Company Registration No. 07612902 (England and Wales)
Crisis24 Consulting Limited
Annual report and financial statements
for the year ended 31 January 2024
Crisis24 Consulting Limited
Contents
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Statement of comprehensive income
8
Statement of financial position
9
Statement of changes in equity
10
Statement of cash flows
11
Notes to the financial statements
12 - 26
Crisis24 Consulting Limited
Company information
Directors
Pierre-Hubert Seguin
Oliver Westmacott
Patrick Prince
Theresa Baker
Alexander Burrell
Secretary
Pierre-Hubert Seguin
Company number
07612902
Registered office
Two London Bridge
London
SE1 9RA
Independent auditor
Saffery LLP
71 Queen Victoria Street
London
EC4V 4BE
Crisis24 Consulting Limited
Strategic report
For the year ended 31 January 2024
1
The directors present the strategic report for the year ended 31 January 2024.
Principal activities
The Company offers various security and risk consulting services. Our services include pre incident consulting, embedded security services, business continuity consulting, security risk management, and crisis response.
Our mission is to make experience-based security risk management accessible everywhere it matters.
Review of the business
The company has performed in line with expectations and has been well placed to support customers and individuals impacted by several geo-political events during the year. The company continues to offer unique high-quality consulting and crisis response services to the market which complement the wider Crisis24 group.
Operating Revenue decreased from £19.9m in the previous year to £16.4m in current year. Previous year’s revenue has benefited from an increase in Ukraine activity. Operating profit margin reduced by around 10%, resulting from project mix change and company’s drive for a recurring revenue model.
As in previous year's our markets reflect the changing needs of our customers and the often rapid developments in operating conditions. Although the political circumstances and the nature of the operational risks facing our customers continues to evolve, the Board believes that our core customers' strategy of outsourcing the management of operational risk in pursuit of their strategic aims, will continue.
The Board believes that demand for the Company's services will therefore continue across the Company's target markets albeit at changing and variable levels of demand and profitability.
The Company continuously monitors operating conditions and revises its operating practices and procedures in the light of developments as they occur. The Company recognises its responsibilities to clients, staff and the communities in which it operates and will not engage in circumstances in which it cannot assure adequate service and protection levels.
Principal risks and uncertainties
The Board has established a risk management framework for ensuring that the major risks facing the Company are identified, evaluated and actively managed and that the Company delivers services to the highest standards of quality and professionalism. Risks are reviewed continuously. It is not possible to fully mitigate all risks to which the Company is exposed but the ability to manage such risks and advise others on similar risks is considered a key strength of the Company.
The Company operates in extremely hostile and complex environments on a global landscape. This exposes the company to exceptional operating risks and the Company therefore adopts extensive and detailed risk mitigation strategies and tactics that address physical threats to customers and personnel. The Company mitigates commercial risk through entering into contract forms that recognise the distinctive environments in which it operates and by arranging appropriate insurance.
The Company continuously reviews and updates its policies and procedures with regards to its support for and promotion of human rights in the countries in which it operates, and affords the same level of focus and effort on its anti-bribery, corruption and fraud measures. In addition to the special risks arising from the nature of the Company's business, the Board considers that the major risk factors impacting on the Company's business include:
Crisis24 Consulting Limited
Strategic report (continued)
For the year ended 31 January 2024
2
Foreign exchange
The Company invoices its principal customers in US Dollars. The majority of its direct and overhead costs are denominated in UK Sterling. The Company is therefore exposed to the impact of changes in the exchange rates. The Company seeks to mitigate this risk by matching currencies of costs and income wherever possible.
Loss of reputation
The Company's business is dependent upon being held in high regard by its customers, the communities in which it operates and its personnel. The Board seeks to protect the Company's reputation by ensuring that the Company is only associated with activities that are appropriate and legal, by only engaging with reputable customers and suppliers and by operating only in those conditions where the Company understands and can contain physical threats, and by rigorous vetting of personnel. The Company places strong emphasis on human rights and business ethics together with a healthy and responsible integration into the communities within which it operates.
Managing and retaining talent
The Company is dependent on experienced and well-trained personnel in an industry where personnel are one of the main differentiators. In order to ensure they are able to foster, attract and retain talent the Company provides competitive remuneration packages, promotes employee development and internal progression.
Key performance indicators
Alexander Burrell
Director
13 January 2025
Crisis24 Consulting Limited
Directors' report
For the year ended 31 January 2024
3
The directors present their annual report and financial statements for the year ended 31 January 2024.
Principal activities
The Company offers various security and risk consulting services. Our services include pre incident consulting, embedded security services, business continuity consulting, security risk management, and crisis response.
Our mission is to make experience-based security risk management accessible everywhere it matters.
Results and dividends
The results for the year are set out on page 8.
Ordinary dividends were paid amounting to £3,855,074 (2023:£10,791,428).
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Pierre-Hubert Seguin
Oliver Westmacott
Patrick Prince
Alexander Kemp
(Resigned 1 February 2024)
Theresa Baker
(Appointed 1 February 2024)
Alexander Burrell
(Appointed 29 October 2024)
Auditor
Saffery LLP have expressed their willingness to remain in office as auditors of the company.
Statement of disclosure to auditor
Each director in office at the date of approval of this annual report confirms that:
so far as the directors are aware, there is no relevant audit information of which the company's auditor is unaware, and
the directors have taken all the steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
This confirmation is given and should be interpreted in accordance with the provisions of section 418 of the Companies Act 2006.
On behalf of the board
Alexander Burrell
Director
13 January 2025
Crisis24 Consulting Limited
Directors' responsibilities statement
For the year ended 31 January 2024
4
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 International Financial Reporting Standards (IFRSs) as adopted by the United Kingdom.
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, International Accounting Standard 1 requires that directors:
properly select and apply accounting policies;
present information, including accounting policies, in a manner that provides relevant, reliable, comparable and understandable information;
provide additional disclosures when compliance with the specific requirements in IFRSs are insufficient to enable users to understand the impact of particular transactions, other events and conditions on the entity's financial position and financial performance; and
make an assessment of the company's ability to continue as a going concern.
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.
Crisis24 Consulting Limited
Independent auditor's report
To the members of Crisis24 Consulting Limited
5
Opinion
We have audited the financial statements of Crisis24 Consulting Limited (the 'company') for the year ended 31 January 2024 which comprise the statement of comprehensive income, the statement of financial position, 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 UK adopted international accounting standards.
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 31 January 2024 and of its profit for the year then ended;
have been properly prepared in accordance with IAS in conformity with the requirements of the Companies Act 2006; and
have been prepared in accordance with the requirements of the Companies Act 2006.
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.
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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 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.
Crisis24 Consulting Limited
Independent auditor's report (continued)
To the members of Crisis24 Consulting Limited
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:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the 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 company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
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 specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.
Identifying and assessing risks related to irregularities:
We assessed the susceptibility of the company’s financial statements to material misstatement and how fraud might occur, including through discussions with the directors, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the company by discussions with directors and by updating our understanding of the sector in which the company operates.
Laws and regulations of direct significance in the context of the company include The Companies Act 2006 and UK Tax legislation.
Audit response to risks identified
We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the company's records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the company's policies and procedures for compliance with laws and regulations with members of management responsible for compliance.
Crisis24 Consulting Limited
Independent auditor's report (continued)
To the members of Crisis24 Consulting Limited
7
During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.
There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the 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 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.
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.
Michael Di Leto (Senior Statutory Auditor)
For and on behalf of Saffery LLP
13 January 2025
Statutory Auditors
71 Queen Victoria Street
London
EC4V 4BE
Crisis24 Consulting Limited
Statement of comprehensive income
For the year ended 31 January 2024
8
2024
2023
Notes
£
£
Revenue
4
16,447,237
19,910,509
Gross profit
16,447,237
19,910,509
Administrative expenses
(10,429,822)
(10,668,883)
Operating profit
6
6,017,415
9,241,626
Interest receivable
7
7,750
Profit before taxation
6,017,415
9,249,376
Income tax income
8
6,500
12,169
Profit and total comprehensive income for the year
6,023,915
9,261,545
The income statement has been prepared on the basis that all operations are continuing operations.
Crisis24 Consulting Limited
Statement of financial position
As at 31 January 2024
9
2024
2023
Notes
£
£
Non-current assets
Goodwill
9
1,625,531
1,625,531
Intangible assets
9
1,000
1,000
Property, plant and equipment
10
31,193
24,097
Investments
11
55,585
55,585
1,713,309
1,706,213
Current assets
Trade and other receivables
13
9,135,393
7,816,736
Cash and cash equivalents
1,186,949
1,897,562
10,322,342
9,714,298
Current liabilities
Trade and other payables
15
3,730,761
5,277,962
Net current assets
6,591,581
4,436,336
Non-current liabilities
Deferred tax liabilities
16
6,500
Net assets
8,304,890
6,136,049
Equity
Called up share capital
18
100
100
Retained earnings
8,304,790
6,135,949
Total equity
8,304,890
6,136,049
The financial statements were approved by the board of directors and authorised for issue on 13 January 2025 and are signed on its behalf by:
Alexander Burrell
Director
Company registration number 07612902 (England and Wales)
Crisis24 Consulting Limited
Statement of changes in equity
For the year ended 31 January 2024
10
Share capital
Retained earnings
Total
£
£
£
Balance at 1 February 2022
100
7,665,832
7,665,932
Year ended 31 January 2023:
Profit and total comprehensive income for the year
-
9,261,545
9,261,545
Transactions with owners in their capacity as owners:
Dividends
-
(10,791,428)
(10,791,428)
Balance at 31 January 2023
100
6,135,949
6,136,049
Year ended 31 January 2024:
Profit and total comprehensive income for the year
-
6,023,915
6,023,915
Transactions with owners in their capacity as owners:
Dividends
-
(3,855,074)
(3,855,074)
Balance at 31 January 2024
100
8,304,790
8,304,890
Crisis24 Consulting Limited
Statement of cash flows
For the year ended 31 January 2024
11
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
21
3,160,516
9,907,058
Income taxes refunded
500,000
Net cash inflow from operating activities
3,160,516
10,407,058
Investing activities
Purchase of property, plant and equipment
(16,055)
(18,153)
Interest received
7,750
Net cash used in investing activities
(16,055)
(10,403)
Financing activities
Dividends paid
(3,855,074)
(10,791,428)
Net cash used in financing activities
(3,855,074)
(10,791,428)
Net decrease in cash and cash equivalents
(710,613)
(394,773)
Cash and cash equivalents at beginning of year
1,897,562
2,292,335
Cash and cash equivalents at end of year
1,186,949
1,897,562
Crisis24 Consulting Limited
Notes to the financial statements
For the year ended 31 January 2024
12
1
Accounting policies
Company information
Crisis24 Consulting Limited is a private company limited by shares incorporated in England and Wales. The registered office is Two London Bridge, London, SE1 9RA.
1.1
Accounting convention
The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted for use in the United Kingdom and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS, except as otherwise stated.
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.
The company has taken advantage of the exemption under section 401 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.
Crisis24 Consulting Limited is a wholly owned subsidiary of Garda World Security Corporation, a company registered in Canada. The results of Crisis24 Consulting Limited are included in the consolidated financial statements of Garda World Security Corporation which have been delivered to the Registrar of Companies and are attached to the accounts filed by the company's UK parent company, Gardaworld Consulting (UK) Limited, company number: 09629915.
1.2
Going concern
The directors have at the time of approving the financial statements, a reasonable expectation that the truecompany 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
Revenue
Revenue comprises the fair value of the consideration received or receivable for the sale of services in the ordinary course of the company's activity for all revenue streams. Revenue is shown net of value added tax, returns, rebates and discounts. The company recognises revenue when the amount of the revenue can be reliably measured and when it is probable that economic benefits will flow to the entity.
The company recognises revenue from the following major sources:
Management services
Consultancy services
Response services
Management services
Recognised in the period in which the service is provided to the customer. Where income is invoiced in advance of work being complete, revenue is treated in the first instance as deferred income and recognised when the services are performed by the company.
Consultancy services
Recognised in the period in which the service is provided to the customer. Where income is invoiced in advance of work being complete, revenue is treated in the first instance as deferred income and recognised when the services are performed by the company.
Crisis24 Consulting Limited
Notes to the financial statements (continued)
For the year ended 31 January 2024
1
Accounting policies (continued)
13
Response services
Recognised in the period in which the service is provided to the customer. Where income is invoiced in advance of work being complete, revenue is treated in the first instance as deferred income and recognised when the services are performed by the company.
1.4
Goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less impairment losses.
The gain on a bargain purchase is recognised in profit or loss in the period of the acquisition.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit. An impairment loss recognised for goodwill is not subsequently reversed.
1.5
Intangible 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.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives.
1.6
Property, plant and equipment
Property, plant and equipment 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:
Right-of-use asset
Straight line over lease term
Leasehold improvements
Straight line over 6 years
Computer equipment
Straight line over 4 years
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 recognised in the income statement.
1.7
Impairment of tangible and intangible assets
At each reporting end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Crisis24 Consulting Limited
Notes to the financial statements (continued)
For the year ended 31 January 2024
1
Accounting policies (continued)
14
Intangible assets with indefinite useful lives and intangible assets not yet available for use are tested for impairment annually, and whenever there is an indication that the asset may be impaired.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.8
Fair value measurement
IFRS 13 establishes a single source of guidance for all fair value measurements. IFRS 13 does not change when an entity is required to use fair value, but rather provides guidance on how to measure fair value under IFRS when fair value is required or permitted. The resulting calculations under IFRS 13 affected the principles that the company uses to assess the fair value, but the assessment of fair value under IFRS 13 has not materially changed the fair values recognised or disclosed. IFRS 13 mainly impacts the disclosures of the company. It requires specific disclosures about fair value measurements and disclosures of fair values, some of which replace existing disclosure requirements in other standards.
1.9
Cash and cash equivalents
Cash and cash equivalents 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.
1.10
Financial assets
Financial assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. Financial assets are classified into specified categories, depending on the nature and purpose of the financial assets.
At initial recognition, financial assets classified as fair value through profit and loss are measured at fair value and any transaction costs are recognised in profit or loss. Financial assets not classified as fair value through profit and loss are initially measured at fair value plus transaction costs.
Financial assets at fair value through profit or loss
When any of the above-mentioned conditions for classification of financial assets is not met, a financial asset is classified as measured at fair value through profit or loss. Financial assets measured at fair value through profit or loss are recognized initially at fair value and any transaction costs are recognised in profit or loss when incurred. A gain or loss on a financial asset measured at fair value through profit or loss is recognised in profit or loss, and is included within finance income or finance costs in the statement of income for the reporting period in which it arises.
Crisis24 Consulting Limited
Notes to the financial statements (continued)
For the year ended 31 January 2024
1
Accounting policies (continued)
15
Financial assets held at amortised cost
Financial instruments are classified as financial assets measured at amortised cost where the objective is to hold these assets in order to collect contractual cash flows, and the contractual cash flows are solely payments of principal and interest. They arise principally from the provision of goods and services to customers (eg trade receivables). They are initially recognised at fair value plus transaction costs directly attributable to their acquisition or issue, and are subsequently carried at amortised cost using the effective interest rate method, less provision for impairment where necessary.
Financial assets at fair value through other comprehensive income
Debt instruments are classified as financial assets measured at fair value through other comprehensive income where the financial assets are held within the company’s business model whose objective is achieved by both collecting contractual cash flows and selling financial assets, and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.
A debt instrument measured at fair value through other comprehensive income is recognised initially at fair value plus transaction costs directly attributable to the asset. After initial recognition, each asset is measured at fair value, with changes in fair value included in other comprehensive income. Accumulated gains or losses recognised through other comprehensive income are directly transferred to profit or loss when the debt instrument is derecognised.
Impairment of financial assets
Financial assets carried at amortised cost and FVOCI 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 of the investment have been affected.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.
1.11
Financial liabilities
Basic financial liabilities, including trade and other 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 receipts discounted at a market rate of interest.
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. Accounts payable are classified as 'creditors: amounts falling due within one year' if payment is due within one year or less. If not, they are presented as 'creditors: amounts falling due after more than one year'. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Crisis24 Consulting Limited
Notes to the financial statements (continued)
For the year ended 31 January 2024
1
Accounting policies (continued)
16
Financial liabilities at fair value through profit or loss
Financial liabilities are classified as measured at fair value through profit or loss when the financial liability is held for trading. A financial liability is classified as held for trading if:
it has been incurred principally for the purpose of repurchasing it in the near term, or
on initial recognition it is part of a portfolio of identified financial instruments that the manages together and has a recent actual pattern of short-term profit taking, or
it is a derivative that is not designated and effective hedging instrument.
Financial liabilities at fair value through profit or loss are stated at fair value with any gains or losses arising on remeasurement recognised in profit or loss.
Other financial liabilities
Other financial liabilities, including borrowings, trade payables and other short-term monetary liabilities, are initially measured at fair value net of transaction costs directly attributable to the issuance of the financial liability. They are subsequently measured at amortised cost using the effective interest method. For the purposes of each financial liability, interest expense includes initial transaction costs and any premium payable on redemption, as well as any interest or coupon payable while the liability is outstanding.
Derecognition of financial liabilities
Financial liabilities are derecognised when, and only when, the company’s obligations are discharged, cancelled, or they expire.
1.12
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.13
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 income statement 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.
Crisis24 Consulting Limited
Notes to the financial statements (continued)
For the year ended 31 January 2024
1
Accounting policies (continued)
17
Deferred tax
Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
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 income statement, except when it relates to items charged or credited directly to 'other comprehensive income', in which case the deferred tax is also dealt with in 'other comprehensive income'. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.14
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 inventories or non-current assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
A termination benefit liability is recognised at the earlier of when the entity can no longer withdraw the offer of the termination benefit and when the entity recognises any related restructuring costs.
1.15
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense when employees have rendered the service entitling them to the contributions.
1.16
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.
Crisis24 Consulting Limited
Notes to the financial statements (continued)
For the year ended 31 January 2024
18
2
Critical accounting 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, 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
Key estimates - impairment of intangibles
Management reviews the year end goodwill figure and assess whether an impairment is required on the year end balance by assessing how much future cash flows are expected to arise.
Key estimates - receivables
The receivables at the reporting date have been reviewed to determine whether there is any objective evidence that any of the receivables are impaired. An impairment provision is included for any receivable where the entire balance is not considered collectible. An impairment provision is based on the best information at the reporting date.
3
Adoption of new and revised standards and changes in accounting policies
In the current year, the following new and revised Standards and Interpretations have been adopted by the company and have an effect on the current period or a prior period or may have an effect on future periods:
Standard
Effective date, annual period beginning on or after
IFRS 17 - Insurance Contracts
1 January 2023
Amendments to IFRS 17 - Insurance Contracts; and Extension of the Temporary Exemption from Applying IFRS 9 (Amendments to IFRS 4 Insurance Contracts)
1 January 2023
Disclosure of Accounting Policies (Amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2 Making Materiality Judgements)
1 January 2023
Definition of Accounting Estimates (Amendments to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors)
1 January 2023
Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments to IAS 12 Income Taxes)
1 January 2023
International Tax Reform – Pillar Two Model Rules (Amendments to IAS 12)
1 January 2023
There adoption has not had any material impact on the disclosures or amounts reported in the financial statements.
Standards which are in issue but not yet effective
At the date of authorisation of these financial statements, the following standards and interpretations relevant to the company and which have not been applied in these financial statements, were in issue but were not yet effective.
Crisis24 Consulting Limited
Notes to the financial statements (continued)
For the year ended 31 January 2024
3
Adoption of new and revised standards and changes in accounting policies (continued)
19
Standard
Effective date, annual period beginning on or after
Lease Liability in a Sale and Leaseback (Amendments to IFRS 16)
1 January 2024
Classification of Liabilities as Current or Non-Current, Non-current Liabilities with Covenants: amendments to IAS 1
1 January 2024
Supplier Finance Arrangements (Amendments to IAS 7 and IFRS 7)
1 January 2024
Lack of Exchangeability (Amendments to IAS 21)
1 January 2025
IFRS 18 – Presentation and Disclosure in Financial Statements
1 January 2025
IFRS 19 – Subsidiaries without Public Accountability: Disclosures
1 January 2027
The directors are evaluating the impact that these standards will have on the financial statements.
4
Revenue
2024
2023
£
£
Revenue analysed by class of business
Management services
4,762,388
5,030,910
Consultancy services
7,815,866
5,327,808
Crisis response services
3,868,983
9,551,791
16,447,237
19,910,509
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
26
25
Their aggregate remuneration comprised:
2024
2023
£
£
Wages and salaries
4,579,465
4,438,144
Social security costs
260,909
250,657
Pension costs
95,815
78,461
4,936,189
4,767,262
Crisis24 Consulting Limited
Notes to the financial statements (continued)
For the year ended 31 January 2024
20
6
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange losses/(gains)
143,709
(1,557,695)
Fees payable to the company's auditor for the audit of the company's financial statements
21,500
20,100
Depreciation of property, plant and equipment
8,959
3,828
7
Investment income
2024
2023
£
£
Interest income
Other interest income
7,750
Income above relates to assets held at amortised cost, unless stated otherwise.
8
Income tax expense
2024
2023
£
£
Current tax
Adjustments in respect of prior periods
(5,619)
Deferred tax
Origination and reversal of temporary differences
(6,500)
(6,550)
Total tax (credit)
(6,500)
(12,169)
Crisis24 Consulting Limited
Notes to the financial statements (continued)
For the year ended 31 January 2024
8
Income tax expense (continued)
21
The charge for the year can be reconciled to the profit per the income statement as follows:
2024
2023
£
£
Profit before taxation
6,017,415
9,249,376
Expected tax charge based on a corporation tax rate of 25.00% (2023: 19.00%)
1,504,354
1,757,381
Effect of expenses not deductible in determining taxable profit
38,021
Group relief
(1,504,354)
(1,793,309)
Under/(over) provided in prior years
(5,619)
Other tax adjustments
(2,093)
Deferred tax movement
(6,500)
(6,550)
Taxation credit for the year
(6,500)
(12,169)
9
Intangible assets
Goodwill
Trade name
Total
£
£
£
Cost
At 1 February 2022
1,625,531
1,893,000
3,518,531
At 31 January 2023
1,625,531
1,893,000
3,518,531
At 31 January 2024
1,625,531
1,893,000
3,518,531
Amortisation and impairment
At 1 February 2022
1,892,000
1,892,000
At 31 January 2023
1,892,000
1,892,000
At 31 January 2024
1,892,000
1,892,000
Carrying amount
At 31 January 2024
1,625,531
1,000
1,626,531
At 31 January 2023
1,625,531
1,000
1,626,531
At 31 January 2022
1,625,531
1,000
1,626,531
Crisis24 Consulting Limited
Notes to the financial statements (continued)
For the year ended 31 January 2024
22
10
Property, plant and equipment
Computer equipment
£
Cost
At 1 February 2022
72,520
Additions
18,153
At 31 January 2023
90,673
Additions
16,055
At 31 January 2024
106,728
Accumulated depreciation and impairment
At 1 February 2022
62,748
Charge for the year
3,828
At 31 January 2023
66,576
Charge for the year
8,959
At 31 January 2024
75,535
Carrying amount
At 31 January 2024
31,193
At 31 January 2023
24,097
11
Investments
Current
Non-current
2024
2023
2024
2023
£
£
£
£
Investments in subsidiaries
55,585
55,585
Fair value of financial assets carried at amortised cost
12
Subsidiaries
Details of the company's subsidiaries at 31 January 2024 are as follows:
Name of undertaking
Nature of business
Class of
% Held
shares held
Direct
Indirect
Crisis24 Pte Limited
Crisis management
Ordinary
100.00
-
Crisis24 Consulting Limited
Notes to the financial statements (continued)
For the year ended 31 January 2024
23
13
Trade and other receivables
2024
2023
£
£
Trade receivables
5,675,730
3,423,885
Provision for bad and doubtful debts
(397,846)
(415,429)
5,277,884
3,008,456
Amounts owed by fellow group undertakings
2,540,774
3,359,080
Other receivables
1,589
1,421
Prepayments
1,315,146
1,447,779
9,135,393
7,816,736
Trade receivables disclosed above are measured at amortised cost.
14
Trade receivables - credit risk
Ageing of past due but not impaired receivables
2024
2023
£
£
30-60 days
872,900
675,852
60-90 days
570,958
436,822
90-120 days
232,594
453,450
>120 days
1,662,003
220,596
3,338,455
1,786,720
No significant receivable balances are impaired at the reporting end date.
£
£
Balance at 1 February 2023
415,429
223,242
Additional allowance recognised/(released)
(17,583)
192,187
Balance at 31 January 2024
397,846
415,429
Crisis24 Consulting Limited
Notes to the financial statements (continued)
For the year ended 31 January 2024
24
15
Trade and other payables
2024
2023
£
£
Trade payables
512,848
805,501
Amounts owed to fellow group undertakings
2,221,256
2,607,645
Accruals
871,808
1,680,221
Social security and other taxation
108,156
170,547
Other payables
16,693
14,048
3,730,761
5,277,962
16
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon during the current and prior reporting period.
Accelerated capital allowances
£
Liability at 1 February 2022
13,050
Deferred tax movements in prior year
Charge/(credit) to profit or loss
(6,550)
Liability at 1 February 2023
6,500
Deferred tax movements in current year
Charge/(credit) to profit or loss
(6,500)
Liability at 31 January 2024
Deferred tax assets and liabilities are offset in the financial statements only where the company has a legally enforceable right to do so.
17
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
95,815
78,461
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.
Crisis24 Consulting Limited
Notes to the financial statements (continued)
For the year ended 31 January 2024
25
18
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
19
Analysis of changes in net funds
1 February 2023
Cash flows
31 January 2024
£
£
£
Cash at bank and in hand
1,897,562
(710,613)
1,186,949
1 February 2022
Cash flows
31 January 2023
Prior year:
£
£
£
Cash at bank and in hand
2,292,335
(394,773)
1,897,562
20
Related party transactions
Remuneration of key management personnel
Key management personnel received £nil (2023: £nil) during the year.
As at 31 January 2024, the company was owed £2,540,774 (2023: £3,359,080) by fellow group undertakings. As at 31 January 2024, the company owed £2,221,256 (2023: £2,605,077) to fellow group undertakings.
21
Cash generated from operations
2024
2023
£
£
Profit for the year before income tax
6,017,415
9,249,376
Adjustments for:
Interest receivable
(7,750)
Depreciation and impairment of property, plant and equipment
8,959
3,828
Movements in working capital:
Increase in trade and other receivables
(1,318,657)
(1,138,237)
(Decrease)/increase in trade and other payables
(1,547,201)
1,799,841
Cash generated from operations
3,160,516
9,907,058
Crisis24 Consulting Limited
Notes to the financial statements (continued)
For the year ended 31 January 2024
26
22
Controlling party
The immediate parent company is NYA Holdings Limited, a company registered in England and Wales.
The ultimate parent company is Garda World Security Corporation, a company registered in Canada. Copies of the group financial statements are available at 1390 Barre Street, 2nd Floor, Montreal, Quebec, H3C 1N4, Canada.
In the opinion of the directors, there is no single ultimate controlling party.
2024-01-312023-02-01falseCCH SoftwareCCH Accounts Production 2024.210Oliver WestmacottPatrick PrinceAlexander KempTheresa BakerAlexander BurrellA BurrellPierre-Hubert Seguinfalse076129022023-02-012024-01-3107612902bus:CompanySecretaryDirector12023-02-012024-01-3107612902bus:Director12023-02-012024-01-3107612902bus:Director22023-02-012024-01-3107612902bus:Director42023-02-012024-01-3107612902bus:Director52023-02-012024-01-3107612902bus:CompanySecretary12023-02-012024-01-3107612902bus:Director32023-02-012024-01-3107612902bus:Director62023-02-012024-01-3107612902bus:RegisteredOffice2023-02-012024-01-31076129022024-01-3107612902core:ContinuingOperations2023-02-012024-01-31076129022022-02-012023-01-3107612902core:ContinuingOperations2022-02-012023-01-3107612902core:RetainedEarningsAccumulatedLosses2023-02-012024-01-3107612902core:RetainedEarningsAccumulatedLosses2022-02-012023-01-3107612902core:Goodwill2024-01-3107612902core:Goodwill2023-01-3107612902core:IntangibleAssetsOtherThanGoodwill2024-01-3107612902core:IntangibleAssetsOtherThanGoodwill2023-01-31076129022023-01-3107612902core:Non-currentFinancialInstruments2024-01-3107612902core:Non-currentFinancialInstruments2023-01-31076129022023-01-31076129022022-01-3107612902core:CurrentFinancialInstruments2024-01-3107612902core:AcceleratedTaxDepreciationDeferredTax2022-01-3107612902core:AcceleratedTaxDepreciationDeferredTax2023-01-3107612902core:AcceleratedTaxDepreciationDeferredTax2024-01-3107612902core:ShareCapital2024-01-3107612902core:ShareCapital2023-01-3107612902core:RetainedEarningsAccumulatedLosses2024-01-3107612902core:RetainedEarningsAccumulatedLosses2023-01-3107612902core:OtherMiscellaneousReserve2022-01-3107612902core:Goodwill2023-02-012024-01-3107612902core:IntangibleAssetsOtherThanGoodwill2023-02-012024-01-3107612902core:FinancialInstrumentsFairValueThroughProfitOrLoss2023-02-012024-01-3107612902core:Held-to-maturityFinancialAssets2023-02-012024-01-3107612902core:FinancialInstrumentsDesignatedFairValueThroughProfitOrLoss2023-02-012024-01-310761290212023-02-012024-01-310761290212022-02-012023-01-310761290222023-02-012024-01-310761290222022-02-012023-01-310761290232023-02-012024-01-310761290232022-02-012023-01-3107612902core:Goodwill2022-01-3107612902core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2022-01-3107612902core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2023-01-3107612902core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2024-01-3107612902core:Goodwill2023-01-3107612902core:ComputerEquipment2022-01-3107612902core:ComputerEquipment2023-01-3107612902core:ComputerEquipment2024-01-3107612902core:ComputerEquipment2022-02-012023-01-3107612902core:ComputerEquipment2023-02-012024-01-3107612902core:CurrentFinancialInstruments2023-01-3107612902core:CurrentFinancialInstrumentscore:ValueBeforeAllowanceForImpairmentLoss2024-01-3107612902core:CurrentFinancialInstrumentscore:ValueBeforeAllowanceForImpairmentLoss2023-01-3107612902core:CurrentFinancialInstrumentscore:AllowanceForImpairmentLoss2024-01-3107612902core:CurrentFinancialInstrumentscore:AllowanceForImpairmentLoss2023-01-3107612902bus:PrivateLimitedCompanyLtd2023-02-012024-01-3107612902bus:Audited2023-02-012024-01-3107612902bus:FullIFRS2023-02-012024-01-3107612902bus:FullAccounts2023-02-012024-01-31xbrli:purexbrli:sharesiso4217:GBP