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Registered number: 02727841










CONTINENTAL DISC UK LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2022

 
CONTINENTAL DISC UK LIMITED
REGISTERED NUMBER: 02727841

BALANCE SHEET
AS AT 31 DECEMBER 2022

2022
2021
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 4 
376,924
211,089

Cash at bank and in hand
 5 
17,401
27,206

  
394,325
238,295

Creditors: amounts falling due within one year
 6 
(243,206)
(118,562)

Net current assets
  
 
 
151,119
 
 
119,733

  

Net assets
  
151,119
119,733


Capital and reserves
  

Called up share capital 
  
2
2

Capital redemption reserve
  
200,000
200,000

Profit and loss account
  
(48,883)
(80,269)

  
151,119
119,733


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 18 April 2024.




K M Lindsay
Director

The notes on pages 2 to 6 form part of these financial statements.

Page 1

 
CONTINENTAL DISC UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

1.


General information

Continental Disc UK Limited is a private company limited by shares and is incorporated in England and Wales. The Company was incorporated under the Company registration number 02727841. The registered office is 910 The Crescent, Colchester Business Park, Colchester, CO4 9YQ. 
The financial statements are rounded to the nearest British Pound, which is the functional currency of the Company.
The significant accounting policies applied in the presentation of these financial statements are set out below:

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on a going concern basis.  A group company, Continental Disc Corporation LLC, has confirmed in writing that it will provide sufficient financial support, should it be required, for the Company to meet its operating costs as they fall due for a period of at least 12 months from the date of approval of these financial statements.
The Directors are therefore satisfied that based on the availability of group financial support it is appropriate for the financial statements to be prepared on a going concern basis and that there is not a material uncertainty.  

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Revenue for Continental Disc UK Limited is comprised of intercompany recharges.

 
2.4

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.5

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 2

 
CONTINENTAL DISC UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.6

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from other third parties and loans to related parties.

 
2.7

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.8

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is British Pounds.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

 
2.9

Pensions

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 profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 3

 
CONTINENTAL DISC UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.10

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.


3.


Employees

The average monthly number of employees, including directors, during the year was 6 (2021 - 6).

 


4.


Debtors

2022
2021
£
£


Amounts owed by group undertakings
376,892
211,054

Other debtors
32
35

376,924
211,089



5.


Cash and cash equivalents

2022
2021
£
£

Cash at bank and in hand
17,401
27,206

17,401
27,206


Page 4

 
CONTINENTAL DISC UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

6.


Creditors: Amounts falling due within one year

2022
2021
£
£

Trade creditors
2,971
2,456

Amounts owed to group undertakings
82,632
78,801

Corporation tax
8,473
2,441

Other taxation and social security
15,130
12,383

Accruals and deferred income
134,000
22,481

243,206
118,562



7.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £25,968 (2021 - £15,200). Contributions totalling £2,311 (2021 - £1,534) were payable to the fund at the balance sheet date and are included in creditors.


8.


Related party transactions

During the current and previous periods the Company traded with Continental Disc BV, Continental Disc Corporation USA, and Corporation Disc Corporation PE. All of these companies form part of the group for which the ultimate parent undertaking is Robert Family Holdings Inc.
At the year end Continental Disc Corporation BV was owed £74,415 (2021 - £74,415) by the Company and Continental Disc Corporation PE was owed £nil (2021 - £4,386) by the Company, both in respect of trade balances, which are repayable on demand.
At the year end the Company was owed £376,892 (2021 - £211,054) from Continental Disc Corporation PE in respect of trade balances. 
The Company has taken advantage of the exemption under FRS 102 1a from disclosing transactions with fellow group undertakings.


9.


Controlling party

The Company's immediate parent undertaking is Continental Disc Corporation BV, a Company incorporated in the Netherlands. This is the smallest group for which group accounts are drawn up. 
The ultimate parent undertaking is Tinicum Cardinal Holdings LLC, which is incorporated in the United States of America. The largest group of undertakings for which group accounts are drawn up  are for Continental Disc Corporation LLC and which include Continental Disc UK Limited, are available from 3160 W Heartland Drive, Liberty, MO 64068-3385, U.S.A.  

Page 5

 
CONTINENTAL DISC UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

10.


Auditor's information

The auditor's report on the financial statements for the year ended 31 December 2022 was unqualified.

The audit report was signed on 22 April 2024 by Ryan Swann FCA (Senior Statutory Auditor) on behalf of MHA.

 
Page 6