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COMPANY REGISTRATION NUMBER: 04103195
CP Global Limited
Financial Statements
31 December 2023
CP Global Limited
Financial Statements
Year ended 31 December 2023
Contents
Page
Strategic report
1
Directors' report
3
Independent auditor's report to the members
5
Consolidated statement of comprehensive income
9
Consolidated statement of financial position
10
Company statement of financial position
11
Consolidated statement of changes in equity
12
Company statement of changes in equity
14
Consolidated statement of cash flows
15
Notes to the financial statements
16
CP Global 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 well-equipped 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 the group's Financial performance. C P Global 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 11,227,393 9,522,494
Gross profit 5,033,671 4,018,109
Gross profit margin (%) 45 42
Net assets 6,210,186 5,022,499
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%. CP USA also sees sales increasing by £0.6m. Both UK and USA facilities sales have increased by £1.7m. The UK factory has undergone refurbishments and staff have been rewarded with early pay rises. Our USA factory has moved into larger premises to accommodate the expansion of it's manufacturing capabilities. This has impacted the gross profit margin, however our production efficiency increased and a 45% gross profit margin was achieved. Overheads are controlled efficiently and our pre-tax profits for 2023 are £1.5m.
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 17 March 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
CP Global Limited
Directors' Report
Year ended 31 December 2023
The directors present their report and the financial statements of the group for the year ended 31 December 2023 .
Directors
The directors who served the company during the year was as follows:
Mr P M Ross
E Alander was appointed on 17 July 2024 . P Gill was appointed on 17 July 2024. A Heder was appointed on 17 July 2024. R E M Stuart was appointed on 17 July 2024.
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 group and the company and the profit or loss of the group 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 group and 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 group and the company's auditor is aware of that information.
This report was approved by the board of directors on 17 March 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
CP Global Limited
Independent Auditor's Report to the Members of CP Global Limited
Year ended 31 December 2023
Qualified opinion
We have audited the financial statements of CP Global Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the consolidated statement of comprehensive income, consolidated statement of financial position, company statement of financial position, consolidated statement of changes in equity, company statement of changes in equity, consolidated 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 group's and of the parent company's affairs as at 31 December 2023 and of the group's 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 £1,102,955 (2022: £1,213,215). 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 group 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 group's or the parent 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 £1,102,955 held at 31 December 2023 (2022: £1,213,215). 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 group and the parent 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or - the parent company 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 group's and the parent 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 group or the parent 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 group's 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 group's or the parent 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 group or the parent 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. - Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. 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
17 March 2025
CP Global Limited
Consolidated Statement of Comprehensive Income
Year ended 31 December 2023
2023
2022
Note
£
£
Turnover
4
11,227,393
9,522,494
Cost of sales
6,193,722
5,504,385
-------------
------------
Gross profit
5,033,671
4,018,109
Distribution costs
263,563
227,599
Administrative expenses
3,256,527
2,857,977
------------
------------
Operating profit
5
1,513,581
932,533
Other interest receivable and similar income
9
545
1,347
------------
------------
Profit before taxation
1,514,126
933,880
Tax on profit
10
265,311
189,081
------------
---------
Profit for the financial year
1,248,815
744,799
------------
---------
Foreign currency retranslation
( 41,148)
( 58,297)
------------
---------
Total comprehensive income for the year
1,207,667
686,502
------------
---------
Profit for the financial year attributable to:
The owners of the parent company
1,218,897
720,051
Non-controlling interests
29,918
24,748
------------
---------
1,248,815
744,799
------------
---------
Total comprehensive income for the year attributable to:
The owners of the parent company
1,177,749
661,754
Non-controlling interests
29,918
24,748
------------
---------
1,207,667
686,502
------------
---------
All the activities of the group are from continuing operations.
CP Global Limited
Consolidated Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
Fixed assets
Intangible assets
12
139,354
171,891
Tangible assets
13
1,257,917
1,137,788
------------
------------
1,397,271
1,309,679
Current assets
Stocks
15
1,102,955
1,213,215
Debtors
16
2,312,842
1,938,490
Cash at bank and in hand
2,970,500
1,942,170
------------
------------
6,386,297
5,093,875
Creditors: amounts falling due within one year
17
1,413,201
1,210,052
------------
------------
Net current assets
4,973,096
3,883,823
------------
------------
Total assets less current liabilities
6,370,367
5,193,502
Provisions
19
160,181
171,003
------------
------------
Net assets
6,210,186
5,022,499
------------
------------
Capital and reserves
Called up share capital
22
1,000
1,000
Share premium account
23
89,800
89,800
Revaluation reserve
23
100,000
100,000
Profit and loss account
23
5,835,478
4,677,709
------------
------------
Equity attributable to the owners of the parent company
6,026,278
4,868,509
Non-controlling interests
183,908
153,990
------------
------------
6,210,186
5,022,499
------------
------------
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 17 March 2025 , and are signed on behalf of the board by:
Mr P M Ross
Director
Company registration number: 04103195
CP Global Limited
Company Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
Fixed assets
Investments
14
835,800
835,800
Creditors: amounts falling due within one year
17
745,000
----
---------
Net current liabilities
745,000
---------
---------
Total assets less current liabilities
835,800
90,800
---------
--------
Capital and reserves
Called up share capital
22
1,000
1,000
Share premium account
23
89,800
89,800
Profit and loss account
23
745,000
---------
--------
Shareholders funds
835,800
90,800
---------
--------
The profit for the financial year of the parent company was £ 745,000 (2022: £Nil).
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 17 March 2025 , and are signed on behalf of the board by:
Mr P M Ross
Director
Company registration number: 04103195
CP Global Limited
Consolidated Statement of Changes in Equity
Year ended 31 December 2023
Called up share capital
Share premium account
Revaluation reserve
Profit and loss account
Equity attributable to the owners of the parent company
Non-controlling interests
Total
£
£
£
£
£
£
£
At 1 January 2022
1,000
89,800
100,000
4,015,955
4,206,755
129,242
4,335,997
Profit for the year
720,051
720,051
24,748
744,799
Other comprehensive income for the year:
Foreign currency retranslation
( 58,297)
( 58,297)
( 58,297)
-------
--------
---------
------------
------------
---------
------------
Total comprehensive income for the year
661,754
661,754
24,748
686,502
At 31 December 2022
1,000
89,800
100,000
4,677,709
4,868,509
153,990
5,022,499
Profit for the year
1,218,897
1,218,897
29,918
1,248,815
Other comprehensive income for the year:
Foreign currency retranslation
( 41,148)
( 41,148)
( 41,148)
-------
--------
---------
------------
------------
---------
------------
Total comprehensive income for the year
1,177,749
1,177,749
29,918
1,207,667
Dividends paid and payable
11
( 19,980)
( 19,980)
( 19,980)
----
----
----
--------
--------
----
--------
Total investments by and distributions to owners
( 19,980)
( 19,980)
( 19,980)
-------
--------
---------
------------
------------
---------
------------
At 31 December 2023
1,000
89,800
100,000
5,835,478
6,026,278
183,908
6,210,186
-------
--------
---------
------------
------------
---------
------------
CP Global Limited
Company Statement of Changes in Equity
Year ended 31 December 2023
CP Global Limited
Company Statement of Changes in Equity
Year ended 31 December 2023
Called up share capital
Share premium account
Profit and loss account
Total
£
£
£
£
At 1 January 2022
1,000
89,800
90,800
Profit for the year
At 31 December 2022
1,000
89,800
90,800
Profit for the year
745,000
745,000
-------
--------
---------
---------
Total comprehensive income for the year
745,000
745,000
-------
--------
---------
---------
At 31 December 2023
1,000
89,800
745,000
835,800
-------
--------
---------
---------
CP Global Limited
Consolidated Statement of Cash Flows
Year ended 31 December 2023
2023
2022
£
£
Cash flows from operating activities
Profit for the financial year
1,248,815
744,799
Adjustments for:
Depreciation of tangible assets
279,732
230,848
Amortisation of intangible assets
32,537
10,724
Other interest receivable and similar income
( 545)
( 1,347)
Gains on disposal of tangible assets
( 4,862)
Unrealised foreign currency gains
(41,148)
(58,296)
Tax on profit
265,311
189,081
Accrued expenses
171,138
47,728
Changes in:
Stocks
110,260
( 285,881)
Trade and other debtors
( 365,452)
( 173,281)
Trade and other creditors
( 101,104)
105,945
------------
---------
Cash generated from operations
1,599,544
805,458
Interest received
545
1,347
Tax paid
( 22,133)
( 18,078)
------------
---------
Net cash from operating activities
1,577,956
788,727
------------
---------
Cash flows from investing activities
Purchase of tangible assets
( 399,861)
( 609,295)
Proceeds from sale of tangible assets
11,668
------------
---------
Net cash used in investing activities
( 399,861)
( 597,627)
------------
---------
Cash flows from financing activities
Payments of finance lease liabilities
( 129,785)
315,116
Dividends paid
( 19,980)
------------
---------
Net cash (used in)/from financing activities
( 149,765)
315,116
------------
---------
Net increase in cash and cash equivalents
1,028,330
506,216
Cash and cash equivalents at beginning of year
1,942,170
1,435,954
------------
------------
Cash and cash equivalents at end of year
2,970,500
1,942,170
------------
------------
CP Global Limited
Notes to the Financial Statements
Year ended 31 December 2023
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.
Disclosure exemptions
The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosures available under FRS 102:
(a) Disclosures in respect of each class of share capital have not been presented.
(b) No cash flow statement has been presented for the company.
(c) Disclosures in respect of financial instruments have not been presented.
(d) No disclosure has been given for the aggregate remuneration of key management personnel.
Consolidation
The financial statements consolidate the financial statements of CP Global Limited and all of its subsidiary undertakings.
The results of subsidiaries acquired or disposed of during the year are included from or to the date that control passes.
The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account.
Non-controlling interests
Minority interests in the net assets of consolidated subsidiaries are identified separately from the Group’s equity. Minority interests consist of the amount of those interests at the date of the original business combination and the minority’s share of changes in equity since the date of the combination.
The proportions of profit or loss and changes in equity allocated to the owners of the parent and to the minority interests are determined on the basis of existing ownership interests and do not reflect the possible exercise or conversion of options or convertible instruments.
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 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 are 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, as determined by reference to an active market, 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.
Research and development
Research expenditure is written off in the period in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.
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
-
14-33% straight line
Fixtures and fittings
-
20% straight line
Motor vehicles
-
20% straight line
Leased equipment
-
20% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates are accounted for using the equity method of accounting, whereby the investment is initially recognised at the transaction price and subsequently adjusted to reflect the group's share of the profit or loss, other comprehensive income and equity of the associate.
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.
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.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
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. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
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
£
£
Sale of goods
11,227,393
9,522,494
-------------
------------
The turnover is attributable to the one principal activity of the group. An analysis of turnover by the geographical markets that substantially differ from each other is given below:
2023
2022
£
£
United Kingdom
8,491,803
7,377,467
Overseas
2,735,590
2,145,027
-------------
------------
11,227,393
9,522,494
-------------
------------
The overseas turnover was in respect of the United States of America.
5. Operating profit
Operating profit or loss is stated after charging/crediting:
2023
2022
£
£
Amortisation of intangible assets
32,537
10,724
Depreciation of tangible assets
279,732
230,848
Gains on disposal of tangible assets
( 4,862)
Research and development expenditure written off
326
Foreign exchange differences
( 68,089)
( 50,431)
---------
---------
6. Auditor's remuneration
2023
2022
£
£
Fees payable for the audit of the financial statements
21,500
--------
----
7. Staff costs
The average number of persons employed by the group during the year, including the directors, amounted to:
2023
2022
No.
No.
Administration and production staff
64
63
----
----
The aggregate payroll costs incurred during the year, relating to the above, were:
2023
2022
£
£
Wages and salaries
667,411
697,472
Social security costs
70,353
66,384
Other pension costs
397,478
247,290
------------
------------
1,135,242
1,011,146
------------
------------
8. Directors' remuneration
The directors' aggregate remuneration in respect of qualifying services was:
2023
2022
£
£
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
£
£
Interest on bank deposits
545
1,347
----
-------
10. Tax on profit
Major components of tax expense
2023
2022
£
£
Current tax:
UK current tax income
276,133
18,078
Deferred tax:
Origination and reversal of timing differences
( 10,822)
171,003
---------
---------
Tax on profit
265,311
189,081
---------
---------
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is lower than (2022: higher than) the standard rate of corporation tax in the UK of 24 % (2022: 19 %).
2023
2022
£
£
Profit on ordinary activities before taxation
1,514,126
933,880
------------
---------
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)
Effect of US taxation
21,731
18,078
------------
---------
Tax on profit
265,311
189,081
------------
---------
11. Dividends
2023
2022
£
£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )
19,980
--------
----
12. Intangible assets
Group
Goodwill
Patents, trademarks and licences
Total
£
£
£
Cost
At 1 January 2023 and 31 December 2023
173,915
113,565
287,480
---------
---------
---------
Amortisation
At 1 January 2023
102,024
13,565
115,589
Charge for the year
9,824
22,713
32,537
---------
---------
---------
At 31 December 2023
111,848
36,278
148,126
---------
---------
---------
Carrying amount
At 31 December 2023
62,067
77,287
139,354
---------
---------
---------
At 31 December 2022
71,891
100,000
171,891
---------
---------
---------
The company has no intangible assets.
13. Tangible assets
Group
Short leasehold property
Plant and machinery
Fixtures and fittings
Motor vehicles
Leased equipment
Total
£
£
£
£
£
£
Cost
At 1 Jan 2023
267,850
1,979,005
327,328
24,350
351,313
2,949,846
Additions
386,611
13,250
399,861
Disposals
( 90,000)
( 90,000)
---------
------------
---------
--------
---------
------------
At 31 Dec 2023
267,850
2,275,616
340,578
24,350
351,313
3,259,707
---------
------------
---------
--------
---------
------------
Depreciation
At 1 Jan 2023
209,769
1,233,882
327,328
24,350
16,729
1,812,058
Charge for the year
23,673
205,577
4,509
45,973
279,732
Disposals
( 90,000)
( 90,000)
---------
------------
---------
--------
---------
------------
At 31 Dec 2023
233,442
1,349,459
331,837
24,350
62,702
2,001,790
---------
------------
---------
--------
---------
------------
Carrying amount
At 31 Dec 2023
34,408
926,157
8,741
288,611
1,257,917
---------
------------
---------
--------
---------
------------
At 31 Dec 2022
58,081
745,123
334,584
1,137,788
---------
------------
---------
--------
---------
------------
The company has no tangible assets.
14. Investments
The group has no investments.
Company
Shares in group undertakings
£
Cost
At 1 January 2023 and 31 December 2023
835,800
---------
Impairment
At 1 January 2023 and 31 December 2023
---------
Carrying amount
At 1 January 2023 and 31 December 2023
835,800
---------
At 31 December 2022
835,800
---------
Subsidiaries, associates and other investments
Details of the investments in which the parent company has an interest of 20% or more are as follows:
Class of share
Percentage of shares held
Subsidiary undertakings
CP Cases Inc
Ordinary
100
C P Cases Limited
Ordinary
96.77
15. Stocks
Group
Company
2023
2022
2023
2022
£
£
£
£
Raw materials and consumables
1,102,955
1,213,215
------------
------------
----
----
16. Debtors
Group
Company
2023
2022
2023
2022
£
£
£
£
Trade debtors
1,779,537
1,449,320
Prepayments and accrued income
386,673
312,157
Other debtors
146,632
177,013
------------
------------
----
----
2,312,842
1,938,490
------------
------------
----
----
17. Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
£
£
£
£
Trade creditors
602,692
732,592
Amounts owed to group undertakings
745,000
Accruals and deferred income
241,990
61,952
Corporation tax
254,000
Social security and other taxes
129,188
100,392
Obligations under finance leases and hire purchase contracts
185,331
315,116
------------
------------
----
---------
1,413,201
1,210,052
745,000
------------
------------
----
---------
18. Finance leases and hire purchase contracts
The total future minimum lease payments under finance leases and hire purchase contracts are as follows:
Group
Company
2023
2022
2023
2022
£
£
£
£
Not later than 1 year
129,785
129,785
Later than 1 year and not later than 5 years
55,546
185,331
---------
---------
----
----
185,331
315,116
---------
---------
----
----
19. Provisions
Group
Deferred tax (note 20)
£
At 1 January 2023
171,003
Charge against provision
( 10,822)
---------
At 31 December 2023
160,181
---------
The company does not have any provisions.
20. Deferred tax
The deferred tax included in the statement of financial position is as follows:
Group
Company
2023
2022
2023
2022
£
£
£
£
Included in provisions (note 19)
160,181
171,003
---------
---------
----
----
The deferred tax account consists of the tax effect of timing differences in respect of:
Group
Company
2023
2022
2023
2022
£
£
£
£
Unused tax credits
( 10,822)
Provisions
171,003
171,003
---------
---------
----
----
160,181
171,003
---------
---------
----
----
21. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 397,478 (2022: £ 247,290 ).
22. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
A Ordinary shares of £ 0.01 each
20,000
200
20,000
200
B Ordinary shares of £ 0.01 each
80,000
800
80,000
800
---------
-------
---------
-------
100,000
1,000
100,000
1,000
---------
-------
---------
-------
23. Reserves
At the year end date, C P Cases Limited 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, C P Cases Limited 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.
24. Analysis of changes in net debt
At 1 Jan 2023
Cash flows
At 31 Dec 2023
£
£
£
Cash at bank and in hand
1,942,170
1,028,330
2,970,500
Debt due within one year
(315,116)
129,785
(185,331)
------------
------------
------------
1,627,054
1,158,115
2,785,169
------------
------------
------------
25. Related party transactions
Company
As permitted by FRS 102, Section 33, the company has taken advantage of the exemption from disclosing transactions with wholly owned subsidiary undertakings and other group companies that are included in the consolidated financial statements.
26. Controlling party
At the year end there was no ultimate controlling party of the parent company.