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 |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditors |
2 Manor Square |
Solihull |
West Midlands |
B91 3PX |
ACCOUNTANTS: |
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: |
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 |
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: |
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. |
for and on behalf of |
Statutory Auditors |
2 Manor Square |
Solihull |
West Midlands |
B91 3PX |
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 |
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 |
Investments | 10 |
CURRENT ASSETS |
Debtors | 12 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 13 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
14 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 19 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 20 |
Retained earnings |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 414,776 | 592,790 |
The financial statements were approved by the director and authorised for issue on |
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 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 30 April 2023 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 30 April 2024 |
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 |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Freehold property | - |
Plant and machinery | - |
Fixtures and fittings | - |
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 |
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 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 30 April 2024 |
DEPRECIATION |
At 1 May 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and |
machinery |
£ |
COST |
At 1 May 2023 |
Additions |
Disposals | ( |
) |
At 30 April 2024 |
DEPRECIATION |
At 1 May 2023 |
Charge for year |
Eliminated on disposal | ( |
) |
At 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
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 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiary |
Registered office: Wales |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
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 |
Other debtors | 4,719,684 | 3,296,418 |
Tax | 253,600 | 168,956 |
Prepayments | 46,200 | - |
6,027,881 | 5,480,617 |
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 |
Trade creditors | 546,783 | 512,117 |
Corporation tax | 149,548 | 142,553 |
Social security & other taxes | 36,579 | 43,833 |
VAT | 65,023 | 458 | 65,023 | 458 |
Other creditors | 760,000 | 764,879 |
Wages account | 9,149 | 9,947 | - | - |
Directors' current accounts | 277 | 277 | 277 | 277 |
Accrued expenses | 23,500 | 12,966 |
1,832,982 | 1,924,236 |
14. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Bank loans (see note 15) | 1,145,250 | - |
Hire purchase contracts (see note 16) | 198,118 | 315,672 |
Accruals and deferred income | 1,423,752 | 915,165 |
2,767,120 | 1,230,837 |
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 | - |
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 |
Between one and five years |
17. | SECURED DEBTS |
The following secured debts are included within creditors: |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Bank loans | 1,145,250 | - |
Hire purchase contracts | 440,241 | 752,878 | 440,241 | 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 |
Provided during year |
Balance at 30 April 2024 |
20. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
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. |