BRITAX CHILD SAFETY LIMITED

BRITAX CHILD SAFETY LIMITED

BRITAX CHILD SAFETY LIMITED - Company Information

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BRITAX CHILD SAFETY LIMITED

Company Registration Number:
00261123 (England and Wales)

Unaudited abridged accounts for the year ended 31 December 2019

Period of accounts

Start date: 01 January 2019

End date: 31 December 2019

BRITAX CHILD SAFETY LIMITED

Contents of the Financial Statements

for the Period Ended 31 December 2019

Balance sheet
Notes

BRITAX CHILD SAFETY LIMITED

Balance sheet

As at 31 December 2019


Notes
2019
2018


£
£
Current assets
Debtors:   998 998
Total current assets: 998 998
Net current assets (liabilities): 998 998
Total assets less current liabilities: 998 998
Total net assets (liabilities): 998 998
Capital and reserves
Called up share capital: 6,263,339 6,263,339
Other reserves: 311,000 311,000
Profit and loss account: (6,573,341) (6,573,341)
Shareholders funds: 998 998

The notes form part of these financial statements

BRITAX CHILD SAFETY LIMITED

Balance sheet statements

For the year ending 31 December 2019 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 16 December 2020
and signed on behalf of the board by:

Name: N Fenwick
Status: Director

The notes form part of these financial statements

BRITAX CHILD SAFETY LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2019

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Financial Reporting Standard 101

BRITAX CHILD SAFETY LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2019

2. Employees

2019 2018
Average number of employees during the period 0 0

BRITAX CHILD SAFETY LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2019

3. Post balance sheet events

At the balance sheet date the Company’s parent undertaking Britax Group Limited was close to concluding an active dialogue with the Group’s financiers and stakeholders in relation to the maturity of the Group’s financing facilities. As a subsequent event to these financial statements, on 9 January 2020, the Company restructured its balance sheet by recapitalising its existing debt (€334,405,000 as of 31 December 2019) through injection of new senior debt of €96,900,000 repayable in 2024, a recapitalisation of the existing debt into equity and new springing subordinated debt of €40,100,000. On 30 January 2020 €39.7m of the Springing Subordinated debt became Junior Debt repayable in 2025, with the remaining amount repayable in 2030. Interest on the Senior debt is 1% cash plus 11% PIK, on the Junior debt interest is 12% PIK. As a result of the transaction, cash at bank on 31 January 2020, was €59,524,000 compared to the balance on 31 December 2019 of €20,030,000. Majority ownership of the Group transferred to Persimmon Newco LLP, an entity controlled by the lenders.