REGISTERED NUMBER: 05609248 (England and Wales)

Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 31 December 2024

for

C & M Ventures Limited

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

4

Consolidated Income Statement

8

Consolidated Other Comprehensive Income

9

Consolidated Balance Sheet

10

Company Balance Sheet

11

Consolidated Statement of Changes in Equity

12

Company Statement of Changes in Equity

13

Consolidated Cash Flow Statement

14

Notes to the Consolidated Cash Flow Statement

15

Notes to the Consolidated Financial Statements

16

DIRECTORS:

Ainsley Hawkins

Jasmine Durrant

Michael Hurst

Gregg Peyton

SECRETARY:

Gregg Peyton

REGISTERED OFFICE:

Unit H

Redfern Park Way

Birmingham

B11 2BF

REGISTERED NUMBER:

05609248 (England and Wales)

AUDITORS:

Cartwrights

Chartered Accountants and Business Advisors

Statutory Auditor

Regency House

33 Wood Street

Barnet

Hertfordshire

EN5 4BE

The directors present their strategic report of the company and the group for the year ended 31 December 2024.

REVIEW OF THE BUSINESS

The performance and profitability of the company is in line with forecasts, with improvements noted in most of the key performance indicators in the year.

Key performance indicators:

The key performance indicators for the company are turnover, operating profit, gross profit margins, and EBITDA.

Turnover increased from £38,102,825 to £40,388,371, an increase of 6%.

Net profit before tax increased from £2,012,324 to £3,056,219, an increase of 52%

The gross profit margin remained consistent at 29%.

EBITDA, which indicates underlying trading performance, increased from £2,354,247 in 2023 to £2,815,736 in 2024, an increase of 20%.

PRINCIPAL RISKS AND UNCERTAINTIES

The management of the business and the execution of the company's strategy are subject to a number of risks, but the following have been identified by the directors as being the main risks that could potentially impact on the company's operating and financial performance.

Financial and liquidity risks

The company operates in the UK and is exposed to both general and specific conditions in the industry, which is highly a competitive market. The company mitigates against general risk through expanding geographically and increasing its customer base, and reduces specific risks through continuous reviews by the directors of competitors and of potential opportunities available.

The company's principal foreign currency exposures arise from trading with overseas companies. Company policy is that these exposures may be hedged in order to fix the cost in sterling. This hedging activity involves the use of foreign exchange forward contracts.

Operational risks

Health and safety - all staff are provided with comprehensive training to ensure they are fully compliant with the relevant legislation and guidelines, and are all aware of the risks they are undertaking and how they can help mitigate them.

Given the current economic conditions, the directors are very pleased with the results for the year.

ON BEHALF OF THE BOARD:

Director

23 September 2025

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

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of wholesale locksmiths and security specialists.

DIVIDENDS

No dividends were paid in the year.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

Ainsley Hawkins

Jasmine Durrant

Michael Hurst

Gregg Peyton

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS

The auditors, Cartwrights, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Ainsley Hawkins - Director

23 September 2025

Opinion

We have audited the financial statements of C & M Ventures Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the group's and of the parent company affairs as at 31 December 2024 and of the group's 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 group 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 group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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 the audit:

-	the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Group Strategic Report and the Report of the Directors 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

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:

-	adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

-	the parent company 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 Statement of Directors' Responsibilities set out on page three, 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 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

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 a Report of the Auditors 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 our procedures are capable of detecting irregularities, including fraud is detailed below:

We ensured that the engagement team collectively had the appropriate competence, capabilities, and skills to identify or recognise non-compliance with applicable laws and regulations, and that they remained alert to instances of non-compliance throughout the audit.

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:

- based on our understanding of the company and industry, and through discussions with directors and key management,

we identified any specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation; and

- we assessed the extent of compliance with these laws and regulations through making enquiries of management and inspecting legal 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;

- tested journal entries, particularly focused around the year-end, to identify unusual transactions;

- assessed whether judgements and assumptions made in determining the accounting estimates in the notes to the financial statements 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 meetings of those charged with governance;

- enquiring of management as to actual and potential litigation and claims; and

- reviewing correspondence with HMRC, relevant regulators and the company's legal advisors.

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion

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 Report of the Auditors.

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 a Report of the Auditors 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.

Eric McIntyre FCCA (Senior Statutory Auditor)

for and on behalf of Cartwrights

Chartered Accountants and Business Advisors

Statutory Auditor

Regency House

33 Wood Street

Barnet

Hertfordshire

EN5 4BE

24 September 2025

TURNOVER

40,388,371

38,102,825

Cost of sales

(28,535,345

)

(26,820,712

)

GROSS PROFIT

11,853,026

11,282,113

Distribution costs

(1,352,016

)

(1,272,372

)

Administrative expenses

(7,930,598

)

(8,119,586

)

OPERATING PROFIT

4

2,570,412

1,890,155

Interest receivable and similar income

485,806

122,169

PROFIT BEFORE TAXATION

3,056,218

2,012,324

Tax on profit

5

(757,846

)

(556,181

)

PROFIT FOR THE FINANCIAL YEAR

2,298,372

1,456,143

Profit attributable to:

Owners of the parent

2,298,372

1,456,143

PROFIT FOR THE YEAR

2,298,372

1,456,143

OTHER COMPREHENSIVE INCOME

Purchase of own shares

(485,000

)

(100,000

)

Cancellation of shares

25

5

Income tax relating to components of other comprehensive income

-

-

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

(484,975

)

(99,995

)

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,813,397

1,356,148

Total comprehensive income attributable to:

Owners of the parent

1,813,397

1,356,148

FIXED ASSETS

Tangible assets

7

833,526

911,084

Investments

8

65,000

65,000

898,526

976,084

CURRENT ASSETS

Stocks

9

6,994,250

6,082,456

Debtors

10

5,058,655

4,797,751

Cash at bank and in hand

10,266,770

9,372,378

22,319,675

20,252,585

CREDITORS

Amounts falling due within one year

11

4,943,001

4,732,771

NET CURRENT ASSETS

17,376,674

15,519,814

TOTAL ASSETS LESS CURRENT LIABILITIES

18,275,200

16,495,898

PROVISIONS FOR LIABILITIES

13

149,355

183,425

NET ASSETS

18,125,845

16,312,473

CAPITAL AND RESERVES

Called up share capital

14

560

585

Capital redemption reserve

15

440

415

Other reserves

15

1,896,078

1,896,078

Retained earnings

15

16,228,767

14,415,395

SHAREHOLDERS' FUNDS

18,125,845

16,312,473

The financial statements were approved by the Board of Directors and authorised for issue on 23 September 2025 and were signed on its behalf by:

Ainsley Hawkins - Director

FIXED ASSETS

Tangible assets

7

-

-

Investments

8

5,371,880

5,371,880

5,371,880

5,371,880

CURRENT ASSETS

Debtors

10

1,815,349

1,150,006

Cash at bank and in hand

29,676

147,489

1,845,025

1,297,495

CREDITORS

Amounts falling due within one year

11

1,392,611

1,542,728

NET CURRENT ASSETS/(LIABILITIES)

452,414

(245,233

)

TOTAL ASSETS LESS CURRENT LIABILITIES

5,824,294

5,126,647

CAPITAL AND RESERVES

Called up share capital

14

560

585

Capital redemption reserve

15

440

415

Retained earnings

15

5,823,294

5,125,647

SHAREHOLDERS' FUNDS

5,824,294

5,126,647

Company's profit for the financial year

1,182,647

644,656

The financial statements were approved by the Board of Directors and authorised for issue on 23 September 2025 and were signed on its behalf by:

Ainsley Hawkins - Director

Called up

Capital

share

Retained

redemption

Other

Total

capital

earnings

reserve

reserves

equity

£

£

£

£

£

Balance at 1 January 2023

590

13,059,252

410

1,896,078

14,956,330

Changes in equity

Issue of share capital

(5

)

-

-

-

(5

)

Total comprehensive income

-

1,356,143

5

-

1,356,148

Balance at 31 December 2023

585

14,415,395

415

1,896,078

16,312,473

Changes in equity

Issue of share capital

(25

)

-

-

-

(25

)

Total comprehensive income

-

1,813,372

25

-

1,813,397

Balance at 31 December 2024

560

16,228,767

440

1,896,078

18,125,845

Called up

Capital

share

Retained

redemption

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 January 2023

590

4,580,991

410

4,581,991

Changes in equity

Issue of share capital

(5

)

-

-

(5

)

Total comprehensive income

-

544,656

5

544,661

Balance at 31 December 2023

585

5,125,647

415

5,126,647

Changes in equity

Issue of share capital

(25

)

-

-

(25

)

Total comprehensive income

-

697,647

25

697,672

Balance at 31 December 2024

560

5,823,294

440

5,824,294

Cash flows from operating activities

Cash generated from operations

1

1,659,908

4,081,464

Tax paid

(598,556

)

(690,902

)

Net cash from operating activities

1,061,352

3,390,562

Cash flows from investing activities

Purchase of tangible fixed assets

(229,857

)

(80,581

)

Purchase of fixed asset investments

-

(65,000

)

Sale of tangible fixed assets

62,090

(1

)

Purchase of own shares

(484,974

)

(99,995

)

Interest received

485,806

122,169

Net cash from investing activities

(166,935

)

(123,408

)

Cash flows from financing activities

Share issue

(25

)

(5

)

Net cash from financing activities

(25

)

(5

)

Increase in cash and cash equivalents

894,392

3,267,149

Cash and cash equivalents at beginning of year

2

9,372,378

6,105,229

Cash and cash equivalents at end of year

2

10,266,770

9,372,378

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

31/12/24

31/12/23

£

£

Profit before taxation

3,056,218

2,012,324

Depreciation charges

237,524

256,952

Loss on disposal of fixed assets

7,800

207,142

Finance income

(485,806

)

(122,169

)

2,815,736

2,354,249

(Increase)/decrease in stocks

(911,794

)

276,842

(Increase)/decrease in trade and other debtors

(260,904

)

113,685

Increase in trade and other creditors

16,870

1,336,688

Cash generated from operations

1,659,908

4,081,464

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2024

31/12/24

1/1/24

£

£

Cash and cash equivalents

10,266,770

9,372,378

Year ended 31 December 2023

31/12/23

1/1/23

£

£

Cash and cash equivalents

9,372,378

6,105,229

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1/1/24

Cash flow

At 31/12/24

£

£

£

Net cash

Cash at bank and in hand

9,372,378

894,392

10,266,770

9,372,378

894,392

10,266,770

Total

9,372,378

894,392

10,266,770

1.	STATUTORY INFORMATION

C & M Ventures Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Basis of consolidation

The consolidated profit and loss account and balance sheet include the financial statements of the company and its subsidiary undertakings made up to 31 December 2021. The results of subsidiaries sold or acquired are included in the profit and loss account up to, or from the date control passes. Intra-group sales and profits are eliminated fully on consideration.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue recognition - sale of goods

Turnover is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Leasehold buildings

Over 10 years

Plant and machinery

10% - 20% on cost

Motor vehicles

20% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

Financial assets

Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at the transaction value.

They are then subsequently carried at amortised cost using the effective interest rate method.

At the end of each reporting period financial assets are assessed for impairment. If an impairment exists the impairment loss is recognised in the income statement.

Financial assets are derecognised when:

- the contractual right to cash flows from the asset are settled or expire,

- substantially all the risk and rewards of the ownership of the asset are transferred to another party or

- despite retaining some significant risks and rewards, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset without additional restrictions.

Financial liabilities

Basic financial liabilities, including trade and other creditors are initially recognised at the transaction value.

They are then subsequently carried at amortised cost using the effective interest rate method.

Financial liabilities are derecognised when the liability is discharged, cancelled or expires.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

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

Pension costs and other post-retirement benefits

The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Investments

Fixed asset investments are stated at cost less provision for diminution in value.

3.	EMPLOYEES AND DIRECTORS

31/12/24

31/12/23

£

£

Wages and salaries

4,658,234

4,686,928

Social security costs

504,539

493,253

Other pension costs

116,735

108,581

5,279,508

5,288,762

The average number of employees during the year was as follows:

31/12/24

31/12/23

Management and administration

107

103

Production

29

29

136

132

31/12/24

31/12/23

£

£

Directors' remuneration

865,746

1,342,472

Information regarding the highest paid director is as follows:

31/12/24

31/12/23

£

£

Emoluments etc

733,866

1,216,712

4.	OPERATING PROFIT

The operating profit is stated after charging:

31/12/24

31/12/23

£

£

Hire of plant and machinery

30,673

22,533

Other operating leases

455,271

462,788

Depreciation - owned assets

237,525

256,952

Loss on disposal of fixed assets

7,800

207,142

Auditors' remuneration

85,800

59,400

5.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

31/12/24

31/12/23

£

£

Current tax:

UK corporation tax

791,916

560,405

Prior Year Adjustment

-

(450

)

Total current tax

791,916

559,955

Deferred tax

(34,070

)

(3,774

)

Tax on profit

757,846

556,181