Company registration number 14077879 (England and Wales)
INSPIRIT CARREY BIDCO LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 JUNE 2024
INSPIRIT CARREY BIDCO LIMITED
COMPANY INFORMATION
Directors
A Farrant
W Stamp
T Roberts
Company number
14077879
Registered office
Unit 2, Hargreaves Way
Sawcliffe Industrial Park
Scunthorpe
DN15 8RF
Auditor
Azets Audit Services Limited
Triune Court
Monks Cross Drive
York
YO32 9GZ
INSPIRIT CARREY BIDCO LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4
Directors' responsibilities statement
5
Independent auditor's report
6 - 8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Notes to the financial statements
12 - 17
INSPIRIT CARREY BIDCO LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 29 JUNE 2024
- 1 -

The directors present the strategic report for the period ended 29 June 2024.

Principal activities

The principal activity of the company continued to be that of an intermediate holding company.

Review of the business

The sole purpose of the Company is that of a holding company and as such the directors intend to develop the existing products and markets of the subsidiaries.

Principal risks and uncertainties

 

Set out below are the Company's seven major business risks, together with the systems and initiatives in place to address them:

 

Market risk

 

The electro-mechanical products market is subject to fluctuations in demand by customers. These fluctuations are linked to the economic cycle. The Company actively seeks to manage its exposure to these fluctuations by monitoring stock levels, restricting its dependence on large customers and maintaining close relationships with suppliers.

 

Operational risk

 

This relates to the risk of financial loss and damage to reputation resulting from inadequate or failed internal processes and systems and from the actions of people or external events. The Company manages this risk through appropriate controls and loss mitigation actions. Examples include:

 

(a) Taking out sufficient insurance cover, including for business interruption;

(b) Maintaining a detailed disaster recovery plan for all major sites;

(c) Maintaining rigorous data backup procedures;

(d) Performing regular risk assessments at each of the Company's locations;

(e) Carrying out a regular review of the principal suppliers and customers of the Company, and how each impacts on the company's business;

(f) Regularly reviewing actual performance against budgets and forecasts; and

(g) Establishing clearly defined procedures for the authorisation of major new investments and commitments.

 

In addition, specialist support functions provide expertise in ensuring the company adheres to local regulatory and legal requirements.

 

Credit risk

 

The Company assesses the creditworthiness of new customers before commencing trade with them. Based on this, authorised limits of credit are set. A proactive approach to the identification and control of bad and doubtful debts is maintained and significant credit risks are highlighted to the board.

 

Liquidity risk

 

This relates to the risk that the Company is unable to fund its requirements due to insufficient banking facilities. During the period under review the Company funded its day-to-day operations through a mixture of retained profits and inter-company current account facilities, and its long term assets through inter-company financing.

 

The Company's policy on liquidity is to ensure that there are sufficient medium and long term committed borrowing facilities to meet funding requirements. It is company policy not to enter into speculative transactions.

 

INSPIRIT CARREY BIDCO LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 29 JUNE 2024
- 2 -
Principal risks and uncertainties (continued)

 

Interest Rate Risk

 

The Company has taken out interest bearing loans with a mixture of fixed and floating interest rates. The proportion of the Company's debt subject to fixed rates is 53%.

 

Exchange Rate Risk

 

The Company sells its products and purchases its material primarily in sterling. In addition, there are some transactions undertaken in US dollars and Euros. The Company manages its exchange exposure through natural hedging and keeps under review further risk mitigation through forward contracts.

 

Inflation Risk

 

The Company manages inflation risks through passing on material price increases where possible and by monitoring input costs closely.

 

Going concern

 

The directors have at the time of approving the financial statements, a reasonable expectation that Inspirit Carey Topco Limited and its subsidiary undertakings, (the “Group”), has adequate resources to continue in operational existence for the foreseeable future.

 

The Group has prepared operating entity forecasts and projections up to 30 November 2025 which cover at least 12 months from the date of approval of the financial statements. The assumptions used in these forecasts are believed to be reasonable and prudent, include cost savings from fully completed restructuring programmes within the Group and show that the Group is now cashflow positive.

 

The Group has debt facilities from a third-party lender. Subsequent to the period end the third-party covenants have been re-set providing additional liquidity and headroom for the Group. In addition, Inspirit Capital, the ultimate owner of the Group has provided a letter indicating that it remains supportive of the business and that its current intention is to support the Group should additional funding be required (subject to Inspirit Capital Investment committee approval).

 

The directors have therefore concluded that they have an expectation that the company has adequate resources to continue in the near future. As such, they therefore continue to adopt the going concern basis of accounting in preparing the annual financial statements.

Key performance indicators

The sole purpose of the Company is that of a holding company and as such the directors monitor the performance of its subsidiaries.

Future developments

The directors anticipate that the business environment will remain competitive. However, the focus on developing its presence in aerospace, defence, medical, industrial and space markets is beginning to deliver margin benefits. This focus, combined with improving operational performance, underpins the board’s confidence in improved business performance in the short and medium term.

 

INSPIRIT CARREY BIDCO LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 29 JUNE 2024
- 3 -

On behalf of the board

A Farrant
Director
18 October 2024
INSPIRIT CARREY BIDCO LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 29 JUNE 2024
- 4 -

The directors present their annual report and financial statements for the period ended 29 June 2024.

Results and dividends

The results for the period are set out on page 9.

Directors

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

A Farrant
W Stamp
T Roberts
B Soland
(Resigned 12 December 2023)
Auditor

The auditor, Azets Audit Services Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

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.

On behalf of the board
A Farrant
Director
18 October 2024
INSPIRIT CARREY BIDCO LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE PERIOD ENDED 29 JUNE 2024
- 5 -

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.

INSPIRIT CARREY BIDCO LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF INSPIRIT CARREY BIDCO LIMITED
- 6 -
Opinion

We have audited the financial statements of Inspirit Carrey Bidco Limited (the 'company') for the period ended 29 June 2024 which comprise 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:

INSPIRIT CARREY BIDCO LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF INSPIRIT CARREY BIDCO LIMITED
- 7 -
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.

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.

INSPIRIT CARREY BIDCO LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF INSPIRIT CARREY BIDCO LIMITED
- 8 -

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

 

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework.  Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.  This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

 

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

 

 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation.  This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.  The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Use of our report

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

Martin Davey
Senior Statutory Auditor
For and on behalf of Azets Audit Services Limited
21 October 2024
Chartered Accountants
Statutory Auditor
Triune Court
Monks Cross Drive
York
YO32 9GZ
INSPIRIT CARREY BIDCO LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 29 JUNE 2024
- 9 -
Period
Period
ended
ended
29 June
1 July
2024
2023
Notes
£000
£000
Profit before taxation
-
0
-
0
Tax on profit
-
0
-
0
Profit for the financial period
-
0
-
0

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

INSPIRIT CARREY BIDCO LIMITED
BALANCE SHEET
AS AT
29 JUNE 2024
29 June 2024
- 10 -
2024
2023
Notes
£000
£000
£000
£000
Fixed assets
Investments
5
3,103
3,503
Current assets
Debtors
7
400
-
0
Creditors: amounts falling due within one year
8
(3,503)
(3,503)
Net current liabilities
(3,103)
(3,503)
Net assets
-
0
-
0
Capital and reserves
-
-
Called up share capital
9
-
0
-
0
The financial statements were approved by the board of directors and authorised for issue on 18 October 2024 and are signed on its behalf by:
A Farrant
Director
Company Registration No. 14077879
INSPIRIT CARREY BIDCO LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 29 JUNE 2024
- 11 -
Share capital
£000
Balance at 1 July 2022
-
0
Period ended 1 July 2023:
Profit and total comprehensive income for the period
-
Balance at 1 July 2023
-
0
Period ended 29 June 2024:
Profit and total comprehensive income for the period
-
Balance at 29 June 2024
-
0
INSPIRIT CARREY BIDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 JUNE 2024
- 12 -
1
Accounting policies
Company information

Inspirit Carrey Bidco Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 2, Hargreaves Way, Sawcliffe Industrial Park, Scunthorpe, DN15 8RF.

1.1
Reporting period

The parent company was incorporated on 28 April 2022 therefore the prior year financial statements present the 14 months to 1 July 2023 and hence cannot be accurately compared to the current year.

1.2
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 £1,000.

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 financial statements of the company are consolidated in the financial statements of Inspirit Carrey Topco Limited. These consolidated financial statements are available from its registered office, 2 Babmaes Street London SW1Y 6HD.

INSPIRIT CARREY BIDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 JUNE 2024
1
Accounting policies
(Continued)
- 13 -
1.3
Going concern

The directors have, at the time of approving the financial statements, a reasonable expectation that Inspirit Carey Topco Limited and its subsidiary undertakings, which include Inspirit Carey Bidco, (the “Group”), has adequate resources to continue in operational existence for the foreseeable future.

 

The Group has prepared operating entity forecasts and projections up to 30 November 2025 which cover at least 12 months from the date of approval of the financial statements. The assumptions used in these forecasts are believed to be reasonable and prudent, include cost savings from fully completed restructuring programmes within the Group and show that the Group is now cashflow positive.

 

The Group has debt facilities from a third-party lender. Subsequent to the period end the third party covenants have been re-set providing additional liquidity and headroom for the Group. In addition, Inspirit Capital, the ultimate owner of the Group has provided a letter indicating that it remains supportive of the business and that its current intention is to support the Group should additional funding be required (subject to Inspirit Capital Investment committee approval).

 

The directors have therefore concluded that they have an expectation that the company has adequate resources to continue in the near future. As such, they therefore continue to adopt the going concern basis of accounting in preparing the annual financial statements.

1.4
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities 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.

1.5
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.

1.6
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.

INSPIRIT CARREY BIDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 JUNE 2024
1
Accounting policies
(Continued)
- 14 -
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.

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.

INSPIRIT CARREY BIDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 JUNE 2024
1
Accounting policies
(Continued)
- 15 -
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.

1.7
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.

1.8
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.

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.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Fixed asset investments

Investments are assessed each year for indicators of impairment against the carrying value of the investment. Where indicators are identified the discounted future cash flows of the investments are considered in assessing whether the valuation of the investment is supported or whether impairment is required. Future cash flows and the discount rate used are significant estimates in this situation.

 

INSPIRIT CARREY BIDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 JUNE 2024
- 16 -
3
Operating profit

Auditor remuneration for the audit of the financial statements amounts to £1k (2023 - £1k). The cost was borne by Alpha 3 Manufacturing Limited.

4
Employees

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

2024
2023
Number
Number
Directors
3
4
5
Fixed asset investments
2024
2023
Notes
£000
£000
Investments in subsidiaries
6
3,103
3,503
Movements in fixed asset investments
Shares in subsidiaries
£000
Cost or valuation
At 2 July 2023
3,503
Other movement
(400)
At 29 June 2024
3,103
Carrying amount
At 29 June 2024
3,103
At 1 July 2023
3,503

Other movements relate to a repayment from the vendor in respect of the company’s acquisition of it’s subsidiaries in the previous period.

 

6
Subsidiaries

Details of the company's subsidiaries at 29 June 2024 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Indirect
Alpha 3 Manufacturing Limited
England & Wales
Specialist cabling
Ordinary
100.00
-
Tekdata Interconnections Limited
England & Wales
Specialist cabling
Ordinary
0
100.00
INSPIRIT CARREY BIDCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 JUNE 2024
- 17 -
7
Debtors
2024
2023
Amounts falling due within one year:
£000
£000
Other debtors
400
-
0
8
Creditors: amounts falling due within one year
2024
2023
£000
£000
Amounts owed to group undertakings
3,503
3,503
9
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£000
£000
Issued and fully paid
Ordinary A shares of 10p each
800
800
-
-
Ordinary B shares of 10p each
195
115
-
-
995
915
-
0
-
0

Upon incorporation, 800 Class A Ordinary shares and 115 Class B Ordinary shares were issued at par for cash consideration. Both Class A and Class B shares carry one vote and rank pari passu in respect to dividends and capital distributions.

 

During the year an additional 80 B Ordinary shares of 10p each were issued. These rank pari passu with the other shares in issue.

10
Ultimate controlling party

The company's immediate parent and ultimate parent undertaking into which the results of the company are consolidated is Inspirit Carrey Topco Limited, which is registered in England and Wales. The consolidated financial statements of this company are available to the public and may be obtained from Companies House or from the company's registered address: 2 Babmaes Street London SW1Y 6HD.

 

The ultimate controlling party is Inspirit GP LLP by virtue of majority shareholding in the group.

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