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Registration number: 02958511

Container Components Europe Limited

Filleted Financial Statements

for the Year Ended 31 December 2023

 

Container Components Europe Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 11

 

Container Components Europe Limited

Company Information

Directors

KR Richmond

D J Williams

L R Bull

M A Moore

Registered office

Oak Park
Ryelands Lane
Elmley Lovett
Droitwich
Worcestershire
WR9 0QZ

Auditors

Clement Rabjohns Limited
Registered Auditors and Chartered Accountants
111/113 High Street
Evesham
Worcestershire
WR11 4XP

 

Container Components Europe Limited

(Registration number: 02958511)
Balance Sheet as at 31 December 2023

Note

31 December
2023
£

31 December
2022
£

Fixed assets

 

Intangible assets

4

4,554

4,554

Tangible assets

5

197,688

284,927

 

202,242

289,481

Current assets

 

Stocks

6

1,001,097

988,717

Debtors

7

2,315,848

1,679,331

Cash at bank and in hand

 

73,625

64,685

 

3,390,570

2,732,733

Creditors: Amounts falling due within one year

8

(1,689,569)

(1,493,227)

Net current assets

 

1,701,001

1,239,506

Total assets less current liabilities

 

1,903,243

1,528,987

Creditors: Amounts falling due after more than one year

8

(11,583)

(20,696)

Provisions for liabilities

(34,009)

(59,000)

Net assets

 

1,857,651

1,449,291

Capital and reserves

 

Called up share capital

610

610

Capital redemption reserve

80

80

Retained earnings

1,856,961

1,448,601

Shareholders' funds

 

1,857,651

1,449,291

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 9 May 2024 and signed on its behalf by:
 

.........................................
L R Bull
Director

 

Container Components Europe Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in the United Kingdom.

The address of its registered office is:
Oak Park
Ryelands Lane
Elmley Lovett
Droitwich
Worcestershire
WR9 0QZ
United Kingdom

These financial statements were authorised for issue by the Board on 9 May 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

 

Container Components Europe Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Audit report

The Independent Auditor's Report was unqualified. . The name of the Senior Statutory Auditor who signed the audit report on 9 May 2024 was Philip Parsons FCA, who signed for and on behalf of Clement Rabjohns Limited.

.........................................

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Container Components Europe Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold buildings

2% straight line

Machinery & equipment

15% - 20% straight line

Other tangible fixed assets

20% straight line

Computer equipment

20% - 50% straight line

Moulds

15% - 20% straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors 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.

 

Container Components Europe Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

A stock provision is included for all stock which is 12 months old, excluding those specific stock items that have been purchased for a specific job or customer.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Container Components Europe Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 40 (2022 - 44).

4

Intangible assets

Goodwill
 £

Trademarks, patents and licenses
 £

Internally generated software development costs
 £

Total
£

Cost or valuation

At 1 January 2023

29,005

588,097

9,120

626,222

At 31 December 2023

29,005

588,097

9,120

626,222

Amortisation

At 1 January 2023

29,005

583,543

9,120

621,668

At 31 December 2023

29,005

583,543

9,120

621,668

Carrying amount

At 31 December 2023

-

4,554

-

4,554

At 31 December 2022

-

4,554

-

4,554

 

Container Components Europe Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

5

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

80,581

1,304,692

53,040

2,331,053

3,769,366

Additions

-

2,041

16,197

-

18,238

At 31 December 2023

80,581

1,306,733

69,237

2,331,053

3,787,604

Depreciation

At 1 January 2023

80,581

1,194,026

49,532

2,160,300

3,484,439

Charge for the year

-

41,464

2,724

61,289

105,477

At 31 December 2023

80,581

1,235,490

52,256

2,221,589

3,589,916

Carrying amount

At 31 December 2023

-

71,243

16,981

109,464

197,688

At 31 December 2022

-

110,666

3,508

170,753

284,927

 

Container Components Europe Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

6

Stocks

31 December
2023
£

31 December
2022
£

Raw materials and consumables

678,630

705,772

Finished goods and goods for resale

322,467

282,945

1,001,097

988,717

7

Debtors

Current

Note

31 December
2023
£

31 December
2022
£

Trade debtors

 

942,899

725,996

Amounts owed by related parties

11

960,051

351,449

Prepayments

 

200,488

464,674

Other debtors

 

212,410

137,212

   

2,315,848

1,679,331

8

Creditors

Creditors: amounts falling due within one year

Note

31 December
2023
£

31 December
2022
£

Due within one year

 

Loans and borrowings

9

508,320

293,860

Trade creditors

 

843,638

758,383

Amounts owed to group undertakings and undertakings in which the company has a participating interest

11

60,000

-

Taxation and social security

 

153,641

30,972

Accruals and deferred income

 

118,524

407,496

Other creditors

 

5,446

2,516

 

1,689,569

1,493,227

Creditors include confidential invoice discount factoring and net obligations under finance lease and hire purchase contracts which are secured of £508,320 (2022 - £293,860).

 

Container Components Europe Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Creditors: amounts falling due after more than one year

Note

31 December
2023
£

31 December
2022
£

Due after one year

 

Loans and borrowings

9

11,583

20,696

Creditors include net obligations under finance lease and hire purchase contracts which are secured of £11,583 (2022 - £20,696).

9

Loans and borrowings

31 December
2023
£

31 December
2022
£

Non-current loans and borrowings

Hire purchase contracts

11,583

20,696

31 December
2023
£

31 December
2022
£

Current loans and borrowings

Bank borrowings

499,407

283,408

Hire purchase contracts

8,913

10,452

508,320

293,860

Bank borrowings

Invoice discounting facility is denominated in GBP with a nominal interest rate of 2.5%, and the facility is continual with no set repayment date . The carrying amount at year end is £499,407 (2022 - £283,408).

The facility is secured against the trade debtor book.

10

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

31 December
2023
£

31 December
2022
£

Not later than one year

237,131

240,947

Later than one year and not later than five years

917,836

927,527

Later than five years

3,051,487

3,278,927

4,206,454

4,447,401

 

Container Components Europe Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

The amount of non-cancellable operating lease payments recognised as an expense during the year was £241,125 (2022 - £255,982).

11

Related party transactions

Transactions with directors

2022

At 1 April 2022
£

Repayments by director
£

At 31 December 2022
£

CV Taylor

Interest free loan repayable on demand

428,730

(428,730)

-

       
     

 

12

Parent and ultimate parent undertaking

Aurora Capital Partners have full control over the Egbert Taylor Holdings Limited group since the acquisition from Rockwood Gp Lii, Llc in March 2023.

 The company's immediate parent is Egbert Taylor Holdings Limited, incorporated in the United Kingdom.

 The ultimate parent is IEG Parent L.I, incorporated in the United States of America.

 The most senior parent entity producing publicly available financial statements is Egbert Taylor Holdings Limited.The ultimate controlling party is Aurora Capital Partners.