Company registration number 02492591 (England and Wales)
THE COMBINED SERVICES PROVIDER LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
THE COMBINED SERVICES PROVIDER LIMITED
COMPANY INFORMATION
Directors
O Lawal
(Appointed 31 August 2023)
D P M Butler
K Hirani
C J W Daniels
(Appointed 31 August 2023)
R V Flores
(Appointed 31 August 2023)
J Puig Herrera
(Appointed 22 December 2023)
Company number
02492591
Registered office
Unit 1, Abloy House
Hatters Lane
Croxley Park
Watford
Hertfordshire
WD18 8AJ
Auditor
CLA Evelyn Partners Limited
22 Wycombe End
Beaconsfield
Buckinghamshire
HP9 1NB
THE COMBINED SERVICES PROVIDER LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Statement of cash flows
11
Notes to the financial statements
12 - 24
THE COMBINED SERVICES PROVIDER LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

The directors present the strategic report for the year ended 31 December 2023.

Review of the business
Principal risks and uncertainties

The principal risks to which the business is subject are, economic risk, financial risk and turnover recognition.

Details of these risks and the procedures in place to minimise these are as follows:

 

Our team

The company continues to invest in its employees, developing and progressing their skills and the opportunities available to them. The company regularly reviews employee welfare and keeps abreast of market trends for remuneration and benefits in order to stimulate loyalty and high employee retention figures.

 

Our brand

The company protects its brand value and market position by continually monitoring customer satisfaction and seeking new opportunities that both complement and add value to its high profile portfolio of clients.

 

Our services

The company's core business lies in its expertise at providing car parking and traffic management services. The services within this niche market are provided to a diverse portfolio of high profile UK venues and event organisers. The company also provide security, stewarding and event cleaning services; however, a cautious approach is always taken on any bid for these services to ensure they comply with and complement the strategy of the business.

 

Our partners

The company's long-established relationships with its clients and customers continue to deliver a high level of repeat and referral business. A comprehensive list of the company's partners can be found the company's website (www.gotocsp.com/our-clients/our-partners/).

 

Development and performance

Our performance

The company's key financial performance indicators are those that communicate the overall financial performance and strength of the company, these being turnover, gross profit and operating profit, as shown in the financial key performance indiciators section.

Key performance indicators

 

2023     2022

£         £

Turnover     24,353,060     24,820,204

Gross profit      5,671,185      6,543,829

Operating profit      2,835,582     4,471,440

THE COMBINED SERVICES PROVIDER LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -

On behalf of the board

O Lawal
Director
4 September 2024
THE COMBINED SERVICES PROVIDER LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -

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

Principal activities

The principal activity of the company continued to be that of car park and traffic management services.

Results and dividends

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

Ordinary dividends were paid amounting to £500,000 (2022: £3,500,000). The directors do not recommend payments of a final dividend.

Directors

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

O Lawal
(Appointed 31 August 2023)
D P M Butler
K Hirani
C J W Daniels
(Appointed 31 August 2023)
R V Flores
(Appointed 31 August 2023)
J Puig Herrera
(Appointed 22 December 2023)
B A Nikolic
(Resigned 31 January 2024)
Disabled persons

The company is committed to a policy of recruitment and promotion on the basis of aptitude and ability without discrimination of any kind. Management actively pursues both the employment of disabled persons whenever a suitable vacancy arises and the continued employment and retraining of employees who become disabled whilst employed by the company. Particular attention is given to the training, career development and promotion of disabled employees with a view to encouraging them to play an active role in the development of the company.

Employee involvement

The company periodically updates and revises all Policies and Procedures to provide employees with direct access to the information they need. These are audited via the IS09001:2015 Quality Procedure System. The company also recognises the need to keep all employees updated on company performance, strategic direction and key challenges. The company hosts a twice yearly communications meeting to which all permanent staff are invited to present company progress and engage with staff, as well as distributing copies of the meeting to all those staff unable to attend. Front Line teams are communicated to and kept updated via a monthly newsletter sent out through a staff portal. The views of the company's front-line staff are considered in any strategy and gauged through an annual staff survey.

 

 

THE COMBINED SERVICES PROVIDER LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
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 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.

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.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
O Lawal
Director
4 September 2024
THE COMBINED SERVICES PROVIDER LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF THE COMBINED SERVICES PROVIDER LIMITED
- 5 -
Opinion

We have audited the financial statements of The Combined Services Provider Limited (the 'company') for the year ended 31 December 2023 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the 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 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.

Opinions on other matters prescribed by the Companies Act 2006

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

THE COMBINED SERVICES PROVIDER LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF THE COMBINED SERVICES PROVIDER LIMITED (CONTINUED)
- 6 -
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 are to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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

The extent to which 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:

 

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

 

THE COMBINED SERVICES PROVIDER LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF THE COMBINED SERVICES PROVIDER LIMITED (CONTINUED)
- 7 -

To address the risk of fraud through management bias and override of controls, we:

 

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

 

 

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

 

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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.

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.

Keir Singleton
Senior Statutory Auditor
For and on behalf of CLA Evelyn Partners Limited
5 September 2024
Chartered Accountants
Statutory Auditor
22 Wycombe End
Beaconsfield
Buckinghamshire
HP9 1NB
THE COMBINED SERVICES PROVIDER LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
2023
2022
Notes
£
£
Turnover
3
24,353,060
24,820,204
Cost of sales
(18,681,875)
(18,276,375)
Gross profit
5,671,185
6,543,829
Administrative expenses
(2,885,966)
(2,072,389)
Operating profit
4
2,785,219
4,471,440
Interest receivable and similar income
7
47,363
16,293
Profit before taxation
2,832,582
4,487,733
Tax on profit
8
(582,866)
(869,555)
Profit for the financial year
2,249,716
3,618,178

The profit and loss account has been prepared on the basis that all operations are continuing operations.

The notes on pages 12 to 24 form part of these financial statements.

THE COMBINED SERVICES PROVIDER LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 9 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
10
395,027
436,632
Investments
11
1,002
1,001
396,029
437,633
Current assets
Stocks
13
175,840
177,877
Debtors
14
6,605,618
3,200,821
Cash at bank and in hand
1,807,386
2,851,756
8,588,844
6,230,454
Creditors: amounts falling due within one year
15
(3,051,120)
(2,477,379)
Net current assets
5,537,724
3,753,075
Total assets less current liabilities
5,933,753
4,190,708
Provisions for liabilities
Provisions
16
10,000
10,000
Deferred tax liability
17
89,339
96,010
(99,339)
(106,010)
Net assets
5,834,414
4,084,698
Capital and reserves
Called up share capital
20
1,000
1,000
Profit and loss reserves
5,833,414
4,083,698
Total equity
5,834,414
4,084,698

The notes on pages 12 to 24 form part of these financial statements.

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 4 September 2024 and are signed on its behalf by:
O Lawal
Director
Company registration number 02492591 (England and Wales)
THE COMBINED SERVICES PROVIDER LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2022
1,000
3,965,520
3,966,520
Year ended 31 December 2022:
Profit and total comprehensive income
-
3,618,178
3,618,178
Dividends
9
-
(3,500,000)
(3,500,000)
Balance at 31 December 2022
1,000
4,083,698
4,084,698
Year ended 31 December 2023:
Profit and total comprehensive income
-
2,249,716
2,249,716
Dividends
9
-
(500,000)
(500,000)
Balance at 31 December 2023
1,000
5,833,414
5,834,414

The notes on pages 12 to 24 form part of these financial statements.

THE COMBINED SERVICES PROVIDER LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
24
458,527
5,196,398
Income taxes paid
(828,150)
(798,235)
Net cash (outflow)/inflow from operating activities
(369,623)
4,398,163
Investing activities
Purchase of tangible fixed assets
(235,824)
(315,963)
Proceeds from disposal of tangible fixed assets
13,715
94,421
Purchase of subsidiaries
(1)
-
0
Interest received
47,363
16,293
Net cash used in investing activities
(174,747)
(205,249)
Financing activities
Dividends paid
(500,000)
(3,500,000)
Net cash used in financing activities
(500,000)
(3,500,000)
Net (decrease)/increase in cash and cash equivalents
(1,044,370)
692,914
Cash and cash equivalents at beginning of year
2,851,756
2,158,842
Cash and cash equivalents at end of year
1,807,386
2,851,756

The notes on pages 12 to 24 form part of these financial statements.

THE COMBINED SERVICES PROVIDER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
1
Accounting policies
Company information

The Combined Services Provider Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 1, Abloy House Hatters Lane, Croxley Park, Watford, Hertfordshire, WD18 8AJ.

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. The principal accounting policies adopted are set out below.

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

 

 

The financial statements of the company are consolidated in the financial statements of Norland Equity Partners Acquisition Limited. These consolidated financial statements are available from its registered office, 85 Great Portland Street, London, England, W1W 7LT.

The financial statements contain information about The Combined Services Provider Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under section 405 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as its subsidiary undertakings are both dormant and are not material for the purposes of giving a true and fair view.

The directors have made an assessment in preparing these financial statements as to whether

the company is a going concern and have concluded that there are no material uncertainties that may cast doubt on the company's ability to continue as a going concern.

 

THE COMBINED SERVICES PROVIDER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 13 -
1.2
Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover 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 turnover is recognised:

Rendering of services

Revenue arises from the provision of car park and traffic management services. Revenue is recognised when the event has taken place or the cash has been collected.

1.3
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.

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:

Leasehold improvements
20% on cost
Plant and equipment
33% on cost
Motor vehicles
33% on cost

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 credited or charged to profit or loss.

1.4
Fixed asset investments

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

1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

1.6
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.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ”Basic Financial Instruments” 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.

Basic financial assets

Short term debtors are measured at transaction price less any provision for impairment. Loans receivable are measured initially at fair value, net of transaction costs and are subsequently carried at amortised costs using the effective interest method, less any provision for impairment.

THE COMBINED SERVICES PROVIDER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 14 -
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

Short term creditors are measured at transaction price. Other financial liabilities, including bank loans and other loans, are measured initially at fair value, net of transaction costs and are subsequently carried at amortised costs 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.

Derecognition of financial liabilities

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

THE COMBINED SERVICES PROVIDER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 15 -
1.8
Taxation

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

Current tax

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

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

 

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.

1.9
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.10
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.

1.11
Retirement benefits

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

1.12
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 leases asset are consumed.

1.13
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.

THE COMBINED SERVICES PROVIDER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 16 -
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.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Trade debtors

Trade debtors consist of amounts due from customers. An allowance for doubtful debts is maintained for estimated losses resulting from the viability of the company's customers to make required payment. The allowance is based on the company's regular assessment of the credit worthiness and financial conditions of customers. At the year end, a bad debt provision of £34,504 (2022 - £34,504) was included within trade debtors.

Dilapidations provision

The provision relates to a dilapidation charge made to recognise the estimated cost of returning the leased property to its original condition in future years. The dilapidations provision is reassessed annually.

Carrying value of investments in subsidiary undertakings and amounts owed by group undertakings

The carrying value of investments in subsidiaries and amounts owed by group undertakings are initially recorded at costs and subsequently measured at cost less provision for impairment. The directors have reviewed all forecast and budgetary information available to them and have deemed there to be no objective evidence that the parent company will not recover the amount stated in the financial statements.

3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by class of business
Car park and traffic management
24,353,060
24,820,204
2023
2022
£
£
Turnover analysed by geographical market
UK
23,604,899
24,559,307
Europe
748,161
260,897
24,353,060
24,820,204
2023
2022
£
£
Other revenue
Interest income
47,363
16,293
THE COMBINED SERVICES PROVIDER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 17 -
4
Operating profit
2023
2022
Operating profit for the year is stated after charging/(crediting):
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
24,000
6,000
Depreciation of owned tangible fixed assets
277,429
248,390
Profit on disposal of tangible fixed assets
(13,715)
(38,222)
Operating lease charges
537,187
452,086
5
Employees

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

2023
2022
Number
Number
Directors
3
3
Management and administration
72
70
Operational
899
562
Total
974
635

Their aggregate remuneration comprised:

2023
2022
£
£
Wages and salaries
14,356,682
13,810,255
Social security costs
1,009,341
969,512
Pension costs
258,079
217,794
15,624,102
14,997,561
6
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
336,167
321,007
Company pension contributions to defined contribution schemes
54,426
39,950
390,593
360,957

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2022: 2).

THE COMBINED SERVICES PROVIDER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
6
Directors' remuneration
(Continued)
- 18 -
Remuneration disclosed above include the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
157,087
151,128
Company pension contributions to defined contribution schemes
24,454
24,830
7
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
47,363
16,293
8
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
589,537
846,798
Deferred tax
Origination and reversal of timing differences
(6,671)
22,757
Total tax charge
582,866
869,555
THE COMBINED SERVICES PROVIDER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
8
Taxation
(Continued)
- 19 -

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

2023
2022
£
£
Profit before taxation
2,832,582
4,487,733
Expected tax charge based on the standard rate of corporation tax in the UK of 24.00% (2022: 19.00%)
679,820
852,669
Tax effect of expenses that are not deductible in determining taxable profit
8,399
8,610
Tax effect of income not taxable in determining taxable profit
-
0
(7,262)
Effect of change in corporation tax rate
(1,322)
-
0
Group relief
(89,883)
-
0
Permanent capital allowances in excess of depreciation
-
0
(20,446)
Other permanent differences
-
0
22,757
Other adjustment
(13,400)
13,227
Enhanced super deduction capital allowances
(748)
-
0
Taxation charge for the year
582,866
869,555
9
Dividends
2023
2022
£
£
Interim paid
500,000
3,500,000
THE COMBINED SERVICES PROVIDER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 20 -
10
Tangible fixed assets
Leasehold improvements
Plant and equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2023
111,031
655,556
806,447
1,573,034
Additions
-
0
92,281
143,543
235,824
Disposals
-
0
-
0
(69,052)
(69,052)
At 31 December 2023
111,031
747,837
880,938
1,739,806
Depreciation and impairment
At 1 January 2023
108,877
516,604
510,921
1,136,402
Depreciation charged in the year
2,154
97,287
177,988
277,429
Eliminated in respect of disposals
-
0
-
0
(69,052)
(69,052)
At 31 December 2023
111,031
613,891
619,857
1,344,779
Carrying amount
At 31 December 2023
-
0
133,946
261,081
395,027
At 31 December 2022
2,154
138,952
295,526
436,632
11
Fixed asset investments
2023
2022
Notes
£
£
Investments in subsidiaries
12
1,002
1,001
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 January 2023
1,001
Additions
1
At 31 December 2023
1,002
Carrying amount
At 31 December 2023
1,002
At 31 December 2022
1,001
THE COMBINED SERVICES PROVIDER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 21 -
12
Subsidiaries

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

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
City & Suburban (Car Parks) Limited
United Kingdom
Ordinary
100.00
City & Suburban Parking Limited
United Kingdom
Ordinary
100.00
13
Stocks
2023
2022
£
£
Raw materials and consumables
175,840
177,877
14
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
2,929,690
2,395,615
Amounts owed by group undertakings
2,361,878
-
0
Other debtors
645,088
-
0
Prepayments and accrued income
530,317
555,707
6,466,973
2,951,322
2023
2022
Amounts falling due after more than one year:
£
£
Other debtors
138,645
249,499
Total debtors
6,605,618
3,200,821
15
Creditors: amounts falling due within one year
2023
2022
Notes
£
£
Trade creditors
385,199
193,950
Amounts owed to group undertakings
1,002
1,001
Corporation tax
288,114
526,727
Other taxation and social security
889,184
797,861
Deferred income
18
118,476
130,489
Other creditors
459,114
386,603
Accruals
910,031
440,748
3,051,120
2,477,379
THE COMBINED SERVICES PROVIDER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 22 -
16
Provisions for liabilities
2023
2022
£
£
Dilapidations
10,000
10,000
Movements on provisions:
Dilapidations
£
At 1 January 2023 and 31 December 2023
10,000
17
Deferred taxation

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

Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
94,392
104,515
Retirement benefit obligations
(5,053)
(8,505)
89,339
96,010
2023
Movements in the year:
£
Liability at 1 January 2023
96,010
Credit to profit or loss
(6,671)
Liability at 31 December 2023
89,339
18
Deferred income
2023
2022
£
£
Other deferred income
118,476
130,489
THE COMBINED SERVICES PROVIDER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 23 -
19
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
258,079
217,794

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.

20
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
of £1 each
1,000
1,000
1,000
1,000
21
Operating lease commitments
Lessee

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

2023
2022
£
£
Within one year
245,024
347,828
Between two and five years
136,085
344,558
381,109
692,386
22
Related party transactions

From 31 August 2023, the company is a wholly owned member of Norland Equity Partners Acquisition Limited and as such has taken advantage of the exemption permitted by Section 33 'Related Party Disclosures', not to provide disclosures of transactions entered into with other wholly-owned members of the group.

 

During the year, management fees of £81,500 (2022: £nil) were paid to Norland Equity Partners Limited, a company owned by one of the directors. At the balance sheet date, the company was owed £81,932 (2022: £nil) by Norland Equity Partners Limited. This balance is included within debtors.

 

23
Ultimate controlling party

From 31 August 2023, the parent undertaking of The Combined Services Provider Limited is Norland Equity Partners Acquisition Limited whose registered office and principal place of business is 85 Great Portland Street, London, England, W1W 7LT.

 

The smallest and largest group which The Combined Services Provider is consolidated into is Norland Equity Partners Acquisition Limited.

THE COMBINED SERVICES PROVIDER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 24 -
24
Cash generated from operations
2023
2022
£
£
Profit for the year after tax
2,249,716
3,618,178
Adjustments for:
Taxation charged
582,866
869,555
Investment income
(47,363)
(16,293)
Gain on disposal of tangible fixed assets
(13,715)
(38,222)
Depreciation and impairment of tangible fixed assets
277,429
248,390
Movements in working capital:
Decrease/(increase) in stocks
2,037
(56,702)
(Increase)/decrease in debtors
(3,404,797)
1,375,916
Increase/(decrease) in creditors
824,367
(784,743)
Decrease in deferred income
(12,013)
(19,681)
Cash generated from operations
458,527
5,196,398
25
Analysis of changes in net funds
1 January 2023
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
2,851,756
(1,044,370)
1,807,386
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