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 |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: | Michael Argyle BSc ACA |
AUDITORS: |
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: |
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. |
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: |
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. |
for and on behalf of |
26 Park Road |
Melton Mowbray |
Leicestershire |
LE13 1TT |
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 |
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 |
CURRENT ASSETS |
Debtors | 14 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 15 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 22 |
Retained earnings |
SHAREHOLDERS' FUNDS |
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 |
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 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 30 April 2023 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 30 April 2024 |
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 |
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. |
Property, plant and equipment |
Freehold property | - |
Improvements to property | - |
Fixtures, fittings and equipment | - |
Motor vehicles | - |
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 |
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 |
PROVISIONS |
At 1 May 2023 | 914,510 |
Impairments | 12,112 |
At 30 April 2024 | 926,622 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
The group or the company's investments at the Statement of Financial Position date in the share capital of companies include the following: |
Subsidiaries |
Registered office: 1 Vulcan Way, Coalville, Leicestershire, England, LE67 3AP |
Nature of business: |
% |
Class of shares: | holding |
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 |
Registered office: 1 Vulcan Way, Coalville, Leicestershire, England, LE67 3AP |
Nature of business: |
% |
Class of shares: | holding |
Registered office: 1 Vulcan Way, Coalville, Leicestershire, England, LE67 3AP |
Nature of business: |
% |
Class of shares: | holding |
Registered office: 800 North State Street, Suite 402, Dover (Kent County), Delaware 19901, USA |
Nature of business: |
% |
Class of shares: | holding |
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 | - | - |
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 |
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 |
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 |
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: | £ | £ |
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. |