Company registration number 07591691 (England and Wales)
CUMBERLAND PLATFORMS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
CUMBERLAND PLATFORMS LIMITED
COMPANY INFORMATION
Directors
P A Viviani Murphy
Mrs M Viviani-Murphy
Secretary
P A Viviani Murphy
Company number
07591691
Registered office
38B Telford Way
Telford Way Ind Est
Kettering
Northamptonshire
United Kingdom
NN16 8UN
Auditor
Azets Audit Services
Thorpe House
93 Headlands
Kettering
Northamptonshire
United Kingdom
NN15 6BL
CUMBERLAND PLATFORMS LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Statement of comprehensive income
7
Balance sheet
8
Statement of changes in equity
9
Statement of cash flows
10
Notes to the financial statements
11 - 26
CUMBERLAND PLATFORMS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

The directors present the strategic report for the year ended 31 December 2024.

Review of the business

Since its conception in 2011, the company has become the cherry picker manufacturer of choice for the UK utility sector and beyond. Our rapid rise is the result of an unprecedented combination of factors: one of the widest ranges of products in the country, including insulated platforms; a dedication to quality that our competitors struggle to match; and a proactive team that is committed to providing a full spectrum of services, from design to support.

With three UK manufacturing facilities spanning over 31,000²Ft, the company is the only UK conversion specialist that manufactures over 60% of platforms in house.

The company continues to focus on growth through deeper market penetration and continues to invest in research and development to improve the quality and extent of its product range. Current year strategies have proven successful with turnover increasing and margin remaining stable.

Principal risks and uncertainties

The company recognises that some of the main risks and uncertainties are as follows:

 

Key performance indicators

The company reports on several key performance indicators (KPI's) in its monthly management accounts, the focus being on turnover, gross margins and overhead costs. The KPI's reflect the difficult market conditions experienced during the financial year.

 

In the year to 31st December 2024 some of these KPI's were as follows (compared with the year to 31st December 2023):

 

On behalf of the board

Mrs M Viviani-Murphy
Director
17 June 2025
CUMBERLAND PLATFORMS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -

The directors present their annual report and financial statements for the year ended 31 December 2024.

Principal activities

The principal activity of the company continued to be that of production, supply and service of powered access maintenance platforms.

Results and dividends

The results for the year are set out on page 7.

Ordinary dividends were paid amounting to £4,937,070. The directors do not recommend payment of a final dividend.

Directors

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

P A Viviani Murphy
Mrs M Viviani-Murphy
Auditor

In accordance with the company's articles, a resolution proposing that Azets Audit Services be reappointed as auditor of the company will be put at a General Meeting.

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 company’s auditor 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 company’s auditor is aware of that information.

On behalf of the board
Mrs M Viviani-Murphy
Director
17 June 2025
CUMBERLAND PLATFORMS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -

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 company and of the profit or loss of the company 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 company’s transactions and disclose with reasonable accuracy at any time the financial position of the 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

CUMBERLAND PLATFORMS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CUMBERLAND PLATFORMS LIMITED
- 4 -
Opinion

We have audited the financial statements of Cumberland Platforms Limited (the 'company') for the year ended 31 December 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the 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 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 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:

CUMBERLAND PLATFORMS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CUMBERLAND PLATFORMS LIMITED
- 5 -
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:

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 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.

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.

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.

CUMBERLAND PLATFORMS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CUMBERLAND PLATFORMS LIMITED
- 6 -

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

 

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework.  Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.  This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

 

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

 

 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation.  This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.  The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

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.

Richard Monkhouse
Senior Statutory Auditor
For and on behalf of Azets Audit Services
23 June 2025
Chartered Accountants
Statutory Auditor
Thorpe House
93 Headlands
Kettering
Northamptonshire
United Kingdom
NN15 6BL
CUMBERLAND PLATFORMS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
2024
2023
Notes
£
£
Turnover
3
31,528,340
42,370,785
Cost of sales
(24,681,181)
(34,397,023)
Gross profit
6,847,159
7,973,762
Administrative expenses
(4,199,963)
(4,084,510)
Operating profit
4
2,647,196
3,889,252
Interest receivable and similar income
7
35,633
45,652
Interest payable and similar expenses
8
(100,264)
(56,992)
Profit before taxation
2,582,565
3,877,912
Tax on profit
9
(658,749)
(928,841)
Profit for the financial year
1,923,816
2,949,071

The profit and loss account has been prepared on the basis that all operations are continuing operations.

CUMBERLAND PLATFORMS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 8 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
11
46,200
-
0
Tangible assets
12
2,319,128
2,622,482
2,365,328
2,622,482
Current assets
Stocks
13
3,994,830
5,496,048
Debtors
14
1,940,157
3,418,511
Cash at bank and in hand
1,832,680
5,638,877
7,767,667
14,553,436
Creditors: amounts falling due within one year
15
(6,322,043)
(10,097,811)
Net current assets
1,445,624
4,455,625
Total assets less current liabilities
3,810,952
7,078,107
Creditors: amounts falling due after more than one year
16
(834,524)
(1,023,939)
Provisions for liabilities
Deferred tax liability
19
138,465
202,951
(138,465)
(202,951)
Net assets
2,837,963
5,851,217
Capital and reserves
Called up share capital
21
100
100
Profit and loss reserves
22
2,837,863
5,851,117
Total equity
2,837,963
5,851,217
The financial statements were approved by the board of directors and authorised for issue on 17 June 2025 and are signed on its behalf by:
Mrs M Viviani-Murphy
Director
Company Registration No. 07591691
CUMBERLAND PLATFORMS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2023
100
3,902,046
3,902,146
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
2,949,071
2,949,071
Dividends
10
-
(1,000,000)
(1,000,000)
Balance at 31 December 2023
100
5,851,117
5,851,217
Year ended 31 December 2024:
Profit and total comprehensive income for the year
-
1,923,816
1,923,816
Dividends
10
-
(4,937,070)
(4,937,070)
Balance at 31 December 2024
100
2,837,863
2,837,963
CUMBERLAND PLATFORMS LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
26
2,083,408
4,038,389
Interest paid
(100,264)
(56,992)
Income taxes paid
(634,471)
(703,797)
Net cash inflow from operating activities
1,348,673
3,277,600
Investing activities
Purchase of intangible assets
(47,806)
-
0
Purchase of tangible fixed assets
(58,087)
(295,905)
Proceeds from disposal of tangible fixed assets
55,686
42,818
Interest received
35,633
45,652
Net cash used in investing activities
(14,574)
(207,435)
Financing activities
Repayment of bank loans
(59,558)
(54,123)
Payment of finance leases obligations
(143,668)
(177,505)
Dividends paid
(4,937,070)
(1,000,000)
Net cash used in financing activities
(5,140,296)
(1,231,628)
Net (decrease)/increase in cash and cash equivalents
(3,806,197)
1,838,537
Cash and cash equivalents at beginning of year
5,638,877
3,800,340
Cash and cash equivalents at end of year
1,832,680
5,638,877
CUMBERLAND PLATFORMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
1
Accounting policies
Company information

Cumberland Platforms Limited is a private company limited by shares incorporated in England and Wales. The registered office is 38B Telford Way, Telford Way Ind Est, Kettering, Northamptonshire, United Kingdom, NN16 8UN.

1.1
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. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company 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.

1.3
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.

1.4
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
33% on cost
1.5
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.

CUMBERLAND PLATFORMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 12 -

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:

Freehold land and buildings
2% on cost
Leasehold improvements
4% on cost
Plant and equipment
25% on cost
Fixtures and fittings
25% on cost
Computers
33% on cost
Motor vehicles
25% 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 credited or charged to profit or loss.

1.6
Impairment of fixed assets

At each reporting period end date, the company 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.

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.

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.

1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

Cost is calculated using the first-in, first-out (FIFO) method.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

CUMBERLAND PLATFORMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 13 -
1.8
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.

1.9
Financial instruments

The company 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 company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with 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.

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 company 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.

CUMBERLAND PLATFORMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 14 -
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 company 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 company’s contractual obligations expire or are discharged or cancelled.

1.10
Equity instruments

Equity instruments issued by the company 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 company.

1.11
Taxation

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

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 company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

CUMBERLAND PLATFORMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 15 -
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 when the company has 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.

1.12
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.

1.13
Retirement benefits

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

1.14
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 leases asset are consumed.

1.15
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

CUMBERLAND PLATFORMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 16 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Vehicle conversions
27,848,261
39,267,166
Servicing and maintenance contracts
1,172,878
1,116,131
Sales of parts
2,504,401
1,981,238
Vehicle hire
2,800
6,250
31,528,340
42,370,785
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
30,842,917
39,001,236
Channel Islands
3,673
65,745
Europe
629,061
2,317,298
Rest of the world
52,689
986,506
31,528,340
42,370,785
2024
2023
£
£
Other revenue
Interest income
35,633
45,652
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
12,650
12,250
Depreciation of owned tangible fixed assets
200,769
206,190
Depreciation of tangible fixed assets held under finance leases
144,405
130,063
(Profit)/loss on disposal of tangible fixed assets
(39,419)
10,984
Amortisation of intangible assets
1,606
-
Operating lease charges
329,310
177,681
CUMBERLAND PLATFORMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 17 -
5
Employees

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

2024
2023
Number
Number
Administration
14
12
Management
2
2
Production
42
48
Sales
19
20
Total
77
82

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
3,287,791
3,256,461
Social security costs
253,108
311,209
Pension costs
52,751
47,370
3,593,650
3,615,040
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
327,596
288,164

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2023 - 2).

Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
184,173
162,371
CUMBERLAND PLATFORMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 18 -
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
35,633
35,149
Other interest income
-
0
10,503
Total income
35,633
45,652
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
35,633
35,149
8
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
64,359
46,906
Other finance costs:
Interest on finance leases and hire purchase contracts
16,237
10,086
Other interest
19,668
-
0
100,264
56,992
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
723,235
884,471
Deferred tax
Origination and reversal of timing differences
(64,486)
44,370
Total tax charge
658,749
928,841
CUMBERLAND PLATFORMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
9
Taxation
(Continued)
- 19 -

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
2,582,565
3,877,912
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.52%)
645,641
912,085
Tax effect of expenses that are not deductible in determining taxable profit
5,722
7,633
Effect of change in corporation tax rate
-
0
2,647
Permanent capital allowances in excess of depreciation
(109)
(569)
Depreciation on assets not qualifying for tax allowances
7,495
7,045
Taxation charge for the year
658,749
928,841
10
Dividends
2024
2023
£
£
Interim paid
4,937,070
1,000,000
11
Intangible fixed assets
Software
£
Cost
At 1 January 2024
-
0
Additions - internally developed
47,806
At 31 December 2024
47,806
Amortisation and impairment
At 1 January 2024
-
0
Amortisation charged for the year
1,606
At 31 December 2024
1,606
Carrying amount
At 31 December 2024
46,200
At 31 December 2023
-
0
CUMBERLAND PLATFORMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 20 -
12
Tangible fixed assets
Freehold land and buildings
Leasehold improvements
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
£
Cost
At 1 January 2024
1,197,987
947,411
778,938
138,680
126,614
645,188
3,834,818
Additions
-
0
29,612
4,119
1,034
7,050
16,272
58,087
Disposals
-
0
-
0
-
0
-
0
-
0
(24,400)
(24,400)
At 31 December 2024
1,197,987
977,023
783,057
139,714
133,664
637,060
3,868,505
Depreciation and impairment
At 1 January 2024
142,159
96,023
567,002
82,071
93,094
231,987
1,212,336
Depreciation charged in the year
23,960
38,774
97,936
24,485
20,245
139,774
345,174
Eliminated in respect of disposals
-
0
-
0
-
0
-
0
-
0
(8,133)
(8,133)
At 31 December 2024
166,119
134,797
664,938
106,556
113,339
363,628
1,549,377
Carrying amount
At 31 December 2024
1,031,868
842,226
118,119
33,158
20,325
273,432
2,319,128
At 31 December 2023
1,055,828
851,388
211,936
56,609
33,520
413,201
2,622,482
CUMBERLAND PLATFORMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
12
Tangible fixed assets
(Continued)
- 21 -

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

2024
2023
£
£
Plant and equipment
46,214
92,485
Motor vehicles
213,124
345,900
259,338
438,385
13
Stocks
2024
2023
£
£
Raw materials and consumables
3,994,830
5,496,048
14
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,663,215
2,592,082
Amounts owed by group undertakings
111,904
673,893
Other debtors
45,000
48,579
Prepayments and accrued income
120,038
103,957
1,940,157
3,418,511
15
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans
17
63,042
54,492
Obligations under finance leases
18
105,838
128,199
Payments received on account
923,435
119,885
Trade creditors
3,336,411
4,803,246
Amounts owed to group undertakings
294,072
2,442,643
Corporation tax
523,235
434,471
Other taxation and social security
308,153
463,218
Other creditors
17,645
17,390
Accruals and deferred income
750,212
1,634,267
6,322,043
10,097,811
CUMBERLAND PLATFORMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 22 -
16
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
17
702,763
770,871
Obligations under finance leases
18
131,761
253,068
834,524
1,023,939

Bank loans are secured by fixed and floating charges over all of the assets of the company.

17
Loans and overdrafts
2024
2023
£
£
Bank loans
765,805
825,363
Payable within one year
63,042
54,492
Payable after one year
702,763
770,871

The long-term loans are secured by fixed charges over the freehold property of the company.

Bank loans comprises a single mortgage covering all of the company's properties and is repayable over a period of 5 years via 59 equal monthly instalments and a final balancing payment due in September 2026. Interest is payable on this loan at a rate of 2.15% above the Bank of England base rate.

18
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
120,879
128,199
In two to five years
116,720
253,068
237,599
381,267

Finance lease payments represent rentals payable by the company for certain items of plant and machinery. 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 3 to 5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

CUMBERLAND PLATFORMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 23 -
19
Deferred taxation

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

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
138,465
202,951
2024
Movements in the year:
£
Liability at 1 January 2024
202,951
Credit to profit or loss
(64,486)
Liability at 31 December 2024
138,465

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

20
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
52,751
47,370

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

21
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
ordinary shares of 1p each
10,000
10,000
100
100
22
Profit and loss reserves
2024
2023
£
£
At the beginning of the year
5,851,117
3,902,046
Profit for the year
1,923,816
2,949,071
Dividends declared and paid in the year
(4,937,070)
(1,000,000)
At the end of the year
2,837,863
5,851,117
CUMBERLAND PLATFORMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
22
Profit and loss reserves
(Continued)
- 24 -

The retained earnings reserve represents cumulative profits and losses, net of dividends and other adjustments, for the current and all prior periods.

23
Operating lease commitments
Lessee

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

2024
2023
£
£
Within one year
115,000
115,000
Between two and five years
460,000
460,000
In over five years
192,507
307,507
767,507
882,507
24
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Sales
Sales
Purchases
Purchases
2024
2023
2024
2023
£
£
£
£
Entities with control, joint control or significant influence over the company
55,882
956,892
6,136
703,539
Other related parties
153,498
207,452
3,030,989
6,896,012
Management charges
2024
2023
£
£
Entities with control, joint control or significant influence over the company
692,635
631,253

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due to related parties
£
£
Entities with control, joint control or significant influence over the company
-
0
369,272
Other related parties
294,072
2,073,371
CUMBERLAND PLATFORMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
24
Related party transactions
(Continued)
- 25 -

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due from related parties
£
£
Entities with control, joint control or significant influence over the company
-
539,864
Other related parties
111,904
134,029
Other information

During the year, repairs and maintenance costs of £7,477 (2023: £17,831) and leasehold improvements of £5,231 (2023: £27,531) were paid to York Systems Limited, a company in which the directors' have an interest. The company also provided marketing services to York Systems Limited, with total sales recognised in the year of £Nil (2023: £Nil). At the balance sheet date, the company owed York Systems Limited £Nil 2023: £1,582).

 

The company also rented a property from Q-NAR Limited, a company in which the directors have an interest. Total rent paid by the company during the year was £134,200 (2023: £119,800), and there was a balance of £Nil (2023: £Nil) due to Q-NAR Limited at the balance sheet date. The company also made an interest-free loan to Q-NAR, with a balance of £45,000 (2023: £45,000) due to the company at the balance sheet date.

 

During the year there was a transaction with an investment company in which the directors have control. A total of £150,000 (2023: £150,000) was paid to the investment company during the year for consultancy services performed on behalf of Klubb Group. At the balance sheet date, the company owed the investment company £Nil (2023: £Nil).

25
Ultimate controlling party

The directors consider Gelev UK Limited (incorporated in UK), with its registered office at 38B Telford Way, Telford Way Ind Est, Kettering, Northamptonshire, United Kingdom, NN16 8UN, to be the immediate parent company.

 

The directors consider Financiere Coquebert Sarl (incorporated in France), with its registered office at 12 Avenue James de Rothschild, 77164 Ferrieres-en-brie, to be the ultimate parent undertaking.

The parent undertaking of the smallest group within which the company belongs and for which consolidated accounts are prepared is Gelev UK Limited (incorporated in UK), with its registered office at 38B Telford Way, Telford Way Ind Est, Kettering, Northamptonshire, NN16 8UN.

 

The parent undertaking of the largest group within which the company belongs and for which consolidated accounts are prepared is Financiere Coquebert Sarl (incorporated in France), with its registered office at 12 Avenue James de Rothschild, 77164 Ferrieres-en-brie.

CUMBERLAND PLATFORMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 26 -
26
Cash generated from operations
2024
2023
£
£
Profit for the year after tax
1,923,816
2,949,071
Adjustments for:
Taxation charged
658,749
928,841
Finance costs
100,264
56,992
Investment income
(35,633)
(45,652)
(Gain)/loss on disposal of tangible fixed assets
(39,419)
10,984
Amortisation and impairment of intangible assets
1,606
-
0
Depreciation and impairment of tangible fixed assets
345,174
336,253
Movements in working capital:
Decrease/(increase) in stocks
1,501,218
(2,036,087)
Decrease/(increase) in debtors
1,478,354
(836,866)
(Decrease)/increase in creditors
(3,850,721)
2,674,853
Cash generated from operations
2,083,408
4,038,389
27
Analysis of changes in net funds
1 January 2024
Cash flows
31 December 2024
£
£
£
Cash at bank and in hand
5,638,877
(3,806,197)
1,832,680
Borrowings excluding overdrafts
(825,363)
59,558
(765,805)
Obligations under finance leases
(381,267)
143,668
(237,599)
4,432,247
(3,602,971)
829,276
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