Company registration number 08297189 (England and Wales)
COLLISION MANAGEMENT SYSTEMS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
COLLISION MANAGEMENT SYSTEMS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 8
COLLISION MANAGEMENT SYSTEMS LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
as restated
Notes
£
£
£
£
Fixed assets
Intangible assets
4
829,341
864,242
Tangible assets
5
15,891
3,496
845,232
867,738
Current assets
Debtors
6
44,990
76,770
Cash at bank and in hand
56,765
63,694
101,755
140,464
Creditors: amounts falling due within one year
7
(2,261,262)
(757,895)
Net current liabilities
(2,159,507)
(617,431)
Net (liabilities)/assets
(1,314,275)
250,307
Capital and reserves
Called up share capital
8
1,670
1,670
Share premium account
3,067,271
3,067,271
Profit and loss reserves
9
(4,383,216)
(2,818,634)
Total equity
(1,314,275)
250,307
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 of the Companies Act 2006.
The financial statements were approved by the board of directors and authorised for issue on 17 October 2024 and are signed on its behalf by:
Mr C Anderson
Director
Company registration number 08297189 (England and Wales)
COLLISION MANAGEMENT SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information
Collision Management Systems Ltd is a private company limited by shares incorporated in England and Wales. The registered office is given in the company information page.
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 disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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
The company retains the support of its shareholder, Safety Holdings, Inc, in being able to meet financial liabilities as they may fall due for the foreseeable future, being at least 12 months from the expected date that the financial statements will be issued for approval. On this basis the company’s financial statements have continued to be prepared on the going concern basis.true
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for 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.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated,
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Software Development
- 3 years on a straight line basis
1.5
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:
Equipment
- 3 years on a straight line basis
Computer Software
- 3 years on a straight line basis
Motor vehicles
- 3 years on a straight line basis
COLLISION MANAGEMENT SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
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.
1.6
Cash and cash equivalents
Cash at bank and in hand are basic financial assets and include cash in hand and deposits held at call with banks.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.8
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.
1.9
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the 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.
Amortisation
Amortisation is based on the estimated useful life of the software developed. This estimate requires judgements to be made, which are based upon managements knowledge of prior development cycles and product lifetimes.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
16
15
COLLISION MANAGEMENT SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
4
Intangible fixed assets
Development costs
£
Cost
At 1 January 2023 (As restated)
2,991,299
Additions
489,752
At 31 December 2023
3,481,051
Amortisation and impairment
At 1 January 2023 (As restated)
2,127,057
Amortisation charged for the year
524,653
At 31 December 2023
2,651,710
Carrying amount
At 31 December 2023
829,341
At 31 December 2022 (As restated)
864,242
5
Tangible fixed assets
Equipment
Computer Software
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2023
52,040
5,350
13,379
70,769
Additions
17,804
17,804
Disposals
(1,397)
(1,397)
At 31 December 2023
68,447
5,350
13,379
87,176
Depreciation and impairment
At 1 January 2023
48,736
5,350
13,187
67,273
Depreciation charged in the year
3,846
166
4,012
At 31 December 2023
52,582
5,350
13,353
71,285
Carrying amount
At 31 December 2023
15,865
26
15,891
At 31 December 2022
3,304
192
3,496
COLLISION MANAGEMENT SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
25,975
32,983
Other debtors
19,015
10,446
Prepayments and accrued income
33,341
44,990
76,770
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
5,260
12,172
Amounts owed to group undertakings
2,115,044
541,557
Taxation and social security
28,614
Other creditors
26,804
5,210
Accruals and deferred income
114,154
170,342
2,261,262
757,895
Amounts due to group undertakings are interest free and repayable on demand.
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 0.2p each
442,725
442,725
886
886
A Ordinary shares of 0.2p each
274,838
274,838
550
550
B Ordinary shares of 0.2p each
28,624
28,624
57
57
C Ordinary shares of 0.2p each
63,717
63,717
127
127
D Ordinary shares of 0.2p each
25,046
25,046
50
50
834,950
834,950
1,670
1,670
COLLISION MANAGEMENT SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
8
Called up share capital
(Continued)
- 6 -
Ordinary shares right to capital and dividends rank behind Class A shares. Voting rights are pari passu with all other classes of shares.
Class A ordinary shares carry preferential rights to capital and dividends. Voting rights are pari passu with all other classes of shares.
Class B ordinary shares can participate in capital up to the paid up share value of £0.002 per share and above £8.062 per share. Otherwise, rights to capital are as per ordinary shares and voting rights are pari passu with all other classes of shares.
Class C ordinary shares can participate in capital up to the paid up share value of £0.002 per share and above £6.65 per share. Otherwise, rights to capital are as per ordinary shares and voting rights are pari passu with all other classes of shares.
Class D ordinary shares rights to dividends rank behind class A shares. Rights to capital rank behind class A, class B and class C shares. They carry no voting rights.
9
Profit and loss reserves
2023
2022
as restated
£
£
At the beginning of the year
(2,777,449)
(1,700,972)
Prior year adjustment
(41,185)
As restated
(2,818,634)
(1,700,972)
Loss for the year
(1,564,582)
(1,117,662)
At the end of the year
(4,383,216)
(2,818,634)
10
Operating lease commitments
Lessee
The company has future outstanding operating lease payments of £29,828 (2022: £27,609). These are under non-cancellable leases.
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 in respect of these accounts was unqualified with no emphasis of matter. The Senior Statutory Auditor was Demsey Slater of Ellacotts Audit Services Limited.
12
Related party transactions
There are no related party transactions that require disclosure under FRS102 Section 1A.
COLLISION MANAGEMENT SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
13
Parent company
The company's parent company is Safety Holdings, Inc, a company registered in the United States of America. Registered office 8801 Horizon Blvd NE, Suite 200, Albuquerque, NM 87113, USA.
The ultimate parent is Safety TopCo Holdings, LP, a company registered in the United States of America. Registered office 8801 Horizon Blvd NE, Suite 200, Albuquerque, NM 87113, USA.
COLLISION MANAGEMENT SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
14
Prior period adjustment
The prior period adjustment relates to adjustments to the amortisation charge in the prior period which has been incorrectly calculated, as well as adjustments to additions to capitalised development costs in the prior period as there were several items included which should not have been capitalised.
Reconciliation of changes in equity
1 January
31 December
2022
2022
£
£
Adjustments to prior year
Adjustment to amortisation of development costs
-
103,272
Correction to capitalised development costs
-
(144,457)
Total adjustments
-
(41,185)
Equity as previously reported
(301,519)
291,492
Equity as adjusted
(301,519)
250,307
Analysis of the effect upon equity
Profit and loss reserves
-
(41,185)
Reconciliation of changes in loss for the previous financial period
2022
£
Adjustments to prior year
Adjustment to amortisation of development costs
103,272
Correction to capitalised development costs
(144,457)
Total adjustments
(41,185)
Loss as previously reported
(1,076,477)
Loss as adjusted
(1,117,662)
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