Company No:
Contents
| Note | 2024 | 2023 | ||
| £'000 | £'000 | |||
| Fixed assets | ||||
| Investments | 4 |
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| 60,542 | 60,542 | |||
| Current assets | ||||
| Debtors | 5 |
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| Cash at bank and in hand |
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| 1,784 | 2,059 | |||
| Creditors: amounts falling due within one year | 6 | (
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| Net current assets | 700 | 995 | ||
| Total assets less current liabilities | 61,242 | 61,537 | ||
| Net assets |
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| Capital and reserves | ||||
| Called-up share capital | 7 |
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| Other reserves |
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| Profit and loss account |
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| Total shareholder's funds |
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The financial statements of CL World Brands Ltd (registered number:
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Mr M Byers
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
CL World Brands Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is 110 Queen Street, Glasgow, G1 3BX, United Kingdom.
The financial statements have been prepared under the historical cost convention and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £'000.
The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate working capital to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. The company has limited recurring outgoings with no long term commitments therefore, the current bank balance is deemed sufficient to withstand a prolonged period in the event that there were no receipts being made into the bank. The parent company, CL Financial Limited, continues to be in liquidation and at the date of approval of the financial statements there are no events or future plans for the group that would impact the company's ability to continue as a going concern. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity. The company is a member of a large group headed by its parent CL Financial Limited, which is in liquidation and therefore has not prepared consolidated accounts for the equivalent period.
Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets is reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Statement of Financial Position when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
Basic financial liabilities
Basic financial liabilities, including certain creditors and amounts owed to group undertakings are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the financial year in which the estimate is revised if the revision affects only that financial year, or in the financial year of the revision and future financial years if the revision affects both current and future financial years.
Carrying Value of Investments:
The directors annually review the investments for indicators of impairment. The directors consider factors such as the financial and non-financial performance of the subsidiaries that they have an investment in before determining whether an impairment charge is required.
| 2024 | 2023 | ||
| Number | Number | ||
| Monthly average number of persons employed by the Company during the year, excluding directors |
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| 2024 | 2023 | ||
| £'000 | £'000 | ||
| Subsidiary undertakings |
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CL World Brands Ltd directly holds 100% of the ordinary share capital in the following holding companies.
Groupe Angostura (Suisse) SA (in liquidation) with a registered office in Switzerland and Rumpro Company Limited with a registered office in St Lucia.
Investments in subsidiaries
| 2024 | |
| £'000 | |
| Cost | |
| At 01 July 2023 |
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| At 30 June 2024 |
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| Provisions for impairment | |
| At 01 July 2023 |
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| At 30 June 2024 |
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| Carrying value at 30 June 2024 |
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| Carrying value at 30 June 2023 |
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| 2024 | 2023 | ||
| £'000 | £'000 | ||
| Other debtors |
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| 2024 | 2023 | ||
| £'000 | £'000 | ||
| Trade creditors |
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| Amounts owed to own subsidiaries |
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| Other creditors |
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| 2024 | 2023 | ||
| £ | £ | ||
| Allotted, called-up and fully-paid | |||
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The company has taken advantage of the exemption contained within FRS 102 'Related Party Transactions' from disclosing transactions with other 100% owned members of the group headed by CL Financial Limited, 29 Vincent Street, Port of Spain, Trinidad & Tobago.
The ultimate controlling party is CL Financial Limited, a company in liquidation, registered in Trinidad and Tobago.
Other reserves comprise capital contributions received from the parent company, CL Financial Limited (in liquidation).
The audit report was signed by Stuart Rose on behalf of AAB Audit & Accountancy Limited.