Company registration number 13844072 (England and Wales)
CAMBRIAN UK HOLDINGS LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
CAMBRIAN UK HOLDINGS LTD
COMPANY INFORMATION
Directors
Mr M Simpson
Mrs S Simpson
Company number
13844072
Registered office
Unit 32
Mochdre Industrial Estate
Newtown
Powys
SY16 4LE
Auditor
Benee Consulting Limited
48 Durrell Drive
Rugby
Warwickshire
CV22 7GW
Accountant
Oldfield Advisory LLP
1120 Elliot Court
Herald Avenue
Coventry
CV5 6UB
CAMBRIAN UK HOLDINGS LTD
CONTENTS
Page
Strategic report
Directors' report
1
Directors' responsibilities statement
2
Independent auditor's report
3 - 5
Profit and loss account
6
Statement of comprehensive income
7
Balance sheet
8
Statement of changes in equity
9
Statement of cash flows
Notes to the financial statements
10 - 17
CAMBRIAN UK HOLDINGS LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -
The directors present their annual report and financial statements for the year ended 31 December 2024.
Results and dividends
The results for the year are set out on page 6.
Ordinary dividends were paid amounting to £1,627,022. The directors do not recommend payment of a further dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr M Simpson
Mrs S Simpson
Mr M Simpson
(Resigned 9 July 2024)
Mrs J Simpson
(Resigned 9 July 2024)
Auditor
Benee Consulting Limited were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
On behalf of the board
Mr M Simpson
Director
23 June 2025
CAMBRIAN UK HOLDINGS LTD
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
The directors are responsible 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 then apply them consistently;
make judgements 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.
CAMBRIAN UK HOLDINGS LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CAMBRIAN UK HOLDINGS LTD
- 3 -
Opinion
We have audited the financial statements of Cambrian UK Holdings Ltd (the 'company') for the year ended 31 December 2024 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including 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.
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 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.
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 contained within the annual report. 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. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our 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.
CAMBRIAN UK HOLDINGS LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CAMBRIAN UK HOLDINGS LTD (CONTINUED)
- 4 -
Matters on which we are required to report by exception
In respect solely of the limitation on our work relating to stock, described above:
we have not obtained all the information and explanations that we considered necessary for the purpose of our audit; and
we were unable to determine whether adequate accounting records had been maintained.
In respect solely of the limitation on our work relating to stock, described above:
we have not obtained all the information and explanations that we considered necessary for the purpose of our audit; and
we were unable to determine whether adequate accounting records had been maintained.
In the light of the 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 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, 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 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 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.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Extent to which audit was considered capable of detecting irregularities, including fraud;
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in
line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material
misstatements in respect of irregularities, including fraud.
We obtain and update our understanding of the entity, its activities, its control environment, and likely future
developments, including in relation to the legal and regulatory framework applicable and how the entity is complying
with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the
financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks,
and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes
consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.
CAMBRIAN UK HOLDINGS LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CAMBRIAN UK HOLDINGS LTD (CONTINUED)
- 5 -
In response to the risk of irregularities and non compliance with laws and regulations, including fraud, we designed procedures which included:
- Enquiry of management, those charged with governance and the entity’s solicitors (or in-house legal team) around actual and potential litigation and claims.
- Enquiry of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations.
- Reviewing minutes of meetings of those charged with governance.
- Reviewing internal audit reports.
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
- Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Other matters which we are required to address
We were appointed to audit the financial statements for the year ended 31 December 2024. In the previous year the company directors took advantage of the small companies audit exemption in Companies Act 2006. Financial statements for the prior year were not subject to audit
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.
Sarah Flint BSc FCA (Senior Statutory Auditor)
For and on behalf of Benee Consulting Limited
23 June 2025
Chartered Accountant and Statutory Auditor
48 Durrell Drive
Rugby
Warwickshire
CV22 7GW
CAMBRIAN UK HOLDINGS LTD
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
2024
2023
Notes
£
£
Turnover
3
-
-
Administrative expenses
(4,902)
(6,931)
Other operating income
81,750
81,750
Operating profit
4
76,848
74,819
Interest receivable and similar income
6
1,629,019
2,265,327
Profit before taxation
1,705,867
2,340,146
Tax on profit
7
(20,937)
(17,479)
Profit for the financial year
1,684,930
2,322,667
The profit and loss account has been prepared on the basis that all operations are continuing operations.
CAMBRIAN UK HOLDINGS LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
2024
2023
£
£
Profit for the year
1,684,930
2,322,667
Other comprehensive income
-
-
Total comprehensive income for the year
1,684,930
2,322,667
CAMBRIAN UK HOLDINGS LTD
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 8 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
9
348,679
353,581
Investments
10
3,999,997
3,999,997
4,348,676
4,353,578
Current assets
Debtors
12
5
Cash at bank and in hand
128,167
82,337
128,172
82,337
Creditors: amounts falling due within one year
13
(1,610,109)
(1,627,084)
Net current liabilities
(1,481,937)
(1,544,747)
Net assets
2,866,739
2,808,831
Capital and reserves
Called up share capital
14
1,004
1,004
Capital redemption reserve
1,950,000
1,950,000
Other reserves
799,900
799,900
Profit and loss reserves
115,835
57,927
Total equity
2,866,739
2,808,831
The financial statements were approved by the board of directors and authorised for issue on 23 June 2025 and are signed on its behalf by:
Mr M Simpson
Director
Company registration number 13844072 (England and Wales)
CAMBRIAN UK HOLDINGS LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
Share capital
Capital redemption reserve
Other reserves
Profit and loss reserves
Total
Notes
£
£
£
£
£
As restated for the period ended 31 December 2023:
Balance at 1 January 2023
1,000
-
692,571
-
693,571
Effect of change in accounting policy
-
107,329
107,329
As restated
1,000
799,900
800,900
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
-
2,322,667
2,322,667
Issue of share capital
14
4
-
-
-
4
Dividends
8
-
-
-
(314,740)
(314,740)
Redemption of shares
14
1,950,000
-
(1,950,000)
Balance at 31 December 2023
1,004
1,950,000
799,900
57,927
2,808,831
Year ended 31 December 2024:
Profit and total comprehensive income
-
-
-
1,684,930
1,684,930
Dividends
8
-
-
-
(1,627,022)
(1,627,022)
Balance at 31 December 2024
1,004
1,950,000
799,900
115,835
2,866,739
CAMBRIAN UK HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
1
Accounting policies
Company information
Cambrian UK Holdings Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Unit 32, Mochdre Industrial Estate, Newtown, Powys, SY16 4LE.
The principal activity continued to be a Holding Company.
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.
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 £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Prior period error
During the year, management identified that a parcel of land had been incorrectly recognised within the fixed asset register of Cambrian UK Holdings Ltd in prior periods. Although instructions had previously been given to transfer legal title to Cambrian Packaging Ltd, the transfer had not been legally completed at the time, resulting in the asset being recorded in the wrong entity.
This error has been corrected by restating the comparative figures for the year ended 31 December 2023 in accordance with Section 10 of FRS 102. The correction involves the removal of the asset from tangible fixed assets in Cambrian UK Holdings Ltd and its appropriate recognition in the accounts of Cambrian Packaging Ltd. As the asset is non-depreciating, the adjustment has no impact on reported profit, loss, or taxation.
1.3
Going concern
These financial statements are prepared on the going concern basis. The directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future. However, the directors are aware of certain material uncertainties which may cause doubt on the company's ability to continue as a going concern.
The company is being struck off in 2025 as part of a group simplification process. There are no trading activities, and all assets and liabilities will be transferred to the ultimate parent before dissolution. Prior to the strike-off, all remaining assets and liabilities will be transferred to Cambrian Group Holdings Ltd to ensure the company has no outstanding balances upon dissolution
The directors have assessed the risks associated with the strike-off and confirm that there are no material uncertainties affecting the company’s ability to settle its obligations before dissolution.
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:
Freehold land and buildings
2% straight line
Leasehold improvements
20% straight line
Freehold land is not depreciated.
CAMBRIAN UK HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 11 -
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
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.6
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). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) 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 (or cash-generating unit) 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 (or cash-generating unit) 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.
1.7
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.
CAMBRIAN UK HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 12 -
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
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.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
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.
CAMBRIAN UK HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 13 -
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.
1.11
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 stock 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.
1.12
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
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.
CAMBRIAN UK HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 14 -
3
Revenue
2024
2023
£
£
Turnover analysed by class of business
2024
2023
£
£
Turnover analysed by geographical market
2024
2023
£
£
Interest income
1,997
587
Dividends received
1,627,022
2,264,740
4
Operating profit
2024
2023
Operating profit for the year is stated after charging:
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
Depreciation of owned tangible fixed assets
4,902
6,931
5
Employees
The average monthly number of persons employed by the company during the year was:
2024
2023
Number
Number
2
4
6
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
1,997
587
Income from fixed asset investments
Income from shares in group undertakings
1,627,022
2,264,740
Total income
1,629,019
2,265,327
CAMBRIAN UK HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
6
Interest receivable and similar income
(Continued)
- 15 -
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
1,997
587
7
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
20,937
17,479
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Profit before taxation
1,705,867
2,340,146
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.51%)
426,467
550,168
Depreciation on assets not qualifying for tax allowances
1,225
1,629
Dividend income
(406,755)
(532,440)
(1,878)
Taxation charge for the year
20,937
17,479
8
Dividends
2024
2023
£
£
Final paid
1,627,022
314,740
CAMBRIAN UK HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 16 -
9
Tangible fixed assets
Freehold land and buildings
Leasehold improvements
Total
£
£
£
Cost
At 1 January 2024 and 31 December 2024
360,000
512
360,512
Depreciation and impairment
At 1 January 2024
6,829
102
6,931
Depreciation charged in the year
4,800
102
4,902
At 31 December 2024
11,629
204
11,833
Carrying amount
At 31 December 2024
348,371
308
348,679
At 31 December 2023
353,171
410
353,581
10
Fixed asset investments
2024
2023
Notes
£
£
Investments in subsidiaries
11
3,999,997
3,999,997
11
Subsidiaries
Details of the company's subsidiaries at 31 December 2024 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Cambrian Packaging Ltd
32 Mochdre Industrial Estate, Newtown, Powys, SY16 4LE
Ordinary Shares
100.00
12
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
5
13
Creditors: amounts falling due within one year
2024
2023
£
£
Amounts owed to group undertakings
1,589,172
829,610
Corporation tax
20,937
17,479
Other creditors
779,995
1,610,109
1,627,084
CAMBRIAN UK HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 17 -
14
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
of £1 each
1,004
1,004
1,004
1,004
15
Prior period adjustment
Changes to the balance sheet
As previously reported
Adjustment at 1 Jan 2023
Adjustment at 31 Dec 2023
As restated at 31 Dec 2023
£
£
£
£
Fixed assets
Tangible assets
505,733
-
(152,152)
353,581
Investments
3,999,997
539,224
(539,224)
3,999,997
Creditors due within one year
Other creditors
(1,761,757)
(431,895)
584,047
(1,609,605)
Net assets
2,808,831
107,329
(107,329)
2,808,831
Capital and reserves
Other reserves
799,900
107,329
(107,329)
799,900
Notes to reconciliation
During the year, management identified that a parcel of land had been incorrectly recognised within the fixed asset register of Cambrian UK Holdings Ltd in prior periods. Although instructions had previously been given to transfer legal title to Cambrian Packaging Ltd, the transfer had not been legally completed at the time, resulting in the asset being recorded in the wrong entity.
This error has been corrected by restating the comparative figures for the year ended 31 December 2023 in accordance with Section 10 of FRS 102. The correction involves the removal of the asset from tangible fixed assets in Cambrian UK Holdings Ltd and its appropriate recognition in the accounts of Cambrian Packaging Ltd. As the asset is non-depreciating, the adjustment has no impact on reported profit, loss, or taxation.
16
Events after the reporting date
Subsequent to the balance sheet date, the Group completed the transfer of all assets and liabilities from Cambrian UK Holdings Ltd to its ultimate parent company as part of a corporate restructuring. The transfer included all fixed assets, current assets, liabilities, and equity balances. The Group has recognised the movement of assets and liabilities in accordance with the terms of the restructuring agreement.
This event is considered a non-adjusting post balance sheet event under FRS 102, as it occurred after the reporting date and does not affect the financial position as at the balance sheet date. However, the event provides additional context regarding the future direction of the Group.
Appropriate disclosures and adjustments have been made in the financial statements to reflect the impact of this restructuring.
17
Related party transactions
Included within the creditors an interest free loan from the company's subsidiary undertaking of £89,173 (2023 - £981,762).
Included within the creditors an interest free loan from the company's parent undertaking of £1,500,000 (2023 - £Nil).
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