Company registration number 03997646 (England and Wales)
CADDICK LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
CADDICK LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
CADDICK LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
2,836,270
2,898,161
Current assets
Debtors
4
1,013,285
908,010
Cash at bank and in hand
-
0
25,277
1,013,285
933,287
Creditors: amounts falling due within one year
5
(594,879)
(249,369)
Net current assets
418,406
683,918
Total assets less current liabilities
3,254,676
3,582,079
Creditors: amounts falling due after more than one year
6
(2,874,879)
(3,237,293)
Provisions for liabilities
(6,135)
(7,099)
Net assets
373,662
337,687
Capital and reserves
Called up share capital
7
300,000
300,000
Profit and loss reserves
73,662
37,687
Total equity
373,662
337,687

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

These financial statements have been prepared and delivered 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 4 March 2024 and are signed on its behalf by:
Mr M Marsh
Mrs C  Torkington
Director
Director
Ms D Roussis
Director
Company Registration No. 03997646
CADDICK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

Caddick Limited is a private company limited by shares incorporated in England and Wales. The registered office is Beech Farm, Lymm Road, Thelwall, Warrington, WA4 2TG. The trading address of the company is Haldens Parkway, Thrapston, Kettering, NN14 4QS.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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

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

1.2
Going concern

The war in Ukraine that started in early 2022 is still having an impact on a large number of businesses, due to rising costs, supply issues and ongoing concerns over the economic climate. However the directors believe that the company is well placed to minimise the impact.

 

Management are continuously assessing the impact of the above on clients, suppliers and employees. Regular contact is taking place throughout the supply chain to minimise any disruption and further increases of costs. The company has organised itself to adjust its activities, working capital and costs in line with the actual business level in order to protect its cash flow. Actions have been taken in the past to enable the business to establish a strong financial platform, and this together with the current balance sheet strength positions the company well.

 

The company is part of a group as detailed in the ultimate controlling party note which has a strong liquidity, considerable headroom in its covenants and is very strongly capitalised by its shareholders enabling the group to support the company for at least the next 12 months if required. Working capital is closely monitored, especially to protect timely collection of debtors.

 

1.3
Turnover

Turnover represents amounts due for the provision of warehousing facilities and distribution of goods to fellow group companies during the period, and is accounted for on an accruals basis.

 

Despite the intra group arrangements in respect of the distribution of goods, the company is acting as principal, rather than agent, in its dealings because the company:

 

Therefore turnover is accounted for on a gross rather than net basis.

 

1.4
Tangible fixed assets

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

CADDICK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -

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

Freehold land and buildings
50 years straight line
Fixtures and fittings
10 years straight line
Computer equipment
3 years straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss.

1.6
Cash and cash equivalents

Cash at bank and in hand are basic financial assets and include cash in hand and bank overdrafts.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

CADDICK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
Impairment of financial assets

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

 

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

 

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

Classification of financial liabilities

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

Basic financial liabilities

Basic financial liabilities, including creditors and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.8
Equity instruments

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

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

CADDICK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences. Such liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Retirement benefits

The company operates a defined contribution scheme for the benefit of its employees. The assets of the scheme are held separately from those of the company. Contributions payable are charged to the profit and loss account in the year they are payable.

1.12
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease.

1.13
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

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

2023
2022
Number
Number
Total
19
20
CADDICK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
3
Tangible fixed assets
Freehold land and buildings
Fixtures and fittings
Computer equipment
Total
£
£
£
£
Cost
At 1 January 2023
3,880,082
228,278
13,484
4,121,844
Additions
-
0
-
0
1,696
1,696
At 31 December 2023
3,880,082
228,278
15,180
4,123,540
Depreciation and impairment
At 1 January 2023
996,742
215,233
11,708
1,223,683
Depreciation charged in the year
58,269
3,783
1,535
63,587
At 31 December 2023
1,055,011
219,016
13,243
1,287,270
Carrying amount
At 31 December 2023
2,825,071
9,262
1,937
2,836,270
At 31 December 2022
2,883,340
13,045
1,776
2,898,161

Freehold land and buildings with a carrying amount of £1,630,835 (2022: £270,750) have been pledged as security in respect of operating lease commitments of the company.

4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
35,928
11,098
Other debtors
753,884
724,828
Prepayments and accrued income
223,473
172,084
1,013,285
908,010
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
45,756
84,673
Amounts due to group undertakings
486,532
115,464
Taxation and social security
49,152
27,695
Accruals and deferred income
13,439
21,537
594,879
249,369
CADDICK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Amounts owed to group undertakings
2,874,879
3,237,293
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
300,000
300,000
300,000
300,000
8
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Jenny McCabe FCA
Statutory Auditor:
MHA Moore and Smalley
9
Operating lease commitments
Lessee

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

2023
2022
£
£
1,882,677
452,733

There is a charge over the company's freehold land and building assets in respect of some of the above operating lease commitments, see note 3.

10
Related party transactions

The company has taken advantage of the exemption permitted under Section 1A paragraph 35C from disclosing transactions with its fellow group companies.

11
Parent company

The ultimate holding company of Caddick Limited is Ravago SA, a company incorporated in Luxembourg. Its registered office is 16 Rue Notre Dame, L-2240 Luxembourg.

 

The smallest and largest group into which the company is consolidated is that of Ravago SA.

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