Company registration number 00509951 (England and Wales)
CAMERON ROBB LIMITED
Annual report and unaudited financial statements
For the year ended 31 December 2023
CAMERON ROBB LIMITED
COMPANY INFORMATION
Directors
H B Snell
C J Barnes
D M Snell
Secretary
C J Barnes
Company number
00509951
Registered office
48-52 Lombard Street
Birmingham
B12 0QN
Accountants
Friend Partnership Limited
Eleven Brindleyplace
2 Brunswick Square
Birmingham
B1 2LP
CAMERON ROBB LIMITED
CONTENTS
Page
Directors' report
1
Accountants' report
2
Profit and loss account
3
Balance sheet
4 - 5
Notes to the financial statements
6 - 11
CAMERON ROBB LIMITED
DIRECTORS' REPORT
For the year ended 31 December 2023
- 1 -
The directors present their annual report and financial statements for the year ended 31 December 2023.
Principal activities
The principal activity of the company continued to the manufacture of industrial and domestic wirework.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
H B Snell
C J Barnes
D M Snell
J A Snell
(Resigned 10 March 2023)
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
C J Barnes
Director
17 September 2024
CAMERON ROBB LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF CAMERON ROBB LIMITED FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Cameron Robb Limited for the year ended 31 December 2023 which comprise the profit and loss account, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the board of directors of Cameron Robb Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Cameron Robb Limited and state those matters that we have agreed to state to the board of directors of Cameron Robb Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Cameron Robb Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that Cameron Robb Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Cameron Robb Limited. You consider that Cameron Robb Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Cameron Robb Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Friend Partnership Limited
17 September 2024
Chartered Accountants
Eleven Brindleyplace
2 Brunswick Square
Birmingham
B1 2LP
CAMERON ROBB LIMITED
PROFIT AND LOSS ACCOUNT
For the year ended 31 December 2023
- 3 -
2023
2022
£
£
Turnover
2,338,070
3,056,738
Cost of sales
(1,744,085)
(2,205,779)
Gross profit
593,985
850,959
Distribution costs
(190,161)
(319,589)
Administrative expenses
(342,727)
(343,143)
Operating profit
61,097
188,227
Interest payable and similar expenses
(46,143)
(23,785)
Profit before taxation
14,954
164,442
Tax on profit
(6,040)
(33,720)
Profit for the financial year
8,914
130,722
The profit and loss account has been prepared on the basis that all operations are continuing operations.
The notes on pages 6 to 11 form part of these financial statements.
CAMERON ROBB LIMITED
BALANCE SHEET
As at 31 December 2023
2023-12-31
- 4 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
376,158
391,373
Current assets
Stocks
573,143
589,561
Debtors
5
378,540
439,559
Cash at bank and in hand
15,012
59,705
966,695
1,088,825
Creditors: amounts falling due within one year
6
(641,676)
(603,304)
Net current assets
325,019
485,521
Total assets less current liabilities
701,177
876,894
Creditors: amounts falling due after more than one year
7
(199,526)
(261,160)
Net assets
501,651
615,734
Capital and reserves
Called up share capital
20,000
20,000
Share premium account
8,889
8,889
Revaluation reserve
29,328
29,328
Capital redemption reserve
1,111
1,111
Profit and loss reserves
442,323
556,406
Total equity
501,651
615,734
The notes on pages 6 to 11 form part of these financial statements.
CAMERON ROBB LIMITED
BALANCE SHEET (continued)
As at 31 December 2023
2023-12-31
- 5 -
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These 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 17 September 2024 and are signed on its behalf by:
C J Barnes
Director
Company registration number 00509951 (England and Wales)
CAMERON ROBB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 December 2023
- 6 -
1
Accounting policies
Company information
Cameron Robb Limited is a private company limited by shares incorporated in England and Wales. The registered office is 48-52 Lombard Street, Birmingham, B12 0QN.
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
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
Property 2% per annum
Plant and equipment
10% - 33% per annum
Fixtures and fittings
10% per annum
Motor vehicles
25% per annum
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.
1.4
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.
CAMERON ROBB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (continued)
For the year ended 31 December 2023
1
Accounting policies (continued)
- 7 -
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
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.
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, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 payments 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
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
CAMERON ROBB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (continued)
For the year ended 31 December 2023
1
Accounting policies (continued)
- 8 -
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.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and 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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. 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, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
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.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
CAMERON ROBB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (continued)
For the year ended 31 December 2023
1
Accounting policies (continued)
- 9 -
1.12
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
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
39
40
4
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2023
651,739
1,937,124
52,450
104,400
2,745,713
Additions
23,000
23,000
At 31 December 2023
651,739
1,937,124
52,450
127,400
2,768,713
Depreciation and impairment
At 1 January 2023
340,848
1,913,188
44,945
55,359
2,354,340
Depreciation charged in the year
10,660
8,429
1,022
18,104
38,215
At 31 December 2023
351,508
1,921,617
45,967
73,463
2,392,555
Carrying amount
At 31 December 2023
300,231
15,507
6,483
53,937
376,158
At 31 December 2022
310,891
23,936
7,505
49,041
391,373
Freehold land and buildings have been pledged to secure borrowings of the company.
CAMERON ROBB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (continued)
For the year ended 31 December 2023
- 10 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
321,894
376,883
Other debtors
56,646
62,676
378,540
439,559
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
52,034
47,562
Trade creditors
246,042
250,416
Corporation tax
6,040
33,720
Other taxation and social security
54,154
66,421
Other creditors
283,406
205,185
641,676
603,304
The bank loans and overdraft are secured by a fixed and floating charge over the assets of the company.
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
170,008
222,342
Other creditors
29,518
38,818
199,526
261,160
The bank loans are secured by a fixed and floating charge over the assets of the company.
A bank loan of £236,000 was drawn down in July 2017 replacing an existing bank loan. The new fifteen year loan is repayable in monthly instalments ending in July 2032. Interest is charged at 3.0% over Barclays Bank base rate.
A CBILS loan was drawn down in June 2020 and is repayable in monthly instalments over five years from July 2021. Interest is charged at 5%.
Obligations under finance leases and hire purchase contracts are secured on the related assets.
Creditors which fall due after five years are as follows:
2023
2022
£
£
Payable by instalments
85,492
114,214
CAMERON ROBB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (continued)
For the year ended 31 December 2023
- 11 -
8
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
£
£
40,092
49,887