Company registration number 06371971 (England and Wales)
CCL (GB) LTD.
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
CCL (GB) LTD.
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 11
CCL (GB) LTD.
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
4
198,938
279,171
Current assets
Stocks
581,197
251,602
Debtors
5
937,415
1,526,674
Cash at bank and in hand
595,906
818,543
2,114,518
2,596,819
Creditors: amounts falling due within one year
6
(610,787)
(1,090,307)
Net current assets
1,503,731
1,506,512
Total assets less current liabilities
1,702,669
1,785,683
Creditors: amounts falling due after more than one year
7
(121,200)
(188,197)
Provisions for liabilities
(49,400)
(76,125)
Net assets
1,532,069
1,521,361
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss reserves
1,531,069
1,520,361
Total equity
1,532,069
1,521,361
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on
and are signed on its behalf by:
Mr M Emson
Director
Company Registration No. 06371971
CCL (GB) LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
1
Accounting policies
Company information
CCL (GB) Ltd. is a private company limited by shares incorporated in England and Wales. The registered office is Unit 8 Millennium Drive, Holbeck, Leeds, LS11 5BP.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.
The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies are set out below.
The immediate parent company is CCL Stressing International Limited, with the registered office of Unit 8 Millennium Drive, Holbeck, Leeds, LS11 5BP.
The financial statements of the company are consolidated in the financial statements of CCL Holding (BVI) Limited. These consolidated financial statements are available from its registered office, Kingston Chambers, PO BOX 173, Road Town, Tortola, Virgin Islands.
1.2
Going concern
The directors have considered all factors, including in the wider economy as part of their assessment of going concern. Sensitised budgets and cashflows have been prepared using assumptions for customer demand and supply chain costs as well as expectations for legal and regulatory environmental impacts. These budgets and cashflows indicate continuing profitability and cash generation, consequently the directors believe on balance that they have sufficient resources to enable trading to continue for a period of at least one year from the date of approval of the financial statements. Accordingly, these financial statements have been prepared on a going concern basis. true
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for construction and engineering services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of construction contracts is covered separately below.
CCL (GB) LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 3 -
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
3-5 years straight line
Motor vehicles
3-5 years straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying 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, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.6
Construction contracts
Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.
When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.
Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.
The “percentage of completion method” is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured according to surveyor certifications. Costs incurred in the year in connection with future activity on a contract are excluded from contract costs in determining the stage of completion. These costs are presented as inventories, prepayments or other assets depending on their nature, and provided it is probable they will be recovered.
CCL (GB) LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
CCL (GB) LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and loans from fellow group companies that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
CCL (GB) LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 6 -
1.11
Provisions
Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
1.12
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of inventories or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.14
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
1.15
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
CCL (GB) LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Contract accounting
The most critical accounting policies and significant areas of judgment and estimation arises from the accounting for contracts. Contract accounting requires estimates to be made for contract costs and income. In many cases, these contractual obligations span more than one financial period. Also the costs and income may be affected by a number of uncertainties that depend on the outcome of the future events, and may need to be revised as events unfold and uncertainties are resolved.
Management bases its judgement of costs and income and its assessment of the expected outcome of each contractual obligation on the latest available information which includes detailed contract valuations and forecasts of the cost to complete. The estimate of the contract position and the profit or loss earned to date are updated regularly and significant changes are highlighted through established internal review procedures. The impact of any change in the accounting estimates is then reflected in the accounts.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
29
40
CCL (GB) LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
4
Tangible fixed assets
Plant and equipment
Motor vehicles
Total
£
£
£
Cost
At 1 January 2024
449,258
257,725
706,983
Disposals
(19,825)
(19,825)
At 31 December 2024
449,258
237,900
687,158
Depreciation and impairment
At 1 January 2024
402,700
25,112
427,812
Depreciation charged in the year
14,811
47,580
62,391
Eliminated in respect of disposals
(1,983)
(1,983)
At 31 December 2024
417,511
70,709
488,220
Carrying amount
At 31 December 2024
31,747
167,191
198,938
At 31 December 2023
46,558
232,613
279,171
The net carrying value of tangible fixed assets includes £167,191 (2023: £232,613) in respect of assets held under finance leases or hire purchase contract. Depreciation charge for the year in respect of these leased assets totalled £47,580 (2023: £25,112).
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
272,039
201,428
Amounts owed by group undertakings
112,844
562,706
Other debtors
551,872
761,848
936,755
1,525,982
2024
2023
Amounts falling due after more than one year:
£
£
Other debtors
660
692
Total debtors
937,415
1,526,674
Amounts owed by group undertakings are non-interest-bearing and repayable on demand.
Other debtors have increased by £420,480 in 2023 following a prior period adjustment. See note 13 for more information.
CCL (GB) LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Obligations under finance leases
52,520
52,520
Trade creditors
35,500
250,807
Amounts owed to group undertakings
55,414
466,239
Corporation tax
47,987
Other taxation and social security
78,469
148,621
Other creditors
23,087
26,231
Accruals and deferred income
365,797
97,902
610,787
1,090,307
Obligations under finance leases are secured against the assets to which they relate.
Amounts owed to group undertakings are non-interest-bearing and repayable on demand.
7
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Obligations under finance leases
121,200
188,197
Obligations under finance leases are secured against the assets to which they relate.
8
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
33,828
11,035
9
Financial commitments, guarantees and contingent liabilities
The company is party to a multilateral guarantee given to its bankers as disclosed in note 10. The total contingent liability of the company relating to bank indebtedness at the year end date amounted to £Nil (2023 - £Nil). As no default had occurred on any of the debt, no liability arises.
10
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
CCL (GB) LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
10
Related party transactions
(Continued)
- 10 -
Sales
Sales
Purchases
Purchases
2024
2023
2024
2023
£
£
£
£
Entities with control, joint control or significant influence over the company
1,112,000
Other related parties
10,398
723,023
1,497,623
Management charges
2024
2023
£
£
Entities with control, joint control or significant influence over the company
256,837
343,621
Other information
The company is party to a unlimited multilateral guarantee given to group bankers. This is between the company, CCL Stressing International Limited, CCL Holding (BVI) Limited and DH Holding SAL. The total indebtedness under the guarantee is disclosed in note 10.
Details of outstanding balances with related group companies as at the year end are given in note 5 and note 6.
11
Parent company
The immediate parent company is CCL Stressing International Limited, with the registered office of Unit 8 Millennium Drive, Holbeck, Leeds, LS11 5BP.
The ultimate parent company is CCL Holding (BVI) Limited, a company incorporated in the British Virgin Islands. The consolidated accounts of the group into which the company is consolidated can be obtained from its registered office of Kingston Chambers, PO BOX 173, Road Town, Tortola, Virgin Islands.
12
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
The audit report was signed on 6 June 2025.
The senior statutory auditor was Daisy Marsden.
The auditor was Azets Audit Services Limited.
13
Prior period adjustment
CCL (GB) LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
13
Prior period adjustment
(Continued)
- 11 -
Reconciliation of changes in equity
1 January
31 December
2023
2023
£
£
Adjustments to prior year
Contract timing correction
(40,937)
95,178
Equity as previously reported
997,048
1,426,183
Equity as adjusted
956,111
1,521,361
Analysis of the effect upon equity
Profit and loss reserves
(40,937)
95,178
Reconciliation of changes in profit for the previous financial period
2023
£
Adjustments to prior year
Contract timing correction
95,178
Profit as previously reported
469,722
Profit as adjusted
564,900
Notes to reconciliation
Several projects that started in 2023 were omitted from prior year financial statements. The prior year figures have therefore been restated to accurately record the timing of the contracts.
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