Company registration number 10576603 (England and Wales)
CC117 LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
CC117 LIMITED
COMPANY INFORMATION
Directors
S Gardiner
S McLaughlin
C Sharpe
Company number
10576603
Registered office
21 Totman Crescent
Rayleigh
Essex
SS6 7UY
Auditor
Mercer & Hole LLP
The Pinnacle
170 Midsummer Boulevard
Milton Keynes
Buckinghamshire
MK9 1BP
CC117 LIMITED
CONTENTS
Page
Strategic report
1 - 4
Directors' report
5 - 6
Directors' responsibilities statement
7
Independent auditor's report
8 - 10
Group statement of comprehensive income
11
Group balance sheet
12
Company balance sheet
13
Group statement of changes in equity
14
Company statement of changes in equity
15
Group statement of cash flows
16
Notes to the financial statements
17 - 34
CC117 LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 OCTOBER 2024
- 1 -

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

Fair review of the business

The invasion of Ukraine in February 2022 triggered the start of a renewed spiral in supply chain costs for the fenestration sector. Unlike the cost spiral that followed the first lock down in 2020 the associated increases in household living costs and interest rates resulted in a significant decline in consumer confidence, a leading indicator for most of our business. This in turn has caused a marked decline in consumer demand for fenestration products, sadly this has led to a number of businesses in our sector closing.

 

We have an effective and professional sales and marketing team who have risen to the challenges of a tough market by continuing to increase our market share in our traditional segments and by continuing to add other segments with more resilient end-user demand. We are pleased to report that in the year to 31 October 2024 we continued our trend of top-line growth against a backdrop which has seen many of our competitors report reductions in sales. Delivering this strategy has required continued investment in people, sales and marketing resource and continued investment in our manufacturing activities.

 

During the year to 31 October 2023 we took a strategic decision to restructure the trade counter operations within our subsidiary Space Age Building Products Limited (“Space Age”). This change process was completed in the current year with the closure of our operations in Reading and the cessation of all operations in Space Age. Our remaining distribution hubs are now an extension of our manufacturing activities. Our results show the impact of the closure and the underlying profitability of our continued operations.

 

The business in GJB New Build Limited has benefited from the restructuring carried out over the previous two years and continues to deliver growth in turnover and profitability despite a difficult market for build volumes in the new housing sector.

 

Increases in base rates since December 2021 have significantly added to the cost of borrowing on all of the group debt facilities but we are pleased to note the downward trend in borrowing costs. The group remains well financed, compliant with all of its debt covenants and with significant headroom on its working capital facilities.

 

We have responded to the growing demand for our products with significant increases in capacity. Some of this has been delivered through capital expenditure investing in new plant and equipment and other significant increases have been delivered through the efforts of our colleagues in constantly improving the way in which we work. We continue to seek opportunities to improve our processes and to be innovative in the both the products we manufacture and the way in which we go to market.

 

The group has continued support from the shareholders and continues to make significant investments in new plant, machinery and stock to support shorter lead-times and a growing product portfolio.

Promoting the success of the group
Stakeholder engagement: as the Board of Directors, we have a legal responsibility under section 172 of the Companies Act 2006 to act in the way we consider, in good faith, would be most likely to promote the group's success for the benefit of its members as a whole and to have regard to the long term effect of our decisions on the group and its stakeholders. This statement addresses the ways in which we as a Board fulfil this responsibility.

Promoting the group's success for its members: We are proud of the way the business of the company and its subsidiaries has grown over the last six years to become one of the largest fabricators in the UK fenestration sector. We are proud to provide our colleagues with an environment to prosper and with a package of benefits which supports their wellbeing in both their working and personal lives.

We aim to maximise the company and the wider group's ability to grow market share and medium to long term profits whilst ultimately returning value to its shareholders. We make strategic decisions based on long term objectives and the mitigation of short- and medium-term risks.

The interests of the group's employees: the board considers our employees to be at the heart of the success of our business and as a result we constantly take their interests into consideration in short, medium and long-term decision making. Innovation, maintaining quality and customer service are at the heart of our customer offering and we rely on our whole team to contribute to this. We engage with our colleagues by providing training, career development support, formal and informal workplace communication and seeking input to management decisions.
CC117 LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 2 -
Our customers: We seek to provide our customers with support in order to make their businesses more successful. This is done through innovation in products and marketing support together with regular engagement in the form of customer days where we seek to provide technical and business support.

Our suppliers: We represent a number of system companies and hardware suppliers. We have a close working relationship with our key suppliers feeding back market intelligence and product information. We seek to build long term relationships with our key suppliers as they are integral to the development of our business and that of our customers.

Our community: We seek to engage with our community directly through socially focussed activities in which we participate or take a leadership role. We also seek to support those of our colleagues who wish to engage in socially positive activities in their own time.

The environment: We recognise our responsibilities to our environment and are committed to reduce the adverse impacts of our business on it. Our environmental impact is a key part of our decision-making processes and we continue to invest in accreditations which measure and drive improvement in our environmental performance.
Environmental and Social Governance (ESG)
The directors have chosen to include an ESG statement in these financial statements. We believe that as a major player in the fenestration industry and an employer of over 300 people we have an obligation to our environment and to the communities in which we operate.

The board of GJB Holdings Limited has made a commitment to our group being carbon neutral by 31 October 2030. This will be delivered by a mixture of changes in the way we operate our business and carbon offset agreements for those emissions which we are unable to eradicate.

We are fortunate in having key suppliers who also take a responsible approach to the management of their emissions and we will continue to work with them and with others in our supply chain to manage the impact on the environment from our supply chain.

We have already achieved ISO 14001 at both of our factories and ISO 50001 (environmental and energy management) is in place at our Essex factories with 15001 expected in Stoke in due course. This is an important step in our continuous process of embedding environment and energy management within our business and in managing our Scope 1 and 2 emissions. We will use the valuable information delivered through our energy management systems to implement new approaches to the way we operate our business. We have already implemented a policy for all company cars to be fully electric and replaced the worst performing vehicles in our commercial fleet with new lower emission vehicles.

We place emphasis on minimising waste through robust waste management policies which seek to deliver environmentally appropriate recycling wherever viable. Our two largest suppliers of PVCu systems each have strong recycling credentials meaning that a significant proportion of our finished goods are made from recycled materials. We seek to recycle as much of the waste produced within our operations as possible and we also offer recycling facilities to many of our smaller customers by offering a waste to recycling facility at our “Listers Hubs”.

We believe that it is important that we contribute to the communities in which we operate and to the wider social environment. We actively encourage our staff to participate in community activities and where appropriate we offer them support in delivering on these personal commitments.
The wellbeing of all of our colleagues is an important part of the way we operate the business. All employees receive additional benefits in the form of life assurance cover and access to other benefits programmes providing health and wellbeing support. We also continue a programme of training which will ensure that every part of our business has at least one person who holds a certification from Mental Health England in Mental Health First Aid. In addition, all of our colleagues now benefit from the availability of a wide range of support and counselling advice provided as part of their employment package.
CC117 LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 3 -
Principal risks and uncertainties

The group's market is England and Wales and therefore the performance of the UK economy and consumer spending continues to be a dominant risk factor for the performance of the group. During the year to 31 October 2024 consumer confidence remained constrained by rises in the cost of living and continued economic uncertainty. Our response to this has been to focus on increasing our market share and balancing our risk across our various routes to market with an increased proportion of our sales being made through customers serving more resilient markets such as social housing.

 

We maintain a broad customer base retaining significant geographic and sector spread and our wide product range gives us access to a diverse demographic of consumers through our retail and trade customer base. We monitor our customer concentration by type and by market and target our sales effort to manage our exposure to economic change.

 

The group buys primarily from other UK companies, these in turn may source goods internationally. Ultimately the group is exposed through the supply chain to price risks which could result from exchange rate movements and a potential reduction in supply due to geopolitical change. The group monitors these risks on a continuous basis.

 

The group does not have any significant reliance on labour or other services from non-UK resident sources.

 

Price risk, credit risk, liquidity risk and cashflow risk

The group does not use hedging or other complex financial instruments.

 

The group has close relationships with major suppliers and closely monitors the underlying drivers for changes in supply chain costs. This allows the group to manage the value chain. The directors do not consider that the group has a significant price risk.

 

The group has a diverse customer base with no customer representing more than 7% of group turnover. The group operates a tight credit control procedure including setting and enforcing credit limits using credit checking agencies.

 

The group also insures its trade debtors. The directors do not consider there to be a significant credit risk.

 

Subordinated loans carry a fixed interest rate and loans from the commercial lender are on a rate linked to the Bank of England Base Rate. The significant rises in the base rate over the period since December 2021 have increased the cost of group borrowing but this has been to some degree mitigated by the reduction in margins charged on term debt as a result of the debt restructuring completed in October 2022. The downward trend in the Bank of England base rate is already reducing ongoing borrowing costs. The directors do not consider that the group has a significant liquidity risk.

 

The review of the business commented on the mix between short- and long-term debt due the restructuring of the group's debt. This group continues to maintain significant headroom in working capital facilities and as a result the directors do not consider the group to have a significant cashflow risk.

Development and performance

Despite the significant challenges in the market and with supply chain cost inflation the group remained profitable. We continue to have a mindset of continuous improvement and are constantly seeking improvements in our processes, products and equipment.

 

During the financial year we made further CAPEX investments of £683,658 and this investment programme has continued into the current financial year. We are also pleased to announce that in the financial year we launched our proprietary software tool “EasyConnect” which enables our customers to have immediate access to product images and pricing from a tablet which significantly adds to their ability to provide rapid and well-presented quotes to potential customers.

 

The fundamentals of the business are good and we are delighted to welcome new members to our growing business and would like to express our gratitude to all of the team who make our business the success that it is.

CC117 LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 4 -
Key performance indicators

The directors consider that the key financial indicators of the group's business are:

 

Turnover: - £42.6m which equates to an increase of 3% on the prior year, despite the economic environment and significant reductions in volumes experienced by our competitors. We are grateful to both our longstanding and new customers for their continued support.

 

Gross margin: - 25.2% (2023: 24.3%). We are pleased to report an increase in our gross margin during the financial year. We continue to work with both our customers and suppliers to balance the pressures from supply chain cost inflation with the need for our customers to remain competitive in a difficult market.

 

Debtor days: - 62.0 (2023: 58.8). We are not concerned by the small increase in debtor days at the year end which is not representative of an upward trend. We continue to manage our credit exposure to our customers particularly in the light of the current economic circumstances. We have a large number of customers across the various market segments, and we monitor our debtor days very closely. We are grateful for the continued support and loyalty that we receive from our many customers.

 

Creditor days: - 65.6 (2023: 69.7). We have long term supply agreements with our major suppliers which include the provision of trade credit facilities. We are grateful to our supply chain for their continued support.

 

Stock days: - 38.2 (2023: 38.0). We are pleased to have maintained our overall stock days but continue to work on opportunities for stock reductions whilst always seeking to preserve lead times for our customers.

Research and development activities

We continually strive to improve the quality of our products and the efficiency of our manufacturing processes. During the financial year we engaged in several R&D projects relating to the manufacture of our windows and doors, the introduction of a new Aluminium system, the upgrading of our MRP software and the development and launch of our EasyConnect offering.

Future developments and events since year end

Since the year end we have continued to pursue the various improvement projects underway in the year to October 2024. We recognise the reality of the market challenges arising from the level of consumer confidence and continue to work closely with our customers and suppliers to maintain trading volumes. We continue to invest in our product range and our service delivery and are pleased to continue to welcome new customers.

On behalf of the board

C Sharpe
Director
3 July 2025
CC117 LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 OCTOBER 2024
- 5 -

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

Principal activities

The principal activity of the company continued to be that of a holding company for the trading group, the principal activity of which continued to be that of the manufacture and distribution of premium PVC and aluminium windows and doors.

Results and dividends

The results for the year are set out on page 11.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

R Frost
(Resigned 27 February 2025)
S Gardiner
S McLaughlin
C Sharpe
Disabled persons

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the group continues and that the appropriate training is arranged. It is the policy of the group that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

Employee involvement

The group's policy is to communicate regularly with employees through formal channels such as emailed newsletters, shop floor briefings and management conferences and through informal face to face conversations. We have a very open style with all employees.

 

The group operates a 'One Team Bonus' structure which links the individuals' and teams' performance to the performance of the business, and is driven by performance against our business KPI's, particularly 'On time in Full' and 'Cost of Quality'. As part of this we regularly communicate financial and operational performance KPI’s so that employees can track performance through the year.

Auditor

The auditor, Mercer & Hole LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Energy and carbon report

Each individual subsidiary undertaking is below the energy and carbon reporting limit and as the company has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.

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 auditor of the company 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 auditor of the company is aware of that information.

CC117 LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 6 -
On behalf of the board
C Sharpe
Director
3 July 2025
CC117 LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 OCTOBER 2024
- 7 -

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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

CC117 LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CC117 LIMITED
- 8 -
Opinion

We have audited the financial statements of CC117 Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 October 2024 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows 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:

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 and parent 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 group's and 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 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:

CC117 LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CC117 LIMITED
- 9 -
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 their 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:

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 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 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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

We gained an understanding of the legal and regulatory framework applicable to the group and parent company and the industry in which they operate and considered the risk of acts by the group and parent company that were contrary to applicable laws and regulations, including fraud. These included, but were not limited to, the Companies Act 2006 and tax legislation.

 

We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements and the financial report (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate entries including journals to overstate revenue or understate expenditure and management bias in accounting estimates.

 

Audit procedures performed by the engagement team included:

 

CC117 LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CC117 LIMITED
- 10 -

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non- compliance and cannot be expected to detect non-compliance with all laws and regulations.

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.

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.

Andrew Lawes MA MSc FCA (Senior Statutory Auditor)
For and on behalf of Mercer & Hole LLP
4 July 2025
Chartered Accountants
Statutory Auditor
The Pinnacle
170 Midsummer Boulevard
Milton Keynes
Buckinghamshire
MK9 1BP
CC117 LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 OCTOBER 2024
- 11 -
Continuing
Discontinued
31 October
Continuing
Discontinued
31 October
operations
operations
2024
operations
operations
2023
Notes
£
£
£
£
£
£
Turnover
3
41,177,726
1,375,262
42,552,988
38,546,866
2,747,709
41,294,575
Cost of sales
(30,779,429)
(1,038,817)
(31,818,246)
(29,158,065)
(2,107,027)
(31,265,092)
Gross profit
10,398,297
336,445
10,734,742
9,388,801
640,682
10,029,483
Administrative expenses
(9,080,858)
(942,249)
(10,023,107)
(8,535,322)
(985,091)
(9,520,413)
Other operating income
450
-
450
2,585
-
2,585
Operating profit
4
1,317,889
(605,804)
712,085
856,064
(344,409)
511,655
Interest payable and similar expenses
8
(438,710)
(1,465)
(440,175)
(497,825)
(1,552)
(499,377)
Profit before taxation
879,179
(607,269)
271,910
358,239
(345,961)
12,278
Tax on profit
9
(184,578)
151,784
(32,794)
(98,326)
77,658
(20,668)
Profit/(loss) for the financial year
694,601
(455,485)
239,116
259,913
(268,303)
(8,390)
Profit/(loss) for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
CC117 LIMITED
GROUP BALANCE SHEET
AS AT
31 OCTOBER 2024
31 October 2024
- 12 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
11
109,559
131,470
Negative goodwill
11
(35,800)
(57,277)
Net goodwill
73,759
74,193
Tangible assets
12
2,894,244
2,794,518
2,968,003
2,868,711
Current assets
Stocks
15
3,326,386
3,254,562
Debtors
16
8,250,278
8,023,436
Cash at bank and in hand
468,441
236,656
12,045,105
11,514,654
Creditors: amounts falling due within one year
17
(10,938,446)
(10,153,566)
Net current assets
1,106,659
1,361,088
Total assets less current liabilities
4,074,662
4,229,799
Creditors: amounts falling due after more than one year
18
(1,326,586)
(1,753,633)
Provisions for liabilities
Deferred tax liability
21
428,441
395,647
(428,441)
(395,647)
Net assets
2,319,635
2,080,519
Capital and reserves
Called up share capital
23
17
17
Share premium account
99,993
99,993
Profit and loss reserves
2,219,625
1,980,509
Total equity
2,319,635
2,080,519
The financial statements were approved by the board of directors and authorised for issue on 3 July 2025 and are signed on its behalf by:
03 July 2025
C Sharpe
Director
CC117 LIMITED
COMPANY BALANCE SHEET
AS AT 31 OCTOBER 2024
31 October 2024
- 13 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
13
3,477,524
3,477,524
Current assets
-
-
Creditors: amounts falling due within one year
17
(3,419,482)
(3,405,773)
Net current liabilities
(3,419,482)
(3,405,773)
Net assets
58,042
71,751
Capital and reserves
Called up share capital
23
17
17
Share premium account
99,993
99,993
Profit and loss reserves
(41,968)
(28,259)
Total equity
58,042
71,751

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £13,709 (2023: £12,954).

The financial statements were approved by the board of directors and authorised for issue on 3 July 2025 and are signed on its behalf by:
03 July 2025
C Sharpe
Director
Company registration number 10576603 (England and Wales)
CC117 LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2024
- 14 -
Share capital
Share premium account
Profit and loss reserves
Total
£
£
£
£
Balance at 1 November 2022
17
99,993
1,988,899
2,088,909
Year ended 31 October 2023:
Loss and total comprehensive income
-
-
(8,390)
(8,390)
Balance at 31 October 2023
17
99,993
1,980,509
2,080,519
Year ended 31 October 2024:
Profit and total comprehensive income
-
-
239,116
239,116
Balance at 31 October 2024
17
99,993
2,219,625
2,319,635
CC117 LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2024
- 15 -
Share capital
Share premium account
Profit and loss reserves
Total
£
£
£
£
Balance at 1 November 2022
17
99,993
(15,305)
84,705
Year ended 31 October 2023:
Loss and total comprehensive income for the year
-
-
(12,954)
(12,954)
Balance at 31 October 2023
17
99,993
(28,259)
71,751
Year ended 31 October 2024:
Profit and total comprehensive income
-
-
(13,709)
(13,709)
Balance at 31 October 2024
17
99,993
(41,968)
58,042
CC117 LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 OCTOBER 2024
- 16 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
27
548,843
2,302,832
Interest paid
(549,625)
(481,877)
Net cash (outflow)/inflow from operating activities
(782)
1,820,955
Investing activities
Purchase of tangible fixed assets
(102,109)
(148,125)
Proceeds from disposal of tangible fixed assets
7,001
19,550
Net cash used in investing activities
(95,108)
(128,575)
Financing activities
Repayment of bank loans
(403,560)
(407,153)
Invoice discounting facility
1,077,339
(1,041,703)
Payment of finance leases obligations
(346,174)
(205,623)
Net cash generated from/(used in) financing activities
327,605
(1,654,479)
Net increase in cash and cash equivalents
231,715
37,901
Cash and cash equivalents at beginning of year
236,656
198,755
Cash and cash equivalents at end of year
468,371
236,656
Relating to:
Cash at bank and in hand
468,441
236,656
Bank overdrafts included in creditors payable within one year
(70)
-
CC117 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
- 17 -
1
Accounting policies
Company information

CC117 Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 21 Totman Crescent, Rayleigh, Essex, SS6 7UY.

 

The group consists of CC117 Limited and all of its subsidiaries.

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.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

CC117 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 18 -
1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company CC117 Limited together with all entities controlled by the parent company, i.e. its subsidiaries.

 

All financial statements are made up to 31 October 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

1.4
Going concern

The financial statements have been prepared on a going concern basis. The directors have a reasonable expectation that the company and group have adequate resources to continue in operational existence for the foreseeable future and have therefore adopted the going concern basis of accounting in preparing the financial statements.

1.5
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and 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.

1.6
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.7
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of businesses or trade and assets over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Where the fair value of businesses or trade and assets acquired exceeds the cost of acquisition, goodwill recognised is negative.

 

The goodwill in these financial statements is amortised over the period in which the non-monetary assets acquired are expected to provide benefit. This equates to a period of between 7 and 15 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

CC117 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 19 -
1.8
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
10% reducing balance
Fixtures and fittings
14% reducing balance
Computers
14% reducing balance
Motor vehicles
25% reducing balance

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 recognised in the profit and loss account.

1.9
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.10
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible 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.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

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.

CC117 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 20 -
1.11
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.12
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.

1.13
Financial instruments

The group 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 group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and 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 group 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.

CC117 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 21 -
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 group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, finance leases, bank loans and loan notes, 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 group's contractual obligations expire or are discharged or cancelled.

1.14
Equity instruments

Equity instruments issued by the group 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 group.

1.15
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 group’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 if, and only if, there is 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.

CC117 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 22 -
1.16
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.

1.17
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.18
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.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

2
Judgements and key sources of estimation uncertainty

In the application of the group’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.

Debtor provision

Debtor provision on old and bad debt is designed to ensure that debtors are only held to the extent that they are recoverable.

Stock provision

Stock provision on slow moving and obsolete stock is assessed with reference to selling price, historical sales pattern and post year end trading performance.

CC117 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 23 -
3
Turnover
2024
2023
£
£
Turnover analysed by class of business
Supply of bespoke windows and doors
34,508,037
33,523,326
Supply and fitting of bespoke windows and doors for new build properties
6,669,689
5,023,540
Sale of goods via trade counters
1,375,262
2,747,709
42,552,988
41,294,575
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
42,272,175
41,029,478
Australia
280,813
265,097
42,552,988
41,294,575
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging:
Depreciation of owned tangible fixed assets
349,939
311,335
Depreciation of tangible fixed assets held under finance leases
195,746
117,914
Loss on disposal of tangible fixed assets
31,246
2,392
Amortisation of intangible assets
434
434
Operating lease charges
832,096
798,120
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
6,050
5,775
Audit of the financial statements of the company's subsidiaries
57,200
54,475
63,250
60,250
For other services
Taxation compliance services
16,750
15,750
CC117 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 24 -
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Directors
6
7
4
4
Support staff
88
78
-
-
Direct staff
230
248
-
-
Total
324
333
4
4

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
10,290,782
9,786,018
-
0
-
0
Social security costs
878,290
836,004
-
-
Pension costs
345,769
295,151
-
0
-
0
11,514,841
10,917,173
-
0
-
0
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
480,910
375,646
Company pension contributions to defined contribution schemes
88,085
34,561
568,995
410,207

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 4 (2023: 3).

Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
152,700
116,687
Company pension contributions to defined contribution schemes
35,206
21,175
CC117 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 25 -
8
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
75,707
141,921
Interest on invoice finance arrangements
256,735
301,743
Other interest on financial liabilities
35,000
35,000
Interest on finance leases and hire purchase contracts
70,310
20,641
Other interest
2,423
72
Total finance costs
440,175
499,377
9
Taxation
2024
2023
£
£
Deferred tax
Origination and reversal of timing differences
82,032
70,108
Adjustment in respect of prior periods
(49,238)
(2,033)
Tax losses carried forward
-
0
(47,407)
Total deferred tax
32,794
20,668

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
271,910
12,278
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 22.52%)
67,978
2,765
Tax effect of expenses that are not deductible in determining taxable profit
12,387
21,834
Effect of change in corporation tax rate
-
2,253
Other non-reversing timing differences
1,667
(4,876)
Other permanent differences
-
0
725
Deferred tax adjustments in respect of prior years
(49,238)
(2,033)
Taxation charge
32,794
20,668
10
Discontinued operations
Space Age Building Products Limited

Discontinued operations relate to the group's Trade Counter business operated through its subsidiary Space Age Building Products Limited, which ceased trading on 31 October 2024.

CC117 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 26 -
11
Intangible fixed assets
Group
Goodwill
Negative goodwill
Total
£
£
£
Cost
At 1 November 2023 and 31 October 2024
219,114
(200,770)
18,344
Amortisation and impairment
At 1 November 2023
87,644
(143,493)
(55,849)
Amortisation charged for the year
21,911
(21,477)
434
At 31 October 2024
109,555
(164,970)
(55,415)
Carrying amount
At 31 October 2024
109,559
(35,800)
73,759
At 31 October 2023
131,470
(57,277)
74,193
The company had no intangible fixed assets at 31 October 2024 or 31 October 2023.
12
Tangible fixed assets
Group
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 November 2023
4,408,948
468,646
78,605
1,010,964
5,967,163
Additions
550,432
7,331
623
125,272
683,658
Disposals
(59,415)
-
0
-
0
(36,306)
(95,721)
At 31 October 2024
4,899,965
475,977
79,228
1,099,930
6,555,100
Depreciation and impairment
At 1 November 2023
2,496,171
282,708
34,154
359,612
3,172,645
Depreciation charged in the year
313,742
48,776
11,092
172,075
545,685
Eliminated in respect of disposals
(44,152)
-
0
-
0
(13,322)
(57,474)
At 31 October 2024
2,765,761
331,484
45,246
518,365
3,660,856
Carrying amount
At 31 October 2024
2,134,204
144,493
33,982
581,565
2,894,244
At 31 October 2023
1,912,777
185,938
44,451
651,352
2,794,518
The company had no tangible fixed assets at 31 October 2024 or 31 October 2023.
CC117 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
12
Tangible fixed assets
(Continued)
- 27 -

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

Group
Company
2024
2023
2024
2023
£
£
£
£
Plant and equipment
573,772
239,428
-
0
-
0
Motor vehicles
459,906
516,828
-
0
-
0
1,033,678
756,256
-
-

Under the group financing agreement, as detailed further in note 17, the tangible fixed assets of the company have been pledged to secure group borrowings.

13
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
14
-
0
-
0
3,477,524
3,477,524
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 November 2023 and 31 October 2024
3,477,524
Carrying amount
At 31 October 2024
3,477,524
At 31 October 2023
3,477,524
14
Subsidiaries

Details of the company's subsidiaries at 31 October 2024 are as follows:

Name of undertaking
Address
Class of
% Held
shares held
Direct
Indirect
GJB Holdings Limited
1
Ordinary
100.00
-
GJB Developments Limited
1
Ordinary
0
100.00
GJB New Build Ltd
1
Ordinary
0
100.00
Listers Central Limited
2
Ordinary
0
100.00
The Big Trade Counter Limited
1
Ordinary
0
100.00
Space Age Building Products Limited
2
Ordinary
0
100.00
CC117 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
14
Subsidiaries
(Continued)
- 28 -

Registered office addresses (all UK unless otherwise indicated):

1
21 Totman Crescent, Rayleigh, Essex, SS6 7UY
2
Unit 2, Govan Road, Fenton Industrial Estate, Stoke-On-Trent, ST4 2RS
15
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
2,183,179
2,304,326
-
-
Work in progress
511,473
295,941
-
-
Finished goods and goods for resale
631,734
654,295
-
0
-
0
3,326,386
3,254,562
-
-
16
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
7,232,925
6,657,332
-
0
-
0
Other debtors
709,030
969,392
-
0
-
0
Prepayments and accrued income
308,323
396,712
-
0
-
0
8,250,278
8,023,436
-
-
17
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
19
302,222
406,080
-
0
-
0
Obligations under finance leases
20
358,093
217,253
-
0
-
0
Other borrowings
19
112,500
-
0
-
0
-
0
Trade creditors
5,300,545
5,579,752
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
3,419,482
3,405,773
Corporation tax payable
2,842
2,842
-
0
-
0
Other taxation and social security
492,856
1,103,761
-
-
Other creditors
3,611,602
2,705,471
-
0
-
0
Accruals and deferred income
757,786
138,407
-
0
-
0
10,938,446
10,153,566
3,419,482
3,405,773
CC117 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
17
Creditors: amounts falling due within one year
(Continued)
- 29 -

Included within group other creditors is an amount of £3,577,355 (2023: £2,500,016) in respect of amounts owed in relation to an invoice discounting facility. These balances are secured against the group's trade debtors, although wider security is provided as part of a group financing agreement as below.

 

The company is party to a group financing agreement provided to itself and its subsidiaries. This facility includes the invoice discounting facility noted above, in addition to other loan facilities. Under the collective agreement, the lender has a first ranking composite guarantee and debenture, secured via fixed and floating charges, over the assets of the group as a whole.

 

Many suppliers of raw materials include a reservation of title clause such that amounts owed to those suppliers and included in group trade creditors are secured against the raw material stock held by the group. The maximum value of trade creditors which could be secured in this way is £2,183,179 (2023: £2,304,326) as per note 15.

18
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
19
318,320
617,952
-
0
-
0
Obligations under finance leases
20
470,766
376,231
-
0
-
0
Other borrowings
19
537,500
759,450
-
0
-
0
1,326,586
1,753,633
-
-
19
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
620,472
1,024,032
-
0
-
0
Bank overdrafts
70
-
0
-
0
-
0
Other loans
650,000
759,450
-
0
-
0
1,270,542
1,783,482
-
-
Payable within one year
414,722
406,080
-
0
-
0
Payable after one year
855,820
1,377,402
-
0
-
0
CC117 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
19
Loans and overdrafts
(Continued)
- 30 -

Included within bank loans is a loan provided under the group financing agreement for the purposes of acquiring plant and machinery. The the balance outstanding at the year end in respect of this loan was £486,920 and is repayable in equal instalments over a 5 year term with repayments having commenced in October 2022.

 

Also included within bank loans is a CBILS loan available under the UK government's Covid-19 support measures. At the year end £133,552 was outstanding in respect of this loan which is repayable in equal instalments over the remaining 4 years of the initial 6 year term. Repayments commenced in June 2021 with interest and fees for the first 12 months of the loan being met by the UK government. The loan incurs interest of 4.70% above the base rate.

 

Other loans include formal loan notes from directors of the group to the company and its subsidiaries. These loans accrue interest at a commercial equivalent lending rate, and are shown within other borrowings due after one year in accordance with the repayment terms. These loans are subordinate to the group financing agreement.

20
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
411,258
247,620
-
0
-
0
In two to five years
533,915
440,891
-
0
-
0
945,173
688,511
-
-
Less: future finance charges
(116,314)
(95,027)
-
0
-
0
828,859
593,484
-
0
-
0

Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

 

Finance lease obligations are secured directly against the fixed assets to which they relate. The net carrying value of assets under which finance lease payments are payable at the year end is disclosed in note 12.

CC117 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 31 -
21
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
627,347
581,777
Tax losses
(193,554)
(173,659)
Short term timing differences
(5,352)
(12,471)
428,441
395,647
The company has no deferred tax assets or liabilities.
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 November 2023
395,647
-
Charge to profit or loss
32,794
-
Liability at 31 October 2024
428,441
-

The amount of the group's deferred tax balances set out above relating to tax losses are expected to reverse within 36 months and relate to the utilisation of tax losses against future expected profits of the same period. The amount relating to accelerated capital allowances is expected to reverse across the group within 48 months.

22
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
345,769
295,151

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

23
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
1,666
1,666
17
17
CC117 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 32 -
24
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
804,188
823,939
-
-
Between two and five years
1,889,912
1,915,846
-
-
In over five years
362,308
381,692
-
-
3,056,408
3,121,477
-
-
25
Capital commitments

Amounts contracted for but not provided in the financial statements:

Group
Company
2024
2023
2024
2023
£
£
£
£
Acquisition of tangible fixed assets
-
154,590
-
-
26
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2024
2023
£
£
Aggregate compensation
884,618
720,074
Transactions with related parties

During the year the group entered into the following transactions with related parties:

Rent payable
2024
2023
£
£
Group
Other related parties
200,000
200,000
CC117 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
26
Related party transactions
(Continued)
- 33 -

The following amounts were outstanding at the reporting end date:

Amounts due to related parties
2024
2023
£
£
Group
Key management personnel
650,000
759,450

Loans from key management personnel represent formal loan notes from directors of the group to the company and its subsidiaries, accrue interest at a commercial equivalent lending rate, and are shown within other borrowings due after one year in accordance with the repayment terms.

 

Balances with non-wholly owned group undertakings relate to intergroup balances with no formal terms. The amounts are included within total amounts owed either by or to group undertakings, as applicable, and are disclosed within the debtors and creditors due within one year notes respectively.

Other information

The company has taken advantage of the exemption made available under FRS 102, para 33.1A to not disclose details of transactions and balances between entities that are wholly owned by the group of which this company is a member.

27
Cash generated from group operations
2024
2023
£
£
Profit/(loss) after taxation
239,116
(8,390)
Adjustments for:
Taxation charged
32,794
20,668
Finance costs
440,175
499,377
Loss on disposal of tangible fixed assets
31,246
2,392
Amortisation and impairment of intangible assets
434
434
Depreciation and impairment of tangible fixed assets
545,685
429,249
Movements in working capital:
(Increase)/decrease in stocks
(71,824)
902,223
Increase in debtors
(226,842)
(276,885)
(Decrease)/increase in creditors
(441,941)
733,764
Cash generated from operations
548,843
2,302,832
CC117 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 34 -
28
Analysis of changes in net debt - group
1 November 2023
Cash flows
New finance leases
Accrued interest paid
31 October 2024
£
£
£
£
£
Cash at bank and in hand
236,656
231,785
-
-
468,441
Bank overdrafts
-
0
(70)
-
-
(70)
236,656
231,715
-
-
468,371
Invoice discounting facility
(2,500,016)
(1,077,339)
-
-
(3,577,355)
Borrowings excluding overdrafts
(1,783,482)
622,460
-
(109,450)
(1,270,472)
Obligations under finance leases
(593,484)
346,174
(581,549)
-
(828,859)
(4,640,326)
123,010
(581,549)
(109,450)
(5,208,315)
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