Company registration number 03196119 (England and Wales)
CONTEMPORARY CONTROLS LIMITED
Annual report and financial statements
For the year ended 31 December 2023
CONTEMPORARY CONTROLS LIMITED
COMPANY INFORMATION
Directors
G M Thomas
J Thomas
Secretary
A J March
Company number
03196119
Registered office
Eleven Brindleyplace
2 Brunswick Square
Birmingham
B1 2LP
Auditor
Friend Partnership Limited
Eleven Brindleyplace
2 Brunswick Square
Birmingham
B1 2LP
CONTEMPORARY CONTROLS LIMITED
CONTENTS
Page
Directors' report
1 - 2
Independent auditor's report
3 - 5
Profit and loss account
6
Balance sheet
7
Notes to the financial statements
8 - 12
CONTEMPORARY CONTROLS LIMITED
DIRECTORS' REPORT
For the year ended 31 December 2023
- 1 -

The directors present their annual report and financial statements for the year ended 31 December 2023.

Principal activities

The principal activity of the company continued to be the distribution of industrial networking products.

Results and dividends

No dividends were paid in the year. The directors do not recommend payment of a final dividend.

Directors

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

G M Thomas
J Thomas
Auditor

The auditor, Friend Partnership Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of directors' responsibilities

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 which 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 of disclosure to auditor

The directors 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. So far as the directors are aware, there is no relevant audit information of which the company’s auditor is unaware.

Small companies exemption

This report has been prepared in accordance with the provisions relating to small companies set out in Part 15 of the Companies Act 2006.

CONTEMPORARY CONTROLS LIMITED
DIRECTORS' REPORT (continued)
For the year ended 31 December 2023
- 2 -
On behalf of the board
G M Thomas
Director
4 March 2024
CONTEMPORARY CONTROLS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF CONTEMPORARY CONTROLS LIMITED
- 3 -
Opinion

We have audited the financial statements of Contemporary Controls Limited (the 'company') for the year ended 31 December 2023 which comprise the profit and loss account, 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 the date 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.

Opinions on other matters prescribed by the Companies Act 2006

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

CONTEMPORARY CONTROLS LIMITED
INDEPENDENT AUDITOR'S REPORT (continued)
TO THE MEMBER OF CONTEMPORARY CONTROLS LIMITED
- 4 -
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 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 our 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.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

 

 

We assessed the susceptibility of the company’s financial statements to material misstatement, including how fraud might occur. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omission, misrepresentations or the override of internal control. Audit procedures performed by the audit team included:

 

CONTEMPORARY CONTROLS LIMITED
INDEPENDENT AUDITOR'S REPORT (continued)
TO THE MEMBER OF CONTEMPORARY CONTROLS LIMITED
- 5 -

We did not identify any key audit matters relating to irregularities, including fraud.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: 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 member 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 member those matters we are required to state to the member 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 member, for our audit work, for this report, or for the opinions we have formed.

Malcolm Friend
Senior Statutory Auditor
For and on behalf of Friend Partnership Limited
4 March 2024
Chartered Accountants
Statutory Auditor
Eleven Brindleyplace
2 Brunswick Square
Birmingham
B1 2LP
CONTEMPORARY CONTROLS LIMITED
PROFIT AND LOSS ACCOUNT
For the year ended 31 December 2023
- 6 -
2023
2022
Notes
£
£
Turnover
2
485,377
477,757
Cost of sales
(229,463)
(229,056)
Gross profit
255,914
248,701
Administrative expenses
(184,669)
(212,990)
Operating profit
71,245
35,711
Interest receivable and similar income
2
1,728
1,096
Profit before taxation
72,973
36,807
Tax on profit
-
0
-
0
Profit for the financial year
72,973
36,807
CONTEMPORARY CONTROLS LIMITED
BALANCE SHEET
As at 31 December 2023
31 December 2023
- 7 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
295
701
Current assets
Stocks
5
162,097
149,085
Debtors
6
157,718
192,739
Cash at bank and in hand
54,510
54,773
374,325
396,597
Creditors: amounts falling due within one year
7
(135,090)
(230,741)
Net current assets
239,235
165,856
Net assets
239,530
166,557
Capital and reserves
Called up share capital
95,000
95,000
Profit and loss reserves
144,530
71,557
Total equity
239,530
166,557

The notes on pages 8 to 12 form part of these financial statements.

These financial statements have been prepared in accordance with the provisions relating to small companies set out in Part 15 of the Companies Act 2006.

The financial statements were approved by the board of directors and authorised for issue on 4 March 2024 and are signed on its behalf by:
G M Thomas
Director
Company Registration No. 03196119
CONTEMPORARY CONTROLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 December 2023
- 8 -
1
Accounting policies
Company information

Contemporary Controls Limited is a private company limited by shares incorporated in England and Wales. The registered office is Eleven Brindleyplace, 2 Brunswick Square, Birmingham, B1 2LP.

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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company.

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

1.2
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.

1.3
Tangible fixed assets

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

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

Fixtures and fittings
15% per annum
Computers
25% per annum

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.

1.4
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.

 

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over their 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.

CONTEMPORARY CONTROLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (continued)
For the year ended 31 December 2023
1
Accounting policies (continued)
- 9 -
1.5
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.

1.6
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.

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.

1.7
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.

1.8
Retirement benefits

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

1.9
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.

CONTEMPORARY CONTROLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (continued)
For the year ended 31 December 2023
1
Accounting policies (continued)
- 10 -
1.10
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.

2
Turnover and other revenue
2023
2022
£
£
Turnover analysed by geographical market
UK
339,586
350,438
Rest of the World
145,791
127,319
485,377
477,757
2023
2022
£
£
Other revenue
Interest income
1,728
1,096
3
Employees

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

2023
2022
Number
Number
Total
2
2
4
Tangible fixed assets
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 January 2023 and 31 December 2023
5,334
23,221
28,555
Depreciation and impairment
At 1 January 2023
5,334
22,520
27,854
Depreciation charged in the year
-
0
406
406
At 31 December 2023
5,334
22,926
28,260
Carrying amount
At 31 December 2023
-
0
295
295
At 31 December 2022
-
0
701
701
CONTEMPORARY CONTROLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (continued)
For the year ended 31 December 2023
- 11 -
5
Stocks
2023
2022
£
£
Stocks
162,097
149,085
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
33,926
65,813
Amounts owed by group undertakings
101,873
118,785
Other debtors
21,919
8,141
157,718
192,739
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
1,796
6,105
Amounts owed to group undertakings
109,889
190,945
Taxation and social security
4,298
15,556
Other creditors
19,107
18,135
135,090
230,741
8
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
2,605
2,612

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.

9
Operating lease commitments
Lessee

At the balance sheet date the company had total outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
38,194
16,096
CONTEMPORARY CONTROLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (continued)
For the year ended 31 December 2023
- 12 -
10
Parent company

The immediate and ultimate parent undertaking is Contemporary Control Systems Inc. The address of the parent company is 2431 Curtiss Street, Downers Grove, Illinois, United States of America.

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