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2023-12-31
COMPANY REGISTRATION NUMBER: 10122407
CAP WORLDWIDE LIMITED
CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 December 2023
CAP WORLDWIDE LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2023
Contents
Page
Strategic report
1
Directors' report
3
Independent auditor's report to the members
5
Consolidated statement of comprehensive income
8
Consolidated statement of financial position
9
Company statement of financial position
10
Consolidated statement of changes in equity
11
Company statement of changes in equity
12
Consolidated statement of cash flows
13
Notes to the financial statements
14
CAP WORLDWIDE LIMITED
STRATEGIC REPORT
YEAR ENDED 31 DECEMBER 2023
Business review The principal activity of CAP Worldwide Limited is as an agnostic independent global corporate serviced accommodation and apartment booking agent. CAP Worldwide Limited provides corporate apartment/accommodation programmes through sourcing, verifying, booking, guest care services, business review and recommendations including consulting services for contracted global corporate, relocation and travel management companies. The company provides access to verified extended stay accommodation for corporate travellers or assignees for stays of 5 nights and more, when they require a kitchen/self-catering facilities. The company has no commercial or financial interest in any properties that it books. CAP Worldwide Limited is a self-funded minority certified 'Women Owned' company with an active entity in Singapore and with experienced consultants globally providing sourcing and booking support across multiple continents. The company launched in June 2019, and started trading in August 2019, with highly experienced leadership team at the helm. It is headquartered in the UK and 2023 is the 4th full year of trading. CAP Worldwide Limited has an easy to use, simple and effective website, www.capww.com that features the company booking terms and conditions, privacy policy, and importantly, the company's stance on corporate social responsibility, diversity, inclusivity and modern slavery. The website also features a public statement from the CEO of CAP Worldwide Limited on developing and working with sustainable supply chains through the award winning, all company 'At CAP, You're Welcome' programme. Brand partners wishing to work with CAP can upload their information through the website. Results for the year The directors are delighted to report high company growth results in 2023 with turnover increasing from £19,737,389 in 2022 to £32,175,286, a 63.02% increase. This is significantly above the average increase experienced by CAP Worldwide Limited's competitive set. Both the level of the business and the year-end financial position was highly satisfactory and the directors expect that the present level of activity will continue for the foreseeable future. CAP Worldwide Limited continued to grow in 2023 in line with the expected forecasts in 2022. This was predominantly due to the continued on-boarding of several new large global clients. These clients are across the segments of global corporate business travel, the travel management industry and the global mobility/relocation management industries. The global markets, and therefore, the perceived competitive set of CAP Worldwide Limited who are working with clients in the technology sector experienced a softer demand in 2023. The audited financial statements for the period ended 31 December 2023 showed a profit of £1,867,882 versus £1,246,114 in 2022, a 49.89% increase. CAP Worldwide Limited forecasts and expects to experience similar revenues in 2024, however, with limited revenue growth YOY due to room/apartment nightly rates reducing in line with the softened market conditions being experienced by all global markets and competitors, predominantly due to the geopolitical landscape. The directors expect our pipeline to remain strong in 2024. We expect primarily to extend current valued contracts and continue to invest in sourcing business from banking and finance, law, technology, professional services, pharmaceuticals, media and retail. We will also target companies in the Business Travel Management Company environment. CAP Worldwide Limited will continue to pull-through business opportunities from current clients across the global markets they have demand in. In 2024, as part of CAP3.0 (the evolution of CAP to continue to spear-head the sector through the blended integration of people and technology), CAP Worldwide Limited will invest highly in an experienced, respected, professional and driven workforce to support future growth of the company, in addition to investing in CAPTURE (CAP's digital eco-system) and CAPStore (CAP's offline and online booking tool) to enable CAP Worldwide Limited to future proof the services provided to our valued customers. The consolidated statement of financial position shows net assets of £880,885 (2022: £637,714). Key financial performance indicators The directors have determined that the following key performance indicators are the most appropriate to communicate the performance and position of the group:
2023 2022
£ £
Turnover 32,175,286 19,737,389
Gross profit margin 15.0% 14.4%
EBITDA 2,394,168 1,576,501
Future developments The CAP Worldwide Limited directors advise that they will continue to develop the best global serviced apartment booking agency in the industry - not necessarily the biggest. The directors believe that the company is the most strategically placed agency to win new global clients. The company is frugal and invests carefully in both people and technology, in customer care through the CAPCare24 programme, and is committed to high and continually active ESG targets as part of CAPEarth. This includes investing during 2024 in the global industry CO2 emissions calculator to help support the financial compliance and disclosure and ultimately, the reductions of emissions for the extended stay travel of our clients. Principal risks and uncertainties The process of risk management is addressed through a framework of policies, procedures and internal controls. The policies are set by the Board of Directors and are reviewed by them on a regular basis. The group's operations expose it to a number of financial risks including liquidity risk, foreign currency risk and credit risk. Liquidity risk In order to maintain liquidity to ensure sufficient funds are available for ongoing operations and future developments, board carefully manages the debtors and creditors in line with agreed commercial terms, and ensures sufficient cash remains within the business. Foreign currency risk The group is exposed to transaction foreign currency risk. The risk of currency fluctuations are mitigated by bank accounts denominated in the major currencies that the group operates in. Credit risk The group's credit risk relates to the recovery of amounts owed by customers for invoiced sales. The credit risk is managed by regular monitoring of outstanding amounts and through credit checks.
This report was approved by the board of directors on 24 December 2024 and signed on behalf of the board by:
J Layton
Director
Registered office:
2 Crossways Business Centre
Bicester Road
Kingswood
Aylesbury
Bucks
England
HP18 0RA
CAP WORLDWIDE LIMITED
DIRECTORS' REPORT
YEAR ENDED 31 DECEMBER 2023
The directors present their report and the financial statements of the group for the year ended 31 December 2023 .
Directors
The directors who served the company during the year were as follows:
J Layton
A S Hopgood
Dividends
Particulars of recommended dividends are detailed in note 11 to the financial statements.
Disclosure of information in the strategic report
The company has chosen in accordance with Companies Act 2006, s.414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of future developments and financial risk management.
Directors' responsibilities statement
The directors are responsible for preparing the strategic report, directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and the company and the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. 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 of information to auditors
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the group and the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the group and the company's auditor is aware of that information.
This report was approved by the board of directors on 24 December 2024 and signed on behalf of the board by:
J Layton
Director
Registered office:
2 Crossways Business Centre
Bicester Road
Kingswood
Aylesbury
Bucks
England
HP18 0RA
CAP WORLDWIDE LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CAP WORLDWIDE LIMITED
YEAR ENDED 31 DECEMBER 2023
Opinion
We have audited the financial statements of CAP Worldwide Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the consolidated statement of comprehensive income, consolidated statement of financial position, company statement of financial position, consolidated statement of changes in equity, company statement of changes in equity, consolidated statement of cash flows and the related notes, including a summary of 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: - give a true and fair view of the state of the group's and of the parent company's affairs as at 31 December 2023 and of the group's profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's or the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. 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. In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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 the audit:
- the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and 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: - adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or - the parent company financial statements are not in agreement with the accounting records and returns; or - certain disclosures of directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.
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 group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: - Discussions with management including consideration of known or suspected instances of non-compliance with laws and regulations and fraud; - Challenging assumptions and judgements made by management in their significant accounting estimates detailed in the accounting policies were indicative of potential bias; - Investigated the rationale behind significant or unusual bank transactions; - Performed analytical procedures to identify any unusual or unexpected relationships; - Identifying and testing journal entries, in particular any manual journal entries posted by unexpected users, posted with descriptions indicating a higher level of risk, or posted late with a favourable impact on financial performance. There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from events and transactions reflected in the financial statements, the less likely we would become aware of it. 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. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at 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.
W J E Kerr
(Senior Statutory Auditor)
For and on behalf of
Xeinadin Audit Limited
Chartered Accountants & Statutory Auditor
2 Crossways Business Centre
Bicester Road
Kingswood
Aylesbury
Bucks
HP18 0RA
24 December 2024
CAP WORLDWIDE LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
YEAR ENDED 31 DECEMBER 2023
2023
2022
Note
£
£
Turnover
4
32,175,286
19,737,389
Cost of sales
( 27,350,344)
( 16,897,851)
------------
------------
Gross profit
4,824,942
2,839,538
Administrative expenses
( 2,459,602)
( 1,292,035)
-----------
-----------
Operating profit
5
2,365,340
1,547,503
Other interest receivable and similar income
8
40,598
2,026
Interest payable and similar expenses
9
( 1,670)
( 1,875)
-----------
-----------
Profit before taxation
2,404,268
1,547,654
Tax on profit
10
( 536,386)
( 301,540)
-----------
-----------
Profit for the financial year
1,867,882
1,246,114
-----------
-----------
Foreign currency retranslation
289
( 620)
-----------
-----------
Total comprehensive income for the year
1,868,171
1,245,494
-----------
-----------
All the activities of the group are from continuing operations.
CAP WORLDWIDE LIMITED
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
31 December 2023
2023
2022
Note
£
£
Fixed assets
Intangible assets
12
5,322
21,286
Tangible assets
13
30,024
21,594
-------
-------
35,346
42,880
Current assets
Debtors
15
6,196,389
3,859,641
Cash at bank and in hand
3,966,973
4,031,253
------------
-----------
10,163,362
7,890,894
Creditors: amounts falling due within one year
16
( 9,300,457)
( 7,264,128)
------------
-----------
Net current assets
862,905
626,766
--------
--------
Total assets less current liabilities
898,251
669,646
Creditors: amounts falling due after more than one year
17
( 17,366)
( 27,444)
Provisions
Taxation including deferred tax
18
( 4,488)
--------
--------
Net assets
880,885
637,714
--------
--------
Capital and reserves
Called up share capital
21
10,025
10,025
Foreign exchange reserve
22
( 331)
( 620)
Profit and loss account
22
871,191
628,309
--------
--------
Shareholders funds
880,885
637,714
--------
--------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.
These financial statements were approved by the board of directors and authorised for issue on 24 December 2024 , and are signed on behalf of the board by:
J Layton
A S Hopgood
Director
Director
Company registration number: 10122407
CAP WORLDWIDE LIMITED
COMPANY STATEMENT OF FINANCIAL POSITION
31 December 2023
2023
2022
Note
£
£
Fixed assets
Intangible assets
12
5,322
21,286
Tangible assets
13
27,820
17,951
Investments
14
60
60
-------
-------
33,202
39,297
Current assets
Debtors
15
6,192,433
3,871,873
Cash at bank and in hand
3,965,671
4,031,253
------------
-----------
10,158,104
7,903,126
Creditors: amounts falling due within one year
16
( 9,297,668)
( 7,262,842)
------------
-----------
Net current assets
860,436
640,284
--------
--------
Total assets less current liabilities
893,638
679,581
Creditors: amounts falling due after more than one year
17
( 17,366)
( 27,444)
Provisions
Taxation including deferred tax
18
( 4,488)
--------
--------
Net assets
876,272
647,649
--------
--------
Capital and reserves
Called up share capital
21
10,025
10,025
Profit and loss account
22
866,247
637,624
--------
--------
Shareholders funds
876,272
647,649
--------
--------
The profit for the financial year of the parent company was £ 1,853,623 (2022: £ 1,255,429 ).
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.
These financial statements were approved by the board of directors and authorised for issue on 24 December 2024 , and are signed on behalf of the board by:
J Layton
A S Hopgood
Director
Director
Company registration number: 10122407
The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account.
CAP WORLDWIDE LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
YEAR ENDED 31 DECEMBER 2023
Called up share capital
Foreign exchange reserve
Profit and loss account
Total
£
£
£
£
At 1 January 2022
10,025
382,195
392,220
Profit for the year
1,246,114
1,246,114
Other comprehensive income for the year:
Foreign currency retranslation
( 620)
( 620)
-------
----
-----------
-----------
Total comprehensive income for the year
( 620)
1,246,114
1,245,494
Dividends paid and payable
11
( 1,000,000)
( 1,000,000)
-------
----
-----------
-----------
Total investments by and distributions to owners
( 1,000,000)
( 1,000,000)
At 31 December 2022
10,025
( 620)
628,309
637,714
Profit for the year
1,867,882
1,867,882
Other comprehensive income for the year:
Foreign currency retranslation
289
289
-------
----
-----------
-----------
Total comprehensive income for the year
289
1,867,882
1,868,171
Dividends paid and payable
11
( 1,625,000)
( 1,625,000)
----
----
-----------
-----------
Total investments by and distributions to owners
( 1,625,000)
( 1,625,000)
-------
----
-----------
-----------
At 31 December 2023
10,025
( 331)
871,191
880,885
-------
----
-----------
-----------
CAP WORLDWIDE LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
YEAR ENDED 31 DECEMBER 2023
Called up share capital
Profit and loss account
Total
£
£
£
At 1 January 2022
10,025
382,195
392,220
Profit for the year
1,255,429
1,255,429
-------
-----------
-----------
Total comprehensive income for the year
1,255,429
1,255,429
Dividends paid and payable
11
( 1,000,000)
( 1,000,000)
-------
-----------
-----------
Total investments by and distributions to owners
( 1,000,000)
( 1,000,000)
At 31 December 2022
10,025
637,624
647,649
Profit for the year
1,853,623
1,853,623
-------
-----------
-----------
Total comprehensive income for the year
1,853,623
1,853,623
Dividends paid and payable
11
( 1,625,000)
( 1,625,000)
----
-----------
-----------
Total investments by and distributions to owners
( 1,625,000)
( 1,625,000)
-------
-----------
-----------
At 31 December 2023
10,025
866,247
876,272
-------
-----------
-----------
CAP WORLDWIDE LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
YEAR ENDED 31 DECEMBER 2023
2023
2022
£
£
Cash flows from operating activities
Profit for the financial year
1,867,882
1,246,114
Adjustments for:
Depreciation of tangible assets
12,864
7,456
Amortisation of intangible assets
15,964
21,542
Other interest receivable and similar income
( 40,598)
( 2,026)
Interest payable and similar expenses
1,670
1,875
Tax on profit
536,386
301,540
Changes in:
Trade and other debtors
( 2,281,203)
( 3,118,845)
Trade and other creditors
2,031,169
5,922,430
-----------
-----------
Cash generated from operations
2,144,134
4,380,086
Tax paid
( 591,508)
( 162)
-----------
-----------
Net cash from operating activities
1,552,626
4,379,924
-----------
-----------
Cash flows from investing activities
Purchase of tangible assets
( 21,421)
( 21,789)
Interest received
40,598
2,026
-----------
-----------
Net cash from/(used in) investing activities
19,177
( 19,763)
-----------
-----------
Cash flows from financing activities
Repayment of bank loans
( 9,829)
( 9,585)
Interest paid
( 1,670)
( 1,875)
Dividends paid
( 1,625,000)
( 1,000,000)
-----------
-----------
Net cash used in financing activities
( 1,636,499)
( 1,011,460)
-----------
-----------
Net (decrease)/increase in cash and cash equivalents
( 64,696)
3,348,701
Cash and cash equivalents at beginning of year
4,031,253
683,392
Exchange gains/(losses) on cash and cash equivalents
416
( 840)
-----------
-----------
Cash and cash equivalents at end of year
3,966,973
4,031,253
-----------
-----------
CAP WORLDWIDE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 2 Crossways Business Centre, Bicester Road, Kingswood, Aylesbury, Bucks, HP18 0RA, England.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity. Monetary amounts in these financial statements are rounded to the nearest pound. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
Going concern
These financial statements have been prepared on a going concern basis which the directors consider to be appropriate for the group and the company. After reviewing the group and company's position, the directors are satisfied that the group and the company have sufficient resources to continue in operational existence for the foreseeable future. The group and the company therefore continues to adopt the going concern basis in preparing its financial statements.
Disclosure exemptions
The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosures available under FRS 102:
(a) Disclosures in respect of each class of share capital have not been presented.
(b) No cash flow statement has been presented for the company.
(c) Disclosures in respect of financial instruments have not been presented.
(d) No disclosure has been given for the aggregate remuneration of key management personnel.
Consolidation
The financial statements consolidate the financial statements of CAP Worldwide Limited and all of its subsidiary undertakings.
The results of subsidiaries acquired or disposed of during the year are included from or to the date that control passes.
The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account.
Judgements and key sources of estimation uncertainty
In applying the company's accounting policies, the directors are required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The directors' judgements, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made, and are based on historical experience and other factors that are considered to be applicable. Due to the inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ. 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, if the revision affects only that period, or in the period of the revision and future periods, if the revision affects both current and future periods. Critical judgements in applying the company's accounting policies The critical judgements that the directors have made in the process of applying the company's accounting policies that have the most significant effect on the amounts recognised in the statutory financial statements are discussed below. (i) Determining whether the company is acting as principal or as an agent In determining whether the company is acting as principal or as an agent, the directors have considered all relevant facts and circumstances. The directors consider the following factors indicate the company is acting as a disclosed agent: - although the company collects the revenue from the final customer, all credit risk is borne by the serviced accommodation provider; - the company cannot vary the selling price set by the serviced accommodation provider. Where acting as a disclosed agent the revenue is the amount of commission received. In all other instances the directors determine that the company is acting as principal and revenue is the amount charged for accommodation and commission received from its serviced accommodation providers and is recognised over the period of the stay. Key sources of estimation uncertainty The key assumptions concerning the future and other key sources of estimation uncertainty, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below. (i) Recoverability of receivables The company establishes a provision for receivables that are estimated not to be recoverable. When assessing recoverability the directors consider factors such as the ageing of the receivables, past experience of recoverability, and the credit profile of individual or groups of customers.
Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services provided, stated net of discounts and of Value Added Tax. Where the company is acting as an agent, revenue represents receivable commission from serviced accommodation providers and the revenue is recognised on invoice date from the serviced accommodation provider. Where the company is acting as principal, revenue represents amounts for accommodation and services provided and is recognised over the period of the stay.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Software
-
33% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment
-
33% straight line
Investments in subsidiaries
Investments in subsidiaries are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
The company has chosen to adopt sections 11 and 12 of FRS 102 in respect of financial instruments. Basic financial assets, which include trade and other receivables and cash and bank balances, are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method. At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss. Basic financial liabilities, which include trade and other payables, and bank loans, 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 receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year of less. If not, then they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.
Distributions to equity holders
Dividends and other distributions to the company's shareholders are recognised as a liability in the financial statements in the period in which the dividends and other distributions are approved by the shareholders. These amounts are recognised in the statement of income and retained earnings.
4. Turnover
Turnover arises from:
2023
2022
£
£
Rendering of services
32,175,286
19,737,389
------------
------------
The whole of the turnover is attributable to the principal activity of the group wholly undertaken in the United Kingdom.
5. Operating profit
Operating profit or loss is stated after charging/crediting:
2023
2022
£
£
Amortisation of intangible assets
15,964
21,542
Depreciation of tangible assets
12,864
7,456
Foreign exchange differences
10,454
( 22,575)
-------
-------
6. Staff costs
The average number of persons employed by the group during the year, including the directors, amounted to:
2023
2022
No.
No.
Administrative staff
20
13
Management staff
2
2
----
----
22
15
----
----
The aggregate payroll costs incurred during the year, relating to the above, were:
2023
2022
£
£
Wages and salaries
994,723
622,388
Social security costs
111,164
63,670
Other pension costs
263,071
9,486
-----------
--------
1,368,958
695,544
-----------
--------
7. Directors' remuneration
The directors' aggregate remuneration in respect of qualifying services was:
2023
2022
£
£
Remuneration
235,733
199,900
Company contributions to defined contribution pension plans
252,642
2,515
--------
--------
488,375
202,415
--------
--------
Remuneration of the highest paid director in respect of qualifying services:
2023
2022
£
£
Aggregate remuneration
141,533
118,500
Company contributions to defined contribution pension plans
151,321
1,321
--------
--------
292,854
119,821
--------
--------
8. Other interest receivable and similar income
2023
2022
£
£
Interest on cash and cash equivalents
40,166
1,865
Other interest receivable and similar income
432
161
-------
------
40,598
2,026
-------
------
9. Interest payable and similar expenses
2023
2022
£
£
Interest on banks loans and overdrafts
1,670
1,875
------
------
10. Tax on profit
Major components of tax expense
2023
2022
£
£
Current tax:
UK current tax expense
629,097
298,390
Adjustments in respect of prior periods
( 32,678)
--------
--------
Total current tax
596,419
298,390
--------
--------
Deferred tax:
Origination and reversal of timing differences
( 60,033)
3,150
--------
--------
Tax on profit
536,386
301,540
--------
--------
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is lower than (2022: higher than) the standard rate of corporation tax in the UK of 23.52 % (2022: 19 %).
2023
2022
£
£
Profit on ordinary activities before taxation
2,404,268
1,547,654
-----------
-----------
Profit on ordinary activities by rate of tax
565,497
294,054
Adjustment to tax charge in respect of prior periods
( 32,678)
Effect of expenses not deductible for tax purposes
7,184
7,452
Investment tax credit
(64)
(1,043)
Adjustments to opening deferred tax to average rate
(266)
Adjustments to closing deferred tax to average rate
(3,287)
1,077
-----------
-----------
Tax on profit
536,386
301,540
-----------
-----------
11. Dividends
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year):
2023
2022
£
£
Equity dividends on ordinary shares
1,625,000
1,000,000
-----------
-----------
12. Intangible assets
Group and company
Software
£
Cost
At 1 January 2023 and 31 December 2023
73,719
-------
Amortisation
At 1 January 2023
52,433
Charge for the year
15,964
-------
At 31 December 2023
68,397
-------
Carrying amount
At 31 December 2023
5,322
-------
At 31 December 2022
21,286
-------
13. Tangible assets
Group
Equipment
£
Cost
At 1 January 2023
38,957
Additions
21,421
Exchange rate adjustments
( 140)
-------
At 31 December 2023
60,238
-------
Depreciation
At 1 January 2023
17,363
Charge for the year
12,864
Revaluations
( 13)
-------
At 31 December 2023
30,214
-------
Carrying amount
At 31 December 2023
30,024
-------
At 31 December 2022
21,594
-------
Company
Equipment
£
Cost
At 1 January 2023
35,210
Additions
21,421
-------
At 31 December 2023
56,631
-------
Depreciation
At 1 January 2023
17,259
Charge for the year
11,552
-------
At 31 December 2023
28,811
-------
Carrying amount
At 31 December 2023
27,820
-------
At 31 December 2022
17,951
-------
14. Investments
The group has no investments.
Company
Shares in group undertakings
£
Cost
At 1 January 2023 and 31 December 2023
60
----
Impairment
At 1 January 2023 and 31 December 2023
----
Carrying amount
At 1 January 2023 and 31 December 2023
60
----
At 31 December 2022
60
----
Subsidiaries, associates and other investments
Details of the investments in which the parent company has an interest of 20% or more are as follows:
Registered office
Class of share
Percentage of shares held
Subsidiary undertakings
CAP Worldwide Singapore Pte. Ltd
10 Anson Road , #12-14 International Plaza, Singapore 079903
Ordinary
100
15. Debtors
Group
Company
2023
2022
2023
2022
£
£
£
£
Trade debtors
5,188,367
3,226,193
5,188,367
3,226,193
Amounts owed by group undertakings
15,268
Deferred tax asset
55,545
55,545
Prepayments and accrued income
943,299
628,237
942,621
628,237
Other debtors
9,178
5,211
5,900
2,175
-----------
-----------
-----------
-----------
6,196,389
3,859,641
6,192,433
3,871,873
-----------
-----------
-----------
-----------
The debtors above include the following amounts falling due after more than one year:
Group
Company
2023
2022
2023
2022
£
£
£
£
Other debtors
4,600
4,600
------
----
------
----
16. Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank loans and overdrafts
10,078
9,829
10,078
9,829
Trade creditors
3,614,890
2,349,890
3,614,525
2,349,892
Amounts owed to group undertakings
10,938
Accruals and deferred income
3,795,903
3,426,076
3,785,305
3,426,076
Corporation tax
295,987
291,076
295,987
291,076
Social security and other taxes
36,726
156,020
33,962
154,732
Director loan accounts
1,049,095
999,580
1,049,095
999,580
Other creditors
497,778
31,657
497,778
31,657
-----------
-----------
-----------
-----------
9,300,457
7,264,128
9,297,668
7,262,842
-----------
-----------
-----------
-----------
17. Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank loans and overdrafts
17,366
27,444
17,366
27,444
-------
-------
-------
-------
18. Provisions
Group and company
Deferred tax (note 19)
£
At 1 January 2023
4,488
Amounts recognised in profit and loss account
(4,488)
------
At 31 December 2023
------
19. Deferred tax
The deferred tax included in the statement of financial position is as follows:
Group
Company
2023
2022
2023
2022
£
£
£
£
Included in debtors (note 15)
55,545
55,545
Included in provisions (note 18)
( 4,488)
( 4,488)
-------
------
-------
------
55,545
( 4,488)
55,545
( 4,488)
-------
------
-------
------
The deferred tax account consists of the tax effect of timing differences in respect of:
Group
Company
2023
2022
2023
2022
£
£
£
£
Accelerated capital allowances
( 6,955)
( 4,488)
( 6,955)
( 4,488)
Other short term timing differences
62,500
62,500
-------
------
-------
------
55,545
(4,488)
55,545
(4,488)
-------
------
-------
------
20. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 10,429 (2022: £ 6,971 ).
21. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
4,010
4,010
4,010
4,010
A Ordinary shares of £ 1 each
6,015
6,015
6,015
6,015
-------
-------
-------
-------
10,025
10,025
10,025
10,025
-------
-------
-------
-------
22. Reserves
Profit and loss account - This reserve records retained earnings and accumulated losses. Foreign exchange reserve - This reserve records the accumulated gain or loss resulting from the translation of overseas subsidiaries in the consolidated financial statements.
23. Analysis of changes in net debt
At 1 Jan 2023
Cash flows
Other changes
Exchange movements
At 31 Dec 2023
£
£
£
£
£
Cash at bank and in hand
4,031,253
(64,696)
416
3,966,973
Debt due within one year
(9,829)
9,829
(10,078)
(10,078)
Debt due after one year
(27,444)
10,078
(17,366)
-----------
-------
-------
----
-----------
3,993,980
( 54,867)
416
3,939,529
-----------
-------
-------
----
-----------
24. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
Group
Company
2023
2022
2023
2022
£
£
£
£
Not later than 1 year
16,695
33,837
16,000
Later than 1 year and not later than 5 years
17,341
-------
-------
----
-------
16,695
51,178
16,000
-------
-------
----
-------
The amount recognised in the profit and loss account as an expense in relation to operating leases was £33,280 (2022: £23,426).
25. Related party transactions
Group
Information about related party transactions and outstanding balances are outlined below:
2023 2022
£ £
Amounts owed to key management personnel 1,049,095 999,580
Company
Information about related party transactions and outstanding balances are outlined below:
2023 2022
£ £
Amounts owed to key management personnel 1,049,095 999,580
The company is exempt from disclosing other related party transactions as they are with wholly owned subsidiaries.
26. Controlling party
The ultimate controlling party is the director J Layton .