Company registration number 03553788 (England and Wales)
CLAYTON, DUBILIER & RICE LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
CLAYTON, DUBILIER & RICE LIMITED
COMPANY INFORMATION
Directors
Mr D Novak
Mr C Rochat
Company number
03553788
Registered office
Cleveland House
33 King Street
London
SW1Y 6RJ
Auditor
Gravita Audit II Limited
66 Prescot Street
London
E1 8NN
CLAYTON, DUBILIER & RICE LIMITED
CONTENTS
Page
Directors' report
1
Directors' responsibilities statement
2
Independent auditor's report
3 - 6
Group profit and loss account
7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Notes to the financial statements
13 - 20
CLAYTON, DUBILIER & RICE LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2023
- 1 -

The directors present their annual report and financial statements for the year ended 31 March 2023.

Principal activities

Clayton, Dubilier & Rice Limited ("CD&R Ltd", singularly the "Company") owns 100% of the equity of Clayton, Dubilier & Rice Beteiligungsberatung GmbH Frankfurt am Main ("CD&R GmbH", collectively the "Group").

 

The principal activity of the company and group continued to be that of a holding group. The principal activity of CD&R GmbH is that of consulting services in the area of investment management.

Results and dividends

The profit for the year after taxation amounted to £4,944 (2022: £6,676).

No ordinary dividends were paid. The directors do not recommend payment of a dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr D Novak
Mr C Rochat
Auditor
In accordance with the company's articles, a resolution proposing that Gravita Audit II Limited be reappointed as auditor of the group will be put at a General Meeting.
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
Mr C Rochat
Director
19 October 2023
CLAYTON, DUBILIER & RICE LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

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

 

 

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

CLAYTON, DUBILIER & RICE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CLAYTON, DUBILIER & RICE LIMITED
- 3 -
Opinion

We have audited the financial statements of Clayton, Dubilier & Rice Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2023 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company 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 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

CLAYTON, DUBILIER & RICE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CLAYTON, DUBILIER & RICE LIMITED
- 4 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

 

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the 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 parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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

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

CLAYTON, DUBILIER & RICE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CLAYTON, DUBILIER & RICE LIMITED
- 5 -

We ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations. The laws and regulations applicable to the company were identified through discussions with directors and other management, and from our commercial knowledge and experience of Clayton, Dubilier & Rice Limited. Of these laws and regulations, we focused on those that we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, German GAAP, taxation legislation, data protection and anti-bribery legislation. The extent of compliance with these laws and regulations identified above was assessed through making enquiries of management and inspecting legal correspondence. The 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:

 

To address the risk of fraud through management bias and override of controls, we:

 

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

 

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 is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

CLAYTON, DUBILIER & RICE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CLAYTON, DUBILIER & RICE LIMITED
- 6 -

Use of our report

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

Daniel Rose (Senior Statutory Auditor)
For and on behalf of Gravita Audit II Limited
19 October 2023
Chartered Accountants
Statutory Auditor
66 Prescot Street
London
E1 8NN
CLAYTON, DUBILIER & RICE LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2023
- 7 -
2023
2022
Notes
£
£
Turnover
196,341
235,621
Administrative expenses
(189,098)
(227,630)
Operating profit
7,243
7,991
Interest receivable and similar income
3
-
0
1,796
Profit before taxation
7,243
9,787
Tax on profit
(2,299)
(3,111)
Profit for the financial year
4,944
6,676
Profit for the financial year is all attributable to the owners of the parent company.
CLAYTON, DUBILIER & RICE LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2023
- 8 -
2023
2022
£
£
Profit for the year
4,944
6,676
Other comprehensive income
Currency translation gain/(loss) taken to retained earnings
35,989
(17,944)
Total comprehensive income/(loss) for the year
40,933
(11,268)
Total comprehensive income for the year is all attributable to the owners of the parent company.
CLAYTON, DUBILIER & RICE LIMITED
GROUP BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 9 -
2023
2022
Notes
£
£
£
£
Current assets
Debtors
6
3,996,119
3,824,192
Cash at bank and in hand
11,093
25,468
4,007,212
3,849,660
Creditors: amounts falling due within one year
7
(1,767,562)
(1,676,639)
Net current assets
2,239,650
2,173,021
Capital and reserves
Called up share capital
8
5,000
5,000
Capital contribution
1,832,637
1,806,276
Foreign exchange reserves
(9,084)
(8,419)
Profit and loss reserves
411,097
370,164
Total equity
2,239,650
2,173,021

These financial statements have been prepared in accordance with the provisions applicable to groups and companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 19 October 2023 and are signed on its behalf by:
19 October 2023
Mr C Rochat
Director
Company registration number 03553788 (England and Wales)
CLAYTON, DUBILIER & RICE LIMITED
COMPANY BALANCE SHEET
AS AT 31 MARCH 2023
31 March 2023
- 10 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
4
31,230
29,410
Current assets
Debtors
6
3,959,408
3,786,438
Cash at bank and in hand
2,790
5,367
3,962,198
3,791,805
Creditors: amounts falling due within one year
7
(2,175,421)
(2,043,167)
Net current assets
1,786,777
1,748,638
Net assets
1,818,007
1,778,048
Capital and reserves
Called up share capital
8
5,000
5,000
Capital contribution
1,832,637
1,806,276
Profit and loss reserves
(19,630)
(33,228)
Total equity
1,818,007
1,778,048

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £- (2022 - £0 profit).

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 19 October 2023 and are signed on its behalf by:
19 October 2023
Mr C Rochat
Director
Company registration number 03553788 (England and Wales)
CLAYTON, DUBILIER & RICE LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023
- 11 -
Share capital
Capital contribution
Foreign exchange reserves
Profit and loss reserves
Total
£
£
£
£
£
Balance at 1 April 2021
5,000
1,786,684
(5,590)
381,432
2,167,526
Year ended 31 March 2022:
Profit for the year
-
-
-
6,676
6,676
Other comprehensive loss:
Currency translation differences
-
-
(2,829)
(17,944)
(20,773)
Total comprehensive loss for the year
-
-
(2,829)
(11,268)
(14,097)
Currency translation differences
-
19,592
-
-
19,592
Balance at 31 March 2022
5,000
1,806,276
(8,419)
370,164
2,173,021
Year ended 31 March 2023:
Profit for the year
-
-
-
4,944
4,944
Other comprehensive income:
Currency translation differences
-
-
(665)
35,989
35,324
Total comprehensive income for the year
-
-
(665)
40,933
40,268
Currency translation differences
-
26,361
-
-
26,361
Balance at 31 March 2023
5,000
1,832,637
(9,084)
411,097
2,239,650
CLAYTON, DUBILIER & RICE LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023
- 12 -
Share capital
Capital contribution
Profit and loss reserves
Total
£
£
£
£
Balance at 1 April 2021
5,000
1,786,684
(43,332)
1,748,352
Year ended 31 March 2022:
Profit for the year
-
-
-
-
Other comprehensive income:
Currency translation differences
-
-
10,104
10,104
Total comprehensive income for the year
-
-
10,104
10,104
Currency translation differences
-
19,592
-
19,592
Balance at 31 March 2022
5,000
1,806,276
(33,228)
1,778,048
Year ended 31 March 2023:
Profit for the year
-
-
-
-
Other comprehensive income:
Currency translation differences
-
-
13,598
13,598
Total comprehensive income for the year
-
-
13,598
13,598
Currency translation differences
-
26,361
-
26,361
Balance at 31 March 2023
5,000
1,832,637
(19,630)
1,818,007
CLAYTON, DUBILIER & RICE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 13 -
1
Accounting policies
Company information

Clayton, Dubilier & Rice Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Cleveland House, 33 King Street, London SW1Y 6RJ.

 

The group consists of Clayton, Dubilier & Rice Limited and its wholly owned subsidiary undertaking, Clayton, Dubilier & Rice Beteiligungsberatung GmbH.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

CLAYTON, DUBILIER & RICE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 14 -
1.3
Basis of consolidation

These consolidated and company financial statements have been prepared using the historical cost convention and in accordance with applicable accounting standards. The presentation currency is pound sterling.

 

The Group has taken advantage of the exemption afforded by FRS 102.33.1A not to disclose transactions between wholly owned member of the group. The Group has also taken advantage of the exemption from Companies Act 2008 Section 408 (3) to not present a separate Company Profit and Loss account.

 

The consolidated financial statements include the activities of CD&R GmbH at and for the year ending December 31, 2022 have been adjusted for significant transactions occurring from 1 January 2023 to 31 March 2023. The provisional currency of CD&R GmbH is Euros and as such their books and records are maintained in Euros. CD&R Ltd includes a UK entity and a non-UK branch, the results of which are also consolidated in these financial statements. The functional currency of the non-UK branch is US Dollars and as such their books and records are maintained in US Dollars.

 

At each reporting end date, assets and liabilities that are denominated in US Dollars and Euros are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation of net assets denominated in US Dollars and Euros are recognised as other comprehensive income or expense in the foreign exchange reserve.

1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

 

The groups future liquidity and solvency is dependent on the continuing consultancy agreement with Clayton Dubilier & Rice LLC (CD&R), a company under common control. Management have assessed the requirements of the company and believe the company is a going concern.

1.5
Turnover

Turnover represents the invoiced value of services provided to fellow group undertakings and is stated net of VAT. Turnover and profit for the financial year were all derived from its principal continuing activity.

1.6
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

CLAYTON, DUBILIER & RICE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 15 -

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

 

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

 

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

 

In the parent company financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

CLAYTON, DUBILIER & RICE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 16 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.9
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

CLAYTON, DUBILIER & RICE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 17 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

1.13
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

CLAYTON, DUBILIER & RICE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 18 -
2
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2023
2022
2023
2022
Number
Number
Number
Number
Total
3
3
2
2
3
Interest receivable and similar income
2023
2022
£
£
Other interest receivable and similar income
-
1,796
4
Fixed asset investments
Group
Company
2023
2022
2023
2022
£
£
£
£
-
0
-
0
31,230
29,410
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 April 2022
29,410
Movement in foreign exchange
1,820
At 31 March 2023
31,230
Carrying amount
At 31 March 2023
31,230
At 31 March 2022
29,410
5
Subsidiaries

Details of the company's subsidiaries at 31 March 2023 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Clayton, Dubilier & Rice Beteiligungsberatung GmbH
Germany
Ordinary Shares
100.00
CLAYTON, DUBILIER & RICE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 19 -
6
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
18,909
19,200
-
0
-
0
Amounts owed by group
2,625,220
2,530,013
2,625,220
2,530,013
Other debtors
1,351,990
1,274,979
1,334,188
1,256,425
3,996,119
3,824,192
3,959,408
3,786,438
7
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
£
£
£
£
Trade creditors
-
0
2,727
-
0
-
0
Amounts owed to group undertakings
1,709,489
1,588,693
2,143,665
2,006,941
Taxation and social security
1,286
6,285
-
0
-
0
Other creditors
56,787
78,934
31,756
36,226
1,767,562
1,676,639
2,175,421
2,043,167

Amounts owed to group undertakings are unsecured, interest free and repayable on demand.

8
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
5,000
5,000
5,000
5,000
CLAYTON, DUBILIER & RICE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 20 -
9
Related party transactions

During the year, the group and the company had the following transactions and/ or balances with related parties:

 

At 31 March 2023, the group and the company was owed £2,625,220 (2022: £2,530,013 ) from its immediate parent undertaking, CD&R (UK) LLC.

 

At 31 March 2023, the group and the company was owed £1,334,188 (2022: £1,256,425) from Members of CD&R LLP, an entity under common control.

 

At 31 March 2023, the group owed £536,003 (2022: £503,558) to CD&R LLP, an entity under common control. The company owed £501,281 (2022: £470,647) to CD&R LLP.

 

At 31 March 2023, the group owed £1,173,487 (2022: £1,085,135) to Clayton, Dubilier and Rice LLC, a company under common control. The company owed £1,642,385 (2022: £1,536,294) to Clayton, Dubilier and Rice LLC.

10
Controlling party

The Group's immediate parent undertaking is CD&R (UK) LLC, incorporated in the state of Delaware USA.

 

The ultimate parent undertaking and controlling party is Clayton, Dubilier & Rice Holdings GP LLC, incorporated in the state of Delaware, USA.

2023-03-312022-04-01falseCCH SoftwareCCH Accounts Production 2023.200Mr D NovakMr C Rochat03553788bus:Consolidated2022-04-012023-03-31035537882022-04-012023-03-3103553788bus:Director12022-04-012023-03-3103553788bus:Director22022-04-012023-03-3103553788bus:RegisteredOffice2022-04-012023-03-3103553788bus:Consolidated2023-03-31035537882023-03-3103553788bus:Consolidated2021-04-012022-03-31035537882021-04-012022-03-3103553788core:RetainedEarningsAccumulatedLossesbus:Consolidated2022-04-012023-03-3103553788core:RetainedEarningsAccumulatedLossesbus:Consolidated2021-04-012022-03-3103553788core:RetainedEarningsAccumulatedLosses2021-04-012022-03-3103553788core:RetainedEarningsAccumulatedLosses2022-04-012023-03-3103553788core:ShareCapitalbus:Consolidated2023-03-3103553788core:ShareCapitalbus:Consolidated2022-03-3103553788core:CapitalRedemptionReservebus:Consolidated2023-03-3103553788core:CapitalRedemptionReservebus:Consolidated2022-03-3103553788core:OtherMiscellaneousReservebus:Consolidated2023-03-3103553788core:OtherMiscellaneousReservebus:Consolidated2022-03-3103553788core:ShareCapital2023-03-3103553788core:ShareCapital2022-03-3103553788core:CapitalRedemptionReserve2023-03-3103553788core:CapitalRedemptionReserve2022-03-3103553788core:RetainedEarningsAccumulatedLosses2023-03-3103553788core:ShareCapitalbus:Consolidated2021-03-3103553788core:CapitalRedemptionReservebus:Consolidated2021-03-3103553788core:RetainedEarningsAccumulatedLossesbus:Consolidated2021-03-3103553788core:RetainedEarningsAccumulatedLossesbus:Consolidated2022-03-3103553788core:RetainedEarningsAccumulatedLossesbus:Consolidated2023-03-3103553788core:ShareCapital2021-03-3103553788core:CapitalRedemptionReserve2021-03-3103553788core:RetainedEarningsAccumulatedLosses2021-03-3103553788core:RetainedEarningsAccumulatedLosses2022-03-31035537882022-03-3103553788bus:Consolidated2022-03-3103553788core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2023-03-3103553788core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2022-03-3103553788core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3103553788core:CurrentFinancialInstrumentscore:WithinOneYear2022-03-3103553788core:CurrentFinancialInstruments2023-03-3103553788core:CurrentFinancialInstruments2022-03-3103553788core:CurrentFinancialInstrumentsbus:Consolidated2023-03-3103553788core:CurrentFinancialInstrumentsbus:Consolidated2022-03-3103553788bus:PrivateLimitedCompanyLtd2022-04-012023-03-3103553788bus:FRS1022022-04-012023-03-3103553788bus:Audited2022-04-012023-03-3103553788bus:ConsolidatedGroupCompanyAccounts2022-04-012023-03-3103553788bus:FullAccounts2022-04-012023-03-31xbrli:purexbrli:sharesiso4217:GBP