REGISTERED NUMBER: |
CP Plus Limited |
Strategic Report, Directors' Report and |
Financial Statements |
for the Year Ended 30 June 2023 |
REGISTERED NUMBER: |
CP Plus Limited |
Strategic Report, Directors' Report and |
Financial Statements |
for the Year Ended 30 June 2023 |
CP Plus Limited (Registered number: 02595379) |
Contents of the Financial Statements |
for the year ended 30 June 2023 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Directors' Report | 5 |
Independent Auditors' Report | 7 |
Statement of Comprehensive Income | 10 |
Balance Sheet | 11 |
Statement of Changes in Equity | 12 |
Notes to the Financial Statements | 13 |
CP Plus Limited |
Company Information |
for the year ended 30 June 2023 |
Directors: |
Secretary: |
Registered office: |
Registered number: |
Auditors: |
Statutory Auditor |
New Derwent House |
69-73 Theobalds Road |
London |
WC1X 8TA |
CP Plus Limited (Registered number: 02595379) |
Strategic Report |
for the year ended 30 June 2023 |
The directors present their strategic report for the year ended 30 June 2023. |
We aim to present a balanced and comprehensive review of the development and performance of our business during the year and its position at the year end. |
Our review is consistent with the size and nature of our business and is written in the context of the risks and uncertainties we face. |
Review of the business |
The company's main objective is to provide a quality car park management solution to Landowners and to provide the highest possible service to all our clients. To achieve this objective the strategy has been to adapt our service provision to the ever-changing needs of our clients. We believe the car park is an integral part of a customer's journey and we are committed to helping our clients understand their customers' behaviour so they can respond to their customers' needs efficiently and effectively. |
The GroupNexus brand is now in its fifth year and continues to build on the integration process that started when CP Plus Ltd acquired Ranger Services Ltd and Highview Parking Ltd in 2015. CP Plus Ltd trading as GroupNexus offers our clients and their customers an end-to-end solution utilising both technology and manpower to enable a smoother parking experience together with expertise that will maximise our client's potential for both revenue growth and user engagement and satisfaction. |
Our strength remains our ability to continually innovate and adapt to the market's needs, using the strength of technological expertise, nationwide manpower and resources, together with the many years' experience of the client service team to create a seamless, efficient and personalised service provision to our clients. |
The directors note the following key performance indicators which are used by management to actively and effectively run the business with the joint aims of maximising stakeholder value and profitability. |
Turnover |
Turnover for the year ended 30 June 2023 increased by £5,285,418 or 18% (2023: £34,497,097 vs 2022: £29,211,679). |
Gross profit |
Gross profit for the year ended 30 June 2023 increased by £3,150,223 or 25% when compared to the previous year (2023: £15,698,992 vs 2022: £12,548,769) with our gross profit percentage increasing to 45.5% (2022: 43%). |
Net profit |
The year to 30 June 2023 showed net profit before tax of £8,742,507 (2022: £4,552,469), an increase of 92% or £4,190,038. These figures show continued strong performance post the pandemic as a result of new contract wins and the resilience of the underlying business. We continue to make significant investment in our technology and infrastructure, the return on this investment is evident in our financial performance, contract retention and customer satisfaction. Directors and senior management teams continue to explore new opportunities and technologies to support existing customers and win new contract to grow our businesses together. |
CP Plus Limited (Registered number: 02595379) |
Strategic Report |
for the year ended 30 June 2023 |
Principal risks and uncertainties |
The principal risks to the business are: |
- the maturing nature of the industry, which means that new opportunities are harder to identify. |
- the potential impact of the Parking (Code of Practice) Act 2019, which may reduce the level of the maximum Parking Charge Notice tariff by more than 50% |
However, due to: |
- the large cross section of clients and market sectors that we operate in |
- the company's tender expertise and reputation |
- the investment we have made, and continue to make, in our infrastructure and technology |
- our commercial model which mitigates any dependency on enforcement tariffs |
- our commercial model where we are not exposed to high capital costs at increasing interest rates as we solely manage and operate car parks for landowners, we do not own the car parks we manage |
- the breadth of services that we offer |
- the high barriers to entry for new and existing entrants, |
we feel that CP Plus's position is secure, and we are well placed to accelerate our growth within a fast-changing market. CP Plus continues to provide a full and bespoke service offering to its clients rather than focusing on one aspect of the parking solution. This approach suits our clients and enables us to stand out amongst our competitors. We continue to actively research new services and developments that we can introduce to our clients, and we believe that this will lead to the company's continuing success over the short, medium and long term. |
The company's principal financial instruments comprise bank balances, trade debtors and trade creditors. The main purpose of these instruments is to raise funds and finance the company's operations. |
Due to the nature of these financial instruments used by the company there was no exposure to price risk. The approach to managing other risks applicable to the financial instruments concerned is shown below. |
In respect of bank balances the liquidity risk is managed by maintaining a healthy balance of liquid funds. The company also makes use of a mixture of overnight money market facilities as well as medium term deposits depending on the funds it has available and its forward commitments. |
Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits. |
Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due. |
Whilst there is some risk attached to the supply chain and labour shortages due to various economic factors (pandemic, war, energy price, inflation), we feel that CP Plus has a low level of exposure to these factors. We conduct regular supply chain and stock reviews to minimise these risks as far as practicable. |
Operational risks and developments |
Due to the high level of staffing involved in providing the services to many of our clients, we actively conduct training reviews and ensure that all new employees have an adequate induction period followed by ongoing training. We continue our drive to improve our systems to record the skills and development needs of all our staff. |
We have the highest international Quality Standards Awards available, ISO 9001 Quality Management & ISO 14001 Environmental Management along with our SIA & ACS accreditations, which encompass all our procedures and operations. |
General Data Protection Regulation (GDPR) was applicable from 25 May 2018. To ensure we are compliant, we conduct internal training sessions and invest in systems along with third party governance and audits to ensure that we meet our obligations. |
CP Plus Limited (Registered number: 02595379) |
Strategic Report |
for the year ended 30 June 2023 |
Employee involvement |
The company's policy is to consult and discuss with employees through staff councils and at meetings, matters likely to affect employee's interests. We undertake a programme of continual staff training and we always aim to meet the highest levels of skill required to deliver the service. |
Disabled employees |
The company's policy is to recruit disabled workers for those vacancies that they are able to fill. All necessary assistance with initial training courses is given. Arrangements are made, wherever possible, for retraining employees who become disabled, to enable them to perform work identified as appropriate to their aptitudes and abilities. |
Human Rights |
The business recognises each individual's Human Rights. Following the Human Right Act and the Equality Act 2010 we ensure that we treat everyone equally and without discrimination. The business does not tolerate discrimination against employees, directly or indirectly, on the grounds of their gender, age, religion, marital status, race, social background, disability, pregnancy, ethnic and national origin, nationality, membership of worker organisations (including trade unions), political affiliation, sexual orientation, or any other personal characteristic. |
Anti-corruption and bribery |
The company has made all its employees aware of the Bribery Act and it is the company's policy that individuals are forbidden to give, offer, receive or solicit a bribe. We have established a zero-tolerance regime and conduct risk assessments on both the Company and its Employees during each person's annual performance review. |
High Standards |
As a company we pride ourselves on continually achieving the very highest professional standards that apply to our industry sector. We have the highest international Quality & Environmental Standard Awards available, ISO 9001:2015 & ISO 1400:2015, which encompass all our procedures, operations and objectives. |
This also means that we are fully compliant with BS 10800:2020 Provision of security services, BS 7499:2020 Provision of static guarding security services, BS 7858:2019 Screening of individuals working in a secure environment, BS7958: 2015 Closed Circuit Television (CCTV), Management and Operation. |
As well as being members of the BPA (British Parking Association), CP Plus is a founder member of the BPA's Approved Operator Scheme (AOS) and were instrumental in formulating the Code of Practice that bona fide car park management companies operate under and ensures that all drivers are treated fairly. CP Plus (trading as GroupNexus) is also an SIA Approved Contractor Scheme for the delivery of Security Guarding & CCTV Services throughout the UK. |
Our company is also accredited, under the SSIP umbrella, to Safe Contractor Health & Safety and PQQ which verifies our business against key business sustainability topics which include health and safety, equal opportunities, diversity, anti-bribery, GDPR and environmental management policies. |
In addition, we hold Cyber Essentials Plus certification. |
On behalf of the board: |
CP Plus Limited (Registered number: 02595379) |
Directors' Report |
for the year ended 30 June 2023 |
The directors present their report with the financial statements of the company for the year ended 30 June 2023. |
Principal activity |
The principal activity of the company continues to be that of car park and security management. |
Dividends |
No dividends will be distributed for the year ended 30 June 2023. |
Directors |
The directors shown below have held office during the whole of the period from 1 July 2022 to the date of this report. |
Other changes in directors holding office are as follows: |
Political and charitable contributions |
Charitable donations during the year totalled £122,786 (2022: £47,200). No donations were made to political parties. |
Directors' responsibilities statement |
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's 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. |
Statement as to disclosure of information to auditors |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
CP Plus Limited (Registered number: 02595379) |
Directors' Report |
for the year ended 30 June 2023 |
Auditors |
The audit business of Haines Watts London LLP was acquired by Cooper Parry Group Limited on 14 November 2023. Haines Watts London LLP has resigned as auditor and Cooper Parry Group Limited has been appointed in its place. |
The auditors, Cooper Parry Group Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
On behalf of the board: |
Independent Auditors' Report to the Members of |
CP Plus Limited |
Opinion |
We have audited the financial statements of CP Plus Limited (the 'company') for the year ended 30 June 2023 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 30 June 2023 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the 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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Directors' Report, but does not include the financial statements and our Auditors' Report thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements. |
Independent Auditors' Report to the Members of |
CP Plus Limited |
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 where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Directors' Responsibilities Statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
Irregularities, including fraud, are instances of 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 extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below. |
We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We discussed with the Directors the policies and procedures in place regarding compliance with laws and regulations. We discussed amongst the audit team the identified laws and regulations, and remained alert to any indications of non-compliance. |
During the audit we focussed on laws and regulations which could reasonably be expected to give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management. |
Our procedures in relation to fraud included but were not limited to: inquiries of management whether they have any knowledge of any actual, suspected or alleged fraud, and discussions amongst the audit team regarding risk of fraud such as opportunities for fraudulent manipulation of financial statements. We determined that the principal risks related to posting manual journal entries to manipulate financial performance and management bias through judgements in accounting estimates. We also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud. Our tests included agreeing the financial statement disclosures to underlying supporting documentation. |
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report. |
Independent Auditors' Report to the Members of |
CP Plus Limited |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Statutory Auditor |
New Derwent House |
69-73 Theobalds Road |
London |
WC1X 8TA |
CP Plus Limited (Registered number: 02595379) |
Statement of Comprehensive |
Income |
for the year ended 30 June 2023 |
2023 | 2022 |
Notes | £ | £ |
Turnover |
Cost of sales | ( |
) | ( |
) |
Gross profit |
Administrative expenses | ( |
) | ( |
) |
7,782,590 | 1,219,599 |
Other operating income |
Operating profit |
Interest receivable and similar income |
8,781,426 | 4,665,757 |
Interest payable and similar expenses | 5 | ( |
) | ( |
) |
Profit before taxation | 6 |
Tax on profit | 7 | ( |
) | ( |
) |
Profit for the financial year |
Other comprehensive income | - | - |
Total comprehensive income for the year |
CP Plus Limited (Registered number: 02595379) |
Balance Sheet |
30 June 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
Fixed assets |
Intangible assets | 8 |
Tangible assets | 9 |
Investments | 10 |
Current assets |
Stocks | 11 |
Debtors | 12 |
Cash at bank and in hand |
Creditors |
Amounts falling due within one year | 13 |
Net current assets |
Total assets less current liabilities |
Capital and reserves |
Called up share capital | 15 |
Retained earnings | 16 |
Shareholders' funds |
The financial statements were approved by the Board of Directors and authorised for issue on |
CP Plus Limited (Registered number: 02595379) |
Statement of Changes in Equity |
for the year ended 30 June 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 July 2021 |
Changes in equity |
Total comprehensive income | - |
Balance at 30 June 2022 |
Changes in equity |
Total comprehensive income | - |
Balance at 30 June 2023 |
CP Plus Limited (Registered number: 02595379) |
Notes to the Financial Statements |
for the year ended 30 June 2023 |
1. | Statutory information |
CP Plus Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 02595379 and registered office address is Jack Straw's Castle, 12 North End Way, London, NW3 7ES. |
2. | Accounting policies |
Basis of preparing the financial statements |
During the year the directors reviewed and revised the allocation of salaries and related expenditure between Cost of sales and Administrative expenditure better to reflect the commercial focus of the relevant staff. The comparative figures have therefore been restated by costs of £2,698,452 being transferred to Cost of sales. |
Going concern |
The financial statements have been prepared on a going concern basis. The Directors have reviewed and considered relevant information, including the annual budget and future cash flows, in making their assessment. |
Based on these assessments, the Directors have concluded that they can continue to adopt the going concern basis in preparing the annual report and accounts. |
Financial Reporting Standard 102 - reduced disclosure exemptions |
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
• | the requirements of Section 7 Statement of Cash Flows. |
Preparation of consolidated financial statements |
The financial statements contain information about CP Plus Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertakings are included by full consolidation in the group financial statements of its ultimate parent company, Trade TopCo Limited. |
Turnover |
Turnover is stated net of VAT and is recognised on delivery of the car park management service and recorded in the period to which it relates. PCN income is recognised on receipt. |
Intangible assets |
Intangible assets represent development costs which are capitalised as incurred in relation to software development expenditure. These costs are amortised over a period of three years on a straight line basis. |
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life. |
Fixtures and fittings | - | 3-10 years on cost |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost, less any provision for impairment. |
Stocks |
Stock comprises of equipment held by the company for installation and is valued at the lower of cost and the net realisable value. |
CP Plus Limited (Registered number: 02595379) |
Notes to the Financial Statements - continued |
for the year ended 30 June 2023 |
2. | Accounting policies - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the income statement except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. The company is a beneficiary of Research & Development (R&D) tax relief from the UK Government in the form of reductions in its annual tax liability, as well as repayable tax credits. Current tax assets or reductions in tax liabilities for R&D claims are only recognised when the amount can be reliably determined and the probability of HM Revenue & Customs accepting the claim is considered high. The Company calculates its R&D claim based on management's assessment of current regulations, using estimates based on timesheet records, however the quantum of the R&D tax relief can only be fully determined once HMRC have reviewed the submission. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Employee benefits |
Short term employee benefits including holiday pay and annual bonuses are accrued as services are rendered. |
Pension costs |
The company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the company to the fund in respect of the year. |
Financial instruments policy |
Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument. |
Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due. |
Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank overdrafts which are an integral part of the company's cash management. |
Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. |
CP Plus Limited (Registered number: 02595379) |
Notes to the Financial Statements - continued |
for the year ended 30 June 2023 |
2. | Accounting policies - continued |
Key sources of estimation uncertainty and judgements |
The preparation of financial statements in conformity with generally accepted accounting practice requires management to make estimates and judgement that affect the reported amounts of assets and liabilities as well as the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period. |
There is estimation uncertainty in calculating bad debt provisions. A full review of trade debtors is carried out by management regularly. Whilst every attempt is made to ensure that the bad debt provisions are as accurate as possible, there remains a risk that the provision do not match the level of debts which ultimately prove to be uncollectable. |
There is estimation uncertainty in calculating development cost amortisation. The company's intangible assets are depreciated on a straight line basis over their useful economic lives. Management reviews the appropriateness of assets' useful economic lives at least annually and any changes could affect prospective amortisation rates and asset carrying values. |
3. | Employees and directors |
2023 | 2022 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
2023 | 2022 |
Car park attendants | 336 | 323 |
Administration | 44 | 34 |
Sales & operations | 55 | 56 |
IT & technical | 10 | 8 |
4. | Directors' emoluments |
2023 | 2022 |
£ | £ |
Directors' remuneration |
Information regarding the highest paid director is as follows: |
2023 | 2022 |
£ | £ |
Emoluments etc |
5. | Interest payable and similar expenses |
2023 | 2022 |
£ | £ |
Interest payable |
CP Plus Limited (Registered number: 02595379) |
Notes to the Financial Statements - continued |
for the year ended 30 June 2023 |
6. | Profit before taxation |
The profit is stated after charging: |
2023 | 2022 |
£ | £ |
Depreciation - owned assets |
Loss on disposal of fixed assets |
Development costs amortisation |
Auditors' remuneration |
Other non- audit services |
Foreign exchange differences |
Operating lease rentals |
7. | Taxation |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2023 | 2022 |
£ | £ |
Current tax: |
UK corporation tax |
Prior year (over)/under |
provision | - | (129,303 | ) |
Total current tax |
Deferred tax | ( |
) |
Tax on profit |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
2023 | 2022 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of (2022 - |
Effects of: |
Expenses not deductible for tax purposes |
Adjustments to tax charge in respect of previous periods | ( |
) |
Other adjustments to tax charge | 45,981 | 156,887 |
R&D claim | (831,182 | ) | (899,731 | ) |
Group relief | - | (501,703 | ) |
tax rate in year |
Total tax charge | 1,252,538 | 258,988 |
CP Plus Limited (Registered number: 02595379) |
Notes to the Financial Statements - continued |
for the year ended 30 June 2023 |
8. | Intangible fixed assets |
Development |
costs |
£ |
Cost |
At 1 July 2022 |
Additions |
Disposals | ( |
) |
At 30 June 2023 |
Amortisation |
At 1 July 2022 |
Amortisation for year |
Eliminated on disposal | ( |
) |
At 30 June 2023 |
Net book value |
At 30 June 2023 |
At 30 June 2022 |
9. | Tangible fixed assets |
Fixtures |
and |
fittings |
£ |
Cost |
At 1 July 2022 |
and 30 June 2023 |
Depreciation |
At 1 July 2022 |
Charge for year |
At 30 June 2023 |
Net book value |
At 30 June 2023 |
At 30 June 2022 |
10. | Fixed asset investments |
Shares in |
group |
undertakings |
£ |
Cost |
At 1 July 2022 |
and 30 June 2023 |
Net book value |
At 30 June 2023 |
At 30 June 2022 |
CP Plus Limited (Registered number: 02595379) |
Notes to the Financial Statements - continued |
for the year ended 30 June 2023 |
10. | Fixed asset investments - continued |
Details of the company's investments at the balance sheet date in the share capital of companies are as follows: |
Name of Company |
Class of Shares |
% holding |
Nature of Business |
Ranger Plus Limited | Ordinary | 100 | Holding company |
Ranger (Holdings) Limited | Ordinary | 95 (indirect) | Holding company |
Ranger Services Limited | Ordinary | 95 (indirect) | Parking services |
Highview Parking Limited | Ordinary | 95 (indirect) | Parking services |
11. | Stocks |
2023 | 2022 |
£ | £ |
Equipment for installation |
12. | Debtors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Tax |
Deferred tax asset |
Decelerated capital allowances |
Prepayments and accrued income |
13. | Creditors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Social security and other taxes |
VAT | 241,820 | 808,679 |
Other creditors |
Accruals and deferred income |
14. | Leasing agreements |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2023 | 2022 |
£ | £ |
Within one year |
Between one and five years |
15. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £0.10 | 76,755 | 76,755 |
CP Plus Limited (Registered number: 02595379) |
Notes to the Financial Statements - continued |
for the year ended 30 June 2023 |
16. | Reserves |
Retained |
earnings |
£ |
At 1 July 2022 |
Profit for the year |
At 30 June 2023 |
17. | Related party disclosures |
Included in debtors is £9,435,333 (2022: £6,604,614) due from companies under common control. Included within creditors is £162,298 (2022: £2,047,684) due to companies under common control. |
The company received £506,138 of income (2022: £889,952) from and recharged costs of £125,000 (2022: £416,667) to a company under common control. |
18. | Ultimate controlling party |
The ultimate controlling party is the parent company Trade TopCo Limited, a company controlled by E A Green, I S Langdon and related parties acting in concert. |