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REGISTERED NUMBER: 06699897 (England and Wales)




GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2023

FOR

CABLE SERVICES ENTERPRISES LIMITED

CABLE SERVICES ENTERPRISES LIMITED (REGISTERED NUMBER: 06699897)






CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2023




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 7

Consolidated Statement of Comprehensive Income 11

Consolidated Balance Sheet 12

Company Balance Sheet 13

Consolidated Statement of Changes in Equity 14

Company Statement of Changes in Equity 15

Consolidated Cash Flow Statement 16

Notes to the Consolidated Cash Flow Statement 17

Notes to the Consolidated Financial Statements 18


CABLE SERVICES ENTERPRISES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST MARCH 2023







DIRECTORS: J M Williams
J W Bostock



REGISTERED OFFICE: Bridge House
Bridge Road
Wrexham Industrial Estate
Wrexham
LL13 9PS



REGISTERED NUMBER: 06699897 (England and Wales)



AUDITORS: M. D. Coxey and Co. Limited
Chartered Accountants
and Statutory Auditors
25 Grosvenor Road
Wrexham
LL11 1BT



BANKERS: Barclays Bank plc
51-52 Hope Street
Wrexham
LL11 1BB

CABLE SERVICES ENTERPRISES LIMITED (REGISTERED NUMBER: 06699897)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31ST MARCH 2023

The directors present their strategic report of the company and the group for the year ended 31st March 2023.

REVIEW OF BUSINESS
A challenging, yet successful, year for the business, with various resource pressures. Our supply chain has shown price pressure and scarcity of some resource, during the year. This is mitigated by constantly monitoring through regular review meetings with key parties and adjusting inventory levels when needed.

KEY PERFORMANCE INDICATORS
The directors believe that the key performance indicators are those that measure the financial performance of the group. These are turnover, gross profit, overhead levels and cash flow.

Group turnover has increased on the previous year by 6.6%. The gross profit margin has also increased from 23.9% in the previous year to 24.6% in the current year a rise of 0.7%.

Profit before tax has decreased this year by 6.02%.

Non-financial performance indicators are also key to management's holistic approach to all stakeholders. These include customer satisfaction, staff turnover, manufacturing efficiency, hygiene, health and safety and environmental impact.

The average number of employees has increased from 67 to 68.

PRINCIPAL RISKS AND UNCERTAINTIES
The group is subject to a number of potential risks and uncertainties:

The group operates in a highly competitive and busy specialist sector, particularly with regard to product range, price, service and availability. Failure to pay attention to any of these elements could result in failing to meet customer expectations, potentially reduced sales and excessive stock holdings. To mitigate this there is a considerable focus on service, systems and controls, the monitoring of competitor activities and the constant analysis of the company performance and procedures. The management team regularly review performance and forecasts to ensure targets are met. The group's cash flows are regularly monitored, and its budget and forecasts reviewed by management. To meet its obligations the group regularly monitors its liquidity, having regard to its working capital requirements, banking facilities and other financing.

Financial risk management:
Financial risk management is considered regularly by the management team and the directors. Primary risks to which the group could be exposed are interest rate risk, liquidity risk and credit risk.

Interest rate risk:
The group has no external debt, therefore any fluctuations in interest rate do not have a significant effect on the group.

Liquidity risk:
The group ensures that there are sufficient funds available to meet the requirements of its on-going operations. The group has a significant cash balance of £16.6m at the year-end therefore there is sufficient liquidity headroom.

Credit risk:
Credit risk principally arises on trade receivables and the group places a lot of emphasis on a stringent credit control policy. Management information is produced and reviewed by directors comparing it to both budget and previous year to assess performance and identify changing market conditions. Robust controls, policies and procedures are in place to mitigate risk.


CABLE SERVICES ENTERPRISES LIMITED (REGISTERED NUMBER: 06699897)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31ST MARCH 2023

SECTION 172(1) STATEMENT
The directors have a duty to promote the success of the group for the benefit of all key stakeholders.
Considering the potential consequences that a decision may have on employees, suppliers, customers and other related parties is paramount. Acting with integrity and promoting high standards across the business reflects positively on the already high regard in which we are held. The group is aware of its responsibility to the local community and the environment, raising funds for local charities continues to be a focus of ours. Elsewhere the group is looking to find ways of reducing energy consumption and its environmental impact across our operations. Fundamental to the business is our ultimate aim of increasing the value of the group and the welfare of our colleagues through building lasting relationships with our partners and creating opportunities for employees to achieve their potential.

ENGAGEMENT WITH SUPPLIERS, CUSTOMERS AND OTHERS
Suppliers
The business extends the expectation of high standards of commercial conduct into the supply chain. Supplier engagement is sought and maintained through regular review processes.

Customers
Customer feedback and insights are critical in shaping how the business the existing product and services offering. This is gained through customer satisfaction survey and input from business account managers and our customer service representatives.

Employees
Attracting and retaining talented and diverse employees is critical to the long term success of the business. The business seeks to create a respectful, rewarding, diverse and inclusive work environment. This starts with the concept of a growth mindset and a belief that everyone can grow and develop. The senior management team use feedback from regular reviews to further improve areas of strength and to address opportunities for improvement.

Environment
The Directors understand and embrace the need to reduce the impact of the business on the environment. We are committed to reducing our carbon footprint and this will be achieved engaging with all key partners to understand what needs to be done to achieve positive outcomes.

ON BEHALF OF THE BOARD:





J M Williams - Director


8th September 2023

CABLE SERVICES ENTERPRISES LIMITED (REGISTERED NUMBER: 06699897)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31ST MARCH 2023

The directors present their report with the financial statements of the company and the group for the year ended 31st March 2023.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of a holding company of a group that provides wholesale distribution of power cables, accessories and ancillary electrical equipment.

DIVIDENDS
No dividends will be distributed for the year ended 31st March 2023.

FUTURE DEVELOPMENTS
We continue to focus on being increasingly competitive with our marketing activity to further grow brand awareness, taking the business to new heights by building on the success of previous years.

DIRECTORS
The directors set out in the table below have held office during the whole of the period from 1st April 2022 to the date of this report.

The beneficial interests of the directors holding office at 31st March 2023 in the shares of the company, according to the register of directors' interests, were as follows:

31.3.23 1.4.22
Ordinary shares of £1 each
J M Williams 8,539 8,539
J W Bostock 1,970 1,970

These directors did not hold any non-beneficial interests in the shares of the company.

FINANCIAL INSTRUMENTS
The group's operations expose it to a variety of financial risks including credit risk and price risk. The group does not consider cash flow and liquidity to be a risk.

The group does not have material exposure in any of the areas identified above.

The group's principal financial instruments comprise sterling cash and bank deposit, together with trade debtors and trade creditors that arise directly from operations.

POLITICAL DONATIONS AND EXPENDITURE
Charitable donations for the year amounted to £80,000 (2022: £75,000). There were no political donations.

EQUAL OPPORTUNITIES AND DIVERSITY
The Company values diversity and sees equal opportunity as making the best use of the talents of all employees and potential employees. As such it is Company policy to give full and fair consideration to applications for employment by disabled persons, bearing in mind the abilities of the applicant concerned. The Company will not tolerate discrimination in the workplace and aims to ensure that each employee feels valued, and has the opportunity to contribute fully to the success of the Company.

The Company's policy on training and promotion is to fit the qualifications and potential of each member of its staff to the appropriate job and career path within the business.

GEOGRAPHICAL AREA
No branches of the group exist outside the United Kingdom.

POST BALANCE SHEET EVENTS
There have been no events since the year end which would materially affect the financial statements.


CABLE SERVICES ENTERPRISES LIMITED (REGISTERED NUMBER: 06699897)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31ST MARCH 2023

ENGAGEMENT WITH EMPLOYEES
The company places considerable value on the involvement of its employees and has continued to keep them informed on matters affecting them as employees and on the various factors affecting the performance of the Group and Company. This is achieved through formal and informal meetings and regular internal communications.

ENERGY AND CARBON REPORT
Emissions and energy consumption

Energy use data is collated monthly or as frequently as it becomes available and used for ongoing analysis. Cable Services Limited has assessed greenhouse gas emissions using the 'GHG Reporting Protocol - A Corporate Accounting and Reporting Standard' and in accordance with the Defra's 'Environmental Reporting guidelines: including Streamlined Energy and Carbon Reporting requirements.

The reporting scope in the table below includes the following in the organisational boundary, following an operational control approach:

- Cable Services Limited

The reporting scope includes the following energy sources:

- Electricity used for Cable Services Limited at Cable Services occupied buildings (see row 1 in table below).
- Gas used to heat Cable Services Limited at Cable Services occupied buildings (see row 2 in table below).
- Gas oil used to heat Cable Services Limited at Cable Services occupied buildings (see row 3 in table below).
- Transport fuel used for Cable Services Limited under Cable Services operational control (scope1, see row 4 in table below), which includes travel in vehicles where the company is responsible for purchasing the fuel.

For some data sources, assumptions have been used where energy and carbon use cannot be calculated exactly from primary data - for example where utility invoices are provided quarterly rather than monthly. These are recorded and any changes in source data and methodology in future years will be notified. All carbon emissions factors are taken from 'UK Government GHG Conversion Factors for Company Reporting' issued by Defra and BEIS, for the appropriate years.

The reporting scope covers energy used over the reporting period in line with the financial year.


Energy (kWh) Emissions (tCO2e)
Electricity 260,923 50.5

Gas 15,336 2.8

Gas oil 17,188 4.4

Transport fuel - Scope 1 316,463 74.1

Total 609,911 131.8


Intensity ratio kWh and tCO2e/FTB 9103.14 1.96682



Over the year, Cable Services' operational energy use was 609,911 kWh at a cost of 131.8 tonnes of CO2 equivalent total for the year.

The largest proportion of this came from Business travel, where 316,463 kWh accounted for 51.89% of overall energy usage and was by far the most emissions intensive operational activity undertaken at 74.1 tCO2e.

Electricity usage was the second greatest use of energy in 2022, with Cable Services consuming 260,923 kWh; 42.78% of overall energy usage with emissions resulting at 50.5 tCO2e.


CABLE SERVICES ENTERPRISES LIMITED (REGISTERED NUMBER: 06699897)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31ST MARCH 2023

The use of Gas and Gas Oil are comparatively low at 15,336 kWh respectively, picking up the remaining 5.33% of energy consumption and accounting for 7.2tCO2e combined.

Cable Services is aiming to mitigate its operational impacts from energy and fuel usage and will continually work to reduce its overall energy consumption and ultimately emissions generated from its operations through 2023 and beyond.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and
explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS
The auditors, M. D. Coxey and Co. Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





J M Williams - Director


8th September 2023

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CABLE SERVICES ENTERPRISES LIMITED

Opinion
We have audited the financial statements of Cable Services Enterprises Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31st March 2023 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31st March 2023 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CABLE SERVICES ENTERPRISES LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page six, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CABLE SERVICES ENTERPRISES LIMITED


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- we identified the laws and regulations applicable to the company through discussions with directors and other management
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations;

To address the risk of fraud through management bias and override of controls, we:
- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions;
- assessed whether judgements and assumptions made in determining accounting estimates were indicative of potential bias; and
- investigated the rationale behind significant or unusual transactions;

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CABLE SERVICES ENTERPRISES LIMITED


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors 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.




Anthony Lewis (Senior Statutory Auditor)
for and on behalf of M. D. Coxey and Co. Limited
Chartered Accountants
and Statutory Auditors
25 Grosvenor Road
Wrexham
LL11 1BT

8th September 2023

CABLE SERVICES ENTERPRISES LIMITED (REGISTERED NUMBER: 06699897)

CONSOLIDATED
STATEMENT OF COMPREHENSIVE
INCOME
FOR THE YEAR ENDED 31ST MARCH 2023

31.3.23 31.3.22
Notes £    £   

TURNOVER 3 47,145,723 44,239,979

Cost of sales 35,543,914 33,658,691
GROSS PROFIT 11,601,809 10,581,288

Administrative expenses 7,250,438 5,693,419
4,351,371 4,887,869

Other operating income 4 20,000 -
OPERATING PROFIT 6 4,371,371 4,887,869

Interest receivable and similar income 7 222,440 50
PROFIT BEFORE TAXATION 4,593,811 4,887,919

Tax on profit 8 952,670 856,100
PROFIT FOR THE FINANCIAL YEAR 3,641,141 4,031,819

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

3,641,141

4,031,819

Profit attributable to:
Owners of the parent 3,641,141 4,031,819

Total comprehensive income attributable to:
Owners of the parent 3,641,141 4,031,819

CABLE SERVICES ENTERPRISES LIMITED (REGISTERED NUMBER: 06699897)

CONSOLIDATED BALANCE SHEET
31ST MARCH 2023

31.3.23 31.3.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 - -
Tangible assets 11 2,516,276 2,616,200
Investments 12 - -
2,516,276 2,616,200

CURRENT ASSETS
Stocks 13 8,156,382 6,292,022
Debtors 14 8,551,409 8,424,757
Cash at bank and in hand 16,618,034 14,232,882
33,325,825 28,949,661
CREDITORS
Amounts falling due within one year 15 10,494,353 9,932,033
NET CURRENT ASSETS 22,831,472 19,017,628
TOTAL ASSETS LESS CURRENT
LIABILITIES

25,347,748

21,633,828

PROVISIONS FOR LIABILITIES 18 337,939 265,160
NET ASSETS 25,009,809 21,368,668

CAPITAL AND RESERVES
Called up share capital 19 13,137 13,137
Retained earnings 20 24,996,672 21,355,531
SHAREHOLDERS' FUNDS 25,009,809 21,368,668

The financial statements were approved by the Board of Directors and authorised for issue on 8th September 2023 and were signed on its behalf by:





J M Williams - Director


CABLE SERVICES ENTERPRISES LIMITED (REGISTERED NUMBER: 06699897)

COMPANY BALANCE SHEET
31ST MARCH 2023

31.3.23 31.3.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 - -
Tangible assets 11 1,056,466 1,073,694
Investments 12 4,517,544 4,517,544
5,574,010 5,591,238

CURRENT ASSETS
Debtors 14 279,373 207,735

CREDITORS
Amounts falling due within one year 15 5,362,885 5,362,158
NET CURRENT LIABILITIES (5,083,512 ) (5,154,423 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

490,498

436,815

PROVISIONS FOR LIABILITIES 18 110,170 82,763
NET ASSETS 380,328 354,052

CAPITAL AND RESERVES
Called up share capital 19 13,137 13,137
Retained earnings 20 367,191 340,915
SHAREHOLDERS' FUNDS 380,328 354,052

Company's profit for the financial year 26,276 52,719

The financial statements were approved by the Board of Directors and authorised for issue on 8th September 2023 and were signed on its behalf by:





J M Williams - Director


CABLE SERVICES ENTERPRISES LIMITED (REGISTERED NUMBER: 06699897)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31ST MARCH 2023

Called up
share Retained Total
capital earnings equity
£    £    £   

Balance at 1st April 2021 13,137 17,323,712 17,336,849

Changes in equity
Total comprehensive income - 4,031,819 4,031,819
Balance at 31st March 2022 13,137 21,355,531 21,368,668

Changes in equity
Total comprehensive income - 3,641,141 3,641,141
Balance at 31st March 2023 13,137 24,996,672 25,009,809

CABLE SERVICES ENTERPRISES LIMITED (REGISTERED NUMBER: 06699897)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31ST MARCH 2023

Called up
share Retained Total
capital earnings equity
£    £    £   

Balance at 1st April 2021 13,137 288,196 301,333

Changes in equity
Total comprehensive income - 52,719 52,719
Balance at 31st March 2022 13,137 340,915 354,052

Changes in equity
Total comprehensive income - 26,276 26,276
Balance at 31st March 2023 13,137 367,191 380,328

CABLE SERVICES ENTERPRISES LIMITED (REGISTERED NUMBER: 06699897)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31ST MARCH 2023

31.3.23 31.3.22
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 3,193,156 3,484,537
Tax paid (827,296 ) (597,220 )
Net cash from operating activities 2,365,860 2,887,317

Cash flows from investing activities
Purchase of tangible fixed assets (210,648 ) (123,432 )
Sale of tangible fixed assets 7,500 999,167
Interest received 222,440 50
Net cash from investing activities 19,292 875,785

Increase in cash and cash equivalents 2,385,152 3,763,102
Cash and cash equivalents at beginning of
year

2

14,232,882

10,469,780

Cash and cash equivalents at end of year 2 16,618,034 14,232,882

CABLE SERVICES ENTERPRISES LIMITED (REGISTERED NUMBER: 06699897)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31ST MARCH 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
31.3.23 31.3.22
£    £   
Profit before taxation 4,593,811 4,887,919
Depreciation charges 310,572 302,315
Profit on disposal of fixed assets (7,500 ) (607,971 )
Finance income (222,440 ) (50 )
4,674,443 4,582,213
(Increase)/decrease in stocks (1,864,360 ) 104,657
Increase in trade and other debtors (201,708 ) (1,231,495 )
Increase in trade and other creditors 584,781 29,162
Cash generated from operations 3,193,156 3,484,537

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31st March 2023
31.3.23 1.4.22
£    £   
Cash and cash equivalents 16,618,034 14,232,882
Year ended 31st March 2022
31.3.22 1.4.21
£    £   
Cash and cash equivalents 14,232,882 10,469,780


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.22 Cash flow At 31.3.23
£    £    £   
Net cash
Cash at bank and in hand 14,232,882 2,385,152 16,618,034
14,232,882 2,385,152 16,618,034
Debt
Debts falling due within 1 year (2,564,306 ) - (2,564,306 )
(2,564,306 ) - (2,564,306 )
Total 11,668,576 2,385,152 14,053,728

CABLE SERVICES ENTERPRISES LIMITED (REGISTERED NUMBER: 06699897)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2023

1. STATUTORY INFORMATION

Cable Services Enterprises Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Basis of consolidation
The group financial statements consolidate the financial statements of Cable Services Enterprises Limited and its subsidiary undertakings. The results of subsidiary undertakings acquired are consolidated from the date of acquisition using the acquisition method of accounting. Uniform accounting policies are applied across the group. Intra-group transactions have been eliminated.

Significant judgements and estimates
In the application of the Company’s accounting policies, management is required to make judgements, estimates and assumptions about carrying values of assets and liabilities that are not readily available from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The key judgements and sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below:

- Estimated useful lives and residual values of fixed assets:
The carrying value of fixed assets are reviewed each year end for indicators of impairment triggers. If such triggers exist, management would be required to carry out a formal impairment review using a discounted cash flow model to determine their value in use on a cash-generating unit basis. The value in use calculation requires management to estimate the future cash flows expected to arise from the cash-generating unit and a sustainable discount rate in order to calculate the present value.

Depreciation of tangible and intangible fixed assets has been based on estimated useful lives and residual values deemed appropriate by the directors. Estimated useful lives and residual values are reviewed annually and revised as appropriate. Revisions take into account estimated useful lives used by other companies operating in the sector and actual asset lives and residual values, as evidenced by disposals during current and prior accounting periods.

- Estimated write down of stock to net realisable value:
Stock valuation has been based on an estimated useful life and residual value deemed appropriate by the directors. The estimated write down of stock to net realisable value is reviewed annually and revised as appropriate by the directors.

- Revenue recognition:
In making its judgement, management consider the detailed criteria for the recognition of revenue as set out within Section 23 of FRS 102. The directors are satisfied that the recognition point being typically when the service has taken place is correct.

CABLE SERVICES ENTERPRISES LIMITED (REGISTERED NUMBER: 06699897)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2023

2. ACCOUNTING POLICIES - continued

Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of Value Added Tax.

Sales of goods
The company recognises revenue when the amount of revenue can be measured reliably, when it is probable that future economic benefits will flow to the entity and when the risks and rewards of ownership have passed to the customer. This typically happens when goods are delivered and legal title has passed.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2010, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Fixtures and fittings - 20% on cost and 10% - 20% on cost
Motor vehicles - 20% on cost

No depreciation will be provided in respect of freehold land.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
Financial assets and financial liabilities are recognised when the company becomes party to the contractual provisions of the financial instrument.

Cash and cash equivalents:
These comprise cash at bank and other short-term highly liquid bank deposits with an original maturity of three months or less.

Debtors:
Debtors do not carry any interest and are stated at their nominal value. Appropriate allowances for estimated irrecoverable amounts are recognised in the Profit and Loss account when there is objective evidence that the asset is impaired.

Trade creditors:
Trade creditors are not interest bearing and are stated at their nominal value.

Intra-group balances (being repayable on demand) are measured at the undiscounted amount of cash or other consideration expected to be paid or received.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


CABLE SERVICES ENTERPRISES LIMITED (REGISTERED NUMBER: 06699897)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the group.

During the year the group exported 1.42% of its turnover (2022 - 2.61%).

4. OTHER OPERATING INCOME
31.3.23 31.3.22
£    £   
Other income 20,000 -

5. EMPLOYEES AND DIRECTORS
31.3.23 31.3.22
£    £   
Wages and salaries 2,955,216 2,648,368
Social security costs 366,037 308,535
Other pension costs 53,652 57,511
3,374,905 3,014,414

The average number of employees during the year was as follows:
31.3.23 31.3.22

Directors 2 2
Directors of subsidiaries 4 4
Sales 5 5
Admin 57 56
68 67

CABLE SERVICES ENTERPRISES LIMITED (REGISTERED NUMBER: 06699897)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2023

5. EMPLOYEES AND DIRECTORS - continued

31.3.23 31.3.22
£    £   
Directors' remuneration 1,267,009 1,175,599
Directors' pension contributions to money purchase schemes 22,000 22,000

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 5 5

Information regarding the highest paid director is as follows:
31.3.23 31.3.22
£    £   
Emoluments etc 461,534 420,649
Pension contributions to money purchase schemes 8,500 8,500

Directors remuneration above includes directors of the group and subsidiaries.

Key management are also the directors.

6. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

31.3.23 31.3.22
£    £   
Depreciation - owned assets 310,572 302,315
Profit on disposal of fixed assets (7,500 ) (607,971 )
Auditor's group remuneration 35,550 37,750
Auditor's remuneration: group non audit work 1,495 1,962
Operating lease rentals: plant & machinery 157,059 162,126
Operating lease rentals: other assets 383,925 428,569

7. INTEREST RECEIVABLE AND SIMILAR INCOME
31.3.23 31.3.22
£    £   
Deposit account interest 222,440 50

8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.3.23 31.3.22
£    £   
Current tax:
UK corporation tax 879,891 866,621

Deferred tax 72,779 (10,521 )
Tax on profit 952,670 856,100

UK corporation tax has been charged at 19 % (2022 - 19 %).

CABLE SERVICES ENTERPRISES LIMITED (REGISTERED NUMBER: 06699897)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2023

8. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

31.3.23 31.3.22
£    £   
Profit before tax 4,593,811 4,887,919
Profit multiplied by the standard rate of corporation tax in the UK of 19 %
(2022 - 19 %)

872,824

928,705

Effects of:
Permanent timing differences (1,260 ) 11,746
Charitable donation accrual - 4,750
Deferred tax rate movement 81,106 -
Disposal of property - (89,101 )
movement
Total tax charge 952,670 856,100

9. INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements.


10. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1st April 2022
and 31st March 2023 1,049,436
AMORTISATION
At 1st April 2022
and 31st March 2023 1,049,436
NET BOOK VALUE
At 31st March 2023 -
At 31st March 2022 -

CABLE SERVICES ENTERPRISES LIMITED (REGISTERED NUMBER: 06699897)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2023

11. TANGIBLE FIXED ASSETS

Group
Fixtures
Freehold and Motor
property fittings vehicles Totals
£    £    £    £   
COST
At 1st April 2022 1,191,418 2,207,998 309,504 3,708,920
Additions - 160,685 49,963 210,648
Disposals - - (25,215 ) (25,215 )
At 31st March 2023 1,191,418 2,368,683 334,252 3,894,353
DEPRECIATION
At 1st April 2022 117,724 738,981 236,015 1,092,720
Charge for year 17,228 255,974 37,370 310,572
Eliminated on disposal - - (25,215 ) (25,215 )
At 31st March 2023 134,952 994,955 248,170 1,378,077
NET BOOK VALUE
At 31st March 2023 1,056,466 1,373,728 86,082 2,516,276
At 31st March 2022 1,073,694 1,469,017 73,489 2,616,200

Included in cost of land and buildings is freehold land of £330,000 (2022 - £330,000) which is not depreciated.

Company
Freehold
property
£   
COST
At 1st April 2022
and 31st March 2023 1,191,418
DEPRECIATION
At 1st April 2022 117,724
Charge for year 17,228
At 31st March 2023 134,952
NET BOOK VALUE
At 31st March 2023 1,056,466
At 31st March 2022 1,073,694

Included in cost of land and buildings is freehold land of £ 330,000 (2022 - £ 330,000 ) which is not depreciated.

CABLE SERVICES ENTERPRISES LIMITED (REGISTERED NUMBER: 06699897)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2023

12. FIXED ASSET INVESTMENTS

Company
Unlisted
investments
£   
COST
At 1st April 2022
and 31st March 2023 4,517,544
NET BOOK VALUE
At 31st March 2023 4,517,544
At 31st March 2022 4,517,544

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiary

Cable Services Holdings Limited
Registered office: Bridge House, Bridge Road, Wrexham Industrial Estate, Wrexham, LL13 9PS.
Nature of business: Coordination and administration
%
Class of shares: holding
Ordinary 100.00
31.3.23 31.3.22
£    £   
Aggregate capital and reserves 6,696,810 6,651,287
Profit for the year 45,523 579,645


13. STOCKS

Group
31.3.23 31.3.22
£    £   
Stocks 8,156,382 6,292,022

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31.3.23 31.3.22 31.3.23 31.3.22
£    £    £    £   
Trade debtors 8,031,712 7,945,704 - -
Other debtors 342,135 226,435 279,373 207,735
Corporation tax recoverable 177,562 252,618 - -
8,551,409 8,424,757 279,373 207,735

CABLE SERVICES ENTERPRISES LIMITED (REGISTERED NUMBER: 06699897)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2023

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31.3.23 31.3.22 31.3.23 31.3.22
£    £    £    £   
Other loans (see note 16) 2,564,306 2,564,306 2,564,306 2,564,306
Trade creditors 5,760,525 5,454,983 - -
Corporation tax 54,834 77,295 12,549 11,822
Other creditors 2,114,688 1,835,449 2,786,030 2,786,030
10,494,353 9,932,033 5,362,885 5,362,158

16. LOANS

An analysis of the maturity of loans is given below:

Group Company
31.3.23 31.3.22 31.3.23 31.3.22
£    £    £    £   
Amounts falling due within one year or on demand:
Other loans 2,564,306 2,564,306 2,564,306 2,564,306

17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Non-cancellable operating leases
31.3.23 31.3.22
£    £   
Within one year 499,366 526,991
Between one and five years 748,795 1,118,724
1,248,161 1,645,715

18. PROVISIONS FOR LIABILITIES

Group Company
31.3.23 31.3.22 31.3.23 31.3.22
£    £    £    £   
Deferred tax
Accelerated capital allowances 337,939 265,160 110,170 82,763

CABLE SERVICES ENTERPRISES LIMITED (REGISTERED NUMBER: 06699897)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2023

18. PROVISIONS FOR LIABILITIES - continued

Group
Deferred
tax
£   
Balance at 1st April 2022 265,160
Movement in the year due to:
changes in tax rates 81,105
changes in tax allowances (8,326 )
Balance at 31st March 2023 337,939

Company
Deferred
tax
£   
Balance at 1st April 2022 82,763
Movement in the year due to:
changes in tax rates 26,441
changes in tax allowances 966
Balance at 31st March 2023 110,170

19. CALLED UP SHARE CAPITAL

Allotted and issued:
Number: Class: Nominal 31.3.23 31.3.22
value: £    £   
13,137 Ordinary £1 13,137 13,137

20. RESERVES

Group
Retained
earnings
£   

At 1st April 2022 21,355,531
Profit for the year 3,641,141
At 31st March 2023 24,996,672

Company
Retained
earnings
£   

At 1st April 2022 340,915
Profit for the year 26,276
At 31st March 2023 367,191


CABLE SERVICES ENTERPRISES LIMITED (REGISTERED NUMBER: 06699897)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2023

21. CAPITAL COMMITMENTS
31.3.23 31.3.22
£    £   
Contracted but not provided for in the
financial statements - -

22. RELATED PARTY DISCLOSURES

The company trades from property owned by a director of the company. The rental charge in the accounts is £69,000 (2022: £69,000).

The Company has loan notes held by J Williams, a director of the group. At the year end the balance was £2,564,306 shown under other loans: amounts falling due under one year. (2022: £2,564,306, shown under other loans: amounts falling due in more than one year).

23. ULTIMATE CONTROLLING PARTY

The company and the Cable Services Group are under the ultimate control of J M Williams, a director of all of the Cable Services Group of companies.