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Registered number: 13663325
















CONDITION MONITORING TECHNOLOGY GROUP HOLDINGS LIMITED




ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023


































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CONDITION MONITORING TECHNOLOGY GROUP HOLDINGS LIMITED

 
COMPANY INFORMATION


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




REGISTERED NUMBER
13663325



REGISTERED OFFICE
Hatchmoor Industrial Estate

Great Torrington

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 HOLDINGS LIMITED


CONTENTS



Page
Group strategic report
 
1 - 3
Directors' report
 
4 - 5
Directors' responsibilities statement
 
6
Independent auditors' report
 
7 - 10
Consolidated statement of 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 - 17
Consolidated analysis of net debt
 
18
Notes to the financial statements
 
19 - 42



CONDITION MONITORING TECHNOLOGY GROUP HOLDINGS LIMITED

 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

BUSINESS REVIEW
 
The trading Group had a successful year in 2023 and starts the new financial year with an exceptionally strong order book.
CMTG has maintained its focus on pursuing a strategy of developing its capabilities and to maintain its drive on strengthening relationships with its customers. This strategy allows for close collaboration and a deeper understanding of customer needs in order to meet their specific individual requirements. The Group aims to operate at the highest standards and has a reputation for successful and on-time programme execution. The Group continues to identify and pursue opportunities for growth and successfully onboarded new customers in new markets during the year. 
Product and service enhancements are planned to continue in order to diversify the range of offerings, support penetration into new territories and, to improve the level of revenue generation from the Group’s service and support capabilities. The Group continues to concentrate on attaining a technological edge within its niche markets and remains focused on developing strategic relationships with key partners, academia and customers in order to deliver innovative solutions and strengthen its capabilities.
Strategic emphasis has been maintained on staff training and development by the Group and its subsidiaries, as this is deemed essential to sustain both market position and future growth. The successful acquisitions of SEMIA SAS during late 2020 and the DJB businesses during late 2021 has materially strengthened the Group’s position within a key European territory as seen again during the 2023 financial year, further expanding the Group’s product offering and service capability. 
The rebranding of the Group has provided customers of an individual brand, or multiple brands, to have the visibility that the products they are purchasing are part of a larger cohesive organisation and solution provider giving greater confidence in stability and sustainability than can only be provided by the combined group. 
FUTURE DEVELOPMENTS
Looking forward, the outlook for the Group remains positive, with the board confident of securing new contracts and delivering projects on budget. This, in turn, will also continue to broaden the Group’s technological base and customer offerings. 
Furthermore, the board are confident that the continued investment in technology and know-how will enable the Group to maintain its strong market position and be well placed to deliver growth over the medium term.  

Page 1


CONDITION MONITORING TECHNOLOGY GROUP HOLDINGS LIMITED


GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

PRINCIPAL RISKS AND UNCERTAINTIES
 
The board sets the policy for managing risk within the Group and recognises the importance of identifying, mitigating and managing both the financial and non-financial risks facing the Group.
The key risks and uncertainties for the Group relate to the following:
Inherent risk of trading within a global marketplace including exchange rate movements and export controls
Inflationary pressures
Implications of Brexit both positive and negative
Loss of key talent / failure to recruit key competencies  
Deferment in new order receipts 
Significant business interruption risk affecting one of the Groups operational locations or its supply chain
Failure to comply with laws and regulations 
Cyber Security and IT risks

These principal risks and uncertainties could have an impact on the future performance of the Group, however, these are regularly reviewed, managed and mitigated to reduce any potential impact on the reported performance of the Group. 
Sales for the Group for 2023 were strong and we start the 2024 financial year with an exceptionally large Order Book. The Group have continued to maintain good contact with its customer base and the board are confident in securing the key orders which have been forecast for 2024.

Page 2


CONDITION MONITORING TECHNOLOGY GROUP HOLDINGS LIMITED


GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

FINANCIAL KEY PERFORMANCE INDICATORS
 
Results for the Group for the period ending December 2023 met expectations. Order Intake in the year was exceptionally strong resulting in an extremely solid Order Book at year-end, which underpins our forecast for the coming year.  
A summary of the consolidated results and key performance indicators for the Group for the year ended 31st December 2023 is presented below:


2023
2022
        £
        £
Sales

16,634,870

14,496,512
 
Operating profit

1,039,612

2,727,317
 
Earnings before interest, tax, depreciation and amortisation (EBITDA)

1,278,678

1,292,186
 
Net assets

4,430,227

3,734,249
 

The Group trades internationally and has wholly-owned subsidiaries in key territories - UK, Europe and the US. Details of territorial sales are shown in Note 4. The performance for all subsidiary businesses within each of the key territories were inline with expectations during 2023.


 

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



R J Allen ACMA
Director

Date: 12 April 2024

Page 3


CONDITION MONITORING TECHNOLOGY GROUP HOLDINGS 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.

PRINCIPAL ACTIVITY

Condition Monitoring Technology Group Holdings Limited is the Parent Company of a Trading Group whose principal activities are detailed as follows:

Helitune – the manufacture and sale of electronic instrumentation for Vibration Analysis of rotary wing aircraft for both military and civil helicopter applications.

Beran Instruments – the manufacture and sale of electronic instrumentation used mainly for Condition Monitoring activities on industrial rotating plant.

Prosig – the manufacture and sale of electronic instrumentation and software for noise, vibration and harshness testing for the automotive, aerospace, and power generation industries.

DJB Instruments – the manufacture and sale of precision and industrial accelerometers and associated instrumentation and calibration services.

SEMIA – the manufacture and sale of electronic instrumentation for Vibration Analysis of gas turbine engines and rotary wing aircraft for both military and civil helicopter applications.

SEI – the manufacture and sale of electronic instrumentation used for Structural Analysis within the military aviation market.

RESULTS AND DIVIDENDS

The profit for the year, after taxation, amounted to £810,590 (2022: £2,434,366).

DIRECTORS

The directors who served during the year were:

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

FUTURE DEVELOPMENTS

Disclosed in the strategic report.
 

Page 4


CONDITION MONITORING TECHNOLOGY GROUP HOLDINGS LIMITED
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
 
FINANCIAL RISK MANAGEMENT POLICIES AND PROCEDURES

Cashflow risk – comprehensive reviews of business performance and cash flow are conducted regularly to ensure that the Group maximises its working capital position.

Foreign exchange risk – movements in foreign currency exchange rates, particularly the US Dollar and the Euro, result in both transaction and translation effects on the results of the Group. The directors use forward-hedging contracts, where appropriate, to mitigate the risk of transactional foreign exchange rates. 

Credit and liquidity risk - trade debtors are managed in respect of both credit and cash flow risk through the regular monitoring of amounts outstanding for both age and credit limit which form part of a robust credit control policy. Trade creditors’ liquidity risk is managed through regular monitoring of amounts due and ensuring the appropriate facilities are in place and funds available to meet amounts as they fall due.

Additionally, the Group maintains appropriate insurance cover against material loss or claims against any of the companies within the Group and the level of cover is reviewed regularly to ensure that this remains sufficient. 

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 and the Group'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 and the Group's auditors are aware of that information.

POST BALANCE SHEET EVENTS

There have been no significant events affecting the Group since the year end.

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
Devon
EX38 7HP

Page 5


CONDITION MONITORING TECHNOLOGY GROUP HOLDINGS LIMITED

 
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated 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 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 for the Group'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 Group 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 the Group 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 6


CONDITION MONITORING TECHNOLOGY GROUP HOLDINGS LIMITED

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


We have audited the financial statements of Condition Monitoring Technology Group Holdings Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2023, which comprise the Consolidated statement of comprehensive income, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity 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 Group's and of the parent Company's affairs as at 31 December 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 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 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 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.


Page 7


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

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.


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 Group strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group strategic report and the 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 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 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 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 Directors' responsibilities statement set out on page 6, 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 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.


Page 8


CONDITION MONITORING TECHNOLOGY GROUP HOLDINGS LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CONDITION MONITORING TECHNOLOGY GROUP HOLDINGS 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 Group 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 Group and Parent 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 Group and Parent 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 and identified the highest area of risk to be in relation to revenue recognition, with a particular risk in relation to year-end cut-off.  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 Group and to the Parent Company by discussions with directors and by updating our understanding of the sector in which the Group and the Parent Company operated in. Laws and regulations that are of direct significance to the Group, and of which non-compliance could result in material misstatement, are considered to be the UK Companies Act, FRS 102 and UK and overseas 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 Group’s ability to operate or to avoid a material penalty. These included data protection regulations, health and safety regulations, employment legislation, European Union Aviation Safety Agency (EUASA) certification, ISO certification, AS9100D certification, N listing (nuclear approved supplier list) and the Dangerous Goods act. 
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;
reviewing the financial statement disclosures and testing to supporting documentation to assess the recognition of revenue;
enquiring of Directors and management concerning actual and potential litigation and claims;
performing procedures to confirm material compliance with the requirements of the above regulations;
Page 9


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

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.

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 10


CONDITION MONITORING TECHNOLOGY GROUP HOLDINGS LIMITED

 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

 
31 December

Period ended 31 December
2023
2022
Note
£
£

  

Turnover
 4 
16,634,870
14,496,512

Cost of sales
  
(5,582,438)
(4,678,996)

Gross profit
  
11,052,432
9,817,516

Administrative expenses
  
(10,158,241)
(8,967,403)

Other operating income
 5 
145,421
1,877,204

Operating profit
 6 
1,039,612
2,727,317

Interest receivable and similar income
 10 
14,493
25,609

Interest payable and similar expenses
 11 
(309,653)
(306,105)

Profit before taxation
  
744,452
2,446,821

Tax on profit
 12 
66,138
(12,455)

Profit for the financial year
  
810,590
2,434,366

  

Currency translation differences
  
(114,612)
187,883

Total comprehensive income for the year
  
695,978
2,622,249

Profit for the year attributable to:
  

Owners of the parent Company
  
810,590
2,434,366

The notes on pages 19 to 42 form part of these financial statements.

Page 11


CONDITION MONITORING TECHNOLOGY GROUP HOLDINGS LIMITED
REGISTERED NUMBER:13663325

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Computer software
  
101,188
152,410

Goodwill
 13 
332,439
419,162

Negative goodwill
 13 
(459,303)
(606,590)

Tangible assets
 14 
1,996,884
2,041,646

  
1,971,208
2,006,628

Current assets
  

Stocks
 16 
4,977,920
4,270,989

Debtors: amounts falling due after more than one year
 17 
397,200
397,200

Debtors: amounts falling due within one year
 17 
4,100,918
4,611,529

Cash at bank and in hand
 18 
771,831
987,688

  
10,247,869
10,267,406

Creditors: amounts falling due within one year
 19 
(4,245,919)
(4,591,282)

Net current assets
  
 
 
6,001,950
 
 
5,676,124

Total assets less current liabilities
  
7,973,158
7,682,752

Creditors: amounts falling due after more than one year
 20 
(3,303,113)
(3,699,991)

Provisions for liabilities
  

Deferred taxation
 22 
(239,818)
(248,512)

Net assets
  
4,430,227
3,734,249


Capital and reserves
  

Called up share capital 
 23 
556
556

Share premium account
 24 
1,111,444
1,111,444

Profit and loss account
 24 
3,318,227
2,622,249

Equity attributable to owners of the parent Company
  
4,430,227
3,734,249


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 19 to 42 form part of these financial statements.

Page 12


CONDITION MONITORING TECHNOLOGY GROUP HOLDINGS LIMITED
REGISTERED NUMBER:13663325

COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 15 
4,438,390
4,438,390

Current assets
  

Debtors: amounts falling due within one year
 17 
1,262,500
1,020,000

Cash at bank and in hand
 18 
7,182
2,620

  
1,269,682
1,022,620

Creditors: amounts falling due within one year
 19 
(1,474,753)
(1,224,105)

Net current liabilities
  
 
 
(205,071)
 
 
(201,485)

  

Creditors: amounts falling due after more than one year
 20 
(2,197,628)
(2,274,054)

  

Net assets
  
2,035,691
1,962,851


Capital and reserves
  

Called up share capital 
 23 
556
556

Share premium account
 24 
1,111,444
1,111,444

Profit and loss account brought forward
  
850,851
-

Profit for the year

  

72,840
850,851

Profit and loss account carried forward
  
923,691
850,851

  
2,035,691
1,962,851


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 19 to 42 form part of these financial statements.

Page 13


CONDITION MONITORING TECHNOLOGY GROUP HOLDINGS LIMITED


CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£


Comprehensive income for the period

Profit for the period
-
-
2,434,366
2,434,366

Currency translation differences
-
-
187,883
187,883
Total comprehensive income for the period
-
-
2,622,249
2,622,249


Contributions by and distributions to owners

Shares issued during the period
556
1,111,444
-
1,112,000



At 1 January 2023
556
1,111,444
2,622,249
3,734,249


Comprehensive income for the year

Profit for the year
-
-
810,590
810,590

Currency translation differences
-
-
(114,612)
(114,612)
Total comprehensive income for the year
-
-
695,978
695,978


At 31 December 2023
556
1,111,444
3,318,227
4,430,227


The notes on pages 19 to 42 form part of these financial statements.

Page 14


CONDITION MONITORING TECHNOLOGY GROUP HOLDINGS LIMITED


COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£


Comprehensive income for the period

Profit for the period
-
-
850,851
850,851


Contributions by and distributions to owners

Shares issued during the period
556
1,111,444
-
1,112,000



At 1 January 2023
556
1,111,444
850,851
1,962,851


Comprehensive income for the period

Profit for the year
-
-
72,840
72,840


At 31 December 2023
556
1,111,444
923,691
2,035,691


The notes on pages 19 to 42 form part of these financial statements.

Page 15


CONDITION MONITORING TECHNOLOGY GROUP HOLDINGS LIMITED


CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
810,590
2,434,366

Adjustments for:

Amortisation of intangible assets
(7,657)
(1,644,803)

Depreciation of tangible assets
231,409
209,672

Loss on disposal of tangible assets
-
(3,021)

Interest paid
309,653
306,105

Interest received
(14,493)
(25,609)

Taxation charge
66,138
12,455

(Increase) in stocks
(706,931)
(16,758)

Decrease in debtors
360,703
232,859

(Decrease) in creditors
(349,407)
(1,531,147)

FX movement through OCI
(114,612)
22,491

Government grants receivable
(153,635)
(180,685)

FX movement through P&L
(60,775)
-

Corporation tax (paid)/ received
149,908
(87,874)

Net cash generated from operating activities

520,891
(271,949)


Cash flows from investing activities

Purchase of intangible fixed assets
(1,685)
(93,462)

Sale of intangible assets
-
(269,185)

Purchase of tangible fixed assets
(192,613)
-

Sale of tangible fixed assets
-
10,032

Purchase of fixed asset investments
-
(1,266,377)

Interest received
14,493
25,609

Government grants receivable
135,005
66,118

FX movement through P&L
-
305,566

Net cash from investing activities

(44,800)
(1,221,699)
Page 16


CONDITION MONITORING TECHNOLOGY GROUP HOLDINGS LIMITED


CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023


2023
2022

£
£



Cash flows from financing activities

Repayment of loans
(308,935)
-

Other new loans
-
2,560,000

Repayment of other loans
(103,000)
(347,574)

Interest paid
(304,321)
(223,737)

Net cash used in financing activities
(716,256)
1,988,689

Net (decrease)/increase in cash and cash equivalents
(240,165)
495,041

Cash and cash equivalents at beginning of year
495,041
-

Cash and cash equivalents at the end of year
254,876
495,041


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
771,831
987,688

Bank overdrafts
(516,955)
(492,647)

254,876
495,041


The notes on pages 19 to 42 form part of these financial statements.

Page 17


CONDITION MONITORING TECHNOLOGY GROUP HOLDINGS LIMITED


CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2023




At 1 January 2023
Cash flows
At 31 December 2023
£

£

£

Cash at bank and in hand

987,688

(215,857)

771,831

Bank overdrafts

(492,647)

(24,308)

(516,955)

Debt due after 1 year

(3,699,991)

396,878

(3,303,113)

Debt due within 1 year

(684,224)

13,231

(670,993)



(3,889,174)
169,944
(3,719,230)

The notes on pages 19 to 42 form part of these financial statements.

Page 18


CONDITION MONITORING TECHNOLOGY GROUP HOLDINGS LIMITED

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

1.


GENERAL INFORMATION

Condition Monitoring Technology Group Holdings Limited ("the Company"), registered number 13663325 is a private company, limited by shares incorporated and domiciled in England and Wales. The registered office is Hatchmoor Industrial Estate, Great Torrington, Devon, United Kingdom, EX38 7HP.
The Group consists of Condition Monitoring Technology Group Holdings Limited and all of its subsidiaries. The principal activities of the Company and its subsidiaries are disclosed in the Directors' Report.

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 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 Group management to exercise judgment in applying the Group's accounting policies (see note 3).

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.

The following principal accounting policies have been applied:

 
2.2

BASIS OF CONSOLIDATION

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.

 
2.3

GOING CONCERN

The Group relies on its existing bank facilities to meet its day-to-day working capital requirements. Current financial forecasts indicate that the Group expects 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 Group’s ability to continue as a going concern.
The directors have reviewed the Group’s current stock holdings, working environment and future trading ability, and as a result, have concluded that the Group’s financial position and trading outlook means the financial statements can be prepared on a going concern basis.
The Company has a current net liability position of £201,485. Excluding intercompany creditors, this is a current net asset position of £809,015. Taking both this and the Group forecasts into account, the directors are satisfied that the Company is able to meet its liabilities as they fall due.

Page 19


CONDITION MONITORING TECHNOLOGY GROUP HOLDINGS 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 Group'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.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

Page 20


CONDITION MONITORING TECHNOLOGY GROUP HOLDINGS LIMITED

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

2.ACCOUNTING POLICIES (continued)

 
2.5

REVENUE

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Group has transferred the significant risks and rewards of ownership to the buyer;
the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.6

OPERATING LEASES: THE GROUP AS LESSEE

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

 
2.7

GOVERNMENT GRANTS

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss 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 in the Consolidated statement of comprehensive income in the same period as the related expenditure.

 
2.8

INTEREST INCOME

Interest income is recognised in profit or loss using the effective interest method.

 
2.9

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.

Page 21


CONDITION MONITORING TECHNOLOGY GROUP HOLDINGS LIMITED

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

2.ACCOUNTING POLICIES (continued)

 
2.10

BORROWING COSTS

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.11

PENSIONS

DEFINED CONTRIBUTION PENSION PLAN

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Group in independently administered funds.

 
2.12

CURRENT AND DEFERRED TAXATION

The tax expense for the year comprises current and deferred tax. 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 and the Group operate and generate 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;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

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.

Page 22


CONDITION MONITORING TECHNOLOGY GROUP HOLDINGS LIMITED

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

2.ACCOUNTING POLICIES (continued)

 
2.13

INTANGIBLE ASSETS

GOODWILL

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated statement of comprehensive income over its useful economic life.

Negative goodwill is recognised up to the fair value of the non monetary assets acquired in profit and loss in the period in which non-monetary assets are recovered. Any negative goodwill in excess of the fair value of the non-monetary assets acquired is recognised in profit and loss in the periods in which the benefit is expected to be received.

OTHER INTANGIBLE ASSETS

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Development expenditure
-
5 years
Goodwill
-
1 - 7 years
Negative goodwill
-
See note 3
Customer contracts
-
7 years
Computer software
-
4 years


 
2.14

DEVELOPMENT COSTS

Research costs are written off as incurred. Development costs are capitalised within intangible assets, where they can be identified with a specific product or project anticipated to produce future benefits, and are amortised on the straight line basis over the anticipated life of the benefits arising from the completed product or project, which the directors review on a project-by-project basis to a maximum of five years.
Deferred development costs are reviewed annually, and where future benefits are deemed to have ceased or to be in doubt, the balance of any related development is written off to the Consolidated Statement of Comprehensive Income. Where the conditions of Section 18 of FRS 102 are not satisfied, expenditure on development is written off as incurred.

Page 23


CONDITION MONITORING TECHNOLOGY GROUP HOLDINGS LIMITED

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

2.ACCOUNTING POLICIES (continued)

 
2.15

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
2%
Plant and machinery
-
15 - 25%
Motor vehicles
-
25%
Fixtures and fittings
-
15 - 25%
Office equipment
-
15 - 25%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.16

VALUATION OF INVESTMENTS

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.17

STOCKS

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is 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.

 
2.18

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.

 
2.19

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.

In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

Page 24


CONDITION MONITORING TECHNOLOGY GROUP HOLDINGS LIMITED

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

2.ACCOUNTING POLICIES (continued)

 
2.20

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.

 
2.21

FINANCIAL INSTRUMENTS

The Group 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 banks and other third parties, loans to related parties and investments in ordinary shares.
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 flows and subsequently at amortised cost 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 of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
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 in the Consolidated statement of comprehensive income.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Group would receive for the asset if it were to be sold at the reporting date.
Financial assets and liabilities are offset and the net amount reported in the Statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 
2.22

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 the shareholders at an annual general meeting.

Page 25


CONDITION MONITORING TECHNOLOGY GROUP HOLDINGS LIMITED

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

3.



JUDGMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the Group'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.
Amortisation and impairment of development costs and goodwill
The Group's products are subject to changing market demand. It is therefore necessary to consider on a periodic basis the rate of amortisation applied to capitalised development costs and goodwill and any impairment that might have arisen. Management assesses impairments by considering the saleability of the related products in the light of technological developments and projected future market conditions.

The negative goodwill arising from the acquisition of Condition Monitoring Technology Group Limited in 2022 has been recognised on a pro rata basis between monetary and non monetary assets considering the particular facts and circumstances giving rise to the negative goodwill.  

The non-monetary value attributed to the negative goodwill, being the NBV of tangible fixed assets acquired, is released over an average of the useful economic life of the assets.

The monetary value attributed to the negative goodwill, which largely comprised stock, was fully released in 2022, the year of acquisition, as the monetary assets were deemed to be fully utilised during this period.

Useful economic lives of tangible assets
The annual depreciation charge is sensitive to any changes in the estimated useful life and residual values of tangible assets. The useful economic lives and residual value is assessed on an annual basis and are amended only when evidence shows a change in the estimated economic lives or residual life. Criteria used to assess the economic life and residual value includes technological advancement, economic utilisation, physical condition of the asset and future investments.
Impairment of stocks
The Group's products are subject to changing market demand. It is therefore necessary to consider on a periodic basis the recoverability of the cost of stocks and the associated impairment. Management calculates impairments by considering the nature and condition of the stocks and applies assumptions around anticipated saleability of finished goods and future usage of raw materials, overheads and labour.
Impairment of debtors
On a periodic basis management makes an estimation of the recoverability of debtors. Management makes such estimations based on the credit rating of debtors, the ageing profile, and historical experience.

Page 26


CONDITION MONITORING TECHNOLOGY GROUP HOLDINGS LIMITED

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

4.


TURNOVER

An analysis of turnover by class of business is as follows:


31 December
Period
ended 31 December
2023
2022
£
£

Manufacture and sale of electronic instrumentation
16,346,365
14,322,827

Grants receivable
288,505
173,685

16,634,870
14,496,512


Analysis of turnover by country of destination:

31 December
Period
ended 31 December
2023
2022
£
£

United Kingdom
6,604,575
3,846,994

Rest of Europe
6,410,793
8,040,519

Rest of the World
3,619,502
2,608,999

16,634,870
14,496,512



5.


OTHER OPERATING INCOME

31 December
Period
ended 31 December
2023
2022
£
£

Other operating income
831
12,300

Amortisation of negative goodwill
144,590
1,864,904

145,421
1,877,204


Page 27


CONDITION MONITORING TECHNOLOGY GROUP HOLDINGS LIMITED

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

6.


OPERATING PROFIT

The operating profit is stated after charging:

31 December
Period
ended 31 December
2023
2022
£
£

Negative goodwill released
(144,590)
(1,864,904)

Research & development charged as an expense
744,943
2,176,159

Depreciation
231,409
209,672

Amortisation
139,630
220,101

Other operating lease rentals
125,491
170,700

Exchange differences
60,775
22,491


7.


AUDITORS' REMUNERATION

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


31 December
Period
ended 31 December
2023
2022
£
£

Audit and accounts preparation of the consolidated and parent Company's financial statements
49,750
49,000

Tax compliance services
8,200
7,650

Page 28


CONDITION MONITORING TECHNOLOGY GROUP HOLDINGS LIMITED

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

8.


EMPLOYEES

Staff costs, including directors' remuneration, were as follows:


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Wages and salaries
6,847,278
4,315,651
-
-

Social security costs
1,042,692
1,110,359
-
-

Cost of defined contribution scheme
282,087
165,443
-
-

8,172,057
5,591,453
-
-


The average monthly number of employees, including the directors, during the year was as follows:


     31 December
        Period
 ended 31 December
        2023
        2022
            No.
            No.







Administration
35
40



Development
53
50



Direct Labour
55
45



Sales
13
16

156
151

The Company has no employees other than the directors, who were remunerated through the subsidiary companies.


9.


DIRECTORS' REMUNERATION

31 December
Period ended
31 December
2023
2022
£
£

Directors' emoluments
666,960
605,182


During the year retirement benefits were accruing to 4 directors (2022: 4 in respect of defined contribution pension schemes.

The highest paid director received remuneration of £174,982 (2022: £162,587).

The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £12,000 (2022: £11,000).

Page 29


CONDITION MONITORING TECHNOLOGY GROUP HOLDINGS LIMITED

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

10.


INTEREST RECEIVABLE

31 December
Period
ended 31 December
2023
2022
£
£


Interest receivable
14,493
25,609


11.


INTEREST PAYABLE AND SIMILAR EXPENSES

31 December
Period
ended 31 December
2023
2022
£
£


Bank interest payable
196,068
169,846

Other loan interest payable
113,585
136,259

309,653
306,105


12.


TAXATION


31 December
Period
ended 31 December
2023
2022
£
£

CORPORATION TAX


Current tax on profits for the year
(50,534)
20,779

Adjustments in respect of previous periods
-
(16,327)


TOTAL CURRENT TAX
(50,534)
4,452

DEFERRED TAX


Origination and reversal of timing differences
(15,604)
6,067

Changes to tax rates
-
1,914

Adjustments in respect of prior periods
-
22

TOTAL DEFERRED TAX
(15,604)
8,003


TAXATION ON (LOSS)/PROFIT ON ORDINARY ACTIVITIES
(66,138)
12,455
Page 30


CONDITION MONITORING TECHNOLOGY GROUP HOLDINGS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
12.TAXATION (CONTINUED)


FACTORS AFFECTING TAX CHARGE FOR THE YEAR/PERIOD

The tax assessed for the year/period is lower than (2022: lower than) the standard rate of corporation tax in the UK of 23.5% (2022: 19%). The differences are explained below:

31 December
Period ended
31 December
2023
2022
£
£


Profit on ordinary activities before tax
744,452
2,446,821


Profit on ordinary activities multiplied by effective rate of corporation tax in the UK of 23.5% (2022: 19%)
175,096
464,896

EFFECTS OF:


Fixed asset differences
7,322
-

Expenses not deductible for tax purposes
15,360
7,011

Other permanent differences
59
(51,014)

Additional reduction for R&D expenditure
(255,237)
-

Surrender of tax losses for R&D tax credit refund
100,762
-

Remeasurement of deferred tax for changes in tax rates
1,575
1,936

Foreign taxes
(48,140)
-

Withholding tax charge regarding dividend from Helitune GmbH
21,692
1,162

Other movements
(32,678)
-

Non-taxable income
-
(387,600)

Adjustment in research and development tax credit leading to an increase (decrease) in the tax charge
-
(47,364)

Capital gains (losses)
(9,700)
(4,701)

Other differences leading to an increase (decrease) in the tax charge
-
(26,413)

Movement in deferred tax not recognised
(42,249)
54,542

TOTAL TAX CHARGE FOR THE YEAR/PERIOD
(66,138)
12,455


FACTORS THAT MAY AFFECT FUTURE TAX CHARGES

The UK corporation tax rate will rise from 19% to 25% in 2023 and this was substantively enacted on 24 May 2021. Accordingly, this rate will be used to measure any deferred tax assets and liabilities in future reporting periods.

Page 31


CONDITION MONITORING TECHNOLOGY GROUP HOLDINGS LIMITED

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

13.


INTANGIBLE ASSETS

Group and Company





Development expenditure
Customer contracts
Computer software
Goodwill
Negative goodwill
Total

£
£
£
£
£
£



COST


At 1 January 2023
3,685,611
70,000
610,849
607,062
(2,527,489)
2,446,033


Additions
-
-
1,685
-
-
1,685



At 31 December 2023

3,685,611
70,000
612,534
607,062
(2,527,489)
2,447,718



AMORTISATION


At 1 January 2023
3,685,611
70,000
458,439
187,900
(1,920,899)
2,481,051


Charge for the year on owned assets
-
-
52,907
86,723
(147,287)
(7,657)



At 31 December 2023

3,685,611
70,000
511,346
274,623
(2,068,186)
2,473,394



NET BOOK VALUE



At 31 December 2023
-
-
101,188
332,439
(459,303)
(25,676)



At 31 December 2022
-
-
152,410
419,162
(606,590)
(35,018)



Page 32


CONDITION MONITORING TECHNOLOGY GROUP HOLDINGS LIMITED

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

14.


TANGIBLE FIXED ASSETS

Group






Freehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Office equipment
Total

£
£
£
£
£
£



COST


At 1 January 2023
1,804,888
1,761,109
103,731
1,096,664
10,412
4,776,804


Additions
-
84,229
-
81,867
26,517
192,613


Disposals
-
-
(19,422)
-
-
(19,422)


Transfers between classes
62,225
(101,295)
123,571
97,954
220,517
402,972



At 31 December 2023

1,867,113
1,744,043
207,880
1,276,485
257,446
5,352,967



DEPRECIATION


At 1 January 2023
241,347
1,403,063
67,485
1,018,822
4,441
2,735,158


Charge for the year on owned assets
34,879
91,551
25,446
63,433
16,100
231,409


Disposals
-
-
(19,422)
-
-
(19,422)


Transfers between classes
62,658
(30,080)
86,863
85,057
204,440
408,938



At 31 December 2023

338,884
1,464,534
160,372
1,167,312
224,981
3,356,083



NET BOOK VALUE



At 31 December 2023
1,528,229
279,509
47,508
109,173
32,465
1,996,884



At 31 December 2022
1,563,541
358,046
36,246
77,842
5,971
2,041,646

Page 33


CONDITION MONITORING TECHNOLOGY GROUP HOLDINGS LIMITED

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

15.


FIXED ASSET INVESTMENTS

Company





Investments in subsidiary companies

£



COST


At 1 January 2023
4,438,390



At 31 December 2023
4,438,390





DIRECT SUBSIDIARY UNDERTAKING


The following was a direct subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

Condition Monitoring Technology Group Limited
(1)
Ordinary
100%

Page 34


CONDITION MONITORING TECHNOLOGY GROUP HOLDINGS LIMITED

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

INDIRECT SUBSIDIARY UNDERTAKINGS


The following were indirect 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 Inc
(2)
Ordinary
100%
Systems & Electronics Inc
(2)
Ordinary
100%
Helitune GmbH
(3)
Ordinary
100%
Helitune S.R.L
(4)
Ordinary
100%
SEMIA SAS
(5)
Ordinary
100%
DJB Instruments Sarl
(6)
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
6 - 33 bis Rue Louis Maury, 55100 Verdun, France

Condition Monitoring Technology Group Inc is a wholly-owned subsidiary of Condition Monitoring Technology Group Limited. It is a non-trading holding company incorporated in the USA, which owns 100% of the shares of Systems & Electronics Inc and Helitune Inc. All of the above companies have been included in the consolidated financial statements. The principal activities of these companies are described in the Directors' Report.


16.


STOCKS

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Raw materials and consumables
1,662,238
1,023,929
-
-

Work in progress (goods to be sold)
956,709
864,752
-
-

Finished goods and goods for resale
2,358,973
2,382,308
-
-

4,977,920
4,270,989
-
-


Page 35


CONDITION MONITORING TECHNOLOGY GROUP HOLDINGS LIMITED

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

17.


DEBTORS

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

DUE AFTER MORE THAN ONE YEAR

Directors' loan accounts
397,200
397,200
-
-


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

DUE WITHIN ONE YEAR

Trade debtors
2,550,587
3,168,081
-
-

Amounts owed by group undertakings
-
-
1,262,500
1,020,000

Other debtors
608,860
947,719
-
-

Prepayments and accrued income
941,471
384,975
-
-

Tax recoverable
-
110,754
-
-

4,100,918
4,611,529
1,262,500
1,020,000



18.


CASH AND CASH EQUIVALENTS

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Cash at bank and in hand
771,831
987,688
7,182
2,620

Less: bank overdrafts
(516,955)
(492,647)
-
-

254,876
495,041
7,182
2,620



19.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Bank overdrafts
516,955
492,647
-
-

Bank loans
464,992
478,223
-
-

Other loans
206,001
206,001
206,001
206,001

Trade creditors
1,136,184
1,276,623
600
-

Amounts owed to group undertakings
-
-
1,260,500
1,010,500

Other taxation and social security
667,659
502,058
-
-

Other creditors
67,062
69,554
-
-

Accruals and deferred income
1,187,066
1,566,176
7,652
7,604

4,245,919
4,591,282
1,474,753
1,224,105


Page 36


CONDITION MONITORING TECHNOLOGY GROUP HOLDINGS LIMITED

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

20.


CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Bank loans
1,655,113
1,948,992
549,628
523,055

Other loans
1,648,000
1,750,999
1,648,000
1,750,999

3,303,113
3,699,991
2,197,628
2,274,054



Page 37


CONDITION MONITORING TECHNOLOGY GROUP HOLDINGS LIMITED

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

21.


LOANS


Analysis of the maturity of loans is given below:


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

AMOUNTS FALLING DUE WITHIN ONE YEAR

Bank loans
464,992
478,223
-
-

Other loans
206,001
206,001
206,001
206,001


670,993
684,224
206,001
206,001

AMOUNTS FALLING DUE 1-2 YEARS

Bank loans
1,655,113
923,055
549,628
523,055

Other loans
206,000
205,999
206,000
205,999


1,861,113
1,129,054
755,628
729,054

AMOUNTS FALLING DUE 2-5 YEARS

Bank loans
-
1,025,937
-
-

Other loans
824,000
824,000
824,000
824,000


824,000
1,849,937
824,000
824,000

AMOUNTS FALLING DUE AFTER MORE THAN 5 YEARS

Other loans
618,000
721,000
618,000
721,000

618,000
721,000
618,000
721,000

3,974,106
4,384,215
2,403,629
2,480,055


Page 38


CONDITION MONITORING TECHNOLOGY GROUP HOLDINGS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
21.LOANS (CONTINUED)

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.
Bank loans comprise amounts not yet repaid on term loans of £220,400 and £661,200 (2022: £280,300 and £840,900 respectively), as well as capital loans of £520,220 and £549,628 (2022: £544,337 and £523,055 respectively).
The term loans bear interest at a fixed rate of 3.89%, payable quarterly, and are repayable by 30 September 2025.
The capital loans bear interest at a fixed rate of 5.00%, payable upon the loan termination date of 30 November 2025.


22.


DEFERRED TAXATION


Group



2023


£






At beginning of year
(248,512)


Charged to profit or loss
(4,638)


Utilised in year
13,332



AT END OF YEAR
(239,818)

Group
Group
2023
2022
£
£

Accelerated capital allowances
(327,060)
(333,850)

Tax losses carried forward
43,375
52,015

Short term timing differences
2,640
2,406

Capital gains
41,227
30,917

(239,818)
(248,512)

Page 39


CONDITION MONITORING TECHNOLOGY GROUP HOLDINGS LIMITED

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

23.


SHARE CAPITAL

2023
2022
£
£
ALLOTTED, CALLED UP AND FULLY PAID



556 Ordinary shares of £1.00 each
556
556



24.


RESERVES

Share premium account

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

Profit and loss account

The profit and loss reserve reflects cumulative profits and losses net of distributions to shareholders.


25.


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).


26.


PENSION COMMITMENTS

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group  in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £270,703 (2022: £165,443). Contributions totalling £26,940 (2022: £25,047) were payable to the fund at the reporting date and are included in creditors.

Page 40


CONDITION MONITORING TECHNOLOGY GROUP HOLDINGS LIMITED

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

27.


COMMITMENTS UNDER OPERATING LEASES

At 31 December 2023 the Group had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2023
2022
£
£

Not later than 1 year
207,787
245,661

Later than 1 year and not later than 5 years
543,857
605,704

Later than 5 years
399,405
537,862

1,151,049
1,389,227

The Company had no commitments under non-cancellable operating leases at the reporting date.

Page 41


CONDITION MONITORING TECHNOLOGY GROUP HOLDINGS LIMITED

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

28.


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. Details of transactions with other related parties are given below.

Remuneration of key management personnel
The remuneration of the Group's key management personnel (who are also the statutory directors of the Company) was £666,960 (2022: £605,182)

Transactions with directors and their relatives
During the year, a group company maintained a loan account with R Allen. At the year end, R Allen owed the Group £93,600 (2022: £93,600). The loan bears interest at an annual rate of 3%. The total interest charged on this loan during the year was £2,808 (2022: £2,808).
During the year, a group company maintained a loan account with D Graham. At the year end, D Graham owed the Group £93,600 (2022: £93,600). The loan bears interest at an annual rate of 3%. The total interest charged on this loan during the year was £2,808 (2022: £2,808).
During the year, a group company maintained a loan account with R Lobato for £210,000. At the year end, R Lobato owed the Group £210,000 (2022: £210,000). The loan bears interest at an annual rate of 2.86%. The total interest charged on this loan during the year was £6,006 (2022: £6,006).
During the year, the Company maintained a loan from G Lee-Richards. The loan bears interest daily at an annual rate of 6%, payable quarterly in arrears. At the year end, the amount outstanding on this loan was £424,733 (2022: £448,329). The total interest charged on this loan during the year was £26,021 (2022: £25,653).
During the year, the Company maintained a loan from C E Lee-Richards, wife of director G Lee-Richards. The loan bears interest daily at an annual rate of 6%, payable quarterly in arrears. At the year end, the amount outstanding on this loan was £273,668 (2022: £288,871). The total interest charged on this loan during the year was £16,766 (2022: £16,529).
During the year, the Company maintained a loan from A Lobato. The loan bears interest daily at an annual rate of 6%, payable quarterly in arrears. At the year end, the amount outstanding on this loan was £153,000 (2022: £161,500). The total interest charged on this loan during the year was £ 9,374 (2022: £9,241).
During the year, the Company maintained a loan from F Lobato, wife of director A Lobato. The loan bears interest daily at an annual rate of 6%, payable quarterly in arrears. At the year end, the amount outstanding on this loan was £1,002,600 (2022: £1,058,300). The total interest charged on this loan during the year was £61,425 (2022: £60,556).


29.


CONTROLLING PARTY

It is the view of the directors that there is no ultimate controlling party of Condition Monitoring Technology Group Holdings Limited.

 
Page 42