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REGISTERED NUMBER: 02390549 (England and Wales)















CMS CEPCOR LIMITED

STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024






CMS CEPCOR LIMITED (REGISTERED NUMBER: 02390549)






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




Page

Company Information 1

Strategic Report 2

Report of the Directors 3 to 4

Report of the Independent Auditors 5 to 7

Statement of Income and Retained Earnings 8

Statement of Financial Position 9

Notes to the Financial Statements 10 to 18


CMS CEPCOR LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 APRIL 2024







DIRECTORS: D I Sydenham
Mrs E H Sydenham
M T Weare
C I Sydenham
L R J Hodges
J L Shelley
R A H Gill



SECRETARY: R A H Gill



REGISTERED OFFICE: 1 Vulcan Way
Coalville
LE67 3AP



REGISTERED NUMBER: 02390549 (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 LIMITED (REGISTERED NUMBER: 02390549)

STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024

The directors present their strategic report for the year ended 30 April 2024.

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

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

The company manufacture and supply crusher spares, specialist crusher repair services to the quarrying, mining, and recycling industries globally. The main customer base continues to be large aggregate producers and mining companies worldwide, combined with international contractors and a wide range of independent trading businesses.

Sales turnover reduced by 8.653% for the year to £64,405,370. This was still considered a strong trading performance by the directors, noting that CMS Cepcor is a key supplier to group companies and group sales grew in the same period. Export sales continue to drive growth and account for 78.366% of current sales. North American sales were again a significant contribution to export volumes with CMS Cepcor Americas LLC and their established dealer network.

The company's profit after tax was £6,372,105; underlying profitability remains strong but margin was affected by high inflationary factors and exceptionally high shipping costs. This figure, after deduction of dividends, has been added to company reserves.

Continued investment in the development of export territories remains a core focus for the business with key geographical territories identified. Product development remains another key area of focus and investment. The business is also investing in a new Warehouse Management System (WMS), which will be in fully operational by early 2025 and will streamline inventory management and further improve response and despatch times from global stock locations.

The business holds Lloyds Register ISO accreditations for Manufacturing (ISO9001), Environment (ISO14001), Health and Safety (ISO 45001) and Energy Management (ISO50001). These internationally recognised standards demonstrate the company'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 company remain the current global economic uncertainty affecting customer confidence, the volatility of raw material pricing, supply chain disruption and inflation levels impacting all areas of overheads. The business has again delivered a strong performance during the financial year against a backdrop of these issues, and the directors believe the business is well placed to manage these risks based on the management team in place.

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 company 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 company, 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 company 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 company with customers and suppliers.

ON BEHALF OF THE BOARD:





M T Weare - Director


25 November 2024

CMS CEPCOR LIMITED (REGISTERED NUMBER: 02390549)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 APRIL 2024

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

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of the supply of spare parts for crushing machinery used in the quarrying, mining and recycling industries.

DIVIDENDS
Interim dividends per share were paid as follows:
750 - 1 June 2023
250 - 5 July 2023
750 - 7 September 2023
735 - 15 December 2023
387.6 - 4 January 2024
1162.8 - 22 February 2024
735 - 27 March 2024
4770.4

The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 30 April 2024 will be £ 4,770,388 .

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
M T Weare
C I Sydenham
L R J Hodges
J L Shelley
R A H Gill

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the 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 of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies 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 transactions and disclose with reasonable accuracy at any time the financial position of the company 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

CMS CEPCOR LIMITED (REGISTERED NUMBER: 02390549)

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 company'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 company's auditors are aware of that information.

ON BEHALF OF THE BOARD:





M T Weare - Director


25 November 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CMS CEPCOR LIMITED

Opinion
We have audited the financial statements of CMS Cepcor Limited (the 'company') for the year ended 30 April 2024 which comprise the Statement of Income and Retained Earnings, Statement of Financial Position and 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 company's affairs as at 30 April 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 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 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 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 Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

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

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CMS CEPCOR LIMITED


Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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 company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

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

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

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

The potential impact of different laws and regulations varies considerably. Firstly, the company 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 company 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 and Employment laws.

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 an assessment of the company’s employment and health and safety controls. 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 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 LIMITED (REGISTERED NUMBER: 02390549)

STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 30 APRIL 2024

2024 2023
Notes £    £    £    £   

REVENUE 3 64,405,370 70,506,373

Cost of sales 44,547,513 45,028,991
GROSS PROFIT 19,857,857 25,477,382

Distribution costs 1,077,205 1,030,133
Administrative expenses 10,332,575 9,723,114
11,409,780 10,753,247
8,448,077 14,724,135

Other operating income 12,000 88,526
OPERATING PROFIT 6 8,460,077 14,812,661

Interest receivable and similar income 275,391 29,919
8,735,468 14,842,580

Interest payable and similar expenses 7 230,867 189,824
PROFIT BEFORE TAXATION 8,504,601 14,652,756

Tax on profit 8 2,132,496 2,900,257
PROFIT FOR THE FINANCIAL YEAR 6,372,105 11,752,499

Retained earnings at beginning of year 39,335,755 32,581,159

Dividends 9 (4,770,388 ) (4,997,903 )

RETAINED EARNINGS AT END OF YEAR 40,937,472 39,335,755

CMS CEPCOR LIMITED (REGISTERED NUMBER: 02390549)

STATEMENT OF FINANCIAL POSITION
30 APRIL 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 10 3,646,922 3,256,949
Investments 11 2 2
3,646,924 3,256,951

CURRENT ASSETS
Inventories 12 24,846,586 24,058,825
Debtors 13 16,078,567 16,723,551
Cash at bank and in hand 5,028,985 6,058,637
45,954,138 46,841,013
CREDITORS
Amounts falling due within one year 14 8,127,866 10,293,708
NET CURRENT ASSETS 37,826,272 36,547,305
TOTAL ASSETS LESS CURRENT LIABILITIES 41,473,196 39,804,256

CREDITORS
Amounts falling due after more than one year 15 - (37,501 )

PROVISIONS FOR LIABILITIES 18 (534,724 ) (430,000 )
NET ASSETS 40,938,472 39,336,755

CAPITAL AND RESERVES
Called up share capital 19 1,000 1,000
Retained earnings 40,937,472 39,335,755
SHAREHOLDERS' FUNDS 40,938,472 39,336,755

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 LIMITED (REGISTERED NUMBER: 02390549)

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

1. STATUTORY INFORMATION

CMS Cepcor 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 Company 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 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 paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirement of paragraph 33.7.

The company is a subsidiary of CMS Cepcor (Holdings) Limited. Consolidated financial statements of CMS Cepcor (Holdings) Limited can be obtained from:

Companies House
Crown Way
Cardiff
CF14 3UZ

Preparation of consolidated financial statements
Group accounts have not been prepared as all the subsidiaries are dormant and therefore their consolidation into group accounts would not be material for the purposes of giving a true and fair view.

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.

Significant judgements and estimates
In the application of the Company'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 company 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.

CMS CEPCOR LIMITED (REGISTERED NUMBER: 02390549)

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

2. ACCOUNTING POLICIES - continued

Revenue
Revenue represents net invoiced sales of goods, excluding value added tax. Revenue is recognised upon despatch of goods.

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.
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.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the 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 financial reporting 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.

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 company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

CMS CEPCOR LIMITED (REGISTERED NUMBER: 02390549)

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

2. ACCOUNTING POLICIES - continued

Financial instruments
The company 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.

3. REVENUE

The revenue and profit before taxation are attributable to the one principal activity of the company.

An analysis of revenue by geographical market is given below:

2024 2023
£    £   
United Kingdom 13,933,413 14,684,122
Outside of United Kingdom 50,471,957 55,822,251
64,405,370 70,506,373

4. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 6,660,999 7,452,020
Social security costs 911,350 793,686
Other pension costs 355,331 336,249
7,927,680 8,581,955

CMS CEPCOR LIMITED (REGISTERED NUMBER: 02390549)

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

4. EMPLOYEES AND DIRECTORS - continued

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

Administration 61 58
Production 81 83
142 141

5. DIRECTORS' EMOLUMENTS
2024 2023
£    £   
Directors' remuneration 1,257,862 1,186,781
Directors' pension contributions to money purchase schemes 83,055 81,513

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

Money purchase schemes 6 6

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.

6. 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 950,678 795,553
Depreciation - assets on hire purchase contracts 50,639 131,539
Profit on disposal of fixed assets (82,257 ) (22,600 )
Auditors' remuneration 57,885 27,115
Directors' pension contributions 92,326 81,513
Foreign exchange (gains)/losses (38,111 ) (416,826 )
Government grants - (60,000 )

7. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Interest on overdue tax 4,791 6,912
Other loan interest 220,394 174,613
Hire purchase interest 5,682 8,299
230,867 189,824

CMS CEPCOR LIMITED (REGISTERED NUMBER: 02390549)

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

8. 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 2,027,772 2,814,280

Deferred tax 104,724 85,977
Tax on profit 2,132,496 2,900,257

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:

2024 2023
£    £   
Profit before tax 8,504,601 14,652,756
Profit multiplied by the standard rate of corporation tax in the UK of 25% (2023 -
19.493%)

2,126,150

2,856,262

Effects of:
Expenses not deductible for tax purposes 22,689 8,752
Capital allowances in excess of depreciation (101,983 ) (47,777 )
Adjustment in respect of expensive leased cars 558 633
Movement in deferred tax provision 104,724 85,977
Allowable expenditure (19,642 ) (3,612 )
Rounding of effective tax rate - 22
Total tax charge 2,132,496 2,900,257

9. DIVIDENDS
2024 2023
£    £   
Ordinary shares of £1 each
Interim 4,770,388 4,997,903

CMS CEPCOR LIMITED (REGISTERED NUMBER: 02390549)

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

10. PROPERTY, PLANT AND EQUIPMENT
Fixtures,
Improvements fittings
to and Motor
property equipment vehicles Totals
£    £    £    £   
COST
At 1 May 2023 - 8,382,813 1,441,699 9,824,512
Additions 14,171 736,502 643,140 1,393,813
Disposals - (223,597 ) (262,197 ) (485,794 )
At 30 April 2024 14,171 8,895,718 1,822,642 10,732,531
DEPRECIATION
At 1 May 2023 - 5,426,658 1,140,905 6,567,563
Charge for year - 804,971 196,346 1,001,317
Eliminated on disposal - (223,597 ) (259,674 ) (483,271 )
At 30 April 2024 - 6,008,032 1,077,577 7,085,609
NET BOOK VALUE
At 30 April 2024 14,171 2,887,686 745,065 3,646,922
At 30 April 2023 - 2,956,155 300,794 3,256,949

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

11. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 May 2023
and 30 April 2024 2
NET BOOK VALUE
At 30 April 2024 2
At 30 April 2023 2

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


Goodwin Barsby Limited
Registered office: United Kingdom
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves 2 2

CMS CEPCOR LIMITED (REGISTERED NUMBER: 02390549)

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

12. INVENTORIES
2024 2023
£    £   
Finished goods 24,846,586 24,058,825

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 10,104,448 11,874,725
Amounts owed by group undertakings 4,855,085 4,321,459
Other debtors 14,940 14,054
Corporation tax 528,944 178,809
Prepayments 575,150 334,504
16,078,567 16,723,551

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts (see note 16) 37,501 122,371
Trade creditors 3,323,034 3,712,938
Payments on account 790,763 711,294
Amounts owed to group undertakings 300,000 327,776
Other taxes and social security 215,141 190,300
Other creditors 2,514,867 3,455,170
Directors' current accounts 378,523 1,120,589
Accruals and deferred income 568,037 653,270
8,127,866 10,293,708

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Hire purchase contracts (see note 16) - 37,501

CMS CEPCOR LIMITED (REGISTERED NUMBER: 02390549)

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

16. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

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 company for a nominal fee.

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

17. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 37,501 159,872

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

18. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax
Accelerated capital allowances 534,724 430,000

CMS CEPCOR LIMITED (REGISTERED NUMBER: 02390549)

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

18. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 May 2023 430,000
Provided during year 104,724
Balance at 30 April 2024 534,724

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

19. CALLED UP SHARE CAPITAL

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

20. ULTIMATE PARENT COMPANY

CMS Cepcor (Holdings) Limited is regarded by the directors as being the company's ultimate parent company.


21. RELATED PARTY DISCLOSURES

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

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 £1,591,416 (2023 - £1,409,146).

22. EVENTS AFTER THE REPORTING PERIOD

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- £735 per share

23. ULTIMATE CONTROLLING PARTY

D I and Mrs E H Sydenham, two of the directors, control the company by virtue of holding 51% of the issued share capital of the parent company.