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Registered number:
For the Year Ended
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Chambertin Capital Limited
Company Information
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Chambertin Capital Limited
Contents
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Chambertin Capital Limited
Group Strategic Report
For the Year Ended 31 December 2024
The directors of Chambertin Capital Limited present their Strategic Report on the affairs of the Company and its subsidiary undertakings (the Group) together with the audited financial statements and independent auditor’s report for the year ended 31 December 2024.
Principal Activities The principal activities of the Group during the period continued to be the design, manufacture and supply of components and assemblies for the Electrical Transmission & Distribution, Power Storage and DC Electro refinery markets. In addition, the group has made significant in-roads in the development of new products and customers in the Energy Transition market i.e. Green Hydrogen and Metals Recycling. Business review and results
The Group headed by Chambertin Capital Limited delivered a strong performance for the year ended 31 December 2024, with turnover increasing to £99.89m (9 months ended 31 December 2023: £58.58m) and gross profit rising to £19.24m (9 months ended 31 December 2023: £9.68m). The Group continued to invest in capacity, innovation, and sustainability, positioning itself for long-term growth across its core and emerging markets.
The Board considers Adjusted EBITDA (Earnings before Interest, Tax, Depreciation and Amortisation, adjusted for exceptional and normalised items) to be its key metric. During a period of rapid change, a number of one off costs were incurred in the year and have been charged to exceptional or normalised costs. Adjusted EBITDA for the year was £11.1m (11.2% of Turnover). Adjusted EBITDA generated in the year ended December 2025 is expected to be a strong result due to key focus on enhancing operational capacity, expanding into energy transition markets and providing bespoke offerings including large DCB projects.
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Chambertin Capital Limited
Group Strategic Report (continued)
For the Year Ended 31 December 2024
Business review and results (continued)
Adjusted EBITDA increased to £11.1m, driven by higher turnover (27.9% increase on pro-rata basis) and disciplined cost control. This growth demonstrates the scalability of the Group’s operations. Adjusted EBITDA is a new KPI introduced during 2024; a comparative figure of £6.6m has been reported above for the prior period, excluding normalised items.
Included within Normalised items are additional administrative costs required to support the Group’s current strategic initiatives. These costs include: - £0.6m interim labour costs during a period of significant expansion and change. - £0.3m advisory costs linked to process implementation, including the rollout of new frameworks and operational controls. - £0.3m related to operational efficiency costs to streamline workflows & improve productivity. - £0.6m costs associated with strategic and project work. These Normalised costs are not expected to recur at the same level in future periods as the Group stabilises its operations and realises efficiencies. The Group continued to implement strong cash management controls, managing the sales and margin forecasts of the business, and maintaining positive relationships with key stakeholders. During the year, the Group experienced a reduction in cash balances, primarily driven by increased capital expenditure to support strategic growth initiatives and working capital movements around the year-end. These investments included capacity expansion in our India and Poland manufacturing sites and the implementation of new systems and processes. While this has temporarily impacted cash reserves, the Group maintains a strong liquidity position supported by a recently secured £98.6m refinancing facility. The balance sheet remains robust, with sufficient resources to support ongoing operations and future growth. The Group expects continued growth in revenue and profitability in FY2025, supported by: • Strong customer relations • Expansion of manufacturing capacity in our India & Poland plants • Development of production capacity through systems and process improvements • Continued investment in people • Refinancing initiatives to support long-term goals
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Chambertin Capital Limited
Group Strategic Report (continued)
For the Year Ended 31 December 2024
Directors' statement of compliance with duty to promote the success of the Group - s172(1)
The Group’s principal objective is to establish and maintain its position as preferred partner to our customers and to increase the value of the Group by generating strong, sustainable and growing cash flows across industry and economic cycles. To achieve these objectives, the Group has the following key strategies: • Consistently meeting and surpassing our customers' expectations in terms of quality and supply reliability. • Offering development opportunities to our employees through skills enhancement and a commitment to learning, fostering an empowered workforce. • Establishing world class operations with industry leading process management in all disciplines. • Contributing to the global energy transition as well as to a responsible and sustainable environment. • Making a positive contribution to our stakeholders and communities while achieving top tier financial performance. The directors believe these are critical long term factors for the success of the Group. The directors’ decision making has supported the implementation of the strategy which aims to operate and develop the business in a way that supports both the current and future needs. The directors strongly believe that sustainable business management and practices will contribute to the long term business success and will strengthen the Group’s leading position in the market. The directors ensure that the Group has sufficient resources to support its long term growth strategy and fund investment. The Group operates in an industry characterised by long term relationships between stakeholders and therefore engagement with stakeholders and maintaining a reputation for high standards of service and business conduct is vital. The Group engages in regular, open and proactive dialogue with all relevant stakeholders as this is needed to understand their perspectives, expectations, concerns and needs. In this way the Group is able to integrate stakeholders' considerations. Key decisions taken by directors during the period are as follows: • To continue to invest in recruitment and training and to boost capacity to support the Group’s continued growth and expansion. During the period under review, the Group approved and committed significant amounts on Capital Expenditure to expand its capacity in its two manufacturing bases and made a number of significant hires.
The Group places considerable value on the involvement of its employees and has continued to keep them informed on matters affecting them as employees and on the various factors affecting performance of the Group. This is achieved through regular meetings with employees, both formal and informal, giving the opportunity for consultation on a wide range of matters affecting their current and future interests.
Engagement with customers and suppliers Customers The Group's broad customer base spans industries, businesses and end users of our products. We work closely with our customers to understand their evolving needs so we can improve and adapt to meet them. The Group protects the interests of its customers through the careful selection of suppliers and other business partners, and through the standards set for its own actions. Suppliers We depend on the capability and performance of our suppliers to help deliver the products we need for our operations and our customers. The Group only works with suppliers who are prepared to eliminate problems or implement risk reduction measures.
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Chambertin Capital Limited
Group Strategic Report (continued)
For the Year Ended 31 December 2024
Community, environment and members
The Group engages with the community and has relationships with local charities to whom it regularly contributes. The Group monitors and seeks to reduce its impact on the environment. A review is planned for 2024 to plan net zero targets. Key performance indicators The Group uses a range of financial and non financial measures to monitor its performance against its strategic plans. The indicators cover Health & Safety, Environment, Customer Satisfaction, Employee Development, Financial Performance, Operational Performance and Fulfilment, Quality and Innovation. These measures provide the Board with leading indicators of future performance. In addition to the traditional sales, profit and working capital indicators, the Group places significant emphasis on cash generation forecasts, ensuring that the choice of customers, suppliers and stock levels always maintains a positive cash position. The Group also constantly monitors copper and currency exposure. The manufacturing activities in India and Poland are separately measured with regards to direct cost efficiencies and machine utilisation and are closely monitored via various KPI targets. The main financial KPIs used in assessing business performance are Turnover, Gross Profit % and EBITDA before Non statutory exceptional items.
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Chambertin Capital Limited
Group Strategic Report (continued)
For the Year Ended 31 December 2024
The Group also continues to monitor the global macroeconomic situation and upward inflationary pressures, although its major cost of Raw Materials, notably Copper, is priced in the business in relation to the London Metal Exchange ('LME'). This means the Group prices its contracts tied into the LME price and as such, its absolute margins are not affected by market volatility.
Cash flow and liquidity risk The Group manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the Group has sufficient liquid resources to meet the operating needs of the business. Exchange rate risk The Group actively manages its currency rate exposures through a centralised treasury division and uses simple derivative instruments such as forward contracts and currency swaps to mitigate the risks from such exposures. The use of derivative instruments is subject to limits and regular monitoring by appropriate levels of management. The Indian Rupee ('INR') exchange rate against the GBP remained fairly stable over the year moving from 106.1 to 107.2 , although there were some fluctuations throughout the year, and therefore, the Group continues to review and update its hedging policies to reflect growth and the changing macro economic environment. The consolidated results are dependent on changes in the exchange rate with the INR due to the scale of the operationg at the Indian subsidiary. The exchange rate used at 31 December 2024 for the purpose of this consolidation was 107.2 INR to GBP (2023: 106.1).
The directors expect both Group revenues and profitability to increase in the forthcoming year as the business continues to invest in its people, systems and infrastructure in order to deliver the best service in the industry to our customers.
This report was approved by the board and signed on its behalf.
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Chambertin Capital Limited
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.
The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group 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 the Group and to 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the Group's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements and other information included in Directors' Reports may differ from legislation in other jurisdictions.
The profit for the year, after taxation, amounted to £5,881,068 (9 months ended 31 December 2023 - £1,503,447).
The directors do not recommend the payment of a final dividend (9 months ended 31 December 2023 - £nil).
The directors who served during the year were:
Details of future developments can be found in the Group Strategic Report.
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Chambertin Capital Limited
Directors' Report (continued)
For the Year Ended 31 December 2024
The Group’s business activities, together with the principal risks and uncertainties likely to affect its future growth and performance, are set out in the Group strategic report. The Group Strategic Report describes the financial performance of the Group, its cashflows, liquidity position and other financial and operational risks.
The Group manages its day to day working capital requirements through a combination of current accounts, credit facilities and intercompany loans. The Group proactively manages cashflow to ensure obligations under associated borrowings can be met. The trading and cashflow forecasts are considered to be prudent and have been prepared using the latest information on Group performance, expected future development and trading. The directors have taken into account the Group’s net current asset position, and also the Group’s cashflow and profitable trading companies. Taking all these factors into account, including all reasonable uncertainties, the directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future and in any case, for a period of not less than 12 months from the date of signing these financial statements.
The Group continues to invest in research and development with the purpose of creating innovative, efficient products for the power industry.
Development of new IT and finance systems and the improvement of those currently used by the Group is carried out continuously. The directors have taken all steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.
Information on employee engagement can be found in the Group Strategic Report.
Information on engagement with suppliers, customers and others can be found in the Group Strategic Report.
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Chambertin Capital Limited
Directors' Report (continued)
For the Year Ended 31 December 2024
Chambertin Capital Limited is committed to integrating environmental, social and governance (ESG) principles into its operations and strategic decision-making. The Group’s ESG strategy is embedded in its operations and reflects its dedication to sustainable development and stakeholder engagement.
Tree Plantation & Ecological Restoration: Support extended to project for tree planting and ecological restoration. This initiative contributes to Sustainable Development Goals (SDGs). Planned Environmental Projects/Initiatives: • Use of wind-generated electricity in India to reduce emissions and promote sustainable energy (pending Government policy). • Establishment of a Sewage Treatment Plant to enable zero discharge and reuse of approx. 7,000 litres of water daily. • Tree plantation on 2,850 sq. mtr. (awaiting approval). Carbon Neutrality Goal: The Group aims to achieve carbon neutrality in internal operations by 2030. Social Responsibility Chambertin Capital Limited actively promotes social inclusion, employee engagement, and community development Governance and Reporting The Group maintains high standards of governance and transparency: • UN Global Compact Membership: Continued membership with the UNGC and submission of the 2024 Communication on Progress (CoP). • Sustainability Strategy Development: In 2025, the Group will undertake: o Stakeholder Engagement & Double Materiality Analysis (SEMA) o ESG Monitoring, Measurement & Governance Process • Future Reporting: Plans to submit CDP Climate Change and Water Security disclosures for 2024. Greenhouse gas emissions, energy consumption and energy efficiency action The Group has not disclosed information in respect of greenhouse gas emissions, energy consumption and energy efficiency action as its energy consumption in the United Kingdom for the year is 40,000kWh or lower.
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Chambertin Capital Limited
Directors' Report (continued)
For the Year Ended 31 December 2024
Subsequent to the year end, the Company acquired the entire share capital of MSS Products Holdings Limited (company number 10975186) and the group headed by MSS Products Holdings Limited.
In addition to the above, the Group and Company completed a refinancing agreement securing at total of £98.6m in the form of a Term Loan & Revolving Facility. As part of a wider refinancing initiative, the Group settled existing debt and loan notes arising in the wider group structure headed by Bamboo Topco Limited (a company registered in Jersey). This settlement was a factor in the decision to secure the new £98.6m Term Loan and Revolving Facility, which has strengthened the Group’s liquidity and positioned it to support long-term strategic growth.
The directors have resolved not to re-appoint Hurst Accountants Limited as the Group and Company’s auditors. The Company is currently in the process of selecting a new audit firm, and an appointment will be made in due course.
This report was approved by the board and signed on its behalf.
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Chambertin Capital Limited
Independent Auditors' Report to the Members of Chambertin Capital Limited
We have audited the financial statements of Chambertin Capital Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2024, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, 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).
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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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.
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 or the 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.
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Chambertin Capital Limited
Independent Auditors' Report to the Members of Chambertin Capital Limited (continued)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.
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Chambertin Capital Limited
Independent Auditors' Report to the Members of Chambertin Capital Limited (continued)
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 Auditors' 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 Group financial statements.
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 engagement partner's assessment of the appropriateness of the collective competence and capabilities of the engagement team included consideration of the engagement team’s: • Understanding of, and practical experience with audit engagements of a similar nature and complexity through appropriate training and participation; • Knowledge of the industry in which the entity operates; • Understanding of the legal and regulatory requirements specific to the entity. Identifying and assessing potential risks related to irregularities In identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following: • The nature of the industry and sector in which the Group operates; the control environment and business performance including key drivers for directors' remuneration, bonus levels and performance targets. • The outcome of enquiries of management, including whether management was aware of any instances of non- compliance with laws and regulations, and whether management had knowledge of any actual, suspected, or alleged fraud. • Supporting documentation relating to the Group and Company's policies and procedures for: - Identifying, evaluating, and complying with laws and regulations - Detecting and responding to the risks of fraud • The internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations. • The outcome of discussions amongst the engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. • The legal and regulatory framework in which the Group and Company operate, particularly those laws and regulations which have a direct effect on the financial statements, such as the Companies Act 2006, pensions and tax legislation, or which had a fundamental effect on the operations of the Group and Company, including General Data Protection requirements, and Anti-bribery and Corruption. We also communicated with component auditors to request identification of any instances of non-compliance with laws and regulations that could give rise to a material misstatement of the group financial statements. The engagement partner assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations.
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Chambertin Capital Limited
Independent Auditors' Report to the Members of Chambertin Capital Limited (continued)
Audit response to risks identified
Our procedures to respond to the risks identified included the following: • Reviewing the financial statements disclosures and testing to supporting documentation to assess compliance with the provisions of those relevant laws and regulations which have a direct effect on the financial statements. • Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud. Procedures to identify non-compliance with relevant laws and regulations were performed at all components within the scope of our audit. • Evaluation of the operating effectiveness of management’s controls designed to prevent and detect irregularities. • Enquiring of management about any actual and potential litigation and claims. • Performing analytical procedures to identify any unusual or unexpected relationships which may indicate risks of material misstatement due to fraud. We have also considered the risk of fraud through management override of controls by: • Testing the appropriateness of journal entries and other adjustments. • Challenging assumptions made by management in their significant accounting estimates, and assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and • Evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. There are inherent limitations in the audit procedures described above, and the further removed non-compliance with laws and regulations are from the events and transactions reflected in the financial statements, the less likely we would become aware of them. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' 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 Auditors' 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.
for and on behalf of
Chartered Accountants
Statutory Auditors
3 Stockport Exchange
Cheshire
SK1 3GG
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Chambertin Capital Limited
Consolidated Statement of Comprehensive Income
For the Year Ended 31 December 2024
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Chambertin Capital Limited
Registered number: 05617608
Consolidated Balance Sheet
As at
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 21 to 59 form part of these financial statements.
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Chambertin Capital Limited
Registered number: 05617608
Company Balance Sheet
As at
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 21 to 59 form part of these financial statements.
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Chambertin Capital Limited
Consolidated Statement of Changes in Equity
For the Year Ended 31 December 2024
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Chambertin Capital Limited
Company Statement of Changes in Equity
For the Year Ended 31 December 2024
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Chambertin Capital Limited
Consolidated Statement of Cash Flows
For the Year Ended 31 December 2024
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Chambertin Capital Limited
Consolidated Statement of Cash Flows (continued)
For the Year Ended 31 December 2024
Consolidated Analysis of Net Debt
For the Year Ended 31 December 2024
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Chambertin Capital Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
Chambertin Capital Limited is a private company limited by shares and incorporated in England and Wales. The address of the registered office and the principal place of business is c/o MSS Products Ltd, Bankfield Road, Tyldesley, Manchester, M29 8QH. The company number is 05617608.
The nature of the Group's operations and its principal activity is the manufacture and supply of components to the power industry.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The reporting period is the year ended 31 December 2024. As the previous reporting period was the 9 months ended 31 December 2023, the comparative amounts presented in the financial statements are not entirely comparable. Restatement of prior period Consolidated Statement of Cash Flows In the prior period financial statements, increases in debtors totalling £911,784 were included in the Consolidated Statement of Cash Flows as secured loan advances within 'Cash flows from investing activities'. In these financial statements, the movements in the prior period cash flows have been restated such that secured loan repayments and the increase in debtors are correctly stated.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.
Parent Company disclosure exemptions
In preparing the separate financial statements of the parent Company, advantage has been taken of the following disclosure exemptions available in FRS 102:
∙No Statement of Cash Flows has been presented for the parent Company.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
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Chambertin Capital Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
2.Accounting policies (continued)
Functional and presentation currency
This differs from the presentational currency which is GBP. The reason for the difference is shareholder and investor convenience.
Transactions and balances
Foreign exchange gains and losses are presented in the Consolidated statement of comprehensive income within 'administrative expenses'. On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.
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Chambertin Capital Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
2.Accounting policies (continued)
Service income is recognised as per the terms of the contracts and arrangements with customers regarding when the related services are performed, and when no significant uncertainty exists regarding the amount of the consideration that will be derived from rendering the service. Longer-term projects When the outcome of longer-term projects can be estimated reliably, contract revenue and contract costs are recognised as revenue and expenses respectively to the stage of completion at the end of the reporting period. Reliable estimation of the outcome of longer-term projects requires reliable assessment of the stage of completion, future costs and collectability of billings, to be made by management. When the outcome of a long-term project cannot be reliably measured, costs are expensed as incurred, and revenue is recognised only to the extent that it is probable that costs will be recoverable. When it is probable that the total contract costs will exceed total contract revenue on a longer-term contract, the expected loss shall be recognised as an expense immediately, with a corresponding provision for an onerous contract.
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Chambertin Capital Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
2.Accounting policies (continued)
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only. Grants of a revenue nature are recognised in the Consolidated Statement of Comprehensive Income in the same period as the related expenditure.
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Chambertin Capital Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
2.Accounting policies (continued)
Defined benefit pension plan
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Chambertin Capital Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
2.Accounting policies (continued)
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Chambertin Capital Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
2.Accounting policies (continued)
Goodwill
Other intangible assets
At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
The estimated useful lives range as follows:
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Chambertin Capital Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Assets under construction are only subject to depreciation at the point that they are brought into use. The carrying value is reviewed periodically and if any assets are likely to generate future economic benefit they are subject to impairment accordingly.
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Chambertin Capital Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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Chambertin Capital Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
2.Accounting policies (continued)
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, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.
Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
Impairment of financial assets
Financial assets are assessed for indicators of impairment at each reporting date.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
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Chambertin Capital Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
2.Accounting policies (continued)
Other financial instruments
Derivatives, including forward exchange contracts and futures contracts, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.
Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss.
Derecognition of financial instruments
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.
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Chambertin Capital Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
The judgements, estimates and assumptions that have the most significant effect on the carrying value of assets and liabilities of the Company as at 31 December 2024 are discussed below: a) Tangible fixed assets (Group and Company) During the prior period, management identified indicators of impairment for certain Plant and Machinery assets. As a result, an impairment loss of £522,000 was recorded in the Consolidated Statement of Comprehensive Income. The impairment loss was determined by comparing the carrying amount of the assets to their recoverable amount, which is the higher of fair value less costs to sell and value in use, which requires management's estimation and an element of uncertainty. Some of the impaired assets were disposed of during the year ended 31 December 2024, and an immaterial element of the prior period impairment loss was reversed. Management has assessed that there are no indicators of impairment at 31 December 2024 and further impairment provisions are not required. The carrying amount of the Group's tangible fixed assets at 31 December 2024 was £14,563,247 (2023: £10,743,540) and the Company has tangible fixed assets with a net book value of £384,185 (2023: £564,849). b) Amounts owed by group undertakings (Company) During the prior period, Group management performed an impairment assessment of a loan owed to the Company by a group undertaking totalling £3,574,000. They concluded that an impairment provision totalling £715,000 should be recognised and this provision continues to be accounted for at 31 December 2024. No further impairment has been recognised in the current year. The Carrying value of amounts owed to the Company by group undertakings at 31 December 2024 is £12,059,540 (2023: £7,093,002), of which £3,551,497 (2023: £2,858,512) is due in greater than one year. c) Provision for slow-moving and obsolete stocks (Group) In determining whether provision for slow-moving and obsolete stock should be recorded in profit or loss, Group management makes judgements as to whether there is any observable data indicating that there is any future saleability of the product and the estimated net realisable value for such product, including the potential scrap value. Accordingly, provision for impairment is made where the net realisable value is less than the cost, based on estimates by Group management. At 31 December 2024, stock held by the Group totalled £18,353,512 (2023: £14,936,956). The carrying value of the Group's stocks is stated net of provisions totalling £141,251 (2023 - £582,041). d) Goodwill (Group) The Group establishes a reliable estimate of the useful life of goodwill arising from business combinations. This estimate is based on a variety of factors such as the expected use of the acquired business and the useful life of the cash generating units to which the goodwill is attributed. At each reporting date, the goodwill is assessed for any indicators of impairment. If there is any evidence of impairment, the carrying amount of the asset is reduced to its recoverable amount and the impairment loss is recognised immediately in the income statement. No impairment charges were accounted for during the year, and the carrying amount of goodwill at the year end was £968,248 (2023: £nil).
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Chambertin Capital Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
3.Judgements in applying accounting policies (continued)
Management assesses at each reporting date whether there is an indication that investments in each subsidiary are impaired. If any such indication exists, management shall estimate the recoverable amount of the asset and any impairment loss shall be recognised immediately in profit or loss. At the year end, investments in subsidiaries held by the Company totalled £1,635,575 (2023: £237,372).
Analysis of turnover by country of destination:
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Chambertin Capital Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
Page 34
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Chambertin Capital Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
Page 35
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Chambertin Capital Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
Page 36
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Chambertin Capital Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
Page 37
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Chambertin Capital Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
Page 38
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Chambertin Capital Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
Page 39
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Chambertin Capital Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
14.Taxation (continued)
There were no factors that may affect future tax charges.
Page 40
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Chambertin Capital Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The profit after tax of the parent Company for the year/period was £
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Chambertin Capital Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
Page 42
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Chambertin Capital Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
17.Intangible assets (continued)
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Chambertin Capital Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
Page 44
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Chambertin Capital Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
18.Tangible fixed assets (continued)
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Chambertin Capital Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
18.Tangible fixed assets (continued)
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Chambertin Capital Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
Page 47
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Chambertin Capital Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
Page 48
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Chambertin Capital Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
Page 49
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Chambertin Capital Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
Page 50
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Chambertin Capital Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
Page 51
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Chambertin Capital Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
Page 52
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Chambertin Capital Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
28.Share capital (continued)
Profit and loss account
Page 53
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Chambertin Capital Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
30.Business combinations (continued)
Page 54
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Chambertin Capital Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
a) The Group's overdraft facility with Lloyds Bank plc is secured by way of an unlimited debenture over all present and future business asset, goodwill and intellectual property rights.
An omnibus guarantee agreement dated 16 March 2016, and an omnibus guarantee and set off agreement dated 4 April 2014, have been given to Lloyds Bank Plc in favour of the Company and certain subsidiary undertakings. b) The Group has a contingent liability in relation to custom duties which may be demanded totalling £Nil (2023: £2,135,577). c) The Group has been advised of an income tax liability which may arise in respect of matters in appeal totalling £16,870 (2023: £17,051). The Group occasionally issues bonds and guarantees to specific customers. As at 31 December 2024, the value of bonds and guarantees outstanding totalled £1,171,810 (2023: £284,795).
Page 55
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Chambertin Capital Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £768,382 (9 months ended 31 December 2023 - £343,838) . Contributions totalling £nil (2023 - £nil) were payable to the fund at the balance sheet date and are included in creditors.
MSS India Private Limited, a subsidiary undertaking, operates a Defined Benefit gratuity plan. The scheme provides for lump sum payments to employees on retirement, death while in employment or termination of employment of an amount equivalent to 15 days' salary for every completed year of service or party thereof in six months, provided the employee has completed 5 years of service.
The following tables summarise the components of the net benefit expense recognised in the Consolidated Statement of Comprehensive Income and the Consolidated Balance Sheet.
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Chambertin Capital Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
33.Pension commitments (continued)
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Chambertin Capital Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
33.Pension commitments (continued)
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Chambertin Capital Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
In addition to the above, the Group and Company completed a refinancing agreement securing at total of £98.6m in the form of a Term Loan & Revolving Facility. As part of a wider refinancing initiative, the Group settled existing debt and loan notes arising in the wider group structure headed by Bamboo Topco Limited (a company registered in Jersey). This settlement was a factor in the decision to secure the new £98.6m Term Loan and Revolving Facility, which has strengthened the Group’s liquidity and positioned it to support long-term strategic growth.
The Company's immediate parent undertaking is Bamboo Bidco Limited, a company registered in Jersey.
The ultimate controlling party is Stellex Capital Holdings II Luxembourg SARL, a company registered in Luxembourg.
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