Financial Statements
CP (Electric) Limited T/A Fusebox
For the year ended 31 December 2023
Registered number: SC553729
CP (Electric) Limited T/A Fusebox
Company Information
Michael Gerard Slein (appointed
)
Directors
Michael Joseph Slein (appointed
)
Robin Paul Forsyth (resigned
)
Robert Pickerill (appointed
)
Company secretary
Robin Paul Forsyth (resigned
)
SC553729
Registered number
2 Southhook Road
Registered office
Kilmarnock
Scotland
KA1 2NN
2 Southhook Road
Trading Address
Kilmarnock
Scotland
KA1 2NN
Grant Thornton
Independent auditor
Chartered Accountants & Statutory Auditors
13 18 City Quay
Dublin 2
Santander
Bankers
1213 Waterloo PI
Sunderland
SR1 3HS
United Kingdom
AIB Commercial Finance Ltd
Floor 3
10 Molesworth Street
Dublin 2
D02 R126
Tom BoultonJones
Solicitors
Brodies LLP
15 Atholl Crescent
Edinburgh
EH3 8HA
CP (Electric) Limited T/A Fusebox
Contents
Page
Strategic report
1
Directors' report
2 - 3
Directors' responsibilities statement
4
Independent auditor's report
5 - 8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Notes to the financial statements
12 - 24
The following pages do not form part of the statutory financial statements:
Detailed profit and loss account and summaries
25 - 28
CP (Electric) Limited T/A Fusebox
Strategic report
For the year ended 31 December 2023
Principal activity
The principal activity of the Company is the supply of Low Voltage Circuit Protection devices and Consumer Units to wholesale customers.
Business review
The Directors are satisfied with the results of the company for the year under review. Turnover has increased by 42% whilst the gross profit percentage increased by 7% reflecting the close monitoring of costs during the year.
Principal risks and uncertainties
In common with all companies operating in the UK in this sector, the company faces risks and uncertainties such as competition and increasing costs. The sale of circuit protection to the wholesale market continues to be competitive with new entrants to the market. The company seeks to maintain a strong competitive advantage through investing in the Fusebox brand, the relationship with customers and ensuring we continue to bring new and innovative products to market. Management have produced a detailed set of projections for 2024 and the directors are of the opinion that the company is well positioned to manage these risks.
This report was approved by the board and signed on its behalf.
................................................
................................................
Michael Gerard Slein
Michael Joseph Slein
Director
Director
Date: 9 October 2024
Page 1
CP (Electric) Limited T/A Fusebox
Directors' report
For the year ended 31 December 2023
The directors present their report and the financial statements for the year ended 31 December 2023.
Principal activity
The principal activity of the the Company is the supply of Low Voltage Circuit Protection devices and Consumer Units to wholesale customers.
Results and dividends
The profit for the year, after taxation, amounted to £12,891,106 (2022 £7,579,135).
The Company paid dividend £5,000,000 in respect of the year ended 31 December 2023 (2022 £Nil).
Directors
The directors who served during the year were:
Michael Gerard Slein (appointed 29 March 2023)
Michael Joseph Slein (appointed 29 March 2023)
Robin Paul Forsyth (resigned 29 March 2023)
Principal risks and uncertainties
In common with all companies operating in the UK in this sector, the company faces risks and uncertainties such as competition and increasing costs. The sale of circuit protection to the wholesale market continues to be competitive with new entrants to the market. The company seeks to maintain a strong competitive advantage through investing in the Fusebox brand, the relationship with customers and ensuring we continue to bring new and innovative products to market. Management have produced a detailed set of projections for 2024 and the directors are of the opinion that the company is well positioned to manage these risks.
Future developments
The Company continues to support its distributors with high quality low voltage electrical products and consumer units.
With continued investment in its product portfolio, and the introduction of a commercial/industrial range ensuring growth into the future.
The Directors are extremely positive with regards to the prospect and outlook for the Company.
Compliance statement
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the Company's auditor is unaware. Additionally, the directors have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the Company's auditor is aware of that information.
Events since the end of the year
There have been no significant events affecting the Company since the year end.
Branches outside the State
There are no branches of the Company outside the State.
Page 2
CP (Electric) Limited T/A Fusebox
Directors' report (continued)
For the year ended 31 December 2023
Stakeholder engagement
1. Engagement with Employees
Engagement Mechanisms: During the financial year, the directors have actively engaged with employees through various mechanisms, including regular team and company meetings. All employees are provided with training and development for skill enhancement and career growth, with a number of internal promotions. Systems are in place to acknowledge and reward employee contributions and we are committed to fostering an environment where every employee feels engaged, motivated, and empowered to contribute to the company's success.
Impact on Business Performance: The engagement with employees has directly influenced business performance with increased productivity and improved service delivery during a period of strong growth.
2. Engagement with Suppliers, Customers, and Other Stakeholders
Engagement Mechanisms: The directors have also engaged with other key stakeholders through:
a)
Suppliers: Continued efforts to establish and maintain longterm relationships with our key suppliers, to minimise supply chain disruption and address challenges.
b)
Customers: Regular visits to Customers to discuss their needs whilst also collecting feedback on our products and services. Building a relationship of trust and ensuring we understand our customers' needs and build our products and services around those needs.
Disclosure of information to the auditors
The directors at the time when this Directors' report is approved have confirmed that:
*
So far as they are aware, there is no relevant audit information of which the group's auditors are unaware; and
*
They have taken all the steps that out to have been taken as directors in order to be aware of any relevant audit information and to establish that the group's auditors are aware of that information.
Auditor
The auditor, Grant Thornton, was appointed during the year in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
................................................
................................................
Michael Gerard Slein
Michael Joseph Slein
Director
Director
Page 3
CP (Electric) Limited T/A Fusebox
Directors' responsibilities statement
For the year ended 31 December 2023
The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with 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 of the profit or loss of the Company for that period.
In preparing these financial statements, the directors are required to:
*
select suitable accounting policies for the Company's financial statements and then apply them consistently;
*
make judgments and accounting estimates that are reasonable and prudent;
*
state whether the financial statements have been prepared in accordance with applicable accounting standards, identify those standards, and note the effect and the reasons for any material departure from those standards; and
*
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
On behalf of the board
................................................
................................................
Michael Gerard Slein
Michael Joseph Slein
Director
Director
Date: 9 October 2024
Page 4
Independent auditor's report to the members of CP (Electric) Limited T/A Fusebox
Opinion
We have audited the financial statements of CP (Electric) Limited T/A Fusebox which comprise the Statement of comprehensive income, the Balance sheet, the Statement of changes in equity for the year ended 31 December 2023, and the related notes to the financial statements, including a summary of significant accounting policies.
The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including 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, CP (Electric) Limited T/A Fusebox's financial statements:
*
give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice of the assets, liabilities and financial position of the Company as at 31 December 2023 and of its financial performance for the year then ended; 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 'Responsibilities of the auditor for the audit of the financial statements' section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, namely the FRC's Ethical Standard and the ethical pronouncements established by Chartered Accountants Ireland, applied as determined to be appropriate in the circumstances of the entity. We have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from the date 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.
Page 5
Independent auditor's report to the members of CP (Electric) Limited T/A Fusebox (continued)
Other matter
The financial statements of the Company for the financial year end 31 December 2022 were audited by Wylie and Bisset (Audit) Limited who expressed an unmodified opinion on those statements on 22 March 2023.
Other information
Other information comprises the information included in the Annual report, other than the financial statements and our auditor's report thereon, including the Directors' report and the Strategic report. The directors are responsible for the other information. Our opinion on the financial statements does not cover the information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies in the financial statements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
*
the information given in the Directors' report and the Strategic report for the year for which the financial statements are prepared is consistent with the financial statements, and
*
the Directors' report and the Strategic report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Company and its environment we have obtained in the course of the audit, we have not identified material misstatements in the Directors' report and the Strategic report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
*
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
*
the financial statements are not in agreement with the accounting records and returns; or
*
certain disclosures of directors' remuneration specified by law are not made; or
*
we have not received all the information and explanations we require for our audit.
Page 6
Independent auditor's report to the members of CP (Electric) Limited T/A Fusebox (continued)
Responsibilities of management and those charged with governance for the financial statements
Management is responsible for the preparation of the financial statements which give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice, including FRS102 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, management is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intend to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
Those charged with governance are responsible for overseeing the Company's financial reporting process.
Responsibilities of the auditor for the audit of the financial statements
The objectives of an auditor are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes their opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
A further description of an auditor's 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 auditor's report.
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of noncompliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatement in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with ISAs (UK).
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below:
Based on our understanding of the Company and industry, we identified that the principal risks of noncompliance with laws and regulations related to compliance with data protection requirements in the jurisdictions in which the Company operates and holds data, noncompliance related to employment, data privacy and environmental regulations in the UK, and we considered the extent to which noncompliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and local tax legislation. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to manipulate financial performance and management bias through judgments and assumptions in significant accounting estimates. We apply professional skepticism through the audit to consider potential deliberate omission or concealment of significant transactions, or incomplete/inaccurate disclosures in the financial statements.
Page 7
Independent auditor's report to the members of CP (Electric) Limited T/A Fusebox (continued)
Responsibilities of the auditor for the audit of the financial statements (continued)
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud (continued)
In response to these principal risks, our audit procedures included but were not limited to:
*
inquiries of management on the policies and procedures in place regarding compliance with laws and regulations, including consideration of known or suspected instances of noncompliance and whether they have knowledge of any actual, suspected or alleged fraud;
*
inspection of the Company' legal correspondence and review of minutes of board meetings during the year to corroborate inquiries made;
*
gaining an understanding of the internal controls established to mitigate risk related to fraud;
*
discussion amongst the engagement team in relation to the identified laws and regulations and regarding the risk of fraud, and remaining alert to any indications of noncompliance or opportunities for fraudulent manipulation of financial statements throughout the audit;
*
identifying and testing journal entries to address the risk of inappropriate journals and management override of controls;
*
designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing, and challenging assumptions and judgments made by management in their assessment of the basis for the use of the going concern assumption;
*
review of the financial statement disclosures to underlying supporting documentation and inquiries of management.
The primary responsibility for the prevention and detection of irregularities including fraud rests with those
charged with governance and management. As with any audit, there remains a risk of nondetection or
irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or override of
internal controls.
The purpose of our audit work and to whom we owe our responsibilities
This report is made solely to the Company's members, as a body, in accordance with chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Michael Shelley (Senior statutory auditor)
for and on behalf of
Grant Thornton
Chartered Accountants &
Statutory Auditors
13 18 City Quay
Dublin 2
Date:
Page 8
CP (Electric) Limited T/A Fusebox
Statement of comprehensive income
For the year ended 31 December 2023
2023
2022
Note
£
£
Revenue
4
50,485,811
35,545,270
Cost of sales
(32,254,461)
(25,175,808)
Gross profit
18,231,350
10,369,462
Administrative expenses
(1,706,159)
(1,000,941)
Exceptional other operating income
(49,132)
-
5
Operating profit
16,476,059
9,368,521
Interest receivable and similar income
8
16,802
-
Interest payable and similar expenses
9
(3,863)
Profit before tax
16,492,861
9,364,658
Tax on profit
10
(3,601,755)
(1,785,523)
Profit for the year
12,891,106
7,579,135
There were no recognised gains and losses for 2023 or 2022 other than those included in the statement of comprehensive income.
All amounts relate to continuing operations.
________
________
________
________
________
________
________
________
The notes on pages 12 to 24 form part of these financial statements.
Page 9
CP (Electric) Limited T/A Fusebox
Registered number:SC553729
Balance sheet
As at
31 December 2023
2023-12-31
2023
2022
Note
£
£
Fixed assets
Tangible fixed assets
13
46,776
70,844
________
________
46,776
70,844
Current assets
Stocks
14
5,873,791
3,003,539
Debtors: amounts falling due within one year
15
14,021,532
14,842,125
Cash at bank
16
11,390,349
873,063
________
________
31,285,672
18,718,727
Current liabilities
Creditors: amounts falling due within one year
17
(9,138,033)
(4,485,666)
________
________
22,147,639
14,233,061
Net current assets
________
________
Total assets less current liabilities
22,194,415
14,303,905
Provisions for liabilities
Deferred tax
18
(17,011)
(17,607)
________
________
(17,011)
(17,607)
Net assets
22,177,404
14,286,298
Total Equity
Called up share capital
19
100
100
Profit and loss account
20
22,177,304
14,286,198
________
________
22,177,404
14,286,298
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
................................................
................................................
Michael Gerard Slein
Michael Joseph Slein
Director
Director
The notes on pages 12 to 24 form part of these financial statements.
Page 10
CP (Electric) Limited T/A Fusebox
Statement of changes in equity
For the year ended 31 December 2023
Called up share capital
Profit and loss account
Total equity
£
£
£
At 1 January 2023
100
14,286,198
14,286,298
Comprehensive income for the year
Profit for the year
12,891,106
12,891,106
-
Distributions to owners
-
Dividends paid
(5,000,000)
(5,000,000)
________
________
________
At 31 December 2023
100
22,177,304
22,177,404
Statement of changes in equity
For the year ended 31 December 2022
Called up share capital
Profit and loss account
Total equity
£
£
£
At 1 January 2022
100
6,707,063
6,707,163
Comprehensive income for the year
Profit for the year
-
7,579,135
7,579,135
________
________
________
At 31 December 2022
100
14,286,198
14,286,298
The notes on pages 12 to 24 form part of these financial statements.
Page 11
CP (Electric) Limited T/A Fusebox
Notes to the financial statements
For the year ended 31 December 2023
1.
General information
CP (Electric) Limited t/a FuseBox is a private company limited by shares, and incorporated in Scotland. The
registered office is 2 Southhook Road, Kilmarnock, KA1 2NN, Scotland.
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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
FRS102 allows certain disclosure exemptions and the company has taken advantage of the following exemptions for the company financial statements:
*
From preparing a statement of cash flows, on the basis that it is a qualifying entity and the consolidated statement of cash flows, included in these financial statements, includes the company's cash flows;
*
From the financial instruments disclosures required under FRS102 paragraphs 11.39 to 11.48A and paragraphs 12.26 – 12.29, as the information is provided in the consolidated statement disclosures; and
*
From disclosing the company key management personnel compensation, as required by FRS102 paragraph 33.7, as the information is included within the consolidated statement disclosures.
2.2
Going concern
At the time of approving the financial statements, the director has a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
2.3
Foreign currency translation
Functional and presentation currency
The Company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional 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. Nonmonetary items measured at historical cost are translated using the exchange rate at the date of the transaction and nonmonetary items measured at fair value are measured using the exchange rate when fair value was determined.
Page 12
CP (Electric) Limited T/A Fusebox
Notes to the financial statements
For the year ended 31 December 2023
2.
Accounting policies (continued)
2.3
Foreign currency translation (continued)
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at periodend exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
2.4
Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company 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 Company has transferred the significant risks and rewards of ownership to the buyer at the point that the goods were transported for delivery;
*
the Company 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 Company 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.
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
*
the amount of revenue can be measured reliably;
*
it is probable that the Company will receive the consideration due under the contract;
*
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
*
the costs incurred and the costs to complete the contract can be measured reliably.
2.5
Operating leases: the Company as lessee
Rentals paid under operating leases are charged to profit or loss on a straightline basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straightline 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.
Page 13
CP (Electric) Limited T/A Fusebox
Notes to the financial statements
For the year ended 31 December 2023
2.
Accounting policies (continued)
2.6
Interest income
Interest income is recognized in profit or loss on an accruals basis using the effective interest method. This method calculates the amortized cost of a financial asset and allocates the interest income over the relevant period. The effective interest rate is the rate that exactly discounts the estimated future cash flows through the expected life of the financial instrument, or, when appropriate, a shorter period, to the gross carrying amount of the financial asset.
2.7
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.
2.8
Pensions
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company 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 Company in independently administered funds.
2.9
Current and deferred taxation
The tax expense for the year 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 operates and generates 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; and
*
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Page 14
CP (Electric) Limited T/A Fusebox
Notes to the financial statements
For the year ended 31 December 2023
2.
Accounting policies (continued)
2.9
Current and deferred taxation (continued)
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.
2.10
Exceptional items
Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.
2.11
Tangible assets
Tangible 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, at 20% using the straightline method.
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.
2.12
Impairment of non-financial assets
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.
If an impairment loss subsequently reverses, the carry amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.
Page 15
CP (Electric) Limited T/A Fusebox
Notes to the financial statements
For the year ended 31 December 2023
2.
Accounting policies (continued)
2.13
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 using the average methodd 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.
2.14
Debtors
Shortterm debtors are measured at transaction price, including transactions costs, less any impairment. Loans receivable are measured initially at fair value, inclusive of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
2.15
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.
2.16
Creditors
Short-term creditors are measured at the transaction price, including transactions costs. Other financial liabilities, including bank loans, are measured initially at fair value, inclusive of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
2.17
Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
Increases in provisions are generally charged as an expense to profit or loss.
2.18
Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Page 16
CP (Electric) Limited T/A Fusebox
Notes to the financial statements
For the year ended 31 December 2023
2.
Accounting policies (continued)
2.18
Financial instruments (continued)
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a shortterm instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an outright shortterm loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
Investments in nonderivative instruments that are equity to the issuer are measured:
*
at fair value with changes recognised in the Statement of comprehensive income if the shares are publicly traded or their fair value can otherwise be measured reliably;
*
at cost less impairment for all other investments.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.
Financial assets and liabilities are offset and the net amount reported in the Statement of financial position when there is an 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.
2.19
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 17
CP (Electric) Limited T/A Fusebox
Notes to the financial statements
For the year ended 31 December 2023
3.
Judgments in applying accounting policies and key sources of estimation uncertainty
Critical judgements:
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Depreciation of fixed assets:
Fixed assets are depreciated over the useful life of the assets. The useful lives of fixed assets are based on the knowledge of senior management, with reference to the assets expected life cycle.
Bad debt provision:
The Company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of debtors. management consider factors including credit rating of the customer, previous payment patterns and ageing of the debt. Total provision for bad debts recognized during the year amounted to £20,000 (2022: Nil).
Stock provision:
Old or obsolete stock is written down using standard methodology based on the aging of stock movements. This methodology has been designed by senior management experienced with the stock items in question and the likely realisable value of these.
4.
Revenue
An analysis of revenue by class of business is as follows:
2023
2022
£
£
Sales of goods
50,485,811
35,545,270
Analysis of revenue by country of destination:
2023
2022
£
£
United Kingdom
50,485,811
35,545,270
5.
Profit on ordinary activities before taxation
The profit on ordinary activities before taxation is stated after:
2023
2022
£
£
Exchange differences
(182,890)
7,791
Other operating lease rentals
810
608
Auditor's remuneration: Fees payable to the company's auditor for the audit of the company's annual account
13,714
13,750
Page 18
CP (Electric) Limited T/A Fusebox
Notes to the financial statements
For the year ended 31 December 2023
6.
Employees
Staff costs, including directors' remuneration, were as follows:
2023
2022
£
£
Wages and salaries
738,735
393,315
Social security costs
32,479
37,814
Cost of defined contribution scheme
8,249
6,583
________
________
779,463
437,712
The average monthly number of employees, including the directors, during the year was as follows:
2023
2022
No.
No.
Administrative
17
15
7.
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
4,372
17,281
8.
Interest receivable and similar income
2023
2022
£
£
Other interest receivable
16,802
-
9.
Interest payable and similar expenses
2023
2022
£
£
Bank interest payable
3,863
Page 19
CP (Electric) Limited T/A Fusebox
Notes to the financial statements
For the year ended 31 December 2023
10.
Taxation
2023
2022
£
£
Corporation tax
Current tax on profits for the year
3,602,351
1,782,043
Deferred tax
Origination and reversal of timing differences
(596)
3,480
Tax on profit
3,601,755
1,785,523
Factors affecting tax charge for the year
The tax assessed for the year is lower than (2022 higher than) the income multiplied by the standard rate of corporation tax in the UK of 23.52% (2022 19%). The differences are explained below:
2023
2022
£
£
Profit on ordinary activities before tax
16,492,861
9,364,658
Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.52% (2022 19%)
3,879,121
1,779,285
Effects of:
Expenses not deductible for tax purposes
1,422
4,743
Depreciation in excess of capital allowances
4,395
(2,227)
-
Adjustments to tax charge in respect of prior periods
5,913
Deferred tax charge
(596)
3,480
Capitalised items expensed
241
-
Group relief claimed
(288,500)
Unexplained differences
1
Total tax charge for the year
3,601,755
1,785,523
The Finance Act 2021 provided that from 1st April 2023, the main rate of corporation tax would increase from 19% to 25% for groups with chargeable profits of over £250,000. Accordingly, the company's profit for this year has been taxed at a prorated percentage of 23.52%.
Factors that may affect future tax charges
There were no factors that may affect future tax charges.
________
________
________
________
Page 20
CP (Electric) Limited T/A Fusebox
Notes to the financial statements
For the year ended 31 December 2023
11.
Dividends
2023
2022
£
£
Paid during the year
5,000,000
-
12.
Exceptional items
2023
2022
£
£
Movement in unrealised foreign exchanges loss on forward contracts
49,132
-
13.
Tangible fixed assets
Plant and machinery
Fixtures and fittings
Other fixed assets
Total
£
£
£
£
Cost or valuation
At 1 January 2023
17,902
67,467
45,758
131,127
Additions
639
-
-
639
Disposals
-
(3,883)
-
(3,883)
________
________
________
________
At 31 December 2023
18,541
63,584
45,758
127,883
________
________
________
________
Depreciation
At 1 January 2023
2,622
20,433
37,228
60,283
Charge for the year on owned assets
3,580
10,631
6,613
20,824
________
________
________
________
At 31 December 2023
6,202
31,064
43,841
81,107
________
________
________
________
Net book value
At 31 December 2023
12,339
32,520
1,917
46,776
At 31 December 2022
15,280
47,034
8,530
70,844
14.
Stocks
2023
2022
£
£
Finished goods and goods for resale
5,873,791
3,003,539
Page 21
CP (Electric) Limited T/A Fusebox
Notes to the financial statements
For the year ended 31 December 2023
15.
Debtors
2023
2022
£
£
Due within one year
Trade debtors
12,145,843
10,740,098
Other debtors
1,200,000
Prepayments
1,875,689
2,902,027
14,021,532
14,842,125
Total provision for bad debts recognized during the year amounted to £20,000 (2022: Nil).
16.
Cash and cash equivalents
2023
2022
£
£
Cash at bank
11,390,349
873,063
17.
Creditors: Amounts falling due within one year
2023
2022
£
£
Trade creditors
404,372
428,263
Amounts owed to group undertakings
236,032
-
Corporation tax
1,821,051
515,800
Other taxation and social security
2,157,087
1,084,935
Other creditors
5,558
1,115
Accruals
4,513,933
2,455,553
9,138,033
4,485,666
Amounts owed to group undertakings are unsecured, interest free and are repayable on demand.
Trade, other creditors, and accruals are payable at various dates over the coming months in accordance with the suppliers' usual and customary credit terms.
Taxation and social security are payable at various dates over the coming months in accordance with the applicable statutory provisions.
________
________
________
________
Page 22
CP (Electric) Limited T/A Fusebox
Notes to the financial statements
For the year ended 31 December 2023
18.
Deferred taxation
2023
2022
£
£
(17,607)
(14,127)
Beginning balance
596
(3,480)
Charged to profit
________
________
Closing balance
(17,011)
(17,607)
The deferred tax asset is made up of:
2023
2022
£
£
Accelerated capital allowances
(17,011)
(17,607)
19.
Share capital
2023
2022
£
£
Allotted, called up and fully paid
100 (2022 100) Ordinary shares of £1.00 each
100
100
20.
Reserves
Share capital
Represents the nominal value of shares that have been issued.
Profit and loss account
Includes all current and prior period retained profits and losses.
Page 23
CP (Electric) Limited T/A Fusebox
Notes to the financial statements
For the year ended 31 December 2023
21.
Commitments under operating leases
At the reporting end date the Company had outstanding commitments for future minimum lease payments under noncancellable operating leases:
2023
2022
£
£
Not later than 1 year
81,500
81,500
Later than 1 year and not later than 5 years
326,000
326,000
Later than 5 years
220,729
302,229
628,229
709,729
22.
Related party transactions
During the year, the Company has transactions with its Parent Company, and with entity under common control, as well as key management personnel. The nature of these transactions includes management fees, loans, advances, and remuneration.
The aggregate compensation of key management personnel amounted to £4,372 in 2023 (2022 £17,281).
As of 31 December 2023, the Company has the following payables from related parties:
2023
2022
£
£
Lighting and Electrical Distribution Group Limited
109,950
-
CP (Electric) Management Services Limited
126,032
-
235,982
-
23.
Post balance sheet events
There have been no significant events affecting the Company since the financial year end.
24.
Controlling party
The Company is a wholly owned subsidiary of CP (Electric) Management Services LTD, a company incorporated in the UK.
The results are consolidated into the results of Seafield Investments Limited, the smallest and largest group company to prepare consolidated accounts. These accounts present information about the company as an individual undertaking. The consolidated accounts are available from the Companies Registration Office at Bloom House, Gloucester Place Lower, Dublin 1.
________
________
________
________
Page 24
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