IRIS Accounts Production v24.2.0.383 07234664 Board of Directors 31.12.23 1.1.23 31.12.23 31.12.23 Engineering group true true false true true false false true false Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh072346642022-12-31072346642023-12-31072346642023-01-012023-12-31072346642021-12-31072346642022-01-012022-12-31072346642022-12-3107234664ns15:EnglandWales2023-01-012023-12-3107234664ns14:PoundSterling2023-01-012023-12-3107234664ns10:Director12023-01-012023-12-3107234664ns10:Consolidated2023-12-3107234664ns10:ConsolidatedGroupCompanyAccounts2023-01-012023-12-3107234664ns10:PrivateLimitedCompanyLtd2023-01-012023-12-3107234664ns10:Consolidatedns10:FRS1022023-01-012023-12-3107234664ns10:Consolidatedns10:Audited2023-01-012023-12-3107234664ns10:SmallCompaniesRegimeForDirectorsReport2023-01-012023-12-3107234664ns10:SmallCompaniesRegimeForAccounts2023-01-012023-12-3107234664ns10:Consolidatedns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2023-01-012023-12-3107234664ns10:LargeMedium-sizedCompaniesRegimeForAccountsns10:Consolidated2023-01-012023-12-3107234664ns10:FullAccounts2023-01-012023-12-3107234664ns10:OrdinaryShareClass12023-01-012023-12-3107234664ns10:Consolidated2023-01-012023-12-3107234664ns10:Director22023-01-012023-12-3107234664ns10:CompanySecretary12023-01-012023-12-3107234664ns10:RegisteredOffice2023-01-012023-12-3107234664ns10:Consolidated2022-01-012022-12-3107234664ns5:CurrentFinancialInstruments2023-12-3107234664ns5:CurrentFinancialInstruments2022-12-3107234664ns5:Non-currentFinancialInstruments2023-12-3107234664ns5:Non-currentFinancialInstruments2022-12-3107234664ns5:ShareCapital2023-12-3107234664ns5:ShareCapital2022-12-3107234664ns5:SharePremium2023-12-3107234664ns5:SharePremium2022-12-3107234664ns5:RevaluationReserve2023-12-3107234664ns5:RevaluationReserve2022-12-3107234664ns5:CapitalRedemptionReserve2023-12-3107234664ns5:CapitalRedemptionReserve2022-12-3107234664ns5:RetainedEarningsAccumulatedLosses2023-12-3107234664ns5:RetainedEarningsAccumulatedLosses2022-12-3107234664ns5:ShareCapital2021-12-3107234664ns5:RetainedEarningsAccumulatedLosses2021-12-3107234664ns5:SharePremium2021-12-3107234664ns5:RetainedEarningsAccumulatedLosses2022-01-012022-12-3107234664ns5:RetainedEarningsAccumulatedLosses2023-01-012023-12-3107234664ns5:RevaluationReserve2021-12-3107234664ns5:CapitalRedemptionReserve2021-12-3107234664ns5:RevaluationReserve2022-01-012022-12-3107234664ns5:CapitalRedemptionReserve2022-01-012022-12-3107234664ns5:RevaluationReserve2023-01-012023-12-3107234664ns5:CapitalRedemptionReserve2023-01-012023-12-3107234664ns5:LongLeaseholdAssetsns5:LandBuildings2022-12-3107234664ns5:PlantMachinery2022-12-3107234664ns5:MotorVehicles2022-12-3107234664ns5:LongLeaseholdAssetsns5:LandBuildings2023-01-012023-12-3107234664ns5:PlantMachinery2023-01-012023-12-3107234664ns5:MotorVehicles2023-01-012023-12-3107234664ns5:LongLeaseholdAssetsns5:LandBuildings2023-12-3107234664ns5:PlantMachinery2023-12-3107234664ns5:MotorVehicles2023-12-3107234664ns5:LongLeaseholdAssetsns5:LandBuildings2022-12-3107234664ns5:PlantMachinery2022-12-3107234664ns5:MotorVehicles2022-12-3107234664ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2022-12-3107234664ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-01-012023-12-3107234664ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-12-3107234664ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2022-12-3107234664ns5:CostValuation2022-12-3107234664ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-3107234664ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-3107234664ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2023-12-3107234664ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2022-12-3107234664ns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-3107234664ns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-3107234664ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2023-12-3107234664ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2022-12-3107234664ns5:HirePurchaseContracts2023-12-3107234664ns5:HirePurchaseContracts2022-12-3107234664ns5:Secured2023-12-3107234664ns5:Secured2022-12-3107234664ns5:DeferredTaxation2022-12-3107234664ns5:DeferredTaxation2023-12-3107234664ns10:OrdinaryShareClass12023-12-3107234664ns5:RevaluationReserve2022-12-31
REGISTERED NUMBER: 07234664 (England and Wales)
















Group Strategic Report,

Report of the Directors and

Consolidated Financial Statements

for the Year Ended 31 December 2023

for

C & C Industrial Group Limited

C & C Industrial Group Limited (Registered number: 07234664)






Contents of the Consolidated Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Consolidated Income Statement 10

Consolidated Other Comprehensive Income 11

Consolidated Balance Sheet 12

Company Balance Sheet 13

Consolidated Statement of Changes in Equity 14

Company Statement of Changes in Equity 15

Consolidated Cash Flow Statement 16

Notes to the Consolidated Cash Flow Statement 17

Notes to the Consolidated Financial Statements 19


C & C Industrial Group Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: D R Gillett
D South





SECRETARY: D South





REGISTERED OFFICE: 36 Brunel Way
Fareham
Hampshire
PO15 5SA





REGISTERED NUMBER: 07234664 (England and Wales)





AUDITORS: Roches
1 Manor Court
6 Barnes Wallis Road
Segensworth
Fareham
Hampshire
PO15 5TH

C & C Industrial Group Limited (Registered number: 07234664)

Group Strategic Report
for the Year Ended 31 December 2023

The directors present their strategic report of the company and the group for the year ended 31 December 2023.

The principal objective of the board is to create a successful Group of companies providing world class solutions in the design and manufacture of heat exchange, refrigeration and cold storage products.

REVIEW OF BUSINESS
Financial review and key performance indicators 2023 2022

Revenue £16.0m £16.2m

Gross margin 29.0% 28.8%

Operating margin 3.7% 7.6%

Net profit before tax £598k £1,225k


The group takes a medium to long term approach to its investment decisions, seeking longer term sustainable growth.

No further analysis of product margins has been provided as this is considered commercially sensitive information.

The Board is confident that the Group is well placed to take advantage of future opportunities as and when they arise.


C & C Industrial Group Limited (Registered number: 07234664)

Group Strategic Report
for the Year Ended 31 December 2023

PRINCIPAL RISKS AND UNCERTAINTIES
The Group is subject to risks and uncertainties relating to future business which might affect its financial performance. The board has implemented systems to identify risks, to assess them and ensure that reasonable mitigation plans are in place. In addition to generic risks which affect all businesses the board has identified the following principal risks and uncertainties:

Changing technology - The Group may be affected by changes in technology which may render its current products and solutions obsolete or uncompetitive. This risk is minimised by continually developing and refining our products and monitoring competition activity.

Raw material price fluctuation - The Group may be adversely affected by rapid increases in raw material prices, especially copper and steel. Where possible contracts with customers are structured to enable the Group to pass on commodity price rises.

Foreign exchange fluctuations - The Group may be adversely affected by changes in foreign currency exchange rates. As far as possible export sales are agreed in Sterling. The exposure to purchases from abroad agreed in foreign currency is monitored carefully.

Credit risk - Investment of cash surpluses and borrowings are only made through major UK clearing banks. All customers who wish to trade on credit terms are subject to credit validation procedures. Provision is made for doubtful debts where necessary.

Cash flow - The Group may be affected by cash flow pressures associated with adverse economic conditions, including reductions in bank facilities. Cash resources are monitored on an ongoing basis to ensure as far as possible that there are adequate funds available to meet operating requirements. The directors liaise with the Group's bankers so as to instil confidence and continued support. Effective use is made of invoice discounting facilities which increase with sales growth.

ON BEHALF OF THE BOARD:




D South - Director


18 September 2024

C & C Industrial Group Limited (Registered number: 07234664)

Report of the Directors
for the Year Ended 31 December 2023

The directors present their report with the financial statements of the company and the group for the year ended 31 December 2023.

DIVIDENDS
No dividends will be distributed for the year ended 31 December 2023.

RESEARCH AND DEVELOPMENT
The Group has continued to develop its product range to incorporate advances in materials and technology. In particular it is committed to low energy, environmentally friendly refrigeration and cold storage solutions for the future.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

D R Gillett
D South

FIXED ASSETS
Information relating to changes in fixed assets is given in note 11 to the financial statements. The Group is committed to ensuring that it has the appropriate equipment to operate efficiently and spent £1,044,925 (2022 - £210,492) during the year to achieve this.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements 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 company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

C & C Industrial Group Limited (Registered number: 07234664)

Report of the Directors
for the Year Ended 31 December 2023


AUDITORS
The auditors, Roches, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





D South - Director


18 September 2024

Report of the Independent Auditors to the Members of
C & C Industrial Group Limited

Opinion
We have audited the financial statements of C & C Industrial Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 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:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31 December 2023 and of the group's profit 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 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 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 group's and 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.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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 Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
C & C Industrial Group Limited


Matters on which we are required to report by exception
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 Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company 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.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, 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 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
C & C Industrial Group Limited


Auditors' 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 a Report of the Auditors 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:

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

Identifying and assessing potential risks related to irregularities
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

o the nature of the industry and sector, control environment and business performance including the design of the Company's remuneration policies, key drivers for directors' remuneration, bonus levels and performance targets;
o the Company's own assessment of the risks that irregularities may occur either as a result of fraud or error;
o results of our enquiries of management about their own identification and assessment of the risks of irregularities;
o any matters we identified having obtained and reviewed the Company's documentation of their policies and procedures relating to:
- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;
- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; and
- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; and
o the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the areas in which management is required to exercise significant judgement, such as the disclosure of adjusting items. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory framework that the Company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, Financial Conduct Authority regulations, pensions and tax legislation.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Company's ability to operate or to avoid a material penalty. These included the competition and anti-bribery laws, data protection and employment, environmental and health and safety regulations.

Audit response to risks identified
As a result of performing the above, we identified the disclosure of adjusting items as a key audit matter related to the potential risk of fraud. The key audit matters section of our report explains this matter in more detail and also describes the specific procedures we performed in response to that key audit matter.

In addition to the above, our procedures to respond to risks identified included the following:

o reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

o enquiring of management concerning actual and potential litigation and claims;


Report of the Independent Auditors to the Members of
C & C Industrial Group Limited

o performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

o reading minutes of meetings of those charged with governance and reviewing correspondence with HMRC; and

o in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members including internal specialists audit teams, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

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 Report of the Auditors.

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 a Report of the Auditors 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.




Richard Roche (Senior Statutory Auditor)
for and on behalf of Roches
1 Manor Court
6 Barnes Wallis Road
Segensworth
Fareham
Hampshire
PO15 5TH

20 September 2024

C & C Industrial Group Limited (Registered number: 07234664)

Consolidated Income Statement
for the Year Ended 31 December 2023

31.12.23 31.12.22
as restated
Notes £    £   

TURNOVER 3 15,985,954 16,175,131

Cost of sales 11,343,094 11,510,782
GROSS PROFIT 4,642,860 4,664,349

Administrative expenses 3,965,830 3,432,421
677,030 1,231,928

Other operating income 140,722 94,696
OPERATING PROFIT 5 817,752 1,326,624

Interest receivable and similar income 617 -
818,369 1,326,624

Interest payable and similar expenses 6 220,117 102,417
PROFIT BEFORE TAXATION 598,252 1,224,207

Tax on profit 7 (17,307 ) 274,455
PROFIT FOR THE FINANCIAL YEAR 615,559 949,752
Profit attributable to:
Owners of the parent 498,614 655,673
Non-controlling interests 116,945 294,079
615,559 949,752

C & C Industrial Group Limited (Registered number: 07234664)

Consolidated Other Comprehensive Income
for the Year Ended 31 December 2023

31.12.23 31.12.22
as restated
Notes £    £   

PROFIT FOR THE YEAR 615,559 949,752


OTHER COMPREHENSIVE INCOME
Depreciation on revalued assets 1,471 3,505
Income tax relating to other comprehensive
income

-

-
OTHER COMPREHENSIVE INCOME
FOR THE YEAR, NET OF INCOME TAX

1,471

3,505
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

617,030

953,257

Total comprehensive income attributable to:
Owners of the parent 500,084 659,178
Non-controlling interests 116,946 294,079
617,030 953,257

C & C Industrial Group Limited (Registered number: 07234664)

Consolidated Balance Sheet
31 December 2023

31.12.23 31.12.22
as restated
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 11 5,908,363 3,179,183
Investments 12 - -
5,908,363 3,179,183

CURRENT ASSETS
Stocks 13 2,977,304 3,540,953
Debtors 14 3,284,980 3,353,936
Cash at bank 52,852 105,551
6,315,136 7,000,440
CREDITORS
Amounts falling due within one year 15 5,209,980 5,075,021
NET CURRENT ASSETS 1,105,156 1,925,419
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,013,519

5,104,602

CREDITORS
Amounts falling due after more than one
year

16

(2,568,605

)

(1,137,941

)

PROVISIONS FOR LIABILITIES 20 (319,535 ) (338,313 )
NET ASSETS 4,125,379 3,628,348

CAPITAL AND RESERVES
Called up share capital 21 8,320 8,320
Share premium 22 81,906 81,906
Revaluation reserve 22 - 5,882
Capital redemption reserve 22 300 300
Retained earnings 22 3,855,723 3,349,756
SHAREHOLDERS' FUNDS 3,946,249 3,446,164

NON-CONTROLLING INTERESTS 23 179,130 182,184
TOTAL EQUITY 4,125,379 3,628,348

The financial statements were approved by the Board of Directors and authorised for issue on 18 September 2024 and were signed on its behalf by:





D South - Director


C & C Industrial Group Limited (Registered number: 07234664)

Company Balance Sheet
31 December 2023

31.12.23 31.12.22
as restated
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 11 4,578,842 2,550,685
Investments 12 700 700
4,579,542 2,551,385

CURRENT ASSETS
Debtors 14 1,546,384 1,340,105
Cash at bank 20,930 8,706
1,567,314 1,348,811
CREDITORS
Amounts falling due within one year 15 707,320 326,899
NET CURRENT ASSETS 859,994 1,021,912
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,439,536

3,573,297

CREDITORS
Amounts falling due after more than one
year

16

(2,544,409

)

(1,075,511

)

PROVISIONS FOR LIABILITIES 20 (205,580 ) (262,687 )
NET ASSETS 2,689,547 2,235,099

CAPITAL AND RESERVES
Called up share capital 21 8,320 8,320
Share premium 81,906 81,906
Revaluation reserve - 5,882
Capital redemption reserve 300 300
Retained earnings 2,599,021 2,138,691
SHAREHOLDERS' FUNDS 2,689,547 2,235,099

Company's profit for the financial year 452,977 250,168

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 18 September 2024 and were signed on its behalf by:




D South - Director


C & C Industrial Group Limited (Registered number: 07234664)

Consolidated Statement of Changes in Equity
for the Year Ended 31 December 2023

Called up
share Retained Share Revaluation
capital earnings premium reserve
£    £    £    £   
Balance at 1 January 2022 8,320 2,718,160 81,906 19,900

Changes in equity
Dividends - (41,600 ) - -
Total comprehensive income - 673,196 - (14,018 )
Balance at 31 December 2022 8,320 3,349,756 81,906 5,882

Changes in equity
Total comprehensive income - 505,967 - (5,882 )
Balance at 31 December 2023 8,320 3,855,723 81,906 -
Capital
redemption Non-controlling Total
reserve Total interests equity
£    £    £    £   
Balance at 1 January 2022 300 2,828,586 8,105 2,836,691

Changes in equity
Dividends - (41,600 ) (120,000 ) (161,600 )
Total comprehensive income - 659,178 294,079 953,257
Balance at 31 December 2022 300 3,446,164 182,184 3,628,348

Changes in equity
Dividends - - (120,000 ) (120,000 )
Total comprehensive income - 500,085 116,946 617,031
Balance at 31 December 2023 300 3,946,249 179,130 4,125,379

C & C Industrial Group Limited (Registered number: 07234664)

Company Statement of Changes in Equity
for the Year Ended 31 December 2023

Called up
share Retained Share
capital earnings premium
£    £    £   
Balance at 1 January 2022 8,320 1,912,600 81,906

Changes in equity
Dividends - (41,600 ) -
Total comprehensive income - 267,691 -
Balance at 31 December 2022 8,320 2,138,691 81,906

Changes in equity
Total comprehensive income - 460,330 -
Balance at 31 December 2023 8,320 2,599,021 81,906
Capital
Revaluation redemption Total
reserve reserve equity
£    £    £   
Balance at 1 January 2022 19,900 300 2,023,026

Changes in equity
Dividends - - (41,600 )
Total comprehensive income (14,018 ) - 253,673
Balance at 31 December 2022 5,882 300 2,235,099

Changes in equity
Total comprehensive income (5,882 ) - 454,448
Balance at 31 December 2023 - 300 2,689,547

C & C Industrial Group Limited (Registered number: 07234664)

Consolidated Cash Flow Statement
for the Year Ended 31 December 2023

31.12.23 31.12.22
as restated
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,256,062 90,496
Interest paid (199,356 ) (82,952 )
Interest element of hire purchase payments
paid

(16,861

)

(19,465

)
Tax paid (190,060 ) -
Net cash from operating activities 849,785 (11,921 )

Cash flows from investing activities
Purchase of tangible fixed assets (4,606,457 ) (210,492 )
Sale of tangible fixed assets 1,710,664 28,994
Interest received 617 -
Net cash from investing activities (2,895,176 ) (181,498 )

Cash flows from financing activities
New loans in year 2,444,769 112,826
Loan repayments in year (836,890 ) (70,552 )
Capital repayments in year (191,247 ) (176,756 )
Equity dividends paid - (41,600 )
Dividends paid to minority interests (120,000 ) (120,000 )
Net cash from financing activities 1,296,632 (296,082 )

Decrease in cash and cash equivalents (748,759 ) (489,501 )
Cash and cash equivalents at beginning of
year

2

(571,084

)

(81,583

)

Cash and cash equivalents at end of year 2 (1,319,843 ) (571,084 )

C & C Industrial Group Limited (Registered number: 07234664)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 31 December 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
31.12.23 31.12.22
as restated
£    £   
Profit before taxation 598,252 1,224,207
Depreciation charges 404,726 396,299
Profit on disposal of fixed assets (238,114 ) (17,368 )
Finance costs 220,117 102,417
Finance income (617 ) -
984,364 1,705,555
Decrease/(increase) in stocks 563,649 (743,801 )
Decrease/(increase) in trade and other debtors 68,956 (734,995 )
Decrease in trade and other creditors (360,907 ) (136,263 )
Cash generated from operations 1,256,062 90,496

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 52,852 105,551
Bank overdrafts (1,372,695 ) (676,635 )
(1,319,843 ) (571,084 )
Year ended 31 December 2022
31.12.22 1.1.22
as restated
£    £   
Cash and cash equivalents 105,551 116,857
Bank overdrafts (676,635 ) (198,440 )
(571,084 ) (81,583 )


C & C Industrial Group Limited (Registered number: 07234664)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 31 December 2023

3. ANALYSIS OF CHANGES IN NET DEBT

At 1.1.23 Cash flow At 31.12.23
£    £    £   
Net cash
Cash at bank and in hand 105,551 (52,699 ) 52,852
Bank overdrafts (676,635 ) (696,060 ) (1,372,695 )
(571,084 ) (748,759 ) (1,319,843 )
Debt
Finance leases (570,132 ) 187,347 (382,785 )
Debts falling due within 1 year (81,734 ) 11,879 (69,855 )
Debts falling due after 1 year (755,156 ) (1,619,757 ) (2,374,913 )
(1,407,022 ) (1,420,531 ) (2,827,553 )
Total (1,978,106 ) (2,169,290 ) (4,147,396 )

C & C Industrial Group Limited (Registered number: 07234664)

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

1. STATUTORY INFORMATION

C & C Industrial Group Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.

The company recognises revenue when the amount can be measured reliably, when it is probable that future economic benefits will be received and when the risks and rewards of ownership have passed to the customer. This typically happens when goods are delivered and legal title has passed.

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses.

Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:"

Long Leasehold buildings - over 50 years, over the period of the lease
Long Leasehold land - over the period of the lease
Improvements to property - over the period of the lease
Plant and machinery - over 4 to 10 years
Motor Vehicles - 25% reducing balance

Stocks
Stocks, work in progress and finished goods are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method.

The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.

Work in progress and finished goods costs include materials, as incurred, and a relevant proportion of the total labour and overhead costs according to the stage of completion.

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable and loans to related parties.

Financial assets & financial liabilities are initially recognised at the transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method. However, if the arrangement constitutes a financing transaction then it is measured at the present value of the future receipts discounted at a market rate of interest.

Financial assets & financial liabilities classified as receivable within one year are not amortised.


C & C Industrial Group Limited (Registered number: 07234664)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Research and development
Research expenditure is written off to the profit and loss account in the year in which it is incurred. Development expenditure is written off in the same way unless the directors are satisfied as to the technical, commercial and financial viability of individual projects. In this situation the expenditure is deferred and amortised over the period during which the company is expected to benefit.

Hire purchase and leasing commitments
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases.

The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments.

Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life.

Operating lease payments are recognised as an expense on a straight line basis over the lease term.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Group accounts
The group financial statements consolidate the financial statements of the company and its subsidiary undertakings.

Certain companies are included in the group financial statements in accordance with the principles of merger accounting as all the criteria specified in the Companies Act 2006 are met.

The company has taken advantage of the provisions of section 408 Companies Act 2006 and omitted its own profit and loss account from these financial statements. Details of its profit are disclosed in note 17.

C & C Industrial Group Limited (Registered number: 07234664)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Critical accounting estimates and provisions
In the application of the Company's accounting policies, the directors are required to make judgements, estimates and assumptions about carrying values of assets and liabilities that are not readily available from other sources. These estimates and underlying assumptions are based on historical experience and other factors considered relevant. Actual results may differ from these estimates.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the group.

An analysis of turnover by geographical market is given below:

31.12.23 31.12.22
as restated
£    £   
United Kingdom 13,986,356 14,975,482
Europe 1,720,770 854,548
United States of America 55,001 -
Asia 223,827 330,745
Rest of the world - 14,356
15,985,954 16,175,131

4. EMPLOYEES AND DIRECTORS
31.12.23 31.12.22
as restated
£    £   
Wages and salaries 4,307,468 3,966,189
Social security costs 140,938 138,484
Other pension costs 221,240 232,192
4,669,646 4,336,865

The average number of employees during the year was as follows:
31.12.23 31.12.22
as restated

Directors 2 2
Office 36 32
Direct 80 83
118 117

The average number of employees by undertakings that were proportionately consolidated during the year was 118 (2022 - 117 ) .

31.12.23 31.12.22
as restated
£    £   
Directors' remuneration 64,671 74,237
Directors' pension contributions to money purchase schemes 60,821 64,685

C & C Industrial Group Limited (Registered number: 07234664)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

5. OPERATING PROFIT

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

31.12.23 31.12.22
as restated
£    £   
Hire of plant and machinery 24,394 23,377
Other operating leases 448,656 354,417
Depreciation - owned assets 321,253 318,476
Depreciation - assets on hire purchase contracts 83,474 77,823
Profit on disposal of fixed assets (238,114 ) (17,368 )
Auditors' remuneration 22,051 20,245

6. INTEREST PAYABLE AND SIMILAR EXPENSES
31.12.23 31.12.22
as restated
£    £   
Bank interest 42,032 44,669
Bank loan interest 157,324 38,283
Hire purchase 20,761 19,465
220,117 102,417

7. TAXATION

Analysis of the tax (credit)/charge
The tax (credit)/charge on the profit for the year was as follows:
31.12.23 31.12.22
as restated
£    £   
Current tax:
UK corporation tax - 190,060

Deferred tax (17,307 ) 84,395
Tax on profit (17,307 ) 274,455

C & C Industrial Group Limited (Registered number: 07234664)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

7. TAXATION - continued

Reconciliation of total tax (credit)/charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

31.12.23 31.12.22
as restated
£    £   
Profit before tax 598,252 1,224,207
Profit multiplied by the standard rate of corporation tax in the UK of
23.521 % (2022 - 19 %)

140,715

232,599

Effects of:
Expenses not deductible for tax purposes 2,307 1,283
Capital allowances in excess of depreciation (244,240 ) -
Depreciation in excess of capital allowances - 21,513
Utilisation of tax losses 163,504 (65,335 )
Deferred tax - effect of timing differences (17,307 ) 84,395
Capital gains charge 21,010 -
Group Loss relief claimed (83,296 ) -
Total tax (credit)/charge (17,307 ) 274,455

Tax effects relating to effects of other comprehensive income

31.12.23
Gross Tax Net
£    £    £   
Depreciation on revalued assets 1,471 - 1,471

31.12.22
Gross Tax Net
£    £    £   
Depreciation on revalued assets 3,505 - 3,505

In 2021 an increase in the corporation tax rate to 25% with effect from 1 April 2023 was substantively enacted.
The 23.521% rate used above reflects the change in rate throughout the period under review. The 25% rate is used to measure UK deferred taxes in 2023 & 2022 to the extent the related timing differences were expected to reverse after 1 April 2023.

8. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


9. DIVIDENDS
31.12.23 31.12.22
as restated
£    £   
Interim - 41,600

C & C Industrial Group Limited (Registered number: 07234664)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

10. PRIOR YEAR ADJUSTMENT

Warranty costs in 2022 were shown in the accounts under administrative expenses. However, it is now considered more appropriate for these costs to be categorised under cost of sales and so are shown as such in 2023. The comparative figures have therefore been amended accordingly for consistency of presentation. The amount of warranty costs in 2022 amounted to £159,843. There is no impact on the net profit for the year.

11. TANGIBLE FIXED ASSETS

Group
Improvements
Long to Plant and
leasehold property machinery
£    £    £   
COST
At 1 January 2023 1,663,144 199,184 2,970,756
Additions 3,561,532 - 920,366
Disposals (1,609,062 ) - (351,766 )
At 31 December 2023 3,615,614 199,184 3,539,356
DEPRECIATION
At 1 January 2023 262,986 147,908 1,359,884
Charge for year 46,553 51,276 256,358
Eliminated on disposal (241,624 ) - (253,593 )
At 31 December 2023 67,915 199,184 1,362,649
NET BOOK VALUE
At 31 December 2023 3,547,699 - 2,176,707
At 31 December 2022 1,400,158 51,276 1,610,872

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 January 2023 205,336 32,718 5,071,138
Additions 55,349 69,210 4,606,457
Disposals (20,408 ) - (1,981,236 )
At 31 December 2023 240,277 101,928 7,696,359
DEPRECIATION
At 1 January 2023 107,131 14,046 1,891,955
Charge for year 37,046 13,494 404,727
Eliminated on disposal (13,469 ) - (508,686 )
At 31 December 2023 130,708 27,540 1,787,996
NET BOOK VALUE
At 31 December 2023 109,569 74,388 5,908,363
At 31 December 2022 98,205 18,672 3,179,183

C & C Industrial Group Limited (Registered number: 07234664)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

11. TANGIBLE FIXED ASSETS - continued

Group

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 January 2023
and 31 December 2023 976,445 34,995 1,011,440
DEPRECIATION
At 1 January 2023 212,026 6,845 218,871
Charge for year 76,368 7,106 83,474
At 31 December 2023 288,394 13,951 302,345
NET BOOK VALUE
At 31 December 2023 688,051 21,044 709,095
At 31 December 2022 764,419 28,150 792,569

Company
Long Plant and Motor
leasehold machinery vehicles Totals
£    £    £    £   
COST
At 1 January 2023 1,609,062 2,310,984 127,441 4,047,487
Additions 3,477,966 188,200 - 3,666,166
Disposals (1,609,062 ) (304,537 ) (20,408 ) (1,934,007 )
At 31 December 2023 3,477,966 2,194,647 107,033 5,779,646
DEPRECIATION
At 1 January 2023 231,072 1,177,673 88,057 1,496,802
Charge for year 38,320 132,116 8,237 178,673
Eliminated on disposal (241,624 ) (219,578 ) (13,469 ) (474,671 )
At 31 December 2023 27,768 1,090,211 82,825 1,200,804
NET BOOK VALUE
At 31 December 2023 3,450,198 1,104,436 24,208 4,578,842
At 31 December 2022 1,377,990 1,133,311 39,384 2,550,685

C & C Industrial Group Limited (Registered number: 07234664)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

11. TANGIBLE FIXED ASSETS - continued

Company

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST
At 1 January 2023
and 31 December 2023 886,445
DEPRECIATION
At 1 January 2023 210,001
Charge for year 68,268
At 31 December 2023 278,269
NET BOOK VALUE
At 31 December 2023 608,176
At 31 December 2022 676,444

12. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 January 2023
and 31 December 2023 700
NET BOOK VALUE
At 31 December 2023 700
At 31 December 2022 700

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

The group accounts include the following subsidiaries (all group companies):

Name of subsidiary
Percentage
ownership
Country of
incorporation
Coolers & Condensers Limited 70% England
Ripley Engineering Limited 70% England
Box Clever Projects Limited 70% England
CRB Group Limited 70% England
All of the above mentioned subsidiaries have the same reporting date as the parent undertaking.





C & C Industrial Group Limited (Registered number: 07234664)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

13. STOCKS

Group
31.12.23 31.12.22
as restated
£    £   
Stocks 2,307,853 2,795,574
Work-in-progress 597,447 648,387
Finished goods 72,004 96,992
2,977,304 3,540,953

Impairment losses totalling £18,061 (2022 : £-£11,939) have been reversed in the period, in relation to slow-moving and obsolete stock. Impairment losses and reversals have been included in cost of sales.

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31.12.23 31.12.22 31.12.23 31.12.22
as restated as restated
£    £    £    £   
Trade debtors 2,913,831 2,902,221 - -
Amounts owed by group undertakings - - 1,537,500 1,334,167
Other debtors 64,763 63,750 1,013 -
VAT - - 4,121 188
Prepayments 306,386 387,965 3,750 5,750
3,284,980 3,353,936 1,546,384 1,340,105

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31.12.23 31.12.22 31.12.23 31.12.22
as restated as restated
£    £    £    £   
Bank loans and overdrafts (see note 17) 1,442,550 758,369 69,855 81,734
Hire purchase contracts (see note 18) 189,093 187,347 150,859 150,859
Trade creditors 1,923,423 1,784,999 4,525 -
Amounts owed to group undertakings - - 456,020 5,015
Tax - 190,060 - -
Social security and other taxes 112,980 127,209 - -
VAT 316,431 333,162 - -
Other creditors 106,619 158,975 - 83,290
Deposits received in advance 324,456 622,501 - -
Directors' current accounts 320,000 320,000 - -
Accrued expenses 474,428 592,399 26,061 6,001
5,209,980 5,075,021 707,320 326,899

C & C Industrial Group Limited (Registered number: 07234664)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group Company
31.12.23 31.12.22 31.12.23 31.12.22
as restated as restated
£    £    £    £   
Bank loans (see note 17) 2,374,913 755,156 2,374,913 755,156
Hire purchase contracts (see note 18) 193,692 382,785 169,496 320,355
2,568,605 1,137,941 2,544,409 1,075,511

17. LOANS

An analysis of the maturity of loans is given below:

Group Company
31.12.23 31.12.22 31.12.23 31.12.22
as restated as restated
£    £    £    £   
Amounts falling due within one year or on demand:
Bank overdrafts 1,372,695 676,635 - -
Bank loans 69,855 81,734 69,855 81,734
1,442,550 758,369 69,855 81,734
Amounts falling due between two and five years:
Bank loans - 2-5 years 335,686 323,326 335,686 323,326
Amounts falling due in more than five years:
Repayable by instalments
Bank loans more 5 yr by instal 2,039,227 431,830 2,039,227 431,830

18. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
31.12.23 31.12.22
as restated
£    £   
Net obligations repayable:
Within one year 189,093 187,347
Between one and five years 193,692 382,785
382,785 570,132

C & C Industrial Group Limited (Registered number: 07234664)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

18. LEASING AGREEMENTS - continued

Company
Hire purchase contracts
31.12.23 31.12.22
£    £   
Net obligations repayable:
Within one year 150,859 150,859
Between one and five years 169,496 320,355
320,355 471,214

Group
Non-cancellable operating leases
31.12.23 31.12.22
as restated
£    £   
Within one year 250,500 257,563
Between one and five years 906,604 260,917
1,157,104 518,480

During the year, the group began rent review negotiations with its landlord, which has not yet reached a conclusion. The conclusion of the negotiations, could have a related impact on the above, however, the value of the potential impact is currently uncertain.

19. SECURED DEBTS

The following secured debts are included within creditors:

Group Company
31.12.23 31.12.22 31.12.23 31.12.22
as restated as restated
£    £    £    £   
Bank overdraft 1,372,695 676,635 - -
Bank loans 2,444,768 836,890 2,444,768 836,890
Hire purchase contracts 382,785 570,132 320,355 471,214
4,200,248 2,083,657 2,765,123 1,308,104

The advances under the invoice discounting facility are secured on trade debtors.

The hire purchase loans are secured against the related assets.

The company is party to a composite guarantee arrangement with Coolers & Condensers Limited, CRB Group Limited, Ripley Engineering Limited and Box Clever Projects Limited, in favour of HSBC Bank plc. At 31 December 2023 the borrowings covered by the guarantee in respect of these companies amount to £2,444,769 (2022 : £836,890).

C & C Industrial Group Limited (Registered number: 07234664)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

20. PROVISIONS FOR LIABILITIES

Group Company
31.12.23 31.12.22 31.12.23 31.12.22
as restated as restated
£    £    £    £   
Deferred tax 319,535 338,313 205,580 262,687

Group
Deferred
tax
£   
Balance at 1 January 2023 338,313
Accelerated capital allowances (17,307 )
Revaluation Reserve (1,471 )
Balance at 31 December 2023 319,535

Company
Deferred
tax
£   
Balance at 1 January 2023 262,687
Accelerated Capital Allowances (55,636 )
Revaluation Reserve (1,471 )
Balance at 31 December 2023 205,580

The amount of net reversal of deferred tax expected to occur in the group in the succeeding financial year is £116,341 (2022 : £89,599) relating to the reversal of existing timing differences on tangible fixed assets.

The group deferred tax provision has been reduced by £277,386 (2022 : £53,755) in respect of unused tax losses.

21. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: as restated
£    £   
8,320 Ordinary £1 8,320 8,320

C & C Industrial Group Limited (Registered number: 07234664)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

22. RESERVES

Group
Capital
Retained Share Revaluation redemption
earnings premium reserve reserve Totals
£    £    £    £    £   

At 1 January 2023 3,349,756 81,906 5,882 300 3,437,844
Profit for the year 498,614 498,614
Revaluation depreciation 7,353 - (5,882 ) - 1,471
At 31 December 2023 3,855,723 81,906 - 300 3,937,929

Company
Revaluation
reserve
£   
At 1 January 2023 5,882
Revaluation depreciation (5,882 )

At 31 December 2023 -


23. NON-CONTROLLING INTERESTS

The non-controlling interest amounts to £179,130 (2022 : £182,814).

C & C Industrial Group Limited (Registered number: 07234664)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

24. RELATED PARTY DISCLOSURES

Coolers & Condensers Limited
A company under the control of C&C Industrial Group Limited

During the year, the company has provided management services totalling £324,000 (2022 : £324,000) to the related party.

As at the year end, a total of £451,020 (2022 : -£79,167) was due to the related party, which is repayable on demand.


Ripley Engineering Limited
A company under the control of C&C Industrial Group Limited

During the year, the company has provided management services totalling £60,000 (2022 : £60,000) to the related party.

As at the year end, a total of £5,000 (2022 : £5,015) was due to the related party, which is repayable on demand.


Box Clever Projects Limited
A company under the control of C&C Industrial Group Limited

The company has not entered into any transactions with the related party in either of the years and no balance was due to or from the company during this time.


CRB Group Limited
A company under the control of C&C Industrial Group Limited

During the year, the company received dividends totalling £280,000 (2022 : £280,000) from the related party.

As at the year end, a total of £1,537,500 (2022 : £1,255,000) was due from the related party, which is repayable on demand.