Company registration number 13524840 (England and Wales)
CBW GROUP HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
CBW GROUP HOLDINGS LIMITED
COMPANY INFORMATION
Directors
Mr P R Andrews
Mr D M Mucci
Mr S M Trainor
Mr M A Jones
Mr C A Brown
(Appointed 19 July 2023)
Mr A Chambers
(Appointed 19 July 2023)
Mr P Mountford
(Appointed 19 July 2023)
Mr Z Sieberhagen
(Appointed 19 July 2023)
Secretary
Higgs Secretarial Limited
Company number
13524840
Registered office
Allen Ford
Tachbrook Park Drive
Warwick
Warwickshire
CV34 6SY
Auditor
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Business address
Amco Park
Acanthus Road
North Moons Moat
Redditch
Worcestershire
United Kingdom
B98 9EX
CBW GROUP HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 6
Independent auditor's report
7 - 9
Profit and loss account
10
Group statement of comprehensive income
11
Group balance sheet
12
Company balance sheet
13
Group statement of changes in equity
14
Company statement of changes in equity
15
Group statement of cash flows
16
Company statement of cash flows
Notes to the financial statements
17 - 35
CBW GROUP HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 1 -

The directors present the strategic report for the year ended 30 June 2024.

Fair review of the business

On 19 July 2023, SG International Holdings Limited acquired a controlling share of CBW Group Holdings Limited. The ultimate parent company of SG International Holdings Limited is Super Group Limited, a company incorporated in South Africa and listed on the Johannesburg Stock Exchange. The registered office of the ultimate parent is 27 Impala Road, Chislehurston, Sandton, 2196, Johannesburg, South Africa

 

The Group is reporting profits before tax of £1,220,948 for the period ended 30 June 2024.

 

The net assets of the Group have increased to £7,832,328 as at 30 June 2024.

 

The Group is to continue trading for the foreseeable future and it is expected that the Group will continue to be profitable.

Principal risks and uncertainties

The directors considered that the principal risk and uncertainties of the business are those relating to the general economic conditions and the performance of its subsidiaries. Both of these risks are monitored regularly by the Board of Directors to ensure that these risks are minimised, particularly in terms of reviewing subsidiary performance.

Key performance indicators

The key performance indicators which the director targets are sales growth, operating profit as a percentage of sales and return on capital employed.

2024
2023
- Operating profit/(loss) as a percentage of sales
2%
9%
- Return on capital employed
13%
58%
CBW GROUP HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -
Promoting the success of the company

Statement by the directors in performance of their statutory duties in accordance with s172(1) Companies House Act 2006

The directors are aware of their duty under section 172(1)(a) to (f) of the Companies House Act 2006 to act in the way which they consider, in good faith, would be most likely to promote the success of the Group for the benefit of its members as a whole and, in doing so, to have regard (amongst other matters) to:

 

 

The Board is responsible for the control and oversight of the Group’s affairs, for setting strategic priorities, supporting stakeholder engagement including communication with the Group’s ultimate parent company, Super Group Limited, which is registered in the republic of South Africa.

 

Employees

Engagement with employees is critical to the success of the Group. The group engages employees through the following media:

 

 

The directors believe that economically viable and self-sustaining employment equity is an essential and integral part of corporate governance within the Group. Management of the business units has initiated a variety of employment equity programs. Individual development, equality and performance- based advancement are the cornerstones of the Group’s approach to bring and maintain a balanced and highly skilled workforce. The Group also promotes gender equality which incorporates acceptance of equal and inalienable rights of women and men. It involves working with both to ensure equitable behaviours and practiced at home and in the workplace. Genuine equality cannot be measured by parity in numbers, but rather by improving overall quality of life so that equality is achieved without sacrificing gains for males or females.

 

Suppliers, Customers and others

The Group is committed to delivering an outstanding experience for all its customers and other stakeholders and looks to enhance its reputation of excellence in all areas of interactions. Logistics UK continues to build relationships with other firms in the industry, benefiting the stakeholders of the Group, including customers. Supply Cain Europe prides itself on the concept of ‘Agile Logistics’ in order to offer customers a high level of flexibility and security. Customers and clients are important stakeholders for the success of the Group. The Group has customers and clients who range from large corporations to SME companies. The Group engages with these stakeholders on various levels, including the following:

 

 

Suppliers are important stakeholders as they are the providers of services, equipment and facilities that are required by the Group to service its customers. Group engagement with these stakeholders vary and include elements of the following:

 

 

CBW GROUP HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -

Community and Environment

The community is a key stakeholder seeing that both the Group and the employees are directly impacted by the communities in which the Group operates and employees live in. The Group’s engagement with the communities includes contributions towards initiatives in respect of fundraising, donations and services within various communities.

 

 

Throughout the Group, the recycling of paper, plastic and glass is encouraged and the necessary recycling bins are placed in various locations.

 

The Group continues to roll out recycling initiatives to all its locations and continues to encourage additional recycling initiatives.

 

The desirability of the Group maintaining a reputation for high standards of business conduct

The Group is committed to high standards of honesty, integrity and behaviour and ethics in dealing with all stakeholders. All directors and employees of the Group are encouraged to subscribe to the ultimate holding company’s Code of Ethics and Business Conduct, which requires them to maintain high personal ethical standards and to act in good faith and the best interests of the Group. The Code also addresses conflicts of interest, particularly relating to directors and management. This ensures that the Group’s business practices are conducted in an equitable manner. Employees are surveyed annually to ensure they are both aware of and understand the Group’s Code of Ethics and Business Conduct.

On behalf of the board

Mr D M Mucci
Director
3 March 2025
CBW GROUP HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 4 -

The directors present their annual report and financial statements for the year ended 30 June 2024.

Principal activities

The principal activity of the company and group continued to be that of international logistics company comprising warehousing, transport, international freight and value added activities.

Results and dividends

The results for the year are set out on page 10.

Ordinary dividends were paid amounting to £243,016. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr P R Andrews
Mrs R D Andrews
(Resigned 19 July 2023)
Mr D M Mucci
Mrs R S Mucci
(Resigned 19 July 2023)
Mr S M Trainor
Mr M A Jones
Mrs C Trainor
(Resigned 19 July 2023)
Mrs J Jones
(Resigned 19 July 2023)
Mr C A Brown
(Appointed 19 July 2023)
Mr A Chambers
(Appointed 19 July 2023)
Mr P Mountford
(Appointed 19 July 2023)
Mr Z Sieberhagen
(Appointed 19 July 2023)
Financial instruments

Liquidity risk

The company manages its cash and borrowing requirements to maximise interest income and minimise interest expense, whilst ensuring that the company has sufficient liquid resources to meet the operating needs of the business and uses a Cash Conversion Cycle KPI metric which we review on a regular basis.

Price risk

The company continually seeks competitive and reliable suppliers and prefer to work towards partnerships that are mutually beneficial supporting longevity and success as seen with the JV in Poland. The company will continue with this approach and will create links where strategically situated. We credit risk all our customers through a verification procedure with insurance in place to protect the company as best possible. Receivable balances are monitored on an ongoing basis and provision is made for doubtful debts where necessary.

Disabled persons

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the group continues and that the appropriate training is arranged. It is the policy of the group that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

CBW GROUP HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 5 -
Employee involvement

The group places considerable value on the involvement of its employees and has continued to keep them informed on matters affecting them as employees and on the various factors affecting the performance of the group. Employees are consulted on issues directly affecting them wherever practicable and senior managers and employee representatives from all areas of the business meet to discuss issues. Employee surveys are undertaken, and the results are shared with employees to drive changes as required. There is no share scheme in place for employees.

Auditor

Ormerod Rutter Limited were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Energy and carbon report

The below details the SECR reporting for the CBW Group Holdings Limited group, all entities within the group including this entity are individually below the threshold for SECR reporting.

2024
2023
Energy consumption
kWh
kWh
Aggregate of energy consumption in the year
12,555,356
14,586,170
2024
2023
Emissions of CO2 equivalent
metric tonnes
metric tonnes
Scope 1 - direct emissions
- Gas combustion
1.84
2.90
- Fuel consumed for owned transport
3,059.41
3,626.40
3,061.25
3,629.30
Scope 2 - indirect emissions
- Electricity purchased
75.87
75.80
Scope 3 - other indirect emissions
- Fuel consumed for transport not owned by the
10.19
11.60
Total gross emissions
3,147.31
3,716.70
Intensity ratio
Tonnes CO2e per employee
11.88
17.8
Quantification and reporting methodology

The group has followed the 2019 HM Government Environmental Reporting Guidelines. The group has also used the GHG Reporting Protocol – Corporate Standard and have used the 2023 UK Government’s Conversion Factors for Company Reporting.

Intensity measurement

The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per employee.

CBW GROUP HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 6 -
Measures taken to improve energy efficiency

At CBW, we understand the urgent need to address environmental challenges. Therefore, we have implemented an environmental policy to guide our business practices. As part of our efforts, we have registered with the UN’s Race to Zero and set a target to achieve net-zero emissions by 2030.

 

To effectively manage our environmental impact, we have established a green board that allows our staff to actively engage in discussions and planning initiatives. This has led to significant changes in our operations. We have upgraded all our forklifts and pallet handlers to electric models and transitioned to a fully renewable energy provider. Additionally, our waste management provider has confirmed that zero waste from our operations is going to landfill.

 

I am pleased to state that we have received full certification from SDG and are successfully using their Root system to calculate both our carbon footprint and the customer carbon footprint from transport and distribution. This reinforces our commitment to sustainability. We are also exploring the transition to HVO fuel to further reduce our fleet’s carbon footprint and are committed to continual improvement in this area.

 

Sustainability lies at the core of our business. We are dedicated to progressing further and upholding our responsibilities towards both society and environment.

Statement of directors' responsibilities

The directors are responsible for preparing the Annual Report 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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

On behalf of the board
Mr D M Mucci
Mr S M Trainor
Director
Director
3 March 2025
CBW GROUP HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CBW GROUP HOLDINGS LIMITED
- 7 -
Opinion

We have audited the financial statements of CBW Group Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2024 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including 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:

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company 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 parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

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

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 our audit:

CBW GROUP HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CBW GROUP HOLDINGS LIMITED
- 8 -
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 their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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 is 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 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 parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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 an auditor's report 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

 

Based on our understanding of the company, we identified the principal risks of non-compliance with laws and regulations including those that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, and the extent to which non-compliance might have a material effect on the financial statements. Audit procedures performed included discussions with management, review of board meeting minutes, testing of journals, designing and performing audit procedures and challenging assumptions and judgements made by management in relation to accounting estimates.

 

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

CBW GROUP HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CBW GROUP HOLDINGS LIMITED
- 9 -

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 an auditor's report 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.

Colm McGrory FCA (Senior Statutory Auditor)
For and on behalf of Ormerod Rutter Limited
4 March 2025
Chartered Accountants
Statutory Auditor
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
CBW GROUP HOLDINGS LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 JUNE 2024
- 10 -
Year
Period
ended
ended
30 June
30 June
2024
2023
Notes
£
£
Turnover
2
57,237,209
63,543,677
Cost of sales
(44,837,229)
(49,498,690)
Gross profit
12,399,980
14,044,987
Distribution costs
(69,033)
(68,610)
Administrative expenses
(11,026,655)
(8,330,413)
Other operating income
-
1,120
Operating profit
3
1,304,292
5,647,084
Interest receivable and similar income
7
3,046
1,435
Interest payable and similar expenses
8
(86,390)
(25,351)
Profit before taxation
1,220,948
5,623,168
Tax on profit
9
(598,715)
(1,210,173)
Profit for the financial year
622,233
4,412,995
Profit for the financial year is attributable to:
- Owners of the parent company
665,305
4,377,950
- Non-controlling interests
(43,072)
35,045
622,233
4,412,995
CBW GROUP HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024
- 11 -
Year
Period
ended
ended
30 June
30 June
2024
2023
£
£
Profit for the year
622,233
4,412,995
Other comprehensive income
-
-
Cash flow hedges gain arising in the year
-
0
-
0
Total comprehensive income for the year
622,233
4,412,995
Total comprehensive income for the year is attributable to:
- Owners of the parent company
665,305
4,377,950
- Non-controlling interests
(43,072)
35,045
622,233
4,412,995
CBW GROUP HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT
30 JUNE 2024
30 June 2024
- 12 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
11
2,623,137
2,958,006
Other intangible assets
11
59,154
7,614
Total intangible assets
2,682,291
2,965,620
Tangible assets
12
1,691,951
949,030
4,374,242
3,914,650
Current assets
Debtors
15
13,291,860
15,910,424
Cash at bank and in hand
2,778,279
3,733,701
16,070,139
19,644,125
Creditors: amounts falling due within one year
16
(10,341,811)
(13,835,771)
Net current assets
5,728,328
5,808,354
Total assets less current liabilities
10,102,570
9,723,004
Creditors: amounts falling due after more than one year
17
(1,547,303)
(1,958,225)
Provisions for liabilities
Provisions
19
378,700
305,500
Deferred tax liability
20
344,239
6,168
(722,939)
(311,668)
Net assets
7,832,328
7,453,111
Capital and reserves
Called up share capital
22
340
340
Profit and loss reserves
7,810,524
7,388,235
Equity attributable to owners of the parent company
7,810,864
7,388,575
Non-controlling interests
21,464
64,536
7,832,328
7,453,111
The financial statements were approved by the board of directors and authorised for issue on 3 March 2025 and are signed on its behalf by:
03 March 2025
Mr D M Mucci
Mr S M Trainor
Director
Director
Company registration number 13524840 (England and Wales)
CBW GROUP HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 30 JUNE 2024
30 June 2024
- 13 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
11
55,487
7,614
Tangible assets
12
58,224
11,347
Investments
13
8,395,579
8,395,579
8,509,290
8,414,540
Current assets
Debtors
15
2,144,174
2,041,216
Cash at bank and in hand
152,290
12,857
2,296,464
2,054,073
Creditors: amounts falling due within one year
16
(9,196,088)
(8,378,262)
Net current liabilities
(6,899,624)
(6,324,189)
Total assets less current liabilities
1,609,666
2,090,351
Creditors: amounts falling due after more than one year
17
(808,190)
(1,600,000)
Provisions for liabilities
Provisions
19
2,700
1,500
Deferred tax liability
20
12,231
-
0
(14,931)
(1,500)
Net assets
786,545
488,851
Capital and reserves
Called up share capital
22
340
340
Profit and loss reserves
786,205
488,511
Total equity
786,545
488,851

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £540,710 (2023 - £418,125 profit).

These 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 3 March 2025 and are signed on its behalf by:
03 March 2025
Mr D M Mucci
Mr S M Trainor
Director
Director
Company registration number 13524840 (England and Wales)
CBW GROUP HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
- 14 -
Share capital
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
Notes
£
£
£
£
£
Balance at 1 October 2022
400
3,548,939
3,549,339
29,491
3,578,830
Period ended 30 June 2023:
Profit and total comprehensive income
-
4,377,950
4,377,950
35,045
4,412,995
Dividends
10
-
(538,654)
(538,654)
-
(538,654)
Reduction of shares
22
(60)
-
(60)
-
(60)
Balance at 30 June 2023
340
7,388,235
7,388,575
64,536
7,453,111
Year ended 30 June 2024:
Profit and total comprehensive income
-
665,305
665,305
(43,072)
622,233
Dividends
10
-
(243,016)
(243,016)
-
(243,016)
Balance at 30 June 2024
340
7,810,524
7,810,864
21,464
7,832,328
CBW GROUP HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
- 15 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 October 2022
400
609,040
609,440
Period ended 30 June 2023:
Profit and total comprehensive income for the period
-
418,125
418,125
Dividends
10
-
(538,654)
(538,654)
Reduction of shares
22
(60)
-
(60)
Balance at 30 June 2023
340
488,511
488,851
Year ended 30 June 2024:
Profit and total comprehensive income
-
540,710
540,710
Dividends
10
-
(243,016)
(243,016)
Balance at 30 June 2024
340
786,205
786,545
CBW GROUP HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2024
- 16 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
26
1,943,738
5,503,486
Interest paid
(86,390)
(25,351)
Income taxes paid
(1,393,777)
(1,153,679)
Net cash inflow from operating activities
463,571
4,324,456
Investing activities
Purchase of intangible assets
(74,646)
(20,304)
Purchase of tangible fixed assets
(453,423)
(489,529)
Proceeds from disposal of tangible fixed assets
19,736
-
Repayment of loans
385,000
(385,000)
Interest received
3,046
1,435
Net cash used in investing activities
(120,287)
(893,398)
Financing activities
Reduction in shares
-
(60)
Repayment of bank loans
(10,000)
(541,766)
Payment of finance leases obligations
(198,897)
156,335
Dividends paid to equity shareholders
(243,016)
(538,654)
Net cash used in financing activities
(451,913)
(924,145)
Net (decrease)/increase in cash and cash equivalents
(108,629)
2,506,913
Cash and cash equivalents at beginning of year
243,040
(2,263,873)
Cash and cash equivalents at end of year
134,411
243,040
Relating to:
Cash at bank and in hand
2,778,279
3,733,701
Bank overdrafts included in creditors payable within one year
(2,643,868)
(3,490,661)
CBW GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 17 -
1
Accounting policies
Company information

CBW Group Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Allen Ford, Tachbrook Park Drive, Warwick, Warwickshire, CV34 6SY. The principal place of business is Amco Park, Acanthus Road, North Moons Moat, Redditch, Worcestershire, United Kingdom, B98 9EX.

 

The group consists of CBW Group Holdings Limited and all of its subsidiaries.

1.1
Reporting period

The financial statements cover the 12 month period to 30 June 2024. The comparatives cover the 9 month period to 30 June 2023 therefore comparative amounts presented in the financial statements (including the related notes) are not entirely comparable.

 

The comparative period year end was shortened to 30 June 2023 to align with new parent undertakings.

1.2
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.3
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

CBW GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 18 -
1.4
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company CBW Group Holdings Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 30 June 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

 

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

 

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

1.5
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.6
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

CBW GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 19 -
1.7
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

 

Negative goodwill arises when the fair value of net assets acquired exceeds the cost of acquisition. The negative goodwill is recognized as an asset and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Negative goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 23 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.8
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Software
1 year straight line
1.9
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
10% on cost
Plant and equipment
33% on cost
Fixtures and fittings
33% on cost
Computer equipment
33% on cost
Motor vehicles
33% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

CBW GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 20 -
1.10
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

 

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

 

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

 

In the parent company financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.11
Impairment of fixed assets

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

 

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

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

CBW GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 21 -

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.12
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.13
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

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

 

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

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

CBW GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 22 -
Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.14
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.15
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

CBW GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 23 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.16
Provisions

Provisions are recognised when the group has a legal or constructive present obligation as a result of a past event, it is probable that the group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.17
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.18
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

CBW GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 24 -
1.19
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

2
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Sale of Services
57,237,209
63,543,677
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
50,472,807
46,886,948
Europe
4,023,630
2,724,616
Rest of the World
2,740,772
13,932,113
57,237,209
63,543,677
2024
2023
£
£
Other revenue
Interest income
3,046
1,435
Managment charges
689,240
455,230
3
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange losses
58,886
149,752
Depreciation of owned tangible fixed assets
524,995
348,856
Profit on disposal of tangible fixed assets
(27,887)
-
Amortisation of intangible assets
357,975
263,842
Operating lease charges
1,992,253
1,414,231
CBW GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 25 -
4
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
12,103
11,600
Audit of the financial statements of the company's subsidiaries
58,300
31,000
70,403
42,600
5
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
267
244
35
23

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
10,449,651
7,419,535
1,731,888
916,009
Social security costs
847,781
780,370
202,054
93,914
Pension costs
483,167
528,467
228,838
337,063
11,780,599
8,728,372
2,162,780
1,346,986
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
285,888
163,704
Company pension contributions to defined contribution schemes
90,807
311,550
376,695
475,254
CBW GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
6
Directors' remuneration
(Continued)
- 26 -
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
127,794
-
Company pension contributions to defined contribution schemes
18,708
-
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
3,046
1,435
8
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
41,117
731
Other finance costs:
Interest on finance leases and hire purchase contracts
45,273
24,620
Total finance costs
86,390
25,351
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
260,644
1,210,173
Deferred tax
Origination and reversal of timing differences
338,071
-
0
Total tax charge
598,715
1,210,173
CBW GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
9
Taxation
(Continued)
- 27 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
1,220,948
5,623,168
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
305,237
1,068,402
Tax effect of expenses that are not deductible in determining taxable profit
195,058
31,027
Tax effect of income not taxable in determining taxable profit
(60,896)
-
0
Change in unrecognised deferred tax assets
(5,739)
-
0
Permanent capital allowances in excess of depreciation
(15,242)
(38,556)
Deferred tax adjustments in respect of prior years
180,297
-
0
Tax at marginal rate
-
0
117,209
Other timing differences
-
0
32,091
Taxation charge
598,715
1,210,173
10
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Interim paid
243,016
538,654
11
Intangible fixed assets
Group
Goodwill
Negative goodwill
Software
Total
£
£
£
£
Cost
At 1 July 2023
3,348,687
(1,132,866)
50,713
2,266,534
Additions
-
0
-
0
74,646
74,646
At 30 June 2024
3,348,687
(1,132,866)
125,359
2,341,180
Amortisation and impairment
At 1 July 2023
390,681
(1,132,866)
43,099
(699,086)
Amortisation charged for the year
334,869
-
0
23,106
357,975
At 30 June 2024
725,550
(1,132,866)
66,205
(341,111)
CBW GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
11
Intangible fixed assets
(Continued)
- 28 -
Carrying amount
At 30 June 2024
2,623,137
-
0
59,154
2,682,291
At 30 June 2023
2,958,006
-
0
7,614
2,965,620
Company
Software
£
Cost
At 1 July 2023
20,304
Additions
70,646
At 30 June 2024
90,950
Amortisation and impairment
At 1 July 2023
12,690
Amortisation charged for the year
22,773
At 30 June 2024
35,463
Carrying amount
At 30 June 2024
55,487
At 30 June 2023
7,614
CBW GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 29 -
12
Tangible fixed assets
Group
Leasehold improvements
Plant and equipment
Fixtures and fittings
Computer equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 July 2023
319,006
332,105
238,183
132,504
694,922
1,716,720
Additions
60,724
63,310
23,787
21,624
1,090,320
1,259,765
Disposals
-
0
-
0
-
0
-
0
(68,690)
(68,690)
At 30 June 2024
379,730
395,415
261,970
154,128
1,716,552
2,907,795
Depreciation and impairment
At 1 July 2023
49,149
121,922
107,623
87,415
401,581
767,690
Depreciation charged in the year
35,332
114,275
60,907
27,285
287,196
524,995
Eliminated in respect of disposals
-
0
-
0
-
0
-
0
(76,841)
(76,841)
At 30 June 2024
84,481
236,197
168,530
114,700
611,936
1,215,844
Carrying amount
At 30 June 2024
295,249
159,218
93,440
39,428
1,104,616
1,691,951
At 30 June 2023
269,857
210,183
130,560
45,089
293,341
949,030
Company
Leasehold improvements
Plant and equipment
Fixtures and fittings
Computer equipment
Total
£
£
£
£
£
Cost
At 1 July 2023
620
-
0
28,784
7,118
36,522
Additions
13,240
38,366
274
7,487
59,367
At 30 June 2024
13,860
38,366
29,058
14,605
95,889
Depreciation and impairment
At 1 July 2023
67
-
0
21,950
3,158
25,175
Depreciation charged in the year
780
11,723
(2,858)
2,845
12,490
At 30 June 2024
847
11,723
19,092
6,003
37,665
Carrying amount
At 30 June 2024
13,013
26,643
9,966
8,602
58,224
At 30 June 2023
553
-
0
6,834
3,960
11,347
CBW GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
12
Tangible fixed assets
(Continued)
- 30 -

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

Group
Company
2024
2023
2024
2023
£
£
£
£
Plant and equipment
99,018
176,375
-
0
-
0
Motor vehicles
859,464
234,342
-
0
-
0
958,482
410,717
-
-
13
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
14
-
0
-
0
8,395,579
8,395,579
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 July 2023 and 30 June 2024
8,395,579
Carrying amount
At 30 June 2024
8,395,579
At 30 June 2023
8,395,579
14
Subsidiaries

Details of the company's subsidiaries at 30 June 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
CBW Resources Limited
That of the parent
Ordinary
100.00
-
CBW International Limited
That of the parent
Ordinary
100.00
-
CBW Packaging Limited
That of the parent
Ordinary
100.00
-
Sandalwest Limited
That of the parent
Ordinary
100.00
-
AM-TRANS Logistyka Limited Liability Company
Dzialosza, 34C, 56-500, Poland
Ordinary
-
60.00
CBW Customs Limited
That of the parent
Ordinary
100.00
-
CBW GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 31 -
15
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
10,349,788
12,571,953
-
0
-
0
Corporation tax recoverable
302,058
-
0
12,494
-
0
Amounts owed by group undertakings
-
-
2,012,726
1,566,168
Other debtors
281,849
898,315
400
385,400
Prepayments and accrued income
2,358,165
2,440,156
118,554
89,648
13,291,860
15,910,424
2,144,174
2,041,216
16
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
2,654,194
3,501,245
-
0
-
0
Obligations under finance leases
18
329,474
112,659
-
0
-
0
Trade creditors
4,237,337
4,951,765
75,281
17,031
Amounts owed to group undertakings
-
0
-
0
8,082,214
7,261,118
Corporation tax payable
136,976
968,051
-
0
49,339
Other taxation and social security
703,230
639,056
189,845
205,459
Other creditors
1,017,066
1,177,327
834,067
834,181
Accruals and deferred income
1,263,534
2,485,668
14,681
11,134
10,341,811
13,835,771
9,196,088
8,378,262

The company has a full title guarantee with Close Brothers. The entity whether in existence now or in the future has a fixed charge on the freehold and leasehold properties, all fixtures in or attached to the property, fixed plant and machinery and any other specified equipment.

17
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
8,841
18,583
-
0
-
0
Obligations under finance leases
18
730,272
339,642
-
0
-
0
Other creditors
808,190
1,600,000
808,190
1,600,000
1,547,303
1,958,225
808,190
1,600,000
CBW GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 32 -
18
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
329,441
112,658
-
0
-
0
In two to five years
730,305
339,643
-
0
-
0
1,059,746
452,301
-
-

Finance lease payments represent rentals payable by the company for certain items of motor vehicles. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

19
Provisions for liabilities
Group
Company
2024
2023
2024
2023
£
£
£
£
378,700
305,500
2,700
1,500
Movements on provisions:
Group
£
At 1 July 2023
304,000
Additional provisions in the year
74,700
At 30 June 2024
378,700
Dilapidations
Company
£
Additional provisions in the year
2,700
CBW GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 33 -
20
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
344,239
6,168
Liabilities
Liabilities
2024
2023
Company
£
£
Accelerated capital allowances
12,231
-
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 July 2023
6,168
-
Charge to profit or loss
338,071
12,231
Liability at 30 June 2024
344,239
12,231

The deferred tax liability set out above is expected to reverse in greater than 12 months and relates to accelerated capital allowances that are expected to mature within the same period.

21
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
483,167
528,467

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

22
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
268
268
268
268
Ordinary B shares of £1 each
72
72
72
72
340
340
340
340
CBW GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
22
Share capital
(Continued)
- 34 -

Ordinary A shares hold full rights to receive notice, attend and vote at any general meeting of the company, and to receive dividend payments.

 

Ordinary B shares do not have voting rights or any right to redemption. Ordinary B shares have full dividend and capital distribution (including on winding up) rights.

23
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
2,797,779
2,117,000
-
-
Between two and five years
6,420,415
5,919,436
-
-
In over five years
1,075,583
2,260,917
-
-
10,293,777
10,297,353
-
-
24
Capital commitments

Amounts contracted for but not provided in the financial statements:

Group
Company
2024
2023
2024
2023
£
£
£
£
Acquisition of tangible fixed assets
-
65,000
-
-
25
Controlling party

SG International Holdings Limited were the ultimate controlling party by virtue of its controlling share in CBW Group Holdings Limited. The ultimate parent company of SG International Holdings Limited is Super Group Limited, a company incorporated in South Africa. The registered office is 27 Impala Road, Chislehurston, Sandton, 2196, Johannesburg, South Africa.

CBW GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 35 -
26
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
622,233
4,412,995
Adjustments for:
Taxation charged
598,715
1,210,173
Finance costs
86,390
25,351
Investment income
(3,046)
(1,435)
Gain on disposal of tangible fixed assets
(27,887)
-
Amortisation and impairment of intangible assets
357,975
263,842
Depreciation and impairment of tangible fixed assets
524,995
348,856
Increase in provisions
73,200
54,900
Movements in working capital:
Decrease in debtors
2,535,622
176,296
Decrease in creditors
(2,824,459)
(987,492)
Cash generated from operations
1,943,738
5,503,486
27
Analysis of changes in net debt - group
1 July 2023
Cash flows
New finance leases
30 June 2024
£
£
£
£
Cash at bank and in hand
3,733,701
(955,422)
-
2,778,279
Bank overdrafts
(3,490,661)
846,793
-
(2,643,868)
243,040
(108,629)
-
134,411
Borrowings excluding overdrafts
(29,167)
10,000
-
(19,167)
Obligations under finance leases
(452,301)
198,897
(806,342)
(1,059,746)
(238,428)
100,268
(806,342)
(944,502)
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