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REGISTERED NUMBER: 10148092 (England and Wales)













GROUP STRATEGIC REPORT, REPORT OF THE DIRECTOR AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

CFM HOLDINGS LIMITED

CFM HOLDINGS LIMITED (REGISTERED NUMBER: 10148092)






CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Company Information 1

Group Strategic Report 2

Report of the Director 3

Statement of Director's Responsibilities 4

Report of the Independent Auditors 5

Consolidated Income Statement 8

Consolidated Other Comprehensive Income 9

Consolidated Balance Sheet 10

Company Balance Sheet 11

Consolidated Statement of Changes in Equity 12

Company Statement of Changes in Equity 13

Consolidated Cash Flow Statement 14

Notes to the Consolidated Cash Flow Statement 15

Notes to the Consolidated Financial Statements 16


CFM HOLDINGS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTOR: P Coffin





REGISTERED OFFICE: 8 Spicer Street
St Albans
Hertfordshire
AL3 4PQ





REGISTERED NUMBER: 10148092 (England and Wales)





AUDITORS: Taylor Viney & Marlow Limited
Chartered Accountants
Statutory Auditors
46-54 High Street
Ingatestone
Essex
CM4 9DW

CFM HOLDINGS LIMITED (REGISTERED NUMBER: 10148092)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present the strategic report for the year ended 31 December 2023.

REVIEW OF BUSINESS
There was a small increase in business activity in the year. The markets remained turbulent throughout the year, with interest rate uncertainties, continuing concerns over inflationary pressures and the general economic outlook. However, despite the uncertain environment, the company was still able to report a trading profit for the year, which remains a testament to its resilience, even in the current climate.

Our revenue is split 64% recurring management fees, 28% broking commission, with the remaining 8% relating to other fees.

CRM
We continue to develop and invest in our CRM functionality and constantly strive to improve our service offerings to clients and achieve sustainable growth.

BUSINESS LEVELS AND OUTLOOK
Despite the continued social and economic challenges faced throughout 2023, the business has continued to remain profitable. Our reputation continues to grow as a firm that can migrate customers from SIPPs with large providers such as Standard Life, onto our own platform using lower cost bespoke SIPP providers and within those SIPPs, providing our personalised investment management service. This business is very long term and provides recurring revenue. We continue to gain a considerable number of referrals for this type of business and expect this trend to continue.

STAFF
We continue to invest in staff training and continue to monitor our staff's well-being. We acknowledge that our business is only as good as the people who work in it, and we strive to create a welcoming and professional workplace environment for all staff members.

KEY PERFORMANCE INDICATORS
The client base and assets under management have increased during the year, despite the uncertain economic conditions prevailing throughout 2023.

Complaints - No complaints received during this or the previous year.

PRINCIPAL RISKS AND UNCERTAINTIES
All our main software packages are in the cloud which means that we are well equipped to cope with any unexpected disruptions to our services, Our teams are able to work from anywhere and this provides the flexibility and adaptability that is sometimes needed. We rely heavily on Office 365, Microsoft Teams and SharePoint. Our phone system is a VOIP system so again can be used from any computer, Android phone or IOS.

The majority of our costs remains variable and this provides us with the flexibility to quickly adapt to market conditions and review our outgoings in accordance with the prevailing business climate. This flexibility is vital in times of economic uncertainty and provides us with the confidence to plan and develop the business in both the short and long term.

Whilst there continues to remain an element of uncertainty in the economic outlook, this can create opportunities for a smaller and client focused business to benefit, with investors looking for alternatives to their current financial arrangements. Therefore, we believe that we are well positioned to benefit from either a continued period of economic turbulence or a more settled period for both the UK and global economy.

ON BEHALF OF THE BOARD:





P Coffin - Director


25 September 2024

CFM HOLDINGS LIMITED (REGISTERED NUMBER: 10148092)

REPORT OF THE DIRECTOR
FOR THE YEAR ENDED 31 DECEMBER 2023


PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of investment management.

DIVIDENDS
Ordinary dividends were paid amounting to £55,360.The director does not recommend payment of further dividend.

FUTURE DEVELOPMENTS
The company has chosen to include this information in the Strategic Report in accordance with section 414C of the Companies Act 2006.

DIRECTOR
P Coffin held office during the whole of the period from 1 January 2023 to the date of this report.

REMUNERATION DISCLOSURES
Details of the company's unaudited Remuneration disclosures, required under MIFIDPRU 8 of the FCA's Prudential Sourcebook for Banks, Building Societies and Investment Firms (BIPRU), are being made via the company's website and a copy is also available on request from the company's registered office.

RESULTS
The results for the year are set out on page 9.

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

AUDITORS
Taylor Viney & Marlow Limited were appointed as auditors to the company, and in accordance with section 485 of the Companies Act 2006 will be proposed for re-appointment at the forthcoming Annual General meeting

ON BEHALF OF THE BOARD:





P Coffin - Director


25 September 2024

CFM HOLDINGS LIMITED (REGISTERED NUMBER: 10148092)

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
FOR THE YEAR ENDED 31 DECEMBER 2023

The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is 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 director is required to:

- select suitable accounting policies and then apply them consistently;
- make judgements 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 director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable him to ensure that the financial statements comply with the Companies Act 2006. He is 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CFM HOLDINGS LIMITED

Opinion
We have audited the financial statements of CFM Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 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 UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

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

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

Other information
The director is responsible for the other information. The other information comprises the information in the Group Strategic Report, the Report of the Director and the Statement of Director's Responsibilities, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

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

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CFM HOLDINGS LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Director.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, 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.
- the directors were not entitled to prepare the financial statements in accordance with the small companies
regime and take advantage of the small companies' exemption in preparing the directors' report and take
advantage of the small companies exemption from the requirement to prepare a strategic report.

Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page four, the director is 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 director determines 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 director is 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 director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so.

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

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

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.

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. Audit staff with sufficient knowledge and expertise to identify non-compliance with laws and regulations were deployed on the audit.

Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management. We did not identify any key audit matters relating to irregularities, including fraud.

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

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

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CFM HOLDINGS LIMITED


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




David J. Stevens (Senior Statutory Auditor)
for and on behalf of Taylor Viney & Marlow Limited
Chartered Accountants
Statutory Auditors
46-54 High Street
Ingatestone
Essex
CM4 9DW

25 September 2024

CFM HOLDINGS LIMITED (REGISTERED NUMBER: 10148092)

CONSOLIDATED
INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

31.12.23 31.12.22
Notes £    £   

TURNOVER 4 635,987 589,360

Cost of sales 196,177 112,314
GROSS PROFIT 439,810 477,046

Administrative expenses 375,822 388,591
63,988 88,455

Other operating income 5 - 5,861
OPERATING PROFIT 7 63,988 94,316

Profit/loss on sale of invest 9 6,773 (7,062 )
70,761 87,254

Interest receivable and similar income 10 786 5,441
71,547 92,695
Gain/loss on revaluation of investments 2,040 (28,579 )
73,587 64,116

Interest payable and similar expenses 11 4,221 14,640
PROFIT BEFORE TAXATION 69,366 49,476

Tax on profit 12 15,396 16,873
PROFIT FOR THE FINANCIAL YEAR 53,970 32,603
Profit attributable to:
Owners of the parent 53,970 32,603

CFM HOLDINGS LIMITED (REGISTERED NUMBER: 10148092)

CONSOLIDATED
OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

31.12.23 31.12.22
Notes £    £   

PROFIT FOR THE YEAR 53,970 32,603


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

53,970

32,603

Total comprehensive income attributable to:
Owners of the parent 53,970 32,603

CFM HOLDINGS LIMITED (REGISTERED NUMBER: 10148092)

CONSOLIDATED BALANCE SHEET
31 DECEMBER 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 15 12,827 18,636
Tangible assets 16 25,798 33,946
Investments 17 - -
38,625 52,582

CURRENT ASSETS
Debtors 18 154,418 126,225
Investments 19 75,799 115,610
Cash at bank and in hand 151,001 98,591
381,218 340,426
CREDITORS
Amounts falling due within one year 20 169,595 131,956
NET CURRENT ASSETS 211,623 208,470
TOTAL ASSETS LESS CURRENT
LIABILITIES

250,248

261,052

CREDITORS
Amounts falling due after more than one
year

21

22,693

32,107
NET ASSETS 227,555 228,945

CAPITAL AND RESERVES
Called up share capital 24 2 2
Share premium 25 79,999 79,999
Retained earnings 25 147,554 148,944
SHAREHOLDERS' FUNDS 227,555 228,945

The financial statements were approved by the director and authorised for issue on 25 September 2024 and were signed by:





P Coffin - Director


CFM HOLDINGS LIMITED (REGISTERED NUMBER: 10148092)

COMPANY BALANCE SHEET
31 DECEMBER 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 15 - -
Tangible assets 16 - -
Investments 17 140,500 140,500
140,500 140,500

CREDITORS
Amounts falling due within one year 20 59,360 53,000
NET CURRENT LIABILITIES (59,360 ) (53,000 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

81,140

87,500

CAPITAL AND RESERVES
Called up share capital 24 2 2
Share premium 25 79,999 79,999
Retained earnings 25 1,139 7,499
SHAREHOLDERS' FUNDS 81,140 87,500

Company's profit for the financial year 49,000 45,917

The financial statements were approved by the director and authorised for issue on 25 September 2024 and were signed by:





P Coffin - Director


CFM HOLDINGS LIMITED (REGISTERED NUMBER: 10148092)

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

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   
Balance at 1 January 2022 2 144,341 79,999 224,342

Changes in equity
Profit for the year - 32,603 - 32,603
Total comprehensive income - 32,603 - 32,603
Dividends - (28,000 ) - (28,000 )
Total transactions with owners,
recognised directly in equity

-

(28,000

)

-

(28,000

)
Balance at 31 December 2022 2 148,944 79,999 228,945

Changes in equity
Profit for the year - 53,970 - 53,970
Total comprehensive income - 53,970 - 53,970
Dividends - (55,360 ) - (55,360 )
Total transactions with owners,
recognised directly in equity

-

(55,360

)

-

(55,360

)
Balance at 31 December 2023 2 147,554 79,999 227,555

CFM HOLDINGS LIMITED (REGISTERED NUMBER: 10148092)

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

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   
Balance at 1 January 2022 2 (10,418 ) 79,999 69,583

Changes in equity
Dividends - (28,000 ) - (28,000 )
Total comprehensive income - 45,917 - 45,917
Balance at 31 December 2022 2 7,499 79,999 87,500

Changes in equity
Dividends - (55,360 ) - (55,360 )
Total comprehensive income - 49,000 - 49,000
Balance at 31 December 2023 2 1,139 79,999 81,140

CFM HOLDINGS LIMITED (REGISTERED NUMBER: 10148092)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

31.12.23 31.12.22
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 161,967 112,751
Interest paid (2,819 ) (12,498 )
Interest element of hire purchase payments
paid

(1,402

)

(2,142

)
Tax paid (16,812 ) (25,895 )
Net cash from operating activities 140,934 72,216

Cash flows from investing activities
Purchase of tangible fixed assets (1,591 ) (2,426 )
Purchase of current asset investments (292,711 ) (368,908 )
Sale of current asset investments 341,336 394,087
Loss on sale of current asset investment (6,774 ) 7,061
Interest received 786 5,441
Net cash from investing activities 41,046 35,255

Cash flows from financing activities
Loan repayments in year (68,027 ) (194,474 )
Capital repayments in year (8,400 ) (7,524 )
Amount introduced by directors - 20,000
Amount withdrawn by directors 2,229 (43,208 )
Repayment of borrowings - 2,083
Equity dividends paid (55,360 ) (28,000 )
Net cash from financing activities (129,558 ) (251,123 )

Increase/(decrease) in cash and cash equivalents 52,422 (143,652 )
Cash and cash equivalents at beginning
of year

2

98,576

242,228

Cash and cash equivalents at end of year 2 150,998 98,576

CFM HOLDINGS LIMITED (REGISTERED NUMBER: 10148092)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
31.12.23 31.12.22
£    £   
Profit before taxation 69,366 49,476
Depreciation charges 15,548 20,874
(Gain)/loss on revaluation of fixed assets (2,040 ) 28,579
Finance costs 4,221 14,640
Finance income (786 ) (5,441 )
86,309 108,128
(Increase)/decrease in trade and other debtors (28,192 ) 34,415
Increase/(decrease) in trade and other creditors 103,850 (29,792 )
Cash generated from operations 161,967 112,751

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 151,001 98,591
Bank overdrafts (3 ) (15 )
150,998 98,576
Year ended 31 December 2022
31.12.22 1.1.22
£    £   
Cash and cash equivalents 98,591 242,229
Bank overdrafts (15 ) (1 )
98,576 242,228


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.23 Cash flow At 31.12.23
£    £    £   
Net cash
Cash at bank and in hand 98,591 52,410 151,001
Bank overdrafts (15 ) 12 (3 )
98,576 52,422 150,998

Liquid resources
Current asset investments 115,610 (39,811 ) 75,799
115,610 (39,811 ) 75,799
Debt
Finance leases (39,106 ) 8,400 (30,706 )
Debts falling due within 1 year (68,026 ) 68,026 -
(107,132 ) 76,426 (30,706 )
Total 107,054 89,037 196,091

CFM HOLDINGS LIMITED (REGISTERED NUMBER: 10148092)

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

1. STATUTORY INFORMATION

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

2. ACCOUNTING POLICIES

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

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements re rounded to the nearest pound.

Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors take great comfort from the positive results achieved in 2023 and thus continue to adopt the going concern basis of accounting in preparing the financial statements.

Basis of consolidation
In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination overt the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination inclose the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted fro at cost less impairment.

The consolidated financial statements incorporate those of CFM Holdings Limited and all of its subsidiaries (ie. entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits). Subsidiaries acquired during the year are consolidated using the purchase method. Their results are incorporated from the date that control passes.

All financial statement are made up to 31 December 2023. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates. In the group financial statements, associates are accounted for using the equity method.

CFM HOLDINGS LIMITED (REGISTERED NUMBER: 10148092)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued

Turnover
Turnover represents amounts receivable for services net of VAT and trade discounts.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.

Intangible assets - goodwill
Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are subsequently measured at cost less any accumulated amortisation or revalued to fair value.

Tangible fixed assets
Tangible fixed assets are initially measured at cost, and subsequently measured at cost less depreciation and impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings 25% straight line
Computers 25% straight line
Motor vehicles 25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to the profit or loss account.

CFM HOLDINGS LIMITED (REGISTERED NUMBER: 10148092)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued

Fixed asset investments
Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

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

An associate is an entity being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group's share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

In the parent company financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss.If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible ot estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current marker assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount fo the asset (or generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.


CFM HOLDINGS LIMITED (REGISTERED NUMBER: 10148092)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

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

Current or deferred taxation assets and liabilities are not discounted.

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

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

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

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

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

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

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

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

Cash and cash equivalents
Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

CFM HOLDINGS LIMITED (REGISTERED NUMBER: 10148092)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
The company only has basic financial instruments measured at amortised cost, with no financial instruments classified as other or basic instruments at fair value.

Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit and loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. that impairment reversal is recognised in profit or loss.

Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities
Financial liabilities are derecognised when the company's contractural obligations expire or are discharged or cancelled.

Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

CFM HOLDINGS LIMITED (REGISTERED NUMBER: 10148092)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

3. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

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

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

There are not considered to be any key estimates or judgements.

4. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the group.

An analysis of turnover by class of business is given below:

31.12.23 31.12.22
£    £   
Broking services 635,987 589,360
635,987 589,360

An analysis of turnover by geographical market is given below:

31.12.23 31.12.22
£    £   
United Kingdom 635,987 589,360
635,987 589,360

5. OTHER OPERATING INCOME
31.12.23 31.12.22
£    £   
Management Fee - 5,861

6. EMPLOYEES AND DIRECTORS

Group
31.12.23 31.12.22
£    £   
Wages and salaries 120,545 128,069
Social security costs 6,543 9,699
Other pension costs 4,248 15,197
131,336 152,965
The average number of employees during the year was as follows: 4 4

31.12.23 31.12.22
Directors' remuneration £    £   
Remuneration for qualifying services 41,472 59,641
Company pension contributions to defined contribution schemes 2,000 13,375
43,472 73,016
The number of directors for whom retirement benefits are accruing under
defined contribution schemes amounted to 1 (2022 - 2).

CFM HOLDINGS LIMITED (REGISTERED NUMBER: 10148092)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

7. OPERATING PROFIT

The operating profit is stated after charging:

31.12.23 31.12.22
£    £   
Other operating leases 16,576 23,941
Depreciation - owned assets 2,014 3,506
Depreciation - assets on hire purchase contracts 7,725 11,559
Goodwill amortisation 5,809 5,809

8. AUDITORS' REMUNERATION

31.12.23 31.12.22
£ £
Fees payable to the group's audit of the group's
financial statements 6,500 6,250

Total audit fees 6,500 6,250

Other non-audit services - -

Total non-audit fees - -

Total fees payable 6,500 6,250





9. EXCEPTIONAL ITEMS
31.12.23 31.12.22
£    £   
Profit/loss on sale of invest 6,773 (7,062 )

10. INTEREST RECEIVABLE AND SIMILAR INCOME
31.12.23 31.12.22
£    £   
Bank interest receivable 144 -
Curr asset inv income 642 5,441
786 5,441

11. INTEREST PAYABLE AND SIMILAR EXPENSES
31.12.23 31.12.22
£    £   
Interest on investment acct - 2,430
Interest payable 2,819 10,068
Hire purchase 1,402 2,142
4,221 14,640

CFM HOLDINGS LIMITED (REGISTERED NUMBER: 10148092)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

12. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.12.23 31.12.22
£    £   
Current tax:
UK corporation tax 15,396 16,873
Tax on profit 15,396 16,873

UK corporation tax has been charged at 20.85 % (2022 - 19 %).

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

31.12.23 31.12.22
£    £   
Profit before tax 69,366 49,476
Profit multiplied by the standard rate of corporation tax in the UK of 20.825
% (2022 - 19 %)

14,445

9,400

Effects of:
Expenses not deductible for tax purposes 554 876
Income not taxable for tax purposes (133 ) (1,034 )
Depreciation in excess of capital allowances 2,365 1,734
unrealised gain/loss on investments (425 ) 5,430
Other permanent differences - (875 )
Loss on disposal of investment (1,410 ) 1,342
Total tax charge 15,396 16,873

13. INDIVIDUAL INCOME STATEMENT

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


14. DIVIDENDS

A final dividend of £55,360 was paid in the year (2022: £28,000).

15. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 58,089
AMORTISATION
At 1 January 2023 39,453
Amortisation for year 5,809
At 31 December 2023 45,262
NET BOOK VALUE
At 31 December 2023 12,827
At 31 December 2022 18,636

CFM HOLDINGS LIMITED (REGISTERED NUMBER: 10148092)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

16. TANGIBLE FIXED ASSETS

Group
Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 January 2023 3,289 54,976 17,019 75,284
Additions - - 1,591 1,591
At 31 December 2023 3,289 54,976 18,610 76,875
DEPRECIATION
At 1 January 2023 1,783 24,052 15,503 41,338
Charge for year 502 7,725 1,512 9,739
At 31 December 2023 2,285 31,777 17,015 51,077
NET BOOK VALUE
At 31 December 2023 1,004 23,199 1,595 25,798
At 31 December 2022 1,506 30,924 1,516 33,946

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 January 2023
and 31 December 2023 54,976 5,004 59,980
DEPRECIATION
At 1 January 2023 24,052 2,502 26,554
Charge for year 7,725 - 7,725
At 31 December 2023 31,777 2,502 34,279
NET BOOK VALUE
At 31 December 2023 23,199 2,502 25,701
At 31 December 2022 30,924 2,502 33,426

17. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 January 2023
and 31 December 2023 140,500
NET BOOK VALUE
At 31 December 2023 140,500
At 31 December 2022 140,500

CFM HOLDINGS LIMITED (REGISTERED NUMBER: 10148092)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

17. FIXED ASSET INVESTMENTS - continued

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiary

Capital Financial Markets Limited
Registered office: England & Wales
Nature of business: Investment management
%
Class of shares: holding
Ordinary 100.00
31.12.23 31.12.22
£    £   
Aggregate capital and reserves 274,088 263,309
Profit for the year 59,779 27,995


18. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group
31.12.23 31.12.22
£    £   
Trade debtors 143,168 102,211
Amounts recoverable on contract - (1 )
Other debtors 3,375 16,376
VAT - 4,564
Prepayments 7,875 3,075
154,418 126,225

There are no balances to report for the company.

19. CURRENT ASSET INVESTMENTS

Group
31.12.23 31.12.22
£    £   
Listed investments 62,833 102,644
Unlisted investments 12,966 12,966
75,799 115,610

Market value of listed investments held by the group at 31 December 2023 - £62,833 (2022 - £102,645).

CFM HOLDINGS LIMITED (REGISTERED NUMBER: 10148092)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

20. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31.12.23 31.12.22 31.12.23 31.12.22
£    £    £    £   
Bank loans and overdrafts (see note 22) 3 68,041 - -
Hire purchase contracts (see note 23) 8,013 6,999 - -
Trade creditors 114,265 21,517 - -
Amounts owed to group undertakings - - 59,360 52,500
Tax 15,457 16,873 - -
Social security and other taxes 3,697 2,690 - -
VAT 9,391 - - -
Other creditors - 500 - 500
Wages Control - 2,944 - -
Directors' current accounts 2,621 392 - -
Accrued expenses 16,148 12,000 - -
169,595 131,956 59,360 53,000

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

Group
31.12.23 31.12.22
£    £   
Hire purchase contracts (see note 23) 22,693 32,107

There are no balances to report for the company.

22. LOANS

An analysis of the maturity of loans is given below:

Group
31.12.23 31.12.22
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 3 15
Bank loans - 68,026
3 68,041

CFM HOLDINGS LIMITED (REGISTERED NUMBER: 10148092)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

23. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
31.12.23 31.12.22
£    £   
Gross obligations repayable:
Within one year 8,581 8,401
Between one and five years 22,693 32,675
31,274 41,076

Finance charges repayable:
Within one year 568 1,402
Between one and five years - 568
568 1,970

Net obligations repayable:
Within one year 8,013 6,999
Between one and five years 22,693 32,107
30,706 39,106

24. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
1,110 Ordinary 0.002 2 2

25. RESERVES

Group
Retained Share
earnings premium Totals
£    £    £   

At 1 January 2023 148,944 79,999 228,943
Profit for the year 53,970 53,970
Dividends (55,360 ) (55,360 )
At 31 December 2023 147,554 79,999 227,553

Company
Retained Share
earnings premium Totals
£    £    £   

At 1 January 2023 7,499 79,999 87,498
Profit for the year 49,000 49,000
Dividends (55,360 ) (55,360 )
At 31 December 2023 1,139 79,999 81,138


26. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is P Coffin.