Company registration number 01891953 (England and Wales)
CLC GROUP LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
CLC GROUP LIMITED
COMPANY INFORMATION
Directors
Mr P I Armitage
Mr S Reeve
Mr N A Hilton
Company number
01891953
Registered office
Unit 2 Northbrook Industrial Estate
Vincent Avenue
Southampton
Hampshire
SO16 6PB
Auditor
Moore (South) LLP
City Gates
2 - 4 Southgate
Chichester
West Sussex
PO19 8DJ
CLC GROUP LIMITED
CONTENTS
Page
Strategic report
1 - 6
Directors' report
7 - 9
Independent auditor's report
10 - 13
Statement of comprehensive income
14
Balance sheet
15
Statement of changes in equity
16
Notes to the financial statements
17 - 30
CLC GROUP LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

Who we are

 

The CLC group of companies, together the "Group" or "CLC", form one the UK's leading property maintenance and refurbishment companies. Information given below is relevant to the CLC Group, consisting of non-dormant entities C.L.C. Contractors Limited, C L C Contractors (Ireland) Limited, and CLC Group Limited.

 

What we do

    

Since our early days as specialist painting contractors, we have grown into a multi trade business, expanding our services across multiple sectors with a skilled and experienced workforce of over 900 employees based across 13 branch offices throughout the UK. Our 55 years' experience in the industry and commitment to using in-house resources makes us a safe and reliable contractor who consistently provides clients with a high quality service.

 

At CLC, we help our clients transform and maintain their buildings, homes or infrastructure through a variety of refurbishment and maintenance services. We work for a significant number of clients across a variety of business sectors including; Leisure, Education, Utility, Healthcare, Social Housing and Commercial sectors, providing the following services:

 

 

What makes us different

 

We believe that what makes us different from our competitors is our people, our values and our commitments.

 

Our people

 

Our workforce largely consists of directly employed trades people from the local areas in which we operate. We believe that investing in a directly employed team and providing them with training and progression opportunities leads to committed trades people with a passion for what they do.

 

Our Directors, across our group structure, are responsible for the successful delivery of each and every contract. With Directors and branch managers spread throughout our branches, our staff, supply chain and most importantly our clients can walk into a branch and speak directly to a Director or branch manager.

 

We are a national contractor with a management structure in each branch, allowing us to be 'small enough to care but big enough to cope'.

CLC GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -

Our Values

 

Our Values form the promises we make to our employees, clients and their customers and what we set out to achieve on every project we undertake. Our values include:

 

 

Our Commitments

 

Our clients trust us to deliver a safe, efficient and reliable service built on quality workmanship. To achieve this, we commit to:

 

Business review

The Group traded very well during 2023, when it continued to outstrip historical levels of work serving our customers. The effects of the pandemic had been overcome by the beginning of the year, although the invasion of the Ukraine by Russia in February 2022 and the resultant sanctions applied continued to affect the global economy causing inflationary pressures, which in turn lead central banks to increase interest rates. The shocks to the debt markets following the Liz Truss/Kwasi Kwarteng budget in September 2022 created further problems and uncertainties for the UK economy which continued into 2023. The construction labour market remained tight, which has meant that recruitment throughout the year has been challenging. Where we have had requirements to fill key management roles, our strong business and clear commitments and values act as a differentiator from our competitors, allowing us to attract talented people into the business, and we move into 2024 with a very strong management team. Recruitment of skilled trades continues to be challenging in the market currently.

 

On 23 June 2023, the Group was acquired by HIG Capital LLC through a new corporate entity, Repair Bidco UK Limited, when this entity acquired the entire share capital of Hilbre Holdings Ltd, the ultimate holding company of the Group. A new group structure was put in place at the same time. As part of this deal, the funding structure of the Group was changed, and details of these arrangements are noted in the accounts of the relevant new group companies.

 

This change in ownership of the Group allows the Group to access new lines of funding and to consider other areas of growth.

 

The trading results of the Group for 2023 were above budgeted levels of turnover and profit. The Directors are pleased with the results for the year given the geopolitical and macroeconomic backdrop. The outlook for 2024 is discussed in the Directors' report.

CLC GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
Principal risk and uncertainties

The Group uses various financial instruments. These include cash and various items, such as trade debtors and trade creditors that arise directly from its operations. The main purpose of these financial instruments is to raise finance for the Group's operations. The existence of these financial instruments exposes the Group to a number of financial risks, which are described in more detail below.

 

The main risks arising from the Group's financial instruments are credit risk, liquidity risk and contract risk. The Directors review and agree policies for managing each of these risks and they are summarised below. These policies have remained unchanged from previous years. The Group is not exposed to significant translation and transaction foreign exchange risk.

 

Credit risk

 

The Group's principal financial assets are work in progress and trade debtors. The principal credit risk arises therefore from its work in progress and trade debtors. Over 50% of the work is carried out for public sector or quasi public sector organisations which pose little or no credit risk.

 

In order to manage credit risk the credit manager sets limits for customers based on a combination of payment history, third party credit references and an assessment of market conditions. Credit limits are reviewed by the Directors on a regular basis in conjunction with debt ageing and collection history.

 

Liquidity risk

 

The Group seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably. Budgets and forecasts are prepared and updated and the arrangement of sufficient banking facilities are managed to meet the needs of the Group on an annual basis.

 

Contract risk

 

The Group enters into contracts with customers and its supply chain, each priced in accordance with the Group's profitability targets and in line with the general market. There is a risk that prices are set and agreed at incorrect levels, and the profitability targets are missed. Large tenders are reviewed internally before submission and our oversight through our financial key performance indicators means that any pricing errors are quickly identified and, where possible, mitigated.

 

Covid-19 pandemic

 

The UK Government ended self isolation restrictions relating to the pandemic as of 24 February 2022 in England following its publication of its Plan for Living with Covid on 19 February. We consider that our Balance Sheet and cash position is sufficiently strong to enable us to continue through 2024 and beyond with no further support from either Government or stakeholders given the current state of the pandemic and the Government's current plans.

CLC GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
Key performance indicators

We monitor the business using a number of key performance indicators including:

 

Activity levels

 

Workload is reviewed by the Board and the Branch management team on a monthly basis and tracked against annual budgeted and forecasted revenue. Through this review any shortfalls in individual branch revenues can be identified in advance and rectified through a focus on alternative works and through the increased focus on such branches by our business development managers.

 

Operating margins

 

Contract margins are reviewed on a monthly basis at a contract, branch and group level to identify areas of under performance and possible improvement. This enables the management team to identify issues on a timely basis and implement rectification plans accordingly.

 

During 2023, gross profit margins for the Group were 21.4% (2022: 19.4%).

 

Working capital levels

 

Debtors and work in progress are reviewed and monitored each month. The management team identifies where improvements in operational performance can be made and how better cash collection can be achieved through this review process. Working capital management is a fundamental part of our business and is integral to our reward and recognition processes.

 

Debtor days (including amounts recoverable on contracts) at year end were 53 days (2022: 55 days).

Other performance indicators

In addition to the financial KPl's, we also monitor the business through a number of non-financial key performance indicators, including:

 

Customer Satisfaction

 

The Group conducts surveys of customer satisfaction of completed contracts and longer term ongoing contracts to ensure we are maintaining our high levels of client satisfaction. We take customer satisfaction extremely seriously and our aim is to exceed client expectations at all times.

 

Customer satisfaction KPl's are reviewed each month at Board level and action is taken where shortfalls in our performance are identified. Board involvement in this process helps to reinforce our client focused culture.

 

In the year to 31 December 2023, we achieved an overall customer satisfaction of 95.9%.

 

Health and Safety

 

The Group monitors incidents and accidents with a focus on accident prevention and maintaining safety of our staff, clients and the general public. We provide "tool box talks" for our operatives each month on pertinent areas such as Working at Height and Slips, Trips and Falls. The Board and branch management reviews attendance and scores at these training sessions to ensure that all operatives are appropriately trained.

 

Additionally, our Health and Safety team reports on accident statistics each month and this is closely reviewed.

CLC GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
Section 172(1) of the Companies Act 2006

The Directors of the Company, as those of all UK companies, must act in accordance with a set of general duties. These duties are detailed in section 172 of the UK Companies Act 2006 which is summarised as follows:

 

A Director of a Company must act in the way they consider, in good faith, would be most likely to promote the success of the company for the benefit of its shareholders as a whole and, in doing so, have regard (amongst other matters) to:

 

 

The following paragraphs summarise how the Directors fulfil their duties:

 

Risk management

 

We provide building refurbishment and maintenance services to our clients. Most of the work that we undertake falls into the Construction market sector, which is highly regulated by various bodies, most notably through the Health and Safety at Work Act 1974 via the Health and Safety Executive, which creates a framework within which we manage operational and safety risk. The Company, through its Board, its quality assurance systems and its branch management structure, operates a proven methodology for effectively identifying, evaluating, managing and mitigating the risks we face. For details of our principal risks and uncertainties, please see page 3.

 

Our people

 

The Group is committed to being a responsible business and our behaviour is aligned with the expectations of our people, our clients, our shareholders and the communities we serve and society as a whole. People are at the heart of our service delivery and our success flows from our management of our people's performance and development of their talent while ensuring we operate as efficiently as possible. We ensure that we share common values that inform and guide our behaviour so we achieve our goals in the right way. For further details, see "Our Values" and "Our Commitments" above.

 

Business relationships

 

Our strategy prioritises organic growth through consistent high quality service and strong client relationships. We value all our suppliers and have strong ongoing relationships with our key suppliers.

 

Community and environment

 

The Group's approach is to utilise its recruitment of its workforce to promote local people in the communities in which we work. We support our clients, many of whom are very active in social housing and social care, to promote the local community. We also actively promote recycling of building products and the reduction of our carbon emissions through various initiatives driven through our management teams.

 

Shareholders

 

The Board actively engages with the Group's shareholders, whether they are members of the management team, who are automatically aligned to the Group's values and aspirations, or the management of HIG Capital LLC, in order to maintain an effective dialogue.

CLC GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -

This report was approved by the board and signed on its behalf.

 

Mr S Reeve
Director
22 May 2024
CLC GROUP LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -

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 that of a holding company.

Results and dividends

The results for the year are set out on page 14.

No ordinary dividends were paid. 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:

Mr P I Armitage
Mr S Reeve
Mr N A Hilton
Mr P B T Armitage
(Resigned 23 June 2023)
Financial instruments

The Group uses various financial instruments. These include loans, cash, and various items, such as trade debtors and trade creditors that arise directly from its operations. The main purpose of these financial instruments is to raise finance for the Group's operations. The existence of these financial instruments exposes the Group to a number of financial risks, which are described in more detail in the strategic report.

Disabled persons

The Directors give special attention to the health and safety of their employees. If an employee becomes disabled whilst employed by the Group then whenever possible that person will be employed in the same job. If this is not possible every effort will be made to find suitable alternative employment. If retraining is necessary this will be provided using Group resources and the facilities offered by the Government retraining centres.

 

Employee involvement

Appropriate action has been taken to develop arrangements aimed at providing the Group's employees with information on matters of concern to them; consulting with employees or their representatives; encouraging their involvement in the Group's performance; and achieving an awareness on the part of employees of financial and economic factors affecting the Group's performance.

 

Statement of engagement with suppliers, customers and others in a business relationship with the Company

As stated in our Strategic Report, our strategy prioritises organic growth through consistent high quality service and strong client relationships. We value all our suppliers who support us in this strategy, and have strong ongoing relationships with our key subcontractors and suppliers. The creation and support of teams who work together with both clients and suppliers is integral to our service delivery.

Post reporting date events

There have been no post balance sheet events after the year end.

Future developments

The Group has responded well to the challenges created by the UK economy in 2023, with higher general inflation, material and labour shortages all experienced throughout the year. The directors are optimistic about the Group’s ability to deliver growth in the coming years given the Company’s track record of agility in the marketplace. The forthcoming General Election later in 2024 will also bring new challenges and opportunities to the Company.

CLC GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
Going concern

The Directors have reviewed forecasts for the Group to 31 December 2025, along with the current funding arrangements available to the Group and concluded that the Group has adequate liquidity headroom and mitigation strategies to continue to operate for at least the next 12 months from approval of these financial statements and meet its liabilities as they fall due. The Directors therefore have a reasonable expectation that the Group and therefore the Company has adequate resources to continue in operational existence for the foreseeable future.

 

The Company has access to the facilities of the Group and therefore management consider the Group assessment to be aligned with that of the Company for going concern purposes.

Auditor

Moore (South) LLP were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Streamlined energy and carbon report

The Company is large and is therefore required to report in respect of Streamlined Energy and Carbon Reporting (SECR). The Company is an intermediate parent company. Disclosures in respect of subsidiary undertakings are made in the accounts of Hilbre Holdings Limited.

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 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.

Matters covered in the strategic report

The business review and information on financial risk management objectives and policies and principal risks and uncertainties is shown in the strategic report.

 

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually 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.

CLC GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
Qualifying third party indemnity provision

The Group purchased and throughout the year maintained appropriate insurance cover in respect of Directors' and Officers' liabilities.

On behalf of the board
Mr S Reeve
Director
22 May 2024
CLC GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CLC GROUP LIMITED
- 10 -
Opinion

We have audited the financial statements of CLC Group Limited (the 'company') for the year ended 31 December 2023 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity 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 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 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:

CLC GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CLC GROUP LIMITED
- 11 -
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 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.

 

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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.

Explanation as to what extent the audit was considered capable of detecting irregularities including fraud

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company.

CLC GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CLC GROUP LIMITED
- 12 -

Our approach was as follows:

 

 

 

 

 

To address the risk of fraud through management override we:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

 

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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 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 members as a body, for our audit work, for this report, or for the opinions we have formed.

CLC GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CLC GROUP LIMITED
- 13 -
Matthew Bather
Senior Statutory Auditor
For and on behalf of Moore (South) LLP
22 May 2024
Chartered Accountants
Statutory Auditor
City Gates
2 - 4 Southgate
Chichester
West Sussex
PO19 8DJ
CLC GROUP LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 14 -
2023
2022
Notes
£000
£000
Turnover
-
-
Administrative expenses
(113)
(117)
Other operating income
155
160
Operating profit
3
42
43
Interest payable and similar expenses
7
(239)
-
0
(Loss)/profit before taxation
(197)
43
Tax on (loss)/profit
8
-
0
(40)
(Loss)/profit for the financial year
(197)
3
Other comprehensive income
Actuarial (loss)/gain on defined benefit pension schemes
(149)
608
Tax relating to other comprehensive income
-
0
(152)
Total comprehensive income for the year
(346)
459

The profit and loss account has been prepared on the basis that all operations are continuing operations.

The notes on pages 17 to 30 form part of these financial statements.

CLC GROUP LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 15 -
2023
2022
Notes
£000
£000
£000
£000
Fixed assets
Tangible assets
9
1,334
1,407
Investments
10
3,959
3,959
5,293
5,366
Current assets
-
-
Creditors: amounts falling due within one year
12
(3,382)
(3,108)
Net current liabilities
(3,382)
(3,108)
Total assets less current liabilities
1,911
2,258
Provisions for liabilities
Deferred tax liability
13
4
5
(4)
(5)
Net assets excluding pension liability
1,907
2,253
Defined benefit pension liability
14
-
0
-
0
Net assets
1,907
2,253
Capital and reserves
Called up share capital
15
1,161
1,161
Share premium account
17
17
Revaluation reserve
85
85
Capital redemption reserve
313
313
Profit and loss reserves
331
677
Total equity
1,907
2,253

The notes on pages 17 to 30 form part of these financial statements.

The financial statements were approved by the board of directors and authorised for issue on 22 May 2024 and are signed on its behalf by:
Mr S Reeve
Director
Company registration number 01891953 (England and Wales)
CLC GROUP LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 16 -
Share capital
Share premium account
Revaluation reserve
Capital redemption reserve
Profit and loss reserves
Total
£000
£000
£000
£000
£000
£000
Balance at 1 January 2022
1,161
17
85
313
218
1,794
Year ended 31 December 2022:
Profit
-
-
-
-
3
3
Other comprehensive income:
Actuarial gains on defined benefit plans
-
-
-
-
608
608
Tax relating to other comprehensive income
-
-
-
0
-
(152)
(152)
Total comprehensive income
-
-
-
-
459
459
Balance at 31 December 2022
1,161
17
85
313
677
2,253
Year ended 31 December 2023:
Loss
-
-
-
-
(197)
(197)
Other comprehensive income:
Actuarial gains on defined benefit plans
-
-
-
-
(149)
(149)
Total comprehensive income
-
-
-
-
(346)
(346)
Balance at 31 December 2023
1,161
17
85
313
331
1,907

The notes on pages 17 to 30 form part of these financial statements.

CLC GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 17 -
1
Accounting policies
Company information

CLC Group Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 2 Northbrook Industrial Estate, Vincent Avenue, Southampton, Hampshire, SO16 6PB.

 

The principal activity of the Company is that of a holding company.

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.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £000, unless otherwise stated.

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

The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

 

The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

The company is a wholly owned subsidiary of Hilbre Holdings Limited and its results are included in the consolidated financial statements of Hilbre Holdings Limited. These consolidated financial statements are available from its registered office: Unit 2 Northbrook Industrial Estate, Vincent Avenue, Southampton, England, SO16 6PB.

1.2
Going concern

The Directors have reviewed forecasts for the Group to 31 December 2025, along with the current funding arrangements available to the Group and concluded that the Group has adequate liquidity headroom and mitigation strategies to continue to operate for at least the next 12 months from approval of these financial statements and meet its liabilities as they fall due. The Directors therefore have a reasonable expectation that the Group and therefore the Company has adequate resources to continue in operational existence for the foreseeable future.true

 

The Company has access to the facilities of the Group and therefore management consider the Group assessment to be aligned with that of the Company for going concern purposes.

CLC GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 18 -
1.3
Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

 

The Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straightline method.

 

Depreciation is provided on the following basis:

Freehold land and buildings
2% straight line
Long leasehold land and buildings
Over the shorter of the period of the lease or 2% straight line
Short leasehold land and buildings
Over the shorter of the period of the lease or 2% straight line
Fixtures and fittings
20% - 33% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

 

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 recognised in the profit and loss account.

1.4
Fixed asset investments

Interests in subsidiaries are measured at cost less accumulated impairment.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.5
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.

CLC GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 19 -
1.6
Financial instruments

The Group 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 banks and other third parties, loans to related parties and investments in ordinary shares.

 

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a Director in the case of a small company, or a public benefit entity concessionary loan.

 

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Consolidated Statement of Comprehensive Income.

 

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

 

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Group would receive for the asset if it were to be sold at the balance sheet date.

 

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

CLC GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 20 -
Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Taxation

The tax expense for the year comprises current and deferred tax. 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.

Current tax

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 operate and generate income.

CLC GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 21 -
Deferred tax

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:

•    The recognition of deferred tax assets is limited to the extent that it is probable that they will be     recovered against the reversal of deferred tax liabilities or other future taxable profits;

•    Any deferred tax balances are reversed if and when all conditions for retaining associated tax     allowances have been met; and

•    Where they relate to timing differences in respect of interests in subsidiaries, associates, branches     and joint ventures and the Group can control the reversal of the timing differences and such reversal     is not considered probable in the foreseeable future.

 

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

1.9
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.

 

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.

CLC GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 22 -
1.10
Retirement benefits

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

Defined benefit pension plan

The Company, and wider Group, operates a defined benefit plan for certain employees. A defined benefit plan defines the pension benefit that the employee will receive on retirement, usually dependent upon several factors including but not limited to age, length of service and remuneration. A defined benefit plan is a pension plan that is not a defined contribution plan.

 

The liability recognised in the Balance Sheet in respect of the defined benefit plan is the present value of the defined benefit obligation at the end of the balance sheet date less the fair value of plan assets at the balance sheet date (if any) out of which the obligations are to be settled.

 

The defined benefit obligation is calculated using the projected unit credit method. Annually the company engages independent actuaries to calculate the obligation. The present value is determined by discounting the estimated future payments using market yields on high quality corporate bonds that are denominated in sterling and that have terms approximating to the estimated period of the future payments ('discount rate').

 

The fair value of plan assets is measured in accordance with the FRS 102 fair value hierarchy and in accordance with the Group's policy for similarly held assets. This includes the use of appropriate valuation techniques.

 

Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to other comprehensive income. These amounts together with the return on plan assets, less amounts included in net interest, are disclosed as 'Remeasurement of net defined benefit liability'.

 

The cost of the defined benefit plan, recognised in profit or loss as employee costs, except where included in the cost of an asset, comprises:

 

a) the increase in net pension benefit liability arising from employee service during the period; and

 

b) the cost of plan introductions, benefit changes, curtailments and settlements.

 

The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit obligation and the fair value of plan assets. This cost is recognised in profit or loss as a 'finance expense'.

Group pension plan

Where the risks of a defined benefit plan are shared between entities under common control, the net defined benefit cost is recognised in the financial statements of the Group entity which is legally responsible for the plan and all other Group entities recognise a cost equal to their contribution payable for the period. CLC Group Limited is the company legally responsible for the plan and they recognise the liability in full.

1.11
Leases

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

CLC GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 23 -
1.12
Foreign exchange

 

Functional and presentation currency

The Company's functional and presentational currency is GBP.

 

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.

 

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Measurement of defined benefit pension obligation

The group has obligations to pay pension benefits to certain employees. The cost of these benefits and the present value of the obligation depend on a number of factors, including; life expectancy, salary increases, asset valuations and the discount rate on corporate bonds. Management estimates these factors in determining the net pension obligation in the balance sheet. The assumptions reflect historical experience and current trends. For details of assumptions adopted, see note 14.

3
Operating profit
2023
2022
Operating profit for the year is stated after charging:
£000
£000
Depreciation of owned tangible fixed assets
73
68
CLC GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 24 -
4
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£000
£000
For audit services
Audit of the financial statements of the company
65
50
For other services
All other non-audit services
16
10

Fees paid to the Group's auditors for the statutory audit of the Company are paid by C.L.C. Contractors Limited on behalf of the Group. The balances disclosed above relate to the total audit fee for the Group, headed by Repair Topco UK Limited, as it is impractical to split this by company. The cost of the Company audit is included within this total.

5
Employees

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

2023
2022
Number
Number
Management and Directors
3
4
6
Directors' remuneration

Remuneration is paid to Directors through other group holding companies.

7
Interest payable and similar expenses
2023
2022
£000
£000
Interest payable to group undertakings
239
-
0
8
Taxation
2023
2022
£000
£000
Deferred tax
Origination and reversal of timing differences
-
0
40
CLC GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
8
Taxation
(Continued)
- 25 -

The actual charge for the year can be reconciled to the expected (credit)/charge for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£000
£000
(Loss)/profit before taxation
(197)
43
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 23.52% (2022: 19.00%)
(46)
8
Group relief
69
13
Fixed asset differences
16
12
Remeasurement of deferred tax for changes in tax rates
2
46
Movement in deferred tax not recognised
(41)
116
Defined benefit pension scheme deduction
-
0
(155)
Taxation charge for the year
-
40

In addition to the amount charged to the profit and loss account, the following amounts relating to tax have been recognised directly in other comprehensive income:

2023
2022
£000
£000
Deferred tax arising on:
Actuarial differences recognised as other comprehensive income
-
152
CLC GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 26 -
9
Tangible fixed assets
Freehold land and buildings
Long leasehold land and buildings
Short leasehold land and buildings
Fixtures and fittings
Total
£000
£000
£000
£000
£000
Cost
At 1 January 2023
1,372
387
61
159
1,979
Disposals
-
0
-
0
-
0
(1)
(1)
Reclassification
-
0
-
0
19
(19)
-
0
At 31 December 2023
1,372
387
80
139
1,978
Depreciation and impairment
At 1 January 2023
324
84
25
139
572
Depreciation charged in the year
47
16
10
-
0
73
Eliminated in respect of disposals
-
0
-
0
-
0
(1)
(1)
At 31 December 2023
371
100
35
138
644
Carrying amount
At 31 December 2023
1,001
287
45
1
1,334
At 31 December 2022
1,048
303
36
20
1,407

Included within freehold property is £324k (2022: £333k) of assets over which the Company has granted a legal charge in favour of the Trustees of CLC Group Limited Retirement and Death Benefit Scheme.

10
Fixed asset investments
2023
2022
Notes
£000
£000
Investments in subsidiaries
11
3,959
3,959
11
Subsidiaries

Details of the company's subsidiaries at 31 December 2023 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
C.L.C. Contractors Limited
Unit 2 Northbrook Industrial Estate, Vincent Avenue, Southampton, SO16 6PB
Building maintenance & refurbishment contractors
Ordinary
100.00
Globalrule Limited
Unit 2 Northbrook Industrial Estate, Vincent Avenue, Southampton, SO16 6PB
Dormant
Ordinary
100.00
C L C Contractors (Ireland) Limited
3rd Floor, Ulysses House, Foley Street, Dublin 1, Dublin, Ireland
Building refurbishment contractors
Ordinary
100.00
CLC GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 27 -
12
Creditors: amounts falling due within one year
2023
2022
£000
£000
Amounts owed to group undertakings
3,382
3,108

Amounts due to group companies are repayable on demand with interest being charged at 8% per annum. No interest was charged during the prior year ended 31 December 2022.

 

A fixed and floating charge is held over investments; intellectual property; debts due from third parties; bank accounts and related rights; and all goodwill and uncalled capital.

13
Deferred taxation
Liabilities
Liabilities
2023
2022
Balances:
£000
£000
Accelerated capital allowances
4
5
2023
Movements in the year:
£000
Liability at 1 January 2023
5
Credit to profit or loss
(1)
Liability at 31 December 2023
4
14
Retirement benefit schemes
Defined benefit schemes

CLC Group Limited operates a Defined Benefit Pension Scheme.

 

The assets of the scheme are held separately from those of the group in an independently administered fund. On 26 July 2005 the scheme was closed for future accrual and current members transferred to one of the defined contribution schemes. A full valuation of the defined benefit scheme was carried out 31 December 2020 and updated as of 31 December 2023 by a qualified independent actuary. Payments into the fund in year amounts to £145k (2022: £155k).

2023
2022
Key assumptions
%
%
Discount rate
4.80
5.00
Expected rate of increase of pensions in payment
3.35
3.45
Expected rate of salary increases
3.00
3.05
CLC GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
14
Retirement benefit schemes
(Continued)
- 28 -
Mortality assumptions
2023
2022

Assumed life expectations on retirement at age 65:

Years
Years
Retiring today
- Males
20.9
21.7
- Females
22.8
23.4
Retiring in 20 years
- Males
22.2
23.0
- Females
24.3
24.9
2023
2022

Amounts recognised in the profit and loss account

£000
£000
Net interest on net defined benefit liability/(asset)
(21)
12
Restriction on net interest income credited to the income statement
17
-
Recharged to subsidiary
4
(12)
Total costs
-
-
2023
2022

Amounts taken to other comprehensive income

£000
£000
Actual return on scheme assets
(347)
393
Less: calculated interest element
153
67
Return on scheme assets excluding interest income
(194)
460
Actuarial changes related to obligations
-
(1,416)
Effect of changes in the amount of surplus that is not recoverable
343
348
Total costs/(income)
149
(608)

The amounts included in the balance sheet arising from the company's obligations in respect of defined benefit plans are as follows:

2023
2022
£000
£000
Present value of defined benefit obligations
3,088
3,005
Fair value of plan assets
(3,779)
(3,353)
Surplus in scheme
(691)
(348)
Restriction on scheme assets
691
348
Total liability recognised
-
-
CLC GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
14
Retirement benefit schemes
(Continued)
- 29 -
2023

Movements in the present value of defined benefit obligations

£000
Liabilities at 1 January 2023
3,005
Benefits paid
(66)
Interest cost
149
At 31 December 2023
3,088
2023

Movements in the fair value of plan assets

£000
Fair value of assets at 1 January 2023
3,353
Interest income
170
Return on plan assets (excluding amounts included in net interest)
177
Benefits paid
(66)
Contributions by the employer
145
At 31 December 2023
3,779
2023
2022

Fair value of plan assets at the reporting period end

£000
£000
Equity instruments
2,932
2,562
Government Bonds
428
408
Cash
34
8
Insured Pensioners
385
375
3,779
3,353

Restriction on scheme assets

Under FRS 102, an entity shall recognise a plan surplus as a defined benefit plan asset only to the extent that it is able to recover the surplus either through reduced contributions in the future or through refunds from the plan. The directors acknowledge their responsibilities requiring them to make judgements and estimates that are reasonable and prudent. As such, the directors deem it prudent not to recognise a defined benefit plan asset at the year end on the basis that the extent of future contributions cannot be reliably quantified.

15
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£000
£000
Issued and fully paid
A Ordinary shares of 5p each
11,077,399
11,077,399
554
554
B Ordinary shares of 5p each
12,132,760
12,132,760
607
607
23,210,159
23,210,159
1,161
1,161
CLC GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
15
Share capital
(Continued)
- 30 -

Called-up share capital represents the nominal value of the shares that have been issued.

 

B Ordinary shares are entitled to dividends that are greater than or equal to dividends on A Ordinary shares. The shares rank pari passu in all other respects.

16
Reserves

Revaluation reserve

 

Includes the cumulative revaluation of assets.

 

Share premium account

 

Includes any premiums received on issue of share capital. Any transaction costs associated with the issuing of shares are deducted from the share premium.

 

Capital redemption reserve

 

Includes all current and prior period movements arising from the purchase of the group's own shares.

 

Profit & loss account

 

Includes all current and prior period retained profits and losses.

17
Contingent liabilities

A composite guarantee and debenture exists between group companies, including CLC Group Limited, in respect of bank loans held in Repair Bidco UK Limited.

 

The Directors consider it to be highly improbable that any liability will crystallise for the Company as a result of these guarantees.

18
Related party transactions

The company has taken advantage of the exemption available within FRS 102, whereby it has not disclosed transactions with its parent company or any subsidiaries that are wholly owned within the group.true

19
Ultimate controlling party

Hilbre Holdings Limited is the company's immediate parent company. Hilbre Holdings Limited is incorporated in England and Wales and registered at Unit 2 Northbrook Industrial Estate, Vincent Avenue, Southampton, England, SO16 6PB.

 

Tribus Holdings 1 Sarl is the company's ultimate parent company. The company is incorporated in Luxembourg and registered at 8, rue Lou Hemmer, 1748 Senningerberg, Luxembourg.

 

In the opinion of the directors the company has no controlling party.

The ultimate parent company does not produce publically available consolidated financial statements. The smallest group in which the results of the company are consolidated is that headed by Hilbre Holdings Limited. The largest group in which the results of the company are consolidated is that headed by Repair Topco UK Limited. The consolidated financial statements are available to the public and may be obtained from Companies House.

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