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REGISTERED NUMBER: 05126855 (England and Wales)















Contechs Trimming Limited

Financial Statements

for the Year Ended 31 December 2023






Contechs Trimming Limited (Registered number: 05126855)

Contents of the Financial Statements
for the year ended 31 December 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Contechs Trimming Limited

Company Information
for the year ended 31 December 2023







Directors: I K Brookes
P R Jarvis





Secretary: I K Brookes





Registered office: Unit 4 Budbrooke Road Industrial Estate
Budbrook Road
Warwick
Warwickshire
CV34 5XH





Registered number: 05126855 (England and Wales)





Auditors: Cooper Parry Group Limited
Statutory Auditor
New Derwent House
69-73 Theobalds Road
London
WC1X 8TA

Contechs Trimming Limited (Registered number: 05126855)

Balance Sheet
31 December 2023

2023 2022
Notes £ £ £ £
Fixed assets
Tangible assets 4 602,057 211,708

Current assets
Stocks 5 419,081 487,694
Debtors 6 915,590 478,507
Cash at bank 43,963 84,932
1,378,634 1,051,133
Creditors
Amounts falling due within one year 7 7,006,260 5,723,268
Net current liabilities (5,627,626 ) (4,672,135 )
Total assets less current liabilities (5,025,569 ) (4,460,427 )

Creditors
Amounts falling due after more than one
year

8

-

37,669
Net liabilities (5,025,569 ) (4,498,096 )

Capital and reserves
Called up share capital 9 1,000 1,000
Retained earnings 10 (5,026,569 ) (4,499,096 )
Shareholders' funds (5,025,569 ) (4,498,096 )

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 12 April 2024 and were signed on its behalf by:





I K Brookes - Director


Contechs Trimming Limited (Registered number: 05126855)

Notes to the Financial Statements
for the year ended 31 December 2023


1. Statutory information

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

2. Accounting policies

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful
life.
Plant and machinery - at varying rates on cost
Motor vehicles - at varying rates on cost
Computer equipment - at varying rates on cost

Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Income Statement.

Financial instruments
Financial assets and liabilities are recognised when the Company becomes party to the contractual provisions of the financial instrument. The Company holds basic financial instruments which comprise cash at bank, trade and other receivables and trade and other payables. The Company has chosen to apply the provisions of Section 11 Basic Financial Instruments in full.

Financial assets - classified as basic financial instruments

(i) Cash at bank and in hand
Cash at bank and in hand include cash in hand, deposits held with banks, and other short-term highly liquid investments with original maturities of three months or less.

(ii) Trade and other receivables
Trade and other receivables are initially recognised at the transaction price, including any transaction costs. Amounts that are receivable within one year are measured at the undiscounted amount of the cash expected to be received, net of any impairment.

At the end of each reporting period, the Company assesses whether there is objective evidence that a receivable amount may be impaired. A provision for impairment is established when there is objective evidence that the Company will not be able to collect all amounts due according to the original terms of the receivables. The amount of the provision is the difference between the asset's carrying amount and the present value of the estimated future cash flows, discounted at the effective interest rate. The amount of the provision is recognised immediately in profit or loss.

Contechs Trimming Limited (Registered number: 05126855)

Notes to the Financial Statements - continued
for the year ended 31 December 2023


2. Accounting policies - continued

Financial liabilities - classified as basic financial instruments

(i) Trade and other payables and loans and borrowings
Trade and other payables and loans and borrowings are initially measured at the transaction price, including any transaction costs, and subsequently measured at amortised cost using the effective interest method. Amounts that are payable within one year are measured at the discounted amount of the cash expected to be paid.

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.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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

Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in the Statement of Income and Retained Earnings when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

Contechs Trimming Limited (Registered number: 05126855)

Notes to the Financial Statements - continued
for the year ended 31 December 2023


2. Accounting policies - continued

Going concern
These financial statements have been prepared on a going concern basis.

The current economic conditions present increased risks for all businesses. In response to such conditions, the directors have carefully considered these risks including an assessment on uncertainty on future trading projection for a period of at least 12 months from the date of signing the financial statements, and the extent to which they might affect the preparation of the financial statements on a going concern basis.

The directors have tested their cash flow analysis to take into account the impact on their business of possible scenarios alongside measures that they can take to mitigate the impact. Based on these assessments, given the measures that could be undertaken to mitigate the current adverse conditions, and the current resources available, the directors have concluded that they can continue to adopt the going concern basis in preparing the annual report and accounts.

3. Employees and directors

The average number of employees during the year was 18 (2022 - 17 ) .

4. Tangible fixed assets
Fixtures
Short Plant and and Computer
leasehold machinery fittings equipment Totals
£ £ £ £ £
Cost
At 1 January 2023 - 227,576 3,512 4,241 235,329
Additions 416,007 37,824 1,272 12,515 467,618
Disposals - (44,000 ) - - (44,000 )
At 31 December 2023 416,007 221,400 4,784 16,756 658,947
Depreciation
At 1 January 2023 - 22,758 439 424 23,621
Charge for year - 49,298 1,037 2,934 53,269
Eliminated on disposal - (20,000 ) - - (20,000 )
At 31 December 2023 - 52,056 1,476 3,358 56,890
Net book value
At 31 December 2023 416,007 169,344 3,308 13,398 602,057
At 31 December 2022 - 204,818 3,073 3,817 211,708

5. Stocks
2023 2022
£ £
Stocks 419,081 487,694

6. Debtors: amounts falling due within one year
2023 2022
£ £
Trade debtors 553,686 279,140
Other debtors 361,904 199,367
915,590 478,507

Contechs Trimming Limited (Registered number: 05126855)

Notes to the Financial Statements - continued
for the year ended 31 December 2023


7. Creditors: amounts falling due within one year
2023 2022
£ £
Hire purchase contracts - 8,855
Trade creditors 354,906 107,927
Amounts owed to group undertakings 6,275,546 5,370,280
Taxation and social security 11,283 6,823
Other creditors 364,525 229,383
7,006,260 5,723,268

8. Creditors: amounts falling due after more than one year
2023 2022
£ £
Hire purchase contracts - 37,669

9. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £ £
1,000 Ordinary 1 1,000 1,000

10. Reserves
Retained
earnings
£

At 1 January 2023 (4,499,096 )
Deficit for the year (527,473 )
At 31 December 2023 (5,026,569 )

11. Disclosure under Section 444(5B) of the Companies Act 2006

The Auditors' Report was unqualified.

Chris Evans (Senior Statutory Auditor)
for and on behalf of Cooper Parry Group Limited

12. Contingent liabilities

The Company has entered into an unlimited multilateral guarantee with HSBC with other group companies to secure the invoice discounting facility, bank loans and overdrafts. The liabilities of other group companies secured over the assets of the Company total £5,011,450 (2022: £5,054,213).

13. Post balance sheet events

On 30 January 2024, Contechs Holdings Ltd wrote off the loan made to Contechs Trimming Ltd to the value of £6,275,545.90.

On 15 February 2024, there was a change in ownership of Contechs Trimming Ltd. Prior to this date, Contechs Trimming Ltd was wholly owned by Contechs Holdings Ltd. After this date, Contechs Trimming Ltd is wholly owned by Contechs Trimming Holdings Ltd. The ultimate beneficial owners remain the same.