Patron Bidco Limited
Annual Report and Financial Statements
For the period ended 31 December 2023
Company Registration No. 14365774 (England and Wales)
Patron BidCo Limited
Patron Bidco Limited
Company Information
Directors
C J Smeaton
(Appointed 2 December 2022)
P A Cowan
(Appointed 2 December 2022)
P Reilly
(Appointed 2 December 2022)
G L Tsangarides
(Appointed 20 September 2022)
Company number
14365774
Registered office
6 Valentine Place
London
England
SE1 8QH
Auditor
Moore Kingston Smith LLP
Charlotte Building
17 Gresse Street
London
W1T 1QL
Patron BidCo Limited
Patron Bidco Limited
Contents
Page
Directors' report
1
Directors' responsibilities statement
2
Independent auditor's report
3 - 6
Profit and loss account
7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Notes to the financial statements
11 - 19
Patron Bidco Limited
Directors' Report
For the period ended 31 December 2023
Page 1

The directors present their annual report and financial statements for the period ended 31 December 2023.

Principal activities

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

Results and dividends

The results for the period are set out on page 7.

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

Directors

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

C J Smeaton
(Appointed 2 December 2022)
P A Cowan
(Appointed 2 December 2022)
P Reilly
(Appointed 2 December 2022)
G L Tsangarides
(Appointed 20 September 2022)
Auditor

Moore Kingston Smith LLP were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General meeting.

Statement of disclosure to auditor

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

On behalf of the board
G L Tsangarides
Director
27 August 2024
Patron BidCo Limited
Patron Bidco Limited
Directors' Responsibilities Statement
For the period ended 31 December 2023
Page 2

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 company and of the profit or loss of the company 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 company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Patron Bidco Limited
Independent Auditor's Report
To the Members of Patron Bidco Limited
Page 3
Opinion

We have audited the financial statements of Patron BidCo Limited (the 'company') for the period ended 31 December 2023 which comprise the Profit and Loss Account, the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 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.

Patron Bidco Limited
Independent Auditor's Report (Continued)
To the Members of Patron Bidco Limited
Page 4

Opinions on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.

 

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

 

Responsibilities of directors

As explained more fully in the Directors' Responsibilities Statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

 

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Patron Bidco Limited
Independent Auditor's Report (Continued)
To the Members of Patron Bidco Limited
Page 5
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.

 

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

 

 

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

 

 

Patron Bidco Limited
Independent Auditor's Report (Continued)
To the Members of Patron Bidco Limited
Page 6

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

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.

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company.

Our approach was as follows:

 

 

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

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.

Esther Carder
Senior Statutory Auditor
for and on behalf of Moore Kingston Smith LLP
27 August 2024
Chartered Accountants
Statutory Auditor
Charlotte Building
17 Gresse Street
London
W1T 1QL
Patron Bidco Limited
Profit and Loss Account
For the period ended 31 December 2023
Page 7
Period ended
31 December 2023
Notes
£
Turnover
3
548,055
Administrative expenses
(498,232)
Operating profit
5
49,823
Interest payable and similar expenses
8
(927,868)
Loss before taxation
(878,045)
Tax on loss
-
0
Loss for the financial period
(878,045)

The Profit and Loss Account has been prepared on the basis that all operations are continuing operations.

Patron Bidco Limited
Statement of Comprehensive Income
For the period ended 31 December 2023
Page 8
Period ended
31 December 2023
£
Loss for the period
(878,045)
Other comprehensive income
-
Total comprehensive income for the period
(878,045)
Patron Bidco Limited
Balance Sheet
As at 31 December 2023
Page 9
Notes
£
£
Fixed assets
Investments
9
7,724,710
Current assets
Debtors
11
548,055
Creditors: amounts falling due within one year
12
(2,293,841)
Net current liabilities
(1,745,786)
Total assets less current liabilities
5,978,924
Creditors: amounts falling due after more than one year
13
(6,856,968)
Net liabilities
(878,044)
Capital and reserves
Called up share capital
16
1
Profit and loss reserves
(878,045)
Total equity
(878,044)
The financial statements were approved by the board of directors and authorised for issue on 27 August 2024 and are signed on its behalf by:
G L Tsangarides
Director
Company Registration No. 14365774
Patron Bidco Limited
Statement of Changes in Equity
For the period ended 31 December 2023
Page 10
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 20 September 2022
-
0
-
0
-
Period ended 31 December 2023:
Loss and total comprehensive income for the period
-
(878,045)
(878,045)
Issue of share capital
16
1
-
1
Balance at 31 December 2023
1
(878,045)
(878,044)
Patron Bidco Limited
Notes to the Financial Statements
For the period ended 31 December 2023
Page 11
1
Accounting policies
Company information

Patron BidCo Limited is a private company limited by shares incorporated in England and Wales. The registered office is 6 Valentine Place, London, England, SE1 8QH.

1.1
Reporting period

The company was incorporated on 20 September 2022. Therefore, the company's financial statements are presented for the period from the incorporation to 31 December 2023.

1.2
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. The principal accounting policies adopted are set out below.

1.3
Business combinations

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.

 

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.

1.4
Going concern

The Company made a loss of £878k in the period and had net liabilities of £878k as at 31 December 2023. The company made an EBITDA profit of £49k for the period and is expected to continue to generate EBITDA profits for thetrue foreseeable future.

 

The investments held by Patron Bidco Limited are forecast to be EBITDA profitable across the foreseeable future and will allow Patron Bidco Limited to meet all of its liabilities as they fall due. The board and management have created robust forecasts to ensure that this is the case. As such the accounts have been prepared on a going concern basis.

Patron Bidco Limited
Notes to the Financial Statements (Continued)
For the period ended 31 December 2023
1
Accounting policies
(Continued)
Page 12
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 contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.6
Fixed asset investments

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

A subsidiary is an entity controlled by the company. 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 company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

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

1.7
Financial instruments

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

 

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

 

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

Basic financial assets

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

Patron Bidco Limited
Notes to the Financial Statements (Continued)
For the period ended 31 December 2023
1
Accounting policies
(Continued)
Page 13
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.

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 company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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 company 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.

Patron Bidco Limited
Notes to the Financial Statements (Continued)
For the period ended 31 December 2023
1
Accounting policies
(Continued)
Page 14
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.

Derecognition of financial liabilities

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

1.8
Equity instruments

Equity instruments issued by the company 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 company.

1.9
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.

1.10
Retirement benefits

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

2
Judgements and key sources of estimation uncertainty

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

 

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

Patron Bidco Limited
Notes to the Financial Statements (Continued)
For the period ended 31 December 2023
Page 15
3
Turnover
£
Turnover analysed by class of business
Management Service Fee
548,055
4
Exceptional item
£
Expenditure
Exceptional item
69,744

At the year ending 31 December 2023, exceptional items mainly relate to costs in relation to the acquisition in the period.

5
Operating profit
Operating profit for the period is stated after charging:
£
Fees payable to the company's auditor for the audit of the company's financial statements
4,900
6
Employees

The average monthly number of persons (including directors) employed by the company during the period was 3.

Their aggregate remuneration comprised:

£
Wages and salaries
351,407
Social security costs
21,696
Pension costs
7,186
380,289
7
Directors' remuneration
£
Remuneration for qualifying services
158,356
Patron Bidco Limited
Notes to the Financial Statements (Continued)
For the period ended 31 December 2023
Page 16
8
Interest payable and similar expenses
£
Interest on financial liabilities measured at amortised cost:
Interest on convertible loan notes
26,968
Other interest on financial liabilities
900,900
927,868
9
Fixed asset investments
Notes
£
Investments in subsidiaries
10
7,724,710
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 20 September 2022
-
Additions
7,724,710
At 31 December 2023
7,724,710
Carrying amount
At 31 December 2023
7,724,710
10
Subsidiaries

Details of the company's subsidiaries at 31 December 2023 are as follows:

Patron Bidco Limited
Notes to the Financial Statements (Continued)
For the period ended 31 December 2023
10
Subsidiaries
(Continued)
Page 17
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
The Client Relationship Consultancy Group Limited
6 Valentine Place, London, SE1 8QH, UK
Ordinary
100.00
-
The Customer Relationship Consultancy Limited
6 Valentine Place, London, SE1 8QH, UK
Ordinary
100.00
-
The Client Relationship Consultancy Limited
6 Valentine Place, London, SE1 8QH, UK
Ordinary
-
100.00
CRC USA Limited
6 Valentine Place, London, SE1 8QH, UK
Ordinary
-
100.00
The Client Relationship Consultancy, Inc
33 Broad Street, Boston, MA 02109, USA
Ordinary
-
100.00
CRC Latam Limited
6 Valentine Place, London, SE1 8QH, UK
Ordinary
-
100.00
The Client Relationship Consultancy Mexico SA DE CV
Calle Goldsmith 40, Polanco, Miguel Hidalgo, Cuidad de Mexico CP 11550, Mexico
Ordinary
-
100.00
CRC Asia Limited
6 Valentine Place, London, SE1 8QH, UK
Ordinary
-
100.00
The Client Relationship Asia Pte, Limited
16 Raffles Quay, #16-02, Hong Leong Building, Singapore 048581
Ordinary
-
100.00
11
Debtors
Amounts falling due within one year:
£
Prepayments and accrued income
548,055
12
Creditors: amounts falling due within one year
£
Amounts owed to group undertakings
2,218,917
Accruals and deferred income
74,924
2,293,841
13
Creditors: amounts falling due after more than one year
Notes
£
Debenture loans
14
6,856,968
Patron Bidco Limited
Notes to the Financial Statements (Continued)
For the period ended 31 December 2023
Page 18
14
Loans and overdrafts
£
Debenture loans
6,856,968
Payable after one year
6,856,968

The company has, by resolution of its board of directors, passed on 2 December 2022, created two types of fixed rate loan notes for the total sum of £6,930,000 to fund the acquisition of group companies. Included within the loan notes are £100,000 of costs capitalised with amortised interest of £26,968 during the year.

 

Loan Note A amounts to £3,663,000 and has a yearly interest rate of 12%. The repayment dates are on 2 December 2025 and 2 December 2026 or in full on the occurrence of a flotation of sale.

The total interest expense for the year amounted to £476,190.00.

 

Loan Note B amounts to £3,267,000 and has a yearly interest rate of 12%.

The total interest expense for the year amounted to £424,710.00.

15
Retirement benefit schemes
Defined contribution schemes
£
Charge to profit or loss in respect of defined contribution schemes
7,186

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

16
Share capital
Ordinary share capital
Number
£
Issued and fully paid
Ordinary shares of 1p each
1
1

The company has 1 ordinary share with a nominal value of 1p. This has been rounded off to £1 for presentation purposes.

17
Related party transactions
Patron Bidco Limited
Notes to the Financial Statements (Continued)
For the period ended 31 December 2023
17
Related party transactions
(Continued)
Page 19

The company has taken the exemption under Section 33 Related Disclosures paragraph 33. 1A from disclosing transactions with other members of a wholly owned group.

 

During the year, the company was charged director fees for services rendered by directors Calum Smeaton (via Smeaton & Associates) and Paul Cowan (via E Consultancy) amounting to £73,720 and £80,000, respectively. The company was also charged a rent amounting to £4,635 from E Consultancy which is owned by Paul Cowan.

2023-12-312022-09-20falseCCH SoftwareCCH Accounts Production 2024.100C J SmeatonP A CowanP ReillyG L Tsangaridesfalsefalse143657742022-09-202023-12-3114365774bus:Director12022-09-202023-12-3114365774bus:Director22022-09-202023-12-3114365774bus:Director32022-09-202023-12-3114365774bus:Director42022-09-202023-12-3114365774bus:RegisteredOffice2022-09-202023-12-31143657742023-12-3114365774core:RetainedEarningsAccumulatedLosses2022-09-202023-12-3114365774core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3114365774core:Non-currentFinancialInstrumentscore:AfterOneYear2023-12-3114365774core:CurrentFinancialInstruments2023-12-3114365774core:ShareCapital2023-12-3114365774core:RetainedEarningsAccumulatedLosses2023-12-3114365774core:ShareCapital2022-09-1914365774core:RetainedEarningsAccumulatedLosses2022-09-1914365774core:ShareCapital2022-09-202023-12-3114365774core:Non-currentFinancialInstruments2023-12-3114365774bus:PrivateLimitedCompanyLtd2022-09-202023-12-3114365774bus:FRS1022022-09-202023-12-3114365774bus:Audited2022-09-202023-12-3114365774bus:FullAccounts2022-09-202023-12-31xbrli:purexbrli:sharesiso4217:GBP