REGISTERED NUMBER: 05432716 (England and Wales) |
Group Strategic Report, Report of the Directors and |
Consolidated Financial Statements for the Year Ended 30 April 2024 |
for |
Cokebusters Limited |
REGISTERED NUMBER: 05432716 (England and Wales) |
Group Strategic Report, Report of the Directors and |
Consolidated Financial Statements for the Year Ended 30 April 2024 |
for |
Cokebusters Limited |
Cokebusters Limited (Registered number: 05432716) |
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 | 5 |
Report of the Independent Auditors | 7 |
Consolidated Income Statement | 12 |
Consolidated Other Comprehensive Income | 13 |
Consolidated Statement of Financial Position | 14 |
Company Statement of Financial Position | 16 |
Consolidated Statement of Changes in Equity | 18 |
Company Statement of Changes in Equity | 20 |
Consolidated Statement of Cash Flows | 22 |
Notes to the Consolidated Statement of Cash Flows |
23 |
Notes to the Consolidated Financial Statements |
25 |
Cokebusters Limited |
Company Information |
for the Year Ended 30 April 2024 |
Directors: |
Secretary: |
Registered office: |
Registered number: |
Auditors: |
Chartered Accountants |
and Statutory Auditors |
114-120 Northgate Street |
Chester, UK |
CH1 2HT |
Cokebusters Limited (Registered number: 05432716) |
Group Strategic Report |
for the Year Ended 30 April 2024 |
Incorporated in April 2005, Cokebusters Ltd. is a private limited company which is largely family owned. In turn, the company owns its subsidiary, Cokebusters USA Inc. which is based in Houston Texas. Both companies offer the same specialist engineering services to the international energy industry, including oil & gas and renewables. |
Appraisal of trading year ending 30th April 2024: |
Each trading year can present its own theme or business trend. As supply chains recovered, effects of inflation were felt across the world. This increased travel and accommodation costs for site operations. Margins were challenged as clients resisted price increases. |
Without any significant increase in bidding policy these consolidated accounts show a healthy increase in turnover/revenue, exceeding the 2022/2023 level by 13%. Comparing again with the previous year, profit/income as a percentage of overall revenue increased by 11%. Including profit share to employees (both USA & UK) and the low level of shareholder dividend, it is worth noting that more than 80% of profit is retained for resource funding. |
The company employs knowledgeable staff to liaise directly with clients but it is the site operation which performs the most effective salesmanship. Increase in activity across all regions is a testament to the efforts made by all members of staff, exercising skills and commitment to satisfy increasing volumes of client demand. This financial report correctly focuses on results in numbers, reporting and analysing shifts in turnover/revenue and profit/income. However, it is the quality of performance in front of clients which generates growth and productivity resulting from contributions made by employees of all ranks. |
In an unusual business model Cokebusters designs and builds its own machinery, fabricates patented scraper pigs and builds on continuing R&D for the development of tube inspection technology. Directly employed operators deliver the combined service to clients. In this way all the company's employees contribute in harmony to closely controlled site performance. This wide range of activity leads to a complexity in accounting, causing peaks and troughs due to expensive investment in technology and specialist machinery. |
This has been a year of awards in which the company being extraordinarily successful, paying tribute to both UK and US companies. An application was made in September 2023 for two King's awards: 'International Trade' and 'Innovation'. This is by far the grandest accolade in the United Kingdom, vetting processes being the strictest, requiring third party professional accounts verifications alongside investigations by many government and industrial authorities. After being short-listed in December, award in both categories was officially announced in early May 2024. Cokebusters is one of just five companies to achieve success in two categories with 'Innovation' being the most challenging. |
At the EIC (Energy Industries Council) annual event held in London UK in October 2023 Cokebusters was announced as "Company of the Year" for 2023/24. In the previous month, two WESCA awards were won in the Middle East region for Innovation and Diversification. WESCA (World Energy Supply Chain Awards) recognise and celebrate "creativity and determination of businesses which drive growth and innovation in constantly changing and challenging markets". |
A number of trade shows seminars and exhibitions were attended during the year. This included ADIPEC in Abu Dhabi which grows significantly each year. Held in Abu Dhabi, this is the world's largest energy exhibition and technical conference, drawing up to 200,000 attendees. Presented as 'energy agnostic', ADIPEC showcases decarbonisation and alternative (renewable) energy sources as well as oil & gas. Cokebusters was the headline sponsor at the PRC (Petroleum Refinery Congress) in Vienna, Austria at which a technical paper was delivered on 'Cleaning & Inspecting Fired Heaters'. |
Cokebusters Limited (Registered number: 05432716) |
Group Strategic Report |
for the Year Ended 30 April 2024 |
Although all indicators remain positive, directors are aware of certain risks. |
- The drive towards net zero affects the oil & gas industry generally, a recent local example is the planned closure of the Ineos Grangemouth refinery in Scotland. Such decisions change the Market yet new opportunities are created by renewable energy initiatives. As Cokebusters operates on pipelines and tubes across the energy sector, planned reductions in the use of fossil fuels are not judged to have significant impact on business. |
- In a competitive market clients make efforts to drive down prices just as inflation of salaries and travel/accommodation drive up costs. Directors recognise clients have choices in contracted services and focus constantly on the improvement of performance in all areas, presented with the challenge to protect margins in the face of these conflicting forces. |
- In the Middle & Far East there is increasing demand for 'In Country Value' (ICV) requiring business activity to generate local employment and provide other in-Country benefits. Directors are alert to this and respectful of these efforts by overseas governments. Acknowledging such commercial pressures, it is incumbent on western governments to ensure that fiscal measures at home do not damage competitive capabilities. |
This year saw a senior management change at Cokebusters USA. The Board welcomed Kevin Fordham as the new CEO, bringing a wealth of experience from a distinguished career in Oil & Gas project management. With a fresh and strong new leadership team, accounting systems were changed and both companies quickly benefitted from closer ties between the United States and the United Kingdom. The obvious key word here is "united". Both companies enjoyed a busy year and received many accolades from clients. |
Along with increased emphasis on staff training, the company mostly promotes from within as experienced employees are encouraged to rise through the ranks. A fine example of this is the promotion of Nick Bettley to the Board. Nick has been with the company for 5 years and rose to leadership of the Research & Development Department in 2022. |
Charles Bushnell, a native of the Chester area, moved from Azerbaijan in January to join the UK senior management team, taking over as Director of Operations. With a more corporate background in oil & gas engineering, Charles brought valuable qualification and experience, later being invited to join the Board. Reviewing comments made in the report for 2022/23, it is pleasing to see the Board of Directors benefitting from these additional appointments, both talented and youthful engineers who bring valuable expertise and energy. |
Sales forecasting continues to indicate significant growth demand for which directors are taking bold steps to increase machinery/equipment resources, staff training and recruitment. The new production building in Chester UK was opened in early 2024, providing additional floorspace for fabrication of new machinery and associated equipment. |
Cokebusters Limited (Registered number: 05432716) |
Group Strategic Report |
for the Year Ended 30 April 2024 |
In conclusive summary, directors have studied all aspects of performance, judging these consolidated accounts to be very good results and conclude the company continues healthily as a going concern with strong finances and remarkably low monetary gearing. |
On behalf of the board: |
Cokebusters Limited (Registered number: 05432716) |
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 |
Interim dividends per share were declared as follows: |
Date | Share type | £ |
12 July 2023 | Ordinary | £600 |
14 December 2023 | Ordinary | £1,250 |
15 April 2024 | Ordinary | £1,250 |
15 April 2024 | Ordinary A | £1,250 |
The directors recommend that no final dividend be paid. |
As some dividends were waived, the total distribution of dividends for the year ended 30 April 2024 was £331,900. |
Directors |
The directors shown below have held office during the whole of the period from 1 May 2023 to the date of this report. |
Other changes in directors holding office are as follows: |
Disclosure in the strategic report |
The directors have disclosed in the Group Strategic Report information regarding the principal risks and uncertainties affecting the group. |
Cokebusters Limited (Registered number: 05432716) |
Report of the Directors |
for the Year Ended 30 April 2024 |
Directors' responsibilities statement |
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. |
Auditors |
The auditors, Ellis & Co (Accountants & Business Advisers) Ltd, 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 |
Cokebusters Limited |
Opinion |
We have audited the financial statements of Cokebusters Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the group's and of the parent company affairs as at 30 April 2024 and of the group's profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Emphasis of matter |
We draw attention to the valuation of specialised mobile pumping equipment. These assets are, as stated in Note 13, included at the directors' valuation. The Group and Company statements of financial position include under plant and machinery, specialised mobile pumping equipment at the directors' valuation at 30 April 2024 of £8,730,000 in the group and £8,130,000 in the parent company. If the assets had been included under the historical cost model the comparable carrying amount at 30 April 2024 would have been £4,761,901 in the group and £4,431,804 in the parent company. Cokebusters Limited is a world leader in the field of mechanical pipe cleaning and inspection. The company has developed its own specialised pumping equipment and is the holder of many international patents. The directors in arriving at the valuation of the specialised mobile pumping equipment have used their knowledge and experience of the sector in which the Company operates. Due to the specialised nature of the assets in question we were unable to obtain independent verification of the directors' valuation. Our opinion is not modified in this respect. |
Report of the Independent Auditors to the Members of |
Cokebusters Limited |
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. |
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. |
. |
We do note that the strategic report is insufficient in meeting all of the requirement of s414(C) Companies Act 2006, specifically in regards to key performance indicators. |
Report of the Independent Auditors to the Members of |
Cokebusters Limited |
Responsibilities of directors |
As explained more fully in the Directors' Responsibilities Statement set out on page six, 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 |
Cokebusters 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 in response 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 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. The Company identified issues within the management and accounts team of Cokebusters USA Inc. which resulted in the dismissal of a senior executive of Cokebusters USA Inc. A lower materiality was therefore used when auditing the consolidated financial statements in connection with Cokebusters USA Inc and further work was undertaken on transactions with the senior executive. Correspondence was also undertaken with the law firm acting for Cokebusters USA Inc. in the Unites States. |
- | any matters we identified having obtained and reviewed documentation of policies and procedures relating to: |
- | identifying, evaluating and complying with laws and regulations and whether management were aware of any instances of non-compliance |
- | detecting and responding to the risks of fraud and whether management 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 regarding how and where fraud might occur in the financial statements and any potential indicators of fraud |
- | the need for journals to be tested throughout the whole year and post year end |
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 the completeness of revenue and in related party transactions with the senior executive in Cokebusters USA Inc. In common with all audits under ISA (UK), we are also required to perform specific procedures to respond to the risk of management override. |
Report of the Independent Auditors to the Members of |
Cokebusters Limited |
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 |
Chartered Accountants |
and Statutory Auditors |
114-120 Northgate Street |
Chester, UK |
CH1 2HT |
Cokebusters Limited (Registered number: 05432716) |
Consolidated |
Income Statement |
for the Year Ended 30 April 2024 |
30/4/24 | 30/4/23 |
Notes | £ | £ |
Turnover | 4 | 15,899,045 | 14,114,865 |
Cost of sales | 10,115,502 | 9,395,772 |
Gross profit | 5,783,543 | 4,719,093 |
Administrative expenses | 3,079,820 | 2,572,353 |
2,703,723 | 2,146,740 |
Other operating income | 18,618 | 17,255 |
Operating profit | 7 | 2,722,341 | 2,163,995 |
Interest receivable and similar income |
7,877 |
3,675 |
2,730,218 | 2,167,670 |
Interest payable and similar expenses |
8 |
26,241 |
14,767 |
Profit before taxation | 2,703,977 | 2,152,903 |
Tax on profit | 9 | 338,170 | (189,460 | ) |
Profit for the financial year |
Profit attributable to: |
Owners of the parent | 2,296,346 | 2,248,027 |
Non-controlling interests | 69,461 | 94,336 |
2,365,807 | 2,342,363 |
Cokebusters Limited (Registered number: 05432716) |
Consolidated |
Other Comprehensive Income |
for the Year Ended 30 April 2024 |
30/4/24 | 30/4/23 |
Notes | £ | £ |
Profit for the year | 2,365,807 | 2,342,363 |
Other comprehensive income |
Foreign exchange differences | 1,800 | 1,020 |
Revaluation of plant & machinery | 663,641 | 330,368 |
Income tax relating to components of other comprehensive income |
(118,383 |
) |
(15,437 |
) |
Other comprehensive income for the year, net of income tax |
547,058 |
315,951 |
Total comprehensive income for the year |
2,912,865 |
2,658,314 |
Total comprehensive income attributable to: |
Owners of the parent | 2,841,196 | 2,554,133 |
Non-controlling interests | 71,669 | 104,181 |
2,912,865 | 2,658,314 |
Cokebusters Limited (Registered number: 05432716) |
Consolidated Statement of Financial Position |
30 April 2024 |
30/4/24 | 30/4/23 |
Notes | £ | £ | £ | £ |
Fixed assets |
Intangible assets | 12 | 58,641 | 72,817 |
Tangible assets | 13 | 10,917,778 | 9,357,932 |
Investments | 14 | - | - |
10,976,419 | 9,430,749 |
Current assets |
Stocks | 15 | 1,909,142 | 1,237,769 |
Debtors | 16 | 6,653,982 | 4,675,039 |
Cash at bank and in hand | 409,142 | 1,359,644 |
8,972,266 | 7,272,452 |
Creditors |
Amounts falling due within one year | 17 | 1,417,481 | 1,283,476 |
Net current assets | 7,554,785 | 5,988,976 |
Total assets less current liabilities | 18,531,204 | 15,419,725 |
Creditors |
Amounts falling due after more than one year |
18 |
(537,613 |
) |
(181,233 |
) |
Provisions for liabilities | 22 | (1,173,228 | ) | (894,243 | ) |
Net assets | 16,820,363 | 14,344,249 |
Cokebusters Limited (Registered number: 05432716) |
Consolidated Statement of Financial Position - continued |
30 April 2024 |
30/4/24 | 30/4/23 |
Notes | £ | £ | £ | £ |
Capital and reserves |
Called up share capital | 23 | 194 | 192 |
Share premium | 24 | 23,990 | 23,990 |
Revaluation reserve | 24 | 3,695,915 | 3,152,721 |
Capital redemption reserve | 24 | 11 | 8 |
Retained earnings | 24 | 12,939,264 | 11,078,018 |
Shareholders' funds | 16,659,374 | 14,254,929 |
Non-controlling interests | 160,989 | 89,320 |
Total equity | 16,820,363 | 14,344,249 |
The financial statements were approved by the Board of Directors and authorised for issue on 27 January 2025 and were signed on its behalf by: |
J H Phipps - Director |
Cokebusters Limited (Registered number: 05432716) |
Company Statement of Financial Position |
30 April 2024 |
30/4/24 | 30/4/23 |
Notes | £ | £ | £ | £ |
Fixed assets |
Intangible assets | 12 |
Tangible assets | 13 |
Investments | 14 |
Current assets |
Stocks | 15 |
Debtors | 16 |
Cash at bank and in hand |
Creditors |
Amounts falling due within one year | 17 |
Net current assets |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year |
18 |
( |
) |
( |
) |
Provisions for liabilities | 22 | ( |
) | ( |
) |
Net assets |
Capital and reserves |
Called up share capital | 23 |
Share premium | 24 |
Revaluation reserve | 24 |
Capital redemption reserve | 24 |
Retained earnings | 24 |
Shareholders' funds |
Company's profit for the financial year |
1,284,249 |
1,286,590 |
Cokebusters Limited (Registered number: 05432716) |
Company Statement of Financial Position - continued |
30 April 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
Cokebusters Limited (Registered number: 05432716) |
Consolidated Statement of Changes in Equity |
for the Year Ended 30 April 2024 |
Called up |
share | Retained | Share | Revaluation |
capital | earnings | premium | reserve |
£ | £ | £ | £ |
Balance at 1 May 2022 | 196 | 9,222,624 | 23,990 | 2,847,616 |
Changes in equity |
Total comprehensive income | - | 2,249,029 | - | 305,105 |
Dividends | - | (252,165 | ) | - | - |
Reduction in share capital | - | (4 | ) | - | - |
Company repurchase of shares |
(4 |
) |
(141,466 |
) |
- |
- |
Total transactions with owners, recognised directly in equity |
(4 |
) |
(393,635 |
) |
- |
- |
Balance at 30 April 2023 | 192 | 11,078,018 | 23,990 | 3,152,721 |
Changes in equity |
Total comprehensive income | - | 2,298,146 | - | 543,194 |
Dividends | - | (331,900 | ) | - | - |
Increase in share capital | 5 | - | - | - |
Reduction in share capital | - | (3 | ) | - | - |
Company repurchase of shares |
(3 |
) |
(104,997 |
) |
- |
- |
Total transactions with owners, recognised directly in equity |
2 |
(436,900 |
) |
- |
- |
Balance at 30 April 2024 | 194 | 12,939,264 | 23,990 | 3,695,915 |
Cokebusters Limited (Registered number: 05432716) |
Consolidated Statement of Changes in Equity - continued |
for the Year Ended 30 April 2024 |
Capital |
redemption | Non-controlling | Total |
reserve | Total | interests | equity |
£ | £ | £ | £ |
Balance at 1 May 2022 | 4 | 12,094,430 | (14,861 | ) | 12,079,569 |
Changes in equity |
Total comprehensive income | - | 2,554,134 | 104,181 | 2,658,315 |
Dividends | - | (252,165 | ) | - | (252,165 | ) |
Reduction in share capital | 4 | - | - | - |
Company repurchase of shares |
- |
(141,470 |
) |
- |
(141,470 |
) |
Total transactions with owners, recognised directly in equity |
4 |
(393,635 |
) |
- |
(393,635 |
) |
Balance at 30 April 2023 | 8 | 14,254,929 | 89,320 | 14,344,249 |
Changes in equity |
Total comprehensive income | - | 2,841,340 | 71,669 | 2,913,009 |
Dividends | - | (331,900 | ) | - | (331,900 | ) |
Increase in share capital | - | 5 | - | 5 |
Reduction in share capital | 3 | - | - | - |
Company repurchase of shares |
- |
(105,000 |
) |
- |
(105,000 |
) |
Total transactions with owners, recognised directly in equity |
3 |
(436,895 |
) |
- |
(436,895 |
) |
Balance at 30 April 2024 | 11 | 16,659,374 | 160,989 | 16,820,363 |
Cokebusters Limited (Registered number: 05432716) |
Company Statement of Changes in Equity |
for the Year Ended 30 April 2024 |
Called up |
share | Retained | Share |
capital | earnings | premium |
£ | £ | £ |
Balance at 1 May 2022 |
Changes in equity |
Reduction in share capital | - | (4 | ) | - |
Company repurchase of shares |
(4 |
) |
(141,466 |
) |
- |
Dividends | - | ( |
) | - |
Total comprehensive income | - | - |
Balance at 30 April 2023 |
Changes in equity |
Increase in share capital | 5 | - | - |
Reduction in share capital | - | (3 | ) | - |
Company repurchase of shares |
(3 |
) |
(104,997 |
) |
- |
Dividends | - | ( |
) | - |
Total comprehensive income | - | - |
Balance at 30 April 2024 |
Cokebusters Limited (Registered number: 05432716) |
Company Statement of Changes in Equity - continued |
for the Year Ended 30 April 2024 |
Capital |
Revaluation | redemption | Total |
reserve | reserve | equity |
£ | £ | £ |
Balance at 1 May 2022 |
Changes in equity |
Reduction in share capital | - | 4 | - |
Company repurchase of shares |
- |
- |
(141,470 |
) |
Dividends | - | - | ( |
) |
Total comprehensive income |
Balance at 30 April 2023 |
Changes in equity |
Increase in share capital | - | - | 5 |
Reduction in share capital | - | 3 | - |
Company repurchase of shares |
- |
- |
(105,000 |
) |
Dividends | - | - | ( |
) |
Total comprehensive income |
Balance at 30 April 2024 |
Cokebusters Limited (Registered number: 05432716) |
Consolidated Statement of Cash Flows |
for the Year Ended 30 April 2024 |
30/4/24 | 30/4/23 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 431,512 | 2,744,514 |
Interest paid | (9,489 | ) | (8,770 | ) |
Interest element of hire purchase payments paid |
(16,752 |
) |
(5,997 |
) |
Tax paid | (99,986 | ) | (33,465 | ) |
Net cash from operating activities | 305,285 | 2,696,282 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (1,249,354 | ) | (1,432,216 | ) |
Sale of tangible fixed assets | 14,066 | - |
Interest received | 7,877 | 3,675 |
Net cash from investing activities | (1,227,411 | ) | (1,428,541 | ) |
Cash flows from financing activities |
New loans in year | 500,000 | - |
Loan repayments in year | (169,275 | ) | (125,012 | ) |
Capital repayments in year | (89,806 | ) | (56,772 | ) |
Amount withdrawn by directors | (84,400 | ) | (124,969 | ) |
Share issue | 5 | - |
Share buyback | (105,000 | ) | (141,470 | ) |
Equity dividends paid | (79,900 | ) | (252,165 | ) |
Net cash from financing activities | (28,376 | ) | (700,388 | ) |
(Decrease)/increase in cash and cash equivalents | (950,502 | ) | 567,353 |
Cash and cash equivalents at beginning of year |
2 |
1,359,644 |
792,291 |
Cash and cash equivalents at end of year |
2 |
409,142 |
1,359,644 |
Cokebusters Limited (Registered number: 05432716) |
Notes to the Consolidated Statement of Cash Flows |
for the Year Ended 30 April 2024 |
1. | Reconciliation of profit before taxation to cash generated from operations |
30/4/24 | 30/4/23 |
£ | £ |
Profit before taxation | 2,703,977 | 2,152,903 |
Depreciation charges | 433,460 | 358,977 |
Loss on disposal of fixed assets | 34,750 | 600 |
Foreign exchange differences | 1,946 | 1,020 |
Finance costs | 26,241 | 14,767 |
Finance income | (7,877 | ) | (3,675 | ) |
3,192,497 | 2,524,592 |
(Increase)/decrease in stocks | (671,373 | ) | 77,641 |
Increase in trade and other debtors | (1,965,069 | ) | (69,117 | ) |
(Decrease)/increase in trade and other creditors | (124,543 | ) | 211,398 |
Cash generated from operations | 431,512 | 2,744,514 |
2. | Cash and cash equivalents |
The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts: |
Year ended 30 April 2024 |
30/4/24 | 1/5/23 |
£ | £ |
Cash and cash equivalents | 409,142 | 1,359,644 |
Year ended 30 April 2023 |
30/4/23 | 1/5/22 |
£ | £ |
Cash and cash equivalents | 1,359,644 | 792,291 |
Cokebusters Limited (Registered number: 05432716) |
Notes to the Consolidated Statement of Cash Flows |
for the Year Ended 30 April 2024 |
3. | Analysis of changes in net funds/(debt) |
Other |
non-cash |
At 1/5/23 | Cash flow | changes | At 30/4/24 |
£ | £ | £ | £ |
Net cash |
Cash at bank |
and in hand | 1,359,644 | (950,502 | ) | 409,142 |
1,359,644 | (950,502 | ) | 409,142 |
Debt |
Finance leases | (173,762 | ) | 89,806 | (114,951 | ) | (198,907 | ) |
Debts falling due |
within 1 year | (70,572 | ) | (9,428 | ) | - | (80,000 | ) |
Debts falling due |
after 1 year | (79,931 | ) | (321,298 | ) | - | (401,229 | ) |
(324,265 | ) | (240,920 | ) | (114,951 | ) | (680,136 | ) |
Total | 1,035,379 | (1,191,422 | ) | (114,951 | ) | (270,994 | ) |
Cokebusters Limited (Registered number: 05432716) |
Notes to the Consolidated Financial Statements |
for the Year Ended 30 April 2024 |
1. | Statutory information |
Cokebusters Limited is a |
2. | Accounting policies |
Basis of preparing the financial statements |
Basis of consolidation |
In the parent company financial statements, the cost of a business combination is accounted for by applying the purchase method. The cost of a business combination is the fair value of the consideration given and liabilities incurred or assumed plus the costs directly attributable to the business combination. On acquisition of a business, fair values are attributed to the identifiable assets, liabilities and contingent liabilities. |
The Group consolidated financial statements include the financial statements of the Company and its subsidiary undertaking. A subsidiary is an entity controlled by the Group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. Where a subsidiary has different accounting policies to the Group, adjustments are made to those subsidiary financial statements to apply the Group's accounting policies when preparing the consolidated financial statements. All intra-Group transactions, balances, income and expenses are eliminated on consolidation. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably. |
Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable. |
Intangible assets |
Intangible assets are initially recorded at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Inspection and filtration technology is being amortised evenly over its estimated useful life of ten years. |
Cokebusters Limited (Registered number: 05432716) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 April 2024 |
2. | Accounting policies - continued |
Tangible fixed assets |
Tangible fixed assets are initially recorded at cost then subsequently at cost or valuation, net of depreciation and any impairment losses. |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Leasehold improvements | - | 10% on cost |
Plant and machinery | - | 2% / 10% on cost |
Fixtures, fittings & equipment | - | 25% on cost |
Motor vehicles | - | 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. |
Cost is determined on the first-in, first-out (FIFO) method. Cost includes the purchase price, including taxes and duties and transport and handling directly attributable to bringing stock to its present location and position. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the reporting date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result, except for the exchange differences arising on re-translation of opening monetary assets and liabilities of the subsidiary, and the difference arising between the translation of transactions in the year and the translation of balances at the year end. |
Cokebusters Limited (Registered number: 05432716) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 April 2024 |
2. | Accounting policies - continued |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability. |
Rentals payable under operating leases are charged against income on a straight line basis over the lease term. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme for its employees. Contributions payable to the pension scheme are charged to profit or loss in the period to which they relate. |
Government grants |
Grants are credited to deferred revenue. Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred. |
Cokebusters Limited (Registered number: 05432716) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 April 2024 |
3. | Critical accounting judgements and key sources of estimation uncertainty |
In the application of the group’s accounting policies, the directors are 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 the revision and future periods where the revision affects both current and future periods. |
In the opinion of the directors, there are no critical judgements other than those involving estimates. |
The directors make 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: |
i. Valuation of specialised mobile pumping equipment ("CB machines") |
The directors in arriving at the valuation of the CB machines have used their knowledge and experience of the sector in which the group operates, which necessarily involves a degree of subjectivity. Future trading conditions may impact on these valuations. |
ii. Estimated useful lives of CB machines |
The directors have estimated the useful lives of CB machines at 50 years. Changes in market conditions, technological developments and environmental regulations may have an impact on the useful life of CB machines. These machines are subject to periodic refit. |
iii. Recoverability of loan to The D-Day Revisited Society (Registered charity and related party) |
As shown in Note 27, the directors have estimated the likely amount recoverable from the charity on the basis of the probable sale proceeds of its principal asset. |
4. | Turnover |
An analysis of the company's turnover has not been disclosed as it is deemed to be |
commercially sensitive. |
Cokebusters Limited (Registered number: 05432716) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 April 2024 |
5. | Employees and directors |
Staff costs were as follows: |
Group |
30/4/24 | 30/4/23 |
£ | £ |
Wages and salaries | 6,999,306 | 6,260,620 |
Social security costs | 492,676 | 260,765 |
Other pension costs | 216,225 | 157,860 |
7,708,207 | 6,679,245 |
Company |
30/4/24 | 30/4/23 |
£ | £ |
Wages and salaries | 2,398,863 | 1,900,193 |
Social security costs | 265,037 | 207,759 |
Other pension costs | 101,765 | 82,571 |
2,765,665 | 2,190,523 |
The average number of employees during the year was as follows: |
Group |
30/4/24 | 30/4/23 |
Senior management | 10 | 10 |
Operational | 99 | 83 |
109 | 93 |
Company |
30/4/24 | 30/4/23 |
Senior management | 5 | 5 |
Operational | 48 | 38 |
53 | 43 |
Cokebusters Limited (Registered number: 05432716) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 April 2024 |
6. | Directors' disclosure |
Directors' remuneration for the year was £462,254 (2023 - £624,070). |
The aggregate of directors' pension contributions for the year was £20,040 (2023 - £27,139) |
The emoluments of the highest paid director (G B Winter) were £181,234 (2023 - £293,326). The employer pension contributions to defined contribution pension schemes in respect of the highest paid director were £5,128 (2023 - £5,258). |
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 5 (2023 - 4). |
7. | Operating profit |
The operating profit is stated after charging: |
30/4/24 | 30/4/23 |
£ | £ |
Hire of plant and machinery | 10,104 | 4,098 |
Other operating leases | 287,368 | 248,355 |
Depreciation - owned assets | 419,284 | 344,811 |
Loss on disposal of fixed assets | 34,750 | 600 |
Inspection and filtration technology amortisation | 14,176 | 14,166 |
Auditors' remuneration | 25,750 | 23,625 |
Foreign exchange differences | 45,298 | 21,151 |
8. | Interest payable and similar expenses |
30/4/24 | 30/4/23 |
£ | £ |
Bank loan interest | 9,489 | 8,770 |
Hire purchase | 16,752 | 5,997 |
26,241 | 14,767 |
9. | Taxation |
Analysis of the tax charge/(credit) |
The tax charge/(credit) on the profit for the year was as follows: |
30/4/24 | 30/4/23 |
£ | £ |
Current tax: |
Overseas corporation tax | 177,568 | 57,458 |
Deferred tax | 160,602 | (246,918 | ) |
Tax on profit | 338,170 | (189,460 | ) |
UK corporation tax has been charged at 25 % . |
Cokebusters Limited (Registered number: 05432716) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 April 2024 |
9. | Taxation - continued |
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: |
30/4/24 | 30/4/23 |
£ | £ |
Profit before tax | 2,703,977 | 2,152,903 |
Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 19.500 %) |
675,994 |
419,816 |
Effects of: |
Expenses not deductible for tax purposes | 29,673 | 18,252 |
Utilisation of tax losses | - | (199,021 | ) |
Foreign exchange (losses)/gains eliminated on consolidation | - | 111 |
Enhanced deductions | (367,497 | ) | (439,630 | ) |
Deferred tax arising from change in tax rates | - | 11,012 |
Total tax charge/(credit) | 338,170 | (189,460 | ) |
Tax effects relating to effects of other comprehensive | income |
30/4/24 |
Gross | Tax | Net |
£ | £ | £ |
Foreign exchange differences | 1,800 | - | 1,800 |
Revaluation of plant & machinery | 663,641 | (118,383 | ) | 545,258 |
665,441 | (118,383 | ) | 547,058 |
30/4/23 |
Gross | Tax | Net |
£ | £ | £ |
Foreign exchange differences | 1,020 | - | 1,020 |
Revaluation of plant & machinery | 330,368 | (15,437 | ) | 314,931 |
331,388 | (15,437 | ) | 315,951 |
10. | 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. |
Cokebusters Limited (Registered number: 05432716) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 April 2024 |
11. | Dividends |
30/4/24 | 30/4/23 |
£ | £ |
Ordinary shares of £1 each |
Interim | 325,650 | 252,165 |
A Ordinary shares of £1 each |
Interim | 6,250 | - |
331,900 | 252,165 |
12. | Intangible fixed assets |
Group |
Inspection |
and |
filtration |
technology |
£ |
Cost |
At 1 May 2023 |
and 30 April 2024 | 121,349 |
Amortisation |
At 1 May 2023 | 48,532 |
Amortisation for year | 14,176 |
At 30 April 2024 | 62,708 |
Net book value |
At 30 April 2024 | 58,641 |
At 30 April 2023 | 72,817 |
Cokebusters Limited (Registered number: 05432716) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 April 2024 |
12. | Intangible fixed assets - continued |
Company |
Inspection |
and |
filtration |
technology |
£ |
Cost |
At 1 May 2023 |
and 30 April 2024 |
Amortisation |
At 1 May 2023 |
Amortisation for year |
At 30 April 2024 |
Net book value |
At 30 April 2024 |
At 30 April 2023 |
13. | Tangible fixed assets |
Group |
Fixtures, |
Leasehold | Plant and | fittings | Motor |
improvements | machinery | & equipment | vehicles | Totals |
£ | £ | £ | £ | £ |
Cost or valuation |
At 1 May 2023 | 398,576 | 8,928,416 | 125,285 | 711,157 | 10,163,434 |
Additions | 213,366 | 925,692 | 21,972 | 203,275 | 1,364,305 |
Disposals | - | (31,757 | ) | - | (73,018 | ) | (104,775 | ) |
Revaluations | - | 473,532 | - | - | 473,532 |
At 30 April 2024 | 611,942 | 10,295,883 | 147,257 | 841,414 | 11,896,496 |
Depreciation |
At 1 May 2023 | 111,486 | 179,994 | 74,713 | 439,309 | 805,502 |
Charge for year | 61,194 | 243,801 | 24,840 | 89,449 | 419,284 |
Eliminated on disposal | - | (12,310 | ) | - | (43,649 | ) | (55,959 | ) |
Revaluation adjustments | - | (190,109 | ) | - | - | (190,109 | ) |
At 30 April 2024 | 172,680 | 221,376 | 99,553 | 485,109 | 978,718 |
Net book value |
At 30 April 2024 | 439,262 | 10,074,507 | 47,704 | 356,305 | 10,917,778 |
At 30 April 2023 | 287,090 | 8,748,422 | 50,572 | 271,848 | 9,357,932 |
Cokebusters Limited (Registered number: 05432716) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 April 2024 |
13. | Tangible fixed assets - continued |
Group |
Included in plant and machinery for the group at a valuation of £8,730,000 is specialised mobile pumping equipment. This was revalued by the directors at 30 April 2024. In respect of these tangible fixed assets held at valuation, the comparable carrying amount that would have been recognised if the assets had been included under the historical cost model are as follows: |
Plant and |
machinery |
£ |
At 30 April 2024 | 4,761,901 |
At 30 April 2023 | 4,205,336 |
The net book value of assets held under finance leases or hire purchase contracts included in plant and machinery was £157,534 (2023: £166,286). |
The net book value of assets held under finance leases or hire purchase contracts included in motor vehicles was £153,215 (2023: £92,475). |
Company |
Fixtures, |
Leasehold | Plant and | fittings | Motor |
improvements | machinery | & equipment | vehicles | Totals |
£ | £ | £ | £ | £ |
Cost or valuation |
At 1 May 2023 |
Additions |
Disposals | ( |
) | ( |
) |
Revaluations |
At 30 April 2024 |
Depreciation |
At 1 May 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
Revaluation adjustments | ( |
) | ( |
) |
At 30 April 2024 |
Net book value |
At 30 April 2024 |
At 30 April 2023 |
Cokebusters Limited (Registered number: 05432716) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 April 2024 |
13. | Tangible fixed assets - continued |
Company |
Included in plant and machinery for the company at a valuation of £8,130,000 is specialised mobile pumping equipment. This was revalued by the directors at 30 April 2024. In respect of these tangible fixed assets held at valuation, the comparable carrying amount that would have been recognised if the assets had been included under the historical cost model are as follows: |
Plant and |
machinery |
£ |
At 30 April 2024 | 4,431,804 |
At 30 April 2023 | 3,742,153 |
The net book value of assets held under finance leases or hire purchase contracts included in motor vehicles was £58,860 (2023: £92,475). |
14. | 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 |
Cokebusters Limited (Registered number: 05432716) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 April 2024 |
14. | Fixed asset investments - continued |
The group or the company's investments at the Statement of Financial Position date in the share capital of companies include the following: |
Subsidiary |
Registered office: 6748 Theall Rd, Houston, TX 77066, USA |
Nature of business: |
% |
Class of shares: | holding |
The company's investments at 30 April 2024 in the share capital of companies include 92.5% of the capital stock of the subsidiary Cokebusters USA Inc. which is incorporated in Delaware, USA and trades from Houston Texas. The nature of business of Cokebusters USA Inc. is to provide specialist engineering services predominately to the Oil & Gas industry. Cokebusters USA Inc. is included in the consolidation. |
15. | Stocks |
Group | Company |
30/4/24 | 30/4/23 | 30/4/24 | 30/4/23 |
£ | £ | £ | £ |
Stocks | 1,909,142 | 1,237,769 |
16. | Debtors: amounts falling due within one year |
Group | Company |
30/4/24 | 30/4/23 | 30/4/24 | 30/4/23 |
£ | £ | £ | £ |
Trade debtors | 3,964,365 | 3,642,086 |
Amounts owed by group undertakings | - | - |
Other debtors | 515,299 | 681,348 |
Tax | 35,241 | 15,622 |
VAT | 37,328 | - |
Prepayments and accrued income | 2,101,749 | 335,983 |
6,653,982 | 4,675,039 |
Cokebusters Limited (Registered number: 05432716) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 April 2024 |
17. | Creditors: amounts falling due within one year |
Group | Company |
30/4/24 | 30/4/23 | 30/4/24 | 30/4/23 |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 19) | 80,000 |
70,572 |
Hire purchase contracts (see note 20) | 62,523 |
72,460 |
Trade creditors | 496,611 | 315,304 |
Tax | 148,602 | 51,401 |
Social security and other taxes | 108,132 | 166,496 |
VAT | - | 5,744 | - | 5,744 |
Other creditors | 157,308 | 80,906 |
Directors' current accounts | 245,381 | 107,781 | 245,381 | 107,781 |
Accruals and deferred income | 118,924 | 412,812 |
1,417,481 | 1,283,476 |
18. | Creditors: amounts falling due after more than one year |
Group | Company |
30/4/24 | 30/4/23 | 30/4/24 | 30/4/23 |
£ | £ | £ | £ |
Bank loans (see note 19) | 401,229 | 79,931 |
Hire purchase contracts (see note 20) | 136,384 |
101,302 |
537,613 | 181,233 |
19. | Loans |
An analysis of the maturity of loans is given below: |
Group | Company |
30/4/24 | 30/4/23 | 30/4/24 | 30/4/23 |
£ | £ | £ | £ |
Amounts falling due within one year | or on demand: |
Bank loans | 80,000 | 70,572 |
Amounts falling due between two | and five years: |
Bank loans - 2-5 years | 401,229 | 79,931 |
Cokebusters Limited (Registered number: 05432716) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 April 2024 |
20. | Leasing agreements |
Minimum lease payments fall due as follows: |
Group |
Hire purchase | contracts |
30/4/24 | 30/4/23 |
£ | £ |
Net obligations repayable: |
Within one year | 62,523 | 72,460 |
Between one and five years | 136,384 | 101,302 |
198,907 | 173,762 |
Company |
Hire purchase | contracts |
30/4/24 | 30/4/23 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
21. | Secured debts |
The following secured debts are included within creditors: |
Group | Company |
30/4/24 | 30/4/23 | 30/4/24 | 30/4/23 |
£ | £ | £ | £ |
Bank loans | 481,229 | 150,503 |
Hire purchase contracts | 198,907 | 173,762 | 8,472 | 46,121 |
680,136 | 324,265 |
Obligations under hire purchase contracts are secured on the underlying asset. Bank loans are secured by a fixed and floating charge over the undertaking and all properties and assets present and future, including goodwill, uncalled capital, buildings, fixtures, fixed plant and machinery. |
Cokebusters Limited (Registered number: 05432716) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 April 2024 |
22. | Provisions for liabilities |
Group | Company |
30/4/24 | 30/4/23 | 30/4/24 | 30/4/23 |
£ | £ | £ | £ |
Deferred tax |
Accelerated capital allowances | 1,131,871 | 857,176 |
Tax losses carried forward | (615,311 | ) | (447,230 | ) | ( |
) | ( |
) |
Other timing differences | 656,668 | 484,297 | 669,840 | 551,457 |
1,173,228 | 894,243 | 1,186,400 | 961,403 |
Group |
Deferred |
tax |
£ |
Balance at 1 May 2023 | 894,243 |
Charge to Income Statement during year | 160,602 |
Charge to revaluation |
reserve during year | 118,383 |
Balance at 30 April 2024 | 1,173,228 |
Company |
Deferred |
tax |
£ |
Balance at 1 May 2023 |
Charge to Income Statement during year |
Charge to revaluation |
reserve during year | 118,383 |
Balance at 30 April 2024 |
23. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30/4/24 | 30/4/23 |
value: | £ | £ |
Ordinary | £1 | 189 | 192 |
A Ordinary | £1 | 5 | - |
194 | 192 |
5 A Ordinary shares of £1 each were allotted and fully paid for |
During the year, three Ordinary shares of £1 each were repurchased by the company at a total consideration of £105,000. The shares were cancelled immediately on repurchase. |
Cokebusters Limited (Registered number: 05432716) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 April 2024 |
24. | Reserves |
Group |
Capital |
Retained | Share | Revaluation | redemption |
earnings | premium | reserve | reserve | Totals |
£ | £ | £ | £ | £ |
At 1 May 2023 | 11,078,018 | 23,990 | 3,152,721 | 8 | 14,254,737 |
Profit for the year | 2,296,346 | 2,296,346 |
Dividends | (331,900 | ) | (331,900 | ) |
Foreign exchange differences |
1,800 |
- |
- |
- |
1,800 |
Revaluation of plant and machinery |
- |
- |
543,194 |
- |
543,194 |
Reduction in share capital | (3 | ) | - | - | 3 | - |
Repurchase of shares | (104,997 | ) | - | - | - | (104,997 | ) |
At 30 April 2024 | 12,939,264 | 23,990 | 3,695,915 | 11 | 16,659,180 |
Company |
Capital |
Retained | Share | Revaluation | redemption |
earnings | premium | reserve | reserve | Totals |
£ | £ | £ | £ | £ |
At 1 May 2023 | 13,411,518 |
Profit for the year | - | - | - |
Dividends | ( |
) | - | - | - | ( |
) |
Revaluation of plant and machinery |
- |
- |
517,749 |
- |
517,749 |
Reduction in share capital | (3 | ) | - | - | 3 | - |
Repurchase of shares | (104,997 | ) | - | - | - | (104,997 | ) |
At 30 April 2024 | 14,776,619 |
25. | Contingent liabilities |
Cokebusters Limited and its subsidiary Cokebusters USA Inc. are involved in litigation following claims made by a former employee. The directors of Cokebusters Limited and its subsidiary Cokebusters USA Inc consider that there is no merit in these claims and therefore no provision has been made in these accounts. |
26. | Other financial commitments |
At 30 April 2024 the group and company had total commitments under a non-cancellable operating lease of £145,260 (2023 - £145,260). The lease has a break clause after 10 years. 5 years of rental payments were paid upfront at the start of the lease in 2021. The amount shown as a commitment is for the final 5 years of the lease, of which £145,260 (2023 - £145,260) is payable within 5 years. |
Cokebusters Limited (Registered number: 05432716) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 April 2024 |
27. | 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: |
30/4/24 | 30/4/23 |
G B Winter | £ | £ |
Balance outstanding at start of year | 107,195 | 107,382 |
Amounts advanced | 11,248 | - |
Amounts repaid | - | (187 | ) |
Amounts written off | - | - |
Amounts transferred to Other debtors | (118,443 | ) | - |
Balance outstanding at end of year | - | 107,195 |
G B Winter resigned as director of the UK company on 31 August 2023. The balance due from G B Winter has been transferred to other debtors and a doubtful debt provision made. |
28. | Related party disclosures |
Cokebusters USA Inc. is 92.5% owned by the Company. During the year the Company made sales of £1,529,357 (2023: £1,252,408) to Cokebusters USA Inc. In addition, the Company has provided funding to Cokebusters USA Inc. At 30 April 2024 £3,029,544 (2023: £2,510,121) was outstanding and is included within debtors in the Company Statement of Financial Position. The balance is unsecured, repayable on demand and no guarantees have been given. |
Three of the directors of the Company are also trustees of The D-Day Revisited Society, a charity registered with the Charities Commission under number 1129753. The Company has strongly supported the restoration of a World War II gunboat through meeting restoration expenditure on behalf of the Charity. At 30 April 2024 the amount due from the Charity included in debtors in the Company and Group Statement of Financial Position was £510,884 (2023: £568,860). No interest is charged on the balance. The trustees of the Charity are seeking to dispose of this boat and the directors of the Company are not looking for repayment of the balance owing until the MASB 27 gunboat is sold. |
Included in creditors in the Company and Group Statement of Financial Position are amounts owed to directors of £245,381 (2023: £107,781). |
Key management personnel comprise the directors of the Company. Key management personnel compensation is identical with directors' remuneration, which is disclosed in note 5. |
29. | Ultimate controlling party |
The controlling party is J H Phipps. |