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REGISTERED NUMBER: 09018059 (England and Wales)















Group Strategic Report, Report of the Director and

Consolidated Financial Statements for the Year Ended 30 April 2024

for

CMU Holdings 2014 Limited

CMU Holdings 2014 Limited (Registered number: 09018059)






Contents of the Consolidated Financial Statements
for the Year Ended 30 April 2024




Page

Company Information 1

Group Strategic Report 2

Report of the Director 3

Report of the Independent Auditors 4

Consolidated Statement of Comprehensive Income 8

Consolidated Balance Sheet 9

Company Balance Sheet 10

Consolidated Statement of Changes in Equity 11

Company Statement of Changes in Equity 12

Consolidated Cash Flow Statement 13

Notes to the Consolidated Cash Flow Statement 14

Notes to the Consolidated Financial Statements 15


CMU Holdings 2014 Limited

Company Information
for the Year Ended 30 April 2024







DIRECTOR: C McCloskey



REGISTERED OFFICE: 28 Sturmi Way
Village Farm Industrial Estate
Pyle
Bridgend
Mid Glamorgan
CF33 6NU



REGISTERED NUMBER: 09018059 (England and Wales)



AUDITORS: Flint & Thompson
Statutory Auditors
2 Manor Square
Solihull
West Midlands
B91 3PX



ACCOUNTANTS: Thursfield & Co
Holbeche House
437 Shirley Road
Birmingham
B27 7NX

CMU Holdings 2014 Limited (Registered number: 09018059)

Group Strategic Report
for the Year Ended 30 April 2024

The director presents his strategic report of the company and the group for the year ended 30 April 2024.

REVIEW OF BUSINESS
The Group's principal activity continues to be that of gas infrastructure installation.

Whilst turnover has fallen by 9.67% to £9.7 million (2023 - £10.7 million), the gross margin has increased from 34.3% to 36.9% following a fall in cost of sales as the industry stabilizes following the significantly increased inflation during recent years, which has significantly increased both material and wages costs and has impacted overheads during the year.

The directors have reduced the head count during the year to reflect the reduced turnover. Costs are tightly controlled to ensure that they do not impact on the profitability of the group.

We consider that our key financial performance indicators are those that communicate the financial performance and strength of the group as a whole, these being turnover and operating margin.

Key Performance Indicators were as follows:

KPI 2024 2023
Turnover (£) 9,657,373 10,691,788
Gross Profit Margin (%) 36.9% 34.3%
Operating profit margin (%) 4.2% 5.7%
Cash at bank (£) 1,418,945 1,061,050
Net assets (£) 6,219,466 6,186,387

The directors acknowledge that trading conditions remain challenging but remain optimistic about the groups' prospects for the forthcoming year. Generally, they consider the results during the year to be very encouraging, reflecting the ongoing efforts of the directors and staff during the year.

PRINCIPAL RISKS AND UNCERTAINTIES
We continue to monitor the principal risks and uncertainties which the group and the wider industry are subject to including bad debt risk, a slowdown in the economy and unforeseen events or circumstances.

The recent increases in National Insurance as announced in the autumn budget and the rises in inflation in recent years and increase in cost prices expected in the coming years due to the increased prices are likely to be reflected in future price rises to mitigate the risk.

The directors will monitor the effect of these risks and adapt as required.

ON BEHALF OF THE BOARD:





C McCloskey - Director


26 January 2025

CMU Holdings 2014 Limited (Registered number: 09018059)

Report of the Director
for the Year Ended 30 April 2024

The director presents his report with the financial statements of the company and the group for the year ended 30 April 2024.

DIVIDENDS
No interim dividend was paid during the year. The director recommends a final dividend of 1551.76 per share.

The total distribution of dividends for the year ended 30 April 2024 will be £ 155,176 .

DIRECTOR
C McCloskey held office during the whole of the period from 1 May 2023 to the date of this report.

CHARITABLE DONATIONS AND EXPENDITURE
During the year the group paid charitable donations of £12,472 (2023: £25,069).

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

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

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

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

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

AUDITORS
The auditors, Flint & Thompson, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





C McCloskey - Director


26 January 2025

Report of the Independent Auditors to the Members of
CMU Holdings 2014 Limited

Opinion
We have audited the financial statements of CMU Holdings 2014 Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2024 which comprise the Consolidated Statement of 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 director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

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

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

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

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

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

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

Report of the Independent Auditors to the Members of
CMU Holdings 2014 Limited


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

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept 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 director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

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

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

Report of the Independent Auditors to the Members of
CMU Holdings 2014 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 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.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations was as follows:

- discussion with directors and management of the nature of the industry, control environment and business performance;

- results of our enquiries of management about their own identification and assessment of the risks of irregularities;

- any matters we have identified having reviewed the company's procedures for complying with laws and regulations and whether they were aware of any instances of non-compliance. The key laws we considered in this context included the Companies Act 2006, taxation legislation, data protection and health and safety legislation.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur by:

- reviewing balance sheet control accounts to ensure properly reconciled;

- addressing the risks of fraud through management override of controls by performing journal entry testing;

- performing analytical procedures to identify any unusual or unexpected relationships that may include risks of material misstatement due to fraud;

- enquiring with management concerning actual and potential litigation claims.

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.

Report of the Independent Auditors to the Members of
CMU Holdings 2014 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.




Peter Georgiades BA FCA (Senior Statutory Auditor)
for and on behalf of Flint & Thompson
Statutory Auditors
2 Manor Square
Solihull
West Midlands
B91 3PX

26 January 2025

CMU Holdings 2014 Limited (Registered number: 09018059)

Consolidated
Statement of Comprehensive
Income
for the Year Ended 30 April 2024

2024 2023
Notes £    £   

TURNOVER 9,657,373 10,691,788

Cost of sales 6,096,749 7,021,769
GROSS PROFIT 3,560,624 3,670,019

Administrative expenses 3,176,429 3,092,186
384,195 577,833

Other operating income 203,156 60,684
OPERATING PROFIT 4 587,351 638,517

Interest receivable and similar income 2,833 2,294
590,184 640,811

Interest payable and similar expenses 5 183,033 30,918
PROFIT BEFORE TAXATION 407,151 609,893

Tax on profit 6 218,996 56,725
PROFIT FOR THE FINANCIAL YEAR 188,155 553,168

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

188,155

553,168

Profit attributable to:
Owners of the parent 188,155 553,168

Total comprehensive income attributable to:
Owners of the parent 188,155 553,168

CMU Holdings 2014 Limited (Registered number: 09018059)

Consolidated Balance Sheet
30 April 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 3,399,276 2,901,928
Investments 10 - -
3,399,276 2,901,928

CURRENT ASSETS
Stocks 11 259,500 114,550
Debtors 12 6,027,881 5,480,617
Cash at bank and in hand 1,418,945 1,061,050
7,706,326 6,656,217
CREDITORS
Amounts falling due within one year 13 1,832,982 1,924,236
NET CURRENT ASSETS 5,873,344 4,731,981
TOTAL ASSETS LESS CURRENT
LIABILITIES

9,272,620

7,633,909

CREDITORS
Amounts falling due after more than one
year

14

(2,767,120

)

(1,230,837

)

PROVISIONS FOR LIABILITIES 19 (286,034 ) (216,585 )
NET ASSETS 6,219,466 6,186,487

CAPITAL AND RESERVES
Called up share capital 20 100 100
Retained earnings 21 6,219,366 6,186,387
SHAREHOLDERS' FUNDS 6,219,466 6,186,487

The financial statements were approved by the director and authorised for issue on 26 January 2025 and were signed by:





C McCloskey - Director


CMU Holdings 2014 Limited (Registered number: 09018059)

Company Balance Sheet
30 April 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 3,382,643 2,879,751
Investments 10 100 100
3,382,743 2,879,851

CURRENT ASSETS
Debtors 12 2,230,226 1,588,371
Cash at bank 324,444 209,579
2,554,670 1,797,950
CREDITORS
Amounts falling due within one year 13 1,222,470 1,319,603
NET CURRENT ASSETS 1,332,200 478,347
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,714,943

3,358,198

CREDITORS
Amounts falling due after more than one
year

14

(1,343,368

)

(315,672

)

PROVISIONS FOR LIABILITIES 19 (286,034 ) (216,585 )
NET ASSETS 3,085,541 2,825,941

CAPITAL AND RESERVES
Called up share capital 20 100 100
Retained earnings 3,085,441 2,825,841
SHAREHOLDERS' FUNDS 3,085,541 2,825,941

Company's profit for the financial year 414,776 592,790

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the director and authorised for issue on 26 January 2025 and were signed by:





C McCloskey - Director


CMU Holdings 2014 Limited (Registered number: 09018059)

Consolidated 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 100 5,786,121 5,786,221

Changes in equity
Dividends - (152,902 ) (152,902 )
Total comprehensive income - 553,168 553,168
Balance at 30 April 2023 100 6,186,387 6,186,487

Changes in equity
Dividends - (155,176 ) (155,176 )
Total comprehensive income - 188,155 188,155
Balance at 30 April 2024 100 6,219,366 6,219,466

CMU Holdings 2014 Limited (Registered number: 09018059)

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 100 2,385,953 2,386,053

Changes in equity
Dividends - (152,902 ) (152,902 )
Total comprehensive income - 592,790 592,790
Balance at 30 April 2023 100 2,825,841 2,825,941

Changes in equity
Dividends - (155,176 ) (155,176 )
Total comprehensive income - 414,776 414,776
Balance at 30 April 2024 100 3,085,441 3,085,541

CMU Holdings 2014 Limited (Registered number: 09018059)

Consolidated Cash Flow Statement
for the Year Ended 30 April 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,611,912 544,692
Interest paid (137,279 ) (2 )
Interest element of hire purchase payments
paid

(45,754

)

(30,918

)
Tax paid (227,197 ) (301,015 )
Net cash from operating activities 1,201,682 212,757

Cash flows from investing activities
Purchase of tangible fixed assets (946,942 ) (1,354,699 )
Sale of tangible fixed assets 56,300 63,200
Interest received 2,833 2,294
Net cash from investing activities (887,809 ) (1,289,205 )

Cash flows from financing activities
New loans in year 619,701 -
Loan repayments in year (107,866 ) -
Capital repayments in year (312,637 ) (135,744 )
Amount introduced by directors - 277
Equity dividends paid (155,176 ) (152,900 )
Net cash from financing activities 44,022 (288,367 )

Increase/(decrease) in cash and cash equivalents 357,895 (1,364,815 )
Cash and cash equivalents at beginning of
year

2

1,061,050

2,425,865

Cash and cash equivalents at end of year 2 1,418,945 1,061,050

CMU Holdings 2014 Limited (Registered number: 09018059)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 30 April 2024

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

2024 2023
£    £   
Profit before taxation 407,151 609,893
Depreciation charges 373,982 417,453
Loss on disposal of fixed assets 19,312 99,269
Finance costs 183,033 30,918
Finance income (2,833 ) (2,294 )
980,645 1,155,239
(Increase)/decrease in stocks (144,950 ) 13,952
(Increase)/decrease in trade and other debtors (547,264 ) 64,547
Increase/(decrease) in trade and other creditors 1,323,481 (689,046 )
Cash generated from operations 1,611,912 544,692

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 1,418,945 1,061,050
Year ended 30 April 2023
30.4.23 1.5.22
£    £   
Cash and cash equivalents 1,061,050 2,425,865


3. ANALYSIS OF CHANGES IN NET FUNDS/(DEBT)

At 1.5.23 Cash flow At 30.4.24
£    £    £   
Net cash
Cash at bank and in hand 1,061,050 357,895 1,418,945
1,061,050 357,895 1,418,945
Debt
Finance leases (752,878 ) 312,637 (440,241 )
Debts falling due after 1 year - (1,145,250 ) (1,145,250 )
(752,878 ) (832,613 ) (1,585,491 )
Total 308,172 (474,718 ) (166,546 )

CMU Holdings 2014 Limited (Registered number: 09018059)

Notes to the Consolidated Financial Statements
for the Year Ended 30 April 2024

1. STATUTORY INFORMATION

CMU Holdings 2014 Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

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

CMU Holdings 2014 Limited meets the definition of a qualifying entity under FRS102 and has therefore taken exemption of the disclosure exemptions available to it in respect of its separate financial statements, which are presented alongside the consolidated financial statements. Exemptions have been taken in relation to financial instruments, presentation of a cashflow statement and remuneration of key personnel.

The presentation currency of the financial statements is pound sterling (£).

Basis of consolidation
The group financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 30 April each year. The results of subsidiaries acquired or sold are consolidated for the periods from or to the date on which control passed.

Business combinations are accounted for under the purchase method. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used in line with those used by the group. All intergroup transactions, balances, income and expenses are eliminated on consolidation.

Under S408 of the Companies Act 2006 the company is exempt from the requirement to present its own profit and loss account. Its profit or loss for the period is shown on page 7 of the financial statements.

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.

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

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

It is the opinion of the director that there are no material estimates or judgements.

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

CMU Holdings 2014 Limited (Registered number: 09018059)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 April 2024

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 2% per annum of cost
Plant and machinery - 25% reducing balance
Fixtures and fittings - 25% reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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

Current or deferred taxation assets and liabilities are not discounted.

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

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

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

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

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

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

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

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

CMU Holdings 2014 Limited (Registered number: 09018059)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 April 2024

2. ACCOUNTING POLICIES - continued

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

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

3. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 1,577,439 1,872,427
Other pension costs 45,464 50,188
1,622,903 1,922,615

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

Operational 28 33
Directors 1 1
29 34

2024 2023
£    £   
Director's remuneration - -

4. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
£    £   
Hire of plant and machinery 278,310 297,948
Depreciation - owned assets 70,513 74,366
Depreciation - assets on hire purchase contracts 303,469 343,087
Loss on disposal of fixed assets 19,312 99,269
Auditors' remuneration 8,650 9,601

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank loan interest 137,279 -
Hire purchase 45,754 30,918
183,033 30,918

CMU Holdings 2014 Limited (Registered number: 09018059)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 April 2024

6. 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 149,548 142,553

Deferred tax 69,448 (85,828 )
Tax on profit 218,996 56,725

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

2024 2023
£    £   
Profit before tax 407,151 609,893
Profit multiplied by the standard rate of corporation tax in the UK of 25 %
(2023 - 19.490 %)

101,788

118,868

Effects of:
Expenses not deductible for tax purposes - 11,912
Income not taxable for tax purposes (170 ) (12,054 )
Depreciation in excess of capital allowances 47,930 23,827
Deferred tax 69,448 (85,828 )
Total tax charge 218,996 56,725

7. INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

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.


8. DIVIDENDS
2024 2023
£    £   
Ordinary shares of £1 each
Final 155,176 152,902

CMU Holdings 2014 Limited (Registered number: 09018059)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 April 2024

9. TANGIBLE FIXED ASSETS

Group
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 May 2023 1,844,699 2,624,063 72,479 32,873 4,574,114
Additions 751,698 195,244 - - 946,942
Disposals - (144,182 ) - (32,873 ) (177,055 )
At 30 April 2024 2,596,397 2,675,125 72,479 - 5,344,001
DEPRECIATION
At 1 May 2023 111,364 1,504,080 48,524 8,218 1,672,186
Charge for year 51,927 316,066 5,989 - 373,982
Eliminated on disposal - (93,225 ) - (8,218 ) (101,443 )
At 30 April 2024 163,291 1,726,921 54,513 - 1,944,725
NET BOOK VALUE
At 30 April 2024 2,433,106 948,204 17,966 - 3,399,276
At 30 April 2023 1,733,335 1,119,983 23,955 24,655 2,901,928

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST
At 1 May 2023 2,382,516
Additions 195,244
Disposals (144,182 )
At 30 April 2024 2,433,578
DEPRECIATION
At 1 May 2023 1,353,254
Charge for year 303,469
Eliminated on disposal (93,255 )
At 30 April 2024 1,563,468
NET BOOK VALUE
At 30 April 2024 870,110
At 30 April 2023 1,029,262

CMU Holdings 2014 Limited (Registered number: 09018059)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 April 2024

9. TANGIBLE FIXED ASSETS - continued

Company
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 May 2023 1,844,699 2,624,063 4,211 32,873 4,505,846
Additions 751,698 195,244 - - 946,942
Disposals - (144,182 ) - (32,873 ) (177,055 )
At 30 April 2024 2,596,397 2,675,125 4,211 - 5,275,733
DEPRECIATION
At 1 May 2023 111,364 1,504,080 2,433 8,218 1,626,095
Charge for year 51,927 316,066 445 - 368,438
Eliminated on disposal - (93,225 ) - (8,218 ) (101,443 )
At 30 April 2024 163,291 1,726,921 2,878 - 1,893,090
NET BOOK VALUE
At 30 April 2024 2,433,106 948,204 1,333 - 3,382,643
At 30 April 2023 1,733,335 1,119,983 1,778 24,655 2,879,751

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST
At 1 May 2023 2,382,516
Additions 195,244
Disposals (144,182 )
At 30 April 2024 2,433,578
DEPRECIATION
At 1 May 2023 1,353,254
Charge for year 303,469
Eliminated on disposal (93,255 )
At 30 April 2024 1,563,468
NET BOOK VALUE
At 30 April 2024 870,110
At 30 April 2023 1,029,262

CMU Holdings 2014 Limited (Registered number: 09018059)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 April 2024

10. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 May 2023
and 30 April 2024 100
NET BOOK VALUE
At 30 April 2024 100
At 30 April 2023 100

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

Subsidiary

CMU Infrastructure Limited
Registered office: Wales
Nature of business: Gas installation
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves - 3,360,547
Profit for the year - 110,378


11. STOCKS

Group
2024 2023
£    £   
Stocks 259,500 114,550

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Trade debtors 1,008,397 2,015,243 7,604 -
Other debtors 4,719,684 3,296,418 2,222,622 1,588,371
Tax 253,600 168,956 - -
Prepayments 46,200 - - -
6,027,881 5,480,617 2,230,226 1,588,371

CMU Holdings 2014 Limited (Registered number: 09018059)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 April 2024

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Hire purchase contracts (see note 16) 242,123 437,206 242,123 437,206
Trade creditors 546,783 512,117 37 2,377
Corporation tax 149,548 142,553 149,010 118,819
Social security & other taxes 36,579 43,833 - -
VAT 65,023 458 65,023 458
Other creditors 760,000 764,879 760,000 755,000
Wages account 9,149 9,947 - -
Directors' current accounts 277 277 277 277
Accrued expenses 23,500 12,966 6,000 5,466
1,832,982 1,924,236 1,222,470 1,319,603

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

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans (see note 15) 1,145,250 - 1,145,250 -
Hire purchase contracts (see note 16) 198,118 315,672 198,118 315,672
Accruals and deferred income 1,423,752 915,165 - -
2,767,120 1,230,837 1,343,368 315,672

15. LOANS

An analysis of the maturity of loans is given below:

Group Company
2024 2023 2024 2023
£    £    £    £   
Amounts falling due between one and two years:
Bank loans - 1-2 years 1,145,250 - 1,145,250 -

16. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 242,123 437,206
Between one and five years 198,118 315,672
440,241 752,878

CMU Holdings 2014 Limited (Registered number: 09018059)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 April 2024

16. LEASING AGREEMENTS - continued

Company
Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 242,123 437,206
Between one and five years 198,118 315,672
440,241 752,878

17. SECURED DEBTS

The following secured debts are included within creditors:

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans 1,145,250 - 1,145,250 -
Hire purchase contracts 440,241 752,878 440,241 752,878
1,585,491 752,878 1,585,491 752,878

AIB Group (UK) PLC holds a fixed charge dated 16 March 2020 on the assets of the company.

Obligations under hire purchase contracts are secured on the assets to which they relate.

CMU Holdings 2014 Limited (Registered number: 09018059)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 April 2024

18. FINANCIAL INSTRUMENTS

The carrying values of the group and company's financial assets and liabilities are summarised by category below:

Group

2022 2021
£ £
Financial assets
Measured at undiscounted amounts receivable 5,376,208 3,614,379
Financial liabilities
Measured at amortised cost 888,622 1,544,939
Measured at undiscounted amounts payable 3,080,470 1,968,321
3,969,092 3,513,260

Company

2022 2021
£ £
Financial assets
Measured at cost less impairment 100 100
Measured at undiscounted amounts receivable 2,080,017 132,003
2,080,117 132,103

Financial liabilities
Measured at amortised cost 888,622 1,544,939
Measured at undiscounted amounts payable 1,045,972 121,489
1,934,594 1,666,428






19. PROVISIONS FOR LIABILITIES

Group Company
2024 2023 2024 2023
£    £    £    £   
Deferred tax 286,034 216,585 286,034 216,585

Group
Deferred
tax
£   
Balance at 1 May 2023 216,585
Provided during year 69,449
Balance at 30 April 2024 286,034

CMU Holdings 2014 Limited (Registered number: 09018059)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 April 2024

19. PROVISIONS FOR LIABILITIES - continued

Company
Deferred
tax
£   
Balance at 1 May 2023 216,585
Provided during year 69,449
Balance at 30 April 2024 286,034

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary £1 100 100

21. RESERVES

Group
Retained
earnings
£   

At 1 May 2023 6,186,387
Profit for the year 188,155
Dividends (155,176 )
At 30 April 2024 6,219,366


22. RELATED PARTY DISCLOSURES

CMU Management Limited is a company in which Mr C McCloskey is a director. During the year, the company purchased services from CMU Management Limited for £1,860,000 (2023: £1,727,500). At the year end the company owed CMU Management Limited £Nil (2023: £Nil).

Gmac Utilities Limited is a company in which Mr C McCloskey is a director. During the year the company made purchases of £186,425 (2023: £16,910) and sales of £215,185 (2023: £74,222). At the year end the company was owed £15,014 (2023: £36,705) from Gmac Utilities Limited.

GMAC Plant Hire Limited is a company which Mr C McCloskey is a director. During the year the company made sales of £6,079 (2023: £Nil) At the year end the company was owed £Nil (2023: £Nil).

Celtic Developments Penarth Limited is a company in which Mr C McCloskey is a director. During the year the company made sales of £300,000 (2023: £Nil) At the year end the company was owed £2,974,818 (2023: £2,974,818).

23. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is C McCloskey by virtue of his shareholding.