Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2023
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CLL GROUP HOLDINGS LIMITED
COMPANY INFORMATION
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CLL GROUP HOLDINGS LIMITED
CONTENTS
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CLL GROUP HOLDINGS LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
On 28 and 29 March 2023 the parent company acquired the shares of Colorminium (London) Limited and Envoy Projects Limited. Consideration was in part through an issue of shares in the parent company.
These accounts therefore report on the activity of CLL Group Holdings Limited for the 12 months from 1 January 2023 and the activity of the Group for the 9 months from 1 April 2023. The Group is a leading specialist facade company within the UK, delivering a turn-key design & construct solution to our clients. With over 40 years of experience, we recognise that understanding the core values and aspirations of our customers is key to successfully delivering projects whilst being committed to the fundamentals of safety and sustainability.
In the 9 months to 31 December 2023 the Group delivered projects with overall revenue of £37.2m. Our performance for the 9 months showed continued growth in operating profit which was £6.1m for that period. During the 12 month period to 31 December 2023 the trading subsidiaries of the group have generated turnover of £46m compared to £35m in the year to 31 December 2022.
The Company has invested in development property during the year and held development stock with a value of £861,103 at the year end. There is a strong net asset position of £27.7m at the end of the year and our liquidity remains strong with net cash at the year end of £13.3m. Future Prospects The Group completed an internal reorganisation in the year to provide further strategic and operational clarity. Envoy brand projects are now carried out by sister company Envoy Projects Limited, set up in 2021 to focus on cladding remediation projects, whilst Colorminium (London) Limited will continue to focus on our existing customer base.
Some of the principal risks and uncertainties facing the business are listed below. The Directors continuously monitor the principal risks and manage the business with flexibility in response to market conditions and opportunities as they arise.
Liquidity risk The Group continually forecasts working capital requirements and actively manages its working capital where necessary to ensure it is able to meet all short-term liabilities. The company is not reliant on any one customer such that a change in their liquidity position would have a severely detrimental impact to the liquidity of the company. The Group also maintains significant cash reserves to ensure that unforeseen circumstances are extremely unlikely to prevent a severe liquidity risk to the company. Credit/Insolvency risk The Group is exposed to credit risk on amounts recoverable on long-term contracts. This is managed through robust assessment of the creditworthiness of each customer, utilising credit insurance where appropriate, and ensuring that the payment terms on contracts keep the overall credit exposure per contract and per customer to an acceptable level. We also maintain a cautious stance to ensure our supply chain remains financially robust.
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CLL GROUP HOLDINGS LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Foreign exchange rate risk
The Group conducts the majority of its business in Pounds Sterling but it does have exposure to foreign currencies. Where this is the case on a project, the company mitigates the risk through the use of hedging instruments to lock in rates on a contract by contract basis. Changes in the market Sharp increases in interest rates, Government EPC targets, changing use of office space and other market forces may have a significant impact on customer investment decisions for projects in our pipeline. We address this risk principally by not becoming over-dependent on any one customer, and we develop a broad portfolio of new business opportunities across several sectors. Regulatory risk Whilst progress has been made on clarifying the regulatory situation exposed by the Grenfell tragedy, uncertainty remains. The Directors actively monitor developments to ensure they keep abreast of the relevant changes and appraise our customers where it may affect their projects. Other external risk, conflicts, commodity shortages and other disruptions in world trade The company focuses on understanding and monitoring the current risks in each area of the supply chain, particularly in relation to transportation disruption, material shortages and price fluctuations, not least with regards to the ongoing conflicts in Eastern Europe and the Middle East.
The business tracks critical KPIs at least monthly in its management reporting. The main categories are QHSE, programme, stakeholder satisfaction, and financial measures, which relate to turnover, operating profit, net current assets and cash. An analysis of the company's performance and position with reference to these financial key performance indicators is provided in the Business Review.
Against all of these KPIs the Directors are pleased with the performance of the Company in the financial year and routinely review the procedures and policies in place to ensure continued improvement.
This report was approved by the board and signed on its behalf.
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CLL GROUP HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
The directors present their report and the financial statements for the year ended 31 December 2023.
The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.
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 the Group and to 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation and minority interests, amounted to £3,896,752 (2022 - £853,164).
Dividends of £559,486 were paid during the year (2022: £Nil)
The directors who served during the year were:
The Group has a strong market reputation, healthy order book and robust pipeline of work for 2024-2025 and is continuing to look ahead and remain agile to respond to our customers’ requirements.
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CLL GROUP HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
There have been no significant events affecting the Group since the year end.
The auditors, WR Partners, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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CLL GROUP HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CLL GROUP HOLDINGS LIMITED
We have audited the financial statements of CLL Group Holdings Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2023, which comprise the Group Statement of comprehensive income, the Group and Company Balance sheets, the Group Statement of cash flows, the Group and Company Statement of changes in equity and the related notes, including a summary of 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).
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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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.
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 Group's or the parent 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.
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CLL GROUP HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CLL GROUP HOLDINGS LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.
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CLL GROUP HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CLL GROUP HOLDINGS LIMITED (CONTINUED)
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 Auditors' 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 Group financial statements.
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:
The audit team obtained an understanding of the legal and regulatory frameworks that are applicable to the Company and determined that the most significant are those that relate to the reporting framework (FRS102 and the Companies Act 2006), the relevant tax compliance regulations, employment law, Health and Safety Regulations and the EU General Data Protection Regulation (GDPR). We understood how the Company is complying with these frameworks by making enquiries of management and those responsible for legal an compliance procedures. We also reviewed board minutes to identify any recorded instances of irregularity or non compliance the might have a material impact on the financial statements. We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur by meeting with key management to understand where they considered there was susceptibility to fraud. Based on our understanding our procedures involved enquiries of management and those charged with governance, manual journal testing, cashbook reviews for large and unusual items and the challenge of significant accounting estimates used in preparing the financial statements.
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CLL GROUP HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CLL GROUP HOLDINGS LIMITED (CONTINUED)
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.
In the previous accounting period the Company took advantage of the audit exemption for small companies under section 477 of the Companies Act 2006. Therefore, the comparatives included within these financial statements have not been not subject to audit.
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 Auditors' 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.
for and on behalf of
Chartered Accountants
Statutory Auditors
Belmont House
Shrewsbury Business Park
Shropshire
SY2 6LG
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CLL GROUP HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
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CLL GROUP HOLDINGS LIMITED
REGISTERED NUMBER: 13582442
CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2023
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CLL GROUP HOLDINGS LIMITED
REGISTERED NUMBER: 13582442
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 19 to 33 form part of these financial statements.
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CLL GROUP HOLDINGS LIMITED
REGISTERED NUMBER: 13582442
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023
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CLL GROUP HOLDINGS LIMITED
REGISTERED NUMBER: 13582442
COMPANY BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 19 to 33 form part of these financial statements.
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CLL GROUP HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
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CLL GROUP HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022
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CLL GROUP HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
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CLL GROUP HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022
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CLL GROUP HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
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CLL GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
CLL Group Holdings Limited (13582442) is a private company, limited by shares, incorporated in England and Wales, domiciled in the UK and has its registered office and principal place of business at 23 Springfield Lyons Approach, Springfield, Chelmsford, England, CM2 5LB.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
Forecasts and projections, which take account of reasonable possible changes in trading performance, show that the Company and the Group should be able to operate within the level of their current facilities.
The Directors have a reasonable expectation that the Company and Group have adequate resources to continue in operational existence for he foreseeable future. The Company and Group therefore have adopted the going concern basis in preparing these financial statements.
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CLL GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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CLL GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Goodwill
Other intangible assets
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
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.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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CLL GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Provisions are charged as an expense to profit or loss in the year that the Group becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Balance sheet.
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CLL GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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CLL GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
The Group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. In the opinion of the directors there are no estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. Long term contracts Judgment is particularly applied in estimating the completion stage and expected outcome of Long term contracts. Warranty Provision The Group provides a provision on estimated warranty costs, with the average warranty lasting a duration of 12 years. The Group has either entered into an uninsured warranty contract leading to a legal obligation or has a constructive obligation in relation to the warranty on these sales. The provision is based on a percentage of annual turnover. The total provision at balance sheet date is disclosed in note 18 of these accounts.
All turnover relates to the principal activity of the Group.
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CLL GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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CLL GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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CLL GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
10.Taxation (continued)
There were no factors that may affect future tax charges.
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CLL GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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CLL GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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CLL GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Page 30
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CLL GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
19.Provisions (continued)
The Deferred A-C shares and Ordinary Z shares are redeemable at any time at the the request of the Company. The holders have a right to request a redemption but the Company has an unconditional right to reject any such request if it sees fit.
Other reserves
Profit and loss account
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CLL GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £66,346 (2022 - £Nil) . Contributions totalling £Nil (2022 - £Nil) were payable to the fund at the balance sheet date and are included in creditors.
Included in other creditors are balances due to directors of £3,338,203 (2022: £Nil). No interest is charged on balances held with directors, with all balances being repayable on demand.
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CLL GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
The Company is under the control of the Directors by virtue of their majority shareholdings.
Page 33
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