Company registration number 08473243 (England and Wales)
CONDATIS GROUP LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
CONDATIS GROUP LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 9
CONDATIS GROUP LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
4
1,227,902
1,016,511
Tangible assets
5
144,486
193,188
1,372,388
1,209,699
Current assets
Debtors
6
1,060,082
1,170,716
Cash at bank and in hand
183,080
480,390
1,243,162
1,651,106
Creditors: amounts falling due within one year
7
(681,114)
(1,218,557)
Net current assets
562,048
432,549
Total assets less current liabilities
1,934,436
1,642,248
Provisions for liabilities
Deferred tax liability
8
209,772
171,839
(209,772)
(171,839)
Net assets
1,724,664
1,470,409
Capital and reserves
Called up share capital
10
100
100
Profit and loss account
1,724,564
1,470,309
Total equity
1,724,664
1,470,409
The notes on pages 2 to 9 form part of these financial statements.
The director of the company has elected not to include a copy of the income statement within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 4 March 2025 and are signed on its behalf by:
Christopher Tate
C Tate
Director
Company Registration No. 08473243
CONDATIS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information
Condatis Group Limited is a private company limited by shares incorporated in England and Wales. The registered office is Suite 1, 7th Floor, 50 Broadway, London, United Kingdom, SW1H 0DB.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The directors are pleased with the results to 31 March 2024, and the increased profits from 2023. The balance sheet is also in a strong position, with closing net assets of £1,724,664.true
The directors ordinarily review and update the company’s forecasts and projections, driven by the sales pipeline, to ensure that the company has sufficient resources to enable it to meet its liabilities as they fall due for a period of at least twelve months from the date of signing the financial statements.
The directors, in their consideration of whether the company is a going concern, have reviewed the company cash flow forecasts and revenue projections which have been prepared on the basis of market knowledge, past experience and current trading conditions.
The current macroeconomic climate has created an element of uncertainty for client’s budgeted expenditure and there continues to be increased competition in the market Condatis operate, however, the market continues to grow and Condatis is excellently placed to grow with it. The directors believe that while they continue to closely monitor the sales pipeline and the cash flow projections, applying sensitivity analysis where appropriate, and utilising facilities available from a shareholder where appropriate, it is appropriate to prepare the financial statements on a going concern basis.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
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.
CONDATIS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computer software
7 years straight line
Research and development costs that do not meet the criteria for recognition as development costs are charged to the Statement of Comprehensive Income as they occur.
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight line basis over their useful economic lives, being 7 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold land and buildings
10% straight line
Office equipment
25% straight line
Motor vehicles
25% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.6
Impairment of fixed assets
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.
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
CONDATIS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
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.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing 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 equity, in which case the deferred tax is also dealt with in equity. 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.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
CONDATIS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
1.12
Retirement benefits
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.
The contributions are recognised as an expense in the Profit or Loss Account when they fall due. Amounts no paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the company in independently administered funds.
1.13
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The directors do not consider there to be any significant judgements or estimates in these financial statements.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was 48 (2023: 41).
CONDATIS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
4
Intangible fixed assets
Computer software
£
Cost
At 1 April 2023
1,206,414
Additions
419,747
At 31 March 2024
1,626,161
Amortisation
At 1 April 2023
189,903
Charge for the year
208,356
At 31 March 2024
398,259
Carrying amount
At 31 March 2024
1,227,902
At 31 March 2023
1,016,511
5
Tangible fixed assets
Leasehold land and buildings
Office equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2023
221,826
64,908
62,282
349,016
Additions
2,967
2,967
Disposals
(62,282)
(62,282)
At 31 March 2024
221,826
67,875
289,701
Depreciation
At 1 April 2023
77,918
29,253
48,657
155,828
Depreciation charged in the year
22,183
15,861
11,678
49,722
Eliminated in respect of disposals
(60,335)
(60,335)
At 31 March 2024
100,101
45,114
145,215
Carrying amount
At 31 March 2024
121,725
22,761
144,486
At 31 March 2023
143,908
35,655
13,625
193,188
CONDATIS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
749,286
854,744
Gross amounts owed by contract customers
68,692
92,195
Corporation tax recoverable
127,194
77,420
Other debtors
26,997
37,093
Prepayments and accrued income
87,913
109,264
1,060,082
1,170,716
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
81,808
178,361
Amounts owed to group undertakings
16,211
Taxation and social security
282,082
545,122
Other creditors
104,751
288,532
Accruals and deferred income
196,262
206,542
681,114
1,218,557
8
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Fixed asset timing differences
252,847
214,569
Short term timing differences
(1,309)
(965)
Losses and other deductions
(41,766)
(41,765)
209,772
171,839
2024
Movements in the year:
£
Liability at 1 April 2023
171,839
Charge to profit or loss
37,933
Liability at 31 March 2024
209,772
CONDATIS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
9
Retirement benefit schemes
The company operates a defined contribution retirement scheme for all qualifying employees. The pension cost charge represents contributions payable by the company to the funds and amounted to £62,486 (2023: £42,757). Contributions totalling £14,644 (2023: £9,751) were payable to the fund at the reporting date and are included in other creditors.
10
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
Each share has full rights in the company with respect to voting, dividends and distributions.
11
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
The audit report was signed on 4 March 2025 by Nicola MacLennan (Senior Statutory Auditor) on behalf of French Duncan LLP.
12
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2024
2023
£
£
Within one year
11,106
66,636
Between two and five years
11,106
11,106
77,742
CONDATIS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 9 -
13
Related party transactions
Included in other creditors is an amount of £16,211 (2023: £14,221) owed by the company to Condatis Holding Limited who own 100% of the share capital of Condatis Group Limited. No interest is currently being charged on the balance. The balance is unsecured and repayable on demand.
Included in other creditors is an amount of £90,034 (2023: £253,163) owed by the company to Sitekit Limited. No interest is currently being charged on the balance. The balance is unsecured and repayable on demand.
14
Profit and loss account
Profit and loss account includes all current and prior period retained profits and losses, less distributions to shareholders.
15
Ultimate controlling party
The parent company is Condatis Holdings Limited. Financial statements may be obtained from the parent company at 5 Marble Arch, London, United Kingdom, W1H 7EJ.
Post year end, the ultimate parent company became Bridgepoint Group PLC, a company registered within the UK.