Caseware UK (AP4) 2024.0.164 2024.0.164 2024-12-312024-12-31falsefalse2024-01-01sale of motorcycles, clothes and accessories.8181falsefalse 04330784 2024-01-01 2024-12-31 04330784 2023-01-01 2023-12-31 04330784 2024-12-31 04330784 2023-12-31 04330784 2023-01-01 04330784 1 2024-01-01 2024-12-31 04330784 1 2023-01-01 2023-12-31 04330784 d:CompanySecretary1 2024-01-01 2024-12-31 04330784 d:Director1 2024-01-01 2024-12-31 04330784 d:Director2 2024-01-01 2024-12-31 04330784 d:Director3 2024-01-01 2024-12-31 04330784 d:RegisteredOffice 2024-01-01 2024-12-31 04330784 d:Agent1 2024-01-01 2024-12-31 04330784 e:Buildings e:ShortLeaseholdAssets 2024-01-01 2024-12-31 04330784 e:Buildings e:ShortLeaseholdAssets 2024-12-31 04330784 e:Buildings e:ShortLeaseholdAssets 2023-12-31 04330784 e:PlantMachinery 2024-01-01 2024-12-31 04330784 e:PlantMachinery 2024-12-31 04330784 e:PlantMachinery 2023-12-31 04330784 e:PlantMachinery e:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 04330784 e:MotorVehicles 2024-01-01 2024-12-31 04330784 e:MotorVehicles 2024-12-31 04330784 e:MotorVehicles 2023-12-31 04330784 e:MotorVehicles e:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 04330784 e:FurnitureFittings 2024-01-01 2024-12-31 04330784 e:FurnitureFittings 2024-12-31 04330784 e:FurnitureFittings 2023-12-31 04330784 e:FurnitureFittings e:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 04330784 e:ComputerEquipment 2024-01-01 2024-12-31 04330784 e:OtherPropertyPlantEquipment 2024-01-01 2024-12-31 04330784 e:OtherPropertyPlantEquipment 2024-12-31 04330784 e:OtherPropertyPlantEquipment 2023-12-31 04330784 e:OtherPropertyPlantEquipment e:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 04330784 e:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 04330784 e:Goodwill 2024-12-31 04330784 e:Goodwill 2023-12-31 04330784 e:CurrentFinancialInstruments 2024-12-31 04330784 e:CurrentFinancialInstruments 2023-12-31 04330784 e:Non-currentFinancialInstruments 2024-12-31 04330784 e:Non-currentFinancialInstruments 2023-12-31 04330784 e:CurrentFinancialInstruments e:WithinOneYear 2024-12-31 04330784 e:CurrentFinancialInstruments e:WithinOneYear 2023-12-31 04330784 e:Non-currentFinancialInstruments e:AfterOneYear 2024-12-31 04330784 e:Non-currentFinancialInstruments e:AfterOneYear 2023-12-31 04330784 e:Non-currentFinancialInstruments e:BetweenOneTwoYears 2024-12-31 04330784 e:Non-currentFinancialInstruments e:BetweenOneTwoYears 2023-12-31 04330784 e:UKTax 2024-01-01 2024-12-31 04330784 e:UKTax 2023-01-01 2023-12-31 04330784 e:ShareCapital 2024-12-31 04330784 e:ShareCapital 2023-12-31 04330784 e:CapitalRedemptionReserve 2024-01-01 2024-12-31 04330784 e:CapitalRedemptionReserve 2024-12-31 04330784 e:CapitalRedemptionReserve 2023-12-31 04330784 e:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 04330784 e:RetainedEarningsAccumulatedLosses 2024-12-31 04330784 e:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 04330784 e:RetainedEarningsAccumulatedLosses 2023-12-31 04330784 e:RetainedEarningsAccumulatedLosses 2023-01-01 04330784 e:AcceleratedTaxDepreciationDeferredTax 2024-12-31 04330784 e:AcceleratedTaxDepreciationDeferredTax 2023-12-31 04330784 e:OtherDeferredTax 2024-12-31 04330784 e:OtherDeferredTax 2023-12-31 04330784 d:OrdinaryShareClass1 2024-01-01 2024-12-31 04330784 d:OrdinaryShareClass1 2024-12-31 04330784 d:OrdinaryShareClass1 2023-12-31 04330784 d:FRS102 2024-01-01 2024-12-31 04330784 d:Audited 2024-01-01 2024-12-31 04330784 d:FullAccounts 2024-01-01 2024-12-31 04330784 d:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 04330784 e:WithinOneYear 2024-12-31 04330784 e:WithinOneYear 2023-12-31 04330784 e:BetweenOneFiveYears 2024-12-31 04330784 e:BetweenOneFiveYears 2023-12-31 04330784 e:MoreThanFiveYears 2024-12-31 04330784 e:MoreThanFiveYears 2023-12-31 04330784 e:HirePurchaseContracts e:WithinOneYear 2024-12-31 04330784 e:HirePurchaseContracts e:WithinOneYear 2023-12-31 04330784 e:HirePurchaseContracts e:BetweenOneFiveYears 2024-12-31 04330784 e:HirePurchaseContracts e:BetweenOneFiveYears 2023-12-31 04330784 f:PoundSterling 2024-01-01 2024-12-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 04330784










CMC CHESTERFIELD LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

 
CMC CHESTERFIELD LIMITED
 
 
COMPANY INFORMATION


Directors
R M Feltham 
M B Feltham 
C J Brightman 




Company secretary
R M Feltham



Registered number
04330784



Registered office
Derwent Buildings High Street
Clay Cross

Chesterfield

Derbyshire

S45 9DP




Independent auditors
Shorts
Chartered Accountants & Statutory Auditor

2 Ashgate Road

Chesterfield

S40 4AA




Bankers
Barclays Bank plc





 
CMC CHESTERFIELD LIMITED
 

CONTENTS



Page
Strategic Report
 
1 - 2
Directors' Report
 
3 - 4
Independent Auditors' Report
 
5 - 8
Statement of Income and Retained Earnings
 
9
Balance Sheet
 
10
Notes to the Financial Statements
 
11 - 24


 
CMC CHESTERFIELD LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

Business review
 
The financial statements show an increased turnover and a decrease in gross profit margin; these combined results together with controls on costs have resulted in a pre tax profit for the year of £0.41m, down on the previous year. The reduction in pre tax profits have in part been driven by fragile consumer confidence due to cost of living pressures and rising interest rates, which have led to reduced demand and an increase in available inventory throughout the market which in turn have impacted margin. The results were in line with expectations and were achieved through the hard work of our committed work force and the ongoing support of our stakeholders.

Financial key performance indicators
 
The directors monitor the Company's performance in a number of ways including key performance indicators.
Turnover has decreased to £28.9m (2023: £31.9m)
Gross profit margin has increased to 19.4% (2023: 18.5%) 
Pre-tax profit for the year was £0.41m (2023: £1.05m)
Turnover represents the value of goods supplied and delivered to customers in the year and measures sales growth or decline in value terms. The gross margin is calculated by dividing gross profit by turnover and measures the total profitability of product sales. Pre tax profit or loss is the profit or loss generated by the business from operations including finance income and finance costs before taxation. This indicator measures the overall profitability of the business for the year.

Principal risks and uncertainties
 
Consumer confidence
There is a risk whereby the Company's sales are reduced as its typical customers are adversely affected by a downturn in the economy. Efforts are made to ensure that our exposure to this threat is minimised by ensuring that the Company prices its stocks competitively and regularly reviews its product mix.
Insurance risks
The Company insures its business assets against insurable risks as it deems appropriate.
Interest rates
The business would be adversely affected by a large rise in interest rates as the Company currently has bank borrowings used to finance the business. The Company is confident that it will continue to operate comfortably within the covenants required by the bank and continues to repay the financing in accordance with the banking agreement.
Going concern
At 31 December 2024 the Company had net current assets amounting to £883,124 (2023: £679,646). This has improved year on year as a result of the Company reporting a profit before tax for the year ended 31 December 2024 of £412,556 (2023: £1,054,382).
The directors have prepared budgets for the next 12 months, based upon their expectation of realistic sales volume levels which show that the Company will continue to trade profitability and enable it to pay its debts as they fall due. In addition, should additional funding become necessary in the future then the directors are confident that this can be secured at the appropriate levels.
 
Page 1

 
CMC CHESTERFIELD LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Considering these expected future trading results and following receipt of confirmation from all of the ongoing key stakeholders of their continued support at the required levels, the directors have prepared the accounts on a going concern basis.
 


This report was approved by the board on 25 June 2025 and signed on its behalf.



C J Brightman
Director

Page 2

 
CMC CHESTERFIELD LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

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

Results and dividends

The profit for the year, after taxation, amounted to £382,041 (2023 - £796,728).

No dividends were paid during the year. 

Directors

The directors who served during the year were:

R M Feltham 
M B Feltham 
C J Brightman 

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.

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.

Page 3

 
CMC CHESTERFIELD LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Qualifying third party indemnity provisions

The directors have been granted a qualifying third party indemnity provision under Section 234 of the Companies
Act 2006. This indemnity does not provide cover in the event of a director acting fraudulently or dishonestly.

Auditors

The auditorsShortswill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 25 June 2025 and signed on its behalf.
 





C J Brightman
Director

Page 4

 
CMC CHESTERFIELD LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CMC CHESTERFIELD LIMITED
 

Opinion


We have audited the financial statements of CMC Chesterfield Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of Income and Retained Earnings, the Balance Sheet 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 31 December 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.


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.


Page 5

 
CMC CHESTERFIELD LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CMC CHESTERFIELD LIMITED (CONTINUED)


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.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 3, 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 6

 
CMC CHESTERFIELD LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CMC CHESTERFIELD 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:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
 
the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
through discussions with the directors and other management and from our commercial knowledge and experience of the sectors that the Company operates in, we identified the laws and regulations  applicable to the Company; and 
focusing on the specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Company, we assessed the extent of compliance with those laws and regulations identified above through making enquiries of management and inspecting relevant correspondence.
 
We assessed the susceptibility of the Company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
 
making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
 
To address the risk of fraud through management bias and override of controls, we:
 
performed analytical procedures to identify any unusual or unexpected relationships;
considered journal entries to identify unusual transactions;
assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
investigated the rationale behind significant or unusual transactions.
 
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
 
agreeing financial statement disclosures to underlying supporting documentation;
reading the minutes of those charged with governance; and
enquiring of management as to actual and potential litigation and claims.
considering the relationship with HMRC, relevant regulators and the Company's legal advisors.

 
Page 7

 
CMC CHESTERFIELD LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CMC CHESTERFIELD LIMITED (CONTINUED)


There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.


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.


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 2006Our 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.





Andrew Irvine (Senior Statutory Auditor)
  
for and on behalf of
Shorts
 
Chartered Accountants
Statutory Auditor
  
2 Ashgate Road
Chesterfield
S40 4AA

25 June 2025
Page 8

 
CMC CHESTERFIELD LIMITED
 
 
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
Note
£
£

  

Turnover
 4 
28,889,619
31,898,038

Cost of sales
  
(23,286,037)
(26,006,626)

Gross profit
  
5,603,582
5,891,412

Administrative expenses
  
(4,925,391)
(4,619,109)

Other operating income
 5 
179,721
288,456

Operating profit
 6 
857,912
1,560,759

Interest receivable and similar income
 10 
13
-

Interest payable and similar expenses
 11 
(445,369)
(506,377)

Profit before tax
  
412,556
1,054,382

Tax on profit
 12 
(30,515)
(257,654)

Profit after tax
  
382,041
796,728

  

  

Retained earnings at the beginning of the year
  
747,274
(49,454)

Profit for the year
  
382,041
796,728

Retained earnings at the end of the year
  
1,129,315
747,274
The notes on pages 11 to 24 form part of these financial statements.

Page 9

 
CMC CHESTERFIELD LIMITED
REGISTERED NUMBER: 04330784

BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 13 
-
-

Tangible assets
 14 
884,112
842,165

Current assets
  

Stocks
 15 
7,390,051
9,451,262

Debtors: amounts falling due within one year
 16 
1,163,486
1,534,407

Cash at bank and in hand
  
336,569
72,622

  
8,890,106
11,058,291

Creditors: amounts falling due within one year
 17 
(8,006,982)
(10,378,645)

Net current assets
  
 
 
883,124
 
 
679,646

Total assets less current liabilities
  
1,767,236
1,521,811

Creditors: amounts falling due after more than one year
 18 
(254,139)
(316,480)

Provisions for liabilities
  

Deferred tax
 21 
(53,782)
(128,057)

Net assets
  
1,459,315
1,077,274


Capital and reserves
  

Called up share capital 
 22 
202,950
202,950

Capital redemption reserve
 23 
127,050
127,050

Profit and loss account
 23 
1,129,315
747,274

  
1,459,315
1,077,274


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 25 June 2025.




C J Brightman
Director

The notes on pages 11 to 24 form part of these financial statements.

Page 10

 
CMC CHESTERFIELD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

CMC Chesterfield Limited is a private Company limited by shares, incorporated in England and Wales
(registered number: 04330784). Its registered office is Derwent Buildings, High Street, Clay Cross,
Chesterfield, Derbyshire, S45 9DP. The principal activity of the Company is the sale of motorcycles,
clothes, parts and accessories. 

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 Company's functional and presentational currency is pounds sterling.

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 Rochma Holdings Limited as at 31 December 2024 and these financial statements may be obtained from Companies House.

 
2.3

Going concern

The directors have prepared budgets for the next 12 months, based upon their expectation of realistic sales volume levels which show that the Company will continue to trade profitability and enable it to pay its debts as they fall due. In addition, should additional funding become necessary in the future then the directors are confident that this can be secured at the appropriate levels.
Considering these expected future trading results and having received confirmation from all of the ongoing key stakeholders of their continued support at the required levels, the directors have prepared the accounts on a going concern basis.

Page 11

 
CMC CHESTERFIELD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.4

Revenue Recognition

Turnover 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. Turnover 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

Turnover 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

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 12

 
CMC CHESTERFIELD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.8

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.

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:

Short-term leasehold property
-
Over term of lease
Plant and machinery
-
3 - 7 years
Motor vehicles
-
5 - 7 years
Fixtures and fittings
-
2 - 9 years
Computer equipment
-
2 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

 
CMC CHESTERFIELD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.9

Stocks

Stocks 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. Work in progress and finished goods include labour and attributable overheads.

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.

 
2.10

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities such as bank and cash balances, trade and other accounts receivable and payable, loans from banks and other third parties and loans to and from related parties.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at the transaction price and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.
Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an 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.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

No significant judgements have been made by management in preparing these financial statements.
The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have the greatest level of uncertainty are addressed below:
(i) Stock provisioning
When calculating the stock provision, management considers the nature and conditions of the inventory, as well as applying assumptions around saleability of stock. The carrying value of stock after making
such a provision was £7,390,050 (2023: £9,451,262).


4.


Turnover

All turnover arose within the United Kingdom.

Page 14

 
CMC CHESTERFIELD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

5.


Other operating income

2024
2023
£
£

Commissions receivable
179,721
288,456



6.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Depreciation
216,987
158,578

Other operating lease rentals
312,812
305,489

(Profit)/Loss on disposal of tangible fixed assets
(333)
366


7.


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
23,750
21,000

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

 
CMC CHESTERFIELD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

8.


Employees

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


2024
2023
£
£

Wages and salaries
2,923,886
2,861,346

Social security costs
288,525
292,600

Cost of defined contribution scheme
72,142
72,153

3,284,553
3,226,099


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


        2024
        2023
            No.
            No.







Sales
42
43



Workshop
21
21



Administration
18
17

81
81


9.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
164,196
174,558

Company contributions to defined contribution pension schemes
5,388
5,467

169,584
180,025


During the year retirement benefits were accruing to 2 directors (2023 - 2) in respect of defined contribution pension schemes.


10.


Interest receivable

2024
2023
£
£


Other interest receivable
13
-

Page 16

 
CMC CHESTERFIELD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

11.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
7,069
14,236

Other loan interest payable
416,705
478,788

Finance leases and hire purchase contracts
21,595
13,353

445,369
506,377


12.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
104,790
89,903

Adjustments in respect of previous periods
-
446

Total current tax
104,790
90,349

Deferred tax


Origination and reversal of timing differences
(74,275)
167,893

Adjustments in respect of prior periods
-
(588)

Total deferred tax
(74,275)
167,305

Tax on profit
 
30,515
 
257,654
Page 17

 
CMC CHESTERFIELD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
 
12.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - higher than) the standard rate of corporation tax in the UK of25% (2023 - 23.5%). The differences are explained below:

2024
2023
£
£


Profit before tax
412,555
1,052,384


Profit multiplied by standard rate of corporation tax in the UK of 25% 
(2023 - 23.5%)
103,139
247,780

Effects of:


Expenses not deductible for tax purposes
2,120
4,295

Capital allowances for year in excess of depreciation
-
(142)

Change in rate of tax for deferred tax
-
10,152

Other timing differences leading to an increase (decrease) in taxation
156
(4,431)

Group relief surrendered/(claimed)
(74,900)
-

Total tax charge for the year
30,515
257,654


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 18

 
CMC CHESTERFIELD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

13.


Intangible assets




Goodwill

£



Cost


At 1 January 2024
125,000



At 31 December 2024

125,000



Amortisation


At 1 January 2024
125,000



At 31 December 2024

125,000



Net book value



At 31 December 2024
-



At 31 December 2023
-



Page 19

 
CMC CHESTERFIELD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

14.


Tangible fixed assets





Short-term leasehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Other fixed assets
Total

£
£
£
£
£
£



Cost


At 1 January 2024
569,762
63,540
569,455
394,736
425,505
2,022,998


Additions
25,657
10,850
141,662
16,495
64,270
258,934


Disposals
-
-
(74,221)
-
-
(74,221)



At 31 December 2024

595,419
74,390
636,896
411,231
489,775
2,207,711



Depreciation


At 1 January 2024
220,239
59,091
152,656
341,824
407,023
1,180,833


Charge for the year on owned assets
77,340
3,059
71,720
48,528
16,340
216,987


Disposals
-
-
(74,221)
-
-
(74,221)



At 31 December 2024

297,579
62,150
150,155
390,352
423,363
1,323,599



Net book value



At 31 December 2024
297,840
12,240
486,741
20,879
66,412
884,112



At 31 December 2023
349,523
4,449
416,799
52,912
18,482
842,165

Page 20

 
CMC CHESTERFIELD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

15.


Stocks

2024
2023
£
£

Motorcycles, clothing, accessories & parts
7,390,051
9,451,262



16.


Debtors

2024
2023
£
£

Trade debtors
8,632
421,002

Amounts owed by group undertakings
987,501
963,274

Other debtors
-
22,617

Prepayments and accrued income
167,353
127,514

1,163,486
1,534,407



17.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
-
2,867

Bank loans
51,333
56,000

Trade creditors
3,198,138
5,546,428

Corporation tax
104,790
89,903

Other taxation and social security
307,454
69,244

Obligations under finance lease and hire purchase contracts
138,382
100,439

Other creditors
3,568,797
3,865,497

Accruals and deferred income
638,088
648,267

8,006,982
10,378,645


Secured Creditors
Trade creditors includes an amount of £1,064,742 (2023: £3,386,897) which is secured against stock. Other creditors includes an amount of £3,480,738 (2023: £3,765,651 ) which is secured against stock.
The bank borrowings are secured by a floating charge over the Company's assets and a personal guarantee from the directors limited to £700,000. 

Page 21

 
CMC CHESTERFIELD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

18.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
-
51,333

Net obligations under finance leases and hire purchase contracts
254,139
265,147

254,139
316,480



19.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
51,333
56,000

Amounts falling due 1-2 years

Bank loans
-
51,333

51,333
107,333



20.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
138,382
100,439

Between 1-5 years
254,139
265,147

392,521
365,586

Page 22

 
CMC CHESTERFIELD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

21.


Deferred taxation




2024
2023


£

£






At beginning of year
128,057
(39,248)


Charged to profit or loss
(74,275)
167,305



At end of year
53,782
128,057

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
155,775
132,070

Provisions
(101,993)
(4,013)

53,782
128,057


22.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



202,950 (2023 - 202,950) Ordinary shares of £1.00 each
202,950
202,950



23.


Reserves

Capital redemption reserve

The reserves records the nominal value of shares repurchased by the Company.

Profit and loss account

This reserve records all current and prior period retained profits and losses, and is considered to be
distributable.

Page 23

 
CMC CHESTERFIELD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

24.


Pension commitments

The Company operates a defined contributions benefit 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 £72,142 (2023: £72,153). Contributions totalling £16,637 (2023: £16,089) were payable to the fund at the balance sheet date and are included in creditors.


25.


Commitments under operating leases

At 31 December 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
314,051
228,693

Later than 1 year and not later than 5 years
479,959
563,672

Later than 5 years
146,667
256,667

940,677
1,049,032


26.


Related party transactions

The Company has taken advantage of the exemption in FRS 102 Section 33.1A to not disclose transactions with wholly owned group entities.
Key management personnel compensation was £192,026 (2023: £200,047). Close family members of the directors were paid a total of £207,318 (2023: £193,239). In addition, the company made sales of £3,535 (2023: £NIL) to key management personnel.
During the year, the Company made purchases totalling £1,463,050 (2023: £773,101) and sales totalling £1,288,242 (2023: £557,208) to entities which are related by way of common control. Included within trade creditors is an amount of £496,791 (2023: £560,600) which remains outstanding. In addition, an amount of £104,852 (2023: £87,005) was paid to a company owned by a director during the year for consultancy services. The amount outstanding to this company at the end of the year was £360,095 (2023: £263,662).


27.


Controlling party

The Company is controlled by Rochma Holdings Limited, the Company's immediate parent company, which is registered in the United Kingdom and was incorporated on 5th May 2023. Its registered office is Derwent Buildings, High Street,  Clay Cross, Chesterfield, S45 9DP. CMC Chesterfield Limited is a 100% owned subsidiary of Rochma Holdings Limited. The ultimate controlling parties are the directors due to their equal shareholding in the parent Company.
The Company is included in audited consolidated accounts for a larger group which are drawn up by Rochma Holdings Limited, these financial statements are available upon request from Companies House, Crown Way, Maindy, Cardiff CF14 3UZ.

 
Page 24