CNC Group Holdings Limited 04776218 false 2022-05-01 2023-04-30 2023-04-30 2023-04-30 The principal activity of the company is The principal activity of CNC Group Holdings Limited is the parent group of four trading companies known collectively as Colemans. A third-generation family business celebrating 60 years of trading, the group has been at the forefront of market-leading, innovative changes in the demolition and wider construction sector. We combine a highly skilled, experienced team with innovative processes and the latest technology to deliver an integrated portfolio of services fit for the present and designed for the future. These services span demolition and deconstruction, land remediation, specialist cutting and engineered solutions – delivered worldwide, all with a focus on safety, sustainability and quality. Customers include everyone from multinational companies to public sector organisations and individual developers, with a great emphasis on collaboration to make sure Colemans is successful in all activities. Our specialist services are globally recognised by clients, competitors and others within the industry, including the wider construction sector. Thanks to a collaborative approach and integrated solutions, Colemans have built a reputation for delivering the most complex and challenging projects in some of the most high-risk environments. Digita Accounts Production Advanced 6.30.9574.0 true true true false false true true true false false false false false false false 04776218 2022-05-01 2023-04-30 04776218 2023-04-30 04776218 bus:Director7 bus:Consolidated 2023-04-30 04776218 bus:Director8 bus:Consolidated 2023-04-30 04776218 bus:OrdinaryShareClass1 bus:Consolidated 2023-04-30 04776218 bus:OrdinaryShareClass2 bus:Consolidated 2023-04-30 04776218 bus:OrdinaryShareClass3 bus:Consolidated 2023-04-30 04776218 bus:Consolidated 2023-04-30 04776218 core:AcceleratedTaxDepreciationDeferredTax 2023-04-30 04776218 core:AcceleratedTaxDepreciationDeferredTax bus:Consolidated 2023-04-30 04776218 core:RevaluationInvestmentPropertyDeferredTax 2023-04-30 04776218 core:RevaluationInvestmentPropertyDeferredTax bus:Consolidated 2023-04-30 04776218 core:CapitalRedemptionReserve 2023-04-30 04776218 core:CapitalRedemptionReserve bus:Consolidated 2023-04-30 04776218 core:MergerReserve bus:Consolidated 2023-04-30 04776218 core:RetainedEarningsAccumulatedLosses 2023-04-30 04776218 core:RetainedEarningsAccumulatedLosses bus:Consolidated 2023-04-30 04776218 core:RevaluationReserve 2023-04-30 04776218 core:RevaluationReserve bus:Consolidated 2023-04-30 04776218 core:ShareCapital 2023-04-30 04776218 core:ShareCapital bus:Consolidated 2023-04-30 04776218 core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests bus:Consolidated 2023-04-30 04776218 core:FinancialAssetsCostLessImpairment core:Non-currentFinancialInstruments bus:Consolidated 2023-04-30 04776218 core:CurrentFinancialInstruments 2023-04-30 04776218 core:CurrentFinancialInstruments bus:Consolidated 2023-04-30 04776218 core:CurrentFinancialInstruments bus:Consolidated 2 2023-04-30 04776218 core:CurrentFinancialInstruments 2 2023-04-30 04776218 core:CurrentFinancialInstruments core:WithinOneYear 2023-04-30 04776218 core:CurrentFinancialInstruments core:WithinOneYear bus:Consolidated 2023-04-30 04776218 core:Non-currentFinancialInstruments 2023-04-30 04776218 core:Non-currentFinancialInstruments bus:Consolidated 2023-04-30 04776218 core:Non-currentFinancialInstruments core:AfterOneYear 2023-04-30 04776218 core:Non-currentFinancialInstruments core:AfterOneYear bus:Consolidated 2023-04-30 04776218 core:OtherResidualIntangibleAssets bus:Consolidated 2023-04-30 04776218 core:PatentsTrademarksLicencesConcessionsSimilar 2023-04-30 04776218 core:PatentsTrademarksLicencesConcessionsSimilar bus:Consolidated 2023-04-30 04776218 core:ProvisionsForImpairmentInvestments 2023-04-30 04776218 core:BetweenOneFiveYears 2023-04-30 04776218 core:BetweenTwoFiveYears 2023-04-30 04776218 core:BetweenTwoFiveYears bus:Consolidated 2023-04-30 04776218 core:WithinOneYear 2023-04-30 04776218 core:WithinOneYear bus:Consolidated 2023-04-30 04776218 core:FurnitureFittings bus:Consolidated 2023-04-30 04776218 core:LandBuildings 2023-04-30 04776218 core:LandBuildings bus:Consolidated 2023-04-30 04776218 core:LandBuildings core:OwnedOrFreeholdAssets 2023-04-30 04776218 core:LandBuildings core:OwnedOrFreeholdAssets bus:Consolidated 2023-04-30 04776218 core:OfficeEquipment bus:Consolidated 2023-04-30 04776218 core:PlantMachinery 2023-04-30 04776218 core:PlantMachinery bus:Consolidated 2023-04-30 04776218 core:DeferredTaxation 2023-04-30 04776218 core:DeferredTaxation bus:Consolidated 2023-04-30 04776218 bus:FRS102 bus:Consolidated 2022-05-01 2023-04-30 04776218 bus:Audited bus:Consolidated 2022-05-01 2023-04-30 04776218 bus:FullAccounts bus:Consolidated 2022-05-01 2023-04-30 04776218 bus:RegisteredOffice bus:Consolidated 2022-05-01 2023-04-30 04776218 bus:CompanySecretary1 2022-05-01 2023-04-30 04776218 bus:Director1 2022-05-01 2023-04-30 04776218 bus:Director1 bus:Consolidated 2022-05-01 2023-04-30 04776218 bus:Director3 bus:Consolidated 2022-05-01 2023-04-30 04776218 bus:Director5 bus:Consolidated 2022-05-01 2023-04-30 04776218 bus:Director6 bus:Consolidated 2022-05-01 2023-04-30 04776218 bus:Director7 bus:Consolidated 2022-05-01 2023-04-30 04776218 bus:Director8 bus:Consolidated 2022-05-01 2023-04-30 04776218 bus:HighestPaidDirector bus:Consolidated 2022-05-01 2023-04-30 04776218 bus:OrdinaryShareClass1 2022-05-01 2023-04-30 04776218 bus:OrdinaryShareClass1 bus:Consolidated 2022-05-01 2023-04-30 04776218 bus:OrdinaryShareClass2 2022-05-01 2023-04-30 04776218 bus:OrdinaryShareClass2 bus:Consolidated 2022-05-01 2023-04-30 04776218 bus:OrdinaryShareClass3 2022-05-01 2023-04-30 04776218 bus:OrdinaryShareClass3 bus:Consolidated 2022-05-01 2023-04-30 04776218 bus:Consolidated 2022-05-01 2023-04-30 04776218 bus:Consolidated 2 2022-05-01 2023-04-30 04776218 bus:Consolidated 4 2022-05-01 2023-04-30 04776218 bus:Consolidated 1 2022-05-01 2023-04-30 04776218 bus:PrivateLimitedCompanyLtd bus:Consolidated 2022-05-01 2023-04-30 04776218 bus:ConsolidatedGroupCompanyAccounts 2022-05-01 2023-04-30 04776218 bus:Agent1 bus:Consolidated 2022-05-01 2023-04-30 04776218 2 2022-05-01 2023-04-30 04776218 3 2022-05-01 2023-04-30 04776218 4 2022-05-01 2023-04-30 04776218 core:LegalProceedings bus:Consolidated 2022-05-01 2023-04-30 04776218 core:CapitalRedemptionReserve 2022-05-01 2023-04-30 04776218 core:CapitalRedemptionReserve bus:Consolidated 2022-05-01 2023-04-30 04776218 core:MergerReserve bus:Consolidated 2022-05-01 2023-04-30 04776218 core:RetainedEarningsAccumulatedLosses 2022-05-01 2023-04-30 04776218 core:RetainedEarningsAccumulatedLosses bus:Consolidated 2022-05-01 2023-04-30 04776218 core:RevaluationReserve 2022-05-01 2023-04-30 04776218 core:RevaluationReserve bus:Consolidated 2022-05-01 2023-04-30 04776218 core:ShareCapital 2022-05-01 2023-04-30 04776218 core:ShareCapital bus:Consolidated 2022-05-01 2023-04-30 04776218 core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests bus:Consolidated 2022-05-01 2023-04-30 04776218 core:ComputerSoftware bus:Consolidated 2022-05-01 2023-04-30 04776218 core:OtherResidualIntangibleAssets bus:Consolidated 2022-05-01 2023-04-30 04776218 core:PatentsTrademarksLicencesConcessionsSimilar 2022-05-01 2023-04-30 04776218 core:PatentsTrademarksLicencesConcessionsSimilar bus:Consolidated 2022-05-01 2023-04-30 04776218 core:PlantEquipmentUnderOperatingLeases bus:Consolidated 2022-05-01 2023-04-30 04776218 core:FurnitureFittings bus:Consolidated 2022-05-01 2023-04-30 04776218 core:LandBuildings bus:Consolidated 2022-05-01 2023-04-30 04776218 core:LandBuildings core:OwnedOrFreeholdAssets 2022-05-01 2023-04-30 04776218 core:LandBuildings core:OwnedOrFreeholdAssets bus:Consolidated 2022-05-01 2023-04-30 04776218 core:LeaseholdImprovements bus:Consolidated 2022-05-01 2023-04-30 04776218 core:OfficeEquipment bus:Consolidated 2022-05-01 2023-04-30 04776218 core:PlantMachinery 2022-05-01 2023-04-30 04776218 core:PlantMachinery bus:Consolidated 2022-05-01 2023-04-30 04776218 core:DeferredTaxation 2022-05-01 2023-04-30 04776218 core:DeferredTaxation bus:Consolidated 2022-05-01 2023-04-30 04776218 core:OtherRelatedParties bus:Consolidated 2022-05-01 2023-04-30 04776218 core:Subsidiary1 2022-05-01 2023-04-30 04776218 core:Subsidiary1 1 2022-05-01 2023-04-30 04776218 core:Subsidiary1 countries:AllCountries 2022-05-01 2023-04-30 04776218 core:Subsidiary2 2022-05-01 2023-04-30 04776218 core:Subsidiary2 1 2022-05-01 2023-04-30 04776218 core:Subsidiary2 countries:AllCountries 2022-05-01 2023-04-30 04776218 core:Subsidiary3 2022-05-01 2023-04-30 04776218 core:Subsidiary3 1 2022-05-01 2023-04-30 04776218 core:Subsidiary3 countries:AllCountries 2022-05-01 2023-04-30 04776218 core:Subsidiary4 2022-05-01 2023-04-30 04776218 core:Subsidiary4 1 2022-05-01 2023-04-30 04776218 core:Subsidiary4 countries:AllCountries 2022-05-01 2023-04-30 04776218 core:Subsidiary5 2022-05-01 2023-04-30 04776218 core:Subsidiary5 1 2022-05-01 2023-04-30 04776218 core:Subsidiary5 countries:AllCountries 2022-05-01 2023-04-30 04776218 core:Subsidiary6 2022-05-01 2023-04-30 04776218 core:Subsidiary6 1 2022-05-01 2023-04-30 04776218 core:Subsidiary6 countries:AllCountries 2022-05-01 2023-04-30 04776218 core:Subsidiary7 2022-05-01 2023-04-30 04776218 core:Subsidiary7 1 2022-05-01 2023-04-30 04776218 core:Subsidiary7 countries:AllCountries 2022-05-01 2023-04-30 04776218 core:UKTax bus:Consolidated 2022-05-01 2023-04-30 04776218 countries:AllCountries bus:Consolidated 2022-05-01 2023-04-30 04776218 2022-04-30 04776218 bus:Consolidated 2022-04-30 04776218 bus:Consolidated core:PriorPeriodIncreaseDecrease 2022-04-30 04776218 bus:Consolidated core:RestatedAmount 2022-04-30 04776218 core:CapitalRedemptionReserve 2022-04-30 04776218 core:CapitalRedemptionReserve bus:Consolidated 2022-04-30 04776218 core:CapitalRedemptionReserve bus:Consolidated core:PriorPeriodIncreaseDecrease 2022-04-30 04776218 core:CapitalRedemptionReserve bus:Consolidated core:RestatedAmount 2022-04-30 04776218 core:MergerReserve bus:Consolidated 2022-04-30 04776218 core:MergerReserve bus:Consolidated core:PriorPeriodIncreaseDecrease 2022-04-30 04776218 core:MergerReserve bus:Consolidated core:RestatedAmount 2022-04-30 04776218 core:RetainedEarningsAccumulatedLosses 2022-04-30 04776218 core:RetainedEarningsAccumulatedLosses bus:Consolidated 2022-04-30 04776218 core:RetainedEarningsAccumulatedLosses bus:Consolidated core:PriorPeriodIncreaseDecrease 2022-04-30 04776218 core:RetainedEarningsAccumulatedLosses bus:Consolidated core:RestatedAmount 2022-04-30 04776218 core:RevaluationReserve 2022-04-30 04776218 core:RevaluationReserve bus:Consolidated 2022-04-30 04776218 core:RevaluationReserve bus:Consolidated core:PriorPeriodIncreaseDecrease 2022-04-30 04776218 core:RevaluationReserve bus:Consolidated core:RestatedAmount 2022-04-30 04776218 core:ShareCapital 2022-04-30 04776218 core:ShareCapital bus:Consolidated 2022-04-30 04776218 core:ShareCapital bus:Consolidated core:PriorPeriodIncreaseDecrease 2022-04-30 04776218 core:ShareCapital bus:Consolidated core:RestatedAmount 2022-04-30 04776218 core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests bus:Consolidated 2022-04-30 04776218 core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests bus:Consolidated core:PriorPeriodIncreaseDecrease 2022-04-30 04776218 core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests bus:Consolidated core:RestatedAmount 2022-04-30 04776218 core:OtherResidualIntangibleAssets bus:Consolidated 2022-04-30 04776218 core:PatentsTrademarksLicencesConcessionsSimilar 2022-04-30 04776218 core:PatentsTrademarksLicencesConcessionsSimilar bus:Consolidated 2022-04-30 04776218 core:CostValuation 2022-04-30 04776218 core:FurnitureFittings bus:Consolidated 2022-04-30 04776218 core:LandBuildings core:OwnedOrFreeholdAssets 2022-04-30 04776218 core:LandBuildings core:OwnedOrFreeholdAssets bus:Consolidated 2022-04-30 04776218 core:OfficeEquipment bus:Consolidated 2022-04-30 04776218 core:PlantMachinery 2022-04-30 04776218 core:PlantMachinery bus:Consolidated 2022-04-30 04776218 core:DeferredTaxation 2022-04-30 04776218 core:DeferredTaxation bus:Consolidated 2022-04-30 04776218 2021-05-01 2022-04-30 04776218 2022-04-30 04776218 bus:OrdinaryShareClass1 bus:Consolidated 2022-04-30 04776218 bus:OrdinaryShareClass2 bus:Consolidated 2022-04-30 04776218 bus:OrdinaryShareClass3 bus:Consolidated 2022-04-30 04776218 bus:Consolidated 2022-04-30 04776218 core:AcceleratedTaxDepreciationDeferredTax 2022-04-30 04776218 core:AcceleratedTaxDepreciationDeferredTax bus:Consolidated 2022-04-30 04776218 core:RevaluationInvestmentPropertyDeferredTax 2022-04-30 04776218 core:RevaluationInvestmentPropertyDeferredTax bus:Consolidated 2022-04-30 04776218 core:CurrentFinancialInstruments 2022-04-30 04776218 core:CurrentFinancialInstruments bus:Consolidated 2022-04-30 04776218 core:CurrentFinancialInstruments bus:Consolidated 2 2022-04-30 04776218 core:CurrentFinancialInstruments bus:Consolidated core:RestatedAmount 2022-04-30 04776218 core:CurrentFinancialInstruments 2 2022-04-30 04776218 core:CurrentFinancialInstruments core:WithinOneYear 2022-04-30 04776218 core:CurrentFinancialInstruments core:WithinOneYear bus:Consolidated 2022-04-30 04776218 core:Non-currentFinancialInstruments 2022-04-30 04776218 core:Non-currentFinancialInstruments bus:Consolidated 2022-04-30 04776218 core:Non-currentFinancialInstruments core:AfterOneYear 2022-04-30 04776218 core:Non-currentFinancialInstruments core:AfterOneYear bus:Consolidated 2022-04-30 04776218 core:OtherResidualIntangibleAssets bus:Consolidated 2022-04-30 04776218 core:PatentsTrademarksLicencesConcessionsSimilar 2022-04-30 04776218 core:PatentsTrademarksLicencesConcessionsSimilar bus:Consolidated 2022-04-30 04776218 core:BetweenOneFiveYears 2022-04-30 04776218 core:BetweenTwoFiveYears 2022-04-30 04776218 core:BetweenTwoFiveYears bus:Consolidated 2022-04-30 04776218 core:WithinOneYear 2022-04-30 04776218 core:WithinOneYear bus:Consolidated 2022-04-30 04776218 core:FurnitureFittings bus:Consolidated 2022-04-30 04776218 core:LandBuildings 2022-04-30 04776218 core:LandBuildings bus:Consolidated 2022-04-30 04776218 core:LandBuildings core:OwnedOrFreeholdAssets 2022-04-30 04776218 core:LandBuildings core:OwnedOrFreeholdAssets bus:Consolidated 2022-04-30 04776218 core:OfficeEquipment bus:Consolidated 2022-04-30 04776218 core:PlantMachinery 2022-04-30 04776218 core:PlantMachinery bus:Consolidated 2022-04-30 04776218 bus:HighestPaidDirector bus:Consolidated 2021-05-01 2022-04-30 04776218 bus:OrdinaryShareClass1 2021-05-01 2022-04-30 04776218 bus:OrdinaryShareClass2 2021-05-01 2022-04-30 04776218 bus:OrdinaryShareClass3 2021-05-01 2022-04-30 04776218 bus:Consolidated 2021-05-01 2022-04-30 04776218 bus:Consolidated 2 2021-05-01 2022-04-30 04776218 bus:Consolidated 4 2021-05-01 2022-04-30 04776218 bus:Consolidated core:RestatedAmount 2021-05-01 2022-04-30 04776218 2 2021-05-01 2022-04-30 04776218 3 2021-05-01 2022-04-30 04776218 4 2021-05-01 2022-04-30 04776218 core:FurtherSpecificReserve1ComponentTotalEquity 2021-05-01 2022-04-30 04776218 core:FurtherSpecificReserve1ComponentTotalEquity bus:Consolidated 2021-05-01 2022-04-30 04776218 core:MergerReserve bus:Consolidated 2021-05-01 2022-04-30 04776218 core:RetainedEarningsAccumulatedLosses 2021-05-01 2022-04-30 04776218 core:RetainedEarningsAccumulatedLosses bus:Consolidated 2021-05-01 2022-04-30 04776218 core:RevaluationReserve 2021-05-01 2022-04-30 04776218 core:RevaluationReserve bus:Consolidated 2021-05-01 2022-04-30 04776218 core:ShareCapital 2021-05-01 2022-04-30 04776218 core:ShareCapital bus:Consolidated 2021-05-01 2022-04-30 04776218 core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests bus:Consolidated 2021-05-01 2022-04-30 04776218 core:PlantEquipmentUnderOperatingLeases bus:Consolidated 2021-05-01 2022-04-30 04776218 core:Subsidiary1 1 2021-05-01 2022-04-30 04776218 core:Subsidiary2 1 2021-05-01 2022-04-30 04776218 core:Subsidiary3 1 2021-05-01 2022-04-30 04776218 core:Subsidiary4 1 2021-05-01 2022-04-30 04776218 core:Subsidiary5 1 2021-05-01 2022-04-30 04776218 core:Subsidiary6 1 2021-05-01 2022-04-30 04776218 core:Subsidiary7 1 2021-05-01 2022-04-30 04776218 core:UKTax bus:Consolidated 2021-05-01 2022-04-30 04776218 2021-04-30 04776218 bus:Consolidated 2021-04-30 04776218 bus:Consolidated core:PriorPeriodIncreaseDecrease 2021-04-30 04776218 bus:Consolidated core:RestatedAmount 2021-04-30 04776218 core:FurtherSpecificReserve1ComponentTotalEquity 2021-04-30 04776218 core:FurtherSpecificReserve1ComponentTotalEquity bus:Consolidated 2021-04-30 04776218 core:FurtherSpecificReserve1ComponentTotalEquity bus:Consolidated core:PriorPeriodIncreaseDecrease 2021-04-30 04776218 core:FurtherSpecificReserve1ComponentTotalEquity bus:Consolidated core:RestatedAmount 2021-04-30 04776218 core:MergerReserve bus:Consolidated 2021-04-30 04776218 core:MergerReserve bus:Consolidated core:PriorPeriodIncreaseDecrease 2021-04-30 04776218 core:MergerReserve bus:Consolidated core:RestatedAmount 2021-04-30 04776218 core:RetainedEarningsAccumulatedLosses 2021-04-30 04776218 core:RetainedEarningsAccumulatedLosses bus:Consolidated 2021-04-30 04776218 core:RetainedEarningsAccumulatedLosses bus:Consolidated core:PriorPeriodIncreaseDecrease 2021-04-30 04776218 core:RetainedEarningsAccumulatedLosses bus:Consolidated core:RestatedAmount 2021-04-30 04776218 core:RevaluationReserve 2021-04-30 04776218 core:RevaluationReserve bus:Consolidated 2021-04-30 04776218 core:RevaluationReserve bus:Consolidated core:PriorPeriodIncreaseDecrease 2021-04-30 04776218 core:RevaluationReserve bus:Consolidated core:RestatedAmount 2021-04-30 04776218 core:ShareCapital 2021-04-30 04776218 core:ShareCapital bus:Consolidated 2021-04-30 04776218 core:ShareCapital bus:Consolidated core:PriorPeriodIncreaseDecrease 2021-04-30 04776218 core:ShareCapital bus:Consolidated core:RestatedAmount 2021-04-30 04776218 core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests bus:Consolidated 2021-04-30 04776218 core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests bus:Consolidated core:PriorPeriodIncreaseDecrease 2021-04-30 04776218 core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests bus:Consolidated core:RestatedAmount 2021-04-30 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 04776218

CNC Group Holdings Limited

Annual Report and Consolidated Financial Statements

for the Year Ended 30 April 2023

 

CNC Group Holdings Limited

Contents

Company Information

1

Strategic Report

2 to 8

Directors' Report

9

Statement of Directors' Responsibilities

10

Independent Auditor's Report

11 to 14

Consolidated Profit and Loss Account

15

Consolidated Statement of Comprehensive Income

16

Consolidated Balance Sheet

17

Balance Sheet

18

Consolidated Statement of Changes in Equity

19 to 20

Statement of Changes in Equity

21

Consolidated Statement of Cash Flows

22 to 23

Statement of Cash Flows

24

Notes to the Financial Statements

25 to 50

 

CNC Group Holdings Limited

Company Information

Directors

Mr M A Coleman

Ms L Morris

Mr M A Carless

Mr G Rowe

Mr G Blaszczak

Mr Bradshaw

Company secretary

Ms L Morris

Registered office

Shady Lane
Great Barr
Birmingham
B44 9ER

Solicitors

Gateley Plc
One Eleven
Edmund Street
Birmingham
B3 2HJ

Bankers

Allied Irish Bank Plc
63 Temple Row
Birmingham
B2 5LT

Auditors

Fruition Accountancy LLP
29 Wood Street
Stratford-Upon-Avon
Warwickshire
CV37 6JG

 

CNC Group Holdings Limited

Strategic Report for the Year Ended 30 April 2023

The directors present their strategic report for the year ended 30 April 2023.

Principal activity

The principal activity of CNC Group Holdings Limited is the parent group of four trading companies known collectively as Colemans.

A third-generation family business celebrating 60 years of trading, the group has been at the forefront of market-leading, innovative changes in the demolition and wider construction sector.

We combine a highly skilled, experienced team with innovative processes and the latest technology to deliver an integrated portfolio of services fit for the present and designed for the future.

These services span demolition and deconstruction, land remediation, specialist cutting and engineered solutions – delivered worldwide, all with a focus on safety, sustainability and quality.

Customers include everyone from multinational companies to public sector organisations and individual developers, with a great emphasis on collaboration to make sure Colemans is successful in all activities.

Our specialist services are globally recognised by clients, competitors and others within the industry, including the wider construction sector. Thanks to a collaborative approach and integrated solutions, Colemans have built a reputation for delivering the most complex and challenging projects in some of the most high-risk environments.

Fair review of the business

Colemans is a resilient company, trading at a healthy profit margin.

The group has had a successful trading period, growing turnover by 13% to continue our trajectory towards sustainable growth and returning a net profit before tax of £252,889. Given the existing pipeline of work, the directors consider the current profit margin to be sustainable.

60th anniversary
In October 2022 we celebrated the 60th anniversary of incorporation of the group’s main trading company, Coleman & Company Limited, representing a significant milestone for the business. As part of the anniversary celebrations, we raised over £30,000 through fundraising activities, which the business doubled so we could donate over £60,000 to our nominated charity, SIFA Fireside, the main day centre facility supporting people experiencing homelessness in Birmingham. We have a long relationship with SIFA Fireside dating back to the 1960s when our co-founder Norah Coleman lived next door to SIFA’s founder, Sister Sabina.

 

CNC Group Holdings Limited

Strategic Report for the Year Ended 30 April 2023

Rebrand and website
The 60th anniversary was also the catalyst to launch the new Colemans brand and website as part of a £60,000 investment to re-invigorate our external branding with a bold and fresh new look. We have been delighted with the initial reaction.

One of the most pleasing things has been the way in which people have identified with some of the reasons behind the rebrand, from our proud Irish roots to the friendly, personal approach that underpins the way we do business. Here is the reasoning behind the rebrand in a bit more detail.

A green business with roots on the Emerald Isle: Switching to green for our main corporate colour was a conscious decision that not only promotes our focus on environmental performance and improvement but reinforces our proud Irish roots too. John and Norah Coleman moved from Ireland to Birmingham before setting up the business in 1962 and the Coleman family still sees Ireland as its spiritual home.

A more informal name: The most significant change has been to switch from Coleman & Company Limited to simply ‘Colemans’, better reflecting the personal approach and family values that shape our business. We’re a people-first organisation, placing great emphasis on relationships and wellbeing - a long way from the corporate entity that our old name suggested.

A nod to our recent past: The red full stop in the new Colemans logo also maintains some consistency with the red in our previous Coleman & Co logo, designed by our previous Chairman, David Coleman.

A company you can trust: Many have also noticed the connected letters C and O in the Colemans logo - not only the first two letters of our name, but also leading into some of our customer working styles too. A leading contractor that really focuses on collaboration and co-working.

As we close the year on our 60th Anniversary celebrations, we are pleased to have received four industry awards:

• British Demolition Awards 2023
1. Award for the best project of the year under £1m
2. Award for Environmental Innovation

• World Demolition Awards 2023
1. Award for Recycling and Environmental
2. The prestigious “Best of the Best” award, which was in recognition of our pioneering approach to the circular economy.

To be recognised, both at home and globally, for our work in mitigating environmental impacts was a very proud achievement, and was doubly well received as the World Demolition Awards coincided with the day Mark Coleman celebrated 30 years’ service with the company.
 

 

CNC Group Holdings Limited

Strategic Report for the Year Ended 30 April 2023

Financial stability
The group is financially stable with no borrowings, the lowest gearing (zero) of any demolition contractor in the UK.

This was made possible by a series of strategic decisions, notably a new approach to plant management, a commitment to support the environment and a continued focus on our people - all of which sets us apart from competitors and delivers significant benefits for customers.

Throughout challenging times, we have maintained focus on project delivery control, selective tendering, cash management and disciplined cost containment. We work closely with clients, partners, suppliers, communities and other stakeholders to collaboratively deliver the best possible results on each individual project.

We have built strong relationships with suppliers, and we now outsource heavy plant and equipment, working only with market leaders in their respective fields. This strategy means we can source the most up-to-date, environmentally friendly, and technically advanced equipment for all projects.

We are proud to be delivering results today whilst taking steps to make improvements for the future, always looking forward to support people and the planet.

Circular economy and sustainability
In the last 12 months we have continued to develop our circular economy approach, taking steps to enable materials re-use and drive carbon reduction under our wider sustainability strategy.

By maintaining or improving the value of materials, products or components, we help clients to unlock value where previously there was only cost. Making material streams accessible, functional and attractive, we’re enabling buildings to be disassembled the lowest possible resource use, minimal contamination and without loss of quality.

This approach is made possible by having a detailed knowledge of circular materials and an intimate understanding of supply chains. We have built partnerships with a range of manufacturers and technology providers to help manage material flows by supplying positive circular materials, facilitating waste material upcycling and building inventories of existing assets to enable them for circular reuse.

We have invested £45,000 in the latest 3D scanning hardware and software that allows us to scan structures, itemise material inventory and provide our clients with an inventory of 'reusable' products prior to design. The creation of an 'inventory' is the first step in creating a compliant, traceable 'material passport' for the reusable building materials that aligns with stringent UK and EU legal requirements when designing for deconstruction and adaptive reuse. It also increases yields by supporting the development of healthy, low carbon and flexible buildings that are more attractive, viable assets for occupiers.

Through genuine industry collaboration, we are also developing a positive change in sustainable carbon engineered solutions - identifying genuine opportunities for reuse and recycling to enhance the environmental performance of our activities. We have built a strategy to reduce the environmental impact of our activities, incorporating a holistic approach across plant, travel, recycling and more. The Board have set a target to achieve net zero and we are confident that we will reach this target by 2025.

 

CNC Group Holdings Limited

Strategic Report for the Year Ended 30 April 2023

Health and wellbeing
With a focus on physical and mental wellbeing across the entire organisation, Colemans is committed to our people. We have developed a structured programme of training and development together with wellbeing, reward and recruitment initiatives that give our teams the platform to succeed.

Colemans is investing in the development of The Skelligs Retreat, a global leading wellness retreat in Kerry, Ireland.

As well as regulatory compliance, we continue our focus on operational compliance and audit through investment in our Integrated Management System and the tools and systems which allow it to be implemented across the business. We believe we remain uniquely positioned to deliver the most complex schemes to the highest standards.

Outlook
Our objective is to drive continuous improvement in delivering a better service for our clients and building stronger relationships for collaboration. In doing so, we have created a business that can better withstand economic headwinds.

Colemans continues to apply strong risk management procedures at a corporate and project level to ensure we select the right projects that will deliver the expectations of our clients and stakeholders.
 

Key performance indicators
The group has developed an internal culture of key performance measures in order to monitor and continually improve management, objectivity and efficiencies at all levels.

Non-Financial KPI's
We have set targets for continued reduction in health and safety incident rates. Incidents are reviewed at business board meeting level, together with incident rate statistics, near misses and trend analysis to assist with prevention of future incidents.

Strategic plans, considered and implemented by the board, are designed to ensure the company maintains the highest standard of business conduct.

The company continues to advance training and professional development programmes for all employees, ensuring resilience from the industry skills shortage.

Financial Risk Management

Target

30 April 2023

30 April 2022

Turnover

12,983,392

11,736,354

Gross profit margin

18%

24.5%

30.4%

Profit before tax ratio

5%

2.1%

21.7%

 

CNC Group Holdings Limited

Strategic Report for the Year Ended 30 April 2023

Principal risks and uncertainties

The major risks to the group are considered to include:

Economic Risk:
Market uncertainties, exacerbated by global socio-political, economic events and changes in the economic environment, government policy and regulatory developments, including how the UK economy responds and adapts to the global events like military conflicts or regional economic disruption, can have a significant impact on new projects and the group's profitability.

Act of force majeure, including COVID-19 pandemic and extreme weather events could have operational and financial impact on the business.

Safety Risk:
The safe delivery of services is of paramount importance to us, with project appraisals considering risk analysis, buildability, value engineering, programme and logistics. The group is embracing digital technologies to drive continuous improvements in sustainability, efficiency and quality. We use the latest interactive technology in a common data environment to design detailed methodologies, reduce the risk of design errors and enhance project communication. However, while risks are minimised to the greatest possible extent, it remains the case that some of the activity is by its nature high risk.

Environmental risks:
As a responsible contractor, Colemans’ focus is on using innovative technologies and developing new ways of working that can reduce the environmental risk of our operations.

We are committed to progress and transparency, working safely and in collaboration with clients to help them on their net zero journey as we pursue our own. This includes developing environmentally friendly and less aggressive alternatives to the traditional methods of demolition, supported by outsourcing plant and equipment to enable the most appropriate and energy efficient plant and equipment for each individual project (e.g. electric powered).

Colemans is a proud member of the SME Climate Hub, a global initiative that empowers small to medium sized companies to take climate action and build more resilient businesses. We have also committed to PAS 2060 accreditation which will be in place by 2025.

We have invested heavily in market leading initiatives and are working with specialist Carbon Reduction Accountants to support our ambitious focus. As a result, we are confident of achieving net zero by 2025, well ahead of our target.

We recognise the need to educate our people and build strategies to deliver our ambitions, which must be well thought through, clear and enabled by effective communication along with external auditing.

Legislation:
The business has a strong focus on organisational design and accountabilities, which has supported the development of consistent processes and procedures, clear governance around key business decisions and the evolution of a strong compliance culture.

 

CNC Group Holdings Limited

Strategic Report for the Year Ended 30 April 2023

Competition Risk:

The sector is dynamic and in a state of constant evolution, but the directors believe that the group's focus on quality, innovation and on maintaining excellent stakeholder relationships are strong mitigating factors against the risks posed by competitors. The business has a number of framework agreements which reduces competition. The company has robust procedures in place to eliminate anti-competitive practices.

Contingent liabilities:

There continues to be an uncertainty in relation to a non-concluded enquiry into an incident 7 years ago, for which no further correspondence has been received from external authorities, as detailed in the notes to the financial statements.

Data security risk:

A loss of our key systems through a lack of resilience or an information break or attack threat would impact the successful delivery of projects and lead to loss of confidential data, damaging our reputation and brand. The company invests in appropriate IT solutions to combat this. Penetration tests have been carried out with an assessment of our data security which found that our data security is secure. Although we recognise continual investment in this area to ensure we maintain this high standard.
 

Financial risks:
The directors of the group continually monitor the risks and uncertainties facing the company with particular reference to price, liquidity and credit risks. They are confident that there are suitable policies in place and there are no material risks and uncertainties which have not been considered.

The group uses various financial instruments which include cash, trade debtors and trade creditors that arise from its operations. The main purpose of these financial instruments is to manage the group's daily operations.

Interest rate risk:
The group in not directly affected by interest rate rises as it has eliminated borrowings from financial institutions from its business model. However, this may have an indirect effect upon the business if this impacts activity in the construction industry as a whole.

Currency risk
The group makes very few transactions in foreign currencies so the exposure to translation and foreign exchange currency risk and do not consider this to have a significant impact on its operations.

Credit risk
The group's principal credit risk arises around trade debts. In order to manage credit risk the directors review debt aging on a regular basis to ensure debts are collected are received in line with agreed credit terms.

Liquidity risk
The group manages its financial risk by closely monitoring its working capital requirements and ensuring sufficient liquidity is available to meet foreseeable needs.
 

 

CNC Group Holdings Limited

Strategic Report for the Year Ended 30 April 2023

Objectives & Policies

The group has robust business ethics, regulatory compliance, training for all staff on modern slavery, anti-bribery and corruption, and competition law, with enhanced training for those who fulfil high-risk roles.

The group's policy is to establish and maintain long term strategic relationships where both parties’ interests are aligned to deliver mutual benefit.

Colemans is committed to our people and has built initiatives to support the physical and mental wellbeing of our people. We have developed a structured programme of training and development together with wellbeing, reward and recruitment initiatives that give our teams the platform to succeed.

The group continues to invest in our highly experienced and qualified staff and to engage with our professional subcontract supply chain to provide the services to all our clients.

By virtue of our breadth of activities we are well placed to recover, or harvest reusable materials, and have done so extensively, and have engaged with partners on take-back schemes to increase re-use and reduce waste of building materials from fixtures, fittings and structural steel work and precast concrete sections.

Our ESG (Environmental, Social and Governance) commitment is further supported by the continued development of lower carbon activities and resource optimization. Examples include the use of electric-powered plant, new methodologies that reduce water usage, increased use of digital resources to minimise travel and a continued commitment to recycling across all sites and offices.

Against a backdrop of macroeconomic uncertainty, we are focused on maintaining a strong cash position, low gearing - no debt, controlling costs and securing margin enhancing work in target markets to deliver greater certainty and value to all our stakeholders.

We are concentrating on delivering projects throughout the Midlands and London geographical areas and beyond, driving certainty for clients through value-led solutions rather than the race to the bottom, characterised by low margins and high-risk contracting, where understanding how to deliver on contracted commitments is an afterthought. These behaviours continue to plague our industry and remain entirely unsustainable.

In contrast, our activities are driven firstly by delivering a profitable performance and then focused on the scale of the turnover. We focus on being value-led, efficient and dependable rather than with an obsession for scale. We can do this because we understand our own value proposition and strive to deliver projects that are aligned with it.
 

Approved and authorised by the Board on 24 October 2023 and signed on its behalf by:
 

.........................................
Mr M A Coleman
Director

 

CNC Group Holdings Limited

Directors' Report for the Year Ended 30 April 2023

The directors present their report and the for the year ended 30 April 2023.

Directors of the group

The directors who held office during the year were as follows:

Mr M A Coleman

Ms L Morris

Mr M A Carless

Mr G Rowe

Mr G Blaszczak (appointed 14 October 2022)

Mr Bradshaw (appointed 14 October 2022)

Dividends
Particulars of dividends are detailed in Note 27 of the financial statements.

Information included in the Strategic Report

Strategic plans, considered and implemented by the board, are designed to ensure the company maintains the highest standard of business conduct.

Please refer to the strategic report on Page 2 regarding the financial overview, key performance indicators and principal risks and uncertainties.

Disclosure of information to the auditor

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

Approved and authorised by the Board on 24 October 2023 and signed on its behalf by:
 

.........................................
Mr M A Coleman
Director

 

CNC Group Holdings Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 group and the company and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

select suitable accounting policies and 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; and

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 group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

CNC Group Holdings Limited

Independent Auditor's Report to the Members of CNC Group Holdings Limited

Opinion

We have audited the financial statements of CNC Group Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2023, which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, Statement of Cash Flows, and Notes to the Financial Statements, 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).

In our opinion the financial statements:

give a true and fair view of the state of the group's and parent company's affairs as at 30 April 2023 and of its profit 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

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 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 UK, including 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 director's 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 original financial statements were 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

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

 

CNC Group Holdings Limited

Independent Auditor's Report to the Members of CNC Group Holdings Limited

We have nothing to report in this regard.

Opinion on other matter 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our 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 Strategic Report and Directors' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

the parent company 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.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities (set out on page 7), 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 the 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

 

CNC Group Holdings Limited

Independent Auditor's Report to the Members of CNC Group Holdings Limited

Auditor 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to the applicable laws and regulations including fraud. We designed audit procedures to respond to the risk, recognising that 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.

 

We focussed on laws and regulations which could give risk to material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our test included agreeing the financial statements disclosures to underlying supporting documentation, enquiries with management and enquiries of legal counsel where considered necessary. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing of journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

 

Audit response to risks identified:
As a result of performing the above, we identified the valuation of long term contracts as a key audit matter related to the potential risk of fraud.

Our procedures to respond to risks identified included the following:
- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
- enquiring of management concerning actual and potential litigation and claims;
- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud and reviewing internal reports;
- obtained an understanding of provisions and held discussions with management to understand the basis of recognition or non-recognition of tax provisions; and
- in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; 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.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

 

CNC Group Holdings Limited

Independent Auditor's Report to the Members of CNC Group Holdings Limited

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.

......................................
Michelle Vincent (Senior Statutory Auditor)
For and on behalf of Fruition Accountancy LLP, Statutory Auditor

29 Wood Street
Stratford-Upon-Avon
Warwickshire
CV37 6JG

24 October 2023

 

CNC Group Holdings Limited

Consolidated Profit and Loss Account for the Year Ended 30 April 2023

Note

30 April
2023
£

30 April
2022
£

Turnover

3

12,983,392

11,736,354

Cost of sales

 

(9,800,864)

(8,054,727)

Gross profit

 

3,182,528

3,681,627

Administrative expenses

 

(2,955,666)

(2,490,422)

Exceptional income

4, 6

-

1,446,145

Operating profit

5

226,862

2,637,350

Other interest receivable and similar income

7

66,391

59,305

Interest payable and similar expenses

8

(24,882)

(153,629)

   

41,509

(94,324)

Profit before tax

 

268,371

2,543,026

Tax on profit

12

41,044

172,963

Profit for the financial year

 

309,415

2,715,989

Profit/(loss) attributable to:

 

Owners of the company

 

309,415

2,715,989

The group has no recognised gains or losses for the year other than the results above.

 

CNC Group Holdings Limited

Consolidated Statement of Comprehensive Income for the Year Ended 30 April 2023

30 April
2023
£

30 April
2022
£

Profit for the year

309,415

2,715,989

Surplus on property, plant and equipment revaluation

-

256,491

Total comprehensive income for the year

309,415

2,972,480

Total comprehensive income attributable to:

Owners of the company

309,415

2,972,480

 

CNC Group Holdings Limited

(Registration number: 04776218)
Consolidated Balance Sheet as at 30 April 2023

Note

30 April
2023
£

(As restated)

30 April
2022
£

Fixed assets

 

Intangible assets

13

16,846

5,584

Tangible assets

14

1,425,539

1,343,896

Investment property

15

1,109,255

553,747

Other financial assets

17

31,409

31,409

 

2,583,049

1,934,636

Current assets

 

Stocks

18

99,377

107,293

Debtors

19

3,593,654

2,161,097

Cash at bank and in hand

 

3,096,380

4,728,109

 

6,789,411

6,996,499

Creditors: Amounts falling due within one year

21

(2,890,994)

(2,195,040)

Net current assets

 

3,898,417

4,801,459

Total assets less current liabilities

 

6,481,466

6,736,095

Creditors: Amounts falling due after more than one year

21

(2,692)

(2,692)

Provisions for liabilities

22

(98,968)

(90,012)

Net assets

 

6,379,806

6,643,391

Capital and reserves

 

Called up share capital

24

1,299

1,932

Capital redemption reserve

633

-

Revaluation reserve

256,491

256,491

Other reserves

(873,024)

(873,024)

Retained earnings

6,994,407

7,257,992

Equity attributable to owners of the company

 

6,379,806

6,643,391

Shareholders' funds

 

6,379,806

6,643,391

Approved and authorised by the Board on 24 October 2023 and signed on its behalf by:
 

.........................................
Mr M A Coleman
Director

 

CNC Group Holdings Limited

(Registration number: 04776218)
Balance Sheet as at 30 April 2023

Note

30 April
2023
£

30 April
2022
£

Fixed assets

 

Intangible assets

13

16,846

5,584

Tangible assets

14

985,515

1,003,420

Investment property

15

1,109,255

553,747

Investments

16

1,249,749

1,249,749

 

3,361,365

2,812,500

Current assets

 

Debtors

19

949,867

1,452,818

Cash at bank and in hand

 

585,067

2,317,810

 

1,534,934

3,770,628

Creditors: Amounts falling due within one year

21

(1,506,889)

(2,707,720)

Net current assets

 

28,045

1,062,908

Total assets less current liabilities

 

3,389,410

3,875,408

Provisions for liabilities

22

(63,778)

(61,014)

Net assets

 

3,325,632

3,814,394

Capital and reserves

 

Called up share capital

24

1,299

1,932

Capital redemption reserve

633

-

Revaluation reserve

256,491

256,491

Retained earnings

3,067,209

3,555,971

Shareholders' funds

 

3,325,632

3,814,394

The company made a profit after tax for the financial year of £84,238 (2022 - profit of £3,044,235).

Approved and authorised by the Board on 24 October 2023 and signed on its behalf by:
 

.........................................
Mr M A Coleman
Director

 

CNC Group Holdings Limited

Consolidated Statement of Changes in Equity for the Year Ended 30 April 2023
Equity attributable to the parent company

Share capital
£

Capital redemption reserve
£

Revaluation reserve
£

Merger reserve
£

Profit and loss account
£

Total
£

Total equity
£

At 1 May 2022

1,932

-

256,491

(873,024)

7,222,992

6,608,391

6,608,391

Prior period adjustment

-

-

-

-

35,000

35,000

35,000

At 1 May 2022 (As restated)

1,932

-

256,491

(873,024)

7,257,992

6,643,391

6,643,391

Profit for the year

-

-

-

-

309,415

309,415

309,415

Dividends

-

-

-

-

(48,000)

(48,000)

(48,000)

Purchase of own share capital

(633)

-

-

-

(525,000)

(525,633)

(525,633)

Other capital redemption reserve movements

-

633

-

-

-

633

633

At 30 April 2023

1,299

633

256,491

(873,024)

6,994,407

6,379,806

6,379,806

Share capital
£

Revaluation reserve
£

Merger reserve
£

Other reserves
£

Profit and loss account
£

Total
£

Total equity
£

At 1 May 2021

1,932

-

(873,024)

141,806

4,698,360

3,969,074

3,969,074

Prior period adjustment

-

-

-

-

5,837

5,837

5,837

At 1 May 2021 (As restated)

1,932

-

(873,024)

141,806

4,704,197

3,974,911

3,974,911

Profit for the year

-

-

-

-

2,715,989

2,715,989

2,715,989

Other comprehensive income

-

256,491

-

-

-

256,491

256,491

Total comprehensive income

-

256,491

-

-

2,715,989

2,972,480

2,972,480

Dividends

-

-

-

-

(304,000)

(304,000)

(304,000)

Transfers

-

-

-

(141,806)

141,806

-

-

 

CNC Group Holdings Limited

Consolidated Statement of Changes in Equity for the Year Ended 30 April 2023
Equity attributable to the parent company

Share capital
£

Revaluation reserve
£

Merger reserve
£

Other reserves
£

Profit and loss account
£

Total
£

Total equity
£

At 30 April 2022

1,932

256,491

(873,024)

-

7,257,992

6,643,391

6,643,391

 

CNC Group Holdings Limited

Statement of Changes in Equity for the Year Ended 30 April 2023

Share capital
£

Capital redemption reserve
£

Revaluation reserve
£

Retained earnings
£

Total
£

At 1 May 2022

1,932

-

256,491

3,555,971

3,814,394

Profit for the year

-

-

-

84,238

84,238

Dividends

-

-

-

(48,000)

(48,000)

Purchase of own share capital

(633)

-

-

(525,000)

(525,633)

Other capital redemption reserve movements

-

633

-

-

633

At 30 April 2023

1,299

633

256,491

3,067,209

3,325,632

Share capital
£

Revaluation reserve
£

Other reserves
£

Profit and loss account
£

Total
£

At 1 May 2021

1,932

-

141,806

673,930

817,668

Profit for the year

-

-

-

3,044,235

3,044,235

Other comprehensive income

-

256,491

-

-

256,491

Total comprehensive income

-

256,491

-

3,044,235

3,300,726

Dividends

-

-

-

(304,000)

(304,000)

Transfers

-

-

(141,806)

141,806

-

At 30 April 2022

1,932

256,491

-

3,555,971

3,814,394

 

CNC Group Holdings Limited

Consolidated Statement of Cash Flows for the Year Ended 30 April 2023

Note

30 April
2023
£

(As restated)

30 April
2022
£

Cash flows from operating activities

Profit for the year

 

309,415

2,715,989

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

5

105,846

134,693

Loss/(profit) on disposal of tangible assets

28

(1,551,115)

Finance income

7

(66,391)

(59,305)

Finance costs

8

24,882

150,697

Income tax expense

12

(41,044)

(172,963)

 

332,736

1,217,996

Working capital adjustments

 

Decrease/(increase) in stocks

18

7,916

(18,616)

(Increase)/decrease in trade debtors

19

(1,519,017)

694,323

Increase/(decrease) in trade creditors

21

695,954

(1,368,324)

Cash generated from operations

 

(482,411)

525,379

Income taxes received

12

136,459

47,767

Net cash flow from operating activities

 

(345,952)

573,146

Cash flows from investing activities

 

Interest received

66,391

59,305

Acquisitions of tangible assets

(187,517)

(831,917)

Proceeds from sale of tangible assets

 

1

4,986,546

Acquisition of intangible assets

13

(11,262)

(5,584)

Acquisition of investment properties

15

(555,508)

(553,747)

Proceeds from sale of investment properties

 

-

1,020,150

Net cash flows from investing activities

 

(687,895)

4,674,753

Cash flows from financing activities

 

Interest paid

8

(24,882)

(117,153)

Payments for purchase of own shares

 

(525,000)

-

Repayment of bank borrowing

 

-

(1,925,334)

Redemption of shares classified as liabilities

 

-

(522,308)

Payments to finance lease creditors

 

-

(3,882)

Interest on preference shares

 

-

(33,544)

Dividends paid

(48,000)

(304,000)

Net cash flows from financing activities

 

(597,882)

(2,906,221)

Net (decrease)/increase in cash and cash equivalents

 

(1,631,729)

2,341,678

 

CNC Group Holdings Limited

Consolidated Statement of Cash Flows for the Year Ended 30 April 2023

Note

30 April
2023
£

(As restated)

30 April
2022
£

Cash and cash equivalents at 1 May

 

4,728,109

2,386,431

Cash and cash equivalents at 30 April

 

3,096,380

4,728,109

 

CNC Group Holdings Limited

Statement of Cash Flows for the Year Ended 30 April 2023

Note

30 April
2023
£

30 April
2022
£

Cash flows from operating activities

Profit for the year

 

84,238

3,044,235

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

5

17,904

40,514

Profit on disposal of tangible assets

-

(1,438,022)

Finance income

(80,152)

(1,560,805)

Finance costs

64,435

213,815

Income tax expense

12

2,764

(36,963)

 

89,189

262,774

Working capital adjustments

 

Decrease in trade debtors

19

502,952

1,424,481

(Decrease)/increase in trade creditors

21

(1,200,831)

1,186,419

Net cash flow from operating activities

 

(608,690)

2,873,674

Cash flows from investing activities

 

Interest received

80,152

1,560,805

Acquisitions of tangible assets

-

(695,354)

Proceeds from sale of tangible assets

 

-

4,402,657

Acquisition of intangible assets

13

(11,262)

(5,584)

Acquisition of investment properties

(555,508)

(553,747)

Proceeds from sale of investment properties

 

-

1,020,150

Net cash flows from investing activities

 

(486,618)

5,728,927

Cash flows from financing activities

 

Interest paid

(64,435)

(188,293)

Payments for purchase of own shares

 

(525,000)

-

Repayment of bank borrowing

 

-

(1,925,334)

Repayment of other borrowing

 

-

(4,000,000)

Redemption of shares classified as liabilities

 

-

(175,000)

Interest on preference shares

 

-

(25,523)

Dividends paid

(48,000)

(304,000)

Net cash flows from financing activities

 

(637,435)

(6,618,150)

Net (decrease)/increase in cash and cash equivalents

 

(1,732,743)

1,984,451

Cash and cash equivalents at 1 May

 

2,317,810

333,359

Cash and cash equivalents at 30 April

 

585,067

2,317,810

 

CNC Group Holdings Limited

Notes to the Financial Statements for the Year Ended 30 April 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Shady Lane
Great Barr
Birmingham
B44 9ER

These financial statements were authorised for issue by the Board on 24 October 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in Sterling which is the functional currency of the group and company, and are rounded to the nearest £1.

Summary of disclosure exemptions

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..

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 30 April 2023.

 

CNC Group Holdings Limited

Notes to the Financial Statements for the Year Ended 30 April 2023

A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.

The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.

Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.

Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.

Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.

CNC Group Holdings Limited issued shares credited as fully paid as consideration for the acquisition of Coleman & Company Limited, as if it had always been owned. Accordingly, the whole results, assets, liabilities and shareholders funds of the merged companies are consolidated regardless of the actual merger date.

Therefore, the group continues to recognise a merger reserve which arose on a past business combination that was accounted for as a merger in accordance with UK GAAP as applied at that time.

 

CNC Group Holdings Limited

Notes to the Financial Statements for the Year Ended 30 April 2023

Judgements

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Critical accounting estimates and assumptions

The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.

Long term contracts

Income is recognised based on costs incurred to date as a percentage of the total expected costs on the contract, which is deemed best estimate of the stage of completion of each project. Provisions have been made on contracts where there are disputes, damages or foreseeable losses. Losses are provided in full in the period the contract is forecast to make a loss.

Impairment of debtors

The company makes an estimate of the recoverable value of trade and other debtors. When assessing the impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the group’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the group.

The group recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the group's activities.

 

CNC Group Holdings Limited

Notes to the Financial Statements for the Year Ended 30 April 2023

Contract revenue recognition

Long term contracts
The Group enters into long term contracts and projects and recognises revenue and costs associated with the contract using the percentage of completion method.

Percentage of completion is determined by comparing the proportion of costs incurred for work performed to date against the estimated total costs. Costs incurred for work performed to date do not include costs relating to future activity, such as prepayments. Costs relating to such future activity are recognised as an asset only if it is probable that such costs will be recovered. Where the recovery of such costs is not probable then an expense is recognised immediately.

Management recognise revenue and profits from the start of the project. Costs are included based on best estimate.

Regular contract reviews are performed by senior and project staff, management support the process.

Where it is probable that contract costs will exceed total contract revenue the expected loss is immediately recognised.

Scrap income
Revenue from scrap income is recognised at the point of sale.

Retention income
Revenue from retentions is recognised as they are paid.

Rental income
Rental income is recognised on a straight line basis over the life of the contract.

Government grants

Grants are accounted for under he accruals model as permitted by FRS 102. Grants relating to expenditure on tangible assets are credited to the Consolidated Statement of Comprehensive Income at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.

Grants of a revenue nature are recognised on the Consolidated Statement of Comprehensive Income in the same period as the related expenditure.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

CNC Group Holdings Limited

Notes to the Financial Statements for the Year Ended 30 April 2023

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the group operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the consolidated financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold property

2% straight line

Improvements to leasehold property

straight line basis over the life of the lease

Plant and machinery

Straight line of 10 - 20% to a residual value of 15%, followed by straight line depreciation of the residual NBV over the lower of remaining life and 5 years.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

 

CNC Group Holdings Limited

Notes to the Financial Statements for the Year Ended 30 April 2023

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Computer software

3 years straight line

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the group will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

CNC Group Holdings Limited

Notes to the Financial Statements for the Year Ended 30 April 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the group does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Provisions

Provisions are made where an event has taken place that gives the group a legal or constructive obligation that probably requires settlement by a transfer of economic benefit and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to Consolidated Statement of Comprehensive Income in the year that the group 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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Asset held under finance leases are recognised at the lower of their fair value at the inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

 

CNC Group Holdings Limited

Notes to the Financial Statements for the Year Ended 30 April 2023

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the group’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
The group only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and loans to and from related parties.

Preference shares are measured at fair value with changes recognised in the Consolidated Statement of Comprehensive Income if the shares are publicly traded or their fair value can otherwise be measured reliably.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flow and subsequently at amortised costs using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount if cash or other consideration expected to be paid or received.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised it the Consolidated Statement of Comprehensive Income.

 

 

CNC Group Holdings Limited

Notes to the Financial Statements for the Year Ended 30 April 2023

3

Revenue

The analysis of the group's turnover for the year from continuing operations is as follows:

30 April
2023
£

30 April
2022
£

Sale of goods

12,972,587

11,633,296

Rental income from investment property

-

83,562

Other revenue

10,805

19,496

12,983,392

11,736,354

4

Exceptional income

30 April
2023
£

30 April
2022
£

Profit from tangible asset disposal

-

1,438,022

5

Operating profit

Arrived at after charging/(crediting)

30 April
2023
£

30 April
2022
£

Depreciation expense

105,846

134,693

Operating lease expense - plant and machinery

-

39,420

Loss/(profit) on disposal of property, plant and equipment

28

(1,551,115)

6

Government grants

Government grants received represent receipts of the Coronavirus Job Retention Scheme (CJRS).

The amount of grants recognised in the financial statements was £Nil (2022 - £8,123).

7

Other interest receivable and similar income

30 April
2023
£

30 April
2022
£

Interest income on bank deposits

70,206

49,499

Other finance income

(3,815)

9,806

66,391

59,305

 

CNC Group Holdings Limited

Notes to the Financial Statements for the Year Ended 30 April 2023

8

Interest payable and similar expenses

30 April
2023
£

30 April
2022
£

Interest on bank overdrafts and borrowings

64,454

35,955

Interest on preference shares

-

33,544

Interest expense on other finance liabilities

(39,572)

81,198

Foreign exchange gains

-

2,932

24,882

153,629

9

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

30 April
2023
£

30 April
2022
£

Wages and salaries

2,756,501

2,416,992

Social security costs

335,004

267,952

Pension costs, defined contribution scheme

115,890

110,377

3,207,395

2,795,321

 

CNC Group Holdings Limited

Notes to the Financial Statements for the Year Ended 30 April 2023

The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:

30 April
2023
No.

30 April
2022
No.

Production

29

28

Administration and support

22

18

Sales

11

11

62

57

10

Directors' remuneration

The directors' remuneration for the year was as follows:

30 April
2023
£

30 April
2022
£

Remuneration

505,166

593,688

Contributions paid to money purchase schemes

68,146

54,939

573,312

648,627

During the year the number of directors who were receiving benefits and share incentives was as follows:

30 April
2023
No.

30 April
2022
No.

Accruing benefits under money purchase pension scheme

4

4

In respect of the highest paid director:

30 April
2023
£

30 April
2022
£

Remuneration

189,996

185,830

Company contributions to money purchase pension schemes

-

1,321

 

CNC Group Holdings Limited

Notes to the Financial Statements for the Year Ended 30 April 2023

11

Auditors' remuneration

30 April
2023
£

30 April
2022
£

Audit of these financial statements

7,000

9,573

Audit of the financial statements of subsidiaries of the company pursuant to legislation

28,158

32,215

35,158

41,788


 

12

Taxation

Tax charged/(credited) in the consolidated profit and loss account

30 April
2023
£

30 April
2022
£

Current taxation

UK corporation tax

(50,000)

(105,597)

UK corporation tax adjustment to prior periods

-

(36,672)

(50,000)

(142,269)

Deferred taxation

Arising from origination and reversal of timing differences

8,956

(30,694)

Tax receipt in the income statement

(41,044)

(172,963)

 

CNC Group Holdings Limited

Notes to the Financial Statements for the Year Ended 30 April 2023

The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2022 - the same as the standard rate of corporation tax in the UK) of 19% (2022 - 19%).

The differences are reconciled below:

30 April
2023
£

30 April
2022
£

Profit before tax

268,371

2,543,026

Corporation tax at standard rate

50,990

483,175

Effect of expense not deductible in determining taxable profit (tax loss)

4,588

4,447

Effect of tax losses

(27,192)

(147,612)

Deferred tax credit from unrecognised tax loss or credit

-

(33,264)

Decrease in UK and foreign current tax from adjustment for prior periods

-

(36,672)

Tax decrease from effect of capital allowances and depreciation

(19,430)

(80,060)

Tax increase from effect of unrelieved tax losses carried forward

-

15,842

Tax decrease from effect of adjustment in research and development tax credit

(50,000)

(136,000)

Tax decrease from effect of indexation allowance on capital gains

-

(242,819)

Total tax credit

(41,044)

(172,963)

Deferred tax

Group

Deferred tax assets and liabilities

2023

Asset
£

Liability
£

Accelerated capital allowances

-

38,803

Fair value gains on investment properties

-

60,165

-

98,968

2022

Asset
£

Liability
£

Accelerated capital allowances

-

29,847

Fair value gains on investment properties

-

60,165

-

90,012

Company

Deferred tax assets and liabilities

2023

Asset
£

Liability
£

Accelerated capital allowances

-

3,613

Fair value gains on investment properties

-

60,165

-

63,778

 

CNC Group Holdings Limited

Notes to the Financial Statements for the Year Ended 30 April 2023

2022

Asset
£

Liability
£

Accelerated capital allowances

-

849

Fair value gains on investment properties

-

60,165

-

61,014

13

Intangible assets

Group

Trademarks, patents and licenses
 £

Other intangible assets
 £

Total
£

Cost or valuation

At 1 May 2022

5,584

108,072

113,656

Additions acquired separately

11,262

-

11,262

At 30 April 2023

16,846

108,072

124,918

Amortisation

At 1 May 2022

-

108,072

108,072

At 30 April 2023

-

108,072

108,072

Carrying amount

At 30 April 2023

16,846

-

16,846

At 30 April 2022

5,584

-

5,584

Company

Trademarks, patents and licenses
 £

Total
£

Cost or valuation

At 1 May 2022

5,584

5,584

Additions acquired separately

11,262

11,262

At 30 April 2023

16,846

16,846

Amortisation

Carrying amount

At 30 April 2023

16,846

16,846

At 30 April 2022

5,584

5,584

 

CNC Group Holdings Limited

Notes to the Financial Statements for the Year Ended 30 April 2023

14

Tangible assets

Group

Land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Total
£

Cost or valuation

At 1 May 2022

1,000,000

191,912

1,248,300

227,016

2,667,228

Additions

-

-

110,320

77,197

187,517

Disposals

-

-

(684)

-

(684)

At 30 April 2023

1,000,000

191,912

1,357,936

304,213

2,854,061

Depreciation

At 1 May 2022

8,467

179,069

959,531

176,265

1,323,332

Charge for the year

16,703

4,787

62,874

21,481

105,845

Eliminated on disposal

-

-

(655)

-

(655)

At 30 April 2023

25,170

183,856

1,021,750

197,746

1,428,522

Carrying amount

At 30 April 2023

974,830

8,056

336,186

106,467

1,425,539

At 30 April 2022

991,533

12,843

288,769

50,751

1,343,896

Included within the net book value of land and buildings above is £974,830 (2022 - £991,533) in respect of freehold land and buildings and £Nil (2022 - £Nil) in respect of long leasehold land and buildings.
 

Revaluation

The fair value of the group's land and buildings was revalued on 7 February 2022 by an independent valuer.
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £658,174 (2022 - £674,877).
 

 

CNC Group Holdings Limited

Notes to the Financial Statements for the Year Ended 30 April 2023

Company

Land and buildings
£

Plant and machinery
£

Total
£

Cost or valuation

At 1 May 2022

1,000,000

272,436

1,272,436

At 30 April 2023

1,000,000

272,436

1,272,436

Depreciation

At 1 May 2022

8,467

260,550

269,017

Charge for the year

16,703

1,201

17,904

At 30 April 2023

25,170

261,751

286,921

Carrying amount

At 30 April 2023

974,830

10,685

985,515

At 30 April 2022

991,533

11,887

1,003,420

Included within the net book value of land and buildings above is £974,830 (2022 - £991,533) in respect of freehold land and buildings.
 

Revaluation

The fair value of the company's land and buildings was revalued on 7 February 2022 by an independent valuer.
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £658,174 (2022 - £674,877).
 

 

CNC Group Holdings Limited

Notes to the Financial Statements for the Year Ended 30 April 2023

15

Investment properties

Group and Company

30 April
2023
£

At 1 May

553,747

Additions

555,508

At 30 April

1,109,255


Investment properties are recorded at cost, which is considered by the directors to reflect their market value when they were acquired. The properties, which were acquired in the year ended 30 April 2022 and 2023, and are expected to be revalued in 2025, are considered by the directors to reflect their fair value at the balance sheet date.

16

Investments

Company

30 April
2023
£

30 April
2022
£

Investments in subsidiaries

1,249,749

1,249,749

Subsidiaries

£

Cost or valuation

At 1 May 2022

1,499,815

Provision

At 1 May 2022

250,066

Carrying amount

At 30 April 2023

1,249,749

At 30 April 2022

1,249,749

 

CNC Group Holdings Limited

Notes to the Financial Statements for the Year Ended 30 April 2023

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2023

2022

Subsidiary undertakings

Coleman & Company Limited

Shady Lane
Great Barr
Birmingham
B44 9ER

England & Wales

Ordinary

100%

100%

Coleman Remediation Services Limited

Shady Lane
Great Barr
Birmingham
B44 9ER

England & Wales

Ordinary A

100%

100%

Coleman & Company Specialist Cutting Services Limited

Selecta Avenue
Great Barr
Birmingham
B44 9EH

England & Wales

Ordinary

100%

100%

Coleman & Company Plant Hire Limited

Shady Lane
Great Barr
Birmingham
B44 9ER

England & Wales

Ordinary

100%

100%

Coleman Regeneration Limited

Shady Lane
Great Barr
Birmingham
B44 9ER

England & Wales

Ordinary

100%

100%

Coleman Engineering Services Limited

Shady Lane
Great Barr
Birmingham
B44 9ER

England & Wales

Ordinary

100%

100%

Completely Engineered Solutions Limited

Shady Lane
Great Barr
Birmingham
B44 9ER

England & Wales

Ordinary

100%

100%

 

CNC Group Holdings Limited

Notes to the Financial Statements for the Year Ended 30 April 2023

Subsidiary undertakings

Coleman & Company Limited

The principal activity of Coleman & Company Limited is the provision of complex demolition and specialised land redevelopment services.

Coleman Remediation Services Limited

The principal activity of Coleman Remediation Services Limited is remedial engineering work, landfill restoration and construction and industrial hazardous waste treatment.

Coleman & Company Specialist Cutting Services Limited

The principal activity of Coleman & Company Specialist Cutting Services Limited is diamond drilling, concrete cutting snd related works for the construction industry.

Coleman & Company Plant Hire Limited

The principal activity of Coleman & Company Plant Hire Limited is an active company with no trading activity.

Coleman Regeneration Limited

The principal activity of Coleman Regeneration Limited is dormant.

Coleman Engineering Services Limited

The principal activity of Coleman Engineering Services Limited is the provision of engineering services.

Completely Engineered Solutions Limited

The principal activity of Completely Engineered Solutions Limited is dormant.

 

CNC Group Holdings Limited

Notes to the Financial Statements for the Year Ended 30 April 2023

17

Other financial assets

Group

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

At 1 May 2022

31,409

31,409

At 30 April 2023

31,409

31,409

Impairment

Carrying amount

At 30 April 2023

31,409

31,409

18

Stocks

 

Group

Company

30 April
2023
£

30 April
2022
£

30 April
2023
£

30 April
2022
£

Other inventories

99,377

107,293

-

-

 

CNC Group Holdings Limited

Notes to the Financial Statements for the Year Ended 30 April 2023

19

Debtors

   

Group

Company

Current

Note

30 April
2023
£

(As restated)

30 April
2022
£

30 April
2023
£

30 April
2022
£

Trade debtors

 

1,254,790

373,462

-

8,402

Amounts owed by related parties

29

95,153

115,506

931,345

978,099

Other debtors

 

140,683

134,391

3,045

65,067

Prepayments

 

353,089

286,766

15,477

12,809

Gross amount due from customers for contract work

 

1,690,713

1,105,287

-

388,441

Income tax asset

12

59,226

145,685

-

-

   

3,593,654

2,161,097

949,867

1,452,818

20

Cash and cash equivalents

 

Group

Company

30 April
2023
£

30 April
2022
£

30 April
2023
£

30 April
2022
£

Cash on hand

-

1,213

-

-

Cash at bank

2,925,162

2,926,983

585,067

2,317,810

Short-term deposits

171,218

1,799,913

-

-

3,096,380

4,728,109

585,067

2,317,810

 

CNC Group Holdings Limited

Notes to the Financial Statements for the Year Ended 30 April 2023

21

Creditors

   

Group

Company

Note

30 April
2023
£

30 April
2022
£

30 April
2023
£

30 April
2022
£

Due within one year

 

Trade creditors

 

2,011,029

795,607

288

80,496

Amounts due to related parties

29

108,984

207,525

1,449,091

2,273,807

Social security and other taxes

 

136,640

180,990

-

-

Outstanding defined contribution pension costs

 

19,781

16,032

-

-

Other payables

 

82,632

248,475

-

-

Accruals

 

501,523

716,006

27,105

323,012

Income tax liability

12

30,405

30,405

30,405

30,405

 

2,890,994

2,195,040

1,506,889

2,707,720

Due after one year

 

Loans and borrowings

25

2,692

2,692

-

-

 

CNC Group Holdings Limited

Notes to the Financial Statements for the Year Ended 30 April 2023

22

Provisions for liabilities

Group

Deferred tax
£

Total
£

At 1 May 2022

90,012

90,012

Additional provisions

8,956

8,956

At 30 April 2023

98,968

98,968

Company

Deferred tax
£

Total
£

At 1 May 2022

61,014

61,014

Additional provisions

2,764

2,764

At 30 April 2023

63,778

63,778

23

Pension and other schemes

Defined contribution pension scheme

The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £115,890 (2022 - £21,272).

Contributions totalling £19,781 (2022 - £16,032) were payable to the scheme at the end of the year and are included in creditors.

24

Share capital

Allotted, called up and fully paid shares

 

30 April
2023

30 April
2022

 

No.

£

No.

£

Ordinary A shares of £1 each

650

650

650

650

Ordinary B shares of £1 each

649

649

649

649

Ordinary C shares of £1 each

-

-

633

633

 

1,299

1,299

1,932

1,932

The "A", "B" and "C" shares rank pari passu for all purposes except that the directors may at any time resolve to declare a dividend on one or more classes of share and not one or other classes.

 

CNC Group Holdings Limited

Notes to the Financial Statements for the Year Ended 30 April 2023

25

Loans and borrowings

 

Group

Company

30 April
2023
£

30 April
2022
£

30 April
2023
£

30 April
2022
£

Non-current loans and borrowings

Redeemable preference shares

2,692

2,692

-

-

Group

Other borrowings

Preference shares classified as debt is denominated in Sterling with a nominal interest rate of 5%. The carrying amount at year end is £2,692 (2022 - £2,692).

In April 2017 the group issued 5% preference shares that the group are obliged to redeem between April 2024 but no later than April 2029. Shares are redeemable in minimum multiples of £35,000 at an amount equal to the issue price plus 10% of the issue price.

Preference shares carry no voting rights.

26

Obligations under leases and hire purchase contracts

Group

Operating leases

The total of future minimum lease payments is as follows:

30 April
2023
£

30 April
2022
£

Not later than one year

222,368

153,288

Later than one year and not later than five years

334,898

204,879

557,266

358,167

The amount of non-cancellable operating lease payments recognised as an expense during the year was £214,667 (2022 - £231,278).

Company

Operating leases

The total of future minimum lease payments is as follows:

30 April
2023
£

30 April
2022
£

Not later than one year

10,000

10,000

Later than one year and not later than five years

-

10,000

10,000

20,000

 

CNC Group Holdings Limited

Notes to the Financial Statements for the Year Ended 30 April 2023

The amount of non-cancellable operating lease payments recognised as an expense during the year was £10,000 (2022 - £10,000).

Operating leases - lessor

The total of future minimum lease payments is as follows:

30 April
2023
£

30 April
2022
£

Not later than one year

120,000

120,000

Later than one year and not later than five years

170,000

290,000

290,000

410,000

Total contingent rents recognised as income in the period are £Nil (2022 - £Nil).

27

Dividends

Interim dividends paid

   

30 April
2023
£

 

30 April
2022
£

Interim dividend of £73.85 (2022 - £467.69) per each Ordinary A shares

 

48,000

 

304,000

Interim dividend of £Nil per each Ordinary B shares

 

-

 

-

Interim dividend of £Nil per each Ordinary C shares

 

-

 

-

   

48,000

 

304,000

28

Contingent liabilities

Group

During 2017 financial statements the company experienced an incident on a major contract.

Causation of the incident is still unknown, and the matter continues to be investigated by the appropriate authorities. The company continues to co-operate fully with all involved.

Based upon rigorous inquiries undertaken by independent specialists and on professional advice, the directors do not believe the company is responsible for the cause of the incident.

It is totally impracticable for the directors to provide any estimate of the financial liability, if any, arising from the matter, and the likely timescale for it to be settled. However, the directors are confident that comprehensive insurance arrangements, with adequate limits of indemnity, exist to cover the financial consequences should any liability attach.

At the period end the group had committed to surety for performance bonds on contracts in the sum of £262,095 (2022 - £80,000).

 

CNC Group Holdings Limited

Notes to the Financial Statements for the Year Ended 30 April 2023

29

Related party transactions

Group

Dividends paid to directors

   

30 April
2023
£

 

30 April
2022
£

Mr M A Coleman

       

Dividends paid

 

48,000

 

304,000

         

Summary of transactions with other related parties

The group has contracts with CNC Group Holdings Limited Small Self-Administered Pension Scheme, a scheme for which M A Coleman is a trustee. During the year, the group paid dividends on preference shares treated as debt of £0.00 (2022 - £33,543).

Amounts of £Nil (2022 - £49,020) are included in other debtors for payments made on behalf of the scheme at the balance sheet date.

 
Skelligs Site Services Limited and Skelligs Retreat Limited
Skelligs Site Services Limited and Skelligs Retreat Limited are companies registered in the Republic of Ireland which are owned by M A Coleman, director. At the balance sheet date amounts of £95,152 (2022: £115,507) were owed to the group.

 

30

Controlling party

The ultimate controlling party is M A Coleman.