Company registration number 11309884 (England and Wales)
CONMACH LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
CONMACH LIMITED
COMPANY INFORMATION
Directors
Mrs I Gibbor
M A Gibbor
A J Schreier
C Dudley-Scales
Secretary
E Lewis
Company number
11309884
Registered office
CP House
Otterspool Way
Watford
Hertfordshire
WD25 8JJ
Auditor
RSM UK Audit LLP, Statutory Auditor
Chartered Accountants
25 Farringdon Street
London
EC4A 4AB
CONMACH LIMITED
CONTENTS
Page
Strategic report
1 - 4
Directors' report
5
Directors' responsibilities statement
6
Independent auditor's report
7 - 9
Profit and loss account
10
Balance sheet
11
Statement of changes in equity
12
Notes to the financial statements
13 - 19
CONMACH LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

Introduction

 

The directors present their strategic report of Conmach Limited (“the company”) for the year ended 31 December 2024.

Business review

 

The principal activity of the company during the year continued to be that of an investment holding company. The Board does not use key performance indicators to monitor the performance of the business given this activity.

Streamlined Energy Carbon Reporting disclosures are included in the financial statements of the parent entity, CP Holdings Limited.

 

A dividend of £1.623m(2023:£0m) was declared to the parent company CP Holdings Limited in 2024 as a dividend relating to a dividend received by the company in 2023.

Principal risks and uncertainties

 

The company’s principal financial risk is the recoverability of its investments. The directors review the carrying value of the company’s investments on an ongoing basis and provisions are made where considered necessary.

Section 172 Statement

The CP Holdings Group (the “group”) consisting of CP Holdings Limited, and its key operating subsidiaries including Conmach Limited, recognises the importance of delivering effective corporate governance in supporting the long-term success and sustainability of its business and operates under high standards of corporate governance.

The directors are collectively responsible for ensuring that they operate in a manner that best promotes the interests of the group with consideration to its wider group of stakeholders. Underlying this responsibility is an appropriate Corporate Governance framework. The group has decided not to follow a specific code and is currently developing and implementing its own corporate governance framework (the “framework”). This Framework will ensure that robust corporate governance procedures are in place to regulate the behaviour and activities of the boards and supports the application of Section 172(1) throughout the group.

Issues, Factors and Stakeholders

When making decisions, the directors of the company consult, where appropriate, with their finance, tax and legal teams, other third parties and stakeholders.

The directors are responsible for the corporate governance framework, including the likely long-term consequences and the general conduct of the company’s affairs. The directors are continually reviewing their internal processes to strengthen the governance and compliance controls of the company enabling the sustainable growth of the business.

Geo-political tensions can have an impact on the company’s investments and are monitored closely by the Directors particularly with regard to the investments in the Hungarian Machinery sector. Eltrak which is situated in Greece has continued to benefit from a more stable economy and has taken advantage of the Recovery and Resilience packages on offer.

Higher interest rates are a concern, both from the impact on customers appetite for investment but also as the company’s investments looks to take loans to allow for further capital projects..

The directors continue to prioritise the health and safety of all its stakeholders, particularly employees given the proximity of the company’s Bulgarian and Hungarian investments to the Ukraine border.

CONMACH LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Section 172 Statement

Strategy – Opportunities and risk


The company operates a framework which defines how risks and opportunities are reviewed and decisions are made. This framework adapts as risks and opportunities evolve. A periodic review is undertaken of the risks of the investments held by the company by its senior management, this is communicated with the company’s shareholder. The directors have pursued a Strategy aimed at maximising the return on investments and ensuring the long-term viability of the businesses of the investments in order to reduce the overall borrowing requirements of the investee companies.

The principal risks associated with Conmach are detailed above in the Strategic Report. The Board consider principal risks to be those that could cause the greatest damage if not effectively evaluated, understood and managed.

Information

 

Conmach is a subsidiary of a diverse holding company. Conmach is an investment holding company details of its performance can be found above in the Strategic Report.

The directors currently review financial and operational information when making their decisions. The governance process is constantly under review, processes are assessed for appropriateness and amended if deemed applicable.

Governance Policies and Process

 

Group-wide governance policies and processes are designed to complement and promote the group strategy. Policies are reviewed on an annual basis and updated as appropriate by the group board; all company directors are informed of any amendments. This is an iterative process, allowing for the policies to be adapted as the business grows and changes.

Principal Decisions

 

Generally, the principal decisions that the directors would consider are dividends, divestment or acquisition activity, significant capital investments, impairment of investments, strategic supply chain partnerships, financing and board composition. A principal decision tends to be one that is material to the company and those that are significant to any of the key stakeholder groups.

During the year to meet the working capital and capital expenditure requirements of the investments the following new facilities were taken out –

Engagement of Stakeholders

 

The company is proud to be part of a private, family-owned group, which is fully committed to maintaining its values and its relationships with its investments and shareholders. The company works with its stakeholders in an honest, respectful, and responsible way and seeks to work with others who share the company’s commitments to safety, ethics and compliance.

The directors consider that the table below lays out the relationships with the key stakeholders :-

CONMACH LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -

Who ?

Stakeholder group

Why?

Why is it important to engage

How ?

How management and / or directors engaged

What ?

What were the key topics engagement

Outcomes and actions

What was the impact of the engagement including any actions taken

Regulators

Compliance with regulatory requirements, such as health and safety and TCFD, is essential for the long- term benefit of the group

Being open and transparent in any dealings with regulators

Generation of Carbon risk registers and energy usage collation by local company representatives

 

Compliance record

 

Carbon reporting and energy utilisation

Improvements to processes and procedures

Appointment of designated individuals in the operating companies to champion energy usage collation and training of these appointed individuals

Shareholders

Engagement is essential for the owners to understand the state of the business and to ratify principal decisions

Provision of information for CP monthly board meetings

Monthly accounts, budget, cashflows, ESG and risk registers

Monthly rolling cashflows and quarterly review of budgets and forecasts

Proposals for large capital developments

Annual review of risk registers

Suppliers

Ensuring that the suppliers are capable of meeting the requirements of our customers such as emission targets

Directors have regular monthly alignment meetings with key suppliers

Engagement with suppliers to discuss the development of energy efficient products; rental stock; expansion of brands and marketing strategy

Coverage, participation and closure of the opportunities and stock availability issues.

Ability to deliver machines compliant with EU customer emission targets

 

Improved partnership by sharing customer requirements with suppliers and aligning common objectives

Investments

To understand how the investments are performing and the key decisions that they are making

Discussions with the Boards of Directors of the investments

Trading conditions and funding

Assessment of working capital requirement, bank facilities and capital expenditure

 

CONMACH LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -

Conmach engages with its stakeholders on material issues relating to their business, taking into consideration current and future events, including its principal decisions. The engagement supports the directors to understand the impact of their decisions and identify any material issues. This aligns with the company’s purpose and strategy.

 

 

On behalf of the board

C Dudley-Scales
Director
4 August 2025
CONMACH LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -

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

Principal activity

The principal activity of the company continued to be that of an investment holding company.

Results and dividends

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

Ordinary dividends were paid amounting to £1,623,681 (2023: £nil). The directors do not recommend payment of a final dividend (2023: £nil).

Directors

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

Mrs I Gibbor
M A Gibbor
A J Schreier
C Dudley-Scales
Auditor

RSM UK Audit LLP, Statutory Auditor were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, the directors intend to reconfirm the appointment of RSM UK Audit LLP.

Strategic report

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report.

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
C Dudley-Scales
Director
4 August 2025
CONMACH LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -

The directors are responsible for preparing the Strategic Report and 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 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 those 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.

CONMACH LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CONMACH LIMITED
- 7 -
Opinion

We have audited the financial statements of Conmach Limited (the 'company') for the year ended 31 December 2024 which comprise the profit and loss account, the balance sheet, the statement of changes in equity 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 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.

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:

 

CONMACH LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CONMACH LIMITED
- 8 -
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 and the directors' report.

 

We have nothing to report in respect of the following matters where 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.

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

Irregularities are instances of non-compliance with laws and regulations. The objectives of our audit are to obtain sufficient appropriate audit evidence regarding compliance with laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements, to perform audit procedures to help identify instances of non-compliance with other laws and regulations that may have a material effect on the financial statements, and to respond appropriately to identified or suspected non-compliance with laws and regulations identified during the audit.

 

In relation to fraud, the objectives of our audit are to identify and assess the risk of material misstatement of the financial statements due to fraud, to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud through designing and implementing appropriate responses and to respond appropriately to fraud or suspected fraud identified during the audit.

CONMACH LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CONMACH LIMITED
- 9 -

However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.


In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team:

 

As a result of these procedures we consider the most significant laws and regulations that have a direct impact on the financial statements are FRS 102, the Companies Act 2006 and tax compliance regulations. We performed audit procedures to detect non-compliances which may have a material impact on the financial statements which included reviewing financial statement disclosures and inspecting tax computations.

 

The audit engagement team identified the risk of management override of controls as the area where the financial statements were most susceptible to material misstatement due to fraud. Audit procedures performed included but were not limited to testing a sample of journal entries and evaluating the business rationale in relation to significant, unusual transactions and transactions entered into outside the normal course of business.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities This description forms part of our auditor’s 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 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.

David Hough (Senior Statutory Auditor)
For and on behalf of RSM UK Audit LLP, Statutory Auditor
Chartered Accountants
25 Farringdon Street
London
EC4A 4AB
8 August 2025
CONMACH LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
2024
2023
Notes
£
£
Administrative expenses
(41,958)
(34,349)
Income from shares in group undertakings
5
804,457
895,960
Profit before taxation
762,499
861,611
Tax on profit
6
-
0
-
0
Profit for the financial year
762,499
861,611

There are no items of comprehensive income for either the year or the prior year other than the profit for the year. Accordingly, no statement of other comprehensive income has been presented.

CONMACH LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 11 -
2024
2023
Notes
£
£
Fixed assets
Investments
8
12,500,200
12,500,100
Current assets
Debtors
10
-
0
430,091
Cash at bank and in hand
429
431,520
429
861,611
Creditors: amounts falling due within one year
11
(100)
-
0
Net current assets
329
861,611
Net assets
12,500,529
13,361,711
Capital and reserves
Called up share capital
12
12,500,100
12,500,100
Profit and loss reserves
429
861,611
Total equity
12,500,529
13,361,711
The notes on pages 13  to 18 form part of these financial statements.
The financial statements were approved by the board of directors and authorised for issue on 4 August 2025 and are signed on its behalf by:
C Dudley-Scales
Director
Company Registration No. 11309884
CONMACH LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2023
12,500,100
-
0
12,500,100
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
861,611
861,611
Balance at 31 December 2023
12,500,100
861,611
13,361,711
Year ended 31 December 2024:
Profit and total comprehensive income for the year
-
762,499
762,499
Dividends
7
-
(1,623,681)
(1,623,681)
Balance at 31 December 2024
12,500,100
429
12,500,529
CONMACH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 13 -
1
Accounting policies
Company information

Conmach Limited is a private company limited by shares incorporated in England and Wales. The registered office is CP House, Otterspool Way, Watford, Hertfordshire, WD25 8JJ.

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 statement are rounded to the nearest £.

 

The preparation of financial statements in compliance with FRS102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the company are consolidated in the financial statements of CP Holdings Limited. These consolidated financial statements are available from Companies House, Crown Way, Cardiff, CF14 3UZ.

The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

1.2
Going concern

After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date these financial statements were approved. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.true

1.3
Fixed asset investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

 

 

 

CONMACH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 14 -
1.4
Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty or notice of not more than 24 hours.

1.5
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 for a similar debt instrument. Financial assets classified as receivable within one year are not amortised. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for objective indicators of impairment at each reporting end date. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account.

 

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the company would receive for the asset if it were to be sold at the reporting date. The impairment loss is recognised in profit or loss.

 

For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

 

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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged, expires or cancelled.

CONMACH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 15 -
1.6
Share Capital

Ordinary shares are classified as equity.

1.7
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.

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.

1.8

Dividend

Dividends are recognised when they become legally payable. Interim dividends are recognised when paid. Final dividends are recognised when the shareholders approve a resolution at a board meeting.

1.9

Investment income

Investment income is recognised when dividends become legally receivable.

CONMACH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 16 -
2
Auditor's remuneration

The auditor's remuneration is borne by the parent company.

3
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.

Critical judgements

The following is the critical judgement and estimation that the directors have made in the process of applying the company's accounting policies and that have the most significant affect on the amounts recognised in the financial statements.

Impairment of investment

In preparing these financial statements, the directors have exercised judgement in the determining whether there are indicators of impairment of the company's investments. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the investments.

4
Employees

The company has no employees other than the directors, who are remunerated by the parent company, CP Holdings Limited.

5
Income from other fixed asset investments
2024
2023
£
£
Income from fixed asset investments
Income from shares in group undertakings
804,457
895,960
6
Taxation
CONMACH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
6
Taxation
(Continued)
- 17 -

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
762,499
861,611
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.52%)
190,625
202,651
Tax effect of expenses that are not deductible in determining taxable profit
10,057
7,914
Unutilised tax losses carried forward
433
165
Non-taxable income
(201,115)
(210,730)
Taxation charge for the year
-
-
7
Dividends
2024
2023
2024
2023
Per share
Per share
Total
Total
£
£
£
£
Ordinary shares
Interim paid
0.13
-
1,623,681
-
8
Fixed asset investments
2024
2023
Notes
£
£
Investments in subsidiaries
9
12,500,200
12,500,100
CONMACH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
8
Fixed asset investments
(Continued)
- 18 -
Movements in fixed asset investments
Shares in subsidiaries
£
Cost
At 1 January 2024
12,500,100
Additions
100
At 31 December 2024
12,500,200
Carrying amount
At 31 December 2024
12,500,200
At 31 December 2023
12,500,100
9
Subsidiaries

Details of the company's subsidiaries at 31 December 2024 are as follows:

Name of undertaking
Address
Nature of business
Class of
% Held
shares held
Eltrak CP Limited
1
Holding company
Ordinary
100.00
Huntraco Zrt.
2
Machinery
Ordinary
100.00
MP Motor kft.
2
Machinery
Ordinary
100.00
Eltrak SA
3
Machinery
Ordinary
88.00
Elastrak AS
3
Machinery
Ordinary
88.00
Eltrack Bulgaria EOOD
4
Machinery
Ordinary
88.00
Chryssafis SA
3
Under Liquidation
Ordinary
88.00
Irbid CP Limited
1
Holding company
Ordinary
100.00
-

Registered office addresses

1
CP House, Otterspool Way, Watford, Hertfordshire, WD25 8JJ
2
Budaörs, Kamaraerdei út 3, 2040, Hungary
3
Thivaidos 15 & Korniliou Street, N Kifisia, Athens, Greece
4
439 Europa Noulevard 1331, Sofia, Bulgaria

The company has indirect interest in the issued share capital of 100% in MP Motors kft; 88% in Eltak SA, Elastrak AS; Eltrak Bulgaria EOOD and Chryssafis SA. Only Eltrak CP Limited, Irbid CP Limited and Huntraco Zrt. are direct holdings.

CONMACH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 19 -
10
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
-
0
430,091

Amounts owed by group undertakings are interest free, have no fixed repayment date and are repayable on demand.

11
Creditors: amounts falling due within one year
2024
2023
£
£
Amounts owed to group undertakings
100
-
0
12
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
12,500,100
12,500,100
12,500,100
12,500,100

There is a single class of ordinary shares. There are no restrictions on the distribution of dividends and the repayment of capital.

13
Ultimate controlling party

The parent undertaking of the smallest group of undertakings for which group financial statements are drawn up and of which the company is a member is CP Holdings Limited whose registered office is CP House, Otterspool Way, Watford, Hertfordshire, WD25 8JJ. Copies of these group financial statements are available to the public from Companies House, Crown Way, Cardiff, CF14 3UZ.

 

The immediate controlling party is CP Holdings Limited.

 

The ultimate controlling parties are the Gibbor and Schreier families.

14
Related party transactions

The company has taken advantage of the exemption contained in FRS 102 Section 33 'Related Party Disclosures' from disclosing transactions with entities which are a wholly owned part of the group.

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