Company Registration Number 02925653
CORPORATE DOCUMENT SERVICES LIMITED
COMPANY INFORMATION
CORPORATE DOCUMENT SERVICES LIMITED
CONTENTS
CORPORATE DOCUMENT SERVICES LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present their group strategic report for the year ended 31 December 2024. The directors, in preparing this strategic report, have complied with s414C of the Companies Act 2006.
CDS provides professional services to a variety of customers and sectors in the field of content and data. The organisation has a simple and powerful purpose – to invest in people and ideas that make a positive difference and properties that inspire.
• CDS is a strategic change agency with a mission to make a positive difference through communication
services which enable change and improve outcomes. It serves a wide range of sectors, both public and
private, including Financial Services, Utilities, Government (Central and Wider), Bluelight, Education, and
Transport. It provides a range of services including Digital, Content, Data, Cloud, Insight and Print.
• CDS Defence & Security is an engineering consultancy supporting the Defence industry. The business
ensures the safe and effective use of Defence equipment, shapes the future leadership of the Armed
Forces and protects the confidentiality, integrity and availability of data. The organisation works with public
and private sector organisations to provide training, supportability services and cyber assurance.
The Group strategy is to re-invest profits back into the business to diversify and broaden services. This focussed on investment into the growth of the following service lines:
• Cyber Security
• Data
• Cloud
• CDS is a strategic change agency with a mission to make a positive difference through communication
services which enable change and improve outcomes. It serves a wide range of sectors, both public and
private, including Financial Services, Utilities, Government (Central and Wider), Bluelight, Education, and
Transport. It provides a range of services including Digital, Content, Data, Cloud, Insight and Print.
• CDS Defence & Security is an engineering consultancy supporting the Defence industry. The business
ensures the safe and effective use of Defence equipment, shapes the future leadership of the Armed
Forces and protects the confidentiality, integrity and availability of data. The organisation works with public
and private sector organisations to provide training, supportability services and cyber assurance.
The Group strategy is to re-invest profits back into the business to diversify and broaden services. This focussed on investment into the growth of the following service lines:
• Cyber Security
• Data
• Cloud
Turnover for the year was £56.6m, an increase of £0.4m in 2024. Group operating profit for the year was £1.1m compared to a loss of £0.6m in 2023.
The cash at year end was £1.9m. Cash reserves have been earmarked for specific identified investments to achieve business objectives.
Bailie Group, the ultimate owner of CDS, has undertook a restructuring as part of the Group’s transition to a portfolio investment model. In the future Bailie Group will play an investor role, empowering operating companies to control their own futures. Managing Directors will have accountability, authority, and autonomy to make decisions, with clear profit, people and planet targets agreed.
Centralised services in BGBS will be devolved back into operating companies or outsourced as appropriate, allowing each business to tailor systems and processes to meet its specific needs.
The Group also announced the separation of the Print and Digital businesses within CDS to be effective from the 1 April 2025. The CDS Print business will be transferred into an existing subsidiary, CDS Print Services Limited. The leadership teams of both businesses are made up of people from the existing CDS business and will therefore ensure minimal changes for our clients and customers.
The Group continued to invest in internal R&D projects with the aim of generating future revenue streams, creating a new product, process or service, with the aim of improving efficiency, effectiveness or competitive advantage, as well as innovative projects which enhance our social value commitment.
Alongside innovation funding, Group investment continues to focus on developing new skills and services in our services.
The cash at year end was £1.9m. Cash reserves have been earmarked for specific identified investments to achieve business objectives.
Bailie Group, the ultimate owner of CDS, has undertook a restructuring as part of the Group’s transition to a portfolio investment model. In the future Bailie Group will play an investor role, empowering operating companies to control their own futures. Managing Directors will have accountability, authority, and autonomy to make decisions, with clear profit, people and planet targets agreed.
Centralised services in BGBS will be devolved back into operating companies or outsourced as appropriate, allowing each business to tailor systems and processes to meet its specific needs.
The Group also announced the separation of the Print and Digital businesses within CDS to be effective from the 1 April 2025. The CDS Print business will be transferred into an existing subsidiary, CDS Print Services Limited. The leadership teams of both businesses are made up of people from the existing CDS business and will therefore ensure minimal changes for our clients and customers.
The Group continued to invest in internal R&D projects with the aim of generating future revenue streams, creating a new product, process or service, with the aim of improving efficiency, effectiveness or competitive advantage, as well as innovative projects which enhance our social value commitment.
Alongside innovation funding, Group investment continues to focus on developing new skills and services in our services.
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CORPORATE DOCUMENT SERVICES LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Bailie Group, the ultimate owner of CDS, has an objective to reduce our environmental impact. To highlight this approach, the Group made the SME Climate Commitment pledge to reduce Carbon emissions by 50% by 2030 and be carbon neutral by 2050. This enabled us to be recognised by the United Nations Race to Zero initiative and named a climate leader. Through a host of initiatives, such as solar panels and replacing our legacy van fleet with electric vehicles, we have reduced our carbon emissions by 18% across the Group.
Employee engagement is at the heart of our culture and conduct regular staff engagement surveys. The Group currently performs ahead of benchmark organisations in similar sectors and services. Talent is at the heart of the growth plans for the Group for the next 3 years. The Group’s overall engagement score remains higher than benchmarked organisations. Employees are regularly surveyed and are consulted on decisions which affect them through a combination of online tools and focus groups led by our People team. Employees are kept informed of changes in the company and company performance through video notifications on the company intranet as well as monthly town hall briefings.
Corporate Social responsibility is a major objective and the Group delivered against this and our investment in this area has increased. The Group has an active apprenticeship programme in place to boost employment opportunities in the communities we work in. The Group contributes to schools and environmental projects in its local areas, contributing time and funding to help further young people in the local community.
The Company actively encourages fundraising across its teams, with the nominated charity for 2024 being The Trussell Trust. The Group also fundraises for specific defence charities including SSAFA.
Employee engagement is at the heart of our culture and conduct regular staff engagement surveys. The Group currently performs ahead of benchmark organisations in similar sectors and services. Talent is at the heart of the growth plans for the Group for the next 3 years. The Group’s overall engagement score remains higher than benchmarked organisations. Employees are regularly surveyed and are consulted on decisions which affect them through a combination of online tools and focus groups led by our People team. Employees are kept informed of changes in the company and company performance through video notifications on the company intranet as well as monthly town hall briefings.
Corporate Social responsibility is a major objective and the Group delivered against this and our investment in this area has increased. The Group has an active apprenticeship programme in place to boost employment opportunities in the communities we work in. The Group contributes to schools and environmental projects in its local areas, contributing time and funding to help further young people in the local community.
The Company actively encourages fundraising across its teams, with the nominated charity for 2024 being The Trussell Trust. The Group also fundraises for specific defence charities including SSAFA.
The principal risk facing the Group is the reliance on public sector business which currently accounts for 80% of the revenues. Tight public sector finances and economic uncertainty continues to lead to a delay in customer decision making, and budgets being tightened. The Group has put in place sales plans and structures to promote and generate work in other sectors such as Financial Services, Security and Travel.
An additional risk to the Company is the defined benefit pension scheme. The deficit is being proactively managed, and a deficit reduction plan has been agreed. The Group believes the recovery plan is in the interests of all stakeholders as it strikes a balance between deficit reduction and reinvestment in the Company.
Looking ahead, the Group is well placed to continue to offer modern communications and is ideally positioned to assist organisations with growth services such as digital transformation, data analytics, cloud engineering and software development.
An additional risk to the Company is the defined benefit pension scheme. The deficit is being proactively managed, and a deficit reduction plan has been agreed. The Group believes the recovery plan is in the interests of all stakeholders as it strikes a balance between deficit reduction and reinvestment in the Company.
Looking ahead, the Group is well placed to continue to offer modern communications and is ideally positioned to assist organisations with growth services such as digital transformation, data analytics, cloud engineering and software development.
The directors consider turnover, gross profit, profit before tax, utilisation rates, recovery rates and cash position to be the key measures of financial performance.
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CORPORATE DOCUMENT SERVICES LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Client and customer satisfaction, efficiency and winning/retaining customers continued to be a major focus throughout the year. Our KPIs for quality of project delivery, team utilisation & recovery and bid success rates continue to be reviewed on a regular basis and adjustments are made to our internal processes where corrective actions are required.
Additionally cash continues to be a key focus for the Group/Company. Outstanding accounts receivable and ensuring we adhere to our agreed supplier payment terms are monitored on a regular basis.
Additionally cash continues to be a key focus for the Group/Company. Outstanding accounts receivable and ensuring we adhere to our agreed supplier payment terms are monitored on a regular basis.
The Directors of the company have acted in a way which is likely to promote the success of the company for the benefits of its members as a whole and in doing so had regard (among other matters) to:
(a) the likely consequences of any decision in the long term;
(b) the interests of the company's employees;
(c) the need to foster the company's business relationships with suppliers, customers and others;
(d) the impact of the company's operations on the community and the environment,
(e) the desirability of the company maintaining a reputation for high standards of business conduct; and
(f) the need to act fairly between members of the company.
(a) the likely consequences of any decision in the long term;
(b) the interests of the company's employees;
(c) the need to foster the company's business relationships with suppliers, customers and others;
(d) the impact of the company's operations on the community and the environment,
(e) the desirability of the company maintaining a reputation for high standards of business conduct; and
(f) the need to act fairly between members of the company.
This report was approved by the board and signed on its behalf.
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CORPORATE DOCUMENT SERVICES LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present their report and the financial statements for the year ended 31 December 2024.
The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgements 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 Group 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 the Group and to 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to £829 thousand (2023 - loss £525 thousand).
As in previous years, the Directors do not recommend the payment of a dividend.
The directors who served during the year were:
The Directors anticipate that any future developments would relate to the principal activities.
It is the Directors' policy that employees should be kept as fully informed as possible concerning the activities of the company.
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CORPORATE DOCUMENT SERVICES LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
There have been no significant events affecting the Group since the year end.
Under section 487(2) of the Companies Act 2006, Armstrong Watson Audit Limited will be deemed to have been reappointed as auditor 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.
This report was approved by the board and signed on its behalf.
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CORPORATE DOCUMENT SERVICES LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CORPORATE DOCUMENT SERVICES LIMITED
We have audited the financial statements of Corporate Document Services Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2024, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity 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 Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
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 United Kingdom, including the Financial Reporting Council'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.
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.
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CORPORATE DOCUMENT SERVICES LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CORPORATE DOCUMENT SERVICES LIMITED (CONTINUED)
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 contained within the Annual Report. 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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group 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 Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
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 Group Strategic Report or the Directors' Report.
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CORPORATE DOCUMENT SERVICES LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CORPORATE DOCUMENT SERVICES LIMITED (CONTINUED)
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 Group 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:
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non compliance with laws and regulations, was as follows:
• The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non compliance with applicable laws and regulations;
• We identified the laws and regulations applicable to the company through discussions with directors and other management and review of appropriate industry knowledge;
• We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management; and
• Identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non compliance throughout the audit.
We assessed the susceptibility of the Company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
• making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
• considering the internal controls in place to mitigate risks of fraud and non compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
• Performed analytical procedures as a risk assessment tool to identify any unusual or unexpected relationships;
• Tested journal entries to identify unusual transactions; and tested the operating effectiveness of key controls over purchase cycles on a sample basis.
• Reviewed the application of accounting policies with focus on those with heightened estimation uncertainty.
In response to the risk of irregularities and non compliance with laws and regulations, we designed procedures which included, but were not limited to:
• Agreeing financial statement disclosures to underlying supporting documentation; and
• Enquiring of management as to actual and potential litigation and claims.
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CORPORATE DOCUMENT SERVICES LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CORPORATE DOCUMENT SERVICES LIMITED (CONTINUED)
Due to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, as with any audit, there remained a higher risk of nondetection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing fraud or non compliance with laws and regulations and cannot be expected to detect all fraud and non compliance with laws and regulations.
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.
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.
for and on behalf of
Statutory Auditor
Chartered Accountants
Northallerton
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CORPORATE DOCUMENT SERVICES LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
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CORPORATE DOCUMENT SERVICES LIMITED
REGISTERED NUMBER: 02925653
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 16 to 37 form part of these financial statements.
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CORPORATE DOCUMENT SERVICES LIMITED
REGISTERED NUMBER: 02925653
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
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CORPORATE DOCUMENT SERVICES LIMITED
REGISTERED NUMBER: 02925653
COMPANY STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 16 to 37 form part of these financial statements.
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CORPORATE DOCUMENT SERVICES LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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CORPORATE DOCUMENT SERVICES LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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CORPORATE DOCUMENT SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Corporate Document Services Limited is a private company limited by shares registered in England and Wales. The registration number and address of the registered office are given in the company information section of these financial statements.
The principal activity of the Group is the provision of professional services to a variety of customers in the field of content and data.
The financial statements have been presented in Pound Sterling as this is the currency of the primary economic environment in which the company operates.
The principal activity of the Group is the provision of professional services to a variety of customers in the field of content and data.
The financial statements have been presented in Pound Sterling as this is the currency of the primary economic environment in which the company operates.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.
Parent Company disclosure exemptions
In preparing the separate financial statements of the parent Company, advantage has been taken of the following disclosure exemptions available in FRS 102:
∙No Statement of Cash Flows has been presented for the parent Company;
∙Disclosures in respect of the parent Company's financial instruments have not been presented as equivalent disclosures have been provided in respect of the Company as a whole; and
∙No disclosures have been given for the aggregate remuneration of the key management personnel of the parent Company as their remuneration is included in the totals for the Company as a whole.
The following principal accounting policies have been applied:
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CORPORATE DOCUMENT SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
The Parent Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Bailie Group Limited as at 31 December 2024 and these financial statements may be obtained from Companies House.
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 January 2014.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 January 2014.
The directors, therefore, believe that it is appropriate to continue to adopt the going concern basis in
preparing the financial statements.
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CORPORATE DOCUMENT SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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CORPORATE DOCUMENT SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Grants of a revenue nature are recognised in the Consolidated Statement of Comprehensive Income in the same period as the related expenditure.
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CORPORATE DOCUMENT SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Defined contribution pension plan
The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Group in independently administered funds.
Defined benefit pension plan
The Company has a discontinued defined benefit plan for certain employees. A defined benefit plan defines the pension benefit that the employee will receive on retirement, usually dependent upon several factors including but not limited to age, length of service and remuneration. A defined benefit plan is a pension plan that is not a defined contribution plan.
The liability recognised in the Statement of Financial Position in respect of the defined benefit plan is the present value of the defined benefit obligation at the end of the reporting date less the fair value of plan assets at the reporting date (if any) out of which the obligations are to be settled.
The defined benefit obligation is calculated using the projected unit credit method. Annually the company engages independent actuaries to calculate the obligation. The present value is determined by discounting the estimated future payments using market yields on high quality corporate bonds that are denominated in sterling and that have terms approximating to the estimated period of the future payments ('discount rate').
The fair value of plan assets is measured in accordance with the FRS 102 fair value hierarchy and in accordance with the Group's policy for similarly held assets. This includes the use of appropriate valuation techniques.
Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to other comprehensive income. These amounts together with the return on plan assets, less amounts included in net interest, are disclosed as 'Remeasurement of net defined benefit liability'.
The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit obligation and the fair value of plan assets. This cost is recognised in profit or loss as a 'finance expense'.
The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Group in independently administered funds.
Defined benefit pension plan
The Company has a discontinued defined benefit plan for certain employees. A defined benefit plan defines the pension benefit that the employee will receive on retirement, usually dependent upon several factors including but not limited to age, length of service and remuneration. A defined benefit plan is a pension plan that is not a defined contribution plan.
The liability recognised in the Statement of Financial Position in respect of the defined benefit plan is the present value of the defined benefit obligation at the end of the reporting date less the fair value of plan assets at the reporting date (if any) out of which the obligations are to be settled.
The defined benefit obligation is calculated using the projected unit credit method. Annually the company engages independent actuaries to calculate the obligation. The present value is determined by discounting the estimated future payments using market yields on high quality corporate bonds that are denominated in sterling and that have terms approximating to the estimated period of the future payments ('discount rate').
The fair value of plan assets is measured in accordance with the FRS 102 fair value hierarchy and in accordance with the Group's policy for similarly held assets. This includes the use of appropriate valuation techniques.
Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to other comprehensive income. These amounts together with the return on plan assets, less amounts included in net interest, are disclosed as 'Remeasurement of net defined benefit liability'.
The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit obligation and the fair value of plan assets. This cost is recognised in profit or loss as a 'finance expense'.
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CORPORATE DOCUMENT SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Goodwill
Other intangible assets
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
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CORPORATE DOCUMENT SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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CORPORATE DOCUMENT SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Group's Statement of Financial Position when the Group 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.
Basic financial assets
Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.
Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans
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CORPORATE DOCUMENT SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
due to fellow group companies are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Judgements and estimates are continually evaluated and are based on historical experiences and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will be, by definition, seldom equal to the related actual results.
The key sources of estimation uncertainty in applying the accounting policies is the recoverability of intercompany debtors, the assumptions used in calculating the defined benefit pension liability and the fair value on acquisition accounting.
The whole of the turnover is attributable to the principal activity.
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CORPORATE DOCUMENT SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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CORPORATE DOCUMENT SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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CORPORATE DOCUMENT SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
10.Taxation (continued)
There were no factors that may affect future tax charges.
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CORPORATE DOCUMENT SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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CORPORATE DOCUMENT SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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CORPORATE DOCUMENT SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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CORPORATE DOCUMENT SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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CORPORATE DOCUMENT SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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CORPORATE DOCUMENT SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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CORPORATE DOCUMENT SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
18.Deferred taxation (continued)
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Profit and loss account
Page 34
CORPORATE DOCUMENT SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Contributions totalling £
The assets of the scheme are held separately from those in the company. Formal valuations are carried out at regular intervals by independent professionally qualified actuaries. The last formal valuation was carried out as at 11 August 2021.
The asset value assigned to the Scheme as at 31 December 2024 has been based on information provided by Deloitte Total Reward and Benefits Limited and the Group.
Page 35
CORPORATE DOCUMENT SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
21.Pension commitments (continued)
Page 36
CORPORATE DOCUMENT SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
21.Pension commitments (continued)
The immediate parent undertaking is Graphic Plates Limited , a company incorporated in Northern Ireland. The ultimate parent undertaking is Bailie Group Limited , a company incorporated in Northern Ireland.
The Group continues to be controlled by theBailie family throughout the current and previous year.
The Group continues to be controlled by the
Page 37