| REGISTERED NUMBER: |
| AUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| FOR |
| COOPER COATED COIL INVESTMENTS LIMITED |
| REGISTERED NUMBER: |
| AUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| FOR |
| COOPER COATED COIL INVESTMENTS LIMITED |
| COOPER COATED COIL INVESTMENTS LIMITED (REGISTERED NUMBER: 10840167) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| Page |
| Company Information | 1 |
| Statement of Financial Position | 2 |
| Notes to the Financial Statements | 3 |
| COOPER COATED COIL INVESTMENTS LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Chartered Accountants and Statutory Auditor |
| 34 Waterloo Road |
| Wolverhampton |
| West Midlands |
| WV1 4DG |
| COOPER COATED COIL INVESTMENTS LIMITED (REGISTERED NUMBER: 10840167) |
| STATEMENT OF FINANCIAL POSITION |
| 31 DECEMBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Investments | 4 |
| CURRENT ASSETS |
| Debtors | 5 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
| CREDITORS |
| Amounts falling due after more than one year |
7 |
| NET LIABILITIES | ( |
) | ( |
) |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings | ( |
) | ( |
) |
| ( |
) | ( |
) |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| COOPER COATED COIL INVESTMENTS LIMITED (REGISTERED NUMBER: 10840167) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 1. | STATUTORY INFORMATION |
| Cooper Coated Coil Investments Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group. |
| 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. |
| Critical judgements |
| The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements. |
| Loan notes |
| In determining the applicable accounting treatment of the loan notes, management has carefully considered the key substantive features of the loan notes and have concluded that they meet the 'basic' financial instruments criteria as defined within FRS 102. As a consequence, the loan notes are held at amortised cost. |
| 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. |
| Investments |
| Investments in subsidiaries are measured at cost less accumulated impairment. Management has considered whether there are any indicators of impairment by carefully reviewing the carrying value of the investments in comparison to the net assets, current and forecasted profitability of the of the relevant subsidiaries. |
| COOPER COATED COIL INVESTMENTS LIMITED (REGISTERED NUMBER: 10840167) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Financial instruments |
| Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument: |
| Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
| Debtors |
| Short term debtors are measured at transaction price, less any impairment. |
| Creditors |
| Short term creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| Foreign exchange |
| Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on the translation in the period are included in the Statement of Income and Retained Earnings. |
| Going concern |
| The Company has net current liabilities of £217,539 as at 31 December 2024 (2023: £7,468,571). The Company has net liabilities of £4,717,529 as at 31 December 2024 (2023: £11,906,916). The Company is therefore dependent upon support from its ultimate controlling party (Mobeus Equity Partners IV LLP). In light of the net liability position within Cooper Coated Coils Investments Limited as at 31 December 2024, Mobeus Equity Partners IV LLP confirms its ongoing support to Cooper Coated Coils Investments Limited for a period of at least 12 months from the date of signing the financial statements for the year ended 31 December 2024. The directors of the Company are also directors of the immediate parent company (Cooper Coated Coil Holdings Limited). The directors of the Company have concluded that the going concern basis is appropriate based on the financial forecasts of the group and the ultimate controlling party (Mobeus Equity Partner IV LLP) confirming financial support to the Company. |
| COOPER COATED COIL INVESTMENTS LIMITED (REGISTERED NUMBER: 10840167) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Fixed asset investments |
| Investments in subsidiaries are measured at cost less accumulated impairment. |
| 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. |
| 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. |
| Finance costs |
| Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | FIXED ASSET INVESTMENTS |
| Other |
| investments |
| £ |
| COST |
| At 1 January 2024 |
| and 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Other debtors |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade creditors |
| Amounts owed to group undertakings |
| VAT | 1,726 | 43,768 |
| Accruals and deferred income |
| COOPER COATED COIL INVESTMENTS LIMITED (REGISTERED NUMBER: 10840167) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Other loans (see note 8) |
| Accruals and deferred income |
| 8. | LOANS |
| An analysis of the maturity of loans is given below: |
| 2024 | 2023 |
| £ | £ |
| Amounts falling due between one and two years: |
| Other loans - 1-2 years | 4,500,000 |
| The loan notes were issued on 28th July 2017 for an initial 5-year period, repayable in full on 28 July 2022. The terms of the loan notes were amended to extend the repayments date to 31 March 2026. The interest rate associated to the loan notes is 9% per annum, payable monthly in arrears. After the second anniversary of the issuance of the notes on 28 July 2019, an additional 1% per annum is being accrued on the value of the notes outstanding at the time. The interest rate payments were paused on a roll up basis by agreement from 30 June 2023 until 20 July 2025. On 19 October 2017 the loan notes were listed on The International Stock Exchange. In December 2024 the loan notes were delisted from The International Stock Exchange and shareholders introduced £250k in the form of a loan note. |
| 9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
| The Report of the Auditors was unqualified. |
| for and on behalf of |
| 10. | RELATED PARTY DISCLOSURES |
| Where available, the Company has taken the exemption in FRS102 section 33 not to disclose transactions with the other qualifying group companies. |
| 11. | POST BALANCE SHEET EVENTS |
| On 28 March 2025 the company agreed with Mobeus Equity Partners IV LLP (the noteholder) that it would issue 1 ordinary share of £1.00 in the capital of the company, to them in consideration of the release and discharge, and in satisfaction of, the Company's obligations and liabilities in respect of £3,250,000 of the loan notes. The noteholder also agreed to waive all and any interest accrued, rolled up and/or compounded on the loan notes in accordance with the instrument. |
| 12. | ULTIMATE CONTROLLING PARTY |
| The immediate and ultimate parent undertaking is Cooper Coated Coil Holdings Limited, a company incorporated in the United Kingdom. |
| The ultimate controlling party of Cooper Coated Coil Investments Limited is considered to be Mobeus Equity Partners IV LLP, a Limited Liability Partnership registered in the United Kingdom, by virtue of their 81.39% (2023: 81.39%) shareholding in Cooper Coated Coil Holdings Limited. |