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REGISTERED NUMBER: 00944432 (England and Wales)













Financial Statements

for the Year Ended 31 December 2023

for

Corrpro Companies Europe Limited

Corrpro Companies Europe Limited (Registered number: 00944432)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Corrpro Companies Europe Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: M T R Davies
C Lynch
Z L Ronafalvi
A Loughran
V L Sheekey





SECRETARY: V L Sheekey





REGISTERED OFFICE: Adam Street
Bowesfield
Stockton-On-Tees
Cleveland
TS18 3HQ





REGISTERED NUMBER: 00944432 (England and Wales)





AUDITORS: Anderson Barrowcliff Limited
Statutory Auditors
Chartered Accountants
3 Kingfisher Court
Bowesfield Park
Stockton on Tees
TS18 3EX

Corrpro Companies Europe Limited (Registered number: 00944432)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 64,386 73,583
Tangible assets 5 232,493 266,237
296,879 339,820

CURRENT ASSETS
Stocks 1,264,986 1,415,246
Debtors 6 1,833,024 2,344,283
Cash at bank and in hand 1,095,722 642,020
4,193,732 4,401,549
CREDITORS
Amounts falling due within one year 7 1,152,575 1,823,374
NET CURRENT ASSETS 3,041,157 2,578,175
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,338,036

2,917,995

PROVISIONS FOR LIABILITIES 9 (269,375 ) (223,498 )

PENSION ASSET 13 1,070,000 874,000
NET ASSETS 4,138,661 3,568,497

CAPITAL AND RESERVES
Called up share capital 10 237,714 237,714
Share premium 11 69,986 69,986
Retained earnings 11 3,830,961 3,260,797
SHAREHOLDERS' FUNDS 4,138,661 3,568,497

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 September 2024 and were signed on its behalf by:





M T R Davies - Director


Corrpro Companies Europe Limited (Registered number: 00944432)

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

1. STATUTORY INFORMATION

Corrpro Companies Europe 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 Company 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The presentation currency of these financial statements is sterling and they are rounded to the nearest £.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

The company recognises revenue at the point of despatch of goods, or on delivery depending on their terms and conditions of sale, and for services when they have been provided.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2011, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 4% on cost
Plant and machinery - Between 10% and 33% straight line
Fixtures and fittings - Between 10% and 33% straight line

Freehold land is not depreciated.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost is based on the first-in first-out principle and includes expenditure incurred in acquiring the stocks, production or conversion costs and other costs in bringing them to their existing location and condition. In the case of manufactured stocks and work in progress, cost includes an appropriate share of overheads based on normal operating capacity.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the 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.


Corrpro Companies Europe Limited (Registered number: 00944432)

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

2. ACCOUNTING POLICIES - continued
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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits
Defined contribution plans and other long term employee benefits

A defined contribution plan is a post-employment benefit plan under which the company pays a fixed contributions into a separate entity and will have no legal or constructive obligation to pay further amounts. Obligations for contributions to defined contribution pension plans are recognised as an expense in the profit and loss in the period during which services are rendered.

Defined benefit plans

A defined benefit plan is a post-employment benefit plan other than a defined contribution plan. The Company's net obligation in respect of defined benefit plans is calculated by estimating the amount of future benefit that employees have earned in return for their service in the current and prior periods; that benefit is discounted to determine its present value. The fair value of any plan assets is deducted. The Company determines the net interest expense (income) on the net defined liability (asset) for the period by applying the discount rate as determined at the beginning of the annual period to the net defined benefit liability (asset) taking into account of changes arising as a result of contributions and benefit payments.

The discount rate is the yield at the balance sheet date on AA credit rated bonds denominated in the currency of, and having maturity dates approximating to the terms of the Company's obligations. A valuation is performed annually by a qualified actuary using the projected unit credit method. The Company recognises net defined benefit plan assets to the extent that it is able to recover the surplus either through reduced contributions in the future or through refunds from the plan.

Changes in the net defined benefit liability arising from employee service rendered during the period, net interest on net defined benefit liability, and the cost of plan introductions, benefit changes, curtailments and settlements during the period are recognised in profit or loss.

Remeasurement of the net defined liability/asset is recognised in other comprehensive income in the period in which it occurs.

Trade and other debtors/creditors
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

Corrpro Companies Europe Limited (Registered number: 00944432)

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

2. ACCOUNTING POLICIES - continued

Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss.

Provisions
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.

Operating leases
Payments (excluding costs for services and insurance) made under operating leases are recognised in the profit and loss account on a straight-line basis over the term of the lease unless the payments to the lessor are structured to increase in line with expected general inflation; in which case the payments related to the structured increases are recognised as incurred. Lease incentives are recognised in profit and loss over the term of the lease as an integral part of the lease expenses.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 65 (2022 - 60 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 183,948
AMORTISATION
At 1 January 2023 110,365
Charge for year 9,197
At 31 December 2023 119,562
NET BOOK VALUE
At 31 December 2023 64,386
At 31 December 2022 73,583

Corrpro Companies Europe Limited (Registered number: 00944432)

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

5. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and
property machinery fittings Totals
£    £    £    £   
COST
At 1 January 2023 861,924 552,644 203,209 1,617,777
Additions - - 6,277 6,277
Disposals (4,214 ) (16,116 ) (206 ) (20,536 )
At 31 December 2023 857,710 536,528 209,280 1,603,518
DEPRECIATION
At 1 January 2023 666,619 487,315 197,606 1,351,540
Charge for year 13,643 20,685 5,693 40,021
Eliminated on disposal (4,215 ) (16,115 ) (206 ) (20,536 )
At 31 December 2023 676,047 491,885 203,093 1,371,025
NET BOOK VALUE
At 31 December 2023 181,663 44,643 6,187 232,493
At 31 December 2022 195,305 65,329 5,603 266,237

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 1,431,656 1,957,790
Amounts owed by group undertakings 23,064 83,132
Other debtors 34,091 -
Taxation - 3,797
Prepayments and accrued income 344,213 299,564
1,833,024 2,344,283

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 444,925 383,976
Amounts owed to group undertakings 45,041 783,401
Taxation 141,332 -
Social security and other taxes 99,005 85,351
VAT 12,330 38,900
Other creditors 8,972 1,605
Accruals and deferred income 400,970 530,141
1,152,575 1,823,374

Corrpro Companies Europe Limited (Registered number: 00944432)

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

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 24,446 40,940
Between one and five years 11,335 19,180
35,781 60,120

9. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred taxation 269,375 223,498

Deferred
tax
£   
Balance at 1 January 2023 223,498
Charge to Income Statement during year 7,127
Other comprehensive income 38,750
Balance at 31 December 2023 269,375

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
237,714 A Ordinary £1 237,714 237,714

11. RESERVES
Retained Share
earnings premium Totals
£    £    £   

At 1 January 2023 3,260,797 69,986 3,330,783
Profit for the year 453,914 453,914
Other comprehensive income 116,250 - 116,250
At 31 December 2023 3,830,961 69,986 3,900,947

12. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Helen Wilson FCA (Senior Statutory Auditor)
for and on behalf of Anderson Barrowcliff Limited

Corrpro Companies Europe Limited (Registered number: 00944432)

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

13. EMPLOYEE BENEFIT OBLIGATIONS

Defined contribution scheme
The company operates a defined contribution pension scheme with assets held in a separately administered fund. For the defined contribution pension scheme the pension cost charged for the year represents contributions payable by the company to the scheme and amounted to £204,408 (2022: £162,594).

Contributions amounting to £21,889 (2022 : £21,829) were payable to the scheme at 31 December 2023 and are included in creditors.

Defined benefit scheme
The company's defined benefit scheme, where benefits are provided based on a final pensionable salary, was closed to new members on 31 March 2000 and there is no future service in respect of existing members at that date. However, the company continues to make contributions to the scheme to maintain the funding of it, in line with actuarial recommendations.

The assets of the scheme are held in a separate trustee administered fund. In accordance with FRS102, the latest full actuarial valuation was updated as at 31 December 2023 by a qualified independent actuary.

The amounts recognised in profit or loss are as follows:

Defined benefit
pension plans
2023 2022
£    £   
Current service cost - -
Net charge on the defined benefit asset (41,000 ) (8,000 )
Past service cost - -
(41,000 ) (8,000 )

Actual return on plan assets 435,000 (1,838,000 )

Changes in the present value of the defined benefit obligation are as follows:

Defined benefit
pension plans
2023 2022
£    £   
Opening defined benefit obligation 5,235,000 7,869,000
Interest cost 230,000 150,000
Actuarial losses/(gains) 9,000 (2,447,000 )
Benefits paid (583,000 ) (337,000 )
4,891,000 5,235,000

Corrpro Companies Europe Limited (Registered number: 00944432)

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

13. EMPLOYEE BENEFIT OBLIGATIONS - continued

Changes in the fair value of scheme assets are as follows:

Defined benefit
pension plans
2023 2022
£    £   
Opening fair value of scheme assets 6,109,000 8,284,000
Expected return 271,000 158,000
Actuarial gains/(losses) 164,000 (1,996,000 )
Benefits paid (583,000 ) (337,000 )
5,961,000 6,109,000

The amounts recognised in other comprehensive income are as follows:

Defined benefit
pension plans
2023 2022
£    £   
Remeasurement gains/(losses) 155,000 451,000
Deferred tax on remeasurement (loss)/gain 44,002 (112,750 )
199,002 338,250

The major categories of scheme assets as amounts of total scheme assets are as follows:

Defined benefit
pension plans
2023 2022
£    £   
Equities 984,000 2,341,000
Bonds 4,320,000 3,016,000
Cash 1,000 (20,000 )
Annuity assets 656,000 772,000
5,961,000 6,109,000

Principal actuarial assumptions at the balance sheet date (expressed as weighted averages):

2023 2022
Rate of increase in prices (RPI) 3.10% 3.10%
Discount rate applied to scheme liabilities 4.40% 4.65%
Rate of pre-retirement revaluation (fixed) 5.00% 5.00%
Pension increases - fixed 5.00% 5.00%
Pension increases - subject to RPI capped at 5% 2.95% 3.05%

The mortality assumptions used were as follows:
YearYear
Assumed male future life expectancy at age 65:
Currently aged 4521.922.5
Currently aged 6520.721.2

Corrpro Companies Europe Limited (Registered number: 00944432)

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

14. CONTINGENT LIABILITIES

The company has given guarantees and performance bonds in respect of contractual obligations totalling £254,752 (2022 - £536,895).

15. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

16. ULTIMATE CONTROLLING PARTY

The company is a subsidiary of Corrpro Companies Incorporated, a company incorporated in the United States of America.

The directors regard Aegion Corporation, a company incorporated in the United States of America, as the company's ultimate parent undertaking.

The smallest group in which the results of the company are consolidated is that headed by Corrpro Companies Incorporated, a company incorporated in the United States of America. Copies of these consolidated statements can be obtained from Corrpro Companies Incorporated, 1055 West Smith Road, Medina, USA.

The largest group in which the results of the company are consolidated is that headed by Aegion Corporation, a company incorporated in the United States of America. Copies of the financial statements of that company are available from Aegion Corporation, 17988 Edison Avenue, Chesterfield, MO 63005, USA.