REGISTERED NUMBER: 04776218 (England and Wales) |
CNC GROUP HOLDINGS LIMITED |
GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2024 |
REGISTERED NUMBER: 04776218 (England and Wales) |
CNC GROUP HOLDINGS LIMITED |
GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2024 |
CNC GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 04776218) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2024 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 8 |
Report of the Independent Auditors | 10 |
Consolidated Income Statement | 14 |
Consolidated Other Comprehensive Income | 15 |
Consolidated Balance Sheet | 16 |
Company Balance Sheet | 17 |
Consolidated Statement of Changes in Equity | 18 |
Company Statement of Changes in Equity | 19 |
Consolidated Cash Flow Statement | 20 |
Notes to the Consolidated Cash Flow Statement | 21 |
Notes to the Consolidated Financial Statements | 22 |
CNC GROUP HOLDINGS LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 APRIL 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
29 Wood Street |
Stratford-upon-Avon |
CV37 6JG |
BANKERS: | Lloyds Bank Plc |
293 High Street |
West Bromwich |
West Midlands |
B70 8NA |
SOLICITORS: |
One Eleven |
Edmund Street |
Birmingham |
B3 2HJ |
CNC GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 04776218) |
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. |
PRINCIPAL ACTIVITY |
The principal activity of CNC Group Holdings Limited is the parent group of four trading companies |
known collectively as Colemans. |
A third-generation family business celebrating 60 years of trading, the group has been at the forefront |
of market-leading, innovative changes in the demolition and wider construction sector. We combine a highly skilled, experienced team with innovative processes and the latest technology to deliver an integrated portfolio of services fit for the present and designed for the future. These services span demolition and deconstruction, land remediation, specialist cutting and engineered solutions -delivered worldwide, all with a focus on safety, sustainability and quality. |
Customers include everyone from multinational companies to public sector organisations and individual developers, with a great emphasis on collaboration to make sure Colemans is successful in |
all activities. |
Our specialist services are globally recognised by clients, competitors and others within the industry, |
including the wider construction sector. Thanks to a collaborative approach and integrated solutions, |
Colemans have built a reputation for delivering the most complex and challenging projects in some of the most high-risk environments. |
REVIEW OF BUSINESS |
Colemans is a resilient company, trading at a healthy profit margin. |
The group has had a successful trading period, growing turnover by 13% to continue our trajectory towards sustainable growth and returning a net profit before tax of £. Given the existing pipeline of work, the directors consider the current profit margin to be sustainable. |
During this financial year we were pleased to have received four industry awards: |
- British Demolition Awards 2023 |
1. Award for the best project of the year under £1m |
2. Award for Environmental Innovation |
- World Demolition Awards 2024 |
1. Award for Recycling and Environmental |
2. The prestigious 'Best of the Best' award, which was in recognition of our pioneering approach to the circular economy. |
To be recognised, both at home and globally, for our work in mitigating environmental impacts was a very proud achievement, and was doubly well received as the World Demolition Awards coincided with the day Mark Coleman celebrated 30 years' service with the company. |
We are delighted to have also received the World Demolitions for Recycling and Environmental for the second time in November 2024. |
FINANCIAL STABILITY |
The group is financially stable with no borrowings, the lowest gearing (zero) of any demolition contractor in the UK. |
We maintain a focus on project delivery control, selective tendering, cash management and disciplined cost containment. We work closely with clients, partners, suppliers, communities and other stakeholders to collaboratively deliver the best possible results on each individual project. |
We have built strong relationships with suppliers, and we outsource heavy plant and equipment, working only with market leaders in their respective fields. This strategy means we can source the most up-to-date, environmentally friendly, and technically advanced equipment for all projects. |
CNC GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 04776218) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 30 APRIL 2024 |
We are proud to be delivering results today whilst taking steps to make improvements for the future, always looking forward to support people and the planet. |
CIRCULAR ECONOMY AND SUSTAINABILITY |
In the last 12 months we have continued to develop our circular economy approach, taking steps to enable materials re-use and drive carbon reduction under our wider sustainability strategy. |
By maintaining or improving the value of materials, products or components, we help clients to unlock value where previously there was only cost. Making material streams accessible, functional and attractive, we?re enabling buildings to be disassembled the lowest possible resource use, minimal contamination and without loss of quality. |
This approach is made possible by having a detailed knowledge of circular materials and an intimate understanding of supply chains. We have built partnerships with a range of manufacturers and technology providers to help manage material flows by supplying positive circular materials, facilitating waste material upcycling and building inventories of existing assets to enable them for circular reuse. |
We have invested in the latest 3D scanning hardware and software that allows us to scan structures, itemise material inventory and provide our clients with an inventory of 'reusable' products prior to design. The creation of an 'inventory' is the first step in creating a compliant, traceable 'material passport' for the reusable building materials that aligns with stringent UK and EU legal requirements when designing for deconstruction and adaptive reuse. It also increases yields by supporting the development of healthy, low carbon and flexible buildings that are more attractive, viable assets for occupiers. |
Through genuine industry collaboration, we are also developing a positive change in sustainable carbon engineered solutions - identifying genuine opportunities for reuse and recycling to enhance the environmental performance of our activities. We have built a strategy to reduce the environmental impact of our activities, incorporating a holistic approach across plant, travel, recycling and more. The Board have set a target to achieve net zero and we are confident that we will reach this target by 2025. |
HEALTH AND WELLBEING |
With a focus on physical and mental wellbeing across the entire organisation, Colemans is committed to our people. We have developed a structured programme of training and development together with wellbeing, reward and recruitment initiatives that give our teams the platform to succeed. |
As well as regulatory compliance, we continue our focus on operational compliance and audit through investment in our Integrated Management System and the tools and systems which allow it to be implemented across the business. We believe we remain uniquely positioned to deliver the most complex schemes to the highest standards. |
OUTLOOK |
Our objective is to drive continuous improvement in delivering a better service for our clients and building stronger relationships for collaboration. In doing so, we have created a business that can better withstand economic headwinds. |
Colemans continues to apply strong risk management procedures at a corporate and project level to ensure we select the right projects that will deliver the expectations of our clients and stakeholders. |
The group has developed an internal culture of key performance measures in order to monitor and |
continually improve management, objectivity and efficiencies at all levels. |
NON-FINANCIAL KPI's |
We have set targets for continued reduction in health and safety incident rates. Incidents are reviewed at business board meeting level, together with incident rate statistics, near misses and trend analysis to assist with prevention of future incidents. |
Strategic plans, considered and implemented by the board, are designed to ensure the company maintains the highest standard of business conduct. |
CNC GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 04776218) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 30 APRIL 2024 |
The company continues to advance training and professional development programmes for all employees, ensuring resilience from the industry skills shortage |
Financial risk management |
Target | 30th April 2024 | 30th April 2023 |
Turnover | 20,467,004 | 11,736,354 |
Gross profit margin | 18% | 30.5% | 24.5% |
Profit before tax ratio | 5% | 11.7% | 2.1% |
CNC GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 04776218) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 30 APRIL 2024 |
PRINCIPAL RISKS AND UNCERTAINTIES |
The major risks to the group are considered to include: |
Economic Risk: |
Market uncertainties, exacerbated by global socio-political, economic events and changes in the economic environment, government policy and regulatory developments, including how the UK economy responds and adapts to the global events like military conflicts or regional economic disruption, can have a significant impact on new projects and the group's profitability. |
Act of force majeure, including COVID-19 pandemic and extreme weather events could have operational and financial impact on the business. |
Safety Risk: |
The safe delivery of services is of paramount importance to us, with project appraisals considering risk analysis, buildability, value engineering, programme and logistics. The group is embracing digital technologies to drive continuous improvements in sustainability, efficiency and quality. We use the latest interactive technology in a common data environment to design detailed methodologies, reduce the risk of design errors and enhance project communication. However, while risks are minimised to the greatest possible extent, it remains the case that some of the activity is by its nature high risk. |
Environmental risks: |
As a responsible contractor, Colemans? focus is on using innovative technologies and developing new ways of working that can reduce the environmental risk of our operations. |
We are committed to progress and transparency, working safely and in collaboration with clients to help them on their net zero journey as we pursue our own. This includes developing environmentally friendly and less aggressive alternatives to the traditional methods of demolition, supported by outsourcing plant and equipment to enable the most appropriate and energy efficient plant and equipment for each individual project (e.g. electric powered). |
Colemans is a proud member of the SME Climate Hub, a global initiative that empowers small to medium sized companies to take climate action and build more resilient businesses. We have also committed to PAS 2060 accreditation which will be in place by 2025. |
We have invested heavily in market leading initiatives and are working with specialist Carbon Reduction Accountants to support our ambitious focus |
We recognise the need to educate our people and build strategies to deliver our ambitions, which must be well thought through, clear and enabled by effective communication along with external auditing. |
Legislation: |
The business has a strong focus on organisational design and accountabilities, which has supported the development of consistent processes and procedures, clear governance around key business decisions and the evolution of a strong compliance culture. |
Competition Risk: |
The sector is dynamic and in a state of constant evolution, but the directors believe that the group's focus on quality, innovation and on maintaining excellent stakeholder relationships are strong mitigating factors against the risks posed by competitors. The business has a number of framework agreements which reduces competition. The company has robust procedures in place to eliminate anti-competitive practices. |
Contingent liabilities: |
There continues to be an uncertainty in relation to a non-concluded enquiry into an incident 7 years ago, for which no further correspondence has been received from external authorities, as detailed in the notes to the financial statements. |
Data security risk: |
CNC GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 04776218) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 30 APRIL 2024 |
A loss of our key systems through a lack of resilience or an information break or attack threat would impact the successful delivery of projects and lead to loss of confidential data, damaging our reputation and brand. The company invests in appropriate IT solutions to combat this. The company has achieved Cyber Essentials and Cyber Essentials Plus accreditation. We have also invested in IT training amongst our employees in respect of Phishing and hacking attacks. |
Financial risks: |
The directors of the group continually monitor the risks and uncertainties facing the company with particular reference to price, liquidity and credit risks. They are confident that there are suitable policies in place and there are no material risks and uncertainties which have not been considered. |
The group uses various financial instruments which include cash, trade debtors and trade creditors that arise from its operations. The main purpose of these financial instruments is to manage the group's daily operations. |
Interest rate risk: |
The group in not directly affected by interest rate rises as it has eliminated borrowings from financial institutions from its business model. However, this may have an indirect effect upon the business if this impacts activity in the construction industry as a whole. |
Currency risk: |
The group makes very few transactions in foreign currencies so the exposure to translation and foreign exchange currency risk and do not consider this to have a significant impact on its operations. |
Credit risk |
The group's principal credit risk arises around trade debts. In order to manage credit risk the directors review debt aging on a regular basis to ensure debts are collected are received in line with agreed credit terms. |
Liquidity risk: |
The group manages its financial risk by closely monitoring its working capital requirements and ensuring sufficient liquidity is available to meet foreseeable needs. |
CNC GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 04776218) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 30 APRIL 2024 |
OBJECTIVES AND POLICIES |
The group has robust business ethics, regulatory compliance, training for all staff on modern slavery, |
anti-bribery and corruption, and competition law, with enhanced training for those who fulfil high-risk roles. |
The group's policy is to establish and maintain long term strategic relationships where both parties' |
interests are aligned to deliver mutual benefit. |
Colemans is committed to our people and has built initiatives to support the physical and mental wellbeing of our people. We have developed a structured programme of training and development together with wellbeing, reward and recruitment initiatives that give our teams the platform to succeed. |
The group continues to invest in our highly experienced and qualified staff and to engage with our |
professional subcontract supply chain to provide the services to all our clients. |
By virtue of our breadth of activities we are well placed to recover, or harvest reusable materials, and |
have done so extensively, and have engaged with partners on take-back schemes to increase re-use and reduce waste of building materials from fixtures, fittings and structural steel work and precast concrete sections. |
Our ESG (Environmental, Social and Governance) commitment is further supported by the continued |
development of lower carbon activities and resource optimization. Examples include the use of electric-powered plant, new methodologies that reduce water usage, increased use of digital resources to minimise travel and a continued commitment to recycling across all sites and offices. |
Against a backdrop of macroeconomic uncertainty, we are focused on maintaining a strong cash position, low gearing - no debt, controlling costs and securing margin enhancing work in target markets to deliver greater certainty and value to all our stakeholders. |
We are concentrating on delivering projects throughout the Midlands and London geographical areas |
and beyond, driving certainty for clients through value-led solutions rather than the race to the bottom, characterised by low margins and high-risk contracting, where understanding how to deliver on contracted commitments is an afterthought. These behaviours continue to plague our industry and |
remain entirely unsustainable. |
In contrast, our activities are driven firstly by delivering a profitable performance and then focused on the scale of the turnover. We focus on being value-led, efficient and dependable rather than with an obsession for scale. We can do this because we understand our own value proposition and strive to deliver projects that are aligned with it. |
ON BEHALF OF THE BOARD: |
CNC GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 04776218) |
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. |
DIVIDENDS |
An interim dividend of 48000 per share on the Ordinary A shares £1 shares was paid on . The directors recommend that no final dividend be paid on these shares. |
No interim dividend was paid on the Ordinary B shares £1 shares. The directors recommend that no final dividend be paid on these shares. |
The total distribution of dividends for the year ended 30 April 2024 will be £ 48,000 . |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 May 2023 to the date of this report. |
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; |
- | 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. |
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. |
CNC GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 04776218) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 30 APRIL 2024 |
AUDITORS |
The auditors, Fruition Advisory LLP, 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 |
CNC GROUP HOLDINGS LIMITED |
Opinion |
We have audited the financial statements of CNC Group 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 Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the group's and of the parent company affairs as at 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 |
CNC GROUP 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 eight, 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 |
CNC GROUP 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. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion. |
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following: |
- the nature of the industry and sector, control environment and business performance including the design of the Company remuneration policies, key drivers for directors’ remuneration, bonus levels and performance targets; |
- results of our enquiries of management about their own identification and assessment of the risks of irregularities; |
- any matters we identified having obtained and reviewed the Company documentation of their policies and procedures relating to: |
- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of noncompliance; |
- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; |
- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; |
- the matters discussed among the audit engagement team and involving relevant internal specialists, including tax specialists, regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. |
As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in relation to stock obsolescence. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. |
We also obtained an understanding of the legal and regulatory frameworks that the Company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act and tax legislation. |
In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Company ability to operate or to avoid a material penalty. These included compliance with GDPR regulation. |
Our procedures to respond to risks identified included the following: |
- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements; |
- enquiring of management concerning actual and potential litigation and claims; |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
CNC GROUP HOLDINGS LIMITED |
- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud and reviewing internal reports; |
- obtained an understanding of provisions and held discussions with management to understand the basis of recognition or non-recognition of tax provisions; and |
- in addressing the risk of fraud through management override of controls, testing the appropriateness |
of journal entries and other adjustments; assessing whether the judgements made in making |
accounting estimates are indicative of a potential bias; and evaluating the business rationale of any |
significant transactions that are unusual or outside the normal course of business. |
We also communicated relevant identified laws and regulations and potential fraud risks to all |
engagement team members including internal specialists, and remained alert to any indications of |
fraud or noncompliance with laws and regulations throughout the audit. |
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, |
including those leading to a material misstatement in the financial statements or non-compliance with |
regulation. This risk increases the more that compliance with a law or regulation is removed from the |
events and transactions reflected in the financial statements, as we will be less likely to become |
aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to |
fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or |
misrepresentation. |
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. |
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 |
29 Wood Street |
Stratford-upon-Avon |
CV37 6JG |
CNC GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 04776218) |
CONSOLIDATED |
INCOME STATEMENT |
FOR THE YEAR ENDED 30 APRIL 2024 |
2024 | 2023 |
Notes | £ | £ |
TURNOVER | 4 | 20,467,004 | 12,983,392 |
Cost of sales | (14,204,081 | ) | (9,800,864 | ) |
GROSS PROFIT | 6,262,923 | 3,182,528 |
Administrative expenses | (4,006,753 | ) | (2,955,666 | ) |
2,256,170 | 226,862 |
Other operating income | 20,672 | - |
OPERATING PROFIT | 7 | 2,276,842 | 226,862 |
Interest receivable and similar income | 9 | 66,157 | 66,391 |
2,342,999 | 293,253 |
Gain/loss on revaluation of investments | 70,003 | - |
2,413,002 | 293,253 |
Interest payable and similar expenses | 10 | (26,860 | ) | (24,882 | ) |
PROFIT BEFORE TAXATION | 2,386,142 | 268,371 |
Tax on profit | 11 | (290,756 | ) | 41,044 |
PROFIT FOR THE FINANCIAL YEAR |
Profit attributable to: |
Owners of the parent | 2,095,386 | 309,415 |
CNC GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 04776218) |
CONSOLIDATED |
OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 30 APRIL 2024 |
2024 | 2023 |
Notes | £ | £ |
PROFIT FOR THE YEAR | 2,095,386 | 309,415 |
OTHER COMPREHENSIVE INCOME |
- | 633 |
Income tax relating to other comprehensive income |
- |
- |
OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX |
- |
633 |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
2,095,386 |
310,048 |
Total comprehensive income attributable to: |
Owners of the parent | 2,095,386 | 310,048 |
CNC GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 04776218) |
CONSOLIDATED BALANCE SHEET |
30 APRIL 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 14 | - | 16,846 |
Tangible assets | 15 | 1,514,855 | 1,425,539 |
Investments | 16 | 1,098,295 | 31,409 |
Investment property | 17 | 1,115,683 | 1,109,255 |
3,728,833 | 2,583,049 |
CURRENT ASSETS |
Stocks | 18 | 150,888 | 99,377 |
Debtors | 19 | 3,891,043 | 3,593,654 |
Cash at bank and in hand | 20 | 4,533,537 | 3,096,380 |
8,575,468 | 6,789,411 |
CREDITORS |
Amounts falling due within one year | 21 | 3,701,349 | 2,890,994 |
NET CURRENT ASSETS | 4,874,119 | 3,898,417 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
8,602,952 |
6,481,466 |
CREDITORS |
Amounts falling due after more than one year |
22 |
(2,692 |
) |
(2,692 |
) |
PROVISIONS FOR LIABILITIES | 25 | (173,068 | ) | (98,968 | ) |
NET ASSETS | 8,427,192 | 6,379,806 |
CAPITAL AND RESERVES |
Called up share capital | 26 | 1,299 | 1,299 |
Revaluation reserve | 27 | 256,491 | 256,491 |
Capital redemption reserve | 27 | 633 | 633 |
Other reserves | 27 | (873,024 | ) | (873,024 | ) |
Retained earnings | 27 | 9,041,793 | 6,994,407 |
SHAREHOLDERS' FUNDS | 8,427,192 | 6,379,806 |
The financial statements were approved by the Board of Directors and authorised for issue on 19 December 2024 and were signed on its behalf by: |
Mr M A Coleman - Director |
CNC GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 04776218) |
COMPANY BALANCE SHEET |
30 APRIL 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 14 |
Tangible assets | 15 |
Investments | 16 |
Investment property | 17 |
CURRENT ASSETS |
Stocks | 18 |
Debtors | 19 |
Cash at bank | 20 |
CREDITORS |
Amounts falling due within one year | 21 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 25 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 26 |
Revaluation reserve | 27 |
Capital redemption reserve | 27 |
Other reserves | 27 | ( |
) | ( |
) |
Retained earnings | 27 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 1,780,079 | 84,240 |
The financial statements were approved by the Board of Directors and authorised for issue on |
CNC GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 04776218) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 30 APRIL 2024 |
Called up |
share | Retained | Revaluation |
capital | earnings | reserve |
£ | £ | £ |
Balance at 1 May 2022 | 1,932 | 7,257,992 | 256,491 |
Changes in equity |
Reduction in share capital | (633 | ) | - | - |
Dividends | - | (48,000 | ) | - |
Total comprehensive income | - | (215,585 | ) | - |
Balance at 30 April 2023 | 1,299 | 6,994,407 | 256,491 |
Changes in equity |
Dividends | - | (48,000 | ) | - |
Total comprehensive income | - | 2,095,386 | - |
Balance at 30 April 2024 | 1,299 | 9,041,793 | 256,491 |
Capital |
redemption | Other | Total |
reserve | reserves | equity |
£ | £ | £ |
Balance at 1 May 2022 | - | (873,024 | ) | 6,643,391 |
Changes in equity |
Reduction in share capital | - | - | (633 | ) |
Dividends | - | - | (48,000 | ) |
Total comprehensive income | 633 | - | (214,952 | ) |
Balance at 30 April 2023 | 633 | (873,024 | ) | 6,379,806 |
Changes in equity |
Dividends | - | - | (48,000 | ) |
Total comprehensive income | - | - | 2,095,386 |
Balance at 30 April 2024 | 633 | (873,024 | ) | 8,427,192 |
CNC GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 04776218) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 30 APRIL 2024 |
Called up |
share | Retained | Revaluation |
capital | earnings | reserve |
£ | £ | £ |
Balance at 1 May 2022 |
Changes in equity |
Issue of share capital | ( |
) | - | - |
Dividends | - | ( |
) | - |
Total comprehensive income | - | ( |
) |
Balance at 30 April 2023 |
Changes in equity |
Dividends | - | ( |
) | - |
Total comprehensive income | - |
Balance at 30 April 2024 |
Capital |
redemption | Other | Total |
reserve | reserves | equity |
£ | £ | £ |
Balance at 1 May 2022 | ( |
) |
Changes in equity |
Issue of share capital | - | - | ( |
) |
Dividends | - | - | ( |
) |
Total comprehensive income | ( |
) |
Balance at 30 April 2023 | ( |
) |
Changes in equity |
Dividends | - | - | ( |
) |
Total comprehensive income |
Balance at 30 April 2024 | ( |
) |
CNC GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 04776218) |
CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 30 APRIL 2024 |
2024 | 2023 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 2,911,255 | (482,410 | ) |
Tax paid | (50,797 | ) | 136,459 |
Net cash from operating activities | 2,860,458 | (345,951 | ) |
Cash flows from investing activities |
Purchase of intangible fixed assets | - | (11,262 | ) |
Purchase of tangible fixed assets | (220,726 | ) | (187,517 | ) |
Purchase of fixed asset investments | (1,266,866 | ) | - |
Purchase of investment property | (6,428 | ) | (555,508 | ) |
Sale of intangible fixed assets | 17,077 | - |
Sale of tangible fixed assets | 6,718 | 1 |
Sale of fixed asset investments | 314,310 | - |
Interest received | 66,157 | 66,391 |
Net cash from investing activities | (1,089,758 | ) | (687,895 | ) |
Cash flows from financing activities |
Transfer between related parties | (80,620 | ) | - |
Movement on directors loan | (178,063 | ) | - |
Share issue | - | (525,000 | ) |
Interest paid | (26,860 | ) | (24,882 | ) |
Equity dividends paid | (48,000 | ) | (48,000 | ) |
Net cash from financing activities | (333,543 | ) | (597,882 | ) |
Increase/(decrease) in cash and cash equivalents | 1,437,157 | (1,631,728 | ) |
Cash and cash equivalents at beginning of year |
2 |
3,096,380 |
4,728,108 |
Cash and cash equivalents at end of year |
2 |
4,533,537 |
3,096,380 |
CNC GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 04776218) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 30 APRIL 2024 |
1. | RECONCILIATION OF PROFIT FOR THE FINANCIAL YEAR TO CASH GENERATED FROM OPERATIONS |
2024 | 2023 |
£ | £ |
Profit for the financial year | 2,095,386 | 309,415 |
Depreciation charges | 130,359 | 105,847 |
(Profit)/loss on disposal of fixed assets | (27,072 | ) | 28 |
Gain on revaluation of fixed assets | (70,003 | ) | - |
(Profit)/Loss on fixed investment | (23,153 | ) | - |
Finance costs | 26,860 | 24,882 |
Finance income | (66,157 | ) | (66,391 | ) |
Taxation | 290,756 | (41,044 | ) |
2,356,976 | 332,737 |
(Increase)/decrease in stocks | (51,511 | ) | 7,916 |
Increase in trade and other debtors | (202,199 | ) | (1,519,017 | ) |
Increase in trade and other creditors | 807,989 | 695,954 |
Cash generated from operations | 2,911,255 | (482,410 | ) |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 30 April 2024 |
30/4/24 | 1/5/23 |
£ | £ |
Cash and cash equivalents | 4,533,537 | 3,096,380 |
Year ended 30 April 2023 |
30/4/23 | 1/5/22 |
£ | £ |
Cash and cash equivalents | 3,096,380 | 4,728,108 |
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 | 3,096,380 | 1,437,157 | 4,533,537 |
3,096,380 | 1,437,157 | 4,533,537 |
Debt |
Debts falling due after 1 year | (2,692 | ) | - | (2,692 | ) |
(2,692 | ) | - | (2,692 | ) |
Total | 3,093,688 | 1,437,157 | 4,530,845 |
CNC GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 04776218) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2024 |
1. | STATUTORY INFORMATION |
CNC Group Holdings Limited is a |
2. | STATEMENT OF COMPLIANCE |
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. |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements are prepared in Sterling which is the functional currency of the group and company, and are rounded to the nearest £1. |
Basis of consolidation |
The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 30 April 2024. |
A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group. |
The purchase method of accounting is used to account for business combinations that result in the |
acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill. |
Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full. |
Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination. |
CNC Group Holdings Limited issued shares credited as fully paid as consideration for the acquisition of Coleman & Company Limited, as if it had always been owned. Accordingly, the whole results, assets, liabilities and shareholders funds of the merged companies are consolidated regardless of the actual merger date. Therefore, the group continues to recognise a merger reserve which arose on a past business combination that was accounted for as a merger in accordance with UK GAAP as applied at that time. |
CNC GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 04776218) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
3. | ACCOUNTING POLICIES - continued |
Significant judgements and estimates |
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated. |
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
Critical accounting estimates and assumptions |
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below. |
Long term contracts |
Income is recognised based on costs incurred to date as a percentage of the total expected costs on the contract, which is deemed best estimate of the stage of completion of each project. Provisions have been made on contracts where there are disputes, damages or foreseeable losses. Losses are provided in full in the period the contract is forecast to make a loss. |
Impairment of debtors |
The company makes an estimate of the recoverable value of trade and other debtors. When assessing the impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. |
Turnover |
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the group’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the group.The group recognises revenue when: |
-The amount of revenue can be reliably measured; |
-it is probable that future economic benefits will flow to the entity; |
-and specific criteria have been met for each of the group's activities. |
Contract revenue recognition |
Long term contracts |
The Group enters into long term contracts and projects and recognises revenue and costs associated with the contract using the percentage of completion method. Percentage of completion is determined by comparing the proportion of costs incurred for work performed to date against the estimated total costs. Costs incurred for work performed to date do not include costs relating to future activity, such as prepayments. |
Costs relating to such future activity are recognised as an asset only if it is probable that such costs will be recovered. Where the recovery of such costs is not probable then an expense is recognised immediately. Management recognise revenue and profits from the start of the project. Costs are included based on best estimate. Regular contract reviews are performed by senior and project staff, management support the process. Where it is probable that contract costs will exceed total contract revenue the expected loss is immediately recognised. |
CNC GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 04776218) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
3. | ACCOUNTING POLICIES - continued |
Scrap income |
Revenue from scrap income is recognised at the point of sale. |
Retention income |
Revenue from retentions is recognised as they are paid. |
Rental income |
Rental income is recognised on a straight line basis over the life of the contract. |
Intangible assets |
Separately acquired trademarks and licences are shown at historical cost. Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses. |
Amortisation |
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual |
value, over their useful life as follows: |
Asset class | Amortisation method and rate |
Computer software | 3 years straight line |
Tangible fixed assets |
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated |
depreciation and subsequent accumulated impairment losses. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. |
Asset Class | Depreciation method and rate |
Freehold property | 2% straight line |
Plant and machinery | 10%- 20% straight line to a residual value of 15%, followed by straight line depreciation of the residual NBV over the lower of remaining life and 5 years. |
Improvements to leasehold property | Straight line basis over the life of the lease |
Government grants |
Grants are accounted for under he accruals model as permitted by FRS 102. Grants relating to |
expenditure on tangible assets are credited to the Consolidated Statement of Comprehensive Income at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income. |
Grants of a revenue nature are recognised on the Consolidated Statement of Comprehensive Income in the same period as the related expenditure. |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Investment property is carried at fair value, derived from the current market prices for comparable real estate determined triannually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss. |
CNC GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 04776218) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
3. | ACCOUNTING POLICIES - continued |
Stocks |
Work in progress is valued at the lower of cost and net realisable value. |
Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. |
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method. The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss. |
Financial instruments |
Classification |
The group only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and loans to and from related parties. |
Preference shares are measured at fair value with changes recognised in the Consolidated Statement of Comprehensive Income if the shares are publicly traded or their fair value can otherwise be measured reliably. |
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flow and subsequently at amortised costs using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount if cash or other consideration expected to be paid or received. |
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised it the Consolidated Statement of Comprehensive Income. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
CNC GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 04776218) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
3. | ACCOUNTING POLICIES - continued |
Hire purchase and leasing commitments |
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. |
Foreign currency transactions and balances |
Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated. |
Business combinations |
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably. |
Trade debtors |
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business. Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the group will not be able to collect all amounts due according to the original terms of the receivables. |
Trade creditors |
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 the group does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities. Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method. |
Borrowings |
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing. Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges. Borrowings are classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date. |
CNC GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 04776218) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
3. | ACCOUNTING POLICIES - continued |
Provisions |
Provisions are made where an event has taken place that gives the group a legal or constructive obligation that probably requires settlement by a transfer of economic benefit and a reliable estimate can be made of the amount of the obligation. Provisions are charged as an expense to Consolidated Statement of comprehensive Income in the year that the group becomes aware of the obligation, and are measured at the best estimate at the Balance Sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Balance Sheet. |
Leases |
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are |
classified as operating leases. Payments made under operating leases are charged to profit or loss on |
a straight-line basis over the period of the lease. |
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the |
risks and rewards of ownership to the lessee. |
Asset held under finance leases are recognised at the lower of their fair value at the inception of the |
lease and the present value of the minimum lease payments. These assets are depreciated on a |
straight line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as finance lease obligation. |
Lease payments are apportioned between finance costs in the profit and loss account and reduction |
of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance |
of the liability. |
Share capital |
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash |
or other resources received or receivable, net of the direct costs of issuing the equity instruments. If |
payment is deferred and the time value of money is material, the initial measurement is on a present |
value basis. |
Dividends |
Dividend distribution to the group’s shareholders is recognised as a liability in the financial statements |
in the reporting period in which the dividends are declared. |
Defined contribution pension obligation |
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods. |
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment. |
CNC GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 04776218) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
4. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the group. |
An analysis of turnover by class of business is given below: |
2024 | 2023 |
£ | £ |
Sale of goods | 20,467,004 | 12,972,587 |
Other revenue | - | 10,805 |
20,467,004 | 12,983,392 |
An analysis of turnover by geographical market is given below: |
2024 | 2023 |
£ | £ |
United Kingdom | 20,467,004 | 12,983,392 |
20,467,004 | 12,983,392 |
5. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
£ | £ |
Wages and salaries | 3,893,294 | 2,663,431 |
Social security costs | 401,368 | 335,004 |
Other pension costs | 313,591 | 115,890 |
4,608,253 | 3,114,325 |
The average number of employees during the year was as follows: |
2024 | 2023 |
Production | 50 | 42 |
Administration and support | 22 | 22 |
The average number of employees by undertakings that were proportionately consolidated during the year was 72 (2023 - 64 ) . |
CNC GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 04776218) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
6. | DIRECTORS' EMOLUMENTS |
Directors' remuneration |
2024 | 2023 |
£ | £ |
Remuneration for qualifying services | 889,611 | 505,166 |
Company pension contributions to money purchase schemes | 247,984 | 68,146 |
1,137,595 | 573,312 |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes | 6 | 4 |
The emoluments of the highest paid director included above was: |
Aggregate emoluments ( excluding pension contributions ) | 189,996 | 189,996 |
Contributions to money purchase pension plan | 125,000 | nil |
314,996 | 189,996 |
7. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2024 | 2023 |
£ | £ |
Other operating leases | 24,729 | 24,367 |
Depreciation - owned assets | 130,358 | 105,846 |
Profit on disposal of fixed assets | (27,072 | ) | (4,972 | ) |
8. | AUDITORS' REMUNERATION |
2024 | 2023 |
£ | £ |
Fees payable to the company's auditor (and its associates*) for the audit of the company's annual accounts |
6,000 |
7,000 |
Fees payable to the company's auditor (and its associates*) for other services: |
Audit of the company's subsidiaries | 33,420 | 28,158 |
9. | INTEREST RECEIVABLE AND SIMILAR INCOME |
2024 | 2023 |
£ | £ |
Deposit account interest | 64,814 | 70,206 |
Other interest income | - | (3,815 | ) |
Dividend income | 1,343 | - |
66,157 | 66,391 |
CNC GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 04776218) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
10. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2024 | 2023 |
£ | £ |
Bank loan interest | - | (39,572 | ) |
Other Interest | 26,860 | 64,454 |
26,860 | 24,882 |
11. | TAXATION |
Analysis of the tax charge/(credit) |
The tax charge/(credit) on the profit for the year was as follows: |
2024 | 2023 |
£ | £ |
Current tax: |
UK corporation tax | 216,656 | (50,000 | ) |
Deferred tax | 74,100 | 8,956 |
Tax on profit | 290,756 | (41,044 | ) |
Reconciliation of total tax charge/(credit) 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 | 2,386,142 | 268,371 |
Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 19 %) |
596,536 |
50,990 |
Effects of: |
Expenses not deductible for tax purposes | 12,938 | 4,588 |
Capital allowances in excess of depreciation | - | (19,430 | ) |
Depreciation in excess of capital allowances | 48,783 | - |
Utilisation of tax losses | (438,701 | ) | (27,192 | ) |
capital allowances and |
Tax decrease from effect of adjustment in research and development tax credit | 73,000 |
(50,000 |
) |
Difference in tax rates within group | (1,800 | ) | - |
Total tax charge/(credit) | 290,756 | (41,044 | ) |
Tax effects relating to effects of other comprehensive income |
2023 |
Gross | Tax | Net |
£ | £ | £ |
Capital redemption reserve | 633 | - | 633 |
12. | 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. |
CNC GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 04776218) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
13. | DIVIDENDS |
2024 | 2023 |
£ | £ |
Ordinary A shares shares of £1 each |
Interim | 48,000 | 48,000 |
14. | INTANGIBLE FIXED ASSETS |
Group |
Patents |
and | Computer |
licences | software | Totals |
£ | £ | £ |
COST |
At 1 May 2023 | 16,846 | 108,072 | 124,918 |
Disposals | (16,846 | ) | - | (16,846 | ) |
At 30 April 2024 | - | 108,072 | 108,072 |
AMORTISATION |
At 1 May 2023 |
and 30 April 2024 | - | 108,072 | 108,072 |
NET BOOK VALUE |
At 30 April 2024 | - | - | - |
At 30 April 2023 | 16,846 | - | 16,846 |
Company |
Patents |
and |
licences |
£ |
COST |
At 1 May 2023 |
Disposals | ( |
) |
At 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
CNC GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 04776218) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
15. | TANGIBLE FIXED ASSETS |
Group |
Fixtures |
Freehold | Plant and | and | Computer |
property | machinery | fittings | equipment | Totals |
£ | £ | £ | £ | £ |
COST OR VALUATION |
At 1 May 2023 | 1,000,000 | 1,373,551 | 191,912 | 304,213 | 2,869,676 |
Additions | 8,550 | 158,970 | 8,495 | 44,711 | 220,726 |
Disposals | - | (7,400 | ) | - | - | (7,400 | ) |
At 30 April 2024 | 1,008,550 | 1,525,121 | 200,407 | 348,924 | 3,083,002 |
DEPRECIATION |
At 1 May 2023 | 25,170 | 1,037,365 | 183,856 | 197,746 | 1,444,137 |
Charge for year | 25,185 | 66,125 | 4,211 | 34,837 | 130,358 |
Eliminated on disposal | - | (6,348 | ) | - | - | (6,348 | ) |
At 30 April 2024 | 50,355 | 1,097,142 | 188,067 | 232,583 | 1,568,147 |
NET BOOK VALUE |
At 30 April 2024 | 958,195 | 427,979 | 12,340 | 116,341 | 1,514,855 |
At 30 April 2023 | 974,830 | 336,186 | 8,056 | 106,467 | 1,425,539 |
Included within the net book value of land and buildings above is £958,195 ( 2023: £974,830 ) in respect of freehold land and buildings and £Nil ( 2023: £Nil ) in respect of long leasehold land and buildings. |
Revaluation |
The fair value of the group's land and buildings was revalued on 7th February 2022 by an independent valuer. Had his class of assets been measured on a historical cost basis the amounts relating to cost and depreciation would have been as follows: |
2024 | 2023 |
£ | £ |
Cost | 691,894 | 683,344 |
Accumulated depreciation | 30,481 | 19,474 |
Net book value | 661,413 | 663,870 |
Cost or valuation at 30 April 2024 is represented by: |
Fixtures |
Freehold | Plant and | and | Computer |
property | machinery | fittings | equipment | Totals |
£ | £ | £ | £ | £ |
Valuation in 2022 | 316,656 | - | - | - | 316,656 |
Cost | 691,894 | 1,525,121 | 200,407 | 348,924 | 2,766,346 |
1,008,550 | 1,525,121 | 200,407 | 348,924 | 3,083,002 |
CNC GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 04776218) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
15. | TANGIBLE FIXED ASSETS - continued |
Company |
Freehold | Plant and |
property | machinery | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 May 2023 |
Additions |
At 30 April 2024 |
DEPRECIATION |
At 1 May 2023 |
Charge for year |
At 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
Cost or valuation at 30 April 2024 is represented by: |
Freehold | Plant and |
property | machinery | Totals |
£ | £ | £ |
Valuation in 2022 | 316,656 | - | 316,656 |
Cost | 691,894 | 272,436 | 964,330 |
1,008,550 | 272,436 | 1,280,986 |
Included within the net book value of land and buildings above is £958,195 ( 2023: £974,830 ) in respect of freehold land and buildings and £Nil ( 2023: £Nil ) in respect of long leasehold land and buildings. |
Revaluation |
The fair value of the group's land and buildings was revalued on 7th February 2022 by an independent valuer. Had his class of assets been measured on a historical cost basis the amounts relating to cost and depreciation would have been as follows: |
2024 | 2023 |
£ | £ |
Cost | 691,894 | 683,344 |
Accumulated depreciation | 30,481 | 19,474 |
Net book value | 661,413 | 663,870 |
CNC GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 04776218) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
16. | FIXED ASSET INVESTMENTS |
Group |
Listed | Unlisted |
investments | investments | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 May 2023 | - | 31,409 | 31,409 |
Additions | 1,266,866 | - | 1,266,866 |
Disposals | (293,135 | ) | - | (293,135 | ) |
Share of profit/(loss) | 93,155 | - | 93,155 |
At 30 April 2024 | 1,066,886 | 31,409 | 1,098,295 |
NET BOOK VALUE |
At 30 April 2024 | 1,066,886 | 31,409 | 1,098,295 |
At 30 April 2023 | - | 31,409 | 31,409 |
Cost or valuation at 30 April 2024 is represented by: |
Listed | Unlisted |
investments | investments | Totals |
£ | £ | £ |
Valuation in 2024 | 70,991 | - | 70,991 |
Cost | 995,895 | 31,409 | 1,027,304 |
1,066,886 | 31,409 | 1,098,295 |
The fair value of listed investments is determined by MAIA asset management which is based on the quoted price for identical assets in the London stock exchange at the balance sheet date. |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 May 2023 |
and 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
CNC GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 04776218) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
16. | FIXED ASSET INVESTMENTS - continued |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
Coleman & Company Limited |
Registered office: Shady Lane, Great Barr, Birmingham, B44 9ER |
Nature of business: Complex demolition and land redevelopment |
% |
Class of shares: | holding |
Ordinary Shares | 100.00 |
30/4/24 | 30/4/23 |
£ | £ |
Aggregate capital and reserves | 4,546,993 | 4,996,821 |
Profit for the year | 1,250,172 | 203,898 |
Coleman Remediation Services Limited |
Registered office: Shady Lane, Great Barr, Birmingham, B44 9ER |
Nature of business: remedial engineering work and similar services |
% |
Class of shares: | holding |
Ordinary A | 100.00 |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves | (1,695,732 | ) | (1,896,835 | ) |
Profit/(loss) for the year | 201,103 | (3,633 | ) |
Coleman & Company Specialist Cutting Services Limited |
Registered office: Selecta Avenue, Great Barr, Birmingham, B44 9EH |
Nature of business: diamond drilling and other similar services |
% |
Class of shares: | holding |
Ordinary | 100.00 |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves | (35,736 | ) | (600,207 | ) |
Profit for the year | 564,471 | 24,933 |
Coleman & Company Plant Hire Limited |
Registered office: Shady Lane, Great Barr, Birmingham, B44 9ER |
Nature of business: an active company with no trading activity |
% |
Class of shares: | holding |
Ordinary | 100.00 |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves | (1,832 | ) | (1,391 | ) |
Loss for the year | (441 | ) | (26 | ) |
CNC GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 04776218) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
16. | FIXED ASSET INVESTMENTS - continued |
Coleman Regeneration Limited |
Registered office: Shady Lane, Great Barr, Birmingham, B44 9ER |
Nature of business: dormant |
% |
Class of shares: | holding |
Ordinary | 100.00 |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves | 45 | 45 |
Coleman Engineering Services Limited |
Registered office: Shady Lane, Great Barr, Birmingham, B44 9ER |
Nature of business: the provision of engineering services |
% |
Class of shares: | holding |
Ordinary | 100.00 |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves | (81,411 | ) | (81,411 | ) |
Completely Engineered Solutions Limited |
Registered office: Shady Lane, Great Barr, Birmingham, B44 9ER |
Nature of business: dormant |
% |
Class of shares: | holding |
Ordinary | 100.00 |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves | 1 | 1 |
17. | INVESTMENT PROPERTY |
Group |
Total |
£ |
FAIR VALUE |
At 1 May 2023 | 1,109,255 |
Additions | 6,428 |
At 30 April 2024 | 1,115,683 |
NET BOOK VALUE |
At 30 April 2024 | 1,115,683 |
At 30 April 2023 | 1,109,255 |
Investment properties are recorded at cost, which is considered by the directors to reflect their market value when they were acquired. The properties, which were acquired in the year ended 30 April 2022 and 2023, and are expected to be revalued in 2025, are considered by the directors to reflect their fair value at the balance sheet date. |
CNC GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 04776218) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
17. | INVESTMENT PROPERTY - continued |
Company |
Total |
£ |
FAIR VALUE |
At 1 May 2023 |
Additions |
At 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
Investment properties are recorded at cost, which is considered by the directors to reflect their market value when they were acquired. The properties, which were acquired in the year ended 30 April 2022 and 2023, and are expected to be revalued in 2025, are considered by the directors to reflect their fair value at the balance sheet date. |
18. | STOCKS |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Work-in-progress | 150,888 | 99,377 |
19. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Trade debtors | 2,563,636 | 1,254,790 |
Amounts owed by group undertakings | - | - |
Amounts owed by participating interests | 175,773 | 95,153 | - | - |
Other debtors | 275,624 | 212,240 |
No description | 328,188 | 1,619,156 | - | - |
Vat refund | 2,199 | - | 2,199 | - |
Directors' current accounts | 69,079 | - | - | - |
Tax | 4,717 | 59,226 |
Prepayments and accrued income | 471,827 | 353,089 |
3,891,043 | 3,593,654 |
20. | CASH AT BANK AND IN HAND |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Cash at bank | 4,532,417 | 2,925,162 | 1,031,413 | 585,067 |
Short-term deposits | - | 171,218 | - | - |
Cash in hand | 1,120 | - |
4,533,537 | 3,096,380 | 1,031,413 | 585,067 |
CNC GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 04776218) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
21. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Trade creditors | 1,992,770 | 2,011,029 |
Amounts owed to group undertakings | - | - |
Tax | 141,755 | 30,405 |
Social security and other taxes | 95,684 | 86,677 |
VAT | 281,843 | 49,963 | - | - |
Other creditors | 49,705 | 102,413 |
Directors' current accounts | - | 108,984 | - | - |
Accruals and deferred income | 1,139,592 | 501,523 |
3,701,349 | 2,890,994 |
22. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group |
2024 | 2023 |
£ | £ |
Preference shares (see note 23) | 2,692 | 2,692 |
23. | LOANS |
An analysis of the maturity of loans is given below: |
Group |
2024 | 2023 |
£ | £ |
Amounts falling due between two and | five years: |
Preference shares | 2,692 | 2,692 |
Preference shares classified as debt is denominated in Sterling with a nominal interest rate of 5%. |
The carrying amount at year end is £2,692 (2023 - £2,692). |
In April 2017 the group issued 5% preference shares that the group are obliged to redeem between |
April 2024 but no later than April 2029. Shares are redeemable in minimum multiples of £35,000 at an |
amount equal to the issue price plus 10% of the issue price. |
Preference shares carry no voting rights. |
24. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
CNC GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 04776218) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
Group |
Non-cancellable | operating leases |
2024 | 2023 |
£ | £ |
Within one year | 449,106 | 222,368 |
Between one and five years | 1,022,765 | 334,898 |
1,471,871 | 557,266 |
The amount of non-cancellable operating lease payments recognised as an expense during the year |
was £249,759 (2023 - £214,667). |
Company |
Non-cancellable | operating leases |
2024 | 2023 |
£ | £ |
Within one year |
Between one and five years |
Operating leases - lessor |
Total future minimum lease payments receivable under non-cancellable operating leases are as follows: |
2024 | 2023 |
£ | £ |
Within one year | 120,000 | 120,000 |
Between one and five years | 480,000 | 170,000 |
In more than five years |
600,000 | 280,000 |
25. | PROVISIONS FOR LIABILITIES |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Deferred tax | 173,068 | 98,968 | 61,018 | 63,778 |
Group |
Deferred |
tax |
£ |
Balance at 1 May 2023 | 98,968 |
Provided during year | 74,100 |
Balance at 30 April 2024 | 173,068 |
CNC GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 04776218) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
25. | PROVISIONS FOR LIABILITIES - continued |
Company |
Deferred |
tax |
£ |
Balance at 1 May 2023 |
Provided during year | ( |
) |
Balance at 30 April 2024 |
26. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary A shares | £1 | 650 | 650 |
Ordinary B shares | £1 | 649 | 649 |
1,299 | 1,299 |
27. | RESERVES |
Group |
Capital |
Retained | Revaluation | redemption | Other |
earnings | reserve | reserve | reserves | Totals |
£ | £ | £ | £ | £ |
At 1 May 2023 | 6,994,407 | 256,491 | 633 | (873,024 | ) | 6,378,507 |
Profit for the year | 2,095,386 | 2,095,386 |
Dividends | (48,000 | ) | (48,000 | ) |
At 30 April 2024 | 9,041,793 | 256,491 | 633 | (873,024 | ) | 8,425,893 |
Company |
Capital |
Retained | Revaluation | redemption | Other |
earnings | reserve | reserve | reserves | Totals |
£ | £ | £ | £ | £ |
At 1 May 2023 | ( |
) | 3,324,334 |
Profit for the year | - | - | - |
Dividends | ( |
) | - | - | - | ( |
) |
At 30 April 2024 | ( |
) | 5,056,413 |
CNC GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 04776218) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
28. | PENSION COMMITMENTS |
The group operates a defined contribution pension scheme. The assets of the scheme are held |
separately from those of the group in an independently administered fund. The pension cost charge |
for the year represents contributions payable by the group to the scheme and amounted to £313,591 |
(2023 - £115,890). |
Contributions totalling £25,205 (2023 - £19,781) were payable to the scheme at the end of the year |
and are included in creditors. |
29. | CONTINGENT LIABILITIES |
During 2016 financial statements the company experienced an incident on a major contract. |
Causation of the incident is still unknown, and the matter continues to be investigated by the |
appropriate authorities. The company continues to co-operate fully with all involved. |
Based upon rigorous inquiries undertaken by independent specialists and on professional advice, the |
directors do not believe the company is responsible for the cause of the incident. |
It is totally impracticable for the directors to provide any estimate of the financial liability, if any, arising |
from the matter, and the likely timescale for it to be settled. However, the directors are confident that |
comprehensive insurance arrangements, with adequate limits of indemnity, exist to cover the financial |
consequences should any liability attach. |
At the period end the group had committed to surety for performance bonds on contracts in the sum of |
£241,520 (2023 - £262,095). |
30. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 30 April 2024 and 30 April 2023: |
2024 | 2023 |
£ | £ |
M A Coleman |
Balance outstanding at start of year | (108,984 | ) | (207,525 | ) |
Amounts advanced | 178,063 | 98,541 |
Amounts repaid | - | - |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | 69,079 | (108,984 | ) |
31. | RELATED PARTY DISCLOSURES |
CNC Group Holdings Ltd SSAS |
2024 | 2023 |
£ | £ |
Sales | 24,498 | 13,180 |
Purchases | 17,379 | - |
Loans | 222,782 | 85,827 |
Transfers | 191,291 | 18,622 |
Amount due from related party | 150,985 | 112,375 |
CNC GROUP HOLDINGS LIMITED (REGISTERED NUMBER: 04776218) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
31. | RELATED PARTY DISCLOSURES - continued |
D-Tec Solutions Ltd |
2024 | 2023 |
£ | £ |
Loans | 2,620 | 1,510 |
Transfers | 163 | 4,308 |
Amount due to related party | 16,409 | 31,435 |
Skelligs Retreat Ltd |
2024 | 2023 |
£ | £ |
Loans | 27,917 | 16,214 |
Transfers | 64,270 | 48,773 |
Amount due from related party | 112,266 | 110,065 |
32. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is M A Coleman. |