Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2021
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CCPI EUROPE LIMITED
COMPANY INFORMATION
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CCPI EUROPE LIMITED
CONTENTS
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CCPI EUROPE LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2021
The directors present their annual report together with the financial statements for the year ended 31 December 2021.
The principal activity of the company continues to be that of the manufacture and sale of thermocouples and ceramic products.
The results for the year were considered satisfactory by the directors with turnover increasing to £7,102,783 (2020: £6,030,051) and the gross profit margin was 47.62% (2020: 45.23%). At the balance sheet date the company had sufficient cash at bank and in hand to meet its short term liabilities. Net assets at the year end were £10,812,727 (2020: £9,667,443). The company does not antisipate any financial issues in the forthcoming year. Going forward the directors feel the company continues to be well placed both commercially and financially to maintain its core business and seize commercial opportunities as they arise.
The principal risks facing our business are strategic, commercial, operational and financial. The principal strategic and commercial risk is competitor activity and pressure. Operational risks and uncertainties include health and safety, employee relations, mitigation of, and recovery from, major disasters, product quality and customer service. We comply with recognised quality, health and safety and environmental standards and regulations.
The principal financial risks are the risk of customers defaulting on their debts and the risk that the Company's creditors do not advance credit. Our business is across a number of customers and we actively manage credit risk through regular monitoring of our customers and their debts. We regularly monitor balance and terms and hold sufficient cash sums to enable payment to be made to creditors as amounts fall due.
Future developments are also included in the directors report on pages 3-4.
The key performance indicators for the company are turnover and gross margin, along with the following:
Return on capital: 10.59% (2020: 10.95%) Liquidity: 4.87 (2020: 4.41) Sales credit days: 65 (2020: 75) The above key performance indicators are considered satisfactory by the directors.
This report was approved by the board on 29 September 2022
and signed on its behalf.
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CCPI EUROPE LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2021
The directors present their report and the financial statements for the year ended 31 December 2021.
The directors are responsible for preparing the Strategic report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements and then apply them consistently;
∙
make judgements and accounting estimates that are reasonable and prudent;
∙
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 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Principal risks and uncertainties are included in the Strategic report on pages 1-2 and form part of this report by cross-reference.
The profit for the year, after taxation, amounted to £
1,145,284
(2020 -
£
1,060,416
)
.
The results are set out on page 9.
No ordinary dividends were paid (2020: None). The directors do not recommend payment of a final dividend.
The directors who served during the year were:
The Company has made qualifying third party indemnity provisions for the benefit of its directors which were made during the year and remain in force at the date of this report.
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CCPI EUROPE LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
CCPI Europe has continued the goal of becoming a Lean Organisation by the end of 2023. This is supported by the CEO of Marmon Group and will require transformational leadership and systematic thinking from CCPI directors. Lean manufacturing is a series of methods designed to minimise the waste of material and labour while maintaining or increasing production. This results in net improvement in total productuvity.
The benefits that will be seen at CCPI Europe will include improved efficiency, reduced waste, and increased productivity. The benefits will flow down further with increased product quality, improved lead times, sustainability, employee satisfaction and increased profits. As part of our continued growth plans at CCPI Europe, investment in innovation and automation is ongoing to support our customer needs and sustainability. There continues to be market share growth opportunities in Europe, and the recent launch of our digital solutions are providing value-add temperature measurement solutions.
This confirmation is given and should be interpreted in accordance with the provisions of s418 of the Companies Act 2006.
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CCPI EUROPE LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
There have been no significant events affecting the Company since the year end.
Going Concern Statement The COVID-19 pandemic has continued to have some impact on all markets and regions in Europe. Throughout the financial year actions were taken by the Directors to manage costs and contracts appropriately to maintain cash reserves. Despite these challenging economic conditions, the Directors report the results of the company have improved compared to prior year. The Company has a diverse range of customers in multiple industries, and thanks to an ever-resilient workforce we are now seeing a recovery. The first half of 2022 is showing trading activity at a similar level to what we achieved prior to the global pandemic. Whilst the COVID-19 pandemic has had an impact, the Company has remained profitable and continues to do so. The Company continues to win new business with new customers, both in the UK and in Europe. While the company has not experienced any major disruption with the company’s supply chain, the company has significant raw materials in case of any future disruption. Consequently, the Directors believe the company is well placed to manage its business risks successfully. The Company continues to see a high level of new enquiries and continues to maintain a strong order book. The Directors believe the improvements on the business operations that have been seen for the first half of 2022 will continue. The Company has considerable financial resources with cash at bank and in hand of £8,453,727 (2020: £7,161,638) and current net assets of £9,266,915 (2020: £8,105,704). The Directors have assessed the Company’s status as a going concern, using all available information, and have considered a period of at least 12 months from the date of signing based on the Company’s latest trading projections. In performing this assessment, the directors have taken account of the current activity levels, external economic data and predictions, and the Company’s current cash position. Following this assessment, the directors have concluded that there are sufficient financial resources available to enable the Company to meet its liabilities as they fall due for a period of at least 12 months from the date of approval of these financial statements and, accordingly, have prepared the financial statements on a going concern basis.
The auditors, Deloitte LLP, will be proposed for reappointment in accordance with
section 485 of the Companies Act 2006.
This report was approved by the board on
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CCPI EUROPE LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CCPI EUROPE LIMITED
Report on the audit of the financial statements
Opinion
In our opinion the financial statements of CCPI Europe Limited (the ‘company’):
∙
give a true and fair view of the state of the company’s affairs as at 31 December 2021 and of its profit for the year then ended;
∙
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”; and
∙
have been prepared in accordance with the requirements of the Companies Act 2006.
We have audited the financial statements which comprise:
∙
the statement of comprehensive income;
∙
the balance sheet;
∙
the statement of changes in equity;
∙
the statement of cash flows; and
∙
the related notes 1 to 22.
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).
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report.
We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the Financial Reporting Council’s (the ‘FRC’s’) Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the 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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CCPI EUROPE LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CCPI EUROPE LIMITED
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Responsibilities of directors
As explained more fully in the directors’ responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the 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’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
A further description of our responsibilities for the audit of the financial statements is located on the FRC’s website at:www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Extent to which the audit was considered capable of detecting irregularities, including fraud
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.
We considered the nature of the company’s industry and its control environment, and reviewed the company’s documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management about their own identification and assessment of the risks of irregularities.
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CCPI EUROPE LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CCPI EUROPE LIMITED
We obtained an understanding of the legal and regulatory framework that the company operates in, and identified the key laws and regulations that:
∙
had a direct effect on the determination of material amounts and disclosures in the financial statements. These included the UK Companies Act, tax legislation; and
∙
do not have a direct effect on the financial statements but compliance with which may be fundamental to the company’s ability to operate or to avoid a material penalty.
We discussed among the audit engagement team regarding the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.
As a result of performing the above, we identified the greatest potential for fraud in the following areas, and our specific procedures performed to address it are described below:
∙
There is a risk of material misstateemnt due to fraud related to the cut-off of revenue recognition around year-end due to the incentive to manipulate delivery dates in order to overstate results. In response to this risk we obtained proof of delivery and sales invoices for a sample of dispatches either side of year-end and checked that revenue was recognised in the appriopriate period. We further assessed the design and implementation of key revenue controls around the cut-off assertion.
In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments; assessed whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.
In addition to the above, our procedures to respond to the risks identified included the following:
∙
reviewing financial statement disclosures by testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
∙
performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
∙
enquiring of management and both in-house and external legal counsel concerning actual and potential litigation and claims, and instances of non-compliance with laws and regulations; and
∙
reading minutes of meetings of those charged with governance.
Report on other legal and regulatory requirements
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
∙
the information given in the 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 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 company and its environment obtained in the course of the audit, we have not identified any material misstatements in the strategic report or the directors’ report.
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CCPI EUROPE LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CCPI EUROPE LIMITED
Matters on which we are required to report by exception
Under the Companies Act 2006 we are required to report in respect of the following matters 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.
We have nothing to report in respect of these matters.
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.
for and on behalf of
Statutory Auditor
United Kingdom
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CCPI EUROPE LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2021
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CCPI EUROPE LIMITED
REGISTERED NUMBER:
05726866
BALANCE SHEET
AS AT
31 DECEMBER 2021
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 14 to 27 form part of these financial statements.
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CCPI EUROPE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED
31 DECEMBER 2021
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CCPI EUROPE LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2021
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CCPI EUROPE LIMITED
ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2021
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CCPI EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
CCPI Europe Limited is a private company limited by shares incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The registered office is Unit D Vector 31 Business Park. Waleswood Way, Sheffield, South Yorkshire, S26 5NU.
The principal activities of the Company and the nature of it's operations are set out in the strategic report on pages 1 to 2.
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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
CCPI Europe Limited is a parent company that prepares separate financial statements. The company is exempt from the requirement to prepare group accounts in accordance with section 402 of the Companies Act given that the inclusion of its subsidiary undertakings in not material for the purposes of giving a true and fair view.
The following principal accounting policies have been applied:
The Directors have assessed the Company's status as a going concern, using all available information, and have considered a period of at least 12 months from the date of signing based on the Company's latest trading projections. In performing this assessment, the directors have taken account of the current activity levels, external economic data and predictions, and the Company's current cash position. Following this assessment, the directors have concluded that there are sufficient financial resources available to enable the Company to meet its liabilities as they fall due for a period of at least 12 months from the date of these financial statements and, accordingly, have prepared the financial statements on a going concern basis.
Functional and presentation currency
Transactions and balances
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CCPI EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
2.
Accounting policies (continued)
Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.
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CCPI EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
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.
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CCPI EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
2.
Accounting policies (continued)
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CCPI EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
2.
Accounting policies (continued)
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Balance sheet.
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CCPI EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
2.
Accounting policies (continued)
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where revision affects both current and future periods. There are no judgements or key sources of estimation uncertainty taken that could result in a material change to the carrying value in the financial statements within the next 12 months.
All turnover within the financial statements is generated from the sale of thermocouples, ceramic products and the provision of related services.
Analysis of turnover by country of destination:
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CCPI EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
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CCPI EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
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CCPI EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
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CCPI EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
10.
Taxation (continued)
There are no factors that may affect future tax changes. The UK main corporation tax rate is expected to remain at 19% until 31 March 2023. In the UK budget on 3 March 2021, it was announced that the main rate of corporation tax would increase to 25% from 1st April 2023.
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CCPI EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
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CCPI EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
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CCPI EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
Retirement benefit scheme
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund. The charge to the profit and loss account in respect of the defined contribution scheme was £70,332 (2020: £61,064).
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CCPI EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
The immediate parent company of CCPI Europe Limited is The Marmon Group Limited, which is incorporated in the United Kingdom.
The ultimate parent company, and the company heading the largest and smallest group preparing consolidated financial statements which include the company, is Berkshire Hathaway Inc., a U.S. company publicly traded on the New York Stock Exchange. The registered office of Berkshire Hathaway Inc. is 3555 Farnam Street, Omaha, Nebraska, United States of America. The financial statements of Berkshire Hathaway Inc. can be obtained from www.berkshirehathaway.com.
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