Registered number:
FOR THE YEAR ENDED 30 JUNE 2024
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CPD GROUP HOLDINGS LIMITED
COMPANY INFORMATION
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CPD GROUP HOLDINGS LIMITED
CONTENTS
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CPD GROUP HOLDINGS LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 30 JUNE 2024
The director presents his report and the financial statements for the year ended 30 June 2024.
The director is responsible for preparing the Group strategic report, the Director's report and the consolidated financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the director is required to:
∙select suitable accounting policies for the Group's financial statements 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 Group will continue in business.
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation and minority interests, amounted to £3,025,767 (2023 - £4,362,917).
Dividends amounting to £205,163 were paid during the period.
The director who served during the year was:
The Group is always looking to diversify so that it can offer their customers a full turn key solution. We have various plans in motion to cover all aspects of construction vehicles as well as stationary welfare units.
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CPD GROUP HOLDINGS LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
Project 1 – Electric vehicle development
Objective To develop a comprehensive approach for designing and implementing vehicle conversion solutions tailored to electric chassis products, positioning CPD Bodies Ltd as a leader in the market for sustainable and innovative vehicle bodies. Project 2 – IT Objective To modernize and integrate CPD Bodies Ltd's internal IT systems, enabling seamless management of the customer journey from quotation to production planning, purchasing, invoicing, and reporting. This will improve operational efficiency, enhance customer satisfaction, and provide robust data insights.
There have been no significant events affecting the Group since the year end.
The auditors, Waltons Business Advisers Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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CPD GROUP HOLDINGS LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024
Following the most successful year in our Group’s history, we have undertaken a comprehensive evaluation of our operations, identifying key strengths and areas for improvement.
As part of this strategy, we have restructured and expanded our management team, ensuring expertise in all key areas. Notably, we identified a gap in our marketing capabilities and have since brought in a dedicated team to align with our growth ambitions. In line with our enhanced professional outlook, we have also undertaken a full rebrand of CPD, which has been met with highly positive feedback. To future-proof the business, we have invested significantly in the VanDemand brand, establishing a dedicated function to engage directly with end users and ensure seamless vehicle acquisition. Considerable time and financial resources have been allocated to this initiative, reflecting our commitment to enhancing customer experience and service delivery. In parallel, we have continued to strengthen our core operations, investing over £6 million in Light Commercial Vehicles (LCVs) and chassis to maintain a robust and diverse inventory. Additionally, we have expanded our sales team, which, though in its early stages, is already gaining traction in a highly competitive market. We remain dedicated to the development of non-internal combustion engine (ICE) vehicles and are actively collaborating with manufacturers to offer the most viable solutions within practical timelines. While challenges such as infrastructure limitations persist, we are committed to guiding our customers through the transition to electric, hydrogen, and other emerging technologies with minimal disruption. Furthermore, we have made significant investments in our workshop facilities, including a full refurbishment and the addition of new painting facilities at our head office. These enhancements will support our continued growth and ensure we maintain the highest standards of service and efficiency. As we move forward, our focus remains on innovation, operational excellence, and sustainable growth. We are confident that these strategic investments will position us for long-term success and reinforce our commitment to delivering exceptional value to our customers and stakeholders.
The global environment is ever changing. Material supply and energy costs have increased significantly. This has had large fluctuations with vehicle production from the manufacturers, alongside this, new models have had to be introduced to remain compliant with global legislation towards reducing emissions. The number of alternative fuel commercial vehicles sold in the UK is increasing.
New legislation called the ZEV mandate for 2024 has changed the landscape dramatically. This mandate requires at least 22% of new cars and 10% of new vans to be zero-emission. The Government has, however, changed some other targets. By 2030, automakers will need to ensure that 80% of new cars and 70% of new vans are electric. CPD Bodies have been offered enhanced terms on full electric vehicles because of the ZEV mandate. Initial terms were offered at 8% from the manufacturer, this has now increased to 18%. The business is planning for the next five years to accommodate this shift to alternative fuel options where diesel engines will no longer be produced. This won’t affect our conversions, but the platforms for customers to buy for conversions remain uncertain for them.
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CPD GROUP HOLDINGS LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
The board monitors Group performance using a range of indicators, some of the most significant of which are as follows: Key performance indicators
This report was approved by the board on 28 March 2025 and signed on its behalf.
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CPD GROUP HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CPD GROUP HOLDINGS LIMITED
We have audited the financial statements of CPD Group Holdings Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 30 June 2024, which comprise the Consolidated Statement of Income and Retained Earnings, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, 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).
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 United Kingdom, including the Financial Reporting Council'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.
We draw attention to note 3 in the financial statements which explains that the Research and Development tax credit is considered to be a material estimate.
An amended return has been submitted for the 2023 corporation tax and HMRC have (since the year-end) made a refund to CPD Bodies Limited of £835,918. The amounts involved are correctly disclosed within the financial statements. This amended tax computation has been submitted by the directors following advice from a firm specialising in R&D claims. This includes judgements as to the level of qualifying expenditure. Until any potential enquiry window has closed this claim is subject to possible clawback from HMRC and the impact upon the closing reserves and stated profit could be material. The current year tax charge includes a further refund in respect of qualifying expenditure in the year to 30 June 2024. In total this has resulted in a tax refund of £200,071.
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CPD GROUP HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CPD GROUP HOLDINGS LIMITED (CONTINUED)
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The director is 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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group strategic report and the Director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Group strategic report and the Director's report have been prepared in accordance with applicable legal requirements.
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CPD GROUP HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CPD GROUP HOLDINGS LIMITED (CONTINUED)
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 Director's report.
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CPD GROUP HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CPD GROUP HOLDINGS LIMITED (CONTINUED)
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 Auditors' 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 Group 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:
We gained an understanding of the legal and regulatory framework applicable to the group and the area in which it operates, and considered the risk of acts by the group that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material mistatement 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. We identified the greatest potential for fraud is in the following areas: recognition and completeness of income, management override of controls and posting of unusual journals. We discussed these risks with management and designed audit procedures to test, the recognition and completeness of revenue, unusual transactions, inappropriate journals and transactions made outside of the normal control process. We reviewed journals posted around the year end to look for potential "window dressing". We also considered estimates and judgements made by management for evidence of bias, either individually or collectively.
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 Auditors' report.
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CPD GROUP HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CPD GROUP HOLDINGS LIMITED (CONTINUED)
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 Auditors' 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.
for and on behalf of
Chartered Accountants
Statutory Auditors
Maritime House
Harbour Walk
The Marina
Teesside
TS24 0UX
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CPD GROUP HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024
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CPD GROUP HOLDINGS LIMITED
REGISTERED NUMBER: 14185441
CONSOLIDATED BALANCE SHEET
AS AT 30 JUNE 2024
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CPD GROUP HOLDINGS LIMITED
REGISTERED NUMBER: 14185441
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 22 to 40 form part of these financial statements.
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CPD GROUP HOLDINGS LIMITED
REGISTERED NUMBER: 14185441
COMPANY BALANCE SHEET
AS AT 30 JUNE 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 22 to 40 form part of these financial statements.
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CPD GROUP HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
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CPD GROUP HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
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CPD GROUP HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2023
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CPD GROUP HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
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CPD GROUP HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2023
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CPD GROUP HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2024
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CPD GROUP HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
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CPD GROUP HOLDINGS LIMITED
CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 JUNE 2024
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CPD GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
The Company is a private company, limited by shares, incorporated in England and Wales and its registered office is:-
97 Bowesfield Lane Stockton on Tees TS18 3HF
2.ACCOUNTING POLICIES
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of income and retained earnings from the date on which control is obtained. They are deconsolidated from the date control ceases.
The director, having made due and careful enquiry and preparing forecasts, is of the opinion that the Group, has adequate working capital to execute its operations over the next 12 months. The director, therefore, has made an informed judgement at the time of approving the financial statements that there is reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. As a result the director has continued to adopt the going concern basis of accounting in preparing the annual financial statements.
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CPD GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
2.ACCOUNTING POLICIES (CONTINUED)
Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. As a result of the acquisition negative goodwill is recognised in the balance sheet. Negative goodwill is amortised on a straight-line basis to the Consolidated statement of income and retained earnings over its useful economic life of 10 years.
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CPD GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
2.ACCOUNTING POLICIES (CONTINUED)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
The Group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.
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CPD GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
The directors believe that the following is critical due to the degree of estimation required and the potential material impact on the financial statements: Research and Development Tax Credit Note 11 shows an adjustment to the prior year tax charge. This is in respect of the research and development tax credit (R&D) included within the tax computation. An amended return has been submitted and HMRC have (since the year-end) made a refund to CPD Bodies Limited of £835,918. This amended tax computation has been submitted by the directors following advice from a firm specialising in R&D claims. This includes judgements as to the level of qualifying expenditure. The current year tax charge includes a further refund in respect of qualifying expenditure in the year to 30 June 2024. In total this has resulted in a tax refund of £200,071.
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CPD GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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CPD GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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CPD GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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CPD GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
11.TAXATION (CONTINUED)
There were no factors that may affect future tax charges.
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CPD GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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CPD GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
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CPD GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
14.TANGIBLE FIXED ASSETS (CONTINUED)
Page 32
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CPD GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
Page 33
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CPD GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
The investment property was valued at fair value by the director when purchased in 2023. The fair value was based on the purchase price. No depreciation is provided. Changes in fair value are recognised in the
profit and loss.
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CPD GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
Page 35
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CPD GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
The bank loans are secured by a fixed and floating charge on the assets of the company.
The net obligations under finance leases and hire purchase contracts are secured upon the assets to which they relate. An amount of £300,000 included in other loans is secured on the investment property.
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CPD GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
Page 37
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CPD GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
24.DEFERRED TAXATION (CONTINUED)
Share premium account
Investment property revaluation reserve
Profit and loss account
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CPD GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
The Group contributes to a defined contribution pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £98,638 (2023: £82,505).
Contributions of nil (2023: £2,420) were payable to the fund at the balance sheet date.
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CPD GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
The Group is controlled by C P Doocey.
Page 40
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