Registration number:
Carling Technologies Limited
for the Year Ended 31 December 2024
Carling Technologies Limited
(Registration number: 00950937)
Contents
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Company Information |
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Directors' Report |
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Strategic Report |
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Independent Auditor's Report |
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Profit and Loss Account |
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Statement of Comprehensive Income |
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Balance Sheet |
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Statement of Changes in Equity |
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Statement of Cash Flows |
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Notes to the Financial Statements |
Carling Technologies Limited
(Registration number: 00950937)
Company Information
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Directors |
Mr E R Van Erk Mr A Golland Mr R D Van Hal |
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Company secretary |
Mr R D Van Hal |
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Registered office |
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Solicitors |
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Auditors |
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Carling Technologies Limited
(Registration number: 00950937)
Directors' Report for the Year Ended 31 December 2024
The directors present their report and the financial statements for the year ended 31 December 2024.
Directors of the company
The directors who held office during the year were as follows:
The following director was appointed after the year end:
Principal activity
The principal activity of the company is the marketing and distribution of electrical switches, circuit protection devices, power distribution units and marine control and monitoring systems.
Financial instruments
Objectives and policies
The company participates in hedging transactions when it is deemed in the best commercial interests to do so. The company does this to mitigate its price risk, credit risk, liquidity risk and cash flow risk to acceptable levels. The company considers its exposure to foreign exchange risks and the level of risk to be acceptable.
Price risk, credit risk, liquidity risk and cash flow risk
The business’ activities expose it primarily to the financial risks of changes in foreign currency exchange rates.
The business’ principal financial instruments comprise bank balances, trade debtors and trade creditors. The main purpose of these instruments is to finance the business’ operations.
In respect of bank balances, the liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility through the use of overdrafts at floating rates of interest. All of the business’ cash balances are held in such a way that achieves a competitive rate of interest. The business makes use of money market facilities where funds are available.
Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits. The amounts presented in the balance sheet are net of allowances for doubtful debtors.
Trade creditors’ liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.
Future developments
The company intends to continue to grow sales and to continue leveraging cross business unit synergies.
Research and development
The company has a policy of carrying out internal research and development to maintain its market leading position.
Carling Technologies Limited
(Registration number: 00950937)
Directors' Report for the Year Ended 31 December 2024
Directors responsibilities
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 apply them consistently; |
• | make judgements and accounting estimates that are reasonable and prudent; |
• | state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
• | 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.
Disclosure of information to the auditors
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Approved and authorised by the
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Carling Technologies Limited
(Registration number: 00950937)
Strategic Report for the Year Ended 31 December 2024
The directors present their strategic report for the year ended 31 December 2024.
Fair review of the business
Sales declined over 2024 following strong growth over previous years, this has been offset by lead times reducing and inventory levels being optimised. Throughout 2024 and into 2025, we have continued to see some softening in demand from some key sectors of our OEM customer base. Our focus continues to be on leveraging our wider Littelfuse portfolio synergies, portfolio diversification and design-win led growth.
The company's key financial and other performance indicators during the year were as follows:
|
Financial KPIs |
Unit |
2024 |
2023 |
|
Turnover |
£,000 |
24,895 |
30,397 |
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Turnover growth |
% |
(18) |
(7) |
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Gross profit margin |
% |
20 |
17 |
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Profit before tax |
£,000 |
2,177 |
2,411 |
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Net assets |
£,000 |
13,620 |
11,458 |
Principal risks and uncertainties
The company exports to Europe, Middle East and Africa. This exposes the company to exchange rate volatility and variable customer demand.
Approved by the Board on
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Mr E R Van Erk
Director
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Mr A Golland
Director
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Mr R D Van Hal
Director
Carling Technologies Limited
(Registration number: 00950937)
Independent Auditor's Report to the Members of Carling Technologies Limited
Opinion
We have audited the financial statements of Carling Technologies Limited (the 'company') for the year ended 31 December 2024, which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including 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. |
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 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 director's 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 original financial statements were 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 directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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.
Carling Technologies Limited
(Registration number: 00950937)
Independent Auditor's Report to the Members of Carling Technologies Limited
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
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the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our 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 and the Directors' Report.
We have nothing to report in respect of the following matters where 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 set out on page 3, 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 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.
Carling Technologies Limited
(Registration number: 00950937)
Independent Auditor's Report to the Members of Carling Technologies Limited
As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
The extent to which the audit was considered capable of detecting irregularities including fraud
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
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the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; |
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we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the marketing and distribution of electrical goods sector; |
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we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental, fire safety and health and safety legislation; |
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we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management, reviewing licenses, certificates and relevant correspondence including the inspection of legal correspondence; and |
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identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. |
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
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making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and |
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considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. |
To address the risk of fraud through management bias and override of controls, we:
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performed analytical procedures to identify any unusual or unexpected relationships; |
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tested journal entries to identify unusual transactions; |
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assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and |
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investigated the rationale behind significant or unusual transactions. |
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
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agreeing financial statement disclosures to underlying supporting documentation; |
Carling Technologies Limited
(Registration number: 00950937)
Independent Auditor's Report to the Members of Carling Technologies Limited
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reviewing legal and professional fees incurred during the year; |
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enquiring of management as to actual and potential litigation and claims; and |
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reviewing correspondence with HMRC, relevant regulators and the company’s legal advisors. |
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
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For and on behalf of
1 Colleton Crescent
Devon
EX2 4DG
Carling Technologies Limited
(Registration number: 00950937)
Profit and Loss Account for the Year Ended 31 December 2024
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Note |
2024 |
2023 |
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Turnover |
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Cost of sales |
( |
( |
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Gross profit |
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Distribution costs |
( |
( |
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Administrative expenses |
( |
( |
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Other operating income |
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Operating profit |
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Other interest receivable and similar income |
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- |
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Interest payable and similar expenses |
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Profit before tax |
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Taxation |
( |
( |
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Profit for the financial year |
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The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
Carling Technologies Limited
(Registration number: 00950937)
Statement of Comprehensive Income for the Year Ended 31 December 2024
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2024 |
2023 |
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Profit for the year |
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Total comprehensive income for the year |
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Carling Technologies Limited
(Registration number: 00950937)
Balance Sheet as at 31 December 2024
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Note |
2024 |
2023 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
|||
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Called up share capital |
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Revaluation reserve |
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Profit and loss account |
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Total equity |
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Approved and authorised by the
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Carling Technologies Limited
(Registration number: 00950937)
Statement of Changes in Equity for the Year Ended 31 December 2024
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Share capital |
Revaluation reserve |
Retained earnings |
Total |
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At 1 January 2024 |
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Profit for the year |
- |
- |
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Transfers |
- |
(17) |
17 |
- |
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At 31 December 2024 |
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Share capital |
Revaluation reserve |
Retained earnings |
Total |
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At 1 January 2023 |
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Profit for the year |
- |
- |
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Transfers |
- |
(8) |
8 |
- |
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At 31 December 2023 |
50 |
107 |
11,301 |
11,458 |
Carling Technologies Limited
(Registration number: 00950937)
Statement of Cash Flows for the Year Ended 31 December 2024
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Note |
2024 |
2023 |
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Cash flows from operating activities |
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Profit for the year |
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Adjustments to cash flows from non-cash items |
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Depreciation and amortisation |
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Finance income |
( |
- |
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Income tax expense |
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Working capital adjustments |
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Decrease in stocks |
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(Increase)/decrease in trade debtors |
( |
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Decrease in trade creditors |
( |
( |
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Increase/(decrease) in provisions |
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( |
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Cash generated from operations |
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Income taxes received |
- |
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Net cash flow from operating activities |
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Cash flows from investing activities |
|||
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Interest received |
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- |
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Acquisitions of tangible assets |
( |
( |
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Proceeds from sale of tangible assets |
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- |
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Net cash flows from investing activities |
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( |
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Net increase in cash and cash equivalents |
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Cash and cash equivalents at 1 January |
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Cash and cash equivalents at 31 December |
5,771 |
3,772 |
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Carling Technologies Limited
(Registration number: 00950937)
Notes to the Financial Statements for the Year Ended 31 December 2024
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General information |
The company is a private company limited by share capital, incorporated in the United Kingdom.
The address of its registered office is:
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Summary of disclosure exemptions
The company has taken advantage of the following disclosure exemptions in FRS102 Section 1.12 as the information is provided in the consolidated financial statements of the parent group.
- Financial instrument disclosures, including categories of financial instruments, items of income, expenses, gains or losses relating to financial instruments and exposure to and management of financial risk.
Name of parent of group
These financial statements are consolidated in the financial statements of Littelfuse Inc.
The financial statements of Littelfuse Inc may be obtained from 8755 West Higgins Road Suite 500, Chicago, Illinois 60631, United States of America.
Carling Technologies Limited
(Registration number: 00950937)
Notes to the Financial Statements for the Year Ended 31 December 2024
Key sources of estimation uncertainty
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below:
The company provides warranties over products sold with varying warranty periods. The estimated general provision is re-assessed monthly and is initially calculated based on historical trends. Specific provisions are also realised for any particular product line or other sale which attract a higher risk and are expected to require replacement above the historical trends. See note 22 for the carrying amount of provisions as at the year end.
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the
assets. See note 12 for the carrying amount of the property, plant and equipment, and note 2 for the useful economic lives and depreciation rates applied for each class of assets.
Revenue recognition
The Company recognizes the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the Company’s activities. The Company’s sales arrangements with customers provide for transfer of control at the time of shipment as this is the point at which title and risk of loss of the product transfers to the customer. The amount of revenue recorded reflects the consideration to which the Company expects to be entitled net of sales/value added tax, in exchange for goods, and may include adjustments for returns, rebates and discounts. The Company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and goods have been dispatched or services performed.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises current and deferred tax.
The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Carling Technologies Limited
(Registration number: 00950937)
Notes to the Financial Statements for the Year Ended 31 December 2024
Tangible assets
Tangible assets with a cost greater than $5,000 are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
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Asset class |
Depreciation method and rate |
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Plant and machinery |
Straight line up to 11 years |
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Buildings |
Straight line up to 30 years |
Intangible assets
Intangible assets with a cost greater than $5,000 are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
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Asset class |
Amortisation method and rate |
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Computer software |
Straight line up to 10 years |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to sell. Cost is determined using the first-in, first-out (FIFO) method.
At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Carling Technologies Limited
(Registration number: 00950937)
Notes to the Financial Statements for the Year Ended 31 December 2024
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Provisions
Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expenses when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Carling Technologies Limited
(Registration number: 00950937)
Notes to the Financial Statements for the Year Ended 31 December 2024
Share based payments
The ultimate parent company operates an equity-settled, share-based compensation plan, under which the entity receives services from employees as consideration for equity instruments (options) of the ultimate parent entity. The fair value of the employee services received is measured by reference to the estimated fair value at the grant date of equity instruments granted and is recognised as an expense over the vesting period. The estimated fair value of the option granted is calculated using the Black Scholes option pricing model. The total amount expensed is recognised over the vesting period, which is the period over which all of the specified vesting conditions are to be satisfied.
The ultimate parent company makes a recharge to the company in respect of certain share awards granted to the company's employees. When incurred, these intercompany charges are offset in the profit and loss account reserve against the share based payment charge. Any difference is treated as a capital contribution or distribution.
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Turnover |
The analysis of the company's turnover for the year from continuing operations is as follows:
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2024 |
2023 |
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Sale of goods |
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The analysis of the company's turnover for the year by market is as follows:
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2024 |
2023 |
|
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Sale of goods, UK |
6,083 |
5,663 |
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Sale of goods, Europe |
15,846 |
19,626 |
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Sale of goods, Rest of World |
2,966 |
5,108 |
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24,895 |
30,397 |
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Other operating income |
The analysis of the company's other operating income for the year is as follows:
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2024 |
2023 |
|
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Miscellaneous other operating income |
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Operating profit |
Arrived at after charging/(crediting)
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2024 |
2023 |
|
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Depreciation expense |
|
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Amortisation expense |
|
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Carling Technologies Limited
(Registration number: 00950937)
Notes to the Financial Statements for the Year Ended 31 December 2024
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Other interest receivable and similar income |
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2024 |
2023 |
|
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Interest income on bank deposits |
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- |
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Interest payable and similar charges |
|
2024 |
2023 |
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|
Foreign exchange gains |
|
|
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
|
2024 |
2023 |
|
|
Wages and salaries |
|
|
|
Social security costs |
|
|
|
Pension costs, defined contribution scheme |
|
|
|
Share-based payment expenses |
|
|
|
Other employee expense |
|
|
|
|
|
The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:
|
2024 |
2023 |
|
|
Administration and support |
|
|
|
Sales |
|
|
|
|
|
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
|
2024 |
2023 |
|
|
Remuneration |
|
|
|
Contributions paid to money purchase schemes |
|
|
|
192 |
143 |
Carling Technologies Limited
(Registration number: 00950937)
Notes to the Financial Statements for the Year Ended 31 December 2024
During the year the number of directors who were receiving benefits and share incentives was as follows:
|
2024 |
2023 |
|
|
Received or were entitled to receive shares under long term incentive schemes |
|
|
|
Accruing benefits under money purchase pension scheme |
|
|
|
Auditors' remuneration |
|
2024 |
2023 |
|
|
Audit of the financial statements |
|
|
|
Taxation |
Tax charged/(credited) in the profit and loss account
|
2024 |
2023 |
|
|
Deferred taxation |
||
|
Arising from origination and reversal of timing differences |
|
|
The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2023 - lower than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
|
2024 |
2023 |
|
|
Profit before tax |
|
|
|
Corporation tax at standard rate |
|
|
|
Tax increase/(decrease) from effect of capital allowances and depreciation |
|
( |
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
|
Tax decrease arising from group relief |
( |
( |
|
Deferred tax expense from unrecognised temporary difference from a prior period |
|
|
|
Total tax charge |
|
|
Carling Technologies Limited
(Registration number: 00950937)
Notes to the Financial Statements for the Year Ended 31 December 2024
Deferred tax
Deferred tax liabilities
|
2024 |
Asset |
Liability |
|
Accelerated capital allowances |
- |
|
|
General provisions |
- |
|
|
- |
|
|
2023 |
Asset |
Liability |
|
Accelerated capital allowances |
- |
|
|
- |
|
|
Intangible assets |
|
Computer software |
Total |
|
|
Cost or valuation |
||
|
At 1 January 2024 |
|
|
|
At 31 December 2024 |
|
|
|
Amortisation |
||
|
At 1 January 2024 |
|
|
|
Amortisation charge |
|
|
|
At 31 December 2024 |
|
|
|
Carrying amount |
||
|
At 31 December 2024 |
|
|
|
At 31 December 2023 |
|
|
Amortisation is included within administrative expenses in the income statement.
Carling Technologies Limited
(Registration number: 00950937)
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Tangible assets |
|
Land and buildings |
Other property, plant and equipment |
Total |
|
|
Cost or valuation |
|||
|
At 1 January 2024 |
|
|
|
|
Additions |
|
- |
|
|
Disposals |
- |
( |
( |
|
At 31 December 2024 |
|
|
|
|
Depreciation |
|||
|
At 1 January 2024 |
|
|
|
|
Charge for the year |
|
|
|
|
At 31 December 2024 |
|
|
|
|
Carrying amount |
|||
|
At 31 December 2024 |
|
|
|
|
At 31 December 2023 |
|
|
|
Included within the net book value of land and buildings above is £1,080,082 (2023 - £1,086,591) in respect of freehold land and buildings.
Revaluation
The fair value of the company's Land and buildings was revalued on
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £
|
Stocks |
|
2024 |
2023 |
|
|
Finished goods and goods for resale |
|
|
The cost of stocks recognised as an expense in the year amounted to £19,360,015 (2023 - £24,181,302).
Carling Technologies Limited
(Registration number: 00950937)
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Debtors |
|
2024 |
2023 |
|
|
Trade debtors |
|
|
|
Other debtors |
|
|
|
Prepayments and accrued income |
|
|
|
Total current trade and other debtors |
|
|
|
Cash and cash equivalents |
|
2024 |
2023 |
|
|
Cash on hand |
- |
|
|
Cash at bank |
|
|
|
|
|
|
Creditors |
|
Note |
2024 |
2023 |
|
|
Due within one year |
|||
|
Trade creditors |
|
|
|
|
Amounts due to related parties |
|
|
|
|
Social security and other taxes |
|
|
|
|
Other creditors |
- |
|
|
|
Accruals |
|
|
|
|
|
|
|
Pension and other schemes |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £
Carling Technologies Limited
(Registration number: 00950937)
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Deferred tax and other provisions |
|
Warranties |
Deferred tax |
Total |
|
|
At 1 January 2024 |
|
|
|
|
Additional provisions |
|
- |
|
|
Increase (decrease) in existing provisions |
( |
|
( |
|
At 31 December 2024 |
|
|
|
|
|
|||
The company offers a 12 month warranty on all products sold. The provision at the year end is estimated based on the historical percentage of actual warranty costs during the year in relation to sales made, in addition to any specific provisions for products with known defects, whereby a further provision is estimated based on the expected uptake following targeted campaigns and anticipated replacement costs.
|
Share capital |
Allotted, called up and fully paid shares
|
2024 |
2023 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
49,900 |
|
49,900 |
|
|
|
100 |
|
100 |
|
|
|
|
|
|
Rights, preferences and restrictions
|
Ordinary have the following rights, preferences and restrictions: |
|
Reserves |
Called up share capital
Called up share capital represents the nominal value of the shares issued.
Revaluation reserve
Revaluation reserve represents the accumulated increase in value of fixed assets initially recorded at historical cost
Profit and loss account
Profit and loss account represents cumulative profits or losses, net of dividends paid and other adjustments
Carling Technologies Limited
(Registration number: 00950937)
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
|
2024 |
2023 |
|
|
Not later than one year |
- |
|
|
Later than one year and not later than five years |
- |
|
|
- |
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
|
Analysis of changes in net debt |
|
At 1 January 2024 |
Cash flow |
At 31 December 2024 |
|
|
Cash and cash equivalents |
|||
|
Cash at bank and in hand |
3,772 |
1,999 |
5,771 |
|
|
|
|
|
|
|
|||
|
Share-based payments |
Scheme details and movements
The total expense recognised in profit & loss for the period is £3,749 (2023: £8,067).
The total carrying amount of the liabilities arising from share-based payments at the end of the year was £nil (2023: £nil).
Carling Technologies Limited
(Registration number: 00950937)
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Related party transactions |
Key management compensation
|
2024 |
2023 |
|
|
Salaries and other short term employee benefits |
|
|
The company has taken advantage of the exemption in FRS 102 "Related Party Disclosures" from disclosing transactions with other members of the group.
|
Parent and ultimate parent undertaking |
The company's immediate parent is
The ultimate controlling party is
The parent of the smallest group in which these financial statements are consolidated is
The address of Littelfuse Inc is:
Chicago
Illinois 60631