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Registered number: 04453844










CPD BODIES LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

 
CPD BODIES LIMITED
 
 
COMPANY INFORMATION


DIRECTORS
C P Doocey 
L Doocey 
D L Maguire 




COMPANY SECRETARY
Nuala Theresa Doocey



REGISTERED NUMBER
04453844



REGISTERED OFFICE
97 Bowesfield Lane
Stockton on Tees

Cleveland

TS18 3HF




INDEPENDENT AUDITORS
Waltons Business Advisers Limited
Chartered Accountants & Statutory Auditors

Maritime House

Harbour Walk

The Marina

Hartlepool

Teesside

TS24 0UX





 
CPD BODIES LIMITED
 

CONTENTS



Page
Directors' report
1 - 2
Strategic report
3 - 4
Independent auditors' report
5 - 8
Profit and loss account
9
Balance sheet
10
Statement of changes in equity
11
Notes to the financial statements
12 - 27


 
CPD BODIES LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024

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

DIRECTORS' RESPONSIBILITIES STATEMENT

The directors are responsible for preparing the strategic report, the directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company'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 Company will continue in business.

The directors are 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 to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

PRINCIPAL ACTIVITY

The principal activity of the Company is commerical vehicle sales, repairs and conversions.

RESULTS AND DIVIDENDS

The profit for the year, after taxation, amounted to £2,754,108 (2023 - £5,275,403).

The directors view the year end results as being a result of a lot of hard work and planning, and have a growth plan in place for the coming years.

DIRECTORS

The directors who served during the year were:

C P Doocey 
L Doocey 
D L Maguire 

FUTURE DEVELOPMENTS

CPD Bodies Limited 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.

Page 1

 
CPD BODIES LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024

RESEARCH AND DEVELOPMENT ACTIVITIES

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.

DISCLOSURE OF INFORMATION TO AUDITORS

Each of the persons who are directors at the time when this directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

AUDITORS

The auditorsWaltons Business Advisers Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 28 March 2025 and signed on its behalf.
 





C P Doocey
Director

Page 2

 
CPD BODIES LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024

BUSINESS REVIEW
 
Following the most successful year in our Company’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. 

PRINCIPAL RISKS AND UNCERTAINTIES
 
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.

Page 3

 
CPD BODIES LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024

FINANCIAL KEY PERFORMANCE INDICATORS

The board monitors company performance using a range of indicators, some of the most significant of which 
are as follows:
Key performance indicators
 

2024
2023
2022
2021
Turnover
26,307,207
37,913,511
27,636,416
13,580,354
Gross profit %
16.1%
21.2%
18.2%
11.8%
Net profit before tax as a % of turnover
5.8%
16.6%
12.0%
4.8%
Net profit/(loss) before tax
1,525,201
6,277,647
3,312,851
654,538


This report was approved by the board on 28 March 2025 and signed on its behalf.



C P Doocey
Director

Page 4

 
CPD BODIES LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE SHAREHOLDERS, AS A BODY, OF CPD BODIES LIMITED
 

UNQUALIFIED OPINION


We have audited the financial statements of CPD Bodies Limited (the 'Company') for the year ended 30 June 2024, which comprise the profit and loss account, the balance sheet, the statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 30 June 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


BASIS FOR OPINION


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company 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.


EMPHASIS OF MATTER


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. This has resulted in a tax refund of £200,071.


Page 5

 
CPD BODIES LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE SHAREHOLDERS, AS A BODY, OF CPD BODIES LIMITED (CONTINUED)


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 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 auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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.


OPINION ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.


MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION
 

In the light of the knowledge and understanding of the Company and its 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:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Page 6

 
CPD BODIES LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE SHAREHOLDERS, AS A BODY, OF CPD BODIES LIMITED (CONTINUED)


RESPONSIBILITIES OF DIRECTORS
 

As explained more fully in the directors' responsibilities statement set out on page 1, 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 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 Company or to cease operations, or have no realistic alternative but to do so.


Page 7

 
CPD BODIES LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE SHAREHOLDERS, AS A BODY, OF CPD BODIES LIMITED (CONTINUED)


AUDITORS' RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue 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 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 company and the area in which it operates, and considered the risk of acts by the company 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.





Paul Harrison MSc BSc FCA (senior statutory auditor)
  
for and on behalf of
Waltons Business Advisers Limited
 
Chartered Accountants
Statutory Auditors
  
Maritime House
Harbour Walk
The Marina
Hartlepool
Teesside
TS24 0UX

28 March 2025
Page 8

 
CPD BODIES LIMITED
 
 
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 JUNE 2024

2024
2023
Note
£
£

  

Turnover
  
26,307,207
37,913,511

Cost of sales
  
(22,078,775)
(29,890,909)

GROSS PROFIT
  
4,228,432
8,022,602

Administrative expenses
  
(2,876,379)
(1,719,526)

Other operating income
 4 
25,703
-

OPERATING PROFIT
 5 
1,377,756
6,303,076

Interest receivable and similar income
 9 
237,219
47,872

Interest payable and similar expenses
 10 
(89,774)
(73,301)

PROFIT BEFORE TAX
  
1,525,201
6,277,647

Tax on profit
 11 
1,228,907
(1,002,244)

PROFIT FOR THE FINANCIAL YEAR
  
2,754,108
5,275,403

There are no items of other comprehensive income for 2024 or 2023 other than the profit for the yearAs a result, no separate Statement of comprehensive income has been presented.

The notes on pages 12 to 27 form part of these financial statements.

Page 9

 
CPD BODIES LIMITED
REGISTERED NUMBER: 04453844

BALANCE SHEET
AS AT 30 JUNE 2024

2024
2023
Note
£
£

FIXED ASSETS
  

Tangible assets
 13 
1,740,980
1,723,050

CURRENT ASSETS
  

Stocks
 14 
1,369,928
706,703

Debtors: amounts falling due within one year
 15 
5,212,402
5,572,032

Cash at bank and in hand
 16 
6,178,429
6,909,686

  
12,760,759
13,188,421

Creditors: amounts falling due within one year
 17 
(3,529,159)
(6,134,487)

NET CURRENT ASSETS
  
 
 
9,231,600
 
 
7,053,934

TOTAL ASSETS LESS CURRENT LIABILITIES
  
10,972,580
8,776,984

Creditors: amounts falling due after more than one year
 18 
(752,805)
(748,021)

PROVISIONS FOR LIABILITIES
  

Deferred tax
  
(99,428)
(116,752)

NET ASSETS
  
10,120,347
7,912,211


CAPITAL AND RESERVES
  

Called up share capital 
 22 
100
100

Profit and loss account
 23 
10,120,247
7,912,111

  
10,120,347
7,912,211


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 28 March 2025.




C P Doocey
Director

The notes on pages 12 to 27 form part of these financial statements.

Page 10

 
CPD BODIES LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 July 2023
100
7,912,111
7,912,211



Profit for the year
-
2,754,108
2,754,108

Dividends: Equity capital
-
(545,972)
(545,972)


AT 30 JUNE 2024
100
10,120,247
10,120,347



STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 July 2022 (as previously stated)
100
3,221,610
3,221,710

Prior year adjustment - correction of error
-
(211,402)
(211,402)

At 1 July 2022 (as restated)
100
3,010,208
3,010,308



Profit for the year
-
5,275,403
5,275,403

Dividends: Equity capital
-
(373,500)
(373,500)


AT 30 JUNE 2023
100
7,912,111
7,912,211


The notes on pages 12 to 27 form part of these financial statements.

Page 11

 
CPD BODIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


GENERAL INFORMATION

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
Cleveland
TS18 3HF
The immediate and ultimate parent company is CPD Group Holdings Limited.

2.ACCOUNTING POLICIES

 
2.1

Basis of preparation of financial statements

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 management to exercise judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - Reduced Disclosure Exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of CPD Group Holdings Limited as at 30 June 2024 and these financial statements may be obtained from Companies House, Crown Way, Maindy, Cardiff.

 
2.3

Going concern

The directors, having made due and careful enquiry and preparing forecasts, are of the opinion that the Company has adequate working capital to execute its operations over the next 12 months. The directors, therefore, have made an informed judgement at the time of approving the financial statements that there is reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. As a result the directors have continued to adopt the going concern basis of accounting in preparing the annual financial statements.

Page 12

 
CPD BODIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.


Freehold buildings
-
50 years
Short-term leasehold property
-
over the lease term
Plant and machinery
-
8 years
Motor vehicles
-
4 years
Fixtures and fittings
-
8 years

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.

Page 13

 
CPD BODIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.ACCOUNTING POLICIES (CONTINUED)

  
2.6

Stocks and work in progress

Stocks and work in progress are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. 
Finished goods are valued at the lower of cost and net realisable value, being the estimated selling prices less costs to complete and sell. Cost is based on the cost of purchase plus labour incurred.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

  
2.7

Financial instruments

The Company 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.


3.



JUDGEMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
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. This has resulted in a tax refund of £200,071.

Page 14

 
CPD BODIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

4.


OTHER OPERATING INCOME

2024
2023
£
£

Government grants receivable
11,063
-

Insurance claim
14,640
-

25,703
-



5.


OPERATING PROFIT

The operating profit is stated after charging:

2024
2023
£
£

Research & development charged as an expense
3,715,364
1,030,955

Other operating lease rentals
283,051
189,753


6.


AUDITORS' REMUNERATION

During the year, the Company obtained the following services from the Company's auditors:


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
13,100
12,200

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.

Page 15

 
CPD BODIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

7.


EMPLOYEES

Staff costs, including directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
2,171,216
2,190,435

Social security costs
177,229
173,766

Cost of defined contribution scheme
98,418
82,505

2,446,863
2,446,706


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Production
69
76



Administration
13
11

82
87


8.


DIRECTORS' REMUNERATION

2024
2023
£
£

Directors' emoluments
55,956
44,769

Company contributions to defined contribution pension schemes
68,244
49,986

124,200
94,755


During the year retirement benefits were accruing to 3 directors (2023 - 3) in respect of defined contribution pension schemes.


9.


INTEREST RECEIVABLE

2024
2023
£
£


Other interest receivable
237,219
47,872

237,219
47,872

Page 16

 
CPD BODIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

10.


INTEREST PAYABLE AND SIMILAR EXPENSES

2024
2023
£
£


Bank interest payable
61,913
55,883

Finance leases and hire purchase contracts
27,861
16,831

Other interest payable
-
587

89,774
73,301


11.


TAXATION


2024
2023
£
£

Corporation tax


Current tax on profits for the year
(200,071)
1,025,406

Adjustments in respect of previous periods
(1,011,512)
-


(1,211,583)
1,025,406


Total current tax
(1,211,583)
1,025,406

Deferred tax


Origination and reversal of timing differences
(17,324)
(67,345)

Changes to tax rates
-
44,183

Total deferred tax
(17,324)
(23,162)


Tax on profit
(1,228,907)
1,002,244
Page 17

 
CPD BODIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
 
11.TAXATION (CONTINUED)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 20.5%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
1,525,201
6,277,647


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 20.5%)
381,300
1,286,660

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
42,496
27,065

Capital allowances for year in excess of depreciation
4,935
(62,942)

Adjustments to tax charge in respect of prior periods
(1,011,512)
-

Short-term timing difference leading to an increase (decrease) in taxation
(17,324)
(67,345)

Change in corporation tax rates leading to an increase (decrease) in taxation
-
44,183

Adjustment in research and development tax credit leading to an increase (decrease) in the tax charge
(928,909)
(224,190)

Adjustment to losses available due to R&D loss surrender
300,107
-

Group relief
-
(1,187)

Total tax charge for the year
(1,228,907)
1,002,244


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 18

 
CPD BODIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

12.


DIVIDENDS

2024
2023
£
£

A Ordinary


Dividends
197,163
156,000

B Ordinary


Dividends
160,000
95,500

C Ordinary


Dividends
188,809
122,000


545,972
373,500

Page 19

 
CPD BODIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

13.


TANGIBLE FIXED ASSETS





Land and buildings
Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£



Cost


At 1 July 2023
1,044,690
580,123
617,907
256,310
2,499,030


Additions
5,131
19,167
191,791
8,754
224,843



At 30 June 2024

1,049,821
599,290
809,698
265,064
2,723,873



Depreciation


At 1 July 2023
2,241
375,326
246,845
151,568
775,980


Charge for the year on owned assets
1,905
47,124
23,457
19,754
92,240


Charge for the year on financed assets
-
-
110,266
4,407
114,673



At 30 June 2024

4,146
422,450
380,568
175,729
982,893



Net book value



At 30 June 2024
1,045,675
176,840
429,130
89,335
1,740,980



At 30 June 2023
1,042,449
204,797
371,062
104,742
1,723,050

Included in freehold land and buildings is land amounting to £947,883 (2023 - £947,883) which is not depreciated

Page 20

 
CPD BODIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

           13.TANGIBLE FIXED ASSETS (CONTINUED)




The net book value of land and buildings may be further analysed as follows:


2024
2023
£
£

Freehold
990,155
991,101

Short leasehold
55,520
51,348

1,045,675
1,042,449


The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Plant and machinery
-
35,905

Motor vehicles
322,696
304,571

Furniture and fittings
12,853
17,260

335,549
357,736


14.


STOCKS

2024
2023
£
£

Raw materials and consumables
747,698
287,953

Work in progress (goods to be sold)
101,343
98,250

Finished goods and goods for resale
520,887
320,500

1,369,928
706,703


Page 21

 
CPD BODIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

15.


DEBTORS

2024
2023
£
£


Trade debtors
1,759,289
2,114,014

Amounts owed by group undertakings
1,073,857
1,794,172

Other debtors
2,247,443
1,146,935

Prepayments and accrued income
131,813
516,911

5,212,402
5,572,032



16.


CASH AND CASH EQUIVALENTS

2024
2023
£
£

Cash at bank and in hand
6,178,429
6,909,686

6,178,429
6,909,686



17.


CREDITORS: Amounts falling due within one year

2024
2023
£
£

Bank loans
310,000
308,886

Trade creditors
2,555,434
3,839,723

Amounts owed to group undertakings
7,000
6,000

Corporation tax
-
975,818

Other taxation and social security
293,889
628,485

Obligations under finance lease and hire purchase contracts
60,228
71,372

Other creditors
270
143,659

Accruals and deferred income
302,338
160,544

3,529,159
6,134,487


Page 22

 
CPD BODIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

18.


CREDITORS: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
460,000
520,000

Net obligations under finance leases and hire purchase contracts
292,805
226,626

Accruals and deferred income
-
1,395

752,805
748,021


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.


19.


LOANS


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
310,000
308,886

Amounts falling due 1-2 years

Bank loans
310,000
260,000

Amounts falling due 2-5 years

Bank loans
150,000
260,000


770,000
828,886


Page 23

 
CPD BODIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

20.


FINANCIAL INSTRUMENTS

2024
2023
£
£

Financial assets


Financial assets measured at fair value through profit or loss
6,178,429
6,909,686

Financial assets that are debt instruments measured at amortised cost
5,080,589
5,055,121

11,259,018
11,964,807


Financial liabilities


Financial liabilities measured at amortised cost
(4,280,568)
(5,910,028)


Financial assets measured at fair value through profit or loss comprise of cash at bank and in hand.


Financial assets that are debt instruments measured at amortised cost comprise of trade debtors, amounts due from group undertakings and other debtors.


Financial liabilities measured at amortised cost comprise of trade creditors, other taxes and social security, bank loans, obligations under finance and hire purchase contracts, other creditors and accruals.

Page 24

 
CPD BODIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

21.


DEFERRED TAXATION




2024
2023


£

£






At beginning of year
(116,752)
(139,914)


Charged to profit or loss
17,324
23,162



At end of year
(99,428)
(116,752)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
99,428
116,752

99,428
116,752


22.


SHARE CAPITAL

2024
2023
£
£
Alotted, called up and fully paid



79 A Ordinary shares of £1.00 each
79
79
20 B Ordinary shares of £1.00 each
20
20
1   C Ordinary share of £1.00
1
1

100

100

The A and B ordinary shares have full voting and equity rights. The C ordinary shares have full equity rights but no voting rights.



23.


RESERVES

Profit and loss account

The profit and loss account represents the cumulative profits and losses, net of dividends paid and any other adjustments.

Page 25

 
CPD BODIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

24.


PENSION COMMITMENTS

The Company contributes to a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £98,418 (2023: £82,505). Contributions were payable to the fund at the balance sheet date of nil (2023: £2,420).


25.


COMMITMENTS UNDER OPERATING LEASES

At 30 June 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£



Not later than 1 year
202,000
202,000

Later than 1 year and not later than 5 years
720,000
742,000

Later than 5 years
3,375,000
3,555,000

4,297,000
4,499,000

2024
2023

£
£



Not later than 1 year
7,694
11,464

Later than 1 year and not later than 5 years
28,744
36,437

36,438
47,901


26.


RELATED PARTY TRANSACTIONS

Dividends amounting to £348,809 were paid to two directors during the year.
Included in other debtors at 30 June 2024 is £1,252,559 
(1 July 2023: £837,154) which is due from the directors. This is the maximum balance outstanding during the year and there is no date for repayment.
At 30 June 2024 an amount of £5,000 (
1 July 2023: £5,000) was due from a company in which a director has an interest, and is included in other debtors.
At 30 June 2024 an amount of £21,600 (
1 July 2023: £21,600) was due from a partnership in which a director has an interest, and is included in other debtors.
The Company has taken advantage of the exemption from disclosing transactions with group companies on the grounds that the consolidated financial statements are publically available from Companies House, Crown Way, Maindy, Cardiff.

Page 26

 
CPD BODIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

27.


CONTROLLING PARTY

The Company's ultimate parent company is CPD Group Holdings Limited (address: 97 Bowesfield Lane, Stockton on Tees, TS18 3HF) a company incorporated in England and Wales.
The consolidated financial statements for the group are publicly available from Companies House, Crown Way, Maindy, Cardiff.
 
Page 27