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Component Coating and Repair Services Limited

Registered number: 02990705
Annual Report
For the year ended 31 December 2023

 
COMPONENT COATING AND REPAIR SERVICES LIMITED
 
 
COMPANY INFORMATION


Directors
D Rivellini 
R Lopuc 
W Bauer 




Registered number
02990705



Registered office
C/O Metal Improvement Company LLC
Hambridge Lane

Newbury

Berkshire

RG14 5TU




Trading Address
Unit 1 - 4
Lydford Road

Alfreton

Derbyshire

DE55 7RQ






Independent auditors
Forvis Mazars LLP
Chartered Accountants & Statutory Auditor

5th Floor

Merck House

Seldown Lane

Poole

BH15 1TW





 
COMPONENT COATING AND REPAIR SERVICES LIMITED
 

CONTENTS



Page
Strategic Report
1 - 2
Directors' Report
3 - 5
Independent Auditors' Report
6 - 9
Statement of Comprehensive Income
10
Statement of Financial Position
11
Statement of Changes in Equity
12
Notes to the Financial Statements
13 - 28


 
COMPONENT COATING AND REPAIR SERVICES LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
The directors present the Strategic Report on Component Coating and Repair Services ('the Company') for the year ended 31 December 2023.

Business review

The company's core business is Gas Turbine Component Coating and Repair. It is one of the largest companies in this industry within the UK, split between two facilities, located in Glasgow and Alfreton. 
The Glasgow facility historically served the aerospace sector as its primary market and continues to do so, which accounts for much of the revenue.  One of the main parts being work on Compressor Vanes for Rolls Royce engines. As a direct result of the commercial impact of the Covid-19 Pandemic, the Glasgow facility changed its focus, and a larger proportion of the turnover came from the servicing of Industrial Gas Turbines. During 2023 Glasgow’s turnover from the servicing of Industrial Gas Turbines accounted for 58.25% of the annual turnover, the remaining 41.75% coming from Commercial Aerospace. The Glasgow facility remains committed to the servicing to existing high standards to the Commercial Aerospace customers, whilst continuing to grow the revenue from the application of sacrificial coatings to Industrial Gas Turbine components. The facility performed below budget for 2023 for sales v budget, primarily due to the continuing situation in Ukraine, initially resulting in the energy crisis, which impacted many with extortionate electricity and gas prices.
The Alfreton facility  primarily deals with the servicing of Industrial Gas Turbine components but is also engaged with the repair as well as the application of sacrificial coatings. The Alfreton facility achieved 75.31% of the predicted budgeted figure. High energy costs again playing a large role in the frequency at which components were sent for servicing and repair, should this need arise.
The company had a decreased level of turnover in 2022, almost 4% lower than the previous year with decreased Sales in Industrial Gas Turbines being the primary driver. 
The high costs of living have meant high staff turnovers at both sites and has impacted the levels of direct employee labour. Employees have actively been recruited by companies who require staff with similar skill sets but offering higher hourly rates than those offered by CCRS. Limitations were placed on both Glasgow and Alfreton sites on its ability to recruit and train staff. Each Business Unit, still not running.with the full budgeted headcount.
The company maintained its investment in the 100% owned subsidiary, Curtiss Wight Surface Technologies Unipessoal LDA.
During 2023 CCRS repaid the promissory note of £3.3 million GBP.

Principal risks and uncertainties
 
CCRS supply a service which maintains overhauled engines to a number of smaller companies. Should those customers make changes to their schedules, or indeed the frequency of the schedules, this would have a direct impact on CCRS sales.
The energy market has settled down and the initial high costs experienced in Q4 of 2022, extended throughout 2023 and into 2024. Some of these costs were initially mitigated by the use of the
Government Scheme, however, once this was withdrawn, CCRS engaged with all customers to negotiate and implement an energy surcharge fee.

Page 1

 
COMPONENT COATING AND REPAIR SERVICES LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Financial risk management, policies and objectives
 
The company finances its working capital requirements from retained profits. Investments are financed from a combination of retained profits and capital contributions from the immediate holding company. No-notice interest bearing account is utilised to obtain a return on excess cash balances.

Other key performance indicators
 
The company measure the listed key performance indicators (KPl's) on a monthly basis to ensure that we are meeting customer expectations in terms of delivery and quality performance and to identify any potential improvements that can be made.
1. On Time Delivery (POs delivered to committed promise date)
2. Customer Complaints (No of NCRs V's Pos delivered)
3. Internal Process Capability (No of parts sold V's No of parts reworked)
The company is happy to announce it met its year-end objectives with regard to Customer Satisfaction. 


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



R Lopuc
Director

Date: 20 August 2024

Page 2

 
COMPONENT COATING AND REPAIR SERVICES LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

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

Directors

The directors who served during the year and to the date of this report were:

D Rivellini 
R Lopuc 
W Bauer 

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company 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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Results and dividends

The loss for the year, after taxation, amounted to £482,032 (2022 - profit £143,874).

Dividends amounting to £4,050,000 have been paid in the year. (2022 - £Nil)

Page 3

 
COMPONENT COATING AND REPAIR SERVICES LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Future developments

The company has maintained weld approvals in collaboration with a key customer, sustaining approval to conduct repair and overhaul of specific Industrial Gas Turbines to the relevant Nuclear Standards. This work will continue to facilitate organic growth with key clients. 
CCRS continued to develop Repair Schemes for the next generation of Industrial Gas Turbine engines requiring repair and overhaul.
Throughout 2023 CCRS have continued to invest in tooling and innovative solutions to improve turn-time performance and internal processing efficiencies.
Further investment has been approved to upgrade and modernise key equipment within the CCRS facilities enhancing both capability and capacity.
CCRS have also significantly progressed development work in collaboration with its key coating suppliers to develop, apply and test the next generation of Sacrificial Coatings for the Commercial Aerospace and Industrial Gas Turbine Markets. One of these is the continued investigation and testing of Chrome Free alternatives.
Both CCRS facilities continue to sustain their various QMS and customer approvals, critical to the business’s ability to process OEM components. 

Going concern

The financial statements have been prepared on a going concern basis. Having carried out a detailed review of the company position and its forecasts at the date of signing the accounts. The directors consider that the company has adequate resources and mitigation strategies to enable it to continue in operation existence for the foreseeable future.

Qualifying third party indemnity provisions

If a qualifying third-party indemnity provision and/or qualifying pension scheme indemnity provision (whether made by the company or otherwise) has been in place for one or more directors of the company, the directors' report should state that fact. If the company has made such provisions for the benefit of the directors of an associated company, the directors' report should state that fact. These disclosures are required in respect of those provisions in force at any time during the financial year and those in force at the date of approval of the directors' report.

Matters covered in the Strategic Report

As permitted by Paragraph 1A of Schedule 7 to the large and medium sized Companies and Groups (Accounts and Reports) Regulations 2008, certain matters which are required to be disclosed in the Director's Report have been omitted as they are included in the Strategic Report. These matters include a fair review of the Company's business and a description of the Company's principal risks and uncertainties.

Page 4

 
COMPONENT COATING AND REPAIR SERVICES LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Impact of economic global events

UK businesses are currently facing many uncertainties such as the consequences of Brexit, COVID-19, environmental sustainability and geopolitical events such as the Russian invasion of Ukraine. These uncertainties have contributed to an environment where there exists a range of issues and risks, including inflation, rising interest rates, labour shortages, disrupted supply chains and new ways of working.
The Director has carried out an assessment of the potential impact of these uncertainties on the business, including the impact of mitigation measures, and have concluded that these are non-adjusting events with the greatest impact on the business expected to be from the economic ripple effect on the global economy. The Director has taken account of these potential impacts in their going concern assessment.
The Company continues to work with its partners to minimise any impacts of these events and maximise the realisation of any opportunities they may provide to the business.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

The auditorsForvis Mazars LLPwill 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.
 





R Lopuc
Director

Date: 20 August 2024

Page 5

 
COMPONENT COATING AND REPAIR SERVICES LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF COMPONENT COATING AND REPAIR SERVICES LIMITED
 

Opinion

We have audited the financial statements of Component Coating and Repair Services Limited (the ‘company’) for the year ended 31 December 2023 which comprise Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity and notes to the financial statements, 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 FRS 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:

give a true and fair view of the state of the company’s affairs as at 31 December 2023 and of its loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.

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.
Page 6

 
COMPONENT COATING AND REPAIR SERVICES LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF COMPONENT COATING AND REPAIR SERVICES LIMITED
 

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 the audit:
 
the information given in the 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 strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In 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:

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Page 7

 
COMPONENT COATING AND REPAIR SERVICES LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF COMPONENT COATING AND REPAIR SERVICES LIMITED
 

Responsibilities of Directors

As explained more fully in the directors' responsibilities statement set out on page 4, 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 intend either 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.
 
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
 
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. 

Based on our understanding of the company and its industry, we considered that non-compliance with the following laws and regulations might have a material effect on the financial statements: employment regulation, health and safety regulation and anti-money laundering regulation. 

To help us identify instances of non-compliance with these laws and regulations, and in identifying and assessing the risks of material misstatement in respect to non-compliance, our procedures included, but were not limited to:
Inquiring of management and, where appropriate, those charged with governance, as to whether the company is in compliance with laws and regulations, and discussing their policies and procedures regarding compliance with laws and regulations;
Inspecting correspondence, if any, with relevant licensing or regulatory authorities;
Communicating identified laws and regulations to the engagement team and remaining alert to any indications of non-compliance throughout our audit; and
Considering the risk of acts by the company which were contrary to applicable laws and regulations, including fraud.  
Page 8

 
COMPONENT COATING AND REPAIR SERVICES LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF COMPONENT COATING AND REPAIR SERVICES LIMITED
 

We also considered those laws and regulations that have a direct effect on the preparation of the financial statements, such as tax legislation, pension legislation, the Companies Act 2006. 

In addition, we evaluated the directors' and management’s incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of management override of controls, and determined that the principal risks were related to posting manual journal entries to manipulate financial performance, management bias through judgements and assumptions in significant accounting estimates, in particular in relation to stock provision, bad debt provision, revenue recognition (which we pinpointed to the cut-off assertion), and significant one-off or unusual transactions.

Our audit procedures in relation to fraud included but were not limited to:
Making enquiries of the directors and management on whether they had knowledge of any actual, suspected or alleged fraud;
Gaining an understanding of the internal controls established to mitigate risks related to fraud;
Discussing amongst the engagement team the risks of fraud; and
Addressing the risks of fraud through management override of controls by performing journal entry testing.

There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls.

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 auditor’s report.

Use of the audit 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.




Lesley Fox (Senior Statutory Auditor)

  
for and on behalf of

Forvis Mazars LLP
Chartered Accountants and Statutory Auditor 
5th Floor
Merck House
Seldown Lane
Poole
BH15 1TW

21 August 2024
Page 9

 
COMPONENT COATING AND REPAIR SERVICES LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Turnover
 4 
5,025,141
4,951,870

Cost of sales
  
(3,611,676)
(3,054,583)

Gross profit
  
1,413,465
1,897,287

Administrative expenses
  
(2,098,469)
(1,768,052)

Other operating income
 5 
12
-

Operating (loss)/profit
 6 
(684,992)
129,235

Interest receivable and similar income
 9 
65,308
44,428

Interest payable and similar expenses
 10 
(200)
-

(Loss)/profit before tax
  
(619,884)
173,663

Tax on (loss)/profit
 11 
137,852
(29,789)

(Loss)/profit for the financial year
  
(482,032)
143,874

Total comprehensive income for the year
  
(482,032)
143,874

The notes on pages 13 to 28 form part of these financial statements.

The Statement of Comprehensive Income has been prepared on the basis that all operations are continuing operations.

Page 10

 
COMPONENT COATING AND REPAIR SERVICES LIMITED
REGISTERED NUMBER: 02990705

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 13 
483,218
571,593

Investments
 14 
1,172,738
1,172,738

  
1,655,956
1,744,331

Current assets
  

Stocks
 15 
174,264
149,084

Debtors: amounts falling due within one year
 16 
1,573,248
3,561,606

Cash at bank and in hand
 17 
1,059,345
1,883,985

  
2,806,857
5,594,675

Creditors: amounts falling due within one year
 18 
(2,462,833)
(801,630)

Net current assets
  
 
 
344,024
 
 
4,793,045

Total assets less current liabilities
  
1,999,980
6,537,376

Provisions for liabilities
  

Deferred tax
 19 
(22,716)
(28,080)

  
 
 
(22,716)
 
 
(28,080)

Net assets
  
1,977,264
6,509,296


Capital and reserves
  

Called up share capital 
 20 
3,250
3,250

Share premium account
 21 
719,750
719,750

Profit and loss account
 21 
1,254,264
5,786,296

Total equity
  
1,977,264
6,509,296


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 20 August 2024.




R Lopuc
Director

The notes on pages 13 to 28 form part of these financial statements.

Page 11

 
COMPONENT COATING AND REPAIR SERVICES LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£


At 1 January 2022
3,250
719,750
5,642,422
6,365,422


Comprehensive income for the year

Profit for the year
-
-
143,874
143,874


Other comprehensive income for the year
-
-
-
-


Total comprehensive income for the year
-
-
143,874
143,874


Total transactions with owners
-
-
-
-



At 1 January 2023
3,250
719,750
5,786,296
6,509,296


Comprehensive income for the year

Loss for the year
-
-
(482,032)
(482,032)


Other comprehensive income for the year
-
-
-
-


Total comprehensive income for the year
-
-
(482,032)
(482,032)


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(4,050,000)
(4,050,000)


Total transactions with owners
-
-
(4,050,000)
(4,050,000)


At 31 December 2023
3,250
719,750
1,254,264
1,977,264


The notes on pages 13 to 28 form part of these financial statements.

Page 12

 
COMPONENT COATING AND REPAIR SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Component Coating and Repair Services Limited ("the company") is a private company limited by shares and is registered and incorporated in England and Wales. The registered office is C/O Metal Improvement Company LLC, Hambridge Lane, Newbury, Berkshire, United Kingdom, RG14 5TU.
The Company's principal activity is that of specialised coatings and repair for components in the aerospace, gas industries and general mechanical engineering.
The financial statements are prepared in sterling, this being the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with 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 management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Curtiss-Wright Corporation as at 31 December 2023 and these financial statements may be obtained from Director of Investor Relations, Curtiss-Wright Corporation, 13925 Ballantyne Corporate Place, Suite 400, Charlotte, North Carolina, 28277, USA..

 
2.3

Exemption from preparing consolidated financial statements

The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of a state other than the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 401 of the Companies Act 2006.

Page 13

 
COMPONENT COATING AND REPAIR SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Going concern

The financial statements have been prepared on a going concern basis. Having carried out a detailed review of the company position and its forecasts at the date of signing the accounts. The directors consider that the company has adequate resources and mitigation strategies to enable it to continue in operation existence for the foreseeable future.

 
2.5

Foreign currency translation

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'.

 
2.6

Revenue

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

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Page 14

 
COMPONENT COATING AND REPAIR SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.7

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.8

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.9

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.10

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.11

Current and deferred 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.

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting 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; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

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 reporting date.

Page 15

 
COMPONENT COATING AND REPAIR SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.12

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.

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:

Long-term leasehold property
-
Lesser of estimated useful life of asset or the remaining term of the lease
Plant and machinery
-
6.67% on cost
Motor vehicles
-
20% on cost
Fixtures, fittings and equipment
-
15% on cost

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.

Depreciation is charged to 'cost of sales' and 'administrative expenses' in the Statement of Comprehensive Income.

 
2.13

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.14

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Work in progress and finished goods include labour and attributable overheads.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.15

Debtors

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

Page 16

 
COMPONENT COATING AND REPAIR SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.16

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.

 
2.17

Creditors

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

 
2.18

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Statement of Financial Position 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.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The
Page 17

 
COMPONENT COATING AND REPAIR SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.18
Financial instruments (continued)

impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.19

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 18

 
COMPONENT COATING AND REPAIR SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Judgments in applying accounting policies 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. 
Leasing 
In categorising leases as finance leases or operating leases, management makes judgements as to whether significant risks and rewards of ownership have transferred to the company as lessee. 
Key sources of estimation uncertainty 
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows. 
Impairment of trade debtors 
Trade debtors are stated at recoverable amounts, after appropriate provision for bad and doubtful debts. Calculation of the bad debt provision requires judgement from the management team, based on the creditworthiness of the debtor, the credit agency profile of the debtor, and the historical experience. The recoverable amount of trade debtors at the year end is £1,288,165 (2022: £976,107). 
Recoverability of amount owed by group undertakings 
Determination of whether the amount owed by group undertakings have been impaired requires estimation of the fellow group undertakings net asset position and its ability to generate future cashflows to settle the debtor. The director has performed a review of each amount owed by group undertakings for indications of impairment and estimated the future cashflows of the fellow group undertakings to determine recoverability. At 31 December 2023, the net carrying amount owed to the group undertakings was £1,635,624 consisting of intercompany debtors amounting to £Nil and intercompany creditors amounting to £1,653,624. (2022: £2,296,297 net amount owed by group undertakings, consisting of intercompany debtors amounting to £2,296,297 and intercomany creditors amounting to £Nil.

Page 19

 
COMPONENT COATING AND REPAIR SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£
£

Specialised coatings and repair
5,025,141
4,951,870

5,025,141
4,951,870


Analysis of turnover by country of destination:

2023
2022
£
£

United Kingdom
4,192,214
4,492,761

Rest of Europe
643,537
222,158

Rest of the world (incl Middle East)
189,390
236,951

5,025,141
4,951,870



5.


Other operating income

2023
2022
£
£

Sundry income
12
-

12
-



6.


Operating (loss)/profit

The operating (loss)/profit is stated after charging:

2023
2022
£
£

Fees payable to the company's auditor for the audit of the company's financial statements
30,500
37,500

Depreciation
88,779
94,350

Exchange differences
9,928
(65,393)

Other operating lease rentals
191,449
197,143

Page 20

 
COMPONENT COATING AND REPAIR SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors and their associates:


2023
2022
£
£

Fees payable to the Company's auditors and their associates for the audit of the Company's financial statements
30,500
37,500


8.


Employees

Staff costs were as follows:


2023
2022
£
£

Wages and salaries
2,171,005
2,121,793

Social security costs
206,588
215,547

Cost of defined contribution scheme
79,737
77,731

2,457,330
2,415,071


All directors costs are bourne by another group company and are not recharged to the company.

The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Management & administration
11
10



Production
59
63

70
73


9.


Interest receivable

2023
2022
£
£


Interest on bank deposits
9,208
703

Interest receivable from group companies
56,100
43,725

65,308
44,428

Page 21

 
COMPONENT COATING AND REPAIR SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Interest payable and similar expenses

2023
2022
£
£


Bank interest payable
200
-

200
-


11.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
(137,848)
38,388

Adjustments in respect of previous periods
5,360
-


(132,488)
38,388


Total current tax
(132,488)
38,388

Deferred tax


Origination and reversal of timing differences
(5,364)
7,754

Adjustments in respect of prior periods
-
(16,353)

Total deferred tax
(5,364)
(8,599)


Tax on (loss)/profit
(137,852)
29,789
Page 22

 
COMPONENT COATING AND REPAIR SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
11.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2022 - lower than) the standard rate of corporation tax in the UK of 23.52% (2022 - 19%). The differences are explained below:

2023
2022
£
£


(Loss)/profit on ordinary activities before tax
(619,884)
173,663


(Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.52% (2022 - 19%)
(145,797)
32,996

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
941
(2,718)

Capital allowances for year in excess of depreciation
2,852
-

Effect of change in corporation tax rate
-
1,378

Adjustments to tax charge in respect of prior periods
-
(3,072)

Increase or decrease in pension fund prepayment leading to an increase (decrease) in tax
2,471
-

Depreciation on assets not qualifying for tax allowances
1,685
1,205

Other differences leading to an increase (decrease) in the tax charge
(4)
-

Total tax charge for the year
(137,852)
29,789


Factors that may affect future tax charges

The UK Government announced in the 2021 budget that from 1 April 2023, the rate of corporation tax in the United Kingdom has increased from 19% to 25%. Companies with profits of £50,000 or less would continue to be taxed at 19%, which was a new small profits rate. Where taxable profits were between £50,000 and £250,000, the higher 25% rate would apply but with a marginal relief applying as profits increased. Deferred tax is provided for at 25% as that was the substantively enacted rate at the reporting date.


12.


Dividends

2023
2022
£
£


Dividends - final paid
4,050,000
-

4,050,000
-

Page 23

 
COMPONENT COATING AND REPAIR SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

13.


Tangible fixed assets





Long-term leasehold property
Plant and machinery
Motor vehicles
Fixtures fittings and equipment
Total

£
£
£
£
£



Cost 


At 1 January 2023
283,960
2,322,525
79,283
269,539
2,955,307


Additions
-
-
404
-
404



At 31 December 2023

283,960
2,322,525
79,687
269,539
2,955,711



Depreciation


At 1 January 2023
269,085
1,771,679
79,283
263,667
2,383,714


Charge for the year
7,164
79,147
-
2,468
88,779



At 31 December 2023

276,249
1,850,826
79,283
266,135
2,472,493



Net book value



At 31 December 2023
7,711
471,699
404
3,404
483,218



At 31 December 2022
14,875
550,846
-
5,872
571,593


14.


Fixed asset investments





Investments in subsidiary companies
Capital contributions
Total

£
£
£



Cost 


At 1 January 2023
7,902
1,164,836
1,172,738



At 31 December 2023
7,902
1,164,836
1,172,738




Page 24

 
COMPONENT COATING AND REPAIR SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

Curtiss Wright Surface Technologies Unipessoal Lda
Rua Camilo Castelo Branco, 23 4th floor, Coracao de jesus, 1150-083 Lisbon, Portugal
Ordinary
100%

The aggregate of the share capital and reserves as at 31 December 2023 and the profit or loss for the year ended on that date for the subsidiary undertaking was as follows:

Name

Curtiss Wright Surface Technologies Unipessoal Lda


15.


Stocks

2023
2022
£
£

Raw materials and consumables
89,045
59,348

Work in progress
85,219
89,736

174,264
149,084



16.


Debtors: Amounts falling due within one year

2023
2022
£
£


Trade debtors
1,288,165
976,107

Amounts owed by group undertakings
-
2,296,297

Other debtors
-
152,699

Corporation tax
153,371
12,804

Prepayments and accrued income
131,712
123,699

1,573,248
3,561,606


Amounts owed by group undertakings are unsecured and repayable on demand. Interest is charged at a rate of 4.5% per annum on promissory note of £3.3m with accrued interest included in the above balance.

Page 25

 
COMPONENT COATING AND REPAIR SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

17.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
1,059,345
1,883,985

1,059,345
1,883,985



18.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
271,203
229,199

Amounts owed to group undertakings
1,635,624
-

Corporation tax
-
596

Other taxation and social security
209,368
230,071

Other creditors
155,416
150,774

Accruals and deferred income
191,222
190,990

2,462,833
801,630



19.


Deferred taxation




2023


£






At beginning of year
(28,080)


Charged to profit or loss
5,364



At end of year
(22,716)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(26,955)
(29,674)

Short term timing differences
4,239
1,594

(22,716)
(28,080)

Page 26

 
COMPONENT COATING AND REPAIR SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

20.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



3,250 (2022 - 3,250) Ordinary shares of £1.00 each
3,250
3,250

The shares have attached to them full voting, dividend and capital distribution (including on winding up) rights. They do not confer any rights of redemption.



21.


Reserves

Share premium account

Consideration received for shares issued above their nominal value net of transaction costs. 

Profit and loss account

Cumulative profit and loss net of distributions to owners. 


22.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £79,737 (2022 - £77,731).  Contributions totalling £16,273 (2022 - £13,980) were payable to the fund at the balance sheet date and are included in creditors


23.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
194,195
202,950

Later than 1 year and not later than 5 years
532,307
534,832

Later than 5 years
82,500
185,625

809,002
923,407


24.


Post balance sheet events

There have been no significant events affecting the Company since the year end.

Page 27

 
COMPONENT COATING AND REPAIR SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

25.


Parent company and controlling party

The immediate parent undertaking is Curtiss-Wright Netherlands CV. The ultimate parent undertaking and controlling party is the Curtiss-Wright Corporation, a company registered in the USA. 
There is not considered to be a single controlling party of the Curtiss-Wright Corporation. 
Copies of the financial statements of Curtiss-Wright Corporation, the only company which prepares group financial statements which include the results of the company are available to the public and may be obtained from: Director of Investor Relations, Curtiss-Wright Corporation, 13925 Ballantyne Corporate Place, Suite 400, Charlotte, North Carolina, 28277, USA. 

Page 28