The Customer Relationship Consultancy Limited
Financial Statements
For the year ended 31 December 2023
Pages for Filing with Registrar
Company Registration No. 09816253 (England and Wales)
The Customer Relationship Consultancy Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 9
The Customer Relationship Consultancy Limited
Balance Sheet
As at 31 December 2023
Page 1
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
6
10,184
48,409
Current assets
Debtors
7
408,756
690,920
Cash at bank and in hand
1,212,702
765,256
1,621,458
1,456,176
Creditors: amounts falling due within one year
8
(533,106)
(1,120,015)
Net current assets
1,088,352
336,161
Total assets less current liabilities
1,098,536
384,570
Provisions for liabilities
9
(11,881)
(23,762)
Net assets
1,086,655
360,808
Capital and reserves
Called up share capital
10
300
300
Profit and loss reserves
1,086,355
360,508
Total equity
1,086,655
360,808
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 25 September 2024 and are signed on its behalf by:
P Cowan
Director
Company Registration No. 09816253
The Customer Relationship Consultancy Limited
Notes to the Financial Statements
For the year ended 31 December 2023
Page 2
1
Accounting policies
Company information
The Customer Relationship Consultancy 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
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 as applicable to companies subject to the small companies regime.
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.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
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.
1.4
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
Over the life of the lease
Computers
33% straight line
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.
The Customer Relationship Consultancy Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
Page 3
1.5
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.
1.6
Financial instruments
The Company only has basic financial instruments measured at amortised cost, with no financial instruments classified as other or basic instruments measured at fair value.
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.
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.
The Customer Relationship Consultancy Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
Page 4
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.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.7
Taxation
The tax expense represents the sum of the tax currently payable.
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.
The Customer Relationship Consultancy Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
Page 5
1.8
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.
1.9
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.
1.11
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.
1.12
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 Customer Relationship Consultancy Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 6
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.
Revenue Recognition
Revenue from contracts is assessed on an individual basis with revenue earned being ascertained based on the stage of completion of the contract which is estimated using a combination of the milestones in the contract and the time spent to date compared to the total time expected to be required to undertake the contract. Estimates of the total time required to undertake the contracts are made on a regular basis and subject to management review.
3
Operating profit
2023
2022
Operating profit for the year is stated after charging:
£
£
Exchange losses
7,079
1,766
Fees payable to the company's auditor for the audit of the company's financial statements
16,419
19,665
Depreciation of owned tangible fixed assets
38,542
39,490
4
Employees
The average monthly number of persons (including directors) employed by the company during the year was 15 (2022: 15).
2023
2022
Number
Number
Total
15
15
The Customer Relationship Consultancy Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 7
5
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
77,496
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
725,847
331,549
Expected tax charge based on the standard rate of corporation tax in the UK of 23.50% (2022: 19.00%)
170,574
62,994
Tax effect of expenses that are not deductible in determining taxable profit
9,058
14,502
Group relief
(179,632)
Taxation charge for the year
-
77,496
6
Tangible fixed assets
Leasehold improvements
Computers
Total
£
£
£
Cost
At 1 January 2023
129,891
59,405
189,296
Additions
317
317
At 31 December 2023
129,891
59,722
189,613
Depreciation and impairment
At 1 January 2023
100,427
40,460
140,887
Depreciation charged in the year
29,464
9,078
38,542
At 31 December 2023
129,891
49,538
179,429
Carrying amount
At 31 December 2023
10,184
10,184
At 31 December 2022
29,464
18,945
48,409
The Customer Relationship Consultancy Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 8
7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
307,964
515,386
Amounts owed by group undertakings
47,152
Other debtors
8,642
19,694
Prepayments and accrued income
44,998
155,840
408,756
690,920
8
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
27,366
10,661
Amounts owed to group undertakings
552,635
Corporation tax
77,503
Other taxation and social security
42,008
30,754
Accruals and deferred income
463,732
448,462
533,106
1,120,015
9
Provisions for liabilities
2023
2022
£
£
Office dilipadations provision
11,881
23,762
10
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
300
300
300
300
11
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
The Customer Relationship Consultancy Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
11
Audit report information
(Continued)
Page 9
Senior Statutory Auditor:
Esther Carder
Statutory Auditor:
Moore Kingston Smith LLP
12
Related party transactions
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.
13
Parent company
The immediate parent company is Patron BidCo Limited, a company registered in England & Wales, with the address 6 Valentine Place, London, SE1 8QH.
The ultimate parent company is Patron Topco Limited, a company registered in England & Wales, with the address 6 Valentine Place, London, England, SE1 8QH. There is no single ultimate controlling party.
14
Fixed and Floating charges
On 2 December 2022, a charge was registered in favour of Coniston Capital I LP. The registered charge is a fixed charge, a floating charge covering all the property and undertakings of the company and a negative pledge. The charge is over Patron Topco Limited, Patron Bidco Limited, The Client Relationship Consultancy Group Limited, The Customer Relationship Consultancy Limited, The Client Relationship Consultancy Limited,The Client Relationship Consultancy Inc, CRC Latam Limited, CRC USA Limited, The Client Relationship Asia PTE Ltd, and The Client Relationship Consultancy Mexico S.A. de C.V. The amount of the Loan Note Instruments covered by the charges is £3,267,000.
On 19 December 2022, a charge was registered in favour of (E) Equal Consultancy Limited. The
registered charge is a fixed charge, a floating charge covering all the property and undertakings of the company and a negative pledge. The charge is over Patron Topco Limited, Patron Bidco Limited, The Client Relationship Consultancy Group Limited,The Client Relationship Consultancy Limited,The Client Relationship Consultancy Inc, CRC Latam Limited, CRC USA Limited, The Client Relationship Asia PTE Ltd, and The Client Relationship Consultancy Mexico S.A. de C.V. The amount of the Loan Note Instruments covered by the charges is £3,267,000.
On 19 December 2022, a charge was registered in favour of Coniston Capital I LP.The registered charge is a fixed charge, a floating charge covering all the property and undertakings of the company and a negative pledge. The charge is over Patron Topco Limited, Patron Bidco Limited, The Client Relationship Consultancy Group Limited,The Client Relationship Consultancy Limited,The Client Relationship Consultancy Inc, CRC Latam Limited, CRC USA Limited, The Client Relationship Asia PTE Ltd, and The Client Relationship Consultancy Mexico S.A. de C.V. The amount of the Loan Note Instruments covered by the charges is £3,267,000.
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