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Registered number: 14068291 CVW SPV Limited Annual Report and Financial Statements For the Year Ended 31 December 2024
CVW SPV Limited
Company Information
Directors | D Hall
| A J Bowser
| S Gogna
| M R Lord
| N J Lord
| J Gogna
| K Bowser
| K M Hall
Registered number | 14068291
Registered office | Block G1, Dandy Bank Road
| Pensnett Trading Estate
| Kingswinford
| DY6 7TD
Independent auditor | Dains Audit Limited
| 2 Chamberlain Square
| Birmingham
| B3 3AX
CVW SPV Limited
Contents
| Page
Group strategic report | 1 - 2
Directors' report | 3 - 5
Independent auditor's report | 6 - 9
Consolidated statement of comprehensive income | 10
Consolidated balance sheet | 11
Company balance sheet | 12
Consolidated statement of changes in equity | 13
Company statement of changes in equity | 14
Consolidated statement of cash flows | 15 - 16
Consolidated analysis of net debt | 17
Notes to the financial statements | 18 - 39
CVW SPV Limited
Group strategic report For the year ended 31 December 2024
Introduction
The Directors present their strategic report for the year ended 31 December 2024.
Business review
The principal activity of the Group in the year under review continued to be that of a specialist provider of products and services to the Commercial Garage Sector. The group has delivered turnover of £25,715,762 (2023: £22,745,786) and gross profit of £8,210,040 (2023: £7,096,477). The Group has generated earnings before interest, depreciation and amortisation (EBITDA) of £1,859,494 (2023: £1,850,791) and a loss after tax of £199,464 (2023: £10,958). The turnover increase is primarily generated from the organic growth of Totalkare with a significant contribution to the growth from the Tecnik business purchased in May 2023. The increase in the portfolio of products also positively impacted the increase in performance. The Directors are constantly assessing the market in which the Group operates and are making changes, as necessary, when and where required to maximise the Group’s potential. System and process enhancements are part of this conscious improvement cycle, as is the recruitment of experienced staff. The Directors anticipate a further improvement in trading throughout 2025, as we continue with increasing performance of the Bradmac brand and the Tecnik business and adding further products to the overall portfolio and we will see an increase in service revenue, as more products are added to service contracts.
Future developments
The Directors anticipate minor changes in the sector over the next few years, as we see a slow move away from diesel/petrol to electric/hydrogen and they will continue to assess the opportunities in the market and will continue to invest in research and development, system and process enhancements and appropriate skilled staff to ensure the business is at the forefront of the key players in the industry.
Principal risks and uncertainties
Financial Risk Management The Company’s operation exposes it to a variety of financial risks that include effects of credit risk and liquidity risk. The Directors seek to limit the effects on the financial performance of the Company by monitoring levels of exposure to financial risk. Credit risk The Company has implemented policies and procedures that require credit checks and monitoring on potential customers before and during trading. Measures are put in place to reduce the finance given to companies with below average credit ratings. Liquidity risk The Company actively monitors its’ cashflow requirements to ensure that it has sustainable and sufficient funds for its operations. Page 1
CVW SPV Limited
Group strategic report (continued) For the year ended 31 December 2024
Financial key performance indicators
The Directors consider that the key financial indicators are turnover and earning before interest, depreciation and amortisation (EBITDA). The turnover has increased by £2,969,976 in 2024, a 13.1% increase. The EBITDA increased by £8,703, a 0.5% increase.
Other key performance indicators
The Directors closely monitor complaints and returns to ensure that high quality and customer service are maintained. This report was approved by the board and signed on its behalf.
___________________________ D Hall Director
Date: 6 March 2026
Page 2
CVW SPV 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.
Principal activity
The principal activity of the Company in the year continued to be that of a holding company. The principal activity of the Group in the year continued to be that of the repair and maintenance of other transport equipment together with wholesale of automotive machinery and equipment.
Results and dividends
The loss for the year, after taxation, amounted to £199,464 (2023: loss £10,958). The Company paid dividends of £15,231 (2023: £84,769) in the year.
Directors
The Directors who served during the year were:
D Hall
A J Bowser
S Gogna
M R Lord
N J Lord
J Gogna
K Bowser
K M Hall
Matters covered in the Group strategic report
The following disclosures as required by S414C(11) have been elevated to the Strategic Report: - Principal risks and uncertainties - Future Developments Page 3
CVW SPV Limited
Directors' report (continued) For the year ended 31 December 2024
Going concern
These financial statements have been prepared on a going concern basis. The Directors consider this treatment appropriate as the Group has access to sufficient cash reserves, providing substantial headroom to absorb any uncertainties in future cash flows. Accordingly, the Directors are satisfied that the Group will continue to meet its obligations as they fall due. In forming this assessment, the Directors have prepared detailed trading forecasts and cash flow projections covering a period to December 2030. Furthermore, in February 2026, the Directors secured a new Group finance facility which has replaced part of the existing facility and created substantial additional financial headroom. The Directors have also taken into account the principal risks and uncertainties outlined in the strategic report accompanying these financial statements. Based on these considerations, the Directors are confident that the Group is well positioned for the future and that it will be able to operate within the revised financing arrangements. They therefore conclude that it remains appropriate to prepare the financial statements on a going concern basis.
Directors' responsibilities statement
The Directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated 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 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 for the Group's financial statements and then apply them consistently; ∙make judgments 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 Group 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 the Group and to 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.
Post balance sheet events
In February 2026 the Group has negotiated a new group finance facility which has replaced part of the existing facility and created substantial additional financial headroom. Page 4
CVW SPV Limited
Directors' report (continued) For the year ended 31 December 2024
Disclosure of information to auditor
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 and the Group's auditor is 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 and the Group's auditor is aware of that information.
Auditor
The auditor, Dains Audit Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. This report was approved by the board and signed on its behalf.
___________________________ D Hall Director
Date: 6 March 2026
Page 5
CVW SPV Limited
Independent auditor's report to the members of CVW SPV Limited
Opinion
We have audited the financial statements of CVW SPV Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2024, which comprise the consolidated profit and loss account, the consolidated balance sheet, the Company balance sheet, the consolidated statement of cash flows, the consolidated statement of changes in equity, the company statement of changes in equity and the related notes, 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's 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 Auditor's 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 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 Group's or 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. Page 6
CVW SPV Limited
Independent auditor's report to the members of CVW SPV Limited (continued)
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.
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 Group 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 Group 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 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 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 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 the management committee
As explained more fully in the Directors' responsibilities statement set out on page 4, 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 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. Page 7
CVW SPV Limited
Independent auditor's report to the members of CVW SPV Limited (continued)
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 Group 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 senior statutory auditor ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; ∙we identified the laws and regulations applicable to the Company through discussions with directors and other management, and from our commercial knowledge and experience of the automotive sector; ∙we focused on 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 financial reporting legislation, Companies Act 2006, taxation legislation, anti-bribery, employment, and environmental and health and safety legislation; ∙we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and ∙identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. 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 to identify unusual transactions; ∙assessed whether judgements and assumptions made in determining the accounting estimates set out in Note 3 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. Page 8
CVW SPV Limited
Independent auditor's report to the members of CVW SPV Limited (continued) Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. 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 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. Mark Gurney FCCA (Senior statutory auditor) for and on behalf of Dains Audit Limited Statutory Auditor Chartered Accountants Birmingham 6 March 2026 Page 9
CVW SPV Limited
Consolidated profit and loss account For the year ended 31 December 2024
| 2024 | 2023
Note | £ | £
Turnover | 4 | 25,715,762 | 22,745,786
Cost of sales |  | (17,505,722) | (15,649,309)
Gross profit |  | 8,210,040 | 7,096,477
Administrative expenses |  | (7,457,808) | (6,229,343)
Exceptional administrative expenses |  | (44,999) | (70,504)
Operating profit | 5 | 707,233 | 796,630
Interest receivable and similar income | 9 | 1,212 | 4,374
Interest payable and similar expenses | 10 | (646,397) | (580,887)
Profit before taxation |  | 62,048 | 220,117
Tax on profit | 11 | (261,512) | (231,075)
Loss for the financial year |  | (199,464) | (10,958)
Loss for the year attributable to: |  |  |
Owners of the parent Company |  | (199,464) | (10,958)
There were no recognised gains and losses for 2024 or 2023 other than those included in the consolidated profit and loss account.
There was no other comprehensive income for 2024 (2023:£NIL).
The notes on pages 18 to 39 form part of these financial statements.
Page 10
CVW SPV Limited Registered number:14068291
Consolidated balance sheet As at 31 December 2024
|  | 2024 |  | 2023
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Intangible assets | 14 |  | 5,215,371 |  | 5,806,135
Tangible assets | 15 |  | 1,543,165 |  | 894,898
|  |  | 6,758,536 |  | 6,701,033
Current assets |  |  |  |  |
Stocks | 17 | 4,471,408 |  | 3,697,610 |
Debtors: amounts falling due within one year | 18 | 4,816,161 |  | 4,303,733 |
Cash at bank and in hand | 19 | 266,433 |  | 431,255 |
|  | 9,554,002 |  | 8,432,598 |
Creditors: amounts falling due within one year | 20 | (10,437,978) |  | (9,067,583) |
Net current liabilities |  |  | (883,976) |  | (634,985)
Total assets less current liabilities |  |  | 5,874,560 |  | 6,066,048
Creditors: amounts falling due after more than one year | 21 |  | (5,878,555) |  | (6,026,348)
Provisions for liabilities |  |  |  |  |
Deferred taxation | 24 |  | (377,000) |  | (206,000)
Net liabilities |  |  | (380,995) |  | (166,300)
Capital and reserves |  |  |  |  |
Called up share capital | 25 |  | 10 |  | 10
Share premium account | 26 |  | 52,498 |  | 52,498
Profit and loss account | 26 |  | (433,503) |  | (218,808)
Shareholders' deficit |  |  | (380,995) |  | (166,300)
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
___________________________ D Hall
Director
Date: 6 March 2026
The notes on pages 18 to 39 form part of these financial statements. Page 11
CVW SPV Limited Registered number:14068291
Company balance sheet As at 31 December 2024
|  | 2024 |  | 2023
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Investments | 16 |  | 3,436,696 |  | 3,436,696
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 18 | 4,118,998 |  | 3,573,065 |
Cash at bank and in hand | 19 | 17,363 |  | 89,045 |
|  | 4,136,361 |  | 3,662,110 |
Creditors: amounts falling due within one year | 20 | (2,711,962) |  | (1,766,793) |
Net current assets |  |  | 1,424,399 |  | 1,895,317
Total assets less current liabilities |  |  | 4,861,095 |  | 5,332,013
Creditors: amounts falling due after more than one year | 21 |  | (4,801,434) |  | (5,261,021)
Net assets |  |  | 59,661 |  | 70,992
Capital and reserves |  |  |  |  |
Called up share capital | 25 |  | 10 |  | 10
Share premium account | 26 |  | 52,498 |  | 52,498
Profit and loss account carried forward |  |  | 7,153 |  | 18,484
|  |  | 59,661 |  | 70,992
The Company has generated profit after tax for the period of £3,900 (2023: £139,587). The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
___________________________ D Hall
Director
Date: 6 March 2026
The notes on pages 18 to 39 form part of these financial statements. Page 12
CVW SPV Limited
Consolidated statement of changes in equity For the year ended 31 December 2024
| Called up share capital | Share premium account | Profit and loss account | Total equity
| £ | £ | £ | £
At 1 January 2023 | 10 | 52,498 | (123,081) | (70,573)
Comprehensive income for the period |  |  |  |
Loss for the year | - | - | (10,958) | (10,958)
Contributions by and distributions to owners |  |  |  |
Dividends: Equity capital | - | - | (84,769) | (84,769)
At 1 January 2024 | 10 | 52,498 | (218,808) | (166,300)
Comprehensive income for the year |  |  |  |
Loss for the year | - | - | (199,464) | (199,464)
Contributions by and distributions to owners |  |  |  |
Dividends | - | - | (15,231) | (15,231)
At 31 December 2024 | 10 | 52,498 | (433,503) | (380,995)
| The notes on pages 18 to 39 form part of these financial statements.
Page 13
CVW SPV Limited
Company statement of changes in equity For the year ended 31 December 2024
| Called up share capital | Share premium account | Profit and loss account | Total equity
| £ | £ | £ | £
At 1 January 2023 | 10 | 52,498 | (36,334) | 16,174
Comprehensive income for the period |  |  |  |
Profit for the period | - | - | 139,587 | 139,587
Contributions by and distributions to owners |  |  |  |
Dividends: Equity capital | - | - | (84,769) | (84,769)
At 1 January 2024 | 10 | 52,498 | 18,484 | 70,992
Comprehensive income for the year |  |  |  |
Profit for the year | - | - | 3,900 | 3,900
Contributions by and distributions to owners |  |  |  |
Dividends | - | - | (15,231) | (15,231)
At 31 December 2024 | 10 | 52,498 | 7,153 | 59,661
| The notes on pages 18 to 39 form part of these financial statements.
Page 14
CVW SPV Limited
Consolidated statement of cash flows For the year ended 31 December 2024
|  |  | 2024 | 2023
|  |  | £ | £
Cash flows from operating activities |  |
Loss for the financial year | (199,464) | (10,958)
Adjustments for: |  |
Amortisation of intangible assets | 654,401 | 637,047
Depreciation of tangible assets | 497,860 | 413,664
Loss on disposal of tangible assets | (2,135) | (15,164)
Interest paid | 646,397 | 580,887
Interest received | (1,212) | (4,374)
Taxation charge | 261,511 | 231,075
Increase in stocks | (773,798) | (1,286,832)
Increase in debtors | (509,510) | (857,753)
Increase in creditors | 1,002,660 | 2,095,477
Corporation tax paid | (126,652) | (90,504)
Net cash generated from operating activities | 1,450,058 | 1,692,565
Cash flows from investing activities |  |
Purchase of intangible fixed assets | (5,874) | (23,624)
Purchase of tangible fixed assets | (89,123) | (202,942)
Sale of tangible fixed assets | 36,920 | 66,573
Purchase of fixed asset investments | - | (399,284)
Interest received | 1,212 | 4,374
Cash on acquisition of subsidiaries | - | 18,133
Net cash from investing activities | (56,865) | (536,770)
Page 15
CVW SPV Limited
Consolidated statement of cash flows (continued) For the year ended 31 December 2024
|  | 2024 | 2023
|  | £ | £
Cash flows from financing activities |  |
New bank loans | - | 400,000
Repayment of bank loans | (486,649) | (337,037)
Repayment of other loans | - | (308,334)
New finance leases less repayments | (409,738) | (226,438)
Dividends paid | (15,231) | (84,769)
Interest paid | (561,074) | (522,101)
HP interest paid | (85,323) | (58,786)
Net cash used in financing activities | (1,558,015) | (1,137,465)
Net (decrease)/increase in cash and cash equivalents | (164,822) | 18,330
Cash and cash equivalents at beginning of year | 431,255 | 412,925
Cash and cash equivalents at the end of year | 266,433 | 431,255
Cash and cash equivalents at the end of year comprise: |  |
Cash at bank and in hand | 266,433 | 431,255
| 266,433 | 431,255
The notes on pages 18 to 39 form part of these financial statements.
Page 16
CVW SPV Limited
Consolidated Analysis of Net Debt For the year ended 31 December 2024
|  | At 1 January 2024 | Cash flows | New finance leases | Other non-cash changes | At 31 December 2024
|  | £ | £ | £ | £ | £
Cash at bank and in hand | 431,255 | (164,822) | - | - | 266,433
Debt due after 1 year | (5,569,355) | - | - | 459,587 | (5,109,768)
Debt due within 1 year | (885,581) | 399,835 | - | (459,587) | (945,333)
Finance leases | (707,738) | 409,738 | (1,117,251) | - | (1,415,251)
| (6,731,419) | 644,751 | (1,117,251) | - | (7,203,919)
The notes on pages 18 to 39 form part of these financial statements.
Page 17
CVW SPV Limited
Notes to the financial statements For the year ended 31 December 2024
1. | General information
CVW SPV Limited is a private company, limited by shares, incorporated in the United Kingdom and registered England and Wales. The Company's registered number is 14068291 and its registered office is Block G1, Dandy Bank Road, Pensnett Trading Estate, Kingswinford, DY6 7TD. The principal activity is given in the directors' report. 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 Group management to exercise judgment in applying the Group's accounting policies (see note 3). The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements. The following principal accounting policies have been applied:
| 2.2 | Basis of consolidation
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full. The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases. Page 18
CVW SPV Limited
Notes to the financial statements For the year ended 31 December 2024 2.Accounting policies (continued)
| 2.3 | Going concern
These financial statements have been prepared on a going concern basis. The Directors consider this treatment appropriate as the Group has access to sufficient cash reserves, providing substantial headroom to absorb any uncertainties in future cash flows. Accordingly, the Directors are satisfied that the Group will continue to meet its obligations as they fall due. In forming this assessment, the Directors have prepared detailed trading forecasts and cash flow projections covering a period to December 2030. Furthermore, in February 2026, the Directors secured a new Group finance facility which has replaced part of the existing facility and created substantial additional financial headroom. The Directors have also taken into account the principal risks and uncertainties outlined in the strategic report accompanying these financial statements. Based on these considerations, the Directors are confident that the Group is well positioned for the future and that it will be able to operate within the revised financing arrangements. They therefore conclude that it remains appropriate to prepare the financial statements on a going concern basis.
| 2.4 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP and the financial statements are rounded to the nearest £. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'. Page 19
CVW SPV Limited
Notes to the financial statements For the year ended 31 December 2024 2.Accounting policies (continued)
| 2.5 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Sale of goods Revenue from the sale of goods is recognised when all of the following conditions are satisfied: ∙the Group has transferred the significant risks and rewards of ownership to the buyer; ∙the Group 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 Group 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. Rendering of services Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: ∙the amount of revenue can be measured reliably; ∙it is probable that the Group will receive the consideration due under the contract; ∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and ∙the costs incurred and the costs to complete the contract can be measured reliably.
| 2.6 | Operating leases: the Group as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
| 2.7 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.8 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument. Page 20
CVW SPV Limited
Notes to the financial statements For the year ended 31 December 2024 2.Accounting policies (continued)
| 2.9 | Borrowing costs
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
| 2.10 | Pensions
Defined contribution pension plan The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group 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 Group in independently administered funds.
| 2.11 | 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 and the Group operate and generate 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.
| 2.12 | Exceptional items
Exceptional items are transactions that fall within the ordinary activities of the Group but are presented separately due to their size or incidence. Page 21
CVW SPV Limited
Notes to the financial statements For the year ended 31 December 2024 2.Accounting policies (continued)
| 2.13 | Intangible assets
Goodwill Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated statement of comprehensive income over its useful economic life. Other intangible assets Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years. The estimated useful lives range as follows: Patents and licences - 5 years Computer software - 3 years Goodwill - 10 years
| 2.14 | 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, on the following basis:.
|  |  |  | Leasehold improvements | - | 33% straight line
|  |  |  | Plant and machinery | - | 25% - 33% straight line
|  |  |  | Motor vehicles & fleet | - | 25% - 33% straight line
|  |  |  | Office equipment & computer equipment | - | 25% - 33% straight line
|  |  |  | Demo stock | - | 33% straight line
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 22
CVW SPV Limited
Notes to the financial statements For the year ended 31 December 2024 2.Accounting policies (continued)
| 2.15 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment.
| 2.16 | 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.
| 2.17 | Debtors
Short-term debtors are measured at transaction price, less any impairment.
| 2.18 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.
| 2.19 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.20 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss. Page 23
CVW SPV Limited
Notes to the financial statements For the year ended 31 December 2024 2.Accounting policies (continued)
| 2.21 | Financial instruments
The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Group's Balance sheet when the Group 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 trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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. Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments. Impairment of financial assets At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate. If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss. Financial liabilities Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities. Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs Page 24
CVW SPV Limited
Notes to the financial statements For the year ended 31 December 2024 2.Accounting policies (continued)
| 2.21 | Financial instruments (continued)
except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. Derecognition of financial instruments Derecognition of financial assets Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained. Derecognition of financial liabilities Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.
| 2.22 | Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. Page 25
CVW SPV Limited
Notes to the financial statements For the year ended 31 December 2024
3. | Judgements in applying accounting policies and key sources of estimation uncertainty
In the application of the Group's accounting policies, the directors are required to make judgement, estimates and assumptions about the carrying amounts 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 if the revision affects only that period, or in the period of revision and future periods if the revision affects both current and future periods. The Group has no critical judgements. Key source of estimation uncertainty The key assumptions concerning the future, and other key sources of estimation uncertainty at the balance sheet date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. Impairment of Goodwill and Parent Company Investment When considering any impairment of goodwill or investments, the directors' use impairment models with detailed cash flow forecasts to determine the value in use of the assets. The impairment testing involves significant judgement as to whether the estimated future cash flows can support the carrying value of the asset.
4. | Turnover
The whole of the turnover is attributable to the Group's principal activities. Analysis of turnover by country of destination:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| United Kingdom | 25,715,762 | 22,745,786
5. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Exchange differences | 38 | 12,618
| Other operating lease rentals | 333,059 | 227,002
| Depreciation of tangible fixed assets | 497,860 | 413,664
| Amortisation of intangible fixed assets | 654,401 | 637,047
Page 26
CVW SPV Limited
Notes to the financial statements For the year ended 31 December 2024
6. | Auditor's remuneration
| During the year, the Group obtained the following services from the Company's auditor:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Fees payable to the Company's auditor for the audit of the consolidated and parent Company's financial statements | 3,360 | 3,000
| Fees payable to the Company's auditor in respect of: |  |
| The auditing of accounts of subsidiaries of the Company | 33,640 | 31,000
| Taxation compliance services | 8,200 | 5,150
| All non-audit services not included above | - | 138
7. | Employees
| Staff costs, including Directors' remuneration, were as follows:
|  | Group | Group | Company | Company
|  | year ended 2023 | period ended 2022 | year ended 2023 | period ended 2022
|  | £ | £ | £ | £
| Wages and salaries | 4,474,994 | 3,478,756 | - | -
| Social security costs | 533,180 | 410,733 | - | -
| Cost of defined contribution scheme | 182,810 | 123,316 | - | -
|  | 5,190,984 | 4,012,805 | - | -
| The average monthly number of employees, including the Directors, during the year was as follows:
|  |  | Group | Group | Company | Company
|  |  | 2024 | 2023 | 2024 | 2023
|  |  | No. | No. | No. | No.
|  | Directors | 8 | 8 | 8 | 8
|  | Engineers | 33 | 29 | - | -
|  | Warehouse | 9 | 13 | - | -
|  | Sales Function | 19 | 18 | - | -
|  | Support function | 36 | 16 | - | -
|  |  | 105 | 84 | 8 | 8
Page 27
CVW SPV Limited
Notes to the financial statements For the year ended 31 December 2024
8. | Directors' remuneration
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Directors' emoluments | 438,415 | 400,308
| Group contributions to defined contribution pension schemes | 52,402 | 36,960
|  | 490,817 | 437,268
| During the year retirement benefits were accruing to 5 Directors (2023 - 4) in respect of defined contribution pension schemes.
| The highest paid Director received remuneration of £111,573 (2023 - £112,637).
| The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid Director amounted to £15,396 (2023 - £13,329).
9. | Interest receivable
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Other interest receivable | 1,212 | 4,374
10. | Interest payable and similar expenses
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Bank interest payable | 370,201 | 378,078
| Other loan interest payable | 55,202 | 51,183
| Finance leases and hire purchase contracts | 85,323 | 58,786
| Other interest payable | 135,671 | 92,840
|  | 646,397 | 580,887
Page 28
CVW SPV Limited
Notes to the financial statements For the year ended 31 December 2024
11. | Taxation
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 4,221 | 190,253
| Adjustments in respect of previous periods | 86,291 | (138)
| Total current tax | 90,512 | 190,115
| Deferred tax |  |
| Origination and reversal of timing differences | 171,000 | 40,960
| Total deferred tax | 171,000 | 40,960
| Tax on profit | 261,512 | 231,075
| Factors affecting tax charge for the year
| The tax assessed for the year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 23.52%). The differences are explained below:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Profit before tax | 62,048 | 220,117
| Profit multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.52%) | 15,512 | 51,772
| Effects of: |  |
| Non-tax deductible amortisation of goodwill and impairment | - | 149,525
| Expenses not deductible for tax purposes, other than goodwill amortisation and impairment | 6,142 | 33,373
| Fixed asset differences | 159,796 | (3,277)
| Adjustments to tax charge in respect of prior periods | 86,291 | (138)
| Income not taxable for tax purposes | (22,307) | -
| Other timing differences | 16,547 | (180)
| Marginal relief | (469) | -
| Total tax charge for the year | 261,512 | 231,075
Page 29
CVW SPV Limited
Notes to the financial statements For the year ended 31 December 2024 11.Taxation (continued)
| Factors that may affect future tax charges
There were no factors that may affect future tax charges.
12. | Dividends
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Dividends (£15.23 per share (2023: £847.69)) | 15,231 | 84,769
13. | Exceptional items
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Fundamental restructure | 44,999 | 70,504
Page 30
CVW SPV Limited
Notes to the financial statements For the year ended 31 December 2024
14. | Intangible assets
| Group
|  | Patents and licences | Computer software | Goodwill | Total
|  | £ | £ | £ | £
| Cost |  |  |  |
| At 1 January 2024 | 9,176 | 23,624 | 6,478,964 | 6,511,764
| Additions | - | 5,874 | - | 5,874
| Transfers between classes | - | 57,763 | - | 57,763
| At 31 December 2024 | 9,176 | 87,261 | 6,478,964 | 6,575,401
| Amortisation |  |  |  |
| At 1 January 2024 | - | 1,312 | 704,317 | 705,629
| Charge for the year on owned assets | - | 18,666 | 635,735 | 654,401
| At 31 December 2024 | - | 19,978 | 1,340,052 | 1,360,030
| Net book value |  |  |  |
| At 31 December 2024 | 9,176 | 67,283 | 5,138,912 | 5,215,371
| At 31 December 2023 | 9,176 | 22,312 | 5,774,647 | 5,806,135
| Company The Company has no intangible assets.
Page 31
CVW SPV Limited
Notes to the financial statements For the year ended 31 December 2024
15. | Tangible fixed assets
| Group
|  | Leasehold improvements | Plant and machinery | Motor vehicles & fleet | Office & Computer equipment | Demo stock | Total
|  | £ | £ | £ | £ | £ | £
| Cost |  |  |  |  |  |
| At 1 January 2024 | 259,055 | 225,444 | 998,475 | 594,022 | 31,961 | 2,108,957
| Additions | 24,379 | 157,442 | 955,031 | 39,623 | 62,200 | 1,238,675
| Disposals | - | (3,800) | (129,563) | - | - | (133,363)
| Transfers between classes | - | - | - | - | (57,763) | (57,763)
| At 31 December 2024 | 283,434 | 379,086 | 1,823,943 | 633,645 | 36,398 | 3,156,506
| Depreciation |  |  |  |  |  |
| At 1 January 2024 | 175,021 | 108,343 | 449,916 | 480,779 | - | 1,214,059
| Charge for the year on owned assets | 25,767 | 39,725 | 41,225 | 46,407 | - | 153,124
| Charge for the year on financed assets | 11,596 | 4,737 | 323,215 | 5,188 | - | 344,736
| Disposals | - | (844) | (97,734) | - | - | (98,578)
| At 31 December 2024 | 212,384 | 151,961 | 716,622 | 532,374 | - | 1,613,341
| Net book value |  |  |  |  |  |
| At 31 December 2024 | 71,050 | 227,125 | 1,107,321 | 101,271 | 36,398 | 1,543,165
| At 31 December 2023 | 84,034 | 117,101 | 548,559 | 113,243 | 31,961 | 894,898
Page 32
CVW SPV Limited
Notes to the financial statements For the year ended 31 December 2024 15.Tangible fixed assets (continued)
| The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Plant and machinery | 113,634 | 110,345
| Motor vehicles | 232,471 | 495,190
| Office equipment | 14,326 | 18,334
|  | 360,431 | 623,869
16. | Fixed asset investments
| Company
|  | Investments in subsidiary companies
|  | £
| Cost |
| At 1 January 2024 | 3,436,696
| At 31 December 2024 | 3,436,696
| Direct subsidiary undertaking
| The following was a direct subsidiary undertaking of the Company:
| Name | Registered office | Class of shares | Holding
| Peritum Group Ltd | Block G1, Dandy Bank Road, Pensnett Trading Estate, Kingswinford, DY6 7TD | Ordinary | 100%
Page 33
CVW SPV Limited
Notes to the financial statements For the year ended 31 December 2024
| Indirect subsidiary undertakings
| The following were indirect subsidiary undertakings of the Company:
| Name | Registered office | Class of shares | Holding
| Peritum Ltd | Block G1, Dandy Bank Road, Pensnett Trading Estate, Kingswinford, DY6 7TD | Ordinary | 100%
| Bradmac Garage Equipment and Services Limited | Ellersley House Miller Road, Ayr, South Ayrshire, Scotland, KA7 2AY | Ordinary | 100%
| Tecnik Engineering Limited | Block G1 Dandy Bank Road, Pensnett Trading Estate, Kingswinford, DY6 7TD | Ordinary | 100%
17. | Stocks
|  | Group | Group | Company | Company
|  | 2024 | 2023 | 2024 | 2023
|  | £ | £ | £ | £
| Raw materials and consumables | 907,539 | 131,563 | - | -
| Work in progress | 52,904 | 42,020 | - | -
| Finished goods and goods for resale | 3,510,965 | 3,524,027 | - | -
|  | 4,471,408 | 3,697,610 | - | -
18. | Debtors
|  | Group | Group | Company | Company
|  | 2024 | 2023 | 2024 | 2023
|  | £ | £ | £ | £
| Trade debtors | 3,613,425 | 2,573,588 | - | -
| Amounts owed by group undertakings | - | - | 3,916,009 | 3,380,645
| Other debtors | 468,200 | 227,182 | 103,163 | 82,588
| Prepayments and accrued income | 734,536 | 1,502,963 | 99,826 | 109,832
|  | 4,816,161 | 4,303,733 | 4,118,998 | 3,573,065
| The amounts owed by group undertakings above are unsecured, interest free and have no fixed repayment date and are repayable on demand.
Page 34
CVW SPV Limited
Notes to the financial statements For the year ended 31 December 2024
19. | Cash and cash equivalents
|  | Group | Group | Company | Company
|  | 2024 | 2023 | 2024 | 2023
|  | £ | £ | £ | £
| Cash at bank and in hand | 266,433 | 431,255 | 17,363 | 89,045
20. | Creditors: Amounts falling due within one year
|  | Group | Group | Company | Company
|  | 2024 | 2023 | 2024 | 2023
|  | £ | £ | £ | £
| Bank loans | 577,000 | 577,146 | 577,000 | 577,146
| Other loans | 308,333 | 308,333 | - | -
| Trade creditors | 3,548,134 | 4,749,012 | 73,924 | 72,313
| Amounts owed to group undertakings | - | - | 2,061,038 | 1,106,543
| Corporation tax | 167,355 | 200,577 | - | -
| Other taxation and social security | 1,820,176 | 471,146 | - | -
| Obligations under finance lease and hire purchase contracts | 646,464 | 250,745 | - | -
| Other creditors | 2,531,925 | 1,480,592 | - | 10,791
| Accruals and deferred income | 838,591 | 1,030,032 | - | -
|  | 10,437,978 | 9,067,583 | 2,711,962 | 1,766,793
| Amounts owed by group undertakings are unsecured, interest free, have no fixed repayment date and are repayable on demand. Included in other creditors is a £2,081,593 invoicing facility liability (2023 - £1,419,603). Invoicing facility liability is secured over the assets of the company. Obligations under hire purchase contracts are secured on the assets to which they relate. The bank loans include Shawbrook Facility A Loan and Shawbrook Facility B Loan. Facility A loan is repayable in installments and in full by 31 May 2028. Interest is payable at a rate of 5.75% plus 1 month SONIA. Facility B loan is repayable in full in aggregate by 31 May 2028. Interest is payable at a rate of 6.75% plus 1 month SONIA. Other loans are repayable by installments and in full by November 2026. Interest rate in respect of Initial Interest Period is 2% per annum, 3% per annum in respect of the Secondary Interest Period and 6% per annum in respect of the Third Interest Period.
Page 35
CVW SPV Limited
Notes to the financial statements For the year ended 31 December 2024
21. | Creditors: Amounts falling due after more than one year
|  | Group | Group | Company | Company
|  | 2024 | 2023 | 2024 | 2023
|  | £ | £ | £ | £
| Bank loans | 2,404,481 | 2,890,984 | 2,404,481 | 2,890,984
| Other loans | 2,705,287 | 2,678,371 | 2,396,953 | 2,370,037
| Net obligations under finance leases and hire purchase contracts | 768,787 | 456,993 | - | -
|  | 5,878,555 | 6,026,348 | 4,801,434 | 5,261,021
The bank loans include Shawbrook Facility A Loan and Shawbrook Facility B Loan. Facility A loan is repayable in instalments and in full by 31 May 2028. Interest is payable at a rate of 5.75% plus 1 month SONIA. Facility B loan is repayable in full in aggregate by 31 May 2028. Interest is payable at a rate of 6.75% plus 1 month SONIA. Other loans are repayable by instalments and in full by November 2026. Interest rate in respect of Initial Interest Period is 2% per annum, 3% per annum in respect of the Secondary Interest Period and 6% per annum in respect of the Third Interest Period. Liabilities under finance lease arrangements are secured on the individual assets to which they relate.
22. | Loans
| Analysis of the maturity of loans is given below:
|  | Group | Group | Company | Company
|  | 2024 | 2023 | 2024 | 2023
|  | £ | £ | £ | £
| Amounts falling due within one year |  |  |  |
| Bank loans | 577,000 | 577,146 | 577,000 | 577,146
| Other loans | 308,333 | 308,333 | - | -
| Amounts falling due 1-2 years |  |  |  |
| Other loans | 308,334 | 308,334 | - | -
| Amounts falling due 2-5 years |  |  |  |
| Bank loans | 2,404,481 | 2,890,984 | 2,404,481 | 2,890,984
| Other loans | 2,396,953 | 2,370,037 | 2,396,953 | 2,370,037
|  | 5,995,101 | 6,454,834 | 5,378,434 | 5,838,167
Page 36
CVW SPV Limited
Notes to the financial statements For the year ended 31 December 2024
23. | Hire purchase and finance leases
| Minimum lease payments under hire purchase fall due as follows:
|  | Group | Group
|  | 2024 | 2023
|  | £ | £
| Within one year | 646,464 | 250,745
| Between 1-5 years | 768,787 | 456,993
|  | 1,415,251 | 707,738
24. | Deferred taxation
| Group
|  | 2024 | 2023
|  | £ | £
| At beginning of year | (206,000) | (163,000)
| Charged to profit or loss | (171,000) | (40,960)
| Arising on business combinations | - | (2,040)
| At end of year | (377,000) | (206,000)
| The provision for deferred taxation is made up as follows:
|  | Group | Group | Company | Company
|  | 2024 | 2023 | 2024 | 2023
|  | £ | £ | £ | £
| Accelerated capital allowances | (380,000) | (222,000) | - | -
| Tax losses carried forward | - | 3,000 | - | -
| Short term timing differences | 3,000 | 13,000 | - | -
|  | (377,000) | (206,000) | - | -
Page 37
CVW SPV Limited
Notes to the financial statements For the year ended 31 December 2024
25. | Share capital
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 100 (2023 - 100) A1 Ordinary shares of £0.01 each | 1 | 1
|  | 100 (2023 - 100) A2 Ordinary shares of £0.01 each | 1 | 1
|  | 10 (2023 - 10) A3 Ordinary shares of £0.01 each | - | -
|  | 370 (2023 - 370) A4 Ordinary shares of £0.01 each | 4 | 4
|  | 420 (2023 - 420) A5 Ordinary shares of £0.01 each | 4 | 4
|  | 10 (2023 - 10) B Ordinary shares of £0.01 each | - | -
|  |  | 10 | 10
26. | Reserves
Share premium account The share premium account includes the premium on issue of equity shares, net of any issue costs. Profit and loss account The profit and loss account represents cumulative profits or losses, net of dividends paid and other adjustments.
27. | Pension commitments
The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £182,810 (2023: £123,316). Contributions totalling £29,452 (2023: £23,348) were payable to the fund at the balance sheet date and are included in creditors.
28. | Commitments under operating leases
| At 31 December 2024 the Group had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  | Group | Group
|  | 2024 | 2023
|  | £ | £
| Not later than 1 year | 329,274 | 223,931
| Later than 1 year and not later than 5 years | 1,317,096 | 776,996
| Later than 5 years | 1,851,213 | 2,027,287
|  | 3,497,583 | 3,028,214
Page 38
CVW SPV Limited
Notes to the financial statements For the year ended 31 December 2024
29. | Post balance sheet events
In February 2026 the Group has negotiated a new group finance facility which has replaced part of the existing facility and created substantial additional financial headroom.
30. | Related party transactions
| At the balance sheet date £55,429 (2023: £54,247) was owed by the shareholders of the Company.
31. | Controlling Party
At 31 December 2024, the Directors considered there to be no ultimate controlling party.
Page 39