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Company Registration Number 10459658























CDS SUPPORT LIMITED





FINANCIAL STATEMENTS





 31 DECEMBER 2024





















img0b0a.png

 
CDS SUPPORT LIMITED
 

COMPANY INFORMATION


Directors
F Bailie 
R Bradley 
K Eblett (appointed 8 January 2024)




Registered number
10459658



Registered office
The Bramery
Alstone Lane

Cheltenham

GL51 8HE




Independent auditor
Armstrong Watson Audit Limited
Chartered Accountants & Statutory Auditor

York House

Thornfield Business Park

Northallerton

DL6 2XQ





 
CDS SUPPORT LIMITED
 

CONTENTS



Page
Strategic Report
 
1 - 2
Directors' Report
 
3 - 4
Independent Auditor's Report
 
5 - 8
Statement of Income and Retained Earnings
 
9
Statement of Financial Position
 
10
Notes to the Financial Statements
 
11 - 23


 
CDS SUPPORT LIMITED
 

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

Introduction
 
The directors present their 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.

Business review
 
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.  
Turnover for the year was £19.4m, an increase from £17.0m in 2023. Company operating profit for 2024 was £1.3m compared to £1.0m in 2023.

The Board of Directors continued to pursue an investment strategy split between internal investment on R&D, new skills and services in each operating company, and diversifying into new sectors.
Corporate Social responsibility is a major objective and the Company delivered against this. The Company has an active apprenticeship programme in place to boost employment opportunities in the communities we work in, and actively supports and fundraises specific defence charities including SSAFA.

Principal risks and uncertainties
 
The principal risk facing the Company 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. 
 
Given the diverse nature of the Company, longer term contracts and the expanded customer base, the severity of this risk has diminished compared to previous years. In addition, the Company has put in place sales plans and structures to promote and generate work in other wider Security sectors.
The Company continues to improve and diversify its service offering to succeed in a competitive environment. 
Looking ahead, the Company is well placed to continue to offer modern communications and is ideally positioned to assist organisations with growth services such as training and cyber security.  

Page 1

 
CDS SUPPORT LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Financial key performance indicators
 
The directors consider turnover, gross profit percentage, profit before tax and cash position to be the key measures of financial performance. 

2024
2023
        £
        £
Turnover

19,408,995

17,037,399
 
Gross profit %

36.9%

32.2%
 
Profit before tax

1,262,409

977,693
 
Cash

911,242

1,275,231
 

Other key performance indicators
 
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.  

Directors' statement of compliance with duty to promote the success of the Company
 
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. 


This report was approved by the board and signed on its behalf.





................................................
F Bailie
Director

Date: 2 April 2025

Page 2

 
CDS SUPPORT 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.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Results and dividends

The profit for the year, after taxation, amounted to £1,134,625 (2023 - £946,962).

As in previous years, the Directors do not recommend the payment of a dividend.

Directors

The directors who served during the year were:

F Bailie 
R Bradley 
P Walter (resigned 5 April 2024)
V Wordsworth (resigned 8 January 2024)
K Eblett (appointed 8 January 2024)

Future developments

The Directors anticipate that any future developments would relate to the principal activities.

Page 3

 
CDS SUPPORT LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditor

Under section 487(2) of the Companies Act 2006Armstrong 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.
 





................................................
F Bailie
Director

Date: 2 April 2025

Page 4

 
CDS SUPPORT LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CDS SUPPORT LIMITED
 

Opinion


We have audited the financial statements of CDS Support Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of Income and Retained Earnings, the Statement of Financial Position and the related notes, including a summary of significant accounting policiesThe 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).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 December 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Company 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.


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.


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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.


Page 5

 
CDS SUPPORT LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CDS SUPPORT LIMITED (CONTINUED)


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the 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 set out on page 3, 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.


Page 6

 
CDS SUPPORT LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CDS SUPPORT LIMITED (CONTINUED)


Auditor's responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

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. 
 
Page 7

 
CDS SUPPORT LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CDS SUPPORT 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.


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our 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.





Simon Turner (Senior Statutory Auditor)
for and on behalf of
Armstrong Watson Audit Limited
Chartered Accountants
Statutory Auditor
Northallerton

2 April 2025
Page 8

 
CDS SUPPORT LIMITED
 

STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
Note
£
£

  

Turnover
 4 
19,408,995
17,037,399

Cost of sales
  
(12,239,854)
(11,552,209)

Gross profit
  
7,169,141
5,485,190

Administrative expenses
  
(5,905,897)
(4,506,224)

Operating profit
 5 
1,263,244
978,966

Interest payable and similar expenses
  
(835)
(1,273)

Profit before tax
  
1,262,409
977,693

Tax on profit
 9 
(127,784)
(30,731)

Profit after tax
  
1,134,625
946,962

  

Retained earnings at the beginning of the year
  
5,456,744
4,509,782

Profit for the year
  
1,134,625
946,962

Retained earnings at the end of the year
  
6,591,369
5,456,744

There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of income and retained earnings.

The notes on pages 11 to 23 form part of these financial statements.

Page 9

 
CDS SUPPORT LIMITED
REGISTERED NUMBER: 10459658

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 11 
245,963
330,842

Investments
  
-
5,268

  
245,963
336,110

Current assets
  

Debtors: amounts falling due within one year
 12 
13,473,156
10,266,536

Cash at bank and in hand
 13 
911,242
1,275,231

  
14,384,398
11,541,767

Creditors: amounts falling due within one year
 14 
(8,038,991)
(6,398,837)

Net current assets
  
 
 
6,345,407
 
 
5,142,930

Total assets less current liabilities
  
6,591,370
5,479,040

Provisions for liabilities
  

Deferred tax
 15 
-
(22,295)

  
 
 
-
 
 
(22,295)

Net assets
  
6,591,370
5,456,745


Capital and reserves
  

Called up share capital 
 16 
1
1

Profit and loss account
  
6,591,369
5,456,744

  
6,591,370
5,456,745


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
F Bailie
Director

Date: 2 April 2025

The notes on pages 11 to 23 form part of these financial statements.

Page 10

 
CDS SUPPORT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

CDS Support Limited is a private company limited by shares registered in England and Wales. The registered office address of the company is The Bramery, Alstone Lane, Cheltenham, GL51 8HE.
The principal activity of the company is engineering consultancy supporting the Defence industry.
These 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

 
2.1

Basis of preparation of financial statements

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 management to exercise judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The 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 Newpark Industrial Estate, Greystone Road, Antrim, BT41 2RS.

Page 11

 
CDS SUPPORT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

  
2.3

Going concern

The directors of CDS Support Limited have prepared forecasts for a period to 31 March 2026 and have reviewed the resources available, including those from the wider Bailie Group, and believe that the Company has adequate resources to continue in operational existence for the foreseeable future.
The directors, therefore, believe that it is appropriate to continue to adopt the going concern basis in
preparing the financial statements.

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Income and Retained Earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 12

 
CDS SUPPORT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.6

Pensions

Defined contribution pension plan

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 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 Company in independently administered funds.

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Page 13

 
CDS SUPPORT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.8

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of Income and Retained Earnings over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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.

The estimated useful life for goodwill is 20 years. 

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

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:

Motor vehicles
-
25%
Fixtures and fittings
-
20%
Office equipment
-
20%
Computer equipment
-
3 years

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.

Page 14

 
CDS SUPPORT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.10

Impairment of fixed assets and goodwill

Assets that are subject to depreciation or amortisation are assessed at each reporting date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each reporting date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

 
2.11

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Statement of Income and Retained Earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.14

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.15

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Deferred tax liabilities are also presented within provisions but are measured in accordance with the accounting policy on taxation.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 15

 
CDS SUPPORT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.16

Financial instruments

The Company 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 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.

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 Company'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 Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans 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.

Page 16

 
CDS SUPPORT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of these financial statements requires management to make judgements, estimates and assumptions that effect the application of policies and reported amounts of assets and liabilities, income and expenses.
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 source of estimation uncertainty in applying the accounting policies is the recoverability of trade debtors and intercompany debtors.


4.


Turnover

The whole of the turnover is attributable to the principal activity of the company.

All turnover arose within the United Kingdom.


5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Depreciation
153,716
202,504

Exchange differences
62,053
20,087

Other operating lease rentals
144,788
123,519


6.


Auditor's remuneration

2024
2023
£
£

Fees payable to the Company's auditor for the audit of the Company's financial statements
9,500
7,150

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.

Page 17

 
CDS SUPPORT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

7.


Employees

Staff costs, including directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
9,593,169
8,209,279

Social security costs
1,072,720
983,987

Cost of defined contribution scheme
352,053
310,192

11,017,942
9,503,458


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Employees
177
164


8.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
150,883
135,526

Company contributions to defined contribution pension schemes
34,790
40,080

185,673
175,606


During the year retirement benefits were accruing to 1 director (2023 - 1) in respect of defined contribution pension schemes.

Page 18

 
CDS SUPPORT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

9.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
37,344
25,380

Adjustments in respect of previous periods
112,735
-


150,079
25,380


Total current tax
150,079
25,380

Deferred tax


Origination and reversal of timing differences
(22,295)
-

Changes to tax rates
-
5,351

Total deferred tax
(22,295)
5,351


Tax on profit
127,784
30,731

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 25%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
1,262,409
977,693


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 25%)
315,602
229,758

Effects of:


Expenses not deductible
13,584
5,583

Group relief
(314,782)
(159,447)

Fixed asset timing differences
2,928
29,327

Impact of R&D
(20,577)
(136,543)

Adjustments to tax charge in respect of prior periods
112,735
46,307

Impact of overseas branch
(135,424)
39,023

Brought forward trading losses
-
(19,811)

Other timing differences leading to an increase / (decrease) in taxation
1,677
(8,817)

Change in tax rates
-
5,351

Changes in provisions leading to an increase (decrease) in the tax charge
152,041
-

Total tax charge for the year
127,784
30,731

Page 19

 
CDS SUPPORT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
 
9.Taxation (continued)


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


10.


Intangible assets




Goodwill

£



Cost


At 1 January 2024
530,000



At 31 December 2024

530,000



Amortisation


At 1 January 2024
530,000



At 31 December 2024

530,000



Net book value



At 31 December 2024
-



At 31 December 2023
-



Page 20

 
CDS SUPPORT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

11.


Tangible fixed assets





Motor vehicles
Fixtures and fittings
Office equipment
Computer equipment
Total

£
£
£
£
£



Cost or valuation


At 1 January 2024
126,352
324,963
18,018
147,440
616,773


Additions
-
51,700
-
18,818
70,518


Disposals
-
(10,465)
(1,914)
(59,250)
(71,629)



At 31 December 2024

126,352
366,198
16,104
107,008
615,662



Depreciation


At 1 January 2024
97,078
105,295
4,960
78,597
285,930


Charge for the year on owned assets
24,272
71,085
1,325
57,034
153,716


Disposals
-
(10,465)
(1,914)
(57,568)
(69,947)



At 31 December 2024

121,350
165,915
4,371
78,063
369,699



Net book value



At 31 December 2024
5,002
200,283
11,733
28,945
245,963



At 31 December 2023
29,274
219,668
13,058
68,843
330,843


12.


Debtors

2024
2023
£
£


Trade debtors
1,957,495
2,012,570

Amounts owed by group undertakings
9,384,959
7,282,511

Other debtors
248,676
68,805

Prepayments and accrued income
1,882,026
902,650

13,473,156
10,266,536


Page 21

 
CDS SUPPORT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

13.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
911,242
1,275,231

911,242
1,275,231



14.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
328,721
258,244

Amounts owed to group undertakings
4,461,908
3,012,069

Other taxation and social security
651,180
649,476

Obligations under finance lease and hire purchase contracts
8,934
10,443

Other creditors
517,413
331,808

Accruals and deferred income
2,070,835
2,136,797

8,038,991
6,398,837



15.


Deferred taxation




2024
2023


£

£






At beginning of year
22,295
16,944


Charged to profit or loss
-
5,351


Utilised in year
22,295
-



At end of year
-
22,295

The deferred taxation balance is made up as follows:

2024
2023
£
£


Accelerated capital allowances
-
22,295

-
22,295

Page 22

 
CDS SUPPORT LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

16.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



1 (2023 - 1) Ordinary share of £1.00
1
1



17.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £352,053 (2023: £310,192). The outstanding contributions owed at the year end were £75,672 (2023: £56,059). 


18.


Commitments under operating leases

At 31 December 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
136,113
119,628

Later than 1 year and not later than 5 years
235,314
311,408

371,427
431,036


19.


Related party transactions

The company has taken advantage of the exemption contained in Section 33 of FRS 102 'Related Party Disclosures' from disclosing transactions with entities which are part of the group, since 100% of the voting rights in the company are controlled within the group and the company is included within the group accounts which are publicly available.


20.


Controlling party

The immediate parent undertaking is Corporate Document Services Limited, a company incorporated in England and Wales. The ultimate parent undertaking is Bailie Group Limited, a company incorporated in Northern Ireland. 
The Group continues to be controlled by the Bailie family throughout the current and previous year.


Page 23