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COMPANY REGISTRATION NUMBER: 01111889
C P Cases Limited
Financial Statements
31 December 2023
C P Cases Limited
Financial Statements
Year ended 31 December 2023
Contents
Page
Strategic report
1
Directors' report
3
Independent auditor's report to the members
5
Statement of comprehensive income
9
Statement of financial position
10
Statement of changes in equity
11
Statement of cash flows
12
Notes to the financial statements
13
C P Cases Limited
Strategic Report
Year ended 31 December 2023
Overview and strategy
We design and manufacture rugged, impact-resistant cases, containers and electronic racks. Established for more than 50 years, with established facilities in the UK and USA, both with well­equipped factories exporting to >45 countries. Our products are available in a wide range of sizes as standard, with the opportunity for customisation to accommodate any requirements.
Financial performance
The year to 31st December 2023 has shown a further strengthening of C P Cases Ltd's Financial performance. C P Cases Ltd continues to build on cash surpluses, fund capital expenditure and all of its operations debt free and out of existing cashflows. Summary of key performance indicators:
2023 2022
£ £
Turnover 8,964,433 7,756,296
Gross profit 3,666,146 3,149,966
Gross profit margin (%) 42 41
Net assets 5,256,363 5,095,092
The major factors that have contributed to the favourable performance is our UK based customers repeating to the same levels as 2022 and CP's overseas sales increasing by 26% (both UK and overseas sales increasing by £1.2m). The factory has undergone refurbishments and staff have been rewarded with early pay rises. This has impacted the gross profit margin, however our production efficiency increased and a 42% gross profit margin was achieved. Overheads are controlled efficiently and our pre-tax profits for 2023 are £1.170m.
Future plans
The Directors are driven to continue with the long-term plans for the organisation to develop and implement growth.
Risks and uncertainties
The directors have considered various relevant market and economic risks that may materially impact the business including supplier and customer credit terms, changes in interest rates, cashflow, pricing, market competition and current business trading trends to understand and model the financial impact. The directors have also considered the impact of increased interest rates, inflation and global affairs, with particular reference to how these may disrupt their business model, strategy and operations. The directors have considered the effects and believe that these will not significantly impact the ability to trade, or going concern. Taking into account all of the above risks and the options available to mitigate them, the directors are satisfied that the financial statements should continue to be prepared on a going concern basis and that there are no material foreseeable risks to the business that haven't been assessed or disclosed.
This report was approved by the board of directors on 24 February 2025 and signed on behalf of the board by:
Mr P M Ross
Director
Registered office:
4 Comet House
Calleva Park
Aldermaston
Berkshire
England
RG7 8JA
C P Cases Limited
Directors' Report
Year ended 31 December 2023
The directors present their report and the financial statements of the company for the year ended 31 December 2023 .
Directors
The directors who served the company during the year were as follows:
Mr P M Ross
Mr D J Seall
Dividends
Particulars of recommended dividends are detailed in note 11 to the financial statements.
Directors' responsibilities statement
The directors are responsible for preparing the strategic report, directors' 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 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 judgments and accounting estimates that are reasonable and prudent; - 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.
Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
This report was approved by the board of directors on 24 February 2025 and signed on behalf of the board by:
Mr P M Ross
Director
Registered office:
4 Comet House
Calleva Park
Aldermaston
Berkshire
England
RG7 8JA
C P Cases Limited
Independent Auditor's Report to the Members of C P Cases Limited
Year ended 31 December 2023
Qualified opinion
We have audited the financial statements of C P Cases Limited (the 'company') for the year ended 31 December 2023 which comprise the statement of comprehensive income, statement of financial position, statement of changes in equity, statement of cash flows and the related notes, 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, except for the effects of the matter described in the basis for qualified opinion section of our report, 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 profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for qualified opinion
We were not appointed as the auditor of the company until after 31 December 2023 and thus did not observe the counting of physical inventories at the end of the year or at the prior year end. We have undertaken other testing to give comfort over the value of stock held at the year end, however cannot completely satisfy ourselves by alternative means concerning the inventory quantities existence as at 31 December 2023 and 31 December 2022, which are included in the balance sheet at £765,083 (2022: £930,560). Although, from our alternate testing, we have no reason to believe that the value in the accounts for inventory is incorrect, we were unable to determine whether any adjustment to this amount was necessary with regards to existence.
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 qualified 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. 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. In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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. As described in the basis for qualified audit opinion section of our audit report, we were unable to satisfy ourselves completely concerning the inventory quantities of £765,083 held at 31 December 2023 (2022: £930,560). We have concluded that where the other information refers to the inventory balance or related business such as cost of sales, although we have no reason to believe it is, it may be materially misstated for the same reason.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the strategic report and the directors' report for the financial year 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.
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: - 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, 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. 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. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion. In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we have considered; the nature of the industry, control environment and business performance with particular reference to the Company's remuneration policies, key drivers for directors' remuneration, bonus levels and performance targets. We also consider the results of our enquiries of management and the Audit Committee, relating to their own identification and assessment of the risks of irregularities and possible related fraud. This includes reviewing available documentation on their policies and procedures and performing tests of controls to evidence their effectiveness. Throughout the audit testing we are considering the incentives that may exist within the organisation for fraud. Key areas include timing of recognising income around the year end, posting of unusual journals and manipulating the Company's performance measures to meet remuneration targets and bank covenants. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. We ensure we have an understanding of the relevant laws and regulations and remain alert to possible non-compliance throughout the audit. Despite proper planning and audit work in accordance with auditing standards there are inherent limitations and unavoidable risk that we may not detect some irregularities and material misstatements in the financial statements. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - 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. 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. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. 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.
Andrew Collyer MSc ACA
(Senior Statutory Auditor)
For and on behalf of
Burgess Hodgson LLP
Chartered accountants & statutory auditor
Camburgh House
27 New Dover Road
Canterbury
Kent
CT1 3DN
25 February 2025
C P Cases Limited
Statement of Comprehensive Income
Year ended 31 December 2023
2023
2022
(restated)
Note
£
£
Turnover
4
8,964,433
7,756,296
Cost of sales
5,234,083
4,538,784
------------
------------
Gross profit
3,730,350
3,217,512
Distribution costs
64,204
67,546
Administrative expenses
2,496,860
2,214,121
------------
------------
Operating profit
5
1,169,286
935,845
Other interest receivable and similar income
9
545
1,347
------------
------------
Profit before taxation
1,169,831
937,192
Tax on profit
10
243,580
171,003
------------
---------
Profit for the financial year and total comprehensive income
926,251
766,189
------------
---------
All the activities of the company are from continuing operations.
C P Cases Limited
Statement of Financial Position
31 December 2023
2023
2022
(restated)
Note
£
£
Fixed assets
Intangible assets
12
77,287
100,000
Tangible assets
13
540,724
584,012
---------
---------
618,011
684,012
Current assets
Stocks
14
765,083
930,560
Debtors
15
2,662,366
3,382,041
Cash at bank and in hand
2,625,335
1,290,522
------------
------------
6,052,784
5,603,123
Creditors: amounts falling due within one year
16
1,254,251
1,021,040
------------
------------
Net current assets
4,798,533
4,582,083
------------
------------
Total assets less current liabilities
5,416,544
5,266,095
Provisions
17
160,181
171,003
------------
------------
Net assets
5,256,363
5,095,092
------------
------------
Capital and reserves
Called up share capital
21
62,000
62,000
Revaluation reserve
22
100,000
100,000
Capital redemption reserve
22
13,504
13,504
Profit and loss account
22
5,080,859
4,919,588
------------
------------
Shareholders funds
5,256,363
5,095,092
------------
------------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.
These financial statements were approved by the board of directors and authorised for issue on 24 February 2025 , and are signed on behalf of the board by:
Mr P M Ross
Director
Company registration number: 01111889
C P Cases Limited
Statement of Changes in Equity
Year ended 31 December 2023
Called up share capital
Revaluation reserve
Capital redemption reserve
Profit and loss account
Total
£
£
£
£
£
At 1 January 2022
63,000
100,000
13,504
4,153,399
4,329,903
Profit for the year
766,189
766,189
--------
---------
--------
------------
------------
Total comprehensive income for the year
766,189
766,189
Redemption of shares
( 1,000)
( 1,000)
--------
---------
--------
------------
------------
Total investments by and distributions to owners
( 1,000)
( 1,000)
At 31 December 2022
62,000
100,000
13,504
4,919,588
5,095,092
Profit for the year
926,251
926,251
--------
---------
--------
------------
------------
Total comprehensive income for the year
926,251
926,251
Dividends paid and payable
11
( 764,980)
( 764,980)
----
----
----
---------
---------
Total investments by and distributions to owners
( 764,980)
( 764,980)
--------
---------
--------
------------
------------
At 31 December 2023
62,000
100,000
13,504
5,080,859
5,256,363
--------
---------
--------
------------
------------
C P Cases Limited
Statement of Cash Flows
Year ended 31 December 2023
2023
2022
(restated)
£
£
Cash flows from operating activities
Profit for the financial year
926,251
766,189
Adjustments for:
Depreciation of tangible assets
202,685
190,376
Amortisation of intangible assets
22,713
Other interest receivable and similar income
( 545)
( 1,347)
Gains on disposal of tangible assets
( 4,862)
Tax on profit
243,580
171,003
Accrued expenses
171,138
47,728
Changes in:
Stocks
165,477
( 234,317)
Trade and other debtors
728,575
( 630,046)
Trade and other creditors
( 200,827)
301,174
------------
---------
Cash generated from operations
2,259,047
605,898
Interest received
545
1,347
Tax paid
( 402)
------------
---------
Net cash from operating activities
2,259,190
607,245
------------
---------
Cash flows from investing activities
Purchase of tangible assets
( 159,397)
( 148,854)
Proceeds from sale of tangible assets
11,668
------------
---------
Net cash used in investing activities
( 159,397)
( 137,186)
------------
---------
Cash flows from financing activities
Dividends paid
( 764,980)
Cancellation of share capital
( 1,000)
------------
---------
Net cash used in financing activities
( 764,980)
( 1,000)
------------
---------
Net increase in cash and cash equivalents
1,334,813
469,059
Cash and cash equivalents at beginning of year
1,290,522
821,463
------------
------------
Cash and cash equivalents at end of year
2,625,335
1,290,522
------------
------------
C P Cases Limited
Notes to the Financial Statements
Year ended 31 December 2023
(continued)
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 4 Comet House, Calleva Park, Aldermaston, Berkshire, RG7 8JA, England.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Intangible assets
Intangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated amortisation and subsequent accumulated impairment losses.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
20% straight line
Patents, trademarks and licences
-
20% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Short leasehold property
-
In accordance with the property
Plant and machinery
-
20% straight line
Fixtures and fittings
-
20% straight line
Motor vehicles
-
20% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. 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 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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Turnover
Turnover arises from:
2023
2022
(restated)
£
£
Sale of goods
8,964,433
7,756,296
------------
------------
The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.
5. Operating profit
Operating profit or loss is stated after charging/crediting:
2023
2022
(restated)
£
£
Amortisation of intangible assets
22,713
Depreciation of tangible assets
202,685
190,376
Gains on disposal of tangible assets
( 4,862)
Foreign exchange differences
( 68,185)
( 49,074)
---------
---------
6. Auditor's remuneration
2023
2022
(restated)
£
£
Fees payable for the audit of the financial statements
21,500
--------
----
7. Staff costs
The average number of persons employed by the company during the year, including the directors, amounted to:
2023
2022
No.
No.
Administrative and production staff
51
50
----
----
The aggregate payroll costs incurred during the year, relating to the above, were:
2023
2022
(restated)
£
£
Wages and salaries
460,302
474,513
Social security costs
54,833
51,954
Other pension costs
382,211
231,845
---------
---------
897,346
758,312
---------
---------
8. Directors' remuneration
The directors' aggregate remuneration in respect of qualifying services was:
2023
2022
(restated)
£
£
Remuneration
82,478
108,577
Company contributions to defined contribution pension plans
300,000
160,318
---------
---------
382,478
268,895
---------
---------
9. Other interest receivable and similar income
2023
2022
(restated)
£
£
Interest on bank deposits
545
1,347
----
-------
10. Tax on profit
Major components of tax expense
2023
2022
(restated)
£
£
Current tax:
UK current tax expense
254,402
Deferred tax:
Origination and reversal of timing differences
( 10,822)
171,003
---------
---------
Tax on profit
243,580
171,003
---------
---------
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is lower than (2022: lower than) the standard rate of corporation tax in the UK of 24 % (2022: 19 %).
2023
2022
(restated)
£
£
Profit on ordinary activities before taxation
1,169,831
937,192
------------
---------
Profit on ordinary activities by rate of tax
275,151
178,066
Effect of expenses not deductible for tax purposes
901
( 255)
Effect of capital allowances and depreciation
12,584
( 1,278)
Utilisation of tax losses
( 34,234)
( 110,757)
Effect of deferred tax provisions
( 10,822)
171,003
Research and development credit
(65,776)
------------
---------
Tax on profit
243,580
171,003
------------
---------
11. Dividends
2023
2022
(restated)
£
£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )
764,980
---------
----
12. Intangible assets
Goodwill
Patents, trademarks and licences
Total
£
£
£
Cost
At 1 January 2023 (as restated) and 31 December 2023
19,011
113,565
132,576
--------
---------
---------
Amortisation
At 1 January 2023
19,011
13,565
32,576
Charge for the year
22,713
22,713
--------
---------
---------
At 31 December 2023
19,011
36,278
55,289
--------
---------
---------
Carrying amount
At 31 December 2023
77,287
77,287
--------
---------
---------
At 31 December 2022
100,000
100,000
--------
---------
---------
13. Tangible assets
Short leasehold property
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2023 (as restated)
267,850
1,710,279
327,328
24,350
2,329,807
Additions
146,147
13,250
159,397
Disposals
( 90,000)
( 90,000)
---------
------------
---------
--------
------------
At 31 December 2023
267,850
1,766,426
340,578
24,350
2,399,204
---------
------------
---------
--------
------------
Depreciation
At 1 January 2023
209,769
1,184,348
327,328
24,350
1,745,795
Charge for the year
23,673
174,503
4,509
202,685
Disposals
( 90,000)
( 90,000)
---------
------------
---------
--------
------------
At 31 December 2023
233,442
1,268,851
331,837
24,350
1,858,480
---------
------------
---------
--------
------------
Carrying amount
At 31 December 2023
34,408
497,575
8,741
540,724
---------
------------
---------
--------
------------
At 31 December 2022
58,081
525,931
584,012
---------
------------
---------
--------
------------
14. Stocks
2023
2022
(restated)
£
£
Raw materials and consumables
765,083
930,560
---------
---------
15. Debtors
2023
2022
(restated)
£
£
Trade debtors
1,462,658
1,495,164
Amounts owed by group undertakings
672,668
1,417,668
Prepayments and accrued income
386,673
312,157
Other debtors
140,367
157,052
------------
------------
2,662,366
3,382,041
------------
------------
16. Creditors: amounts falling due within one year
2023
2022
(restated)
£
£
Trade creditors
647,164
888,382
Accruals and deferred income
241,990
61,952
Corporation tax
254,000
Social security and other taxes
111,097
70,706
------------
------------
1,254,251
1,021,040
------------
------------
17. Provisions
Deferred tax (note 18)
£
At 1 January 2023 (as restated)
171,003
Charge against provision
( 10,822)
---------
At 31 December 2023
160,181
---------
18. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2023
2022
(restated)
£
£
Included in provisions (note 17)
160,181
171,003
---------
---------
The deferred tax account consists of the tax effect of timing differences in respect of:
2023
2022
(restated)
£
£
Unused tax credits
( 10,822)
Provisions
171,003
171,003
---------
---------
160,181
171,003
---------
---------
19. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 382,211 (2022: £ 231,845 ).
20. Prior period errors
In previous years the company wrote off a loan with a group company. The group company has the same parent company. When the loan was written off it was originally treated as an increase to investment, as if the group entity was a subsidiary. As it is not it should have been treated as a distribution to the parent. The result is an adjustment to the opening retained earnings of £384,084 and a dividend voted from retained earnings in the prior year of £288,584. This reduced investments, total debtors, total net assets , equity and retained earnings carried forward by £672,668.
21. Called up share capital
Issued, called up and fully paid
2023
2022
(restated)
No.
£
No.
£
Ordinary A shares of £ 1 each
60,000
60,000
60,000
60,000
Ordinary B shares of £ 1 each
2,000
2,000
2,000
2,000
--------
--------
--------
--------
62,000
62,000
62,000
62,000
--------
--------
--------
--------
22. Reserves
At the year end date, the entity held a capital redemption reserve of £13,504 (2022: £13,504), recording the nominal value of shares repurchased by the company. At the year end date, the entity held a revaluation reserve of £100,000 (2022: £100,000) with respect to short leasehold property held by the entity. This reserve records the value of asset revaluations and fair value movements on assets recognised in other comprehensive income.
23. Analysis of changes in net debt
At 1 Jan 2023
Cash flows
At 31 Dec 2023
£
£
£
Cash at bank and in hand
1,290,522
1,334,813
2,625,335
------------
------------
------------
24. Related party transactions
During the year sales of £460,860 (2022: £374,881) were made to group companies and purchases of £11,770 (2022: £3,949) were made from group companies. At the year end there were trade debtors of £131,132 (2022: 162,512) and loan debtors of £672,668 (2022: £1,417,668) owed from group companies.
25. Controlling party
CP Global Limited is deemed to be the parent company of the entity, holding 100% of the shares in issue. CP Global Limited is a company registered in England and Wales (company number 04103195). The parent company's registered office address is 4 Comet House, Calleva Park, Aldermanston, Berkshire, England, RG7 8JA .