REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 31 December 2023 |
for |
Corrpro Companies Europe Limited |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
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 |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 9 | ( |
) | ( |
) |
PENSION ASSET | 13 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Share premium | 11 |
Retained earnings | 11 |
SHAREHOLDERS' FUNDS |
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 |
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 |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
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 |
Freehold property | - |
Plant and machinery | - |
Fixtures and fittings | - |
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 |
4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 January 2023 |
and 31 December 2023 |
AMORTISATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
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 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) | ( |
) |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) | ( |
) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Taxation |
Prepayments and accrued income |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Taxation |
Social security and other taxes |
VAT | 12,330 | 38,900 |
Other creditors |
Accruals and deferred income |
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 |
Between one and five years |
9. | PROVISIONS FOR LIABILITIES |
2023 | 2022 |
£ | £ |
Deferred taxation | 269,375 | 223,498 |
Deferred |
tax |
£ |
Balance at 1 January 2023 |
Charge to Income Statement during year |
Other comprehensive income | 38,750 |
Balance at 31 December 2023 |
10. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
A Ordinary | £1 | 237,714 | 237,714 |
11. | RESERVES |
Retained | Share |
earnings | premium | Totals |
£ | £ | £ |
At 1 January 2023 | 3,330,783 |
Profit for the year |
Other comprehensive income | 116,250 | - | 116,250 |
At 31 December 2023 | 3,900,947 |
12. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
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 | ( |
) |
Changes in the present value of the defined benefit obligation are as follows: |
Defined benefit |
pension plans |
2023 | 2022 |
£ | £ |
Opening defined benefit obligation |
Interest cost |
Actuarial losses/(gains) | ( |
) |
Benefits paid | ( |
) | ( |
) |
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 |
Expected return | 271,000 | 158,000 |
Actuarial gains/(losses) | ( |
) |
Benefits paid | (583,000 | ) | (337,000 | ) |
The amounts recognised in other comprehensive income are as follows: |
Defined benefit |
pension plans |
2023 | 2022 |
£ | £ |
Remeasurement gains/(losses) |
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 |
Bonds |
Cash | ( |
) |
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) |
Discount rate applied to scheme liabilities |
Rate of pre-retirement revaluation (fixed) |
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: |
Year | Year |
Assumed male future life expectancy at age 65: |
Currently aged 45 | 21.9 | 22.5 |
Currently aged 65 | 20.7 | 21.2 |
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. |