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Registration number: 04999257

CLdN Automotive Limited

Annual Report and Financial Statements

for the Year Ended 31 December 2024

Brebners
Chartered Accountants & Statutory Auditor
130 Shaftesbury Avenue
London
W1D 5AR

 

CLdN Automotive Limited

Contents

Company Information

1

Strategic Report

2 to 4

Directors' Report

5

Statement of Directors' Responsibilities

6

Independent Auditor's Report

7 to 9

Statement of Income and Retained Earnings

10

Statement of Financial Position

11

Notes to the Financial Statements

12 to 19

 

CLdN Automotive Limited

Company Information

Directors

P J Van Malderen

J M E Rubens

F S Maes

B D Dove-Seymour

S M Hammond

G J Walker

Registered office

130 Shaftesbury Avenue
2nd Floor
London
W1D 5EU

Auditor

Brebners
Chartered Accountants & Statutory Auditor
130 Shaftesbury Avenue
W1D 5AR

 

CLdN Automotive Limited

Strategic Report for the Year Ended 31 December 2024

The directors present their strategic report for the year ended 31 December 2024.

Fair review of the business

The principal activity of the company is making enhancements and carrying out pre-delivery inspections (PDI) of motor vehicles imported by ship to the ferry terminals of its sister companies in Killingholme and Purfleet. The company operates PDI centres at both Purfleet and Killingholme offering customers a beneficial geographical spread. The company's focus remains on the handling of new passenger vehicles and the conversion of new vans.

Development and performance of the company's business during the financial year

The directors report a fall in turnover from £17,984,065 in 2023 to £17,379,885 in 2024 with profits before tax of £1,343,523 compared to £1,974,219 in 2023. Cost of sales has fallen from £11,181,383 in 2023 to £10,685,562 in 2024, reflecting lower turnover.

The company’s business depends on the import and export of new automotive units between the UK and EU. Demand remains suppressed compared to pre-COVID levels. The causes of this include structural changes to the UK and European car markets including expansion of particularly electrical vehicle imports from Asia, suppressed consumer demand as a result of cost of living pressures, and general economic conditions. The import of automotive units remains suppressed compared with pre-COVID levels.

The directors consider that the company’s operations will continue to be influenced by these factors, and in particular global economic and geopolitical impacts that contribute to economic uncertainty.

Operating costs (including labour and energy) are expected to remain higher than previous years. Additional costs for labour will result from increases in national insurance contributions by the company.
 

Financial Key Performance Indicators

The company's key financial and other performance indicators during the year were as follows:

Financial KPIs

Unit

2024

2023

Turnover

£

17,379,885

17,984,065

Operating profit

£

961,587

1,661,661

Gross profit margin

%

39

38

Profit before tax

£

1,343,523

1,974,219

There are numerous other non-financial performance indicators used by the directors but none are considered to be key.

 

CLdN Automotive Limited

Strategic Report for the Year Ended 31 December 2024

Future Developments and Prospects

The directors consider that the company’s operations will continue to be influenced by the impacts of global economic and geo-political factors, particularly relating to economic uncertainty. As the company operates in the sphere of EU-UK trade the impacts of potential trade barriers between the Europe and the US will be limited.

However, the UK-EU market may be impacted by the uncertainties that this issue creates, in addition the direct impact of Brexit on trade volumes alongside lower consumer confidence and depressed economic performance. The import/export of automotive units remains suppressed compared with pre-COVID levels.

Operating costs are expected to remain higher than previous years. Additional costs for labour will result from increases in national insurance contributions by the company.

Notwithstanding these challenges, the directors consider that the prospects for the company remain positive. The UK is reliant on short sea ports to service its freight transport needs with continental Europe, and the directors consider that the company remains well-placed to secure its position in this market as part of an integrated shipping and ports group that provides these essential services in the UK and EU; and that the CLdN Links group’s wider performance during 2023 and its established market position demonstrates that this is a reasonable assessment by the directors.

The company and its parent continue to enhance the facilities at Purfleet and the company is focused on delivering a long-term strategy that enables it to continue to offer efficient and cost-effective services to its customers.
 

Risk management

The board of directors assess that the key risks to the company are related to its operations, as follows:

Customers: The company’s revenue is generated by a limited number of customers in very competitive markets in the automotive sector. The company is therefore exposed to the potential loss of one or more of these clients for commercial reasons, or insolvency. The directors seek to mitigate these risks with long-term contracts and maintaining the competitiveness of the facilities and offering for customers.

Labour: higher than previous costs and restricted availability of labour are operational risks. The directors have taken steps to respond to the employment market, although labour availability continues to be constrained in the geographical area in which the company operates, particularly in certain skilled roles. The company’s costs for labour will also increase with the introduction of higher national insurance contributions for employees following the government’s announcement in 2024.

Energy: operational costs have increased again during 2024 as a result of inflation in fuel and electricity prices. The directors assess that a return to 2020/2021 fuel prices is not likely in the near term.

Health, safety and environment (HSE): the company’s operations carry inherent HSE risks, including the use of equipment and products and processes that could risk personnel. The company has a dedicated HSE team to manage these risks through risk assessment, policy, training and reporting. Insurance is maintained to cover these risks.

Economic conditions: the directors expect the outlook for 2025 to remain uncertain given continuing depressed economic activity in the UK and wider economic conditions, including as a result of geopolitical events. This will continue to have impacts in the automotive sector.

 

CLdN Automotive Limited

Strategic Report for the Year Ended 31 December 2024

Going concern

The company made a profit after tax for the year ended 31 December 2024 of £1,003,156 compared to £1,509,992 in 2023.

The company finances its operations on a group basis from a combined treasury function.

The company is a co-borrower and co-obligor under a €200 million revolving credit facility (reducing by €20 million annually from April 2027) together with a term loan of €20 million with other members of its group. As at the date these financial statements were approved by the directors, a combined amount of €211 million was drawn under this facility.

The directors consider that although continued challenges to global economies from inflation and higher interest rates, alongside geopolitical uncertainty can be expected to impact trading volumes and revenue, this should not result in issues for the company as a going concern.

Having made sufficient enquiries, and based upon the above, the directors have a reasonable expectation that the company has adequate resources to continue operating in the foreseeable future. Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements.
 

Approved by the Board on 11 June 2025 and signed on its behalf by:

.........................................
P J Van Malderen
Director

 

CLdN Automotive Limited

Directors' Report for the Year Ended 31 December 2024

The directors present their report and the financial statements for the year ended 31 December 2024.

Directors of the company

The directors who held office during the year were as follows:

P J Van Malderen

J M E Rubens

F S Maes

B D Dove-Seymour

S M Hammond

G J Walker

Dividends

No interim dividends were paid during the year (2023: £Nil) and no final dividend is proposed.

Directors' liabilities

As permitted by the Articles of Association, the Directors have the benefit of an indemnity which is a qualifying third party indemnity provision as defined by Section 234 of the Companies Act 2006. The indemnity was in force throughout the last financial year and is currently in force.

Disclosure of information in the Strategic Report

The company has chosen in accordance with s.414C(11) Companies Act 2006 to set out in the company's strategic report information required by Schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 to be contained in the directors' report. It has done so in respect of future developments and financial instruments.

Disclosure of information to the auditor

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Approved by the director on 11 June 2025 and signed by:



 

.........................................
P J Van Malderen
Director

 

CLdN Automotive Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; 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 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.

 

CLdN Automotive Limited

Independent Auditor's Report to the Members of CLdN Automotive Limited
for the Year Ended 31 December 2024

Opinion

We have audited the financial statements of CLdN Automotive Limited (the 'company') for the year ended 31 December 2024, which comprise the Statement of Income and Retained Earnings, Statement of Financial Position, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including 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 company's affairs as at 31 December 2024 and of its profit for the year then ended;

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

have been prepared in accordance with the requirements of the Companies Act 2006.

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 Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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 directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

 

CLdN Automotive Limited

Independent Auditor's Report to the Members of CLdN Automotive Limited
for the Year Ended 31 December 2024

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and 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 our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

the financial statements are not in agreement with the accounting records and returns; or

certain disclosures of directors' remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities (set out on page 6), the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

 

CLdN Automotive Limited

Independent Auditor's Report to the Members of CLdN Automotive Limited
for the Year Ended 31 December 2024

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:

Based on our understanding of the company and the industry in which it operates, we determined that the principal risks of non-compliance with laws and regulations related to the reporting framework (FRS 102 and the Companies Act 2006), UK corporate taxation laws, environmental legislation, health and safety legislation, anti-bribery legislation and data protection legislation. These risks were communicated to our audit team and we remained alert to any indications of non-compliance throughout our audit.

We understood how the company is complying with relevant legislation by making enquiries of management and conducting a review of board minutes. We also considered the results of our audit procedures and to what extent these corroborate this understanding and assessed the susceptibility of the company’s financial statements to material misstatement. This included consideration of how fraud might occur and evaluation of management’s incentives and opportunities for fraudulent manipulation of the financial statements.

We designed our audit procedures to identify any non-compliance with laws and regulations. Such procedures included, but were not limited to, inspection of any regulatory or legal correspondence; challenging assumptions and judgements made by management; identifying and testing journal entries with a focus on large or unusual transactions as determined based on our understanding of the business; and identifying and assessing the effectiveness of controls in place to prevent and detect fraud.

Owing to the inherent limitations of an audit, there remains a risk that a material misstatement may not have been detected, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance with laws and regulations and cannot be expected to detect all instances of non-compliance.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

The primary responsibility for the detection and prevention of fraud rests with those responsible for governance and management. The further removed non-compliance with laws and regulations is from the events reflected in the financial statements, the less likely the auditor will become aware of it.

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, collusion, omission, misrepresentation or forgery.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

......................................
Martin Widdowson (Senior Statutory Auditor)
For and on behalf of

Brebners, Statutory Auditor
130 Shaftesbury Avenue
W1D 5AR

11 June 2025

 

CLdN Automotive Limited

Statement of Income and Retained Earnings for the Year Ended 31 December 2024

Note

2024
£

2023
£

Turnover

3

17,379,885

17,984,065

Cost of sales

 

(10,685,562)

(11,181,383)

Gross profit

 

6,694,323

6,802,682

Administrative expenses

 

(5,732,736)

(5,143,681)

Other operating income

-

2,660

Operating profit

4

961,587

1,661,661

Other interest receivable and similar income

5

382,078

312,558

Interest payable and similar charges

6

(142)

-

 

381,936

312,558

Profit before tax

 

1,343,523

1,974,219

Taxation

9

(340,367)

(464,227)

Profit for the financial year

 

1,003,156

1,509,992

Retained earnings brought forward

 

9,658,234

8,148,242

Retained earnings carried forward

 

10,661,390

9,658,234

 

CLdN Automotive Limited

Statement of Financial Position as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

10

405,745

369,697

Current assets

 

Stocks

11

972,024

787,827

Debtors

12

11,948,836

11,772,460

Cash at bank and in hand

 

98,713

101,583

 

13,019,573

12,661,870

Creditors: Amounts falling due within one year

14

(2,488,294)

(3,115,232)

Net current assets

 

10,531,279

9,546,638

Total assets less current liabilities

 

10,937,024

9,916,335

Provisions for liabilities

15

(25,633)

(8,100)

Net assets

 

10,911,391

9,908,235

Capital and reserves

 

Called up share capital

250,001

250,001

Retained earnings

10,661,390

9,658,234

Shareholders' funds

 

10,911,391

9,908,235

Approved and authorised by the Board on 11 June 2025 and signed on its behalf by:

 

......................................................................

P J Van Malderen

Director

Company registration number: 04999257

 

CLdN Automotive Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
130 Shaftesbury Avenue
2nd Floor
London
W1D 5EU

The principle activity of the company is that of enhancement and pre-delivery inspection of motor vehicles.

The principal place of business is:
Long Reach House
London Road
Purfleet
Essex
RM19 1PD

2

Accounting policies

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Summary of disclosure exemptions

Advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102:

(a) No cash flow statement has been presented for the company
(b) Disclosures in respect of financial instruments have not been presented
(c) No disclosure has been given for the aggregate remuneration of key management personnel

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows:

The company exercises judgement to determine useful lives and residual values of tangible assets. The assets are depreciated to their estimated residual values over their estimated useful lives.

 

CLdN Automotive Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Going concern

The company made a profit for the year ended 31 December 2024 and had net assets at that date amounting to £10,911,391.

The company's cashflow forecasts show that the company has sufficient working capital for a period of at least 12 months from the date of approval of these financial statements.

Having made sufficient enquiries, and based upon the above, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements.

Revenue recognition

Turnover represents the fair value of the consideration received or receivable in respect of goods and services supplied in the normal course of activities, shown net of value added tax, returns and discounts.

Revenue is recognised on the completion of work carried out for customers when the company becomes contractually entitled to receive economic benefit.

Tax

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 or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

5-33% straight line

Motor vehicles

17-25% straight line

 

CLdN Automotive Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

Financial instruments

Financial Instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

3

Revenue

The analysis of the company's revenue for the year from continuing operations is as follows:

2024
 £

2023
 £

Sale of goods and services - UK

17,379,885

17,984,065

4

Operating profit

Arrived at after charging/(crediting)

2024
 £

2023
 £

Depreciation expense

118,497

101,937

Loss on disposal of property, plant and equipment

5,178

12,100

Bad debts

(45,240)

79,723

 

CLdN Automotive Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

5

Other interest receivable and similar income

2024
 £

2023
 £

Other interest income

382,078

312,558

6

Interest payable and similar expenses

2024
£

2023
£

Interest expense on other finance liabilities

142

-

7

Staff costs

The aggregate payroll costs were as follows:

2024
 £

2023
 £

Wages and salaries

3,192,895

2,854,273

Social security costs

275,878

254,381

Pension costs, defined contribution scheme

148,885

132,238

Other employee expense

16,043

13,269

3,633,701

3,254,161

The average number of persons employed by the company during the year, analysed by category was as follows:

2024
No.

2023
No.

Management and administration

26

27

Production and operations

63

50

89

77

8

Auditor's remuneration

2024
 £

2023
 £

Audit of the financial statements

12,750

12,250

 

CLdN Automotive Limited

Notes to the Financial Statements for the Year Ended 31 December 2024


 

Non audit fees payable to the company's auditor
 

2024
 £

2023
 £

Tax compliance services

2,133

2,727

9

Taxation

Tax charged/(credited) in the income statement

2024
£

2023
£

Current taxation

UK corporation tax

323,948

427,187

UK corporation tax adjustment to prior periods

(1,114)

-

322,834

427,187

Deferred taxation

Arising from origination and reversal of timing differences

17,533

37,040

Tax expense in the income statement

340,367

464,227

The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2023 - lower than the standard rate of corporation tax in the UK) of 25% (2023 - 23.52%).

The differences are reconciled below:

2024
£

2023
£

Profit before tax

1,343,523

1,974,219

Corporation tax at standard rate

335,881

464,336

Effect of expense not deductible in determining taxable profit (tax loss)

577

19

Tax decrease from effect of capital allowances and depreciation

(13,875)

(40,014)

Tax increase from other short-term timing differences

17,533

37,040

Tax increase (decrease) from effect of revenues exempt from taxation

1,365

2,857

Increase (decrease) in current tax from adjustment for prior periods

(1,114)

(11)

Total tax charge

340,367

464,227

 

CLdN Automotive Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Deferred tax

Deferred tax assets and liabilities

2024

Liability
£

Accelerated capital allowances

28,751

Other timing differences

(3,118)

25,633

2023

Liability
£

Accelerated capital allowances

8,100

8,100

Pillar Two legislation

The company is within the scope of PILLAR Two legislation. The PILLAR Two legislation has been enacted in the UK. Since the profit before tax for the company is liable to corporation tax at the prevailing rate of 25%, the directors do not expect that the legislation will have any material impact on the company.

10

Tangible assets

Motor vehicles
 £

Plant and equipment
£

Total
£

Cost or valuation

At 1 January 2024

177,562

733,732

911,294

Additions

21,610

138,818

160,428

Disposals

-

(21,009)

(21,009)

At 31 December 2024

199,172

851,541

1,050,713

Depreciation

At 1 January 2024

100,062

441,535

541,597

Charge for the year

24,328

94,169

118,497

Eliminated on disposal

-

(15,126)

(15,126)

At 31 December 2024

124,390

520,578

644,968

Carrying amount

At 31 December 2024

74,782

330,963

405,745

At 31 December 2023

77,500

292,197

369,697

 

CLdN Automotive Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

11

Stocks

2024
 £

2023
 £

Stock

972,024

787,827

12

Debtors

Current

2024
£

2023
£

Trade debtors

1,449,863

3,592,172

Amounts owed by group undertakings

8,689,233

6,680,553

Prepayments

129,749

122,996

Accrued income

1,679,132

1,376,739

Corporation tax asset

859

-

 

11,948,836

11,772,460

Trade debtors are stated net of provisions for diminution in value of £68,912 (2023: £120,741).

13

Cash and cash equivalents

2024
 £

2023
 £

Cash at bank and on hand

98,713

101,583

14

Creditors

2024
 £

2023
 £

Due within one year

Trade creditors

723,881

767,535

Amounts due to group undertakings

426,084

427,198

Social security and other taxes

263,047

690,040

Other payables

21,728

17,106

Accrued expenses

1,053,554

1,213,353

2,488,294

3,115,232

15

Provisions for liabilities

Deferred tax
£

Total
£

At 1 January 2024

8,100

8,100

Increase (decrease) in existing provisions

17,533

17,533

At 31 December 2024

25,633

25,633

 

CLdN Automotive Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

16

Pension and other schemes

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £148,885 (2023 - £132,238).

17

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

250,001

250,001

250,001

250,001

       

There are no restrictions on the repayment of capital or the distribution of dividends.

18

Commitments

Capital commitments

The total amount contracted for but not provided in the financial statements was £Nil (2023 - £54,972).

19

Contingencies

The company has given an unlimited guarantee in respect a Groupwide revolving credit facility of €200,000,000 together with a term loan of €20,000,000. At 31 December 2024 a combined amount of €210,720,000 (2023: €200,000,000) was outstanding, however no liability is expected to arise. This guarantee is secured by fixed and floating charges over the assets and undertakings of the company.

20

Related party transactions

In accordance with FRS 102 paragraph 33.1A, exemption is taken not to disclose transactions in the year or amounts falling due between undertakings where 100% of the voting rights are controlled within the group.

21

Parent and ultimate parent undertaking

The company's immediate parent undertaking is Purfleet Real Estate Limited.

The ultimate parent undertaking is CLdN Links SA, incorporated in Luxembourg.

The parent of the smallest and largest group preparing group accounts incorporating the results of the company is CLdN Links SA, whose financial statements are available online from the Luxembourg Business Registers. The registered address of CLdN Links SA is 3-7 rue Schiller, L-2519, Luxembourg.