is provided an temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The following temporary differences are not provided for: the initial recognition of goodwill; the initial recognition of assets or liabilities that affect neither accounting nor taxable profit other than in a business combination, and differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future. The amount of deferred tax provided is based an the expected manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the balance sheet date.

A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the temporary difference can be utilised.

Operating leases

Rental costs under operating leases are charged to the income statement an a straight line basis over the period of the lease. Lease incentives received are recognised in the income statement as an integral part of the total lease expense.

Employee Benefits

Short-term benefits

Short-term employee benefit obligations are measured an an undiscounted basis and are expensed as the related service is provided. A liability is recognised for the amount expected to be paid under short-term cash bonus or profit-sharing Plans if the Company has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee and the obligation can be estimated reliably.

Termination benefits

Pension and other post-employment benefits

The Company operates a defined contribution pension scheure. Contributions payable are charged to

the income statement and included in employee costs as an operating expense as incurred.

Share-based payments

Where the Company's parent grants rights to its equity instruments to the Company's employees, which are accounted for as equity-settled in the accounts of the parent, the Company as the case may be account for these share-based payments as equity-settled. Amounts recharged by the parent are recognised as a recharge liability with a corresponding debit to equity.

The cost of equity-settled transactions with employees is measured at fair value at the date at which they are granted. The fair value of share awards with market-related vesting conditions is determined by an external consultant and the fair value at the grant date is expensed on a straight-line basis over the vesting period based on the Company's estimate of shares that will eventually vest. The estimate of the number of awards likely to vest is reviewed at each Balance sheet reporting date up to the vesting date, at which point the estimate is adjusted to reflect the actual outcome of awards which have vested. No adjustment is made to the fair value after the vesting date even if the awards are forfeited or not exercised.

Revenue

Revenue is measured at the fair value of the consideration received, net of discounts, customs duties and sales taxes. Revenue is only recognised for barter transactions which are considered dissimilar to each other in nature and a corresponding amount is included in operating costs.

Revenue for goods is recognised when the significant risks and rewards of ownership have been transferred to the customer.

Critical accounting judgments and key sources of estimation uncertainty

Preparation of these financial statements requires the Directors to exercise judgement and to make estimates about uncertain future events in the process of applying the Company's accounting policies. The actual future outcomes may differ from these estimates and give rise to material adjustments to the reported results and financial position of the Company. The areas requiring a higher degree of judgement, or areas where assumptions and estimates are significant to the financial statements, are discussed below.

Critical accounting judgements

Key sources of estimation uncertainty

Use of estimates

The preparation of financial statements in conformity with generally accepted accounting principles requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Although these estimates are based on management's best knowledge of the amount, events or actions, actual results ultimately may differ from those estimates.

Recoverability of receivables

Trade and other receivables are recognised initially at fair value. Estimates of the recoverability of receivables are based on management's best knowledge of the receivable and counterparty and actual results ultimately may differ from those estimates.

Valuation and recoverability of inventory

Inventories are stated at the lower of cost and net realisable value. In assessing the net realisable value management have considered the forecast performance of the fashion and retail markets and Coloro's ability to win business from its competitors. These forecasts are based on management's best knowledge and actual results ultimately may differ from those estimates which may result in a write down in the value of inventory in the future.

2. Analysis of revenue

An analysis of revenue by geographical market is given below:

	2017
	€'000
Asia Pacific	159
North America	34
Europe	127
Total	320

An analysis of the Company revenue by category is as follows:

	2017 €'000
Sale of goods	320
Total	320

3. Operating loss before taxation

Operating loss is stated after charging:

		2017
		€'000
Employee costs	4	267
Operating lease rentals
- property		4
Fees for the audit of the Company		10

Amounts receivable by the Company's auditor and its associates in respect of services to the Company and its associates, other than the audit of the Company's financial statements, have not been disclosed as the information is required instead to be disclosed an a consolidated basis in the consolidated financial statements of the Company's ultimate parent company, Ascential plc.

4. Remuneration of Directors

During the period no Directors were remunerated by the Company. The Directors' services were incidental to their service to the Group as a whole and no allocation has been made to the Company.

5. Employee numbers and costs

(a) Employees

The average monthly number of staff employed by the Company during the period is as follows:

By job function	2017
Cost of sa les	2
Sales and marketing	4
Other administrative functions	-
Total	6

(b) Costs (including Directors' emoluments)

	2017
	€'000
Wages and salaries	232
Social security costs	31
Share-based payments	3
Other Pension costs	1
Total	267

The Company participates in a defined contribution pension scheme. The assets of the scheme are held by independent custodians and are kept entirely separate from the assets of the Company. No loans have been made by the scheme to the Company and no shareholdings of the scheme have been used as security for any loans to the Company. The pension charge represents contributions due from the employer. The pension scheme is administered by Ascential Group Limited, an intermediate parent undertaking.

6. Taxation

	2017
	€'000
Current tax
UK corporation tax on profit for the period	-
Overseas taxes on profit for the period	-
Total tax charge	-

Factors affecting the tax charge for the current year:

The tax assessed for the period is lower than the standard rate of corporation tax in the UK. The difference between tax as per the financial statements and tax at the UK standard rate is explained below:

	2017
	€'000
Loss before tax	(422)
Expected tax charge at 19.25%	(81)
Losses not recognised for deferred tax	81
Total tax charge for the period	-

The company operates through a branch in Germany and, as such, suffers German taxes an its trading profits. lt has no activities in the UK and suffers no additional taxes in the UK.

7. Inventories

	2017
	€'000
Finished goods	1,614
Total	1,614

As the company just started trading all stock is less than 1 year old

8. Trade and other receivables

	2017
	€'000
Trade debtors	188
Other debtors	26
Other tax and social security	349
Total	563
	2017
	€'000
Due within one year	563
Due after more than one year	-
Total	563

Amounts due from Group undertakings are unsecured and are repayable an demand. Included within the amounts receivable from Group undertakings is the cash swept daily by the intermediate parent company Ascential Group Limited. There is a cash sweeping agreement in place between entities within the Group.

9. Creditors due within one year

	2017
	€'000
Trade creditors	1,731
Amounts payable to Group undertakings	834
Other taxation and social security	4
Accruals	62
Total	2,631

Amounts payable to Group undertakings are unsecured, bear interest at various rates and are repayable an demand.

10. Called up share capital

	2017
	€
Allotted, issued and fully paid
100 Ordinary shares of £ each	114
Total	114

11. Operating leases

Non-cancellable operating lease rentals are payable as follows:

	Land and buildings 2017
	€'000
Not later than one year	5
	5

12. Commitments and contingencies

On 12 February 2016, the Company's ultimate parent undertaking, Ascential plc, entered into a New Facilities Agreement of £66 million, £171 million and $96 million and a revolvingfacility of £95 million. On 11 March 2016, the Company and certain of its fellow Group undertakings became guarantors of the New Facilities Agreement held by Ascential plc. As guarantors, the Company and those Group undertakings have access to the funding provided, and have in turn provided security over assets and Investments, and are jointly and severally required to meet the performance obligations and associated payments, and to comply with the covenants, defined in the facility agreements.

The Company is registered with N.M. Revenue & Customs as a member of the Ascential Group Limited VAT Group and is therefore jointly and severally liable on a continuing basis for amounts owing by other members of the Group in respect of their value added tax liabilities

The Company is itself committed to incur logistics expenditure of €15 thousand. These commitments are expected to be settled in the following financial year.

13. Related party transactions

The Company is exempt from disclosing related party transactions as it is wholly owned by a member of the Ascential plc group.

14. Ultimate parent company

The immediate and controlling parent undertaking is Ascential Group Limited.

The ultimate controlling party at 31 December 2017 was Ascential plc. The results of the Company are included in the consolidated financial statements of Ascential plc. Copies of Ascential plc accounts can be obtained from the Company Secretary at The Prow, 1 Wilder Walk, London, W1B 5AP.

15. Events after the reporting period

There were no reportable events after the reporting period.

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