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Registered number: 05617608









Chambertin Capital Limited









Annual report and Consolidated financial statements

For the Period Ended 31 December 2023

 
Chambertin Capital Limited
 
 
Company Information


Directors
L G Hall (appointed 26 October 2023)
L Whelehan 
M Patel (appointed 26 October 2023)




Registered number
05617608



Registered office
c/o MSS Products Ltd
Bankfield Road

Tyldesley

Manchester

M29 8QH




Independent auditors
Hurst Accountants Limited
Chartered Accountants & Statutory Auditors

3 Stockport Exchange

Stockport

Cheshire

SK1 3GG





 
Chambertin Capital Limited
 

Contents



Page
Group Strategic Report
 
1 - 4
Directors' Report
 
5 - 7
Independent Auditors' Report
 
8 - 11
Consolidated Statement of Comprehensive Income
 
12
Consolidated Balance Sheet
 
13
Company Balance Sheet
 
14
Consolidated Statement of Changes in Equity
 
15
Company Statement of Changes in Equity
 
16
Consolidated Statement of Cash Flows
 
17 - 18
Consolidated Analysis of Net Debt
 
18
Notes to the Financial Statements
 
19 - 50


 
Chambertin Capital Limited
 
 
Group Strategic Report
For the Period Ended 31 December 2023

Introduction
 
The directors of Chambertin Capital Limited present their Strategic Report on the affairs of the Company and its subsidiary undertakings (the Group) together with the audited financial statements and independent auditor’s report for the 9 months ended 31 December 2023.
Stellex Capital Management, a middle-market private equity firm with extensive experience in industrial businesses and family successions, acquired a controlling interest in Chambertin Capital Limited on 31 May 2023. The vendor (B J Hall, and close family members) has retained significant control in the new Group, headed by Bamboo Topco Limited (a company registered in Jersey), through shareholdings in and loans to the parent Group headed by Bamboo Topco Limited.
The Directors have consequently chosen to change the financial year-end to 31 December 2023 and these financial statements are for a period of nine months.
Results

9 months ended
31 December
Year ended
31 March
2023
2023
£'000
£'000



Turnover
58,582
76,153

Gross profit
9,681
15,551

Principal activities and review of the business
 
The principal activities of the Group during the period continued to be the design, manufacture and supply of components and assemblies for the Electrical Transmission & Distribution, Power Storage and DC Electro refinery markets. In addition, the group has made significant in-roads in the development of new products and customers in the Energy Transition market i.e. Electric Vehicles, Green Hydrogen and Metals Recycling. 
Business performance remained robust, with a pro-rated growth in turnover of 2% as the Group's main operation in India reached full capacity. Given the high demand for its products, the Group embarked on a Capital Investment plan referred to below. 
MSS Poland Sp.zoo was established in the period to 31 March 2022, with a site in Sosnowiec, Poland. It has since commenced manufacturing and sales activities and is in the course of ramping up its facilities and operations. 
During this period, the Group incurred a material loss totalling £1.4m on the supply of DCB systems through its G Corner subsidiary, on a contract entered into in a prior period. This resulted from unforeseen UK government regulations. Actual gross margin achieved in the period was 15%; excluding the exceptional loss, margins were consistent at 19%.
Administrative expenses increased by 16% (pro-rated). Increased costs were linked to the sale of the business to new owners, a £0.5m impairment accounted for against tangible fixed assets, alongside further investment in the Indian and Polish operations. These were offset by significant reductions in legal and professional fees. 
Profit before tax totalled £3.2m in the 9 months ended 31 December 2023 (Year ended 31 March 2023: £7.3m) and EBITDAE (Earnings before interest, taxation, depreciation, amortisation and items identified by management as exceptional) totalled £5.7m (Year ended 31 March 2023: £8.85m).

Page 1

 
Chambertin Capital Limited
 

Group Strategic Report (continued)
For the Period Ended 31 December 2023

Directors' statement of compliance with duty to promote the success of the Group - s172(1)
 
The Group’s principal objective is to establish and maintain its position as preferred partner to our customers and to increase the value of the Group by generating strong, sustainable and growing cash flows across industry and economic cycles. To achieve these objectives, the Group has the following key strategies:
• Consistently meeting and surpassing our customers' expectations in terms of quality and supply reliability. 
• Offering development opportunities to our employees through skills enhancement and a commitment to learning, 
 fostering an empowered workforce. 
• Establishing world-class operations with industry-leading process management in all disciplines, regularly practiced. 
• Contributing as a role model to the global energy transition as well as to a responsible and sustainable environment. 
• Making a positive contribution to our stakeholders and communities while achieving top-tier financial performance. 
The directors believe these are critical long-term factors for the success of the Group. The directors’ decision-making has supported the implementation of the strategy which aims to operate and develop the business in a way that supports both the current and future needs. The directors strongly believe that sustainable business management and practices will contribute to the long-term business success and will strengthen the Group’s leading position in the market. The directors ensure that the Group has sufficient resources to support its long-term growth strategy and fund investment.
The Group operates in an industry characterised by long-term relationships between stakeholders and therefore engagement with stakeholders and maintaining a reputation for high standards of service and business conduct is vital. Engaging stakeholders and developing meaningful partnerships is essential for business. The Group engages in regular, open and proactive dialogue with all relevant stakeholders as this is needed to understand their perspectives, expectations, concerns and needs. In this way the Group is able to integrate stakeholder’s considerations.
Key decisions taken by directors during the period are as follows:
• To continue to invest in recruitment and training and to boost capacity to support the Group’s continued growth and 
 expansion.
• During the period under review, the Group approved and committed significant amounts on Capital Expenditure to    expand its capacity in its two manufacturing bases in India and Poland.
Employee engagement
 
The Group places considerable value on the involvement of its employees and has continued to keep them informed on matters affecting them as employees and on the various factors affecting performance of the Group.  This is achieved through regular meetings with employees, both formal and informal, giving the opportunity for consultation on a wide range of matters affecting their current and future interests.

Page 2

 
Chambertin Capital Limited
 

Group Strategic Report (continued)
For the Period Ended 31 December 2023

Engagement with customers and suppliers
 
Customers
The Group's broad customer base spans industries, businesses and end users of our products. We work closely with our customers to understand their evolving needs so we can improve and adapt to meet them. The Group protects the interests of its customers through the careful selection of suppliers and other business partners, and through the standards set for its own actions.
Suppliers
We depend on the capability and performance of our suppliers to help deliver the products we need for our operations and our customers. The Group only works with suppliers who are prepared to eliminate problems or implement risk reduction measures.
Community, environment and members
The Group engages with the community and has relationships with local charities. The Group monitors and seeks to reduce its impact on the environment. 
Key performance indicators

9 months ended
31 December
Year ended
31 March
2023
2023
£'000
£'000



Turnover
58,582
76,153

Gross profit
9,681
15,551

The Group uses a range of financial and non-financial measures to monitor its performance against its strategic plans. The indicators cover Health & Safety, Environment, Customer Satisfaction, Employee Development, Financial Performance, Operational Performance and Fulfilment, Quality and Innovation. These measures provide the Board with leading indicators of future performance.
In addition to the traditional sales, profit and working capital indicators, the Group places significant emphasis on cash generation, ensuring that the choice of customers, suppliers and stock levels always maintains a positive cash position. The Group also constantly monitors copper and currency exposure. The Group's current ratio has increased from 2.11 at 31 March 2023 to 2.33 at 31 December 2023.
The manufacturing activities in India are separately measured with regards to direct cost efficiencies and machine utilisation and are closely monitored via various KPI targets.

Page 3

 
Chambertin Capital Limited
 

Group Strategic Report (continued)
For the Period Ended 31 December 2023

Principal risks and uncertainties
 
The Group also continues to monitor the global macroeconomic situation and upward inflationary pressures, although its major cost of Raw Materials, notably Copper, is priced in the business in relation to the London Metal Exchange ('LME'). This means the Group prices its contracts tied into the LME price and as such, its absolute margins are not affected by market volatility. In connection with LME and other commodity prices for Copper and other materials, especially in view of recent tariff announcements, the Group does not have any material adverse exposure due to the back-to-back nature of commercial arrangements, 
Cash flow and liquidity risk
The Group manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the Group has sufficient liquid resources to meet the operating needs of the business.
Exchange rate risk
The Group actively manages its currency rate exposures through a centralised treasury division and uses derivative instruments such as forward contracts and currency swaps to mitigate the risks from such exposures.  The use of derivative instruments is subject to limits and regular monitoring by appropriate levels of management.
The Rupee exchange rate against the Great British Pound remained fairly stable over the period, moving from 101.6 to 106.1, although there were some fluctuations throughout the period, and therefore, the Group continues to review and update its hedging policies to reflect growth and the changing macro-economic environment.
The Group's subsidiary undertakings operate primarily in India.  Therefore, the consolidated results are dependent on changes in the exchange rate with the Indian Rupee.  The exchange rate used at 31 December 2023 for the purpose of this consolidation was 106.0761 Indian Rupees to the British Pound (31 March 2023: 101.5641).
Interest risk
The Group manages its interest rate exposures through a centralised treasury division and uses derivatives to mitigate the risks from such exposures.  The use of derivative instruments is subject to limits and regular monitoring by appropriate levels of management.
Credit risk
Investments of cash surpluses and borrowings are made through banks which must fulfil credit ratings criteria approved by the directors.

Future developments

The directors expect both Group revenues and profitability to increase in the forthcoming year as the business continues to invest in its people, systems and infrastructure in order to deliver the best service in the industry to our customers.
 
Subsequent to the year end, on 3 April 2024, the Company acquired the entire share capital of Elmecon Limited.


This report was approved by the board and signed on its behalf.


L G Hall
Director

Date: 21 March 2025

Page 4

 
Chambertin Capital Limited
 
 
 
Directors' Report
For the Period Ended 31 December 2023

The directors present their report and the financial statements for the period ended 31 December 2023.

Directors' responsibilities statement

The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Group's financial statements 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 Group 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 the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the Group's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements and other information included in Directors' Reports may differ from legislation in other jurisdictions.

Results and dividends

The profit for the period, after taxation, amounted to £1,503,447 (2023 - £4,649,201).

The directors do not recommend the payment of a final dividend (Year ended 31 March 2023 - £nil).

Directors

The directors who served during the period were:

J A Dunn (resigned 31 May 2023)
B J Hall (resigned 31 May 2023)
D Hall (resigned 31 May 2023)
L Whelehan 
T J Gregory (resigned 24 July 2023)
C J Hall (resigned 26 October 2023)
L G Hall (appointed 26 October 2023)
M Patel (appointed 26 October 2023)

Page 5

 
Chambertin Capital Limited
 
 
 
Directors' Report (continued)
For the Period Ended 31 December 2023

Future developments

Details of future developments can be found in the Group Strategic Report.

Going concern and Financial instruments

The Group’s business activities, together with the principal risks and uncertainties likely to affect its future growth and performance, are set out in the Group strategic report. The Group Strategic Report describes the financial performance of the Group, its cashflows, liquidity position and other financial and operational risks.
The Group manages its day-to-day working capital requirements through a combination of current accounts, credit facilities and intercompany loans. The Group proactively manages cashflow to ensure obligations under associated borrowings can be met. 
The trading and cashflow forecasts are considered to be prudent and have been prepared using the latest information on Group performance, expected future development and trading. The directors have taken into account the Group’s net current asset position, and also the Group’s cashflow and profitable trading companies. Taking all these factors into account, including all reasonable uncertainties, the directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future and in any case, for a period of not less than 12 months from the date of signing these financial statements.

Research and development activities

The Group continues to invest in research and development with the purpose of creating innovative, efficient products for the power industry.
Development of new IT and finance systems and the improvement of those currently used by the Group is carried out continuously.
The directors have taken all steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Engagement with employees

Information on employee engagement can be found in the Group Strategic Report.

Engagement with suppliers, customers and others

Information on engagement with suppliers, customers and others can be found in the Group Strategic Report.

Disabled employees

Applications for employment by disabled persons are always fully considered, bearing in mind the abilities of the applicant concerned.  In the event of members of staff becoming disabled, every effort is made to ensure that their employment with the Group continues and that appropriate training is arranged.  It is the that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees’ policy of the Group.

Page 6

 
Chambertin Capital Limited
 
 
 
Directors' Report (continued)
For the Period Ended 31 December 2023

Charitable and political donations

The company made charitable donations totalling £nil (Year to 31 March 2023: £24,540) in the period.
Environmental, social and governance matters
We are in the process of developing our Group wide Environmental, Social and Governance Strategy. 
As a Group we have continued in our pursuit of environmental protection and sustainability, this is evident in the continued increase in recycled material produced and used by the group and the setting of ‘green goals’ such as planting over 40,000 trees over previous years and 2,500 trees in the period to December 2024.
The group aims to obtain carbon neutrality in its internal operations by 2030.
Greenhouse gas emissions, energy consumption and energy efficiency action
The Group has not disclosed information in respect of greenhouse gas emissions, energy consumption and energy efficiency action as its energy consumption in the United Kingdom for the year is 40,000kWh or lower.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Post balance sheet events

Subsequent to the year end, on 3 April 2024, the Company acquired the entire share capital of Elmecon Limited (a company registered in England) for consideration totalling £1.4m.

Auditors

The auditorsHurst Accountants Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 


L G Hall
Director

Date: 21 March 2025

Page 7

 
Chambertin Capital Limited
 
 
 
Independent Auditors' Report to the Members of Chambertin Capital Limited
 

Opinion


We have audited the financial statements of Chambertin Capital Limited (the 'parent Company') and its subsidiaries (the 'Group') for the period ended 31 December 2023, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


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 period 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.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' 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 United Kingdom, including the Financial Reporting Council'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 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 Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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.


Page 8

 
Chambertin Capital Limited
 
 
 
Independent Auditors' Report to the Members of Chambertin Capital Limited (continued)


Opinion 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 Group 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 Group 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 Group 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 set out on page 5, 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.


Page 9

 
Chambertin Capital Limited
 
 
 
Independent Auditors' Report to the Members of Chambertin Capital Limited (continued)


Auditors' 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 Auditors' 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 Group 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:

The engagement partner's assessment of the appropriateness of the collective competence and capabilities of the engagement team included consideration of the engagement team's:
• Understanding of, and practical experience with audit engagements of a similar nature and complexity through    appropriate training and participation;    
• Knowledge of the industry in which the entity operates;
• Understanding of the legal and regulatory requirements specific to the entity.
Identifying and assessing potential risks related to irregularities
In identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:
• The nature of the industry and sector in which the Group operates; the control environment and business     performance including key drivers for directors' remuneration, bonus levels and performance targets.
• The outcome of enquiries of local management and parent company management, including whether management    was aware of any instances of non-compliance with laws and regulations, and whether management had knowledge   of any actual, suspected, or alleged fraud. 
• Supporting documentation relating to the Group and Company's policies and procedures for:
    - Identifying, evaluating, and complying with laws and regulations
    - Detecting and responding to the risks of fraud
• The internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations.
• The outcome of discussions amongst the engagement team regarding how and where fraud might occur in the    financial statements and any potential indicators of fraud.
• The legal and regulatory framework in which the Group and Company operate, particularly those laws and      regulations which have a direct effect on the financial statements, such as the Companies Act 2006, pensions and tax   legislation, or which had a fundamental effect on the operations of the Group and Company, including General Data   Protection requirements, and Anti-bribery and Corruption.
We also communicated with component auditors to request identification of any instances of non-compliance with laws and regulations that could give rise to a material misstatement of the group financial statements. The engagement partner assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations.
 
Page 10

 
Chambertin Capital Limited
 
 
 
Independent Auditors' Report to the Members of Chambertin Capital Limited (continued)


Audit response to risks identified
Our procedures to respond to the risks identified included the following:
• Reviewing the financial statements disclosures and testing to supporting documentation to assess compliance with    the provisions of those relevant laws and regulations which have a direct effect on the financial statements.
• Discussions with management, including consideration of known or suspected instances of non-compliance with laws  and regulations and fraud. Procedures to identify non-compliance with relevant laws and regulations were performed   at all components within the scope of our audit.
• Evaluation of the operating effectiveness of management’s controls designed to prevent and detect irregularities.
• Enquiring of management about any actual and potential litigation and claims.
• Performing analytical procedures to identify any unusual or unexpected relationships which may indicate risks of    material misstatement due to fraud.
We have also considered the risk of fraud through management override of controls by:
• Testing the appropriateness of journal entries and other adjustments. For the parent company and its UK subsidiaries,  we have used data analytics software to identify accounting transactions which may pose a heightened risk of    material misstatement, whether due to fraud or error. 
• Challenging assumptions made by management in their significant accounting estimates, and assessing whether the    judgements made in making accounting estimates are indicative of a potential bias; and
• Evaluating the business rationale of any significant transactions that are unusual or outside the normal course of    business.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
There are inherent limitations in the audit procedures described above, and the further removed non-compliance with laws and regulations are from the events and transactions reflected in the financial statements, the less likely we would become aware of them.  Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.


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 2006Our 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 Auditors' 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.


Helen Besant-Roberts (Senior Statutory Auditor)
for and on behalf of
Hurst Accountants Limited
Chartered Accountants
Statutory Auditors
3 Stockport Exchange
Stockport
Cheshire
SK1 3GG

21 March 2025
Page 11

 
Chambertin Capital Limited
 
 
Consolidated Statement of Comprehensive Income
For the Period Ended 31 December 2023

9 months ended
31 December
Year ended
31 March
2023
2023
Note
£
£

  

Turnover
 4 
58,582,258
76,152,997

Cost of sales
  
(47,499,909)
(60,602,481)

Exceptional cost of sales
 15 
(1,401,689)
-

Gross profit
  
9,680,660
15,550,516

Distribution costs
  
(1,287,310)
(1,961,838)

Administrative expenses
  
(6,058,265)
(6,961,040)

Exceptional administrative expenses
 15 
(567,303)
-

Other operating income
 5 
1,155,464
1,793,249

Fair value movements (Note 6)
  
636,682
(1,061,621)

Operating profit
 7 
3,559,928
7,359,266

Interest receivable and similar income
 11 
21,360
43,438

Interest payable and expenses
 12 
(446,524)
(80,707)

Other finance income/(expenditure)
 13 
16,687
(921)

Profit before taxation
  
3,151,451
7,321,076

Tax on profit
 14 
(1,648,004)
(2,671,875)

Profit for the financial period
  
1,503,447
4,649,201

  

Currency translation differences
  
(1,363,230)
(696,907)

Actuarial gains on defined benefit pension scheme
 31 
(33,570)
4,255

Other comprehensive income for the period
  
(1,396,800)
(692,652)

  

Total comprehensive income for the period
  
106,647
3,956,549

  

  

There were no recognised gains and losses for the 9 months ended 31 December 2023 or the year ended 31 March 2023, other than those included in the consolidated statement of comprehensive income.

The notes on pages 19 to 50 form part of these financial statements.

Page 12

 
Chambertin Capital Limited
Registered number: 05617608

Consolidated Balance Sheet
As at 31 December 2023

31 December
31 March
2023
2023
Note
£
£

Fixed assets
  

Intangible fixed assets
 17 
50,314
68,660

Tangible assets
 18 
10,743,540
11,157,809

  
10,793,854
11,226,469

Current assets
  

Stocks
 20 
14,936,956
17,449,574

Debtors: amounts falling due after more than one year
 21 
885,406
34,687

Debtors: amounts falling due within one year
 21 
23,422,806
21,040,802

Cash at bank and in hand
 22 
7,742,459
11,141,111

  
46,987,627
49,666,174

Creditors: amounts falling due within one year
 23 
(20,204,472)
(23,515,910)

Net current assets
  
 
 
26,783,155
 
 
26,150,264

Total assets less current liabilities
  
37,577,009
37,376,733

Creditors: amounts falling due after more than one year
 24 
(235,759)
(153,261)

Deferred taxation
 26 
(113,362)
(123,447)

Net assets excluding pension asset
  
37,227,888
37,100,025

Pension asset
 31 
7,016
28,232

Net assets
  
37,234,904
37,128,257


Capital and reserves
  

Called up share capital 
 27 
100,000
100,000

Profit and loss account
 28 
37,134,904
37,028,257

  
37,234,904
37,128,257


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 

L G Hall
Director

Date: 21 March 2025

The notes on pages 19 to 50 form part of these financial statements.

Page 13

 
Chambertin Capital Limited
Registered number: 05617608

Company Balance Sheet
As at 31 December 2023

31 December
31 March
2023
2023
Note
£
£

Fixed assets
  

Tangible assets
 18 
564,849
1,999,568

Investments
 19 
237,372
237,372

  
802,221
2,236,940

Current assets
  

Stocks
 20 
-
164,000

Debtors: amounts falling due after more than one year
 21 
2,858,512
2,897,388

Debtors: amounts falling due within one year
 21 
4,825,671
1,830,468

Cash at bank and in hand
 22 
2,352,613
4,625,851

  
10,036,796
9,517,707

Creditors: amounts falling due within one year
 23 
(2,160,654)
(1,537,892)

Net current assets
  
 
 
7,876,142
 
 
7,979,815

Total assets less current liabilities
  
8,678,363
10,216,755

  

Provisions for liabilities
  

Deferred taxation
 26 
(107,758)
(279,758)

Net assets
  
8,570,605
9,936,997


Capital and reserves
  

Called up share capital 
 27 
100,000
100,000

Profit and loss account brought forward
  
9,836,997
11,070,885

Loss for the period
  
(1,366,392)
(1,233,888)

Profit and loss account carried forward
  
8,470,605
9,836,997

  
8,570,605
9,936,997


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 

L G Hall
Director

Date: 21 March 2025

The notes on pages 19 to 50 form part of these financial statements.

Page 14

 
Chambertin Capital Limited
 

Consolidated Statement of Changes in Equity
For the Period Ended 31 December 2023


Called up share capital
Profit and loss account
Equity attributable to owners of parent Company
Total equity

£
£
£
£


At 1 April 2022
100,000
33,071,708
33,171,708
33,171,708


Comprehensive income for the year

Profit for the year

-
4,649,201
4,649,201
4,649,201

Currency translation differences
-
(696,907)
(696,907)
(696,907)

Actuarial gains on pension scheme
-
4,255
4,255
4,255


Other comprehensive deficit for the year
-
(692,652)
(692,652)
(692,652)


Total comprehensive income for the year
-
3,956,549
3,956,549
3,956,549



At 1 April 2023
100,000
37,028,257
37,128,257
37,128,257


Comprehensive income for the period

Profit for the period

-
1,503,447
1,503,447
1,503,447

Currency translation differences
-
(1,363,230)
(1,363,230)
(1,363,230)

Actuarial losses on pension scheme
-
(33,570)
(33,570)
(33,570)


Other comprehensive deficit for the period
-
(1,396,800)
(1,396,800)
(1,396,800)


Total comprehensive income for the period
-
106,647
106,647
106,647


At 31 December 2023
100,000
37,134,904
37,234,904
37,234,904


The notes on pages 19 to 50 form part of these financial statements.

Page 15

 
Chambertin Capital Limited
 

Company Statement of Changes in Equity
For the Period Ended 31 December 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 April 2022
100,000
11,070,885
11,170,885


Comprehensive income for the year

Loss for the year
-
(1,233,888)
(1,233,888)
Total comprehensive deficit for the year
-
(1,233,888)
(1,233,888)



At 1 April 2023
100,000
9,836,997
9,936,997


Comprehensive income for the peiod

Loss for the period
-
(1,366,392)
(1,366,392)
Total comprehensive deficit for the period
-
(1,366,392)
(1,366,392)


At 31 December 2023
100,000
8,470,605
8,570,605


The notes on pages 19 to 50 form part of these financial statements.

Page 16

 
Chambertin Capital Limited
 

Consolidated Statement of Cash Flows
For the Period Ended 31 December 2023

9 months ended
31 December
Year ended
31 March
2023
2023
£
£

Cash flows from operating activities

Profit for the financial period
1,503,447
4,649,201

Adjustments for:

Amortisation of intangible assets
26,098
10,885

Depreciation of tangible assets
1,030,091
1,483,508

Impairments of fixed assets
522,000
-

Loss on disposal of tangible assets
6,997
-

Interest paid
446,524
80,707

Interest received
(21,360)
(43,438)

Taxation charge
1,648,004
2,671,875

Decrease/(increase) in stocks
2,512,618
(4,167,784)

Decrease/(increase) in debtors
772,208
(3,538,517)

(Increase)/decrease in amounts owed by groups
(3,161,589)
-

(Decrease)/increase in creditors
(3,305,528)
1,279,241

Increase in amounts owed to groups
751,150
-

Increase in net pension assets/liabs
21,216
2,240

Net fair value (gains)/losses recognised in P&L
(455,251)
955,408

Corporation tax (paid)
(2,071,758)
(2,691,792)

Actuarial loss on pension
(33,570)
4,255

Foreign exchange
(879,418)
(525,597)

Net cash generated from operating activities

(688,121)
170,192


Cash flows from investing activities

Purchase of intangible fixed assets
(7,456)
(82,665)

Purchase of tangible fixed assets
(2,221,406)
(1,705,380)

Sale of tangible fixed assets
750,308
1,039

Interest received
21,360
43,438

Secured loan advances
(850,719)
41,719

Loan to related party
-
(128,153)

Net cash from investing activities

(2,307,913)
(1,830,002)
Page 17

 
Chambertin Capital Limited
 

Consolidated Statement of Cash Flows (continued)
For the Period Ended 31 December 2023

9 months ended
31 December
Year ended
31 March

2023
2023

£
£



Cash flows from financing activities

Loans repaid to directors
(163,965)
(548,408)

Interest paid
(36,724)
(142,080)

Trust loan repayments
-
(292,500)

Loan to director
(44,100)
-

Net cash used in financing activities
(244,789)
(982,988)

Net (decrease) in cash and cash equivalents
(3,240,823)
(2,642,798)

Cash and cash equivalents at beginning of period
11,141,111
13,831,022

Foreign exchange gains and losses
(157,829)
(47,113)

Cash and cash equivalents at the end of period
7,742,459
11,141,111


Cash and cash equivalents at the end of period comprise:

Cash at bank and in hand
7,742,459
11,141,111

7,742,459
11,141,111



Consolidated Analysis of Net Debt
For the Period Ended 31 December 2023





At 1 April 2023
Cash flows
Other non-cash changes
At 31 December 2023
£

£

£

£

Cash at bank and in hand

11,141,111

(3,398,652)

-

7,742,459

Debt due within 1 year

(163,965)

163,965

-

-

Foreign currency derivative contracts

(629,823)

-

455,251

(174,572)


10,347,323
(3,234,687)
455,251
7,567,887

The notes on pages 19 to 50 form part of these financial statements.

Page 18

 
Chambertin Capital Limited
 
 
 
Notes to the Financial Statements
For the Period Ended 31 December 2023

1.


General information

Chambertin Capital Limited (formerly Bryden Capital Limited) is a private company limited by shares and incorporated in England and Wales. The address of the registered office and the principal place of business is c/o MSS Products Ltd, Bankfield Road, Tyldesley, Manchester, M29 8QH. The company number is 05617608. 
The nature of the Group's operations and its principal activity is the manufacture and supply of components to the power industry. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The reporting period is the 9 months ended 31 December 2023 so that the reporting date is aligned with the wider group's accounting reference date. As the previous reporting period was the year ended 31 March 2023, the comparative amounts presented in the financial statements are not entirely comparable.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

Parent Company disclosure exemptions

In preparing the separate financial statements of the parent Company, advantage has been taken of the following disclosure exemptions available in FRS 102:
No Statement of Cash Flows has been presented for the parent Company.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.

Page 19

 
Chambertin Capital Limited
 
 
 
Notes to the Financial Statements
For the Period Ended 31 December 2023

2.Accounting policies (continued)

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional currency is USD. The Group operates in an economic environment which generates and uses cash flows in USD, INR, EUR and GBP, and sales prices are mainly influenced by USD. In light of available information, the primary currency is judged by management to be USD.
This differs from the presentational currency which is GBP. The reason for the difference is shareholder and investor convenience.

Transactions and balances

Foreign currency transactions are translated into the presentational currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Consolidated statement of comprehensive income.
Foreign exchange gains and losses are presented in the Consolidated statement of comprehensive income within 'administrative expenses' and 'other operating income'.
On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Group has transferred the significant risks and rewards of ownership to the buyer;
the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Page 20

 
Chambertin Capital Limited
 
 
 
Notes to the Financial Statements
For the Period Ended 31 December 2023

2.Accounting policies (continued)

 
2.5

Other operating income

Other operating income includes royalty income, which is recognised on an accruals basis in accordance with the substance of the relevant agreement.

 
2.6

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.7

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.8

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.9

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 21

 
Chambertin Capital Limited
 
 
 
Notes to the Financial Statements
For the Period Ended 31 December 2023

2.Accounting policies (continued)

 
2.10

Pensions

Defined contribution pension plan

The Group 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 profit or loss 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.

Defined benefit pension plan

The Group operates a defined benefit plan for certain employees. A defined benefit plan defines the pension benefit that the employee will receive on retirement, usually dependent upon several factors including but not limited to age, length of service and remuneration. A defined benefit plan is a pension plan that is not a defined contribution plan.

The liability recognised in the Balance Sheet in respect of the defined benefit plan is the present value of the defined benefit obligation at the end of the balance sheet date less the fair value of plan assets at the balance sheet date (if any) out of which the obligations are to be settled.

The defined benefit obligation is calculated using the projected unit credit method. Annually the company engages independent actuaries to calculate the obligation. The present value is determined by discounting the estimated future payments using market yields on high quality corporate bonds that are denominated in sterling and that have terms approximating to the estimated period of the future payments ('discount rate').

The fair value of plan assets is measured in accordance with the FRS 102 fair value hierarchy and in accordance with the Group's policy for similarly held assets. This includes the use of appropriate valuation techniques.

Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to other comprehensive income. These amounts together with the return on plan assets, less amounts included in net interest, are disclosed as 'Remeasurement of net defined benefit liability'.

The cost of the defined benefit plan, recognised in profit or loss as employee costs, except where included in the cost of an asset, comprises:

a) the increase in net pension benefit liability arising from employee service during the period; and

b) the cost of plan introductions, benefit changes, curtailments and settlements.

The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit obligation and the fair value of plan assets. This cost is recognised in profit or loss as a 'finance expense'.

Page 22

 
Chambertin Capital Limited
 
 
 
Notes to the Financial Statements
For the Period Ended 31 December 2023

2.Accounting policies (continued)

 
2.11

Current and deferred taxation

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.12

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Group but are presented separately due to their size or incidence.

 
2.13

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Computer software
-
5 years straight line

Page 23

 
Chambertin Capital Limited
 
 
 
Notes to the Financial Statements
For the Period Ended 31 December 2023

2.Accounting policies (continued)

 
2.14

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Leasehold land
-
Not depreciated
Long-term leasehold property
-
30 to 50 years straight line
Plant and machinery
-
5 to 16 years straight line
Fixtures and fittings
-
10 years straight line
Computer equipment
-
5 years straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Assets under construction are only subject to depreciation at the point that they are brought into use. The carrying value is reviewed periodically and if any assets are likely to generate future economic benefit they are subject to impairment accordingly. 

 
2.15

Impairment of fixed assets and goodwill

Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each balance sheet date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

 
2.16

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 24

 
Chambertin Capital Limited
 
 
 
Notes to the Financial Statements
For the Period Ended 31 December 2023

2.Accounting policies (continued)

 
2.17

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.18

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.

 
2.19

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.20

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.21

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.

 
2.22

Provisions for liabilities

Provisions are made where an event has taken place that gives the Group 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 profit or loss in the year that the Group 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.

Page 25

 
Chambertin Capital Limited
 
 
 
Notes to the Financial Statements
For the Period Ended 31 December 2023

2.Accounting policies (continued)

 
2.23

Financial instruments

Financial instruments are recognised in the Group's Balance Sheet when the Group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, and loans due to fellow group companies are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Page 26

 
Chambertin Capital Limited
 
 
 
Notes to the Financial Statements
For the Period Ended 31 December 2023

2.Accounting policies (continued)


2.23
Financial instruments (continued)

Other financial instruments

Derivatives, including forward exchange contracts and futures contracts, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. 

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.

 
2.24

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 27

 
Chambertin Capital Limited
 
 
 
Notes to the Financial Statements
For the Period Ended 31 December 2023

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

Preparation of the financial statements requires management to make significant judgements and estimates that affect amounts recognised for assets and liabilities at the reporting date and the amounts of revenue and expenses incurred during the reporting period. Actual outcomes may differ from these judgements, estimates and assumptions. 
The judgements, estimates and assumptions that have the most significant effect on the carrying value of assets and liabilities of the Company as at 31 December 2023 are discussed below:
a) Tangible fixed assets (Group and Company)
During the period, management identified indicators of impairment for certain Plant and Machinery assets. As a result, an impairment loss of £522,000 was recorded in the Consolidated Statement of Comprehensive Income. The impairment loss was determined by comparing the carrying amount of the assets to their recoverable amount, which is the higher of fair value less costs to sell and value in use, which requires management's estimation and an element of uncertainty.
The carrying amount of the Group's tangible fixed assets at 31 December 2023 was £10,743,540 (31 March 2023: £11,157,809) and the Company has tangible fixed assets with a net book value of £564,849 (31 March 2023: £1,999,568).
b) Amounts owed by group undertakings (Company)
During the period, the directors performed an impairment assessment of a loan owed to the Company by a group undertaking totalling £3,574,000. They concluded that an impairment provision totalling £715,000 should be recognised.
The Carrying value of amounts owed to the Company by group undertakings at 31 December 2023 is £7,093,000, of which £2,859,000 is due in greater than one year.
c) Provision for slow-moving and obsolete stocks (Group)
In determining whether provision for slow-moving and obsolete stock should be recorded in profit or loss, Group management  makes judgements as to whether there is any observable data indicating that there is any future saleability of the product and the estimated net realisable value for such product, including the potential scrap value. Accordingly, provision for impairment is made where the net realisable value is less than the cost, based on estimates by Group management. At 31 December 2023, stock held by the Group totalled £14,936,956 (31 March 2023: £17,449,574). The carrying value of the Group's stocks is stated net of provisions totalling £582,041 (31 March 2023 - £151,535).

Page 28

 
Chambertin Capital Limited
 
 
 
Notes to the Financial Statements
For the Period Ended 31 December 2023

4.


Turnover

An analysis of turnover by class of business is as follows:


9 months ended
31 December
Year ended
31 March
2023
2023
£
£

Manufacture and supply of components to the power industry
58,582,258
76,152,997


Analysis of turnover by country of destination:

9 months ended
31 December
Year ended
31 March
2023
2023
£
£

United Kingdom
8,484,406
7,810,886

Rest of Europe
15,105,822
19,585,122

Rest of the world
34,992,030
48,756,989

58,582,258
76,152,997



5.


Other operating income

9 months ended
31 December
Year ended
31 March
2023
2023
£
£

Royalty receivable
1,087,180
1,612,043

Foreign exchange difference - gain/(loss)
2,119
(9,727)

Other operating income
66,165
190,933

1,155,464
1,793,249


Page 29

 
Chambertin Capital Limited
 
 
 
Notes to the Financial Statements
For the Period Ended 31 December 2023

6.


Fair value movements

9 months ended
31 December
Year ended
31 March
2023
2023
£
£



Fair value gains/(losses) on foreign currency forward contracts
636,682
(1,061,621)


7.


Operating profit

The operating profit is stated after charging:

9 months ended
31 December
Year ended
31 March
2023
2023
£
£

Research & development charged as an expense
52,484
61,123

Exchange differences
(695,315)
(1,868,187)

Depreciation of tangible fixed assets
1,030,091
1,483,508

Amortisation of intangibles
26,098
10,885


8.


Auditors' remuneration

9 months ended
31 December
Year ended
31 March
2023
2023
£
£


Fees payable to the Group's auditor for the audit of the Group's annual financial statements
20,550
16,500


Fees payable to the Group's auditor in respect of:


Audit of the accounts of subsidiaries
11,375
-

Other assurance services
1,275
1,200

Accounts preparation
350
9,800

Tax compliance services
5,990
3,505

All other services
1,400
42,800



Page 30

 
Chambertin Capital Limited
 
 
 
Notes to the Financial Statements
For the Period Ended 31 December 2023

9.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
9 months ended
31 December
Group
Year ended
31 March
2023
2023
£
£


Wages and salaries
2,477,825
3,084,965

Social security costs
337,614
274,160

Cost of defined benefit scheme
19,527
25,078

Cost of defined contribution scheme
343,838
304,103

3,178,804
3,688,306


The average monthly number of employees, including the directors, during the period was as follows:



Group
Group
Company
Company
   9 months ended
     31 December
       Year ended
        31 March
   9 months ended
     31 December
       Year ended
        31 March
        2023
        2023
        2023
        2023
            No.
            No.
            No.
            No.









Production
379
251
-
-



Distribution
34
53
-
-



Administrative
28
22
-
-



Management
5
5
5
5

446
331
5
5

Page 31

 
Chambertin Capital Limited
 
 
 
Notes to the Financial Statements
For the Period Ended 31 December 2023

10.


Directors' remuneration

9 months ended
31 December
Year ended
31 March
2023
2023
£
£

Directors' emoluments
308,479
267,938

Group contributions to defined contribution pension schemes
9,345
1,785

317,824
269,723


During the period retirement benefits were accruing to 4 directors (2023 - 1) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £163,394 (31 March 2023 - £123,750).

The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £4,375 (2023 - £NIL).


11.


Interest receivable

9 months ended
31 December
Year ended
31 March
2023
2023
£
£


Other interest receivable
21,360
43,438


12.


Interest payable and similar expenses

9 months ended
31 December
Year ended
31 March
2023
2023
£
£


Other interest payable
3,243
-

Loan interest payable
33,481
80,707

Other interest payable
409,800
-

446,524
80,707

Page 32

 
Chambertin Capital Limited
 
 
 
Notes to the Financial Statements
For the Period Ended 31 December 2023

13.


Other finance costs

9 months ended
31 December
Year ended
31 March
2023
2023
£
£

Interest income on pension scheme assets
31,056
15,622

Net interest on net defined benefit liability
(14,369)
(16,543)

16,687
(921)



14.


Taxation


9 months ended
31 December
Year ended
31 March
2023
2023
£
£

Corporation tax


Current tax on profits for the year
128,296
117,555

Adjustments in respect of previous periods
2,522
-


130,818
117,555


Group taxation relief
(216,392)
-


(85,574)
117,555

Foreign tax


Foreign tax on income for the period/year
1,733,037
2,586,070

Foreign tax in respect of prior periods
13,581
11,911

1,746,618
2,597,981

Total current tax
1,661,044
2,715,536

Deferred tax


Origination and reversal of timing differences
(13,040)
(43,661)

Total deferred tax
(13,040)
(43,661)


Taxation on profit on ordinary activities
1,648,004
2,671,875
Page 33

 
Chambertin Capital Limited
 
 
 
Notes to the Financial Statements
For the Period Ended 31 December 2023
 
14.Taxation (continued)


Factors affecting tax charge for the period/year

The tax assessed for the period/year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 19%). The differences are explained below:

9 months ended
31 December
Year ended
31 March
2023
2023
£
£


Profit on ordinary activities before tax
3,151,451
7,321,076


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)
787,863
1,391,004

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
156,637
277,650

Capital allowances for period/year in excess of depreciation
67,613
36,228

Adjustments to tax charge in respect of prior periods
2,522
-

Short term timing difference leading to an increase (decrease) in taxation
208,978
-

Other timing differences leading to an increase (decrease) in taxation
(61,376)
238,560

Changes in provisions leading to an increase (decrease) in the tax charge
178,750
-

Dividends from UK companies
-
65,568

Unrelieved tax losses carried forward
278,109
115,272

Foreign income taxed at higher rate
28,908
547,593

Total tax charge for the period/year
1,648,004
2,671,875


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 34

 
Chambertin Capital Limited
 
 
 
Notes to the Financial Statements
For the Period Ended 31 December 2023

15.


Exceptional items

9 months ended
31 December
Year ended
31 March
2023
2023
£
£


Exceptional cost of sales
1,401,689
-

Exceptional administrative costs
567,303
-

1,968,992
-

During the period, an exceptional loss totalling £1,401,689 arose on a customer contract, and exceptional legal expenses totalling £567,303 arose in relation to the sale of the business to the new owners.


16.


Parent company profit for the year

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The loss after tax of the parent Company for the period/year was £1,366,392 (2023 - loss £1,233,888).

Page 35

 
Chambertin Capital Limited
 
 
 
Notes to the Financial Statements
For the Period Ended 31 December 2023

17.


Intangible assets

Group







Patents
Computer software
Goodwill
Negative goodwill
Total

£
£
£
£
£



Cost


At 1 April 2023
15,744
79,031
125,119
(6,861,718)
(6,641,824)


Additions
-
7,456
-
-
7,456


Foreign exchange movement
-
(396)
-
-
(396)



At 31 December 2023

15,744
86,091
125,119
(6,861,718)
(6,634,764)



Amortisation


At 1 April 2023
15,744
10,371
125,119
(6,861,718)
(6,710,484)


Charge for the period on owned assets
-
26,098
-
-
26,098


Foreign exchange movement
-
(692)
-
-
(692)



At 31 December 2023

15,744
35,777
125,119
(6,861,718)
(6,685,078)



Net book value



At 31 December 2023
-
50,314
-
-
50,314



At 31 March 2023
-
68,660
-
-
68,660



Page 36

 
Chambertin Capital Limited
 
 
 
Notes to the Financial Statements
For the Period Ended 31 December 2023
 
           17.Intangible assets (continued)

Company






Patents

£



Cost


At 1 April 2023
15,744



At 31 December 2023

15,744



Amortisation


At 1 April 2023
15,744



At 31 December 2023

15,744



Net book value



At 31 December 2023
-



At 31 March 2023
-

Page 37

 
Chambertin Capital Limited
 
 
 
Notes to the Financial Statements
For the Period Ended 31 December 2023

18.


Tangible fixed assets

Group








Long-term leasehold property
Long-term leasehold land
Plant and machinery
Fixtures and fittings
Leasehold improvements

£
£
£
£
£



Cost


At 1 April 2023
4,645,615
1,574,609
12,753,918
213,633
-


Additions
-
-
1,992,723
5,113
139,292


Disposals
(747,931)
-
(4,122)
(115,335)
-


Exchange adjustments
(165,912)
(66,974)
(513,474)
(4,098)
5,839



At 31 December 2023

3,731,772
1,507,635
14,229,045
99,313
145,131



Depreciation


At 1 April 2023
952,075
-
7,660,853
126,833
-


Charge for the year
102,404
-
909,024
12,352
6,311


Disposals
(57,341)
-
(3,415)
(51,338)
-


Impairment charge
-
-
522,000
-
-


Exchange adjustments
(43,953)
-
(325,175)
(2,677)
265



At 31 December 2023

953,185
-
8,763,287
85,170
6,576



Net book value



At 31 December 2023
2,778,587
1,507,635
5,465,758
14,143
138,555



At 31 March 2023
3,693,540
1,574,609
5,093,065
86,800
-
Page 38

 
Chambertin Capital Limited
 
 
 
Notes to the Financial Statements
For the Period Ended 31 December 2023

           18.Tangible fixed assets (continued)


Assets under construction
Total

£
£



Cost


At 1 April 2023
709,795
19,897,570


Additions
84,278
2,221,406


Disposals
(2,011)
(869,399)


Exchange adjustments
46,800
(697,819)



At 31 December 2023

838,862
20,551,758



Depreciation


At 1 April 2023
-
8,739,761


Charge for the year
-
1,030,091


Disposals
-
(112,094)


Impairment charge
-
522,000


Exchange adjustments
-
(371,540)



At 31 December 2023

-
9,808,218



Net book value



At 31 December 2023
838,862
10,743,540



At 31 March 2023
709,795
11,157,809



Page 39

 
Chambertin Capital Limited
 
 
 
Notes to the Financial Statements
For the Period Ended 31 December 2023

           18.Tangible fixed assets (continued)


Company









Long-term leasehold property
Plant and machinery
Fixtures and fittings
Assets under construction
Total

£
£
£
£
£

Cost 


At 1 April 2023
747,931
1,425,194
115,231
13,884
2,302,240


Disposals
(747,931)
-
(115,231)
-
(863,162)



At 31 December 2023

-
1,425,194
-
13,884
1,439,078



Depreciation


At 1 April 2023
54,848
205,573
42,251
-
302,672


Charge for the period on owned assets
2,493
146,656
8,642
-
157,791


Disposals
(57,341)
-
(50,893)
-
(108,234)


Impairment charge
-
522,000
-
-
522,000



At 31 December 2023

-
874,229
-
-
874,229



Net book value



At 31 December 2023
-
550,965
-
13,884
564,849



At 31 March 2023
693,083
1,219,621
72,980
13,884
1,999,568






Page 40

 
Chambertin Capital Limited
 
 
 
Notes to the Financial Statements
For the Period Ended 31 December 2023

19.


Fixed asset investments

Company








Investments in subsidiary companies

£



Cost or valuation


At 1 April 2023
237,372



At 31 December 2023
237,372






Net book value



At 31 December 2023
237,372



At 31 March 2023
237,372


Direct subsidiary undertakings


The following were direct subsidiary undertakings of the Company:

Name

Principal activity

Class of shares

Holding

Chambertin Capital (UK) Limited
Internal holding company
Ordinary
100%
Logistics & Distribution Services Limited
Management services
Ordinary
100%
G Corner Electrical Systems Limited
DC Busbar systems
Ordinary
100%
Base Metal Refining Limited
Dormant
Ordinary
100%
MSS Power Components Limited
Dormant
Ordinary
100%
MSS Components Limited
Dormant
Ordinary
100%

The registered office of all direct subsidiary undertakings is c/o MSS Products Ltd, Bankfield Road, Tyldesley, Manchester, M29 8QH. 
Logistics & Distribution Services Limited, registered number: 04006703, is exempt from the requirement for an audit for the 9 months ended 31 December 2023 by virtue of section 479A of Companies Act 2006. 

Page 41

 
Chambertin Capital Limited
 
 
 
Notes to the Financial Statements
For the Period Ended 31 December 2023

Indirect subsidiary undertakings


The following were indirect subsidiary undertakings of the Company:

Name

Principal activity

Class of shares

Holding

MSS India Private Limited
Manufacturing Company
Ordinary
100%
MSS Poland Sp. Z o.o.
Manufacturing Company
Ordinary
100%

The registered office of MSS India Private Limited is H-8 Midc Area, Ambad, Nashik, Maharashtra, India.
The registered office of MSS Poland Sp. Z o.o. is ul. Dworcowa 4/40, 39-300 Mielec, Poland.


20.


Stocks

Group
31 December
Group
31 March
Company
31 December
Company
31 March
2023
2023
2023
2023
£
£
£
£

Raw materials and consumables
3,920,722
6,628,054
-
-

Work in progress
3,292,868
3,775,306
-
-

Finished goods and goods for resale
5,747,923
6,855,807
-
164,000

Project stock
1,975,443
190,407
-
-

14,936,956
17,449,574
-
164,000


The difference between purchase price or production cost of stocks and their replacement cost is not material.

The carrying value of stocks are stated net of impairment losses totalling £582,041 (31 March 2023 - £151,535)

Page 42

 
Chambertin Capital Limited
 
 
 
Notes to the Financial Statements
For the Period Ended 31 December 2023

21.


Debtors

Group
31 December
Group
31 March
Company
31 December
Company
31 March
2023
2023
2023
2023
£
£
£
£

Due after more than one year

Amounts owed by group undertakings
-
-
2,858,512
2,897,388

Secured loans
885,406
34,687
-
-

885,406
34,687
2,858,512
2,897,388


Group
31 December
Group
31 March
Company
31 December
Company
31 March
2023
2023
2023
2023
£
£
£
£

Due within one year

Trade debtors
17,294,698
16,796,998
-
18,021

Amounts owed by group undertakings
3,161,589
-
4,234,490
485,775

Other debtors
2,759,638
4,112,893
570,700
1,251,731

Prepayments and accrued income
187,861
60,414
20,481
4,444

Tax recoverable
-
70,497
-
70,497

Financial instruments
19,020
-
-
-

23,422,806
21,040,802
4,825,671
1,830,468


Secured loans due after more than one year are secured against capital assets purchased by suppliers and carry interest at 9% per annum.  
Other debtors due within one year at 31 March 2023 included loans to companies controlled by close family members of a director totalling £528,123 which were interest-free and repayable on demand. These loans were repaid during the 9 months ended 31 December 2023.
Impairment losses of £69,712 (Year to 31 March 2023: £15,032) were recognised in administrative expenses during the year against Trade debtors.


22.


Cash and cash equivalents

Group
31 December
Group
31 March
Company
31 December
Company
31 March
2023
2023
2023
2023
£
£
£
£

Cash at bank and in hand
7,742,459
11,141,111
2,352,613
4,625,851

7,742,459
11,141,111
2,352,613
4,625,851


Page 43

 
Chambertin Capital Limited
 
 
 
Notes to the Financial Statements
For the Period Ended 31 December 2023

23.


Creditors: Amounts falling due within one year

Group
31 December
Group
31 March
Company
31 December
Company
31 March
2023
2023
2023
2023
£
£
£
£

Payments received on account
5,125,621
5,770,596
-
-

Trade creditors
12,967,960
15,865,949
142,031
157,253

Amounts owed to group undertakings
751,150
-
1,320,939
890,508

Corporation tax
36,519
216,109
22,799
-

Other taxation and social security
221,400
32,433
221,400
11,590

Other creditors
321,805
512,265
3,258
163,965

Accruals and deferred income
586,425
488,735
450,227
314,576

Financial instruments
193,592
629,823
-
-

20,204,472
23,515,910
2,160,654
1,537,892



24.


Creditors: Amounts falling due after more than one year

Group
31 December
Group
31 March
2023
2023
£
£

Other creditors
235,759
153,261





25.


Financial instruments

Group
31 December
Group
31 March
2023
2023
£
£

Financial assets

Financial assets measured at fair value through profit or loss
19,020
-


Financial liabilities

Derivative financial instruments measured at fair value through profit or loss
(193,592)
(629,823)


Financial instruments measured at fair value through profit or loss comprise derivative assets and derivative liabilities respectively. The Group purchases forward foreign currency contracts to manage currency exposure on future commitments. The fair values of the assets and liabilities held at fair value through profit and loss at the balance sheet date are determined using quoted prices. Where quoted prices are not available for derivatives the fair values are calculated by discounting the expected future cash flows at prevailing interest rates. 

Page 44

 
Chambertin Capital Limited
 
 
 
Notes to the Financial Statements
For the Period Ended 31 December 2023

26.


Deferred taxation


Group



2023
2023


£

£






Liability at beginning of year
(123,447)
(160,829)


Credited to profit or loss
10,085
37,382



Liability at end of year
(113,362)
(123,447)

Company


2023
2023


£

£






Liability at beginning of year
(279,758)
(207,630)


Charged to profit or loss
172,000
(72,128)



Liability at end of year
(107,758)
(279,758)

The deferred tax asset/(liability) is made up as follows:

Group
31 December
Group
31 March
Company
31 December
Company
31 March
2023
2023
2023
2023
£
£
£
£

Accelerated capital allowances
(243,862)
(153,412)
(107,758)
(279,758)

Impairment provision
130,500
-
-
-

Other items giving rise to timing differences
-
29,965
-
-

(113,362)
(123,447)
(107,758)
(279,758)


27.


Share capital

31 December
31 March
2023
2023
£
£
Allotted, called up and fully paid



5,000,000 (2023 - 5,000,000) Ordinary shares of £0.01 each
50,000
50,000
5,000,000 (2023 - 5,000,000) Ordinary B shares of £0.01 each
50,000
50,000

100,000

100,000

Page 45

 
Chambertin Capital Limited
 
 
 
Notes to the Financial Statements
For the Period Ended 31 December 2023

27.Share capital (continued)

The holders of Ordinary shares have the right to receive notice of and attend and vote and speak at any general meeting of the Company and are entitled to vote on any written resolution of the Company. The holders of B Ordinary shares do not have the right to receive notice of and attend and vote and speak at any general meeting of the Company and are not entitled to vote on any written resolution of the Company unless certain criteria are met. Holders of the B Ordinary shares are only entitled to dividends if certain criteria are met.



28.


Reserves

Profit and loss account

Includes all current and prior period retained profit and losses, less dividends paid. 


29.


Contingent liabilities

a) The Group's overdraft facility with Lloyds Bank plc is secured by way of an unlimited debenture over all present and future business asset, goodwill and intellectual property rights. 
An omnibus guarantee agreement dated 16 March 2016, and an omnibus guarantee and set off agreement dated 4 April 2014, have been given to Lloyds Bank Plc in favour of the Company and certain subsidiary undertakings. 
b) The Group has a contingent liability in relation to custom duties which may be demanded totalling £2,135,577 (31 March 2023: £752,861). 
c) The Group has been advised of an income tax liability which may arise in respect of matters in appeal totalling £17,051 (31 March 2023: £17,809). 
The Group occasionally issues bonds and guarantees to specific customers. As at 31 December 2023, the value of bonds and guarantees outstanding totalled £284,795 (31 March 2023: £459,143).


30.


Capital commitments




At 31 December 2023 the Group  had capital commitments as follows:


Group
31 December
Group
31 March
2023
2023
£
£

Contracted for but not provided in these financial statements
2,548,135
59,010

Page 46

 
Chambertin Capital Limited
 
 
 
Notes to the Financial Statements
For the Period Ended 31 December 2023

31.


Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group  in an independently administered fund. The pension cost charge represents contributions payable by the Group  to the fund and amounted to £343,838 (Year to 31 March 2023 - £304,108) . Contributions totalling £nil (31 March 2023 - £nil) were payable to the fund at the balance sheet date and are included in creditors.

MSS India Private Limited, a subsidiary undertaking, operates a defined benefit gratuity plan. The scheme provides
for lump sum payments to employees on retirement, death while in employment or termination of employment of an
amount equivalent to 15 days salary for every completed year of service or party thereof in six months, provided the
employee has completed 5 years of service.

The following tables summarise the components of the net benefit expense recognised in the Consolidated Statement of Comprehensive Income and the Consolidated Balance Sheet. 



Reconciliation of present value of plan liabilities:


31 December
31 March
2023
2023
£
£

Reconciliation of present value of plan liabilities


At the beginning of the year
261,842
193,638

Current service cost
19,527
25,078

Interest cost
14,369
16,543

Actuarial gains/losses
24,030
(7,111)

Exchange differences on foreign schemes
(18,455)
33,694

At the end of the year
301,313
261,842



Reconciliation of present value of plan assets:


31 December
31 March
2023
2023
£
£


At the beginning of the year
290,074
224,110

Interest income
31,056
15,622

Actuarial gains/losses
(9,540)
(2,856)

Contributions
15,926
72,552

Exchange differences on foreign schemes
(19,187)
(19,354)

At the end of the year
308,329
290,074



 

Page 47

 
Chambertin Capital Limited
 
 
 
Notes to the Financial Statements
For the Period Ended 31 December 2023
 
31.Pension commitments (continued)

31 December
31 March
2023
2023
£
£


Fair value of plan assets
308,329
290,074

Present value of plan liabilities
(301,313)
(261,842)

Net pension scheme liability
7,016
28,232


The amounts recognised in profit or loss are as follows:

31 December
31 March
2023
2023
£
£


Current service cost
(19,527)
(25,078)

Interest on obligation
(14,369)
(16,543)

Interest income on plan assets
31,056
15,622

Total
(2,840)
(25,999)



Reconciliation of fair value of plan liabilities were as follows:

31 December
31 March
2023
2023
£
£


Opening defined benefit obligation
261,842
193,638

Current service cost
19,527
25,078

Interest cost
14,369
16,543

Actuarial gains and (losses)
24,030
(7,111)

Exchange differences on foreign exchange schemes
(18,455)
33,694

Closing defined benefit obligation
301,313
261,842

Page 48

 
Chambertin Capital Limited
 
 
 
Notes to the Financial Statements
For the Period Ended 31 December 2023
 
31.Pension commitments (continued)


Reconciliation of fair value of plan assets were as follows:

31 December
31 March
2023
2023
£
£


Opening fair value of scheme assets
290,074
224,110

Interest income on plan assets
31,056
15,622

Contributions by employer
15,926
72,552

Actuarial losses
(9,540)
(2,856)

Exchange differences on foreign schemes
(19,187)
(19,354)

308,329
290,074


The Group expects to contribute £23,407 to its Defined Benefit Pension Scheme in the year ending 31 December 2024.



Principal actuarial assumptions at the balance sheet date (expressed as weighted averages):

31 December
2023
31 March
2023
%
%
Discount rate


7.43

7.27
 
Future salary increases


6

6
 



 






32.


Commitments under operating leases

The Group and the Company had no commitments under non-cancellable operating leases at the balance sheet date.

Page 49

 
Chambertin Capital Limited
 
 
 
Notes to the Financial Statements
For the Period Ended 31 December 2023

33.


Related party transactions

In preparing these financial statements, the directors have taken advantage of the exemptions available under section
33 paragraph 1A of the Financial Reporting Standard 102, and have not disclosed transactions entered into between
wholly owned group undertakings.
From the beginning of the period until 31 May 2023, the ultimate controlling party was B J Hall. During this period, the Group entered into transactions, in the ordinary course of business, with parties controlled by close members of the controlling shareholder's family.  Transactions entered into with these parties during the period are presented below. Prior period comparative figures relate to the full year ended 31 March 2023.


31 December
31 March
2023
2023
£
£

Sales
1,695,744
10,053,180
Purchases
(106,141)
(55,778)
Interest income
-
15,372
Royalty income
241,596
1,612,043
Royalty expenses
(249,181)
(1,584,188)
Debtors - amounts receivable
-
3,959,657
Creditors - amounts payable
-
(369,950)

Directors' loans
Loans from directors totalling £163,965 were included in Creditors at 31 March 2023 and repaid during the period ended 31 December 2023. A new interest-free loan totalling £44,100 was made to a director during the period, and this amount remained outstanding within debtors at 31 December 2023.
Key management personnel compensation
Key management personnel includes those persons having authority and responsibility for planning, directing and controlling the activities of the entity, directly or indirectly, including directors. Total amounts paid to key management personnel during the period was £317,824 (Year to 31 March 2023: £389,382). 


34.


Post balance sheet events

Subsequent to the year end, on 3 April 2024, the Company acquired the entire share capital of Elmecon Limited (a company registered in England) for consideration totalling £1.4m.


35.


Controlling party

At 1 April 2023, the Group was controlled by B J Hall by virtue of his controlling shareholding in the Company. 
During the year, on 31 May 2023, the entire share capital of the Company was acquired by Bamboo Bidco Limited, a company registered in Jersey. The ultimate controlling party is now Stellex Capital Holdings II Luxembourg SARL.

 
Page 50