Company registration number 13573167 (England and Wales)
CARLO BIDCO LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
CARLO BIDCO LIMITED
COMPANY INFORMATION
Directors
A Hindocha
B Patel
(Appointed 20 February 2023)
Company number
13573167
Registered office
Five Kings House
Queen Street Place
London
EC4R 1QS
Auditor
FMCB
3rd Floor Hathaway House
Popes Drive
Finchley
London
N3 1QF
Business address
Five Kings House
Queens Street Place
London
EC4A 1QS
CARLO BIDCO LIMITED
CONTENTS
Page
Strategic report
1 - 4
Directors' report
5 - 6
Independent auditor's report
7 - 9
Profit and loss account
10
Statement of comprehensive income
11
Balance sheet
12
Statement of changes in equity
13
Notes to the financial statements
14 - 19
CARLO BIDCO LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

The directors present the strategic report for the year ended 31 December 2023.

Business rewiew

Masterfix GB Limited (the company), trading since 2009, specialises in delivering exceptional property care to owners, occupiers and managers of a diverse range of residential and commercial properties.

 

Driven to provide the highest service quality, the company delivers property maintenance and allied services to three key market sectors, retail & hospitality, residential & commercial and insurance reinstatement works specifically to the insurance market. All three have long term growth potential with a high incidence of repeat revenues.

The last financial year saw overall revenues fall slightly to £15,890,421 with Insurance Services accounting for 46% of revenue, Building Services 28% and Technical Services 26%.

 

Cost pressure from clients that became prevalent in the latter part of 2022 continued throughout 2023 and to present time.

 

Despite the changes in market conditions, we continued with our investment in underpinning the structure within the business and expanding the range of services that we offer :-

Notable developments :-

 

Overall and despite the hardening market conditions, the directors remain satisfied with the performance of the company for the year ended 31 December 2023 and optimistic for growth during 2024.

 

Principal risks and uncertainties

 

Strengths

Weaknesses

CARLO BIDCO LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Principal risks and uncertainties

 

Opportunities

Threats

 

Future Developments

 

Business Performance- 2024 Objectives

 

The company’s financial plan for the forthcoming year predicts a sales increase of around 10%. The company’s strategy for business growth is set out below.

 

Insurance Reinstatement works - Insurance will be a key growth area for the company and further enhanced by extending our offering to include drying and remediation alongside leak detection services.

 

Residential Sector - An on-going focus on Technical Services with a specific focus on the company's Mechanical & Electrical Services.

The Growth of Intelligent Homes offering following the successful acquisition of MDFX Limited.

Strategic appointments - The directors have identified that a number of key appointments are critical to the continued success and growth of the company.


Sustainability -
We recognize the need to change by making sustainability an integral part of our behavior, our service delivery and the advice we give.


In 2023, we engaged with Grain Sustainability Consultancy who, having completed our materiality assessment and benchmarking, will continue to support us in developing our sustainability strategy with associated goals, targets, and KPIs.


Acquisition Strategy update - With the full support of our investor we will continue to identify and secure acquisition targets that will complement our organic growth. As stated, it is our intention to acquire a company that offers Fire & Security Services, as well as companies who are involved in Building Efficiency.

Growth Strategy

Broadly this is consistent with our Growth strategy formulated in 2021 but with the very specific objective to increase our activity in the Insurance & Residential Sectors, dilute activity in the retail and hospitality sectors and extend our Fire & Security Offering.

 

CARLO BIDCO LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
Future developments (continued)

 

Financial instruments

 

The company considers the company has a normal level of exposure to liquidity and interest rate risk arising from its trading activities.

 

Credit risk

At 31 December 2023 the company had a bank loan of £777,778 repayable over a six year term at 5.75% over base rate. The above loan was advanced in September 2022. It is due for repayment in August 2028 by way of equal monthly instalments.

 

Liquidity

The company has credit facilities with its bankers that enables it to draw funds against unpaid sales invoices, this facility is available should the company require short term liquidity.

 

Cash flow

The company generated in the year to 31 December 2023 £635,237 from its operations, after deducting additions to tangible fixed assets of £75,443. Cash balances increased by £90,957 from £107,782 to £198,739.

 

Group

At 31 December 2023 included in debtors is £1,871,472 due from Carlo Bidco Limited. This balance arise from Carlo Bidco Limited's purchase of shares in Masterfix GB Limited and the payment of interest on redeemable loan notes used by Carlo Bidco Limited to purchase the shares. The company is responsible for the continued financial support of Carlo Bidco Limited.

Vision and Value statement

 

The company's vision is to become a household name in the residential and commercial property management sectors, delivering exceptional building maintenance services all in support of long-term client relationships built on trust and reliability.

We aim to deliver on our promise of exceptional property care to residential and commercial clients who choose best value over lowest cost. The company does this through carefully selected engineers and service partners whose communication skills and service principles match their technical excellence.

The company will continue to reinforce its key values, considered critical in promoting its ethos of “Exceptional Property Care”.

•    Safety – the safety of clients, the public and employees will not be compromised.

•    Quality – all work will be delivered to the highest possible appropriate standards.

•    Reliability & Punctuality – the company's entire team will strive to deliver, on time every time.

•    Communication – the company will actively promote timely and effective service led information.

•    Honesty & Fairness – maintaining trust through total service cost transparency.

•    Value for Money – the company will establish a demonstrable link between service and cost.

•    Courtesy – the company will at all times be respectful and thoughtful in all of our dealings.

•    The Environment – the company will comply fully with all regulations and codes of practice.

•    Professional Advice – the company will offer professional advice, not personal opinion.

CARLO BIDCO LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -

On behalf of the board

B Patel
Director
24 September 2024
CARLO BIDCO LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -

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

Principal activities

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

Results and dividends

The results for the year are set out on page 10.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

A Hindocha
J Peers
(Resigned 16 February 2023)
B Patel
(Appointed 20 February 2023)
Auditor

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

Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

CARLO BIDCO LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
On behalf of the board
B Patel
Director
24 September 2024
CARLO BIDCO LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF CARLO BIDCO LIMITED
- 7 -
Opinion

We have audited the financial statements of Carlo Bidco Limited (the 'company') for the year ended 31 December 2023 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

CARLO BIDCO LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF CARLO BIDCO LIMITED (CONTINUED)
- 8 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

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

 

CARLO BIDCO LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF CARLO BIDCO LIMITED (CONTINUED)
- 9 -

As a result of considering the above we use audit procedures to respond to any potential risks. Procedures used include the following:

 

 

In addition to the above procedures the engagement team remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

 

There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.

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

Use of our report

This report is made solely to the company's member 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 member those matters we are required to state to the member 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 member, for our audit work, for this report, or for the opinions we have formed.

Gavin Zeiderman BA(Hons) FCA
Senior Statutory Auditor
For and on behalf of FMCB
25 September 2024
Chartered Accountants
Statutory Auditor
3rd Floor Hathaway House
Popes Drive
Finchley
London
N3 1QF
CARLO BIDCO LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
2023
2022
Notes
£
£
Turnover
-
-
Administrative expenses
(8,498)
(6,560)
Operating loss
2
(8,498)
(6,560)
Interest payable and similar expenses
4
(392,920)
(420,318)
Loss before taxation
(401,418)
(426,878)
Tax on loss
5
-
0
-
0
Loss for the financial year
(401,418)
(426,878)

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

CARLO BIDCO LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
2023
2022
£
£
Loss for the year
(401,418)
(426,878)
Other comprehensive income
-
-
Total comprehensive income for the year
(401,418)
(426,878)
CARLO BIDCO LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 12 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
6
6,314,384
6,314,384
Current assets
-
-
Creditors: amounts falling due within one year
8
(2,904,924)
(2,468,506)
Net current liabilities
(2,904,924)
(2,468,506)
Total assets less current liabilities
3,409,460
3,845,878
Creditors: amounts falling due after more than one year
9
(4,361,853)
(4,396,853)
Net liabilities
(952,393)
(550,975)
Capital and reserves
Called up share capital
11
1
1
Profit and loss reserves
(952,394)
(550,976)
Total equity
(952,393)
(550,975)

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 24 September 2024 and are signed on its behalf by:
B Patel
Director
Company registration number 13573167 (England and Wales)
CARLO BIDCO LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 13 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2022
1
(124,098)
(124,097)
Year ended 31 December 2022:
Loss and total comprehensive income
-
(426,878)
(426,878)
Balance at 31 December 2022
1
(550,976)
(550,975)
Year ended 31 December 2023:
Loss and total comprehensive income
-
(401,418)
(401,418)
Balance at 31 December 2023
1
(952,394)
(952,393)
CARLO BIDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 14 -
1
Accounting policies
Company information

Carlo Bidco Limited is a private company limited by shares incorporated in England and Wales. The registered office is Five Kings House, Queen Street Place, London, EC4R 1QS.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

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

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

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

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

 

Carlo Bidco Limited is a wholly owned subsidiary of Carlo Topco and the results of Carlo Bidco Limited are included in the consolidated financial statements of Carlo Topco which are available from Five Kings House, 1 Queen Street Place, London, England, EC4R 1QS.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Fixed asset investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

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

CARLO BIDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 15 -
1.4
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.

Basic financial assets

Financial assets include debtors. Debtors are basic financial assets are measured at transaction price less any impairment. Financial assets are assessed for indicators of impairment at each reporting end date. Any changes in value are recognised in the profit or loss. account.

Other financial assets

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

Impairment of financial assets

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

 

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

 

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

Derecognition of financial assets

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

Basic financial liabilities

Financial liabilities includes creditors, loans from fellow group companies and debt instruments. Creditors, loans from fellow group companies and debt instruments which are basic financial liabilities are measured at transaction price. Any changes in value are recognised in the profit or loss account.

CARLO BIDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 16 -
Other financial liabilities

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

 

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

Derecognition of financial liabilities

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

1.5
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.

2
Operating loss
2023
2022
Operating loss for the year is stated after charging:
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
8,160
6,500
3
Employees

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

2023
2022
Number
Number
Office
1
1
4
Interest payable and similar expenses
2023
2022
£
£
Other interest on financial liabilities
392,920
420,318
5
Taxation
CARLO BIDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
5
Taxation
(Continued)
- 17 -

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

2023
2022
£
£
Loss before taxation
(401,418)
(426,878)
Expected tax credit based on the standard rate of corporation tax in the UK of 19.00% (2022: 19.00%)
(76,269)
(81,107)
Tax effect of expenses that are not deductible in determining taxable profit
35,098
37,068
Unutilised tax losses carried forward
22,438
-
0
Group relief
18,733
44,039
Taxation charge for the year
-
-
6
Fixed asset investments
2023
2022
Notes
£
£
Investments in subsidiaries
7
6,314,384
6,314,384
7
Subsidiaries

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

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Masterfix GB Limited
Five Kings House, 1 Queen Street Place, London EC4R 1QS
Ordinary shares
100.00
The aggregate capital and reserves and the result for the year of the subsidiary noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
Masterfix GB Limited
2,509,316
34,110
CARLO BIDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 18 -
8
Creditors: amounts falling due within one year
2023
2022
Notes
£
£
Other borrowings
10
-
0
32,931
Amounts owed to group undertakings
2,411,448
2,179,692
Taxation and social security
11,227
-
0
Accruals and deferred income
482,249
255,883
2,904,924
2,468,506
9
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Other borrowings
10
4,361,853
4,396,853
10
Loans and overdrafts
2023
2022
£
£
Loans from related parties
4,361,853
4,396,853
Other loans
-
0
32,931
4,361,853
4,429,784
Payable within one year
-
0
32,931
Payable after one year
4,361,853
4,396,853

Loans of £1,922,800 are owed to Coniston I LP and are secured by a fixed and floating charges over the assets of the company.

Loans from related parties include the following:

The loan note holders are shareholders in the company's parent undertaking, Carlo Topco Limited.

11
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1
1
1
1
CARLO BIDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 19 -
12
Financial commitments, guarantees and contingent liabilities

Coniston I LP is a shareholder in Carlo Topco Limited, the company's parent undertaking. There is a debenture and guarantee registered at Companies House in favour of Coniston I LP. Coniston I LP has a fixed and floating charge over the assets of the company. There is also a debenture and guarantee registered at Companies House in favour of Arbuthnot Commercial Asset Based Lending Limited has a fixed and floating charge over the assets of the company.

 

13
Ultimate controlling party

The immediate and ultimate parent undertaking is Carlo Topco Limited. The financial statements of the company are consolidated in the financial statements of Carlo Topco Limited.

2023-12-312023-01-01falseCCH SoftwareCCH Accounts Production 2024.210A HindochaJ PeersB Patelfalsefalse135731672023-01-012023-12-3113573167bus:Director12023-01-012023-12-3113573167bus:Director32023-01-012023-12-3113573167bus:Director22023-01-012023-12-3113573167bus:RegisteredOffice2023-01-012023-12-31135731672023-12-31135731672022-01-012022-12-3113573167core:RetainedEarningsAccumulatedLosses2022-01-012022-12-3113573167core:RetainedEarningsAccumulatedLosses2023-01-012023-12-31135731672022-12-3113573167core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3113573167core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3113573167core:Non-currentFinancialInstrumentscore:AfterOneYear2023-12-3113573167core:Non-currentFinancialInstrumentscore:AfterOneYear2022-12-3113573167core:CurrentFinancialInstruments2023-12-3113573167core:CurrentFinancialInstruments2022-12-3113573167core:ShareCapital2023-12-3113573167core:ShareCapital2022-12-3113573167core:RetainedEarningsAccumulatedLosses2023-12-3113573167core:RetainedEarningsAccumulatedLosses2022-12-3113573167core:ShareCapital2021-12-3113573167core:RetainedEarningsAccumulatedLosses2021-12-3113573167core:UKTax2023-01-012023-12-3113573167core:UKTax2022-01-012022-12-3113573167core:Non-currentFinancialInstruments2023-12-3113573167core:Non-currentFinancialInstruments2022-12-311357316712023-01-012023-12-3113573167core:SubsidiariesWithMaterialNon-controllingInterests12023-01-012023-12-3113573167bus:PrivateLimitedCompanyLtd2023-01-012023-12-3113573167bus:FRS1022023-01-012023-12-3113573167bus:Audited2023-01-012023-12-3113573167bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP