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Registered number: 05794029
















CONDITION MONITORING TECHNOLOGY GROUP LIMITED




DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023


































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CONDITION MONITORING TECHNOLOGY GROUP LIMITED

 
COMPANY INFORMATION


DIRECTORS
A Lobato 
G M Lee-Richards FCA 
R J Allen ACMA 
D R Graham 
P Huber 
R Lobato 




COMPANY SECRETARY
R J Allen ACMA



REGISTERED NUMBER
05794029



REGISTERED OFFICE
Hatchmoor Industrial Estate

Great Torrington

North Devon

EX38 7HP




INDEPENDENT AUDITORS
Bishop Fleming LLP
Chartered Accountants & Statutory Auditors

2nd Floor Stratus House

Emperor Way

Exeter Business Park

Exeter

EX1 3QS




BANKERS
Santander Bank Plc
2 Triton Square

Regent's Place

London

NW1 3AN






CONDITION MONITORING TECHNOLOGY GROUP LIMITED


CONTENTS



Page
Directors' report
 
1
Directors' responsibilities statement
 
2
Independent auditors' report
 
3 - 6
Statement of income and retained earnings
 
7
Statement of financial position
 
8
Notes to the financial statements
 
9 - 15


CONDITION MONITORING TECHNOLOGY GROUP LIMITED

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

DIRECTORS

The directors who served during the year were:

A Lobato 
G M Lee-Richards FCA 
R J Allen ACMA 
D R Graham 
P Huber 
R Lobato 

PRINCIPAL RISKS AND UNCERTAINTIES

The directors continue to monitor developments in a rapidly changing business environment however, as an intermediate holding company, the directors have identified the key risk for the company itself is linked to rising interest rates. The directors will endeavour to take such steps as are required to ensure that the Company is able to function efficiently and effectively for the foreseeable future. 

DISCLOSURE OF INFORMATION TO AUDITORS

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

AUDITORS

The auditorsBishop Fleming LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 






R J Allen ACMA
Director

Date: 12 April 2024

Hatchmoor Industrial Estate
Great Torrington
North Devon
EX38 7HP

Page 1


CONDITION MONITORING TECHNOLOGY GROUP LIMITED

 
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors are responsible for preparing the Directors' report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:

select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;


prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 2


CONDITION MONITORING TECHNOLOGY GROUP LIMITED

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CONDITION MONITORING TECHNOLOGY GROUP LIMITED
 
OPINION


We have audited the financial statements of Condition Monitoring Technology Group Limited (the 'Company') for the year ended 31 December 2023, which comprise the Statement of income and retained earnings, the Statement of financial position and the related notes, including a summary of significant accounting policiesThe 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 Company's affairs as at 31 December 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


CONCLUSIONS RELATING TO GOING CONCERN


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


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


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


OTHER INFORMATION


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Page 3


CONDITION MONITORING TECHNOLOGY GROUP LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CONDITION MONITORING TECHNOLOGY GROUP LIMITED (CONTINUED)

OPINION 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 Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Directors' report has been prepared in accordance with applicable legal requirements.


MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' report.


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


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


RESPONSIBILITIES OF DIRECTORS
 

As explained more fully in the Directors' responsibilities statement set out on page 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 4


CONDITION MONITORING TECHNOLOGY GROUP LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CONDITION MONITORING TECHNOLOGY GROUP LIMITED (CONTINUED)

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 an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

the nature of the sector, control environment and the Company’s performance;
results of our enquiries of management and the Directors, about their own identification and assessment of the risks of irregularities;
any matters we identified having obtained and reviewed the Company’s documentation of their policies and procedures relating to: identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance; detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; and
the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. 

As a result of these procedures, we have considered the opportunities and incentives that may exist within the organisation for fraud. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We identified and obtained an understanding of the laws and regulations that are of significance to the Company by discussions with directors and by updating our understanding of the sector in which the Company operated in. Laws and regulations that are of direct significance to the Company, and of which non-compliance could result in material misstatement, are considered to be the UK Companies Act, FRS 102 and UK tax legislation. 

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Company’s ability to operate or to avoid a material penalty. These included data protection regulations, health and safety regulations and employment legislation.

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 Directors and 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;
reading minutes of Director meetings; and
in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; and assessing whether the judgements made in making accounting estimates are indicative of a potential bias.

Page 5


CONDITION MONITORING TECHNOLOGY GROUP LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CONDITION MONITORING TECHNOLOGY GROUP LIMITED (CONTINUED)

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from an error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed 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.
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 Auditors' report.


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 2006Our 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 Auditors' 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.






Fleur Lewis FCA (Senior statutory auditor)
for and on behalf of
Bishop Fleming LLP
Chartered Accountants
Statutory Auditors
2nd Floor Stratus House
Emperor Way
Exeter Business Park
Exeter
EX1 3QS

18 April 2024
Page 6


CONDITION MONITORING TECHNOLOGY GROUP LIMITED

 
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Administrative expenses
  
(118,430)
(57,755)

Operating loss
 4 
(118,430)
(57,755)

Income from fixed assets investments
  
285,000
1,020,000

Interest payable and similar expenses
 8 
(221)
(32,996)

Profit before tax
  
166,349
929,249

Tax on profit
  
(21,692)
3,986

Profit after tax
  
144,657
933,235

  

  

Retained earnings at the beginning of the year
  
375,727
462,492

Profit for the year
  
144,657
933,235

Dividends declared and paid
  
(285,000)
(1,020,000)

Retained earnings at the end of the year
  
235,384
375,727

The notes on pages 9 to 15 form part of these financial statements.

Page 7


CONDITION MONITORING TECHNOLOGY GROUP LIMITED
REGISTERED NUMBER:05794029

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 10 
1,499,772
1,499,772

Current assets
  

Debtors: amounts falling due within one year
 11 
310,768
538,084

Cash at bank and in hand
 12 
8,980
3,000

  
319,748
541,084

Creditors: amounts falling due within one year
 13 
(1,538,907)
(1,619,900)

Net current liabilities
  
 
 
(1,219,159)
 
 
(1,078,816)

Total assets less current liabilities
  
280,613
420,956

  

Net assets
  
280,613
420,956


Capital and reserves
  

Called up share capital 
 14 
2,196
2,196

Share premium account
 15 
41,100
41,100

Capital redemption reserve
 15 
1,933
1,933

Profit and loss account
 15 
235,384
375,727

  
280,613
420,956


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 





R J Allen ACMA
Director

Date: 12 April 2024

The notes on pages 9 to 15 form part of these financial statements.

Page 8


CONDITION MONITORING TECHNOLOGY GROUP LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


GENERAL INFORMATION

Condition Monitoring Technology Group Limited ("the company"), registered number 05794029, is a limited company domiciled and incorporated in England and Wales. The registered office is Hatchmoor Industrial Estate, Great Torrington, North Devon, EX38 7HP.

2.ACCOUNTING POLICIES

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

FINANCIAL REPORTING STANDARD 102 - REDUCED DISCLOSURE EXEMPTIONS

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the 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 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Condition Monitoring Technology Group Holdings Limited as at 31 December 2023 and these financial statements may be obtained from the company's registered office, Hatchmoor Industrial Estate, Great Torrington, North Devon, EX38 7HP.

 
2.3

GOING CONCERN

The Company is party to a cross-guarantee in favour of Santander UK Plc in respect of all amounts owed by the Company and its UK parent and subsidiaries. Current position and financial forecasts indicate that all affected entities expect to be able to comfortably operate within these facilities for the whole of the foreseeable future. The directors are not aware of any circumstances that may adversely affect the renewal of these facilities.
The directors have also concluded that there are no material uncertainties related to events or conditions that, individually or collectively, may cast significant doubt on the Company’s ability to continue as a going concern.
The Company has a current net liability position of £1,219,159. Excluding intercompany creditors, this is a current net asset position of £308,509. The directors have considered this and have reviewed the Company’s investments, concluding that the Company’s financial statements can be prepared on a going concern basis.

Page 9


CONDITION MONITORING TECHNOLOGY GROUP LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.ACCOUNTING POLICIES (continued)

 
2.4

FOREIGN CURRENCY TRANSLATION

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 
2.5

FINANCE COSTS

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

TAXATION

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.7

VALUATION OF INVESTMENTS

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.8

DEBTORS

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 10


CONDITION MONITORING TECHNOLOGY GROUP LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.ACCOUNTING POLICIES (continued)

 
2.9

CASH AND CASH EQUIVALENTS

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.10

CREDITORS

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.11

FINANCIAL INSTRUMENTS

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from related parties, loans to related parties and investments in ordinary shares.

 
2.12

DIVIDENDS

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by shareholders at the Meeting of the Board of Directors.


3.



JUDGMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the Company's accounting policies, the directors are required to make judgments, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below.
Impairment of investments
The Company's investments are held at historic cost. Management assess the fair value of these  investments annually based on the profitability, net asset position and contribution of each entity to the  group performance.

Page 11


CONDITION MONITORING TECHNOLOGY GROUP LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


OPERATING LOSS

The operating loss is stated after charging:

2023
2022
£
£

Exchange differences
(451)
(17)


5.


AUDITORS' REMUNERATION

During the year, the Company obtained the following services from the Company's auditors:


2023
2022
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
6,350
5,950


The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.


6.


EMPLOYEES

The Company has no employees other than the directors, who did not receive any remuneration (2022: £NIL).






7.


INCOME FROM INVESTMENTS

2023
2022
£
£





Dividends received from subsidiaries
285,000
1,020,000



8.


INTEREST PAYABLE AND SIMILAR EXPENSES

2023
2022
£
£


Group interest payable
221
32,996

Page 12


CONDITION MONITORING TECHNOLOGY GROUP LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


DIVIDENDS

2023
2022
£
£


Dividends paid
285,000
1,020,000


10.


FIXED ASSET INVESTMENTS





Investments in subsidiary companies

£



COST


At 1 January 2023
1,499,772



At 31 December 2023
1,499,772





SUBSIDIARY UNDERTAKINGS


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Helitune Limited
(1)
Ordinary
100%
Beran Instruments Limited
(1)
Ordinary
100%
Prosig Limited
(1)
Ordinary
100%
DJB Instruments (UK) Limited
(1)
Ordinary
100%
Condition Monitoring Technology Group Inc
(2)
Ordinary
100%
Helitune GmbH
(3)
Ordinary
100%
Helitune S.R.L.
(4)
Ordinary
100%
SEMIA SAS
(5)
Ordinary
100%

1 - Hatchmoor Industrial Estate, Torrington, Devon, EX38 7HP, United Kingdom
2 - 945 N Edgewood Ave, Suite G, Wood Dale, IL 60191, United States
3 - Lilienthalstr. 2a 82205, Gilching, Bayern, Germany
4 - Via Gabriele D'Annunzio 2, 21010 Vizzola Ticino, Italy
5 - 10 Chaussée Jules César, 95523 Cergy Pontoise Cedex, France
Page 13


CONDITION MONITORING TECHNOLOGY GROUP LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


DEBTORS

2023
2022
£
£


Amounts owed by group undertakings
304,008
427,330

Prepayments and accrued income
6,760
-

Tax recoverable
-
110,754

310,768
538,084



12.


CASH AND CASH EQUIVALENTS

2023
2022
£
£

Cash at bank and in hand
8,980
3,000



13.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023
2022
£
£

Trade creditors
1,038
14,738

Amounts owed to group undertakings
1,527,668
1,548,688

Accruals and deferred income
10,201
56,474

1,538,907
1,619,900



14.


SHARE CAPITAL

2023
2022
£
£
ALLOTTED, CALLED UP AND FULLY PAID



2,196 (2022: 2,196) Ordinary shares of £1.00 each
2,196
2,196


Page 14


CONDITION MONITORING TECHNOLOGY GROUP LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

15.


RESERVES

Share premium account

The share premium account reflects the consideration received for shares issued above their nominal value, net of transaction costs.

Capital redemption reserve

The capital redemption reserve reflects the nominal value of own shares which have bee repurchased and subsequently cancelled.

Profit and loss account

The profit and loss reserves reflect cumulative profits and losses net of distributions to shareholders.


16.


CONTINGENT LIABILITIES

The Company is party to a cross-guarantee in favour of Santander UK Plc in respect of all amounts owed by Condition Monitoring Technology Group Holdings Limited, Condition Monitoring Technology Group Limited, Beran Instruments Limited, Helitune Limited, Prosig Limited and DJB Instruments (UK) Limited. At the year end, the total amounts outstanding comprised overdrafts of £516,954 (2022: £492,647) and term loans of £1,951,448 (2022: £2,188,592).
The Company is party to a group VAT registration covering Condition Monitoring Technology Group Limited, Beran Instruments Limited and Helitune Limited, and is therefore jointly and severally liable for any amounts due. At the year end, the total amount owed to HMRC was £262,036 (2022: £28,955).


17.GUARANTEES

Bank loans and overdrafts due within, and after more than one year, are secured by a debenture over the assets (whether present or future) of Condition Monitoring Technology Group Holdings Limited, Condition Monitoring Technology Group Limited, Beran Instruments Limited, Helitune Limited, Prosig Limited and DJB Instruments (UK) Limited, by specific legal charges over the freehold properties of Beran Instruments Limited, by a cross-guarantee between Condition Monitoring Technology Group Holdings Limited, Condition Monitoring Technology Group Limited, Beran Instruments Limited, Helitune Limited, Prosig Limited and DJB Instruments (UK) Limited, and by a keyman life insurance policy in respect of R Allen and D Graham.


18.


RELATED PARTY TRANSACTIONS

The Company has taken advantage of the exemption under Section 33 of FRS 102 and has not reported details of transactions or balances with other wholly-owned companies. 


19.


CONTROLLING PARTY

The immediate and ultimate parent company is Condition Monitoring Technology Group Holdings Limited, a company incorporated in the United Kingdom and registered in England and Wales. Condition Monitoring Technology Group Holdings Limited heads the largest and smallest group in which the results of the Company are consolidated. The consolidated financial statements of Condition Monitoring Technology Group Holdings Limited can be obtained from the company's registered office, Hatchmoor Industrial Estate, Great Torrington, North Devon, EX38 7HP.


 
Page 15