Company registration number 08118255 (England and Wales)
BRITISH CABLES COMPANY LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
BRITISH CABLES COMPANY LIMITED
COMPANY INFORMATION
Directors
Mr K I Samuel
Mr J E Wilms
Company number
08118255
Registered office
Ashenhurst Works
Blackley
Manchester
M9 8ES
Auditor
MHA Moore and Smalley
Richard House
9 Winckley Square
Preston
PR1 3HP
BRITISH CABLES COMPANY LIMITED
CONTENTS
Page
Strategic report
1 - 5
Directors' report
7 - 9
Directors' responsibilities statement
6
Independent auditor's report
10 - 12
Statement of income and retained earnings
13
Balance sheet
14
Notes to the financial statements
15 - 29
BRITISH CABLES COMPANY LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2023
- 1 -

The directors present the strategic report for the year ended 30 June 2023.

Review of the business

The principal activity of the company continued to be that of manufacturing, cutting and distribution of cables.

 

British Cables Company’s (BCC) turnover was slightly below prior year, which was due to end of a large export copper cable contract and also due to a moratorium being placed by BCC's large customer for a period of 3 months with the effect spread over 6 months. War in Ukraine continues to have pressure on raw material prices as well as energy prices, which has made competing with foreign imports a lot difficult. Our industry is also LME (London Metal Exchange) driven and turnover year on year (YoY) is therefore not directly comparable. Average LME (copper) in 21/​22 was £7,140 and in 22/​23 LME had increased to £6,878. Overall turnover decreased by £1.4m, of which the copper impact was £0.4m positive and volume was £1.8m reduction. Openreach continue to rollout fibre to new build properties, which influences the copper cables we manufacture. Sales in to the Rail sector increased by 44% YoY but Copper Telco cable saw the largest reduction compared to prior year. Due to the moratorium fibre sales reduced by just over £1m YoY.

 

Common across the whole of the cable manufacturing industry has been and continues to be the indirect impact of the war in Ukraine namely increased raw material costs / material shortages and long lead times.

 

One major account imposed a moratorium on spend affecting all of their suppliers, which although originally thought to last 3 months ended lasting a full half of year with the obvious negative effect on revenues. Order levels have since started to return to pre challenge levels.

 

We continue to resolutely adhere to the key strategic objective of reducing the dependency on the copper telecommunications market by entering new markets, securing new customers and supplying newly introduced products through our NPI program. New rail products targeting the rail infrastructure sectors both in the UK and Europe gain significant traction which bode well for the ensuing years.

 

The increase in trading accounts continues to be key in our development and our risk spreading strategy. Active accounts continue to remain on a steady and upward trajectory.

 

Embracing digitalisation and utilisation of several new platforms drives and continues to build the BCC brand. Engagement with the British Government / Department of International trade combined with the “Buy British overtones” have allowed us to enter / tender for more infrastructure projects Internationally. The Middle East markets in particular call for UK manufactured products.

 

BCC’s manufacturing efficiency remains a key focus along with scrap management / scrap reduction programs

 

The transfer of the manufacturing facility from our sister Company in Ireland has been completed, thus increasing both manufacturing capability and capacity. This will allow BCC to produce products for existing, new and emerging markets.

 

Tight labour markets required extra focus on resource planning, upskilling, multiskilling, succession programs and retention.

 

Entering and focussing on developing business in these new and buoyant markets, securing medium and long-term contracts will provide significant growth over the ensuing years.

BRITISH CABLES COMPANY LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 2 -
Principal risks and uncertainties

The company makes little use of financial instruments other than an operational bank account and confidential invoice finance facility, so its exposure to credit risk, liquidity risk and cash flow risk is not material for the assessment of the assets, liabilities, financial position and profit and loss of the company.

Price risk

The company is exposed to commodity price risk as a result of its operations. The directors believe that the group has adequate controls established to ensure that prices charged to customers reflect the cost of copper for each order received.

Foreign exchange risk

The company operates internationally and is exposed to foreign exchange risk arising from various currency exposures, primarily with respect to Euros. Foreign risk arises from future commercial transaction and recognised assets and liabilities.

Development and performance

Since the movement of machinery from sister company IDH, BCC are now fully operational and approved for all the cable range previously being manufactured by IDH. A small delay in getting the equipment setup was due to lead time of new equipment added to existing piece of kit, which will make the manufacturing more efficient and price more competitive in a highly competitive market.

 

IDH Limited will be supported by BCC in UK to manufacture goods for Irish and export market, but will continue to be a Hans Wilms Beteiligungs GmbH company. It was also decided that some manufacturing will remain in IDH, so they can serve the Irish markets.

 

The business has successfully secured new long-term contracts to supply optical fibre cables and also new contract for supply of copper telecommunication cable. Both these commenced from Autumn 2021.

BRITISH CABLES COMPANY LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 3 -
Health safety and environment

The key tenet of the business continues to be health, safety, quality and the environment. The health and safety of all employees remains paramount.

Our policy aims to provide and support a culture where health, safety, quality and the environment is at the top of everyone's agenda. This has been achieved by ensuring that all our staff, operatives and sub-contractors receive adequate training, have the correct personal protective equipment and feel empowered to raise any concerns that they may have.

The Company retains its enviable record of exceeding H&S standards having achieved the RoSpa Presidents award for three consecutive years following being awarded Gold awards each year for over a decade.

Accreditations

 

BS EN ISO 9001 : 2015    Quality Management System

BS EN ISO 14001 : 2015  Environmental Management System

BS EN 45001 : 2018 Health & Safety Management System

 

Certificate of Product Approval to  cover cables to BS EN 50525-3-41:2011

H07Z-R Class 2 1 core 1.5mm2 to 25mm2

H05Z-K Class 5 1 core 0.5mm2 to 1mm2

H07Z-K Class 5 1 core 1.5mm2 to 10mm2

 

Certificate of Product Approval to cover cables to BS 8436:2011

Screened Class 2 2 core, 3 core and 4 core 1.0mm² to 4.0mm²  

Certificate of Product Approval to  cover cables to BS 7211:2012

6241B- 6243B – Class 1 & Class 2, 1.5mm2 – 16mm2

Certificate of Product Approval to cover cables to BS 6004:2012

6181Y Class 1 1 core 1.0mm² to 2.5mm² and Class 2 1 core 4.0mm² to 25mm²

Certificate of Product Approval to  cover cables to BS 7629-1:2015FG200 Fire Resistant Screened Class 1 & 2 2 core, 3 core and 4 core 1.5mm² to 4.0mm²  

LPCB Certificate of Product Approval to cover single core fire resistant cables to BS 6387:2103

FG100 Single Core Fire Resistant cables 1.0mm2 – 16.0mm2

BCC also have a range of certificates /​ approvals covering the fire performance CPR requirements.

Key Performance Indicators

2023     2022

£'000      £'000

 

Turnover         35,249        36,696

Gross profit         7.3%     8%

EBITDA         276         910

EBITDA %          0.8%         2.4%

Debtor Days         65          71

Creditor Days         58         60

 

Gross profit % dropped to 7.3% which is mainly to do with the energy price increases and packaging price increases. EBITDA % dropped 1.6% due to these large hikes.

Debtor days have gone down from 71 days to 65 days. This is due to improvements in cash collections and challenging some increased payment terms requested. Creditor days have reduced year on year from 60 days to 58 days. This seems to be the longest terms currently being offered by suppliers. As there is shortage of supplies, trying to negotiate extended terms doesn’t seem to be of interest. Moving to new suppliers is becoming difficult, as suppliers are only willing to serve its existing customers base.

BRITISH CABLES COMPANY LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 4 -
Compliance with duty

This statement by the board describes how the responsibilities under s172 (1) (a) to (f) of the Companies Act 2006 have been approached. The directors consider that they have acted in good faith to promote the success of the company on behalf of the stakeholders, in relation to matters set out in s172 of the Act. The stakeholders of the business include the employees, clients and suppliers of the business.

 

The directors monitor and review strategic objectives against growth plans and regular reviews at departmental and board level are held across the business in the key areas. These areas being H & S, Financial performance, Operations, Human Resources and Risks and Opportunities.

 

The directors consider H&S fundamental to the management of the business. Safe working practices that minimise environmental impact are key to the success of the business and vitally important for our stakeholders, the communities and the environments we work in.

 

The fundamental principle in the governance of British Cables Company is the clear, fair and trusting approach to all interactions with employees, clients and suppliers; this is reflected in the length of service of employees and management teams and the longevity of the relationships with our clients and suppliers.

The company’s employees, clients and suppliers are critical to the success of the business and so it is recognised that engagement is an important aspect in those relationships.

 

The directors recognise and understand that it is important to keep employees informed of all matters concerning them and does this in a number of ways including site notices, meetings, verbal and written communications. The views and interests of employees are considered in consultation with them through working groups or forums, which evolve over time to meet the needs of all parties. The policy of the company is to consult and discuss with employees any issues that arise in accordance with relevant procedures or legislation.

 

The company has an equal opportunities policy and is committed to the principles within the policy in respect of all stakeholders. The company has built, and continues to grow, the business on a reputation for delivering excellent customer service. The company, through the senior management team and employees, strives continuously to improve in every aspect of the products and services it provides, for the mutual benefit of all stakeholders.

 

The company enjoys good relationships with suppliers in relation to credit arrangements and takes a firm approach to debtor management. Payment terms reduce the risk to the business whilst the process for debt collection minimises the risk of non-payments. The directors have overall responsibility for delivering the company’s strategy and values and for ensuring high standards of governance. The primary aim of the directors is to promote the long-term sustainable success of the company to generate benefit for the stakeholders

 

Strong customer relationships and a reputation for delivering great customer service will provide a springboard for continued growth with existing and new customers. Our increased capability and capacity positions us well for securing sustainable growth over the ensuing years.

 

The experienced team, along with the supportive shareholders will continue to drive the business through 2020 and beyond. A strong balance sheet and cash position means the business is in the perfect position to build on the success of past years.

 

Business investment and improvement plans will continue to further enhance health and safety culture, improve the client experience, and develop our people and systems to provide greater efficiencies for the benefit of all stakeholders.

 

The directors are very confident for the future of the business.

 

 

BRITISH CABLES COMPANY LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 5 -

On behalf of the board

Mr K I Samuel
Director
6 November 2023
BRITISH CABLES COMPANY LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 JUNE 2023
- 6 -

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 company and of the profit or loss of the company 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 company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

BRITISH CABLES COMPANY LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2023
- 7 -

The directors present their annual report and financial statements for the year ended 30 June 2023.

Principal activities

The principal activity of the company continued to be that of manufacturing of telecommunications and rail trackside signalling cables.

Results and dividends

The results for the year are set out on page 13.

Directors

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

Mr K I Samuel
Mr J E Wilms
Auditor

The auditor, MHA Moore and Smalley, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Energy and carbon report
2023
2022
Energy consumption
kWh
kWh
kWh
kWh
Aggregate of energy consumption in the year
- Gas combustion
1,748,293
1,384,020
- Fuel consumed for transport
254,529
62,013
- Electricity purchased
4,364,101
4,584,681
6,366,923
6,030,714
Emissions of CO2 equivalent
Metric tonnes
Metric tonnes
Metric tonnes
Metric tonnes
Scope 1 - direct emissions
- Gas combustion
315.00
254.00
- Fuel consumed for owned transport
44.00
62.00
359.00
316.00
Scope 2 - indirect emissions
- Electricity purchased
904.00
887.00
Total gross emissions
1,263.00
1,203.00
Intensity ratio
Tonnes CO2e per employee
12.62
11.34
BRITISH CABLES COMPANY LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 8 -
Quantification and reporting methodology

We have followed the 2019 HM Government Environmental Reporting Guidelines. We have also used the GHG Reporting Protocol – Corporate Standard and have used the 2022/23 UK Government’s Conversion Factors for Company Reporting.

 

Utilities

Invoices from electricity and natural gas suppliers were provided, with energy consumption expressed in kilowatt hours. Emissions were calculated using the average UK mix.

 

Transport

Fuel consumption by company owned vehicles is recorded by fuel cards, expressed in litres.

Energy consumption and emissions were calculated using the average forecourt mineral blend of fuels.

For rental vehicles the engine size and mileage was recorded. Vehicles were grouped by engine size and fuel type according reporting guidance in order to estimate emissions, which in turn was converted to energy consumption in kilowatt hours. For combustion engines the average forecourt mineral blend was used and for electric vehicles the average UK generation mix was used.

 

Fugitive Emissions

Where air conditioning repairs included replacement of escaped refrigerant gasses, invoices from maintenance contractors were provided, expressing the type of refrigerant used and quantity in kilograms. All emissions have been converted and expressed as its carbon dioxide equivalent.

Intensity measurement

The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per full-time employee, a recommended ratio for the sector.

Measures taken to improve energy efficiency

Future strategy surrounds the continuous look out for efficiencies to be made within the production processes.

 

These include:

 

- Greater power savings by the shutting down of key production processes when they are in standby mode and the conversion of Core lines to more efficient drive systems. For example, DC to AC power on Lines 1512 and 1513 is planned to be rolled out across all Core production lines over time.

 

- Core vessel management has been reviewed and shorter times (electrical savings) are to be used without degradation in product quality.

 

- Greater control on the usage of gas heating across the site where older gas lines have been removed and more efficient electrical systems installed for personnel welfare.

 

- Finally following the Management Review 2023, an ambitious 1.5 % Carbon reduction has been agreed to continue to aim of a minimum certification level of C by 2030.

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 company’s auditor 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 company’s auditor is aware of that information.

Going concern

After performing their assessment and making appropriate enquiries, the directors have a reasonable expectation that the company will remain a going concern for the foreseeable future and accordingly, the financial statements have been prepared on a going concern basis. The results and conclusions of the going concern assessment are described in more detail in note 1 of the financial statements.

BRITISH CABLES COMPANY LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 9 -
On behalf of the board
Mr K I Samuel
Director
6 November 2023
BRITISH CABLES COMPANY LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BRITISH CABLES COMPANY LIMITED
- 10 -
Opinion

We have audited the financial statements of British Cables Company Limited (the 'company') for the year ended 30 June 2023 which comprise the statement of income and retained earnings, the balance sheet 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 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 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.

BRITISH CABLES COMPANY LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BRITISH CABLES COMPANY LIMITED
- 11 -

Opinions on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or 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 company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The procedures we carried out and the extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

BRITISH CABLES COMPANY LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BRITISH CABLES COMPANY LIMITED
- 12 -

 

Because of the field in which the client operates we identified that employment law, health and safety legislation and compliance with the UK Companies Act are the areas most likely to have a material impact on the financial statements.

 

Owing to the inherent limitations of an audit, there is an unavoidable risk that some material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK). For instance, the further removed non-compliance is from the events and transactions reflected in the financial statements, the less likely the auditor is to become aware of it or to recognise the non-compliance.

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.

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.

Paul Locker
Senior Statutory Auditor
For and on behalf of MHA Moore and Smalley
Chartered Accountants
Statutory Auditor
Richard House
9 Winckley Square
Preston
PR1 3HP
6 November 2023
BRITISH CABLES COMPANY LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 30 JUNE 2023
- 13 -
2023
2022
Notes
£'000
£'000
Turnover
3
35,249
36,695
Cost of sales
(32,661)
(33,644)
Gross profit
2,588
3,051
Administrative expenses
(2,562)
(2,682)
Other operating income
-
0
71
Operating profit
5
26
440
Interest payable and similar expenses
8
(235)
(86)
(Loss)/profit before taxation
(209)
354
Tax on (loss)/profit
9
(115)
(58)
(Loss)/profit for the financial year
(324)
296
Retained earnings brought forward
13,136
12,920
Dividends
10
(120)
(80)
Retained earnings carried forward
12,692
13,136

The profit and loss account has been prepared on the basis that all operations are continuing operations.

BRITISH CABLES COMPANY LIMITED
BALANCE SHEET
AS AT
30 JUNE 2023
30 June 2023
- 14 -
2023
2022
Notes
£'000
£'000
£'000
£'000
Fixed assets
Tangible assets
11
925
788
Investments
12
9
9
934
797
Current assets
Stocks
14
9,264
8,594
Debtors
15
15,300
16,515
Cash at bank and in hand
147
167
24,711
25,276
Creditors: amounts falling due within one year
16
(12,953)
(12,937)
Net current assets
11,758
12,339
Total assets less current liabilities
12,692
13,136
Capital and reserves
Called up share capital
20
-
0
-
0
Profit and loss reserves
12,692
13,136
The financial statements were approved by the board of directors and authorised for issue on 6 November 2023 and are signed on its behalf by:
Mr K I Samuel
Director
Company Registration No. 08118255
BRITISH CABLES COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 15 -
1
Accounting policies
Company information

British Cables Company Limited is a private company limited by shares incorporated in England and Wales. The registered office is Ashenhurst Works, Blackley, Manchester, M9 8ES.

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.

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 £'000.

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

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’: Interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

- Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

 

The financial statements of the company are consolidated in the financial statements of Standard Cableteam UK Limited. These consolidated financial statements are available from its registered office, Delauneys Road, Blackley, Manchester, M9 8FP, United Kingdom.

BRITISH CABLES COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 16 -
1.2
Going concern

As with most businesses, at the date of approval of the financial statements, the company has been recovering from the effects of the Covid-19 pandemic. Currently 3 things that we are assessing on a regular basis is are:

 

War in Ukraine – this is having a bigger impact than Covid-19 has done. Shortages in supplies of certain raw materials is driving higher prices. Also, sanctions placed by the UK government with Russia is making it difficult for our suppliers to source materials. We have been comforted by our suppliers that they have alternative supplies in place, albeit at a slightly higher costs, but supply will continue.

 

Energy Costs – as the country is feeling the pressure from wholesalers increasing energy costs, and seeing large numbers of ‘smaller’ energy companies not being able to survive. We have been working closely with our brokers to ensure this does not have big impact on our costs, and manage our energy costs for us.

 

Inflation – this has increased 3 folds from 12 months ago. We are seeing that prices of not only raw materials, but transport, fuel, energy and commodity increasing. In order to minimize impact of inflation we are making some improvements on our production by driving efficiencies, and negotiating hard with our raw material suppliers to keep the prices down. Ultimately we are also negotiating with our customers, with whom we have long term contracts, to pass some of the increase over.

 

The directors have prepared detailed cashflow forecasts including assumptions on key contracts which have now come to fruition, these demonstrate that the company has sufficient cash resources to be able to withstand the future trading conditions arising due to the factors listed above, whilst being able to continue to meet its liabilities as they fall due and meet the financial covenant requirements for the 12 month period following approval of the accounts. The Hans Wilms Beteiligungs-GmbH group has also confirmed that it will provide financial support for the company for the 12 month period following the approval of the accounts. Therefore the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Plant and machinery
3 - 5 years

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

BRITISH CABLES COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 17 -

Assets in the course of construction are not depreciated as they have no been brought into use.

1.5
Fixed asset investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

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

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

BRITISH CABLES COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 18 -
1.8
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.

1.9
Financial instruments

The company 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 company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with 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.

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 company 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.

BRITISH CABLES COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 19 -
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 company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans and loans from fellow group companies 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.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.10
Equity instruments

Equity instruments issued by the company 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 company.

1.11
Taxation

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

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 company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

BRITISH CABLES COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 20 -
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 when the company has 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.

1.12
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.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.14
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 leases asset are consumed.

1.15
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.16
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.

BRITISH CABLES COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 21 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The company manufactures and buys copper and fibre cable. It is necessary to consider the recoverability of the cost of inventory and the associated provisioning required. When calculating the inventory provision, management considers stock not sold within the last 12 months, stock over 12 months old, short lengths and stock for which the company has more than 12 months of cover.

Standard costing of copper

Stock is stated at the lower of cost and estimated selling price less cost to complete and sell. Cost is determined on a standard cost basis and is reviewed periodically. The carrying value of stock at the year end is as disclosed in note 14.

3
Turnover and other revenue

An analysis of the company's turnover is as follows:

2023
2022
£'000
£'000
Turnover analysed by geographical market
United Kingdom
27,491
32,121
Continental Europe
5,267
3,350
Rest of World
2,491
1,224
35,249
36,695
2023
2022
£'000
£'000
Other revenue
Grants received
-
71
4
Exceptional item
2023
2022
£'000
£'000
Expenditure
Exceptional item
-
87
BRITISH CABLES COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
4
Exceptional item
(Continued)
- 22 -

The company shipped plant and machinery from overseas in the previous period from a fellow group undertaking. The exceptional costs incurred in that period relate to the costs to transport the plant and machinery to the company's premises.

5
Operating profit
2023
2022
Operating profit for the year is stated after charging/(crediting):
£'000
£'000
Exchange losses/(gains)
358
(156)
Research and development costs
48
48
Government grants
-
(71)
Fees payable to the company's auditor for the audit of the company's financial statements
29
24
Depreciation of owned tangible fixed assets
249
442
Operating lease charges
358
356
6
Employees

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

2023
2022
Number
Number
Production
78
84
Administrative
22
22
Total
100
106

Their aggregate remuneration comprised:

2023
2022
£'000
£'000
Wages and salaries
3,482
3,565
Social security costs
389
397
Pension costs
201
199
4,072
4,161
BRITISH CABLES COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 23 -
7
Directors' remuneration
2023
2022
£'000
£'000
Remuneration for qualifying services
153
171
Company pension contributions to defined contribution schemes
13
12
166
183

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2022 - 1).

 

8
Interest payable and similar expenses
2023
2022
£'000
£'000
Interest on bank overdrafts and loans
235
86
9
Taxation
2023
2022
£'000
£'000
Current tax
UK corporation tax on profits for the current period
31
-
0
Deferred tax
Origination and reversal of timing differences
69
58
Changes in tax rates
15
-
0
Total deferred tax
84
58
Total tax charge
115
58
BRITISH CABLES COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
9
Taxation
(Continued)
- 24 -

The actual charge for the year can be reconciled to the expected (credit)/charge for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£'000
£'000
(Loss)/profit before taxation
(209)
354
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 20.50% (2022: 19.00%)
(43)
67
Tax effect of expenses that are not deductible in determining taxable profit
1
2
Tax effect of income not taxable in determining taxable profit
(2)
-
0
Effect of change in corporation tax rate
15
14
Group relief
-
0
(16)
Depreciation on assets not qualifying for tax allowances
2
-
0
Under/(over) provided in prior years
31
-
0
Deferred Tax not recognised
111
-
0
Super deduction enhanced relief
-
0
(9)
Taxation charge for the year
115
58

In March 2021 the Chancellor confirmed, in the budget, an increase in the corporation tax rate from 19% to 25%. The Finance Bill 2021 had its third reading on 24 May 2021 and is now considered substantively enacted. The timing differences expected to reverse on or after 1 April 2023 have been accounted for at 25%.

10
Dividends
2023
2022
£'000
£'000
Final paid
120
80
BRITISH CABLES COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 25 -
11
Tangible fixed assets
Assets under construction
Plant and machinery
Total
£'000
£'000
£'000
Cost
At 1 July 2022
135
5,938
6,073
Additions
-
0
386
386
Transfers
(135)
135
-
0
At 30 June 2023
-
0
6,459
6,459
Depreciation and impairment
At 1 July 2022
-
0
5,285
5,285
Depreciation charged in the year
-
0
249
249
At 30 June 2023
-
0
5,534
5,534
Carrying amount
At 30 June 2023
-
0
925
925
At 30 June 2022
135
653
788
12
Fixed asset investments
2023
2022
Notes
£'000
£'000
Investments in subsidiaries
13
9
9
Movements in fixed asset investments
Shares in group undertakings
£'000
Cost
At 1 July 2022 & 30 June 2023
9
Carrying amount
At 30 June 2023
9
At 30 June 2022
9
13
Subsidiaries

Details of the company's subsidiaries at 30 June 2023 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
BCC MEA FZE
United Arab Emirates
Ordinary
100.00
BRITISH CABLES COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 26 -
14
Stocks
2023
2022
£'000
£'000
Raw materials and consumables
2,738
2,842
Work in progress
1,205
1,066
Finished goods
5,321
4,686
9,264
8,594
15
Debtors
2023
2022
Amounts falling due within one year:
£'000
£'000
Trade debtors
6,318
7,144
Corporation tax recoverable
65
68
Amounts owed by group undertakings
3,887
4,032
Other debtors
480
489
Prepayments and accrued income
606
754
11,356
12,487
Deferred tax asset (note 19)
67
151
11,423
12,638
2023
2022
Amounts falling due after more than one year:
£'000
£'000
Amounts owed by group undertakings
3,877
3,877
Total debtors
15,300
16,515
16
Creditors: amounts falling due within one year
2023
2022
Notes
£'000
£'000
Bank loans
17
3,373
4,177
Trade creditors
4,115
4,602
Amounts owed to group undertakings
3,889
1,958
Taxation and social security
961
1,448
Other creditors
535
601
Accruals and deferred income
80
151
12,953
12,937
BRITISH CABLES COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 27 -
17
Loans and overdrafts
2023
2022
£'000
£'000
Bank loans
3,373
4,177
Payable within one year
3,373
4,177

The bank loans are secured by a debenture over all of the company's assets and undertaking as well as fixed and floating charges over the property at Ashenhurst Works, Blackley, which is owned by HW Real Estate UK Ltd.

 

18
Retirement benefit schemes
2023
2022
Defined contribution schemes
£'000
£'000
Charge to profit or loss in respect of defined contribution schemes
201
199

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

19
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Assets
Assets
2023
2022
Balances:
£'000
£'000
Accelerated capital allowances
53
147
Short term timing differences
14
4
67
151
2023
Movements in the year:
£'000
Asset at 1 July 2022
(151)
Charge to profit or loss
84
Asset at 30 June 2023
(67)
BRITISH CABLES COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 28 -
20
Share capital
2023
2022
£'000
£'000
Issued and fully paid
1 Ordinary of £1 each
-
-
-
0
-
0
21
Financial commitments, guarantees and contingent liabilities

There are unlimited cross company guarantees on bank borrowing facilities and loans between British Cables Company Limited, HW Real Estate UK Ltd and Standard Cableteam UK Limited.

 

The potential liability at 30 June 2023 for the company under this guarantee is £2,050,000.

22
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2023
2022
£'000
£'000
Within one year
67
14
Between two and five years
49
10
116
24
23
Capital commitments

Amounts contracted for but not provided in the financial statements:

2023
2022
£'000
£'000
Acquisition of tangible fixed assets
-
30
24
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Rent payable
Management fee receivable
2023
2022
2023
2022
£'000
£'000
£'000
£'000
Other related parties
330
330
(50)
(50)
BRITISH CABLES COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
24
Related party transactions
(Continued)
- 29 -

The following amounts were outstanding at the reporting end date:

2023
2022
Amounts due from related parties
£'000
£'000
Other related parties
393
268
Other information

The company has taken advantage of the disclosure exemption relating to section 33.1A of the standard with regards to the requirement of disclosing transactions with fellow group entities.

25
Ultimate controlling party

As at the balance sheet date, the company is a wholly owned subsidiary of Standard Cableteam UK Limited. The directors consider that the ultimate parent undertaking of this company is Hans Wilms Beteiligungs GmbH.

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