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REGISTERED NUMBER: 10669097 (England and Wales)















CMS CEPCOR (HOLDINGS) LIMITED

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2023






CMS CEPCOR (HOLDINGS) LIMITED (REGISTERED NUMBER: 10669097)






CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 3 to 5

Report of the Independent Auditors 6 to 9

Consolidated Income Statement 10

Consolidated Other Comprehensive Income 11

Consolidated Statement of Financial Position 12

Company Statement of Financial Position 13

Consolidated Statement of Changes in Equity 14

Company Statement of Changes in Equity 15

Consolidated Statement of Cash Flows 16

Notes to the Consolidated Statement of Cash Flows 17

Notes to the Consolidated Financial Statements 18 to 30


CMS CEPCOR (HOLDINGS) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 APRIL 2023







DIRECTORS: D I Sydenham
Mrs E H Sydenham
C I Sydenham
M T Weare
R A H Gill



REGISTERED OFFICE: 1 Vulcan Way
Coalville
LE67 3AP



REGISTERED NUMBER: 10669097 (England and Wales)



SENIOR STATUTORY AUDITOR: Michael Argyle BSc ACA



AUDITORS: Duncan & Toplis Audit Limited, Statutory Auditor
26 Park Road
Melton Mowbray
Leicestershire
LE13 1TT

CMS CEPCOR (HOLDINGS) LIMITED (REGISTERED NUMBER: 10669097)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2023

The directors present their strategic report of the company and the group for the year ended 30 April 2023.

REVIEW OF BUSINESS
The results for the year and financial position of the group are shown in the annexed documents.

The directors aim to present a balanced and comprehensive review of the development and performance of the group during the year and its position at the year end.

The principal activities of the group in the year under review were the supply of crusher spares and repair services to the quarrying, mining, and recycling industries globally. CMS Cepcor Limited is the principal trading business complemented by Requip Supplies Limited, a supplier of impact crusher spares. Crusher Manganese Steels Limited manages all group property assets. In North America, CMS Cepcor Inc and CMS Cepcor Americas LLC are responsible for developing direct sales and distribution.

Group turnover increased by 15.33% to £79,942,285 with profits after tax recorded at £13,901,734. Profits included exceptional foreign exchange gains in the financial period under review but underlying profitability remains strong. This figure, after deduction of dividends, has been added to group reserves.

The group already exports to over 120 countries and further export sales growth remains a core objective. Key geographical targets have been identified for this growth.

The group's financial strength grows yearly, and the directors have a clear plan for further business development. These plans include the development of an additional site in Coalville purchased in February 2023 to increase manufacturing and service capabilities .

Solar PV systems were installed during the financial period under review and are now fully operational, substantially reducing energy costs and supporting energy reduction management objectives.

PRINCIPAL RISKS AND UNCERTAINTIES
The principal risks to the group are the current global economic uncertainty affecting customer confidence, the volatility of raw material pricing, supply chain disruption, inflationary pressures on operating costs and foreign exchange risk. The group has delivered an exceptional performance during the financial year against a backdrop of these issues. The directors believe the business is well placed to manage these risks with the management team in place supported by the growing financial strength of the group.

SECTION 172(1) STATEMENT
The directors set out their statement of compliance with s172 (1) of the Companies Act 2006.

The directors preside over the group for the benefit of all stakeholders. In making decisions, the directors take into account their potential short and long-term implications. The basic goal is the long-term sustainable growth of the business which will see returns to shareholders increasing.

When considering the long term prosperity of the group, the directors takes serious account of the outcome of all decisions on its employees and undertakes to act in their best interests. Employees are given regular assessments and equal opportunities. We are committed to providing a working environment that promotes employee's wellbeing whilst facilitating their performance.

The group is mindful of the impact of its operations on both the community and the environment and expects both its employees and its suppliers to meet exacting standards in their everyday business conduct. CMS Cepcor strives to maintain a reputation for the highest standards of business conduct. The directors always endeavour to operate to the highest ethical standards in order to maintain and promote the reputation of the group with customers and suppliers.

ON BEHALF OF THE BOARD:





M T Weare - Director


12 October 2023

CMS CEPCOR (HOLDINGS) LIMITED (REGISTERED NUMBER: 10669097)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 APRIL 2023

The directors present their report with the financial statements of the company and the group for the year ended 30 April 2023.

PRINCIPAL ACTIVITIES
The principal activities of the group in the year under review were those of the supply of spare parts for crushing machinery used in the quarrying, mining and recycling industries, and the sale of engineering spares and machines.

DIVIDENDS
Interim dividends per share were paid as follows:
500 - 23 June 2022
1,750 - 1 August 2022
1,500 - 31 March 2023
3,750

The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 30 April 2023 will be £ 2,985,000 .

The total distribution excludes dividends waived in the year of £765,000.

EVENTS SINCE THE END OF THE YEAR
Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 May 2022 to the date of this report.

D I Sydenham
Mrs E H Sydenham
C I Sydenham
M T Weare
R A H Gill


CMS CEPCOR (HOLDINGS) LIMITED (REGISTERED NUMBER: 10669097)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 APRIL 2023

GREENHOUSE GAS EMISSIONS, ENERGY CONSUMPTION & ENERGY EFFICIENCY
2023 2022
Energy consumption used to calculate emissions (kWh) 2,082,541.80 2,468,811.80
Energy consumption break down (kWh):

- Gas 1,386,598.30 1,394,516.40
- Electricity 995,943.52 1,074,295.40
Transport fuel (litres) 136,674.85 132,141.90
Scope 1 - Emissions in metric tonnes CO2e (tCO2e)

Gas consumption 195.58 256.39
Owned transport 347.11 334.26
Total Scope 1 542.69 590.65
Scope 2 - Emissions in metric tonnes CO2e (tCO2e)

Purchased electricity 192.59 250.46
Total gross emissions in metric tonnes CO2e (tCO2e) 735.28 841.111
Intensity ratio - Tonnes CO2e (tCO2e) per £million turnover 0.0000104 0.0000121

Quantification and Reporting Methodology
We have followed the 2019 HM Government Environmental Reporting Guidelines. We have also used the GHG Reporting Protocol - Corporate Standard and have used the 2021 UK Government's Conversion Factors for Company Reporting.

Intensity Measurement
The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e (tCO2e) per £million turnover. This measurement will enable consistent comparisons to be made over a number of years. The turnover for the 2022-2023 financial period was £70,518,372.74.

Measures taken to improve energy efficiency
The energy efficiency measures taken within the 2022 - 2023 financial period include;
- Solar panels were installed at VW in February and at GPC in April.
- The old gas oven in the Service Facility has been removed.
- A number of diesel forklift trucks have been replaced with electric forklift trucks.
- Timers on external lights have been fitted.
- Heating in certain areas has been reduced.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 company and the group 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 then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained
in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

CMS CEPCOR (HOLDINGS) LIMITED (REGISTERED NUMBER: 10669097)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 APRIL 2023


STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS
The auditors, Duncan & Toplis Audit Limited, Statutory Auditor, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





M T Weare - Director


12 October 2023

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CMS CEPCOR (HOLDINGS) LIMITED

Opinion
We have audited the financial statements of CMS Cepcor (Holdings) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, 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 of the parent company affairs as at 30 April 2023 and of the group's 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 Auditors' 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 directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors 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 this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CMS CEPCOR (HOLDINGS) LIMITED


Matters on which we are required to report by exception
In the light of the 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 Group Strategic Report or the Report of the Directors.

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 four, 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 necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CMS CEPCOR (HOLDINGS) LIMITED


Auditors' 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 a Report of the Auditors 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 have identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial experience, knowledge of the sector, a review of regulatory and legal correspondence and through discussions with Directors and other management obtained as part of the work required by auditing standards. We have also discussed with the Directors and other management the policies and procedures relating to compliance with laws and regulations. We communicated laws and regulations throughout the team and remained alert to any indications of non-compliance throughout the audit. The potential impact of different laws and regulations varies considerably.

Firstly, the group is subject to laws and regulations that directly impact the financial statements (for example financial reporting legislation) and we have assessed the extent of compliance with such laws as part of our financial statements audit. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including risk of override of controls), and determined that the principal risks were related to management bias in accounting estimates and judgemental areas of the financial statements, as well as the risk of inappropriate journal entries to manipulate reported profitability. Audit procedures performed by the engagement team included the identification and testing of unusual material journal entries and challenging management on key estimates, assumptions and judgements made in the preparation of the financial statements. These key areas of uncertainty are disclosed in the accounting policies. We carried out detailed substantive tests on accounting estimates, including reviewing the methods and data used by management to make those estimates, re-performing the calculation, reviewing the outcome of prior year estimates, and also reviewing the outcome of current year estimates since the financial reporting date.

Secondly, the group is subject to other laws and regulations where the consequence for non-compliance could have a material effect on the amounts or disclosures in the financial statements. We identified the following areas as those most likely to have such an effect: Health and Safety regulations, Employment laws and one subsidiary is ISO9001 (Quality Management System) and ISO14001/45001 (Energy Management System) accredited. The group and the subsidiary company affected is subject to regular internal and external audits to ensure compliance in these areas.

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Directors and other management and inspection. This inspection included a review of the external audits conducted within the year for any evidence of non-compliance in addition to an assessment of the company's employment and health and safety controls and incident logs. Through these procedures, if we became aware of any non-compliance, we considered the impact on the procedures performed on the related financial statement items.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. The further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. As with any audit. There is a greater risk of non-detection of irregularities as these may involve collusion, intentional omissions or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CMS CEPCOR (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 a Report of the Auditors 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.




Michael Argyle BSc ACA (Senior Statutory Auditor)
for and on behalf of Duncan & Toplis Audit Limited, Statutory Auditor
26 Park Road
Melton Mowbray
Leicestershire
LE13 1TT

7 November 2023

CMS CEPCOR (HOLDINGS) LIMITED (REGISTERED NUMBER: 10669097)

CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 30 APRIL 2023

2023 2022
Notes £    £    £    £   

REVENUE 3 79,942,285 69,318,943

Cost of sales 49,051,480 44,560,527
GROSS PROFIT 30,890,805 24,758,416

Distribution costs 1,239,493 977,669
Administrative expenses 12,103,619 9,351,303
13,343,112 10,328,972
17,547,693 14,429,444

Other operating income 76,526 2,386
GROUP OPERATING PROFIT 5 17,624,219 14,431,830

Share of operating profit in
Joint ventures 59,727 52,538

Interest receivable and similar income 30,155 108
17,714,101 14,484,476

Interest payable and similar expenses 6 305,644 59,656
PROFIT BEFORE TAXATION 17,408,457 14,424,820

Tax on profit 7 3,506,723 2,543,151
PROFIT FOR THE FINANCIAL YEAR 13,901,734 11,881,669
Profit attributable to:
Owners of the parent 13,810,868 11,209,673
Non-controlling interests 90,866 671,996
13,901,734 11,881,669

CMS CEPCOR (HOLDINGS) LIMITED (REGISTERED NUMBER: 10669097)

CONSOLIDATED OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2023

2023 2022
Notes £    £   

PROFIT FOR THE YEAR 13,901,734 11,881,669


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 13,901,734 11,881,669

Total comprehensive income attributable to:
Owners of the parent 13,810,868 11,209,673
Non-controlling interests 90,866 671,996
13,901,734 11,881,669

CMS CEPCOR (HOLDINGS) LIMITED (REGISTERED NUMBER: 10669097)

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
30 APRIL 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 1,153,422 -
Property, plant and equipment 11 17,293,836 13,977,469
Investments 12
Interest in joint venture
Share of gross assets 828,418 835,682
Share of gross liabilities (7,446 ) (7,746 )
820,972 827,936
Other investments 2 2
19,268,232 14,805,407

CURRENT ASSETS
Inventories 13 28,488,954 23,637,541
Debtors 14 15,727,283 13,938,339
Cash at bank and in hand 8,469,292 8,022,852
52,685,529 45,598,732
CREDITORS
Amounts falling due within one year 15 11,563,654 10,433,417
NET CURRENT ASSETS 41,121,875 35,165,315
TOTAL ASSETS LESS CURRENT LIABILITIES 60,390,107 49,970,722

CREDITORS
Amounts falling due after more than one year 16 (3,439,252 ) (1,580,454 )

PROVISIONS FOR LIABILITIES 21 (521,294 ) (685,406 )
NET ASSETS 56,429,561 47,704,862

CAPITAL AND RESERVES
Called up share capital 22 1,000 1,000
Merger reserve 21,555,391 21,555,391
Retained earnings 34,873,170 25,432,933
SHAREHOLDERS' FUNDS 56,429,561 46,989,324

NON-CONTROLLING INTERESTS 23 - 715,538
TOTAL EQUITY 56,429,561 47,704,862

The financial statements were approved by the Board of Directors and authorised for issue on 12 October 2023 and were signed on its behalf by:




M T Weare - Director



R A H Gill - Director


CMS CEPCOR (HOLDINGS) LIMITED (REGISTERED NUMBER: 10669097)

COMPANY STATEMENT OF FINANCIAL POSITION
30 APRIL 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 - -
Property, plant and equipment 11 - -
Investments 12 5,496,732 5,496,732
5,496,732 5,496,732

CURRENT ASSETS
Debtors 14 6,506,107 4,659,031
Cash at bank 423,896 268,133
6,930,003 4,927,164
CREDITORS
Amounts falling due within one year 15 11,815 57,296
NET CURRENT ASSETS 6,918,188 4,869,868
TOTAL ASSETS LESS CURRENT LIABILITIES 12,414,920 10,366,600

CAPITAL AND RESERVES
Called up share capital 22 1,000 1,000
Retained earnings 12,413,920 10,365,600
SHAREHOLDERS' FUNDS 12,414,920 10,366,600

Company's profit for the financial year 5,033,320 5,226,372

The financial statements were approved by the Board of Directors and authorised for issue on 12 October 2023 and were signed on its behalf by:




M T Weare - Director



R A H Gill - Director


CMS CEPCOR (HOLDINGS) LIMITED (REGISTERED NUMBER: 10669097)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2023

Called up
share Retained Merger
capital earnings reserve
£    £    £   

Balance at 1 May 2021 1,000 17,223,260 21,555,391

Changes in equity
Dividends - (3,000,000 ) -
Total comprehensive income - 11,209,673 -
Balance at 30 April 2022 1,000 25,432,933 21,555,391

Changes in equity
Change in non-controlling interest - (1,385,631 ) -
Dividends - (2,985,000 ) -
Total comprehensive income - 13,810,868 -
Balance at 30 April 2023 1,000 34,873,170 21,555,391
Non-controlling Total
Total interests equity
£    £    £   

Balance at 1 May 2021 38,779,651 541,449 39,321,100

Changes in equity
Acquisition of non-controlling interest - (153,720 ) (153,720 )
Distributions to non-controlling
interest

-

(344,187

)

(344,187

)
Dividends (3,000,000 ) - (3,000,000 )
Total comprehensive income 11,209,673 671,996 11,881,669
Balance at 30 April 2022 46,989,324 715,538 47,704,862

Changes in equity
Acquisition of non-controlling interest - (2,147,750 ) (2,147,750 )
Change in non-controlling interest (1,385,631 ) 1,385,631 -
Distributions to non-controlling
interest

-

(44,285

)

(44,285

)
Dividends (2,985,000 ) - (2,985,000 )
Total comprehensive income 13,810,868 90,866 13,901,734
Balance at 30 April 2023 56,429,561 - 56,429,561

CMS CEPCOR (HOLDINGS) LIMITED (REGISTERED NUMBER: 10669097)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2023

Called up
share Retained Total
capital earnings equity
£    £    £   

Balance at 1 May 2021 1,000 8,139,228 8,140,228

Changes in equity
Dividends - (3,000,000 ) (3,000,000 )
Total comprehensive income - 5,226,372 5,226,372
Balance at 30 April 2022 1,000 10,365,600 10,366,600

Changes in equity
Dividends - (2,985,000 ) (2,985,000 )
Total comprehensive income - 5,033,320 5,033,320
Balance at 30 April 2023 1,000 12,413,920 12,414,920

CMS CEPCOR (HOLDINGS) LIMITED (REGISTERED NUMBER: 10669097)

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 15,292,182 9,498,909
Interest paid (297,345 ) (50,927 )
Interest element of hire purchase payments paid (8,299 ) (8,729 )
Tax paid (4,695,732 ) (2,242,527 )
Taxation refund 89,457 161,594
Net cash from operating activities 10,380,263 7,358,320

Cash flows from investing activities
Purchase of intangible fixed assets (1,193,195 ) -
Purchase of tangible fixed assets (4,634,077 ) (1,615,915 )
Purchase of fixed asset investments (12,568 ) (964,514 )
Sale of tangible fixed assets 54,327 222,105
Sale of fixed asset investments - 28,791
Distributions from joint ventures 79,398 35,396
Share of joint ventures operating profit (59,727 ) (52,538 )
Interest received 30,155 108
Net cash from investing activities (5,735,687 ) (2,346,567 )

Cash flows from financing activities
New loans in year 1,500,000 603
Loan repayments in year (257,931 ) (790,000 )
Loan to/from JV repaid in the year (603 ) 130,175
New loan to JV in the year (14,891 ) -
Capital repayments in year (174,568 ) (186,879 )
Amount introduced by directors 1,694,729 1,920,000
Amount withdrawn by directors (1,767,646 ) (1,501,216 )
Equity dividends paid (2,985,000 ) (3,000,000 )
Dividends paid to NCI (44,285 ) (344,187 )
Purchase of non-controlling interest (2,147,750 ) -
Net cash from financing activities (4,197,945 ) (3,771,504 )

Increase in cash and cash equivalents 446,631 1,240,249
Cash and cash equivalents at beginning of year 2 8,022,852 6,790,276
Effect of foreign exchange rate changes (191 ) (7,673 )
Cash and cash equivalents at end of year 2 8,469,292 8,022,852

CMS CEPCOR (HOLDINGS) LIMITED (REGISTERED NUMBER: 10669097)

NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
2023 2022
£    £   
Profit before taxation 17,408,457 14,424,820
Depreciation charges 1,329,589 1,328,394
Profit on disposal of fixed assets (26,381 ) (249,928 )
Finance costs 305,644 59,656
Finance income (30,155 ) (108 )
18,987,154 15,562,834
Increase in inventories (4,851,413 ) (5,733,858 )
Increase in trade and other debtors (1,758,663 ) (1,531,475 )
Increase in trade and other creditors 2,915,104 1,201,408
Cash generated from operations 15,292,182 9,498,909

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 30 April 2023
30.4.23 1.5.22
£    £   
Cash and cash equivalents 8,469,292 8,022,852
Year ended 30 April 2022
30.4.22 1.5.21
£    £   
Cash and cash equivalents 8,022,852 6,790,276


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.5.22 Cash flow At 30.4.23
£    £    £   
Net cash
Cash at bank and in hand 8,022,852 446,440 8,469,292
8,022,852 446,440 8,469,292
Debt
Finance leases (334,440 ) 174,568 (159,872 )
Debts falling due within 1 year (240,000 ) (120,000 ) (360,000 )
Debts falling due after 1 year (1,420,582 ) (1,122,069 ) (2,542,651 )
(1,995,022 ) (1,067,501 ) (3,062,523 )
Total 6,027,830 (621,061 ) 5,406,769

CMS CEPCOR (HOLDINGS) LIMITED (REGISTERED NUMBER: 10669097)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

1. STATUTORY INFORMATION

CMS Cepcor (Holdings) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Financial Reporting Standard 102 - reduced disclosure exemptions
The parent company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland':

- the requirements of Section 7 Statement of Cash Flows;
- the requirements of Section 11 Financial Instruments paragraphs 11.41(b), 11.41(c), 11.41(e), 11.41(f), 11.42, 11.44,
11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c).

The disclosure above is incorporated within these financial statements.

Basis of consolidation
The group financial statements consolidate the financial statements of CMS Cepcor (Holdings) Limited and all of its subsidiary undertakings for the year ended 30 April 2023. The consolidated financial statements are based on financial statements of subsidiary undertakings which are coterminous with those of the parent company, except for CMS Cepcor Inc, CMS Cepcor Americas LLC and Columbia Steel Cast Products LLC, which have 31 December year ends for tax reasons. However, the figures have been converted to a 30 April year end using management accounts in order to align with the rest of the group. Goodwin Barsby Limited has not been consolidated as it is not material to these financial statements.

Unless otherwise stated, the acquisition method of accounting has been adopted. Under this method, the results of subsidiary undertakings acquired or disposed of in the year are included in the consolidated income statement from the date of acquisition or up to the date of disposal.

Investments in subsidiary undertakings are stated at cost less impairment.

For investments in joint ventures, the equity method of accounting has been adopted. Under this method, an equity investment is initially recognised at the transaction price (including transaction costs) and is subsequently adjusted to reflect the investor's share of the profit or loss, other comprehensive income and equity of the associate.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

CMS CEPCOR (HOLDINGS) LIMITED (REGISTERED NUMBER: 10669097)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023

2. ACCOUNTING POLICIES - continued

Significant judgements and estimates
In the application of the group's accounting policies, management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below.

(i) Inventory provision

The group supplies spare parts for crushing machinery used in the quarrying, mining and recycling industries, and is subject to changing consumer demands and economic trends. As a result it is necessary to consider the recoverability of the cost of inventory and the associated provisioning required. Inventories are stated after provisions for impairment of £2,135,082 (2022 - £2,027,137). When calculating the inventory provision, management considers the age of the inventory, in particular any items that have been non-moving for the last two years, as well as applying assumptions around anticipated saleability.

Revenue
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of ten years.

Property, plant and equipment
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 2% on cost
Improvements to property - Straight line over 15 years
Fixtures, fittings and equipment
-
25% on cost, 15% on cost, 12.5% on cost, 10% on cost and 10.5% on cost
Motor vehicles - 25% on cost

Property, plant and equipment is stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost less impairment.

Inventories
Inventories are stated at the lower of cost and fair value less costs to complete and sell, after making due allowance for obsolete and slow moving items. Inventories are accounted for on a first-in-first-out basis.

CMS CEPCOR (HOLDINGS) LIMITED (REGISTERED NUMBER: 10669097)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
The group has chosen to adopt the Sections 11 and 12 of FRS 102 in respect of financial instruments.

Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price.

Such assets are subsequently carried at fair value and the changes in fair value are recognised in the income statement, except that investments in equity instruments that are not publically traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Basic financial liabilities, including trade and other creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

CMS CEPCOR (HOLDINGS) LIMITED (REGISTERED NUMBER: 10669097)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the statement of financial position. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

3. REVENUE

The revenue and profit before taxation are attributable to the principal activities of the group.

An analysis of revenue by geographical market is given below:

2023 2022
£    £   
United Kingdom 14,447,180 14,482,237
Outside of United Kingdom 65,495,105 54,836,706
79,942,285 69,318,943

4. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 9,449,818 7,539,968
Social security costs 887,512 687,568
Other pension costs 336,248 350,766
10,673,578 8,578,302

The average number of employees during the year was as follows:
2023 2022

Administration 58 70
Production 117 80
175 150

2023 2022
£    £   
Directors' remuneration 794,225 547,172
Directors' pension contributions to money purchase schemes 8,273 49,216

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 5 5

CMS CEPCOR (HOLDINGS) LIMITED (REGISTERED NUMBER: 10669097)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023

4. EMPLOYEES AND DIRECTORS - continued

Information regarding the highest paid director is as follows:
2023 2022
£    £   
Emoluments etc 386,291 265,150
Pension contributions to money purchase schemes 7,636 43,596

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2023 2022
£    £   
Hire of plant and machinery 2,410 2,370
Other operating leases 152,053 133,145
Depreciation - owned assets 1,158,278 1,103,429
Depreciation - assets on hire purchase contracts 131,539 200,040
Profit on disposal of fixed assets (26,381 ) (249,928 )
Goodwill amortisation - 24,924
Patents and licences amortisation 39,773 -
Auditors' remuneration - audit of parent and consolidation 11,000 10,000
Auditors' remuneration - audit of subsidiaries 20,515 18,650
Foreign exchange (gains)/losses (416,405 ) (111,635 )
Government grants (60,000 ) (2,386 )
Directors' pension contributions 8,273 49,216

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Bank interest - 498
Bank loan interest 89,294 45,924
Interest on overdue tax 7,110 4,505
Other loan interest 200,941 -
Hire purchase interest 8,299 8,729
305,644 59,656

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 3,043,410 2,192,069
Foreign tax 627,425 66,830
Total current tax 3,670,835 2,258,899

Deferred tax (164,112 ) 284,252
Tax on profit 3,506,723 2,543,151

CMS CEPCOR (HOLDINGS) LIMITED (REGISTERED NUMBER: 10669097)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023

7. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
Profit before tax 17,408,457 14,424,820
Profit multiplied by the standard rate of corporation tax in the UK of 19.493 %
(2022 - 19 %)

3,393,431

2,740,716

Effects of:
Expenses not deductible for tax purposes 8,381 6,310
Income not taxable for tax purposes (11,643 ) (9,982 )
Depreciation in excess of capital allowances 75,811 80,178
Other 40,743 (274,071 )
Total tax charge 3,506,723 2,543,151

8. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


9. DIVIDENDS
2023 2022
£    £   
Ordinary shares of £1 each
Interim 2,985,000 3,000,000

10. INTANGIBLE FIXED ASSETS

Group
Patents
and
Goodwill licences Totals
£    £    £   
COST
At 1 May 2022 24,924 - 24,924
Additions - 1,193,195 1,193,195
At 30 April 2023 24,924 1,193,195 1,218,119
AMORTISATION
At 1 May 2022 24,924 - 24,924
Amortisation for year - 39,773 39,773
At 30 April 2023 24,924 39,773 64,697
NET BOOK VALUE
At 30 April 2023 - 1,153,422 1,153,422
At 30 April 2022 - - -

CMS CEPCOR (HOLDINGS) LIMITED (REGISTERED NUMBER: 10669097)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023

11. PROPERTY, PLANT AND EQUIPMENT

Group
Fixtures,
Improvements fittings
Freehold to and Motor
property property equipment vehicles Totals
£    £    £    £    £   
COST
At 1 May 2022 11,503,227 - 8,164,474 1,457,145 21,124,846
Additions 3,028,446 108,561 1,089,566 407,504 4,634,077
Disposals - - (50,740 ) (114,749 ) (165,489 )
Exchange differences - - 48 13 61
At 30 April 2023 14,531,673 108,561 9,203,348 1,749,913 25,593,495
DEPRECIATION
At 1 May 2022 1,331,188 - 4,794,073 1,022,116 7,147,377
Charge for year 226,736 1,206 829,743 232,132 1,289,817
Eliminated on disposal - - (49,240 ) (88,303 ) (137,543 )
Exchange differences - - 7 1 8
At 30 April 2023 1,557,924 1,206 5,574,583 1,165,946 8,299,659
NET BOOK VALUE
At 30 April 2023 12,973,749 107,355 3,628,765 583,967 17,293,836
At 30 April 2022 10,172,039 - 3,370,401 435,029 13,977,469

The net book value of property, plant and equipment includes £ 417,977 (2022 - £ 614,009 ) in respect of assets held under hire purchase contracts.

12. FIXED ASSET INVESTMENTS

Group
Shares in Interest
group in joint
undertakings venture Totals
£    £    £   
COST
At 1 May 2022 2 827,936 827,938
Additions - 12,568 12,568
Share of profit/(loss) - 59,727 59,727
Exchange differences - 139 139
Dividends received - (79,398 ) (79,398 )
At 30 April 2023 2 820,972 820,974
NET BOOK VALUE
At 30 April 2023 2 820,972 820,974
At 30 April 2022 2 827,936 827,938

CMS CEPCOR (HOLDINGS) LIMITED (REGISTERED NUMBER: 10669097)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023

Group

Interest in joint venture

Crush Properties Illinois LLC
The group's share of Crush Properties Illinois LLC is as follows:

2023 2022
£    £   
Turnover 82,124 56,196

Profit before tax 66,221 52,538
Taxation (6,494 ) -
Profit after tax 59,727 52,538

Share of assets
Fixed assets 827,829 793,370
Current assets 589 42,915

Share of liabilities
Liabilities due within one year (7,446 ) (8,349 )
Liabilities due after one year or more - -


Share of net assets 820,972 827,936
Company
Shares in
group
undertakings
£   
COST
At 1 May 2022
and 30 April 2023 6,411,242
PROVISIONS
At 1 May 2022
and 30 April 2023 914,510
NET BOOK VALUE
At 30 April 2023 5,496,732
At 30 April 2022 5,496,732

The group or the company's investments at the Statement of Financial Position date in the share capital of companies include the following:

Subsidiaries

CMS Cepcor Limited
Registered office: 1 Vulcan Way, Coalville, Leicestershire, England, LE67 3AP
Nature of business: Supply of spare parts for crushing machinery
%
Class of shares: holding
Ordinary 100.00

CMS CEPCOR (HOLDINGS) LIMITED (REGISTERED NUMBER: 10669097)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023

12. FIXED ASSET INVESTMENTS - continued

Crusher Manganese Steels Limited
Registered office: 1 Vulcan Way, Coalville, Leicestershire, England, LE67 3AP
Nature of business: Property company
%
Class of shares: holding
Ordinary 100.00

Requip Supplies Limited
Registered office: 1 Vulcan Way, Coalville, Leicestershire, England, LE67 3AP
Nature of business: Sale of engineering spares and machines
%
Class of shares: holding
Ordinary 100.00

CMS Cepcor Inc
Registered office: 800 North State Street, Suite 402, Dover (Kent County), Delaware 19901, USA
Nature of business: Holding company
%
Class of shares: holding
Ordinary 100.00

CMS Cepcor Inc has a year end of 31 December for US tax reasons. However, the figures have been converted to year ended 30 April using management accounts in order to align with the rest of the group.

Goodwin Barsby Limited
Registered office: 1 Vulcan Way, Coalville, Leicestershire, England, LE67 3AP
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00
2023 2022
£    £   
Aggregate capital and reserves 2 2

CMS Cepcor Americas LLC
Registered office: 800 North State Street, Suite 402, Dover (Kent County), Delaware 19901, USA
Nature of business: Supply of spare parts for crushing industry
%
Class of shares: holding
Ordinary 100.00

CMS Cepcor Americas LLC has a year end of 31 December for US tax reasons. However, the figures have been converted to year ended 30 April using management accounts in order to align with the rest of the group.

Columbia Steel Cast Products LLC
Registered office: 1905 Winding Oaks Way, Naples, Florida 34109, USA
Nature of business: Supply of crusher spare parts for mining industry
%
Class of shares: holding
Ordinary 100.00

Columbia Steel Cast Products LLC has a year end of 31 December for US tax reasons. However, the figures have been converted to year ended 30 April using management accounts in order to align with the rest of the group.


CMS CEPCOR (HOLDINGS) LIMITED (REGISTERED NUMBER: 10669097)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023

13. INVENTORIES

Group
2023 2022
£    £   
Finished goods 28,488,954 23,637,541

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Trade debtors 14,761,352 13,219,674 - -
Amounts owed by group undertakings - - 6,506,107 4,659,031
Amounts owed by joint ventures 14,891 - - -
Other debtors 22,168 14,427 - -
Corporation tax 253,088 237,698 - -
VAT 96 5,979 - -
Prepayments 675,688 460,561 - -
15,727,283 13,938,339 6,506,107 4,659,031

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Bank loans and overdrafts (see note 17) 360,000 240,000 - -
Hire purchase contracts (see note 18) 122,371 174,568 - -
Trade creditors 4,129,892 3,686,030 - -
Payments on account 711,294 450,217 - -
Amounts owed to joint ventures - 603 - -
Corporation tax 159,822 1,079,872 11,815 48,997
Other taxes and social security 191,098 244,982 - -
Other creditors 3,734,519 2,863,718 - -
Directors' current accounts 1,120,589 1,193,506 - -
Accruals and deferred income 1,034,069 499,921 - 8,299
11,563,654 10,433,417 11,815 57,296

16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group
2023 2022
£    £   
Bank loans (see note 17) 2,542,651 1,420,582
Hire purchase contracts (see note 18) 37,501 159,872
Other creditors 859,100 -
3,439,252 1,580,454

CMS CEPCOR (HOLDINGS) LIMITED (REGISTERED NUMBER: 10669097)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023

17. LOANS

An analysis of the maturity of loans is given below:

Group
2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank loans 360,000 240,000
Amounts falling due between one and two years:
Bank loans - 1-2 years 1,300,582 240,000
Amounts falling due between two and five years:
Bank loans - 2-5 years 1,242,069 1,180,582

18. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2023 2022
£    £   
Gross obligations repayable:
Within one year 127,955 182,827
Between one and five years 39,963 167,918
167,918 350,745

Finance charges repayable:
Within one year 5,584 8,259
Between one and five years 2,462 8,046
8,046 16,305

Net obligations repayable:
Within one year 122,371 174,568
Between one and five years 37,501 159,872
159,872 334,440

The hire purchase contracts relate to a number of items of plant. The remaining lease terms range from one to three years. At the end of the lease, title of the assets passes to the group for a nominal fee.

Group
Non-cancellable operating leases
2023 2022
£    £   
Within one year 122,593 96,152
Between one and five years 142,920 96,915
265,513 193,067

CMS CEPCOR (HOLDINGS) LIMITED (REGISTERED NUMBER: 10669097)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023

19. SECURED DEBTS

The following secured debts are included within creditors:

Group
2023 2022
£    £   
Bank loans 2,902,651 1,660,582
Hire purchase contracts 159,872 334,440
3,062,523 1,995,022

The bank loan is secured by a legal mortgage over the freehold property known as the land on the north and north east side of Samson Road, Coalville.

Hire purchase creditors are secured on the assets to which they relate.

20. FINANCIAL INSTRUMENTS

Group
2023 2022
£ £
Financial assets that are debt instruments measured at amortised cost
Trade debtors 14,761,352 13,219,674
Other debtors 22,168 14,427

Financial liabilities measured at amortised cost
Hire purchase contracts 159,872 334,440
Bank loans 2,902,651 1,650,582
Trade creditors 4,129,892 3,686,030
Payments on account 711,294 450,217
Other creditors 3,734,519 2,863,718
Directors' current accounts 1,120,589 1,193,506

The total interest income and interest expense for financial assets and financial liabilities that are not measured at fair value through profit or loss was £30,155 (2022: £108) and £298,534 (2022: £55,151) respectively.

21. PROVISIONS FOR LIABILITIES

Group
2023 2022
£    £   
Deferred tax
Accelerated capital allowances 521,294 685,406

Group
Deferred
tax
£   
Balance at 1 May 2022 685,406
Charge to Income Statement during year 109,250
Foreign deferred tax (273,362 )
Balance at 30 April 2023 521,294

The expected net reversal of deferred tax liabilities in 2024 is not expected to be significant based on the planned capital expenditure for the group.

CMS CEPCOR (HOLDINGS) LIMITED (REGISTERED NUMBER: 10669097)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023

22. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
1,000 Ordinary £1 1,000 1,000

23. NON-CONTROLLING INTERESTS

Movements in non-controlling interests are set out in the statement of changes in equity of these financial statements.

24. RELATED PARTY DISCLOSURES

Key management personnel of the entity or its parent (in the aggregate)

The company paid dividends of £1,635,000 (2022: £1,920,000) to key management personnel.

The total amount due to three of the directors at the year end was £1,120,589 (2022 - £1,193,506). These amounts are unsecured and repayable on demand. Interest of £81,528 has been paid on these loans at a commercial rate.

Key management personnel compensation in the year totalled £858,986 (2022: £628,872).

25. SUBSEQUENT EVENTS

Since the financial reporting date, the following dividends have been paid in respect of the 2024 financial statements:

1 June 2023 - £750 per share
7 September 2023 - £750 per share

26. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is D I and Mrs E H Sydenham.