Company registration number 08453509 (England and Wales)
COOPER COATED COIL MANAGEMENT LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
COOPER COATED COIL MANAGEMENT LIMITED
COMPANY INFORMATION
Directors
K D Tranter
N D Templeton-Ward
R A Babington
Secretary
L A Stait
Company number
08453509
Registered office
4 Steelpark Trading Estate
Steelpark Way
Wolverhampton
WV11 3BF
Auditor
Forvis Mazars LLP
Chartered Accountants and Statutory Auditor
First Floor
Two Chamberlain Square
Birmingham
B3 3AX
COOPER COATED COIL MANAGEMENT LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Notes to the financial statements
11 - 19
COOPER COATED COIL MANAGEMENT LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -
The directors present the strategic report for the year ended 31 December 2023.
Fair review of the business
Cooper Coated Coil Management Limited is a management company to its subsidiary and associated companies.
The company’s subsidiary, Cooper Coated Coil Limited, continued to experience challenging trading conditions during 2023.
As reported last year, the pre-buying of stock in 2022, together with reduced consumer demand, is taking time to work through the supply chain. During the latter part of the year, demand began to stabilise. A recent industry survey carried out for Cooper Coated Coil Limited by an independent market research company, concluded that demand will gradually recover during the period 2024 to 2026.
The Board carefully monitored business performance throughout the year and appropriate cost reduction programmes were put in place to protect the business.
In order to simplify and minimise the cost structure, the costs of Cooper Coated Coil Management Limited were reviewed and reallocated to the subsidiary or immediate holding companies from 1st January 2024. Cooper Coated Coil Management Limited will become a non-trading and dormant from that date.
Principal risks and uncertainties
The management of the business and the nature of the company's strategy are subject to a number of risks.
The directors have set out below the principal risks facing the business.
The directors are of the opinion that a thorough risk management process is adopted which involves the formal review of all the risks identified below. Where possible, processes are in place to monitor and mitigate such risks.
Liquidity risk
The company seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably.
The directors have prepared forecasts and are satisfied that the company has adequate resources. The company does not have access to funds except to the extent of its available cash balances and via other group companies and so it is dependent on those group companies for future financial support, for example to pay administrative fees and interest on behalf of the company and to repay any group balances, should payment be requested in excess of the company's available cash balances.
Interest rate risk
The company finances its operations through loans arrangements. The company's exposure to interest rate fluctuations on its borrowings is managed by the use of fixed rate facilities.
This report was approved by the board on 3 February 2025 and signed on its behalf.
K D Tranter
Director
COOPER COATED COIL MANAGEMENT LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
The directors present their annual report and financial statements for the year ended 31 December 2023.
Results and dividends
The results for the year are set out on page 8.
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:
K D Tranter
N D Templeton-Ward
R A Babington
Directors indemnity insurance
The company provides indemnity for its directors (to the extent permitted by law), in respect of liabilities which could occur as a result of their office. This indemnity does not provide cover should a director be proved to have acted fraudulently or dishonestly. This indemnity was in place throughout the financial year, and at the date of signing.
Financial instruments
The company finances its operations through capital investment and day-to-day through the use of operational bank accounts. The company makes use of financial instruments principally through its operational bank accounts. The directors' objectives are to retain sufficient liquid funds to enable the company to meet its day to day requirements as they fall due and to maximise returns on surplus funds where possible. The company's funds are held primarily in short term deposit accounts. The directors believe that this gives the flexibility to release cash resources at short notice and allows the company to take advantage of changing economic conditions as they arise.
Auditor
In accordance with the company's articles, a resolution proposing that Forvis Mazars LLP be reappointed as auditor of the company will be put at a General Meeting.
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.
Going concern
The directors of the Company have concluded that the going concern basis is appropriate based on the financial forecasts of the group and the ultimate controlling party (Mobeus Equity Partner IV LLP) confirming financial support for at least twelve months from the date of approval of these financial statements.
On behalf of the board
K D Tranter
Director
3 February 2025
COOPER COATED COIL MANAGEMENT LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
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:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
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.
COOPER COATED COIL MANAGEMENT LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF COOPER COATED COIL MANAGEMENT LIMITED
- 4 -
Opinion
We have audited the financial statements of Cooper Coated Coil Management Limited (the ‘company’) for the year ended 31 December 2023 which comprise of the Statement of Comprehensive Income, the Balance Sheet, Statement of Changes in Equity and notes to the financial statements, including a summary of significant accounting policies.
The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 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:
give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
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.
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:
the information given in the Strategic Report and the Directors’ Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.
COOPER COATED COIL MANAGEMENT LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF COOPER COATED COIL MANAGEMENT LIMITED
- 5 -
Matters on which we are required to report by exception
In 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:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors’ remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors’ responsibilities statement set out on page 4, 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.
COOPER COATED COIL MANAGEMENT LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF COOPER COATED COIL MANAGEMENT LIMITED
- 6 -
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 the financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.
Based on our understanding of the company and its industry, we considered that non-compliance with the following laws and regulations might have a material effect on the financial statements: employment regulation, health and safety regulation, anti-money laundering regulation.
To help us identify instances of non-compliance with these laws and regulations, and in identifying and assessing the risks of material misstatement in respect to non-compliance, our procedures included, but were not limited to:
Inquiring of management and, where appropriate, those charged with governance, as to whether the company is in compliance with laws and regulations, and discussing their policies and procedures regarding compliance with laws and regulations;
Inspecting correspondence, if any, with relevant licensing or regulatory authorities;
Communicating identified laws and regulations to the engagement team and remaining alert to any indications of non-compliance throughout our audit; and
Considering the risk of acts by the company which were contrary to applicable laws and regulations, including fraud.
We also considered those laws and regulations that have a direct effect on the preparation of the financial statements, such as: tax legislation, pension legislation, the Companies Act 2006.
In addition, we evaluated the directors’ and management’s incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of management override of controls, and determined that the principal risks related to: posting manual journal entries to manipulate financial performance, management bias through judgements and assumptions in significant accounting estimates, in particular in relation to significant one-off or unusual transactions.
Our audit procedures in relation to fraud included but were not limited to:
Making enquiries of the directors and management on whether they had knowledge of any actual, suspected or alleged fraud;
Gaining an understanding of the internal controls established to mitigate risks related to fraud;
Discussing amongst the engagement team the risks of fraud; and
Addressing the risks of fraud through management override of controls by performing journal entry testing.
There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls.
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.
COOPER COATED COIL MANAGEMENT LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF COOPER COATED COIL MANAGEMENT LIMITED
- 7 -
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.
Paul Kurowski (Senior statutory auditor)
For and on behalf of Forvis Mazars LLP
4 February 2025
Chartered Accountants
Statutory Auditor
First Floor
Two Chamberlain Square
Birmingham
B3 3AX
COOPER COATED COIL MANAGEMENT LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
2023
2022
Notes
£
£
Administrative expenses
(1,061,279)
(1,051,325)
Other operating income
3
1,080,000
1,080,000
Operating profit
5
18,721
28,675
Exceptional items
4
(6,745,508)
(Loss)/profit before taxation
(6,726,787)
28,675
Tax on (loss)/profit
9
20,000
3,000
(Loss)/profit for the financial period
(6,706,787)
31,675
The statement of comprehensive income has been prepared on the basis that all operations are continuing operations.
COOPER COATED COIL MANAGEMENT LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 9 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
10
454
Investments
11
10
10
10
464
Current assets
Debtors
14
1,166
7,127,753
Cash at bank and in hand
11,795
3,400
12,961
7,131,153
Creditors: amounts falling due within one year
15
(5,368,806)
(5,760,665)
Net current (liabilities)/assets
(5,355,845)
1,370,488
Total assets less current liabilities
(5,355,835)
1,370,952
Provisions for liabilities
Deferred tax liability
16
37,000
57,000
(37,000)
(57,000)
Net (liabilities)/assets
(5,392,835)
1,313,952
Capital and reserves
Called up share capital
18
12
12
Share premium account
80,948
80,948
Profit and loss reserves
(5,473,795)
1,232,992
Total equity
(5,392,835)
1,313,952
The financial statements were approved by the board of directors and authorised for issue on 3 February 2025 and are signed on its behalf by:
K D Tranter
Director
Company registration number 08453509 (England and Wales)
COOPER COATED COIL MANAGEMENT LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
Share capital
Share premium account
Profit and loss reserves
Total
£
£
£
£
Balance at 1 January 2022
12
80,948
1,201,317
1,282,277
Year ended 31 December 2022:
Profit and total comprehensive income
-
-
31,675
31,675
Balance at 31 December 2022
12
80,948
1,232,992
1,313,952
Year ended 31 December 2023:
Loss and total comprehensive income
-
-
(6,706,787)
(6,706,787)
Balance at 31 December 2023
12
80,948
(5,473,795)
(5,392,835)
COOPER COATED COIL MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
1
Accounting policies
Company information
Cooper Coated Coil Management Limited is a private company limited by shares incorporated in England and Wales. The registered office is 4 Steelpark Trading Estate, Steelpark Way, Wolverhampton, WV11 3BF.
The principal activity of the company is that of an intermediate holding company.
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:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’: Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
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.
Cooper Coated Coil Management Limited is a subsidiary of Cooper Coated Coil Holdings Limited and the results of Cooper Coated Coil Management Limited are included in the consolidated financial statements of Cooper Coated Coil Holdings Limited which are available from its registered office, 4 Steelpark Trading Estate, Steelpark Way, Wolverhampton, WV11 3BF, United Kingdom.
1.2
Going concern
The directors of the Company have concluded that the going concern basis is appropriate based on the financial forecasts of the group and the ultimate controlling party (Mobeus Equity Partner IV LLP) confirming financial support for at least twelve months from the date of approval of these financial statements. true
COOPER COATED COIL MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 12 -
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:
Fixtures and fittings
4 - 5 years
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 the statement of comprehensive income.
1.4
Fixed asset investments
Investments in subsidiaries are measured at cost less accumulated impairment.
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.
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.
Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Creditors
Short term creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the Statement of Comprehensive Income 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.
COOPER COATED COIL MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 13 -
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 Statement of Comprehensive Income, 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.
1.8
Provisions
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the Statement of Comprehensive Income in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance Sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.
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
The group, which includes Cooper Coated Coil Management Limited, operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the group pays fixed contributions into a separate entity. Once the contributions have been paid the group has no further payment obligations.
The contributions are recognised as an expense in the Statement of Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the group in independently administered funds.
1.11
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 the Statement of Comprehensive Income.
COOPER COATED COIL MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 14 -
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.
Key sources of estimation uncertainty
The company has no estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities.
3
Other operating income
2023
2022
£
£
Management charges
1,080,000
1,080,000
4
Exceptional items
2023
2022
£
£
Income
Exceptional items
(6,745,508)
-
The exceptional item is an impairment of £6,745,508 owed by group undertakings.
5
Operating profit
2023
2022
Operating profit/(loss) for the year is stated after charging:
£
£
Depreciation of owned tangible fixed assets
454
696
6
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements
18,000
16,500
COOPER COATED COIL MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 15 -
7
Employees
The average monthly number of persons (excluding directors) employed by the company during the year was:
2023
2022
Number
Number
Total
8
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
156,524
149,915
Company pension contributions to defined contribution schemes
12,502
11,951
169,026
161,866
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2022 - 1).
9
Taxation
2023
2022
£
£
Deferred tax
Origination and reversal of timing differences
(20,000)
(3,000)
The actual credit for the year can be reconciled to the expected (credit)/charge for the year based on the profit or loss and the standard rate of tax as follows:
2023
2022
£
£
(Loss)/profit before taxation
(6,726,787)
28,675
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 25.00% (2022: 19.00%)
(1,681,697)
5,448
Tax effect of expenses that are not deductible in determining taxable profit
99
359
Group relief
(26,051)
(21,807)
Adjustment to deferred tax rate
1,272
13,000
Exceptional items not taxable
1,686,377
Taxation credit for the year
(20,000)
(3,000)
COOPER COATED COIL MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 16 -
10
Tangible fixed assets
Fixtures and fittings
£
Cost
At 1 January 2023 and 31 December 2023
2,078
Depreciation
At 1 January 2023
1,624
Depreciation charged in the year
454
At 31 December 2023
2,078
Carrying amount
At 31 December 2023
At 31 December 2022
454
11
Fixed asset investments
2023
2022
Notes
£
£
Investments in subsidiaries
12
10
10
12
Subsidiaries
Details of the company's subsidiaries at 31 December 2023 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Cooper Coated Coil Limited
4, Steelpark Trading Estate, Steelpark Way, Wolverhampton, WV11 3BF, United Kingdom
Ordinary
100.00
COOPER COATED COIL MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 17 -
13
Financial instruments
2023
2022
£
£
Financial assets
Debt instruments measured at amortised cost
1,166
7,127,753
Financial assets measured at fair value
11,795
3,400
12,961
7,131,153
Carrying amount of financial liabilities
Financial liabilities measured at amortised cost
5,365,007
5,727,695
Financial assets that are debt instruments measured at amortised cost comprise other debtors.
Financial liabilities measured at amortised cost comprise accruals and deferred income and amounts owed to group undertakings.
14
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
7,126,598
Other debtors
1,166
1,155
1,166
7,127,753
Amounts owed by group undertakings is £nil, after an impairment of £6,745,508 (see exceptional items note 4).
15
Creditors: amounts falling due within one year
2023
2022
£
£
Amounts owed to group undertakings
5,322,808
5,692,808
Taxation and social security
3,799
32,970
Accruals and deferred income
42,199
34,887
5,368,806
5,760,665
COOPER COATED COIL MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 18 -
16
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2023
2022
Balances:
£
£
Other timing differences
37,000
57,000
2023
Movements in the year:
£
Liability at 1 January 2023
57,000
Credit to Statement of Comprehensive Income
(20,000)
Liability at 31 December 2023
37,000
17
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to the Statement of Comprehensive Income in respect of defined contribution schemes
12,502
11,951
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
18
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
1,169
1,169
12
12
19
Related party transactions
Where available, the company has taken the exemption in FRS102 section 33 not to disclose transactions with the other qualifying group companies. The company incurred management charge expenditure of £816,000 (2022: £816,000) during the year from its immediate parent company, Cooper Coated Coil Investments Limited.
COOPER COATED COIL MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 19 -
20
Ultimate controlling party
The immediate parent undertaking is Cooper Coated Coil Investments Limited, by virtue of its 91.45% (2022: 91.45%) shareholding.
The ultimate controlling party of Cooper Coated Coil Management Limited is considered to be Mobeus Equity Partners IV LLP, a Limited Liability Partnership registered in the United Kingdom, by virtue of their 81.39% (2022: 81.39%) shareholding in Cooper Coated Coil Holdings Limited.
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