Company registration number 07810698 (England and Wales)
CRIMTAN HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
CRIMTAN HOLDINGS LIMITED
COMPANY INFORMATION
Directors
Mr P G Goad
Mr Y Staroselsky
Company number
07810698
Registered office
192 -198 Vauxhall Bridge Road
London
SW1V 1DX
Auditor
Moorgate Accountancy Ltd
Downsview House
141-143 Station Road East
Oxted
RH8 0QE
CRIMTAN HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
4 - 6
Profit and loss account
8
Group statement of comprehensive income
9
Group balance sheet
10
Company balance sheet
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Notes to the financial statements
15 - 32
CRIMTAN HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022
- 1 -

The directors present the strategic report for the year ended 31 December 2022.

 

Fair review of the business

 

Crimtan's performance in 2022 has been commendable, marked by robust growth and adaptability in the dynamic digital advertising landscape. Despite challenges posed by privacy regulations and evolving consumer behaviour, the business has successfully navigated the digital advertising market, leveraging core strengths in the forms of the integrated technology stack, outstanding service and data driven insights. During the year we have continued investment into our products and this approach paid off with the launch of our first connected-TV campaigns.

 

In light of upcoming cookie deprecation in Chrome, we have increased our investment into strengthening Active Id, our proprietary cookieless solution. A proactive approach to privacy compliance has allowed the company to mitigate risks associated with regulatory changes. At the end of the year we have embarked on a path to achieve ISO27001 certification.

 

In 2022, the company has welcomed a large number of new employees and following high growth we have invested into improving training and learning systems.

 

Regarding various themes in the business :

Product and Service Enhancement - our strategic focus on enhancing product and service offerings has strengthened our competitive position. New features, improved targeting capabilities, and enhanced analytics have driven client satisfaction and retention.

 

Global Expansion - Crimtan's expansion into new global markets has shown promising results. The company's ability to tailor its strategies to diverse cultural and regulatory environments underscores its commitment to international growth.

 

Technology Integration - Investments in cutting-edge technologies, such as AI and machine learning, have empowered the company to deliver more personalized and effective advertising solutions. This has not only improved campaign performance but also positioned Crimtan as an industry leader in digital marketing.

 

Compliance and Privacy Measures - The company's proactive approach to privacy compliance has mitigated risks associated with regulatory changes. Our commitment to transparency and user consent aligns with industry best practices, fostering trust among clients and end-users.

 

Partnerships and Collaborations - Strategic partnerships with key players in the advertising ecosystem have expanded our reach and capabilities. Collaborative efforts with publishers, agencies, and technology providers have created synergies that benefit both the business and its partners.

 

Talent Development – the company’s emphasis on talent development and acquisition has resulted in a skilled and agile international workforce. Ongoing training programs and recruitment strategies ensure that the company remains at the forefront of industry trends and innovations.

 

Financial Performance: the financial performance in 2022 has been comparatively strong, with revenue growth exceeding industry benchmarks. Cost management and prudent financial strategies have contributed to sustainable profitability.

 

Future Outlook: Looking ahead, Crimtan is well-positioned to capitalise on emerging opportunities in the digital advertising landscape. Continued innovation, global expansion, and a focus on customer-centric solutions will be key pillars of the company’s strategy in the coming years.

 

 

 

CRIMTAN HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 2 -

On behalf of the board

Mr P G Goad
Director
11 April 2024
CRIMTAN HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022
- 3 -

The directors present their annual report and financial statements for the year ended 31 December 2022.

Principal activities

The principal activity of the company and group continued to be the supply of behaviourally targeted marketing and advertising.

 

 

Results and dividends

The results for the year are set out on page 8.

No ordinary dividends were paid. The directors do not recommend payment of a dividend.

Directors

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

Mr P G Goad
Mr Y Staroselsky
Auditor

In accordance with the company's articles, a resolution proposing that Moorgate Accountancy Ltd (Statutory Auditor) be reappointed as auditor of the group will be put at a General Meeting.

Statement of directors' responsibilities

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

CRIMTAN HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 4 -
On behalf of the board
Mr P G Goad
Director
11 April 2024
CRIMTAN HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CRIMTAN HOLDINGS LIMITED
- 5 -
Opinion

We have audited the financial statements of Crimtan Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2022 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

CRIMTAN HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CRIMTAN HOLDINGS LIMITED
- 6 -
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 their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the 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 parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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.

 

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

 

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

 

- Obtained an understanding of the nature of the industry and sector including the legal & and regulatory framework that the company operates in,

- Enquired of management and those charged with governance around actual and potential litigation claims.

- Enquired of entity staff in accounting & tax compliance functions to identify any instances of non-compliance with laws and regulations.

- Reviewed of journal entries and other adjustments for appropriateness.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

CRIMTAN HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CRIMTAN HOLDINGS LIMITED
- 7 -

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.

Peter Seed FCA (Senior Statutory Auditor)
For and on behalf of Moorgate Accountancy Ltd
11 April 2024
Chartered Accountants
Statutory Auditor
Downsview House
141-143 Station Road East
Oxted
RH8 0QE
CRIMTAN HOLDINGS LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2022
- 8 -
2022
2021
Notes
£
£
Turnover
3
27,815,375
11,748,546
Cost of sales
(15,637,489)
(4,926,371)
Gross profit
12,177,886
6,822,175
Administrative expenses
(9,314,317)
(6,368,853)
Other operating (expenses)/income
(14,057)
126,543
Operating profit
4
2,849,512
579,865
Interest receivable and similar income
8
89,757
1,109
Interest payable and similar expenses
9
(334,848)
(239,559)
Profit before taxation
2,604,421
341,415
Tax on profit
10
(342,141)
159,672
Profit for the financial year
2,262,280
501,087
Profit for the financial year is attributable to:
- Owners of the parent company
2,281,707
485,967
- Non-controlling interests
(19,427)
15,120
2,262,280
501,087
CRIMTAN HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2022
- 9 -
2022
2021
£
£
Profit for the year
2,262,280
501,087
Other comprehensive income
Currency translation (loss)/gain taken to retained earnings
(138,326)
46,651
Total comprehensive income for the year
2,123,954
547,738
Total comprehensive income for the year is attributable to:
- Owners of the parent company
2,143,381
532,618
- Non-controlling interests
(19,427)
15,120
2,123,954
547,738
CRIMTAN HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2022
31 December 2022
- 10 -
2022
2021
Notes
£
£
£
£
Fixed assets
Intangible assets
11
4,167,644
3,774,632
Tangible assets
12
19,010
16,427
4,186,654
3,791,059
Current assets
Debtors
15
7,100,996
4,419,755
Cash at bank and in hand
1,116,516
980,739
8,217,512
5,400,494
Creditors: amounts falling due within one year
16
(8,224,830)
(6,330,370)
Net current liabilities
(7,318)
(929,876)
Total assets less current liabilities
4,179,336
2,861,183
Creditors: amounts falling due after more than one year
17
(845,200)
(1,651,001)
Net assets
3,334,136
1,210,182
Capital and reserves
Called up share capital
21
104
104
Equity reserve
418,627
418,627
Profit and loss reserves
2,967,106
823,725
Equity attributable to owners of the parent company
3,385,837
1,242,456
Non-controlling interests
(51,701)
(32,274)
3,334,136
1,210,182
The financial statements were approved by the board of directors and authorised for issue on 11 April 2024 and are signed on its behalf by:
11 April 2024
Mr P G Goad
Director
Company registration number 07810698 (England and Wales)
CRIMTAN HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2022
31 December 2022
- 11 -
2022
2021
Notes
£
£
£
£
Fixed assets
Intangible assets
11
3,609,131
2,968,565
Investments
13
43,453
43,452
3,652,584
3,012,017
Current assets
Debtors
15
7,466,248
4,252,411
Cash at bank and in hand
494,784
552,654
7,961,032
4,805,065
Creditors: amounts falling due within one year
16
(6,576,431)
(5,034,926)
Net current assets/(liabilities)
1,384,601
(229,861)
Total assets less current liabilities
5,037,185
2,782,156
Creditors: amounts falling due after more than one year
17
(845,200)
(1,232,941)
Net assets
4,191,985
1,549,215
Capital and reserves
Called up share capital
21
104
104
Profit and loss reserves
4,191,881
1,549,111
Total equity
4,191,985
1,549,215

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £2,642,770 (2021 - £543,579 profit).

The financial statements were approved by the board of directors and authorised for issue on 11 April 2024 and are signed on its behalf by:
11 April 2024
Mr P G Goad
Director
Company registration number 07810698 (England and Wales)
CRIMTAN HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022
- 12 -
Share capital
Equity reserve
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
£
£
£
£
£
£
Balance at 1 January 2021
104
418,627
291,107
709,838
(47,394)
662,444
Year ended 31 December 2021:
Profit for the year
-
-
485,967
485,967
15,120
501,087
Other comprehensive income:
Currency translation differences
-
-
46,651
46,651
-
46,651
Total comprehensive income for the year
-
-
532,618
532,618
15,120
547,738
Balance at 31 December 2021
104
418,627
823,725
1,242,456
(32,274)
1,210,182
Year ended 31 December 2022:
Profit for the year
-
-
2,281,707
2,281,707
(19,427)
2,262,280
Other comprehensive income:
Currency translation differences
-
-
(138,326)
(138,326)
-
(138,326)
Total comprehensive income for the year
-
-
2,143,381
2,143,381
(19,427)
2,123,954
Balance at 31 December 2022
104
418,627
2,967,106
3,385,837
(51,701)
3,334,136
CRIMTAN HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022
- 13 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2021
104
1,005,532
1,005,636
Year ended 31 December 2021:
Profit and total comprehensive income for the year
-
543,579
543,579
Balance at 31 December 2021
104
1,549,111
1,549,215
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
2,642,770
2,642,770
Balance at 31 December 2022
104
4,191,881
4,191,985
CRIMTAN HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 14 -
2022
2021
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
26
2,025,818
1,544,280
Interest paid
(334,848)
(239,559)
Net cash inflow from operating activities
1,690,970
1,304,721
Investing activities
Capitalisation of development cost
(1,219,466)
(870,200)
Purchase of tangible fixed assets
(7,424)
(10,279)
Interest received
89,757
1,109
Net cash used in investing activities
(1,137,133)
(879,370)
Financing activities
Proceeds from loan
-
500,000
Repayment of other loans
(418,060)
(79,152)
Net cash (used in)/generated from financing activities
(418,060)
420,848
Net increase in cash and cash equivalents
135,777
846,199
Cash and cash equivalents at beginning of year
980,739
134,540
Cash and cash equivalents at end of year
1,116,516
980,739
CRIMTAN HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 15 -
1
Accounting policies
Company information

Crimtan Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is , 192 -198 Vauxhall Bridge Road, London, SW1V 1DX.

 

The group consists of Crimtan Holdings Limited and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Crimtan Holdings Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 December 2022. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

CRIMTAN HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 16 -

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

 

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

 

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for at least 12 months from the date of these accounts and the foreseeable future. Therefore the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.5
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.6
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.7
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Development costs
10 years
1.8
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

CRIMTAN HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 17 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
18% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.9
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

 

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

 

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

 

In the parent company financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.10
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

CRIMTAN HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 18 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.11
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.12
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

CRIMTAN HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 19 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

CRIMTAN HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 20 -
Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.13
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.14
Taxation

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

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.15
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.16
Retirement benefits

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

1.17
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

CRIMTAN HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 21 -
1.18
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.19
Foreign exchange

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

2
Judgements and key sources of estimation uncertainty

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

 

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

3
Turnover and other revenue
2022
2021
£
£
Turnover analysed by geographical market
UK & Europe
23,206,116
8,417,278
Rest of the world
4,609,259
3,331,268
27,815,375
11,748,546
2022
2021
£
£
Other revenue
Interest income
89,757
1,109
Grants received
126,543

 

CRIMTAN HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 22 -
4
Operating profit
2022
2021
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange gains
(117,650)
(40,303)
Research and development costs
8,294
-
Government grants
14,057
-
Depreciation of owned tangible fixed assets
5,642
1,088
(Profit)/loss on disposal of tangible fixed assets
-
10,141
Amortisation of intangible assets
826,454
456,954
Operating lease charges
462,338
198,093
5
Auditor's remuneration
2022
2021
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
22,500
20,500
Audit of the financial statements of the company's subsidiaries
19,500
16,500
42,000
37,000
6
Employees

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

Group
Company
2022
2021
2022
2021
Number
Number
Number
Number
Administration and project managers
49
30
9
8
Development
48
35
11
6
IT and support
12
4
5
2
Marketing
9
2
3
1
Sales
13
11
3
-
131
82
31
17
CRIMTAN HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
6
Employees
(Continued)
- 23 -

Their aggregate remuneration comprised:

Group
Company
2022
2021
2022
2021
£
£
£
£
Wages and salaries
6,177,310
3,790,299
1,988,000
1,336,140
Social security costs
525,571
417,196
315,403
158,181
Pension costs
85,111
36,722
63,996
16,164
6,787,992
4,244,217
2,367,399
1,510,485
7
Directors' remuneration
2022
2021
£
£
Dirctors' emoluments
191,096
195,026
8
Interest receivable and similar income
2022
2021
£
£
Interest income
Interest on bank deposits
69,412
1,109
Interest receivable from group companies
19,578
-
0
Other interest income
767
-
Total income
89,757
1,109
9
Interest payable and similar expenses
2022
2021
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
190,656
160,177
Other interest on financial liabilities
144,192
79,382
334,848
239,559
CRIMTAN HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 24 -
10
Taxation
2022
2021
£
£
Current tax
UK corporation tax on profits for the current period
280,130
(156,472)
Adjustments in respect of prior periods
6,632
-
0
Other taxes
-
0
1,757
Total UK current tax
286,762
(154,715)
Foreign current tax on profits for the current period
34,976
(4,957)
Total current tax
321,738
(159,672)
Deferred tax
Origination and reversal of timing differences
(2,001)
-
0
Write down or reversal of write down of deferred tax asset
22,404
-
0
Total deferred tax
20,403
-
0
Total tax charge/(credit)
342,141
(159,672)

The actual charge/(credit) for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2022
2021
£
£
Profit before taxation
2,604,421
341,415
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2021: 19.00%)
494,840
64,869
Tax effect of expenses that are not deductible in determining taxable profit
25,964
14,091
Tax effect of utilisation of tax losses not previously recognised
140
(38,564)
Unutilised tax losses carried forward
409
-
0
Effect of change in corporation tax rate
-
25,226
Group relief
-
0
(33,043)
Depreciation on assets not qualifying for tax allowances
-
0
15,757
Amortisation on assets not qualifying for tax allowances
141,269
120,679
Adjustments in respect of financial assets
6,632
-
0
Research and development tax credit
(532,907)
(380,277)
Effect of overseas tax rates
185,391
-
0
Deferred tax adjustments in respect of prior years
20,403
-
0
Other adjsutments
-
0
51,590
Taxation charge/(credit)
342,141
(159,672)
CRIMTAN HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 25 -
11
Intangible fixed assets
Group
Development costs
£
Cost
At 1 January 2022
7,180,864
Additions
1,219,466
At 31 December 2022
8,400,330
Amortisation and impairment
At 1 January 2022
3,406,232
Amortisation charged for the year
826,454
At 31 December 2022
4,232,686
Carrying amount
At 31 December 2022
4,167,644
At 31 December 2021
3,774,632
Company
Development costs
£
Cost
At 1 January 2022
4,569,537
Additions
1,219,466
At 31 December 2022
5,789,003
Amortisation and impairment
At 1 January 2022
1,600,972
Amortisation charged for the year
578,900
At 31 December 2022
2,179,872
Carrying amount
At 31 December 2022
3,609,131
At 31 December 2021
2,968,565
CRIMTAN HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 26 -
12
Tangible fixed assets
Group
Plant and equipment
£
Cost
At 1 January 2022
24,957
Additions
8,234
At 31 December 2022
33,191
Depreciation and impairment
At 1 January 2022
8,530
Depreciation charged in the year
5,651
At 31 December 2022
14,181
Carrying amount
At 31 December 2022
19,010
At 31 December 2021
16,427
The company had no tangible fixed assets at 31 December 2022 or 31 December 2021.
13
Fixed asset investments
Group
Company
2022
2021
2022
2021
Notes
£
£
£
£
Investments in subsidiaries
14
-
0
-
0
43,453
43,452
CRIMTAN HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
13
Fixed asset investments
(Continued)
- 27 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2022
43,452
Additions
1
At 31 December 2022
43,453
Carrying amount
At 31 December 2022
43,453
At 31 December 2021
43,452
14
Subsidiaries

Details of the company's subsidiaries at 31 December 2022 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Crimson Tangerine Limited
Thomas House, Eccleston Square, London, SW1V 1PX
Ordinary
100.00
Crimtan AU Pty Limited
160 Burntwood Lane, Caterham, Surrey, CR3 6TB
Ordinary
100.00
Crimtan CEE Limited
Thomas House, Eccleston Square, London, SW1V 1PX
Ordinary
90.00
Crimtan Japan Limited
16th Floor, APR Hills South, 1-4-4 Roppongi, Minato-KU, Tokyo
Ordinary
100.00
Crimtan Singapore Pte Limited
71 Robinson Road, 14-1, Singapore (068895)
Ordinary
99.00
Crimtan Technology Limited
Block 4, Harcourt Centre, Dublin, Republic of Ireland
Ordinary
100.00
Crimtech LLC
11 Komendansksyi Lane, B-3-7/3k, St Petersburg, Russia
Ordinary
90.00
Purmon Limited
Hove Business Centre, Fonthill Road, Hove, BN3 6HA
Ordinary
100.00
Crimtan Polska
Wislana 8 / 3, 00-317 Warszawa, Polska
Ordinary
100.00
Crimtan Publishing Ltd
Thomas House, Eccleston Square, London, SW1V 1PX
Ordinary
100.00
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
CRIMTAN HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
14
Subsidiaries
(Continued)
- 28 -
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
Crimson Tangerine Limited
927,381
370,392
Crimtan AU Pty Limited
299,069
256,747
Crimtan CEE Limited
311,723
177,503
Crimtan Japan Limited
(459,827)
(319,149)
Crimtan Singapore Pte Limited
949,571
131,049
Crimtan Technology Limited
8
-
0
Crimtech LLC
28,485
942
Purmon Limited
(67,985)
(83,828)
Crimtan Polska
68,305
-
0
Crimtan Publishing Ltd
(311,859)
(9,405)
15
Debtors
Group
Company
2022
2021
2022
2021
Amounts falling due within one year:
£
£
£
£
Trade debtors
6,368,651
3,741,426
2,243,200
1,954,507
Corporation tax recoverable
166,075
408,740
166,075
406,115
Amounts owed by group undertakings
-
-
4,607,317
1,752,276
Other debtors
529,827
214,731
449,656
109,417
Prepayments and accrued income
28,403
26,711
-
0
7,692
7,092,956
4,391,608
7,466,248
4,230,007
Deferred tax asset (note 19)
8,040
5,743
-
0
-
0
7,100,996
4,397,351
7,466,248
4,230,007
Amounts falling due after more than one year:
Deferred tax asset (note 19)
-
0
22,404
-
0
22,404
Total debtors
7,100,996
4,419,755
7,466,248
4,252,411
CRIMTAN HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 29 -
16
Creditors: amounts falling due within one year
Group
Company
2022
2021
2022
2021
Notes
£
£
£
£
Bank loans
18
186,056
186,056
186,056
186,056
Trade creditors
3,627,020
2,797,935
2,858,545
2,250,871
Amounts owed to group undertakings
-
0
-
0
421,136
1,320,707
Corporation tax payable
305,407
20,307
135,401
7,529
Other taxation and social security
2,596,269
1,648,559
2,367,702
829,278
Other creditors
590,231
791,916
207,990
107,905
Accruals and deferred income
919,847
885,597
399,601
332,580
8,224,830
6,330,370
6,576,431
5,034,926
17
Creditors: amounts falling due after more than one year
Group
Company
2022
2021
2022
2021
Notes
£
£
£
£
Bank loans and overdrafts
18
845,200
1,232,941
845,200
1,232,941
Other borrowings
18
-
0
418,060
-
0
-
0
845,200
1,651,001
845,200
1,232,941

 

18
Loans and overdrafts
Group
Company
2022
2021
2022
2021
£
£
£
£
Bank loans
1,031,256
1,418,997
1,031,256
1,418,997
Other loans
-
0
418,060
-
0
-
0
1,031,256
1,837,057
1,031,256
1,418,997
Payable within one year
186,056
186,056
186,056
186,056
Payable after one year
845,200
1,651,001
845,200
1,232,941

 

The company obtained a loan of £1.5m under Coronavirus Business Interruption Scheme. The rate of interest is 0% for the first 12 months and 4.84% over base rate for the remaining 48 months. The company remains liable for all sums payable under the agreement in the event of a default.

Other Loans are secured by a way of floating charge over the assets of the company. The director has given a personal guarantee on all other loans.

CRIMTAN HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 30 -
19
Deferred taxation

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

Assets
Assets
2022
2021
Group
£
£
Accelerated capital allowances
8,040
5,743
Tax losses
-
22,404
8,040
28,147
Assets
Assets
2022
2021
Company
£
£
Tax losses
-
22,404
Group
Company
2022
2022
Movements in the year:
£
£
Asset at 1 January 2022
(28,147)
(22,404)
Charge to profit or loss
20,107
22,404
Asset at 31 December 2022
(8,040)
-

The deferred tax asset set out above is expected to reverse within 12 months and relates to the utilisation of tax losses against future expected profits of the same period.

20
Retirement benefit schemes
2022
2021
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
81,266
32,877

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

CRIMTAN HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 31 -
21
Share capital
Group and company
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Ordinary shares of 0.1p each
85,000
85,000
85
85
B Ordinary shares of 0.1p each
19,000
19,000
19
19
104,000
104,000
104
104
22
Operating lease commitments
Lessee

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

Group
Company
2022
2021
2022
2021
£
£
£
£
Within one year
331,910
292,500
146,250
-
331,910
292,500
341,327
-
23
Directors' transactions

During the year an advanced of £45,767 (2022; £23,166) was made to the director which, with accrued interest of £766, was outstanding at the year end.

24
Related party transactions
Transactions with related parties

The following amounts were outstanding at the reporting end date:

Amounts due to related parties
2022
2021
£
£
Group
Owed to subsidiaries
421,136
1,320,707

The following amounts were outstanding at the reporting end date:

Amounts due from related parties
2022
2021
Balance
Balance
£
£
Group
Owed to subsidiaries
4,607,317
1,752,276
CRIMTAN HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 32 -
25
Share options

In 2018, a total of 8,240 share options were granted under the group EMI scheme. Further 80,500 options were granted in 2022. The options are cash settled on exercise. Any outstanding options automatically lapse on the tenth anniversary of the date of the grant. The options also lapse if the option holder ceases to be an employee of the Company, attempts to assign any options or becomes bankrupt.

26
Cash generated from group operations
2022
2021
£
£
Profit for the year after tax
2,262,281
501,087
Adjustments for:
Taxation charged/(credited)
342,141
(159,672)
Finance costs
334,848
239,559
Investment income
(89,757)
(1,109)
(Gain)/loss on disposal of tangible fixed assets
-
10,141
Amortisation and impairment of intangible assets
826,454
718,087
Depreciation and impairment of tangible fixed assets
5,642
1,088
Movements in working capital:
Increase in debtors
(2,935,642)
(2,343,947)
Increase in creditors
1,279,851
2,579,046
Cash generated from operations
2,025,818
1,544,280
2022-12-312022-01-01falseCCH SoftwareCCH Accounts Production 2023.200Mr P G GoadMr Y 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