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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: J H Phipps
V A Phipps
J A Phipps
J H Mottrom
N A Bettley
C E Bushnell





Secretary: J H Mottrom





Registered office: The Armoury Building
Hawarden Aviation Park
Flint Road
Chester
CH4 0GZ





Registered number: 05432716 (England and Wales)





Auditors: Ellis & Co (Accountants & Business Advisers) Ltd
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:





J H Phipps - Director


27 January 2025

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.

J H Phipps
V A Phipps
J A Phipps

Other changes in directors holding office are as follows:

G B Winter - resigned 31 August 2023
J H Mottrom - appointed 14 August 2023
N A Bettley - appointed 19 December 2023

C E Bushnell was appointed as a director after 30 April 2024 but prior to the date of this report.

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:





J H Phipps - Director


27 January 2025

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.




Robert Ellis (Senior Statutory Auditor)
for and on behalf of Ellis & Co (Accountants & Business Advisers) Ltd
Chartered Accountants
and Statutory Auditors
114-120 Northgate Street
Chester, UK
CH1 2HT

27 January 2025

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 2,365,807 2,342,363
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 50,480 60,576
Tangible assets 13 9,323,627 8,033,516
Investments 14 56,895 56,895
9,431,002 8,150,987

Current assets
Stocks 15 1,382,259 969,130
Debtors 16 6,200,724 5,039,677
Cash at bank and in hand 214,450 1,199,658
7,797,433 7,208,465
Creditors
Amounts falling due within one year 17 863,993 897,936
Net current assets 6,933,440 6,310,529
Total assets less current liabilities 16,364,442 14,461,516

Creditors
Amounts falling due after more than
one year

18

(401,229

)

(88,403

)

Provisions for liabilities 22 (1,186,400 ) (961,403 )
Net assets 14,776,813 13,411,710

Capital and reserves
Called up share capital 23 194 192
Share premium 24 23,990 23,990
Revaluation reserve 24 3,549,275 3,031,526
Capital redemption reserve 24 11 8
Retained earnings 24 11,203,343 10,355,994
Shareholders' funds 14,776,813 13,411,710

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

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)

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 196 9,463,039 23,990

Changes in equity
Reduction in share capital - (4 ) -
Company repurchase of
shares

(4

)

(141,466

)

-
Dividends - (252,165 ) -
Total comprehensive income - 1,286,590 -
Balance at 30 April 2023 192 10,355,994 23,990

Changes in equity
Increase in share capital 5 - -
Reduction in share capital - (3 ) -
Company repurchase of
shares

(3

)

(104,997

)

-
Dividends - (331,900 ) -
Total comprehensive income - 1,284,249 -
Balance at 30 April 2024 194 11,203,343 23,990

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 2,847,616 4 12,334,845

Changes in equity
Reduction in share capital - 4 -
Company repurchase of
shares

-

-

(141,470

)
Dividends - - (252,165 )
Total comprehensive income 183,910 - 1,470,500
Balance at 30 April 2023 3,031,526 8 13,411,710

Changes in equity
Increase in share capital - - 5
Reduction in share capital - 3 -
Company repurchase of
shares

-

-

(105,000

)
Dividends - - (331,900 )
Total comprehensive income 517,749 - 1,801,998
Balance at 30 April 2024 3,549,275 11 14,776,813

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

2. Accounting policies

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

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 100,960
Amortisation
At 1 May 2023 40,384
Amortisation for year 10,096
At 30 April 2024 50,480
Net book value
At 30 April 2024 50,480
At 30 April 2023 60,576

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 398,576 7,659,811 90,627 399,698 8,548,712
Additions 213,366 670,234 17,028 72,450 973,078
Disposals - - - (42,000 ) (42,000 )
Revaluations - 473,532 - - 473,532
At 30 April 2024 611,942 8,803,577 107,655 430,148 9,953,322
Depreciation
At 1 May 2023 111,486 97,647 61,686 244,377 515,196
Charge for year 61,194 181,138 16,092 41,775 300,199
Eliminated on disposal - - - (23,100 ) (23,100 )
Revaluation adjustments - (162,600 ) - - (162,600 )
At 30 April 2024 172,680 116,185 77,778 263,052 629,695
Net book value
At 30 April 2024 439,262 8,687,392 29,877 167,096 9,323,627
At 30 April 2023 287,090 7,562,164 28,941 155,321 8,033,516

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 20244,431,804
At 30 April 20233,742,153



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 56,895
Net book value
At 30 April 2024 56,895
At 30 April 2023 56,895

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

Cokebusters USA Inc.
Registered office: 6748 Theall Rd, Houston, TX 77066, USA
Nature of business: Specialist decoking services
%
Class of shares: holding
Common stock 92.50

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 1,382,259 969,130

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 2,219,640 1,688,724
Amounts owed by group undertakings - - 3,029,544 2,510,121
Other debtors 515,299 681,348 515,300 573,596
Tax 35,241 15,622 35,241 15,622
VAT 37,328 - 37,328 -
Prepayments and accrued income 2,101,749 335,983 363,671 251,614
6,653,982 4,675,039 6,200,724 5,039,677

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

80,000

70,572
Hire purchase contracts (see note 20)
62,523

72,460

8,472

37,649
Trade creditors 496,611 315,304 204,452 177,058
Tax 148,602 51,401 - -
Social security and other taxes 108,132 166,496 101,914 73,402
VAT - 5,744 - 5,744
Other creditors 157,308 80,906 104,848 35,245
Directors' current accounts 245,381 107,781 245,381 107,781
Accruals and deferred income 118,924 412,812 118,926 390,485
1,417,481 1,283,476 863,993 897,936

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 79,931 401,229 79,931
Hire purchase contracts (see note 20)
136,384

101,302

-

8,472
537,613 181,233 401,229 88,403

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 80,000 70,572
Amounts falling due between two and five years:
Bank loans - 2-5 years 401,229 79,931 401,229 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 8,472 37,649
Between one and five years - 8,472
8,472 46,121

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 481,229 150,503 481,229 150,503
Hire purchase contracts 198,907 173,762 8,472 46,121
680,136 324,265 489,701 196,624

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 1,131,871 857,176
Tax losses carried forward (615,311 ) (447,230 ) (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 961,403
Charge to Income Statement during year 106,614
Charge to revaluation
reserve during year 118,383
Balance at 30 April 2024 1,186,400

23. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 30/4/24 30/4/23
value: £    £   
189 Ordinary £1 189 192
5 A Ordinary £1 5 -
194 192

5 A Ordinary shares of £1 each were allotted and fully paid for cash at par during the year.

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 10,355,994 23,990 3,031,526 8 13,411,518
Profit for the year 1,284,249 - - - 1,284,249
Dividends (331,900 ) - - - (331,900 )
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 11,203,343 23,990 3,549,275 11 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.