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REGISTERED NUMBER: 10669097 (England and Wales)















CMS CEPCOR (HOLDINGS) LIMITED

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024






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






CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024




Page

Company Information 1

Group Strategic Report 2 to 3

Report of the Directors 4 to 6

Report of the Independent Auditors 7 to 10

Consolidated Income Statement 11

Consolidated Other Comprehensive Income 12

Consolidated Statement of Financial Position 13

Company Statement of Financial Position 14

Consolidated Statement of Changes in Equity 15

Company Statement of Changes in Equity 16

Consolidated Statement of Cash Flows 17

Notes to the Consolidated Statement of Cash Flows 18

Notes to the Consolidated Financial Statements 19 to 31


CMS CEPCOR (HOLDINGS) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 APRIL 2024







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



REGISTERED OFFICE: 1 Vulcan Way
Coalville
LE67 3AP



REGISTERED NUMBER: 10669097 (England and Wales)



SENIOR STATUTORY AUDITOR: Michael Argyle BSc ACA



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

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

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024

The directors present their strategic report of the company and the group for the year ended 30 April 2024.

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

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

The principal activities of the group in the year under review were the supply of crusher spares and repair services to the quarrying, mining, and recycling industries globally. The main customer base continues to be large aggregate producers and mining companies worldwide.

CMS Cepcor Limited is the principal trading business complemented by Requip Supplies Limited, a supplier of impact crusher spares. Crusher Manganese Steels Limited manages all group property assets. In North America, CMS Cepcor Inc, CMS Cepcor Americas LLC and Columbia Steel Cast Products are responsible for developing direct sales and distribution.

Group turnover increased by 6.363% to £85,028,882 with profits after tax recorded at £11,048,736; underlying profitability remains strong but profit margins were affected by inflationary factors resulting in higher operational costs and exceptionally high shipping costs. Shipping costs have lowered in recent months. This figure, after deduction of dividends, has been added to company reserves.

Further export sales growth remains a core objective. Key geographical targets have been identified for this growth which includes the new formed CMS Cepcor Chile SPA based in Santiago which recently commenced trading serving the Chilean market, and CMS Cepcor Australia Pty Limited which will open with a sales, engineering, and stock facility in Perth WA in early 2025

The company's financial strength grows yearly with shareholders' funds increasing to £64,504,297 (2023 - £56,426,561), and the directors have a clear plan for further business development.

CMS Cepcor Limited, the main trading business within the group, holds Lloyds Register ISO accreditations for Manufacturing (ISO9001), Environment (ISO14001), Health and Safety (ISO45001) and Energy Management (ISO50001). These internationally recognised standards demonstrate the group's ongoing commitment for quality products, customer service and sustainable operations. These accreditations coupled with the established worldwide industry sector reputation of the business enable it to trade successfully in a highly competitive market.

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


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

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024

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

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

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

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

ON BEHALF OF THE BOARD:



M T Weare - Director


25 November 2024

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

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 APRIL 2024

The directors present their report with the financial statements of the company and the group for the year ended 30 April 2024.

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

DIVIDENDS
Interim dividends per share were paid as follows:
750 - 1 June 2023
750 - 7 September 2023
1,500 - 15 December 2023
1,500 - 27 March 2024
4,500

The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 30 April 2024 will be £ 2,970,000 .

The total distribution excludes dividends waived in the year of £1,530,000.

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

DIRECTORS
The directors shown below have held office during the whole of the period from 1 May 2023 to the date of this report.

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


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

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 APRIL 2024

GREENHOUSE GAS EMISSIONS, ENERGY CONSUMPTION & ENERGY EFFICIENCY
2024 2023
Energy consumption used to calculate emissions (kWh) 1,660,922.90 2,082,541.80
Energy consumption break down (kWh):

- Gas 988,741.76 1,086,598.30
- Electricity 672,181.22 995,943.52
Transport fuel (litres) 135,711.79 136,674.85
Scope 1 - Emissions in metric tonnes CO2e (tCO2e)

Gas consumption 181.79 195.58
Owned transport 339.14 347.11
Total Scope 1 520.93 542.69
Scope 2 - Emissions in metric tonnes CO2e (tCO2e)

Purchased electricity 139.14 192.59
Total gross emissions in metric tonnes CO2e (tCO2e) 660.07 735.28
Intensity ratio - Tonnes CO2e (tCO2e) per £million turnover 0.0000102 0.0000104

Quantification and Reporting Methodology
We have followed the 2019 HM Government Environmental Reporting Guidelines. We have also used the GHG Reporting Protocol - Corporate Standard and have used the 2023 UK Government's Conversion Factors for Company Reporting.

Intensity Measurement
The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e (tCO2e) per £million turnover. This measurement will enable consistent comparisons to be made over a number of years. The turnover for the 2023-2024 financial period was £64,416,107.03.

Measures taken to improve energy efficiency
The energy efficiency measures taken within the 2023 - 2024 financial period include;
- Solar panels were installed at GPC in April 2023.
- Draught excluders have been fitted on doors at the Technical Centre.
- Several lights have been changed to be automated across the three sites.
- The roller door in the Packing Stores has been changed to a rapid door.
- Windows have been replaced at the Global Parts Centre to help conserve energy and reduce heat loss.
- Submeters have been added to the Welding turntable and the aircon.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained
in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

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

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

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 APRIL 2024


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

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

ON BEHALF OF THE BOARD:





M T Weare - Director


25 November 2024

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

Opinion
We have audited the financial statements of CMS Cepcor (Holdings) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
_
In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 30 April 2024 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

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

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

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

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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

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

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

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


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

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

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

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

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


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

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

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

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

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

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

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

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


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




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

25 November 2024

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

CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 30 APRIL 2024

2024 2023
Notes £    £    £    £   

REVENUE 3 85,028,882 79,942,285

Cost of sales 54,761,774 49,051,480
GROSS PROFIT 30,267,108 30,890,805

Distribution costs 1,380,504 1,239,493
Administrative expenses 14,320,041 12,103,620
15,700,545 13,343,113
14,566,563 17,547,692

Other operating income - 76,526
GROUP OPERATING PROFIT 5 14,566,563 17,624,218

Share of operating profit in
Joint ventures 49,029 59,727

Interest receivable and similar income 331,903 30,156
14,947,495 17,714,101

Interest payable and similar expenses 6 470,745 305,644
PROFIT BEFORE TAXATION 14,476,750 17,408,457

Tax on profit 7 3,428,014 3,506,723
PROFIT FOR THE FINANCIAL YEAR 11,048,736 13,901,734
Profit attributable to:
Owners of the parent 11,048,736 13,810,868
Non-controlling interests - 90,866
11,048,736 13,901,734

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

CONSOLIDATED OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 11,048,736 13,901,734


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 11,048,736 13,901,734

Total comprehensive income attributable to:
Owners of the parent 11,048,736 13,810,868
Non-controlling interests - 90,866
11,048,736 13,901,734

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

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
30 APRIL 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 851,885 1,153,422
Property, plant and equipment 11 18,027,089 17,293,836
Investments 12
Interest in joint venture
Share of gross assets 883,342 828,418
Share of gross liabilities (9,921 ) (7,446 )
873,421 820,972
Other investments 2 2
19,752,397 19,268,232

CURRENT ASSETS
Inventories 13 30,069,149 28,488,954
Debtors 14 16,858,664 15,727,283
Cash at bank and in hand 12,283,001 8,469,292
59,210,814 52,685,529
CREDITORS
Amounts falling due within one year 15 10,373,510 11,563,654
NET CURRENT ASSETS 48,837,304 41,121,875
TOTAL ASSETS LESS CURRENT LIABILITIES 68,589,701 60,390,107

CREDITORS
Amounts falling due after more than one year 16 (3,461,120 ) (3,439,252 )

PROVISIONS FOR LIABILITIES 21 (620,284 ) (521,294 )
NET ASSETS 64,508,297 56,429,561

CAPITAL AND RESERVES
Called up share capital 22 1,000 1,000
Merger reserve 21,555,391 21,555,391
Retained earnings 42,951,906 34,873,170
SHAREHOLDERS' FUNDS 64,508,297 56,429,561

The financial statements were approved by the Board of Directors and authorised for issue on 25 November 2024 and were signed on its behalf by:




M T Weare - Director



R A H Gill - Director


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

COMPANY STATEMENT OF FINANCIAL POSITION
30 APRIL 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 - -
Property, plant and equipment 11 - -
Investments 12 5,484,620 5,496,732
5,484,620 5,496,732

CURRENT ASSETS
Debtors 14 7,827,044 6,506,107
Cash at bank 1,435,675 423,896
9,262,719 6,930,003
CREDITORS
Amounts falling due within one year 15 73,536 11,815
NET CURRENT ASSETS 9,189,183 6,918,188
TOTAL ASSETS LESS CURRENT LIABILITIES 14,673,803 12,414,920

CAPITAL AND RESERVES
Called up share capital 22 1,000 1,000
Retained earnings 14,672,803 12,413,920
SHAREHOLDERS' FUNDS 14,673,803 12,414,920

Company's profit for the financial year 5,228,883 5,033,320

The financial statements were approved by the Board of Directors and authorised for issue on 25 November 2024 and were signed on its behalf by:




M T Weare - Director



R A H Gill - Director


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

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024

Called up
share Retained Merger
capital earnings reserve
£    £    £   
Balance at 1 May 2022 1,000 25,432,933 21,555,391

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

Changes in equity
Dividends - (2,970,000 ) -
Total comprehensive income - 11,048,736 -
Balance at 30 April 2024 1,000 42,951,906 21,555,391
Non-controlling Total
Total interests equity
£    £    £   
Balance at 1 May 2022 46,989,324 715,538 47,704,862

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

-

(44,285

)

(44,285

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

Changes in equity
Dividends (2,970,000 ) - (2,970,000 )
Total comprehensive income 11,048,736 - 11,048,736
Balance at 30 April 2024 64,508,297 - 64,508,297

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

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 May 2022 1,000 10,365,600 10,366,600

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

Changes in equity
Dividends - (2,970,000 ) (2,970,000 )
Total comprehensive income - 5,228,883 5,228,883
Balance at 30 April 2024 1,000 14,672,803 14,673,803

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

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 12,985,857 15,292,181
Interest paid (455,452 ) (297,345 )
Interest element of hire purchase payments paid (15,293 ) (8,299 )
Tax paid (3,243,714 ) (4,695,732 )
Taxation refund - 89,457
Net cash from operating activities 9,271,398 10,380,262

Cash flows from investing activities
Purchase of intangible fixed assets - (1,193,195 )
Purchase of tangible fixed assets (2,320,099 ) (4,634,077 )
Purchase of fixed asset investments (83,990 ) (12,568 )
Sale of intangible fixed assets 215,769 -
Sale of tangible fixed assets 84,780 54,327
Distributions from joint ventures 84,341 79,398
Share of joint ventures operating profit (49,029 ) (59,727 )
Interest received 331,903 30,156
Net cash from investing activities (1,736,325 ) (5,735,686 )

Cash flows from financing activities
New loans in year 500,000 1,500,000
Loan repayments in year (373,333 ) (257,931 )
Loan to/from JV repaid in the year - (603 )
New loan to JV in the year - (14,891 )
Capital repayments in year (122,371 ) (174,568 )
Amount introduced by directors 1,885,590 1,694,729
Amount withdrawn by directors (2,627,656 ) (1,767,646 )
Equity dividends paid (2,970,000 ) (2,985,000 )
Dividends paid to NCI - (44,285 )
Purchase of non-controlling interest - (2,147,750 )
Net cash from financing activities (3,707,770 ) (4,197,945 )

Increase in cash and cash equivalents 3,827,303 446,631
Cash and cash equivalents at beginning of year 2 8,469,292 8,022,852
Effect of foreign exchange rate changes (13,594 ) (191 )
Cash and cash equivalents at end of year 2 12,283,001 8,469,292

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

NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2024 2023
£    £   
Profit before taxation 14,476,750 17,408,457
Depreciation charges 1,697,825 1,329,589
Profit on disposal of fixed assets (100,238 ) (26,381 )
Finance costs 470,745 305,644
Finance income (331,903 ) (30,156 )
16,213,179 18,987,153
Increase in inventories (1,580,194 ) (4,851,413 )
Increase in trade and other debtors (855,456 ) (1,758,663 )
(Decrease)/increase in trade and other creditors (791,672 ) 2,915,104
Cash generated from operations 12,985,857 15,292,181

2. CASH AND CASH EQUIVALENTS

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

Year ended 30 April 2024
30.4.24 1.5.23
£    £   
Cash and cash equivalents 12,283,001 8,469,292
Year ended 30 April 2023
30.4.23 1.5.22
£    £   
Cash and cash equivalents 8,469,292 8,022,852


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.5.23 Cash flow At 30.4.24
£    £    £   
Net cash
Cash at bank and in hand 8,469,292 3,813,709 12,283,001
8,469,292 3,813,709 12,283,001
Debt
Finance leases (159,872 ) 122,371 (37,501 )
Debts falling due within 1 year (360,000 ) (13,333 ) (373,333 )
Debts falling due after 1 year (2,542,651 ) (113,334 ) (2,655,985 )
(3,062,523 ) (4,296 ) (3,066,819 )
Total 5,406,769 3,809,413 9,216,182

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

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1. STATUTORY INFORMATION

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

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


2. ACCOUNTING POLICIES

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

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

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

The disclosure above is incorporated within these financial statements.

Basis of consolidation
The group financial statements consolidate the financial statements of CMS Cepcor (Holdings) Limited and all of its subsidiary undertakings for the year ended 30 April 2024. The consolidated financial statements are based on financial statements of subsidiary undertakings which are coterminous with those of the parent company, except for CMS Cepcor Inc, CMS Cepcor Americas LLC and Columbia Steel Cast Products LLC, which have 31 December year ends for tax reasons. However, the figures have been converted to a 30 April year end using management accounts in order to align with the rest of the group. Goodwin Barsby Limited and CMS Cepcor Chile Spa have not been consolidated as they are not material to these financial statements.

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

Investments in subsidiary undertakings are stated at cost less impairment.

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

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

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

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

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

2. ACCOUNTING POLICIES - continued

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

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

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

(i) Inventory provision

The group supplies spare parts for crushing machinery used in the quarrying, mining and recycling industries, and is subject to changing consumer demands and economic trends. As a result it is necessary to consider the recoverability of the cost of inventory and the associated provisioning required. Inventories are stated after provisions for impairment of £3,010,341 (2023 - £2,135,082). When calculating the inventory provision, management considers the age of the inventory, in particular any items that have been non-moving for the last two years, as well as applying assumptions around anticipated saleability.

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

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

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

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

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

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

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

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

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

2. ACCOUNTING POLICIES - continued

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

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

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

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

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

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

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

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

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

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

Current or deferred taxation assets and liabilities are not discounted.

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

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

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

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

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

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

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

2. ACCOUNTING POLICIES - continued

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

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

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

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

3. REVENUE

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

An analysis of revenue by geographical market is given below:

2024 2023
£    £   
United Kingdom 13,772,461 14,447,180
Outside of United Kingdom 71,256,421 65,495,105
85,028,882 79,942,285

4. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 10,240,207 9,449,818
Social security costs 1,079,628 887,513
Other pension costs 355,331 336,248
11,675,166 10,673,579

The average number of employees during the year was as follows:
2024 2023

Administration 91 58
Production 86 117
177 175

2024 2023
£    £   
Directors' remuneration 951,795 794,225
Directors' pension contributions to money purchase schemes 62,191 8,273

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

Money purchase schemes 5 5

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

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

4. EMPLOYEES AND DIRECTORS - continued

Information regarding the highest paid director is as follows:
2024 2023
£    £   
Emoluments etc 414,948 386,291
Pension contributions to money purchase schemes 10,108 7,636

During the year, £518,882 (2023 - £222,084) was paid to one of the directors for consultancy services.

5. OPERATING PROFIT

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

2024 2023
£    £   
Hire of plant and machinery 2,990 2,410
Other operating leases 149,952 152,053
Depreciation - owned assets 1,538,103 1,158,278
Depreciation - assets on hire purchase contracts 50,639 131,539
Profit on disposal of fixed assets (100,238 ) (26,381 )
Patents and licences amortisation 109,083 39,773
Auditors' remuneration - audit of parent and consolidation 17,500 11,000
Auditors' remuneration - audit of subsidiaries 40,485 20,515
Foreign exchange (gains)/losses (39,120 ) (416,405 )
Government grants - (60,000 )
Directors' pension contributions 62,191 8,273

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank loan interest 209,889 89,294
Interest on overdue tax 4,791 7,110
Other loan interest 240,772 200,941
Hire purchase interest 15,293 8,299
470,745 305,644

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 2,380,552 3,043,410
Foreign tax 948,472 627,425
Total current tax 3,329,024 3,670,835

Deferred tax 98,990 (164,112 )
Tax on profit 3,428,014 3,506,723

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

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

7. TAXATION - continued

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

2024 2023
£    £   
Profit before tax 14,476,750 17,408,457
Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 -
19.493 %)

3,619,188

3,393,431

Effects of:
Expenses not deductible for tax purposes 3,604 8,381
Income not taxable for tax purposes (12,257 ) (11,643 )
Depreciation in excess of capital allowances 63,643 75,811
Other (246,164 ) 40,743
Total tax charge 3,428,014 3,506,723

8. INDIVIDUAL INCOME STATEMENT

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


9. DIVIDENDS
2024 2023
£    £   
Ordinary shares of £1 each
Interim 2,970,000 2,985,000

10. INTANGIBLE FIXED ASSETS

Group
Patents
and
Goodwill licences Totals
£    £    £   
COST
At 1 May 2023 24,924 1,193,195 1,218,119
Disposals - (215,769 ) (215,769 )
Exchange differences - 5,518 5,518
At 30 April 2024 24,924 982,944 1,007,868
AMORTISATION
At 1 May 2023 24,924 39,773 64,697
Amortisation for year - 109,083 109,083
Eliminated on disposal - (17,981 ) (17,981 )
Exchange differences - 184 184
At 30 April 2024 24,924 131,059 155,983
NET BOOK VALUE
At 30 April 2024 - 851,885 851,885
At 30 April 2023 - 1,153,422 1,153,422

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

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

11. PROPERTY, PLANT AND EQUIPMENT

Group
Fixtures,
Improvements fittings
Freehold to and Motor
property property equipment vehicles Totals
£    £    £    £    £   
COST
At 1 May 2023 14,531,673 108,561 9,203,348 1,749,913 25,593,495
Additions - 409,272 1,195,607 715,220 2,320,099
Disposals - - (223,597 ) (262,197 ) (485,794 )
Exchange differences - - 3,794 1,425 5,219
At 30 April 2024 14,531,673 517,833 10,179,152 2,204,361 27,433,019
DEPRECIATION
At 1 May 2023 1,557,924 1,206 5,574,583 1,165,946 8,299,659
Charge for year 277,398 31,383 1,017,896 262,065 1,588,742
Eliminated on disposal - - (223,597 ) (259,674 ) (483,271 )
Exchange differences - - 684 116 800
At 30 April 2024 1,835,322 32,589 6,369,566 1,168,453 9,405,930
NET BOOK VALUE
At 30 April 2024 12,696,351 485,244 3,809,586 1,035,908 18,027,089
At 30 April 2023 12,973,749 107,355 3,628,765 583,967 17,293,836

The net book value of property, plant and equipment includes £ 190,168 (2023 - £ 417,977 ) in respect of assets held under hire purchase contracts.

12. FIXED ASSET INVESTMENTS

Group
Shares in Interest
group in joint
undertakings venture Totals
£    £    £   
COST
At 1 May 2023 2 820,972 820,974
Additions - 83,990 83,990
Share of profit/(loss) - 49,029 49,029
Exchange differences - 3,771 3,771
Dividends received - (84,341 ) (84,341 )
At 30 April 2024 2 873,421 873,423
NET BOOK VALUE
At 30 April 2024 2 873,421 873,423
At 30 April 2023 2 820,972 820,974

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

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

Group

Interest in joint venture

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

2024 2023
£    £   
Turnover 90,900 82,124

Profit before tax 51,846 66,221
Taxation (2,817 ) (6,494 )
Profit after tax 49,029 59,727

Share of assets
Fixed assets 814,632 827,829
Current assets 68,710 589

Share of liabilities
Liabilities due within one year (2,441 ) (7,446 )
Liabilities due after one year or more - -


Share of net assets 880,901 820,972
Company
Shares in
group
undertakings
£   
COST
At 1 May 2023
and 30 April 2024 6,411,242
PROVISIONS
At 1 May 2023 914,510

Impairments 12,112
At 30 April 2024 926,622
NET BOOK VALUE
At 30 April 2024 5,484,620
At 30 April 2023 5,496,732

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

Subsidiaries

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

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

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

12. FIXED ASSET INVESTMENTS - continued

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

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

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

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

Goodwin Barsby Limited
Registered office: 1 Vulcan Way, Coalville, Leicestershire, England, LE67 3AP
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves 2 2

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

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

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

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

CMS Cepcor Chile SpA
Registered office: General del Canto 230, Oficina 701, Providencia. Santiago, Chile
Nature of business: Supply of spare parts for mining industry
%
Class of shares: holding
Ordinary 100.00

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

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

12. FIXED ASSET INVESTMENTS - continued


The following subsidiaries have taken advantage of s479A of the Companies Act 2006 to dispense with the need to have an audit. In order to qualify for this exemption CMS Cepcor (Holdings) Limited has provided a guarantee under this section of the Act.

Subsidiary Company number

Crusher Manganese Steels Limited 10672055
Requip Supplies Limited 02609427

13. INVENTORIES

Group
2024 2023
£    £   
Finished goods 30,069,149 28,488,954

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Trade debtors 15,499,479 14,761,352 - -
Amounts owed by group undertakings - - 7,827,044 6,506,107
Amounts owed by joint ventures 14,960 14,891 - -
Other debtors 108,989 22,168 - -
Corporation tax 528,944 253,088 - -
VAT 8,983 96 - -
Prepayments 697,309 675,688 - -
16,858,664 15,727,283 7,827,044 6,506,107

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans and overdrafts (see note 17) 373,333 360,000 - -
Hire purchase contracts (see note 18) 37,501 122,371 - -
Trade creditors 4,168,493 4,129,892 - -
Payments on account 790,763 711,294 - -
Corporation tax 520,988 159,822 73,536 11,815
Other taxes and social security 218,517 191,098 - -
Other creditors 2,887,337 3,734,519 - -
Directors' current accounts 378,523 1,120,589 - -
Accruals and deferred income 998,055 1,034,069 - -
10,373,510 11,563,654 73,536 11,815

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

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

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

Group
2024 2023
£    £   
Bank loans (see note 17) 2,655,985 2,542,651
Hire purchase contracts (see note 18) - 37,501
Other creditors 805,135 859,100
3,461,120 3,439,252

17. LOANS

An analysis of the maturity of loans is given below:

Group
2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank loans 373,333 360,000
Amounts falling due between one and two years:
Bank loans - 1-2 years 1,073,916 1,300,582
Amounts falling due between two and five years:
Bank loans - 2-5 years 1,582,069 1,242,069

18. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2024 2023
£    £   
Gross obligations repayable:
Within one year 39,963 127,955
Between one and five years - 39,963
39,963 167,918

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

Net obligations repayable:
Within one year 37,501 122,371
Between one and five years - 37,501
37,501 159,872

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

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

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

18. LEASING AGREEMENTS - continued

Group
Non-cancellable operating leases
2024 2023
£    £   
Within one year 131,658 122,593
Between one and five years 86,775 142,920
218,433 265,513

19. SECURED DEBTS

The following secured debts are included within creditors:

Group
2024 2023
£    £   
Bank loans 3,029,318 2,902,651
Hire purchase contracts 37,501 159,872
3,066,819 3,062,523

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

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

20. FINANCIAL INSTRUMENTS

Group
2024 2023
£ £
Financial assets that are debt instruments measured at amortised cost
Trade debtors 15,499,479 14,761,352
Other debtors 108,989 22,168

Financial liabilities measured at amortised cost
Hire purchase contracts 222,460 159,872
Bank loans 3,029,318 2,902,651
Trade creditors 4,168,493 4,129,892
Payments on account 790,763 711,294
Other creditors 2,887,337 3,734,519
Directors' current accounts 378,523 1,120,589

The total interest income and interest expense for financial assets and financial liabilities that are not measured at fair value through profit or loss was £323,280 (2023 - £30,155) and £465,954 (2023 - £298,534) respectively.

21. PROVISIONS FOR LIABILITIES

Group
2024 2023
£    £   
Deferred tax
Accelerated capital allowances 620,284 521,294

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

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

21. PROVISIONS FOR LIABILITIES - continued

Group
Deferred
tax
£   
Balance at 1 May 2023 521,294
Charge to Income Statement during year 191,246
Foreign deferred tax (92,256 )
Balance at 30 April 2024 620,284

The expected net reversal of deferred tax liabilities in 2025 is not expected to be significant based on the planned capital expenditure for the group.

22. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
1,000 Ordinary £1 1,000 1,000

23. RELATED PARTY DISCLOSURES

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

The company paid dividends of £1,350,000 (2023 - £1,635,000) to key management personnel.

The total amount due to two of the directors at the year end was £378,523 (2023 - £1,120,589). These amounts are unsecured and repayable on demand. Interest of £91,596 (2023 - £81,528) has been paid on these loans at a commercial rate.

Key management personnel compensation in the year totalled £944,668 (2023 - £858,986).

24. SUBSEQUENT EVENTS

Since the financial reporting date, the following dividends have been paid in respect of the 2025 financial statements:

3 May 2024 - £750 per share
2 August 2024 - £750 per share
8 November 2024 - £1,500 per share

25. ULTIMATE CONTROLLING PARTY

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