COOPER_BIDCO_LIMITED - Accounts
COOPER_BIDCO_LIMITED - Accounts
The directors present the strategic report for the year ended 31 May 2021.
The Board of Directors, in line with their duties under s172 of the Companies Act 2006, act in a way they consider, in good faith, would be most likely to promote the success of the Company for the benefit of its members as a whole, and in doing so have regard to a range of matters when making decisions for the long term. Key decisions and matters that are of strategic importance to the Company are appropriately informed by s172 factors.
The company is a qualifying entity for the purposes of FRS102, being an intermediate holding company in a group where the parent of that group prepares publicly available consolidated financial statements, including this company and its subsidiaries. The financial statements of the company are consolidated in the financial statements of Whistler Topco Limited as at 31 May 2021.
Details of the Company’s key stakeholders and how we engage with them are set out below.
Shareholders
Maximising the long-term value for our shareholders, comprising both private equity investment and management, is very important. We have monthly meetings with our main investor which cover not only financial performance but also operational outputs and strategic options available to the company.
Colleagues, Customers, Suppliers & Communities
These areas of section 172 are not applicable as a non-trading parent entity of a group of companies. Those disclosures for trading subsidiary undertakings (where relevant) are provided in their own individual financial statements.
Government and regulators
A key area of focus for the business is ensuring compliance with all applicable laws and regulations. To that end the group has a dedicated Safety, Health, Environment and Quality department which ensures compliance and that the group retains all applicable accreditations.
The board is kept fully abreast of any legal and regulatory developments as and when they arise.
The company is an intermediate holding company for a group of companies which provides high quality end to end service within the mobile and fixed line telecommunications network and infrastructure sector including acquisition, design, deployment and maintenance of sites.
The company is an intermediate holding company that supports a group of operational companies, each with their own principal risks and uncertainties. These include competitive pressure, loss of customers, loss of key employees, product liability, Health and Safety and loss of reputation.
The key risk to Cooper Bidco Limited is the performance of its 100% wholly owned subsidiaries together with the largest trading entity of the group, WHP Telecoms Limited. As referenced in their accounts, the directors assess, actively manage and have policies in place to mitigate key identified risks.
Following the resignation of the position of the United Kingdom from the European Union, the terms of the future trading relationship between the UK and the EU are still uncertain. The directors have considered factors that could impact the company including access to skilled labour, the supply of materials and the location of customers. None of these factors are expected to be significantly adversely impacted by the UK leaving the EU and as a result the directors do not believe there to be any significant risk to the company going forward.
Impact of COVID-19
The Group of which the Company is part has been fortunate not to have suffered any significant financial or operational impact as a result of the COVID-19 pandemic. All office-based staff have successfully operated from either their own home environment or returned to office-based working, where the directors have implemented safety measures, including social distancing, temperature checks and the provision of appropriate personal protective equipment (“PPE”). For field-based staff, the sector in which the Group operates has been classified as part of the United Kingdom’s critical infrastructure and appropriate permissions have been gained from all customers to allow continuous working on their respective networks. Continued investment has been made to ensure availability of all appropriate PPE for those staff. The directors have also put in place return-to-work policies and risk assessments are made at all sites before work commences.
Overall, the directors are satisfied with the measures put in place and believe with the lifting of restrictions made in late January
Management use a range of performance measures to monitor and manage the group of which the company is part. The key financial indicators can be seen within the strategic reports of the group's trading entities.
For Cooper Bidco Limited specifically, the key financial indicators are to ensure that the investment carrying value of its subsidiary undertakings are free from impairment, and that it is able, where required, to pay upstream dividends. A review of those companies, supports the carrying values of the investments. During the year the company neither paid or received any dividends (2020 received dividends of £9,113,000 and paid dividends of £9,150,000.
Non-financial indicators which are used by the group include:
Conformance against client Health and Safety requirements
Measurement of the compliance to Health & Safety and quality assurance by subcontractors
Output of key delivery milestones including but not limited to site access levels, quantity of design outputs (general agreement drawings, detailed designs), site build completes, handover packs and final accounts
On behalf of the board
The directors present their annual report and financial statements for the year ended 31 May 2021.
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
The loss for the year, after taxation, amounted to £998 (2020: profit for the year of £9,162,700).
Interim dividends were paid amounting to £nil (2020: £9,150,000). The directors do not recommend payment of a final dividend.
The company is not subject to trading risks as an intermediate holding company. Exposure to credit risk is limited to recovery of amounts owed by group undertakings and this is mitigated through regular reconciliation and assessment of recoverability of balances by group management. As part of these procedures management also assess and manage exposure to liquidity risk as payables for the company are predominantly balances owed to group undertakings.
There have been no significant events affecting the company since the year end date.
The Group of which the company is part will continue to deliver successful roll out programs for clients both in the mobile and fixed line sectors. Central government commitments made to improve access to telecommunications networks will further assist this.
The group is also witnessing an increasing requirement for telecommunication investment in private networks and in sectors such as rail and utilities. The establishment of a dedicated business development team will assist in capitalising on these opportunities.
Further integration of the three recent acquisitions made by the group will further enhance delivery and operational efficiency, whilst the imminent move to an integrated operational and financial platform will improve both internal and external reporting capabilities.
In accordance with the company's articles, a resolution proposing that DSG be reappointed as auditor of the company will be put at a General Meeting.
select suitable accounting policies 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 company will continue in business.
give a true and fair view of the state of the company's affairs as at 31 May 2021 and of its loss for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
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.
Other information
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our 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.
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 remuneration specified by law are not made; or we have not received all the information and explanations we require for our audit.
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.
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.
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.
Discussions were held with, and enquiries made of, management and those charged with governance with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity.
The following laws and regulations were identified as being of significance to the entity:
Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting standards, Company Law, Tax and Pensions legislation, and distributable profits legislation.
It is considered that there are no laws and regulations for which non-compliance may be fundamental to the operating aspects of the business.
Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: inquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; review of board minutes; testing the appropriateness of entries in the nominal ledger, including journal entries; reviewing transactions around the end of the reporting period; and the performance of analytical procedures to identify unexpected movements in account balances which may be indicative of fraud.
The likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Use of our report
This report is made solely to the company's member 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 member those matters we are required to state to the member 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 member for our audit work, for this report, or for the opinions we have formed.
There was no other comprehensive income for the current or prior year.
Cooper Bidco Limited is a private company limited by shares incorporated in England and Wales. The registered office is Faraday Court, 401 Faraday Street, Birchwood Park, Warrington, WA3 6GA.
The principal activities of the company are disclosed in the Directors' Report.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
Section 4 ‘Statement of Financial Position’: Reconciliation of the opening and closing number of shares;
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’: Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The financial statements of the company are consolidated in the financial statements of Whistler Topco Limited as at 31 May 2021 and these financial statements may be obtained from the address given in note 17.
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 only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
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.
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
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 the revision affects both current and future periods.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
In assessing whether there have been any indicators of impaired assets, the directors have considered both external and internal sources of information such as market conditions, counterparty credit ratings and experience of recoverability. There have been no indicators of impairment identified during the current financial year.
Key sources of estimation uncertainty
There are no key assumptions or key sources of estimation uncertainty which might have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
Auditor's fees for the company are borne by the subsidiary company, WHP Telecoms Limited.
The company has no employees other than the directors, who did not receive any remuneration.
The actual charge/(credit) for the year can be reconciled to the expected (credit)/charge for the year based on the profit or loss and the standard rate of tax as follows:
Factors that may affect future tax charges
Finance Act 2021 includes provisions to increase the corporation tax rate from 19% to 25% with effect from 1 April 2023.
The following were subsidiary undertakings of the company. Those marked with an asterisk are indirect shareholdings held through the direct subsidiary, WHP (Holdings) Limited.
Amounts owed by group undertakings are unsecured, interest free, and repayable on demand.
Amounts owed to group undertakings are unsecured, interest free, and repayable on demand.
The profit and loss reserve includes all current and prior period retained profits and losses.
Cooper Bidco Limited has given a debenture to Glas Trust Corporation Limited (the security agent for the "Lenders": Permira Credit Solutions and The Royal Bank of Scotland Plc) to secure a cross guarantee given under an intercreditor deed in respect of loan borrowings owed to the Lenders due from Whistler Topco Limited, Whistler Midco Limited, Whistler Bidco Limited, Cooper Topco Limited, WHP (Holdings) Limited, WHP Telecoms Limited, Paragon Telecoms Limited, Sitec Infrastructure Services Limited, Redhall Network Solutions Holdings Limited, Redhall Network Solutions Limited, Blue Clarity Design Services Ltd and Intelligent Communications Solutions Limited.
There have been no significant events affecting the company since the year end date.
The company has taken advantage of the reduced disclosure exemption available under Financial Reporting Standard 102 relating to the disclosure of related party transactions between wholly owned group companies.
No other transactions with related parties were undertaken such as are required to be disclosed Financial Reporting Standard 102.
The immediate parent company is Cooper Topco Limited, a company registered in England and Wales, company number 09472834. The registered address is the same as for Cooper Bidco Limited.
The ultimate controlling party is Whistler Topco Limited, a company registered in England and Wales, company number 11198084. The registered address is the same as for Cooper Bidco Limited. Whistler Topco Limited is the largest group of companies into which the company's results are consolidated where the financial statements are available to the public. Copies of the consolidated financial statements of Whistler Topco Limited may be obtained from the Registrar of Companies at Crown Way, Cardiff, CF14 3UZ.
The ultimate controlling party of Whistler Topco Limited is Equistone LLP, a Limited Liability Partnership registered in England and Wales, registration number OC360196. The registered address is One New Ludgate, 60 Ludgate Hill, London, England, EC4M 7AW.