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COMPANY REGISTRATION NUMBER: 08729972
CONICA HOLDINGS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 December 2024
CONICA HOLDINGS LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2024
Contents
Page
Officers and professional advisers
1
Strategic report
2
Directors' report
4
Independent auditor's report to the members
6
Consolidated statement of income and retained earnings
10
Company statement of income and retained earnings
11
Consolidated statement of financial position
12
Company statement of financial position
13
Consolidated statement of cash flows
14
Notes to the financial statements
15
CONICA HOLDINGS LIMITED
OFFICERS AND PROFESSIONAL ADVISERS
The board of directors
C Shah
J Wright
Registered office
Conica
Jessop Way
Newark
Notts
NG24 2ER
Auditor
Streets Audit LLP
Chartered accountants & statutory auditor
Windsor House
A1 Business Park at
Long Bennington
Notts
NG23 5JR
Bankers
Santander
21 Prescot Street
E1 8AD
CONICA HOLDINGS LIMITED
STRATEGIC REPORT
YEAR ENDED 31 DECEMBER 2024
Principal activities The principal activity of the group is the manufacture and distribution of rubber granulate and other products used in the playground safety surfacing, synthetic sports surfacing and other resin flooring markets . Business review These financial statements represent the group's full year of trading. The group traded normally for the entire year, turnover in the year reduced from £21,139,591 in 2023 to £20,470,056 in 2024. Raw material prices have largely stabilised and there were some small, but significant, reductions during the year. However, raw material prices are still far higher than the pre-COVID equivalents and it is now increasingly likely that current raw material prices reflect a new post COVID normality. After allowing for amortisation of goodwill on the acquisition of subsidiaries of £nil (2023 £240,000) the group has reported profit before taxation of £483,660 (2023: loss of £7,928). The balance sheet shows that the group's financial position remains strong with net assets of £5,316,646 (2023: £4,932,410). There are no significant events since the balance sheet date for inclusion in this report. The group's ultimate parent is Serafin GmbH, a company incorporated in Germany. The group's ultimate parent is Conica AG, a company incorporated in Switzerland. Principal risks and uncertainties Competitive pressures within the market and the availability of end of life tyres are the main risks facing the group. The group manages the competitive pressure risk by focusing on product differentiation, quality, efficiency, market knowledge and customer service to give it a competitive advantage. The group manages end of life tyre shortages by controlling costs in line with any reduction in output and proactively targeting key industry players to secure an increased share of what is available. Any shortfall in production is covered by outsourcing to ensure that sales revenue can be maximised. The group is also exposed to foreign exchange risk. Exchange rates improved during 2024 and the group uses natural hedges within the business to reduce risk. The group also makes purchases and sales in foreign currency. Financial key performance indicators The group's directors believe that the disclosures made in relation to key performance indicators for the group as noted above are sufficient.
This report was approved by the board of directors on 27 February 2025 and signed on behalf of the board by:
J Wright
Director
Registered office:
Conica
Jessop Way
Newark
Notts
NG24 2ER
CONICA HOLDINGS LIMITED
DIRECTORS' REPORT
YEAR ENDED 31 DECEMBER 2024
The directors present their report and the financial statements of the group for the year ended 31 December 2024 .
Directors
The directors who served the company during the year were as follows:
C Shah
J Wright
Dividends
The directors do not recommend the payment of a dividend.
Directors' responsibilities statement
The directors are responsible for preparing the strategic report, directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and the company and the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the group and the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the group and the company's auditor is aware of that information.
This report was approved by the board of directors on 27 February 2025 and signed on behalf of the board by:
J Wright
Director
Registered office:
Conica
Jessop Way
Newark
Notts
NG24 2ER
CONICA HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CONICA HOLDINGS LIMITED
YEAR ENDED 31 DECEMBER 2024
Opinion
We have audited the financial statements of Conica Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the consolidated statement of income and retained earnings, company statement of income and retained earnings, consolidated statement of financial position, company statement of financial position, consolidated statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion 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 2024 and of the group's profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for 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 group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's or the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. 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 strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or - the parent company financial statements are not in agreement with the accounting records and returns; or - certain disclosures of directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was that we identified the material laws and regulations applicable to the group through discussions with management, and from our commercial knowledge and experience of the group. These were the Companies Act 2006, taxation legislation, laws specific to licensed waste management and waste operators, data protection, anti-bribery, employment, environmental and health and safety legislation. We then assessed the extent of compliance with these laws and regulations through making enquiries of management. We then assessed the susceptibility of the group's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. To address the risk of fraud through management bias and override of controls we tested journal entries to identify unusual transactions, we assessed whether judgements and assumptions made in determining the accounting estimates set out in Note 3 were indicative of potential bias; and we investigated the rationale behind significant or unusual transactions. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to agreeing financial statement disclosures to underlying supporting documentation, reading the minutes of meetings of those charged with governance, reviewing correspondence with HMRC. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or 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 auditor’s 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 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.
Mark Bradshaw
(Senior Statutory Auditor)
For and on behalf of
Streets Audit LLP
Chartered accountants & statutory auditor
Windsor House
A1 Business Park at
Long Bennington
Notts
NG23 5JR
28 February 2025
CONICA HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF INCOME AND RETAINED EARNINGS
YEAR ENDED 31 DECEMBER 2024
2024
2023
Note
£
£
Turnover
4
20,474,056
21,139,591
Other operating income
5
2,798
-------------
-------------
20,476,854
21,139,591
Raw material and consumables
( 13,107,257)
( 14,583,172)
Other external charges
( 1,983,547)
( 1,608,510)
Staff costs
8
( 2,973,829)
( 2,807,096)
Depreciation and other amounts written off tangible and intangible fixed assets
( 372,265)
( 486,410)
Other operating expenses
( 1,551,795)
( 1,633,524)
-------------
-------------
Operating profit
6
488,161
20,879
Income from shares in group undertakings
10
28,323
Other interest receivable and similar income
11
6,495
Interest payable and similar expenses
12
( 10,996)
( 57,130)
-------------
-------------
Profit/(loss) before taxation
483,660
( 7,928)
Tax on profit/(loss)
13
( 99,324)
( 78,494)
---------
--------
Profit/(loss) for the financial year and total comprehensive income
384,336
( 86,422)
---------
--------
Retained earnings at the start of the year
2,932,310
3,018,732
------------
------------
Retained earnings at the end of the year
3,316,646
2,932,310
------------
------------
All the activities of the group are from continuing operations.
CONICA HOLDINGS LIMITED
COMPANY STATEMENT OF INCOME AND RETAINED EARNINGS
YEAR ENDED 31 DECEMBER 2024
2024
2023
Note
£
£
Retained earnings at the start of the year
3,613,491
3,613,491
------------
------------
Retained earnings at the end of the year
3,613,491
3,613,491
------------
------------
CONICA HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
31 December 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
15
2,041,403
2,215,932
Investments
16
618,075
618,075
------------
------------
2,659,478
2,834,007
Current assets
Stocks
17
2,830,266
2,991,452
Debtors
18
3,942,035
3,315,539
Cash at bank and in hand
198,877
292,627
------------
------------
6,971,178
6,599,618
Creditors: amounts falling due within one year
19
( 3,977,032)
( 4,085,179)
------------
------------
Net current assets
2,994,146
2,514,439
------------
------------
Total assets less current liabilities
5,653,624
5,348,446
Creditors: amounts falling due after more than one year
20
( 6,415)
( 134,442)
Provisions
Taxation including deferred tax
22
( 330,563)
( 281,694)
------------
------------
Net assets
5,316,646
4,932,310
------------
------------
Capital and reserves
Called up share capital
25
2,000,000
2,000,000
Profit and loss account
26
3,316,646
2,932,310
------------
------------
Shareholders funds
5,316,646
4,932,310
------------
------------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.
These financial statements were approved by the board of directors and authorised for issue on 27 February 2025 , and are signed on behalf of the board by:
J Wright
Director
Company registration number: 08729972
CONICA HOLDINGS LIMITED
COMPANY STATEMENT OF FINANCIAL POSITION
31 December 2024
2024
2023
Note
£
£
Fixed assets
Investments
16
6,615,654
6,615,654
Creditors: amounts falling due within one year
19
( 1,002,163)
( 1,002,163)
------------
------------
Net current liabilities
( 1,002,163)
( 1,002,163)
------------
------------
Total assets less current liabilities
5,613,491
5,613,491
------------
------------
Capital and reserves
Called up share capital
25
2,000,000
2,000,000
Profit and loss account
26
3,613,491
3,613,491
------------
------------
Shareholders funds
5,613,491
5,613,491
------------
------------
The profit for the financial year of the parent company was £Nil (2023: £Nil).
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.
These financial statements were approved by the board of directors and authorised for issue on 27 February 2025 , and are signed on behalf of the board by:
J Wright
Director
Company registration number: 08729972
CONICA HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
YEAR ENDED 31 DECEMBER 2024
2024
2023
£
£
Cash flows from operating activities
Profit/(loss) for the financial year
384,336
( 86,422)
Adjustments for:
Depreciation of tangible assets
375,182
257,397
Amortisation of intangible assets
240,000
Income from shares in group undertakings
( 28,323)
Other interest receivable and similar income
( 6,495)
Interest payable and similar expenses
10,996
57,130
Gains on disposal of tangible assets
( 2,917)
( 10,987)
Tax on profit
99,324
78,494
Accrued expenses/(income)
196,086
( 205,913)
Changes in:
Stocks
161,186
( 409,715)
Trade and other debtors
( 626,496)
1,045,184
Trade and other creditors
( 174,547)
( 346,967)
---------
------------
Cash generated from operations
416,655
589,878
Interest paid
( 10,996)
( 57,130)
Interest received
6,495
Tax paid
( 50,455)
( 143,076)
---------
---------
Net cash from operating activities
361,699
389,672
---------
---------
Cash flows from investing activities
Purchase of tangible assets
( 342,004)
( 1,132,426)
Proceeds from sale of tangible assets
2,917
15,042
Dividends received
28,323
---------
------------
Net cash used in investing activities
( 339,087)
( 1,089,061)
---------
------------
Cash flows from financing activities
Payments of finance lease liabilities
( 116,362)
( 23,882)
---------
------------
Net cash used in financing activities
( 116,362)
( 23,882)
---------
------------
Net decrease in cash and cash equivalents
( 93,750)
( 723,271)
Cash and cash equivalents at beginning of year
292,627
1,015,898
---------
------------
Cash and cash equivalents at end of year
198,877
292,627
---------
------------
CONICA HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Conica, Jessop Way, Newark, Notts, NG24 2ER.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis and are prepared in sterling, which is the functional currency of the entity.
Disclosure exemptions
No disclosure exemptions have been taken.
Consolidation
The financial statements consolidate the financial statements of Conica Holdings Limited and all of its subsidiary undertakings.
The results of subsidiaries acquired or disposed of during the year are included from or to the date that control passes.
The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account.
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 actual outcome may diverge from these estimates if other assumptions are made, or other conditions arise. - Significant judgements There are no significant judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies. - Key sources of estimation uncertainty (i) Impairment of debtors Management make an estimate of the recoverable amount of trade and other debtors. When assessing possible impairment of trade and other debtors they consider factors including the credit rating, the ageing profile and historical experiences. Provisions at the year ended totalled £309,065 (2023: £286,781).
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all material timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 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 the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10 years straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
1 to 10 years straight line
Fixtures and fittings
-
3 to 10 years straight line
Motor vehicles
-
4 to 6 years straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
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. Cost includes all direct costs and an appropriate proportion of fixed and variable 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 the profit and loss account.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
The group only holds basic financial instruments as defined in FRS 102. The financial assets and financial liabilities of the company and their measurement basis are as follows: Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments. Cash at bank is classified as a basic financial instrument and is measured at amortised cost. Financial liabilities - trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost. Taxation and social security are not included in the financial instruments disclosure definition.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Turnover
Turnover arises from:
2024
2023
£
£
Sale of goods
20,474,056
21,139,591
-------------
-------------
The turnover is attributable to the one principal activity of the group. An analysis of turnover by the geographical markets that substantially differ from each other is given below:
2024
2023
£
£
United Kingdom
15,095,373
15,872,258
Overseas
5,378,683
5,267,333
-------------
-------------
20,474,056
21,139,591
-------------
-------------
5. Other operating income
2024
2023
£
£
Other operating income
2,798
-------
----
6. Operating profit
Operating profit or loss is stated after charging/crediting:
2024
2023
£
£
Gains on disposal of tangible assets
( 2,917)
( 10,987)
Impairment of trade debtors
92,048
177,414
Foreign exchange differences
( 102,764)
101,896
---------
---------
7. Auditor's remuneration
2024
2023
£
£
Fees payable for the audit of the financial statements
20,750
19,560
--------
--------
8. Staff costs
The average number of persons employed by the group during the year, including the directors, amounted to:
2024
2023
No.
No.
Production staff
40
38
Administrative staff
29
27
Management staff
1
1
----
----
70
66
----
----
The aggregate payroll costs incurred during the year, relating to the above, were:
2024
2023
£
£
Wages and salaries
2,626,220
2,487,771
Social security costs
253,137
241,313
Other pension costs
94,472
78,012
------------
------------
2,973,829
2,807,096
------------
------------
9. Directors' remuneration
The directors' aggregate remuneration in respect of qualifying services was:
2024
2023
£
£
Remuneration
139,050
180,563
Company contributions to defined contribution pension plans
14,125
13,500
---------
---------
153,175
194,063
---------
---------
The number of directors who accrued benefits under company pension plans was as follows:
2024
2023
No.
No.
Defined contribution plans
1
1
----
----
10. Income from shares in group undertakings
2024
2023
£
£
Income from group undertakings
28,323
----
--------
11. Other interest receivable and similar income
2024
2023
£
£
Other interest receivable and similar income
6,495
-------
----
12. Interest payable and similar expenses
2024
2023
£
£
Interest on banks loans and overdrafts
52,734
Interest on obligations under finance leases and hire purchase contracts
10,903
4,396
Other interest payable and similar charges
93
--------
--------
10,996
57,130
--------
--------
13. Tax on profit
Major components of tax expense
2024
2023
£
£
Current tax:
UK current tax income
50,455
Adjustments in respect of prior periods
3,600
--------
-------
Total current tax
50,455
3,600
--------
-------
Deferred tax:
Origination and reversal of timing differences
48,869
74,894
--------
--------
Tax on profit
99,324
78,494
--------
--------
Reconciliation of tax expense
The tax assessed on the profit/(loss) on ordinary activities for the year is lower than (2023: higher than) the standard rate of corporation tax in the UK of 25 % (2023: 23.50 %).
2024
2023
£
£
Profit/(loss) on ordinary activities before taxation
483,660
( 7,928)
---------
-------
Profit/(loss) on ordinary activities by rate of tax
120,915
( 1,863)
Adjustment to tax charge in respect of prior periods
3,600
Effect of expenses not deductible for tax purposes
506
56,946
Effect of capital allowances and depreciation
( 22,097)
15,652
Effect of different tax rates on deferred tax
4,159
---------
--------
Tax on profit
99,324
78,494
---------
--------
14. Intangible assets
Group
Goodwill
£
Cost
At 1 January 2024 and 31 December 2024
3,480,205
------------
Amortisation
At 1 January 2024 and 31 December 2024
3,480,205
------------
Carrying amount
At 1 January 2024 and 31 December 2024
------------
At 31 December 2023
------------
The company has no intangible assets.
15. Tangible assets
Group
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2024
4,810,500
238,061
51,559
5,100,120
Additions
333,818
8,186
342,004
Disposals
( 169,642)
( 169,642)
------------
---------
--------
------------
At 31 December 2024
4,974,676
246,247
51,559
5,272,482
------------
---------
--------
------------
Depreciation
At 1 January 2024
2,707,696
146,335
30,157
2,884,188
Charge for the year
348,033
24,856
2,293
375,182
Disposals
( 28,291)
( 28,291)
------------
---------
--------
------------
At 31 December 2024
3,027,438
171,191
32,450
3,231,079
------------
---------
--------
------------
Carrying amount
At 31 December 2024
1,947,238
75,056
19,109
2,041,403
------------
---------
--------
------------
At 31 December 2023
2,102,804
91,726
21,402
2,215,932
------------
---------
--------
------------
The company has no tangible assets.
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Group
Plant and machinery
Motor vehicles
Total
£
£
£
At 31 December 2024
63,541
63,541
--------
----
--------
At 31 December 2023
212,518
21,402
233,920
---------
--------
---------
16. Investments
Group
Other investments other than loans
£
Cost
At 1 January 2024 and 31 December 2024
618,075
---------
Impairment
At 1 January 2024 and 31 December 2024
---------
Carrying amount
At 1 January 2024 and 31 December 2024
618,075
---------
At 31 December 2023
618,075
---------
Company
Shares in group undertakings
£
Cost
At 1 January 2024 and 31 December 2024
6,615,654
------------
Impairment
At 1 January 2024 and 31 December 2024
------------
Carrying amount
At 1 January 2024 and 31 December 2024
6,615,654
------------
At 31 December 2023
6,615,654
------------
Subsidiaries, associates and other investments
Details of the investments in which the group and the parent company have an interest of 20% or more are as follows:
Class of share
Percentage of shares held
Subsidiary undertakings
Conica Limited
Ordinary
100
Playtop Licensing Limited (dormant)
Ordinary
100
Other significant holdings
Abacus Lawrence Group Limited
Ordinary
20
Conica Limited and Playtop Licensing Limited have been consolidated in the group accounts and share the same registered office as Conica Holdings Limited. Playtop Licensing Limited has claimed the exemption from audit under Section 480 of the Companies Act 2006 relating to dormant companies. Although the Group has a 20% interest in Abacus Lawrence Group Limited, it is not considered an associate as there is no significant influence.
17. Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Finished goods and goods for resale
2,830,266
2,991,452
------------
------------
----
----
18. Debtors
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade debtors
3,679,770
3,114,898
Prepayments and accrued income
258,276
196,197
Corporation tax repayable
3,989
4,444
------------
------------
----
----
3,942,035
3,315,539
------------
------------
----
----
19. Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade creditors
2,028,023
2,077,085
Amounts owed to group undertakings
1,288,480
1,387,780
1,000,191
1,000,191
Accruals and deferred income
361,382
165,296
Corporation tax
1,972
1,972
Social security and other taxes
264,059
386,785
Obligations under finance leases and hire purchase contracts
24,331
54,717
Other creditors
10,757
13,516
------------
------------
------------
------------
3,977,032
4,085,179
1,002,163
1,002,163
------------
------------
------------
------------
Obligations under finance leases and hire purchase contracts are secured on the assets to which they relate.
20. Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Obligations under finance leases and hire purchase contracts
6,415
134,442
-------
---------
----
----
Obligations under finance leases and hire purchase contracts are secured on the assets to which they relate.
21. Finance leases and hire purchase contracts
The total future minimum lease payments under finance leases and hire purchase contracts are as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Not later than 1 year
24,331
54,717
Later than 1 year and not later than 5 years
6,415
134,442
--------
---------
----
----
30,746
189,159
--------
---------
----
----
22. Provisions
Group
Deferred tax (note 23)
£
At 1 January 2024
281,694
Additions
48,869
---------
At 31 December 2024
330,563
---------
The company does not have any provisions.
23. Deferred tax
The deferred tax included in the statement of financial position is as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Included in provisions (note 22)
330,563
281,694
---------
---------
----
----
The deferred tax account consists of the tax effect of timing differences in respect of:
Group
Company
2024
2023
2024
2023
£
£
£
£
Accelerated capital allowances
330,563
327,788
Unused tax losses
( 46,094)
---------
---------
----
----
330,563
281,694
---------
---------
----
----
24. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 94,472 (2023: £ 78,012 ).
25. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary 'A' shares of £ 1 each
1,801,129
1,801,129
1,801,129
1,801,129
Ordinary 'B' shares of £ 1 each
198,871
198,871
198,871
198,871
------------
------------
------------
------------
2,000,000
2,000,000
2,000,000
2,000,000
------------
------------
------------
------------
All shares have equal voting and dividend rights. In the event of a sale, Ordinary 'B' shares have a preferential right to receive 10% of the excess sale price.
26. Reserves
Profit and loss account - This reserve records retained earnings and accumulated losses.
27. Analysis of changes in net debt
At 1 Jan 2024
Cash flows
At 31 Dec 2024
£
£
£
Cash at bank and in hand
292,627
(93,750)
198,877
Debt due within one year
(1,442,497)
129,686
(1,312,811)
Debt due after one year
(134,442)
128,027
(6,415)
------------
---------
------------
( 1,284,312)
163,963
( 1,120,349)
------------
---------
------------
28. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Not later than 1 year
574,135
410,161
Later than 1 year and not later than 5 years
1,591,023
1,458,636
------------
------------
----
----
2,165,158
1,868,797
------------
------------
----
----
CONICA HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 31 DECEMBER 2024
29. Related party transactions
Company
Remuneration paid to key management personnel and directors during the year was £153,175 (2023: £194,063). There are no other related party transactions which require disclosure under FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
30. Controlling party
The ultimate parent undertaking is Serafin GmbH , a company incorporated in Germany. Serafin GmbH is under the control of P Haindl who is considered to be the ultimate controlling party. This is the largest group of which the company is a member and for which group financial statements are prepared. Copies of the consolidated financial statements can be obtained from Löwengrube 18, 80333 Munich, Germany . The immediate parent company, and parent company for which group financial statements are prepared is Conica AG , a company incorporated in Switzerland. Copies of the above group financial statements are available from Industriestrasse 26, 8207 Schaffhausen, Switzerland.