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REGISTERED NUMBER: 07055885 (England and Wales)















STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

C W RESEARCH LIMITED

C W RESEARCH LIMITED (REGISTERED NUMBER: 07055885)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Income Statement 9

Other Comprehensive Income 10

Balance Sheet 11

Statement of Changes in Equity 12

Notes to the Financial Statements 13


C W RESEARCH LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2024







DIRECTORS: S Foxon
P Schramme
L H Marcelis





REGISTERED OFFICE: Kingsland House
39 Abbey Foregate
Shrewsbury
Shropshire
SY2 6BL





REGISTERED NUMBER: 07055885 (England and Wales)





AUDITORS: D.R.E. & Co. (Audit) Limited
Kingsland House
39 Abbey Foregate
Shrewsbury
Shropshire
SY2 6BL

C W RESEARCH LIMITED (REGISTERED NUMBER: 07055885)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

The directors present their strategic report for the year ended 31 December 2024.

REVIEW OF BUSINESS
The Enhesa group operates an operations, product and chemical management group that focuses on companies globally becoming more sustainable. C W Research Limited is a 100% subsidiary of Enhesa NV.

The company currently operates as a global provider of independent intelligence and insight for product safety professionals managing chemicals.

2024 has proved to have been another profitable year and improving further on the results in the previous period of 2023.

In summary the directors are very pleased with the results in 2024 and are realistic about the performance expected in 2025 with the increasing interest and inflationary pressures.

Key performance indicators

2024 2023 % change
Turnover £13,513,704 £11,293,548 19.66%
Shareholders' funds £8,660,337 £5,377,380 61.05%
Operating margin 17.78% 19.43% (1.65% )

PRINCIPAL RISKS AND UNCERTAINTIES
General economic circumstances
The higher than normal levels of inflation experienced in 2024 is expected to continue in to 2025 and will put pressure on the business, but the directors are optimistic there will continue to be strong demand for the services on offer.

Information systems
The company operates and is very reliant on its IT and computerised events and networking systems. The interruption of this could have an adverse effect on the company's ability to manage its business.

Competition
The chemical intelligence industry is a fairly niche sector with a low number of highly competitive entities, and as such the business is always at risk from aggressive competitors. However, the group believes that its superior customer service will help mitigate this risk.

ON BEHALF OF THE BOARD:





L H Marcelis - Director


15 May 2025

C W RESEARCH LIMITED (REGISTERED NUMBER: 07055885)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2024

The directors present their report with the financial statements of the company for the year ended 31 December 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of online publishing.

DIVIDENDS
No dividends will be distributed for the year ended 31 December 2024.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

S Foxon
P Schramme

Other changes in directors holding office are as follows:

L H Marcelis - appointed 3 June 2024

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), 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 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 company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

C W RESEARCH LIMITED (REGISTERED NUMBER: 07055885)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2024


AUDITORS
The auditors, D.R.E. & Co. (Audit) Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:



L H Marcelis - Director


15 May 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
C W RESEARCH LIMITED

Opinion
We have audited the financial statements of C W Research Limited (the 'company') for the year ended 31 December 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, 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).

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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
C W RESEARCH LIMITED


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 Report of the Directors.

We have nothing to report in respect of the following matters where 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 Statement of Directors' Responsibilities set out on page three, 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 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
C W RESEARCH LIMITED


Auditors' 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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- 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 from our commercial knowledge and experience of the sector;

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, employment, health and safety legislation. We also consider regulations such as General Data Protection Regulations and Anti money laundering throughout the audit.

- 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 their knowledge of actual, suspected and alleged fraud; and

- reviewing the client's system notes and internal controls.

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions;

- review of the cashbook to identify any large or unusual transactions that appear to have no commercial basis.

- assessed whether judgements and assumptions made in determining the accounting estimates set out in note 3 were indicative of potential bias; and

- investigated the rationale behind significant or unusual transactions.

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;

- enquiring of management as to actual and potential litigation and claims; and

- reviewing correspondence with HMRC.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
C W RESEARCH LIMITED


Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors 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.




Francis Nock F.C.C.A. (Senior Statutory Auditor)
for and on behalf of D.R.E. & Co. (Audit) Limited
Kingsland House
39 Abbey Foregate
Shrewsbury
Shropshire
SY2 6BL

15 May 2025

C W RESEARCH LIMITED (REGISTERED NUMBER: 07055885)

INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024

31.12.24 31.12.23
Notes £    £   

TURNOVER 4 13,513,704 11,293,548

Administrative expenses (11,188,267 ) (9,100,562 )
2,325,437 2,192,986

Other operating income 77,566 1,350
OPERATING PROFIT 6 2,403,003 2,194,336


Interest payable and similar expenses 7 - (3,556 )
PROFIT BEFORE TAXATION 2,403,003 2,190,780

Tax on profit 8 879,954 (427,842 )
PROFIT FOR THE FINANCIAL YEAR 3,282,957 1,762,938

C W RESEARCH LIMITED (REGISTERED NUMBER: 07055885)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024

31.12.24 31.12.23
Notes £    £   

PROFIT FOR THE YEAR 3,282,957 1,762,938


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

3,282,957

1,762,938

C W RESEARCH LIMITED (REGISTERED NUMBER: 07055885)

BALANCE SHEET
31 DECEMBER 2024

31.12.24 31.12.23
Notes £    £    £   
FIXED ASSETS
Intangible assets 9 581,709 736,282
Tangible assets 10 49,954 51,153
631,663 787,435

CURRENT ASSETS
Debtors 11 18,747,333 11,322,854
Cash at bank and in hand 231,625 324,450
18,978,958 11,647,304
CREDITORS
Amounts falling due within one year 12 10,797,968 6,981,774
NET CURRENT ASSETS 8,180,990 4,665,530
TOTAL ASSETS LESS CURRENT
LIABILITIES

8,812,653

5,452,965

CREDITORS
Amounts falling due after more than one
year

13

(139,827

)

(62,064

)

PROVISIONS FOR LIABILITIES 15 (12,489 ) (13,521 )
NET ASSETS 8,660,337 5,377,380

CAPITAL AND RESERVES
Called up share capital 16 200 200
Retained earnings 17 8,660,137 5,377,180
SHAREHOLDERS' FUNDS 8,660,337 5,377,380

The financial statements were approved by the Board of Directors and authorised for issue on 15 May 2025 and were signed on its behalf by:





L H Marcelis - Director


C W RESEARCH LIMITED (REGISTERED NUMBER: 07055885)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 January 2023 200 3,614,242 3,614,442

Changes in equity
Total comprehensive income - 1,762,938 1,762,938
Balance at 31 December 2023 200 5,377,180 5,377,380

Changes in equity
Total comprehensive income - 3,282,957 3,282,957
Balance at 31 December 2024 200 8,660,137 8,660,337

C W RESEARCH LIMITED (REGISTERED NUMBER: 07055885)

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

1. STATUTORY INFORMATION

C W Research Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The principal place of business is Second Floor, Ireland's Mansion, 29-31 High Street, Shrewsbury, Shropshire SY1 1SQ.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

These financial statements are for the individual entity only.

The financial statements are presented in Sterling (£), rounded to the nearest £1.

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows;
the requirement of paragraph 3.17(d);
the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and
11.48(c);
the requirements of paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of paragraphs 26.18(b), 26.19 to 26.21 and 26.23;
the requirements of paragraphs 29.28(b) and 29.29;
the requirement of paragraph 33.7;
the requirements of paragraph 24(b) of IFRS 6.

Turnover
Turnover represents net invoiced goods and services, excluding value added tax. Subscription revenue is recognised evenly over the term of the subscription. Event revenue is recognised at the point at which the event takes place.

Goodwill and development costs
Goodwill is being amortised evenly over its estimated useful life of three years, five years, six years and ten years.

Development costs are capitalised on the basis that the software and database are in use by the company to carry on its trade. Development costs are written off evenly over their estimated useful life of three years and fifteen years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated impairment losses.

C W RESEARCH LIMITED (REGISTERED NUMBER: 07055885)

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

3. ACCOUNTING POLICIES - continued

Tangible fixed assets
Tangible fixed assets are stated at historic cost less accumulated depreciation. Costs include original purchase price of the asset.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful economic life:

Plant and machinery- 25% on cost
Computer equipment- 25% and 33.33% on cost
Fixtures and fittings- 20% on cost

Financial instruments
The company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.

(i) Financial assets

Basic financial assets, including trade and other receivables, amounts due from group companies and cash and bank balances, are initially recognised at transaction price and subsequently carried at amortised cost with an assessment for objective evidence of impairment. Any impairment is recognised in profit or loss.

Financial assets are derecognised when
(a) the contractual rights to the cash flows from the asset expire or are settled, or
(b) substantially all the risks and rewards or control of the ownership of the asset are transferred to another party.

(ii) Financial liabilities

Basic financial liabilities, including trade and other payables and amounts due to group companies, are initially recognised at transaction price and subsequently carried at amortised cost.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

C W RESEARCH LIMITED (REGISTERED NUMBER: 07055885)

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

3. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

4. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

31.12.24 31.12.23
£    £   
United Kingdom 1,782,804 1,468,896
Europe 5,929,738 5,327,484
Rest of world 5,801,162 4,497,168
13,513,704 11,293,548

5. EMPLOYEES AND DIRECTORS
31.12.24 31.12.23
£    £   
Wages and salaries 6,095,763 4,654,529
Social security costs 701,724 556,696
Other pension costs 504,155 370,734
7,301,642 5,581,959

The average number of employees during the year was as follows:
31.12.24 31.12.23

Administration 106 91

31.12.24 31.12.23
£    £   
Directors' remuneration 96,615 115,345
Directors' pension contributions to money purchase schemes 12,478 12,478

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 1 1

C W RESEARCH LIMITED (REGISTERED NUMBER: 07055885)

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

6. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

31.12.24 31.12.23
£    £   
Other operating leases 101,336 79,820
Depreciation - owned assets 33,446 49,875
Profit on disposal of fixed assets - (37,551 )
Goodwill amortisation 8,000 8,000
Development costs amortisation 297,721 303,764
Auditors' remuneration 14,300 31,250
Auditors' remuneration for non audit work 2,650 2,885
Foreign exchange variance 127,100 66,817

7. INTEREST PAYABLE AND SIMILAR EXPENSES
31.12.24 31.12.23
£    £   
Corporation tax interest - 3,556

8. TAXATION

Analysis of the tax (credit)/charge
The tax (credit)/charge on the profit for the year was as follows:
31.12.24 31.12.23
£    £   
Current tax:
UK corporation tax - 523,418
Under / (over) provision in prior years (880,986 ) (93,519 )
Total current tax (880,986 ) 429,899

Deferred tax 1,032 (2,057 )
Tax on profit (879,954 ) 427,842

C W RESEARCH LIMITED (REGISTERED NUMBER: 07055885)

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

8. TAXATION - continued

Reconciliation of total tax (credit)/charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

31.12.24 31.12.23
£    £   
Profit before tax 2,403,003 2,190,780
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 25%)

600,751

547,695

Effects of:
Expenses not deductible for tax purposes 6,354 3,280
Depreciation in excess of capital allowances 10,804 5,366
Utilisation of tax losses (617,909 ) -
Adjustments to tax charge in respect of previous periods (880,986 ) (93,519 )
Change in tax rate - (32,923 )
Deferred tax 1,032 (2,057 )
Total tax (credit)/charge (879,954 ) 427,842

Amounts included in the over provision from prior year of £880,986 relates to a claim of group relief from the parent company which were received and processed after the prior year financial statements were finalised.

9. INTANGIBLE FIXED ASSETS
Development
Goodwill costs Totals
£    £    £   
COST
At 1 January 2024 801,404 1,678,453 2,479,857
Additions - 151,148 151,148
At 31 December 2024 801,404 1,829,601 2,631,005
AMORTISATION
At 1 January 2024 773,405 970,170 1,743,575
Amortisation for year 8,000 297,721 305,721
At 31 December 2024 781,405 1,267,891 2,049,296
NET BOOK VALUE
At 31 December 2024 19,999 561,710 581,709
At 31 December 2023 27,999 708,283 736,282

C W RESEARCH LIMITED (REGISTERED NUMBER: 07055885)

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

10. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Computer
machinery fittings equipment Totals
£    £    £    £   
COST
At 1 January 2024 1,162 17,983 252,591 271,736
Additions - 320 31,927 32,247
At 31 December 2024 1,162 18,303 284,518 303,983
DEPRECIATION
At 1 January 2024 442 4,075 216,066 220,583
Charge for year 514 3,594 29,338 33,446
At 31 December 2024 956 7,669 245,404 254,029
NET BOOK VALUE
At 31 December 2024 206 10,634 39,114 49,954
At 31 December 2023 720 13,908 36,525 51,153

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.24 31.12.23
£    £   
Trade debtors 3,649,708 3,029,979
Amounts owed by group undertakings 13,516,751 7,972,785
Other debtors 64,234 101,539
Tax 1,412,183 126,582
Prepayments 104,457 91,969
18,747,333 11,322,854

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.24 31.12.23
£    £   
Trade creditors 100,320 89,868
Amounts owed to group undertakings 2,872,219 288,997
Social security and other taxes 172,219 144,614
VAT 65,118 70,719
Other creditors 53,230 69,177
Accruals and deferred income 7,534,862 6,318,399
10,797,968 6,981,774

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.24 31.12.23
£    £   
Accruals and deferred income 139,827 62,064

C W RESEARCH LIMITED (REGISTERED NUMBER: 07055885)

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

14. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.12.24 31.12.23
£    £   
Within one year 32,375 77,700
Between one and five years - 43,725
32,375 121,425

15. PROVISIONS FOR LIABILITIES
31.12.24 31.12.23
£    £   
Deferred tax
Accelerated capital allowances 12,489 13,521

Deferred
tax
£   
Balance at 1 January 2024 13,521
Utilised during year (1,032 )
Balance at 31 December 2024 12,489

16. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.24 31.12.23
value: £    £   
86 'A' Class £1 86 86
38 'B' Class £1 38 38
76 'D' Class £1 76 76
200 200

All class of shares are equally entitled to full voting rights, dividends and distribution rights.

17. RESERVES
Retained
earnings
£   

At 1 January 2024 5,377,180
Profit for the year 3,282,957
At 31 December 2024 8,660,137

Reserves contain the accumulated profit and losses.

18. CONTINGENT LIABILITIES

The company has provided an all assets debenture to provide security over other group companies borrowings. The value of this security is disclosed in the Enhesa group accounts.

C W RESEARCH LIMITED (REGISTERED NUMBER: 07055885)

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

19. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

The immediate parent company is Enhesa NV. Enhesa NV is the parent of the smallest group for which
consolidated financial statements are prepared, which include C W Research Ltd. The registered office of the
immediate parent company is Avenue Louise 287, 1050 Brussels, Belgium.

Magic Midco BV is the parent of the largest group for which consolidated financial statements are prepared,
which include C W Research Ltd. The registered office is Avenue Louise 287, 1050 Brussels, Belgium.

20. ULTIMATE CONTROLLING PARTY

The ultimate parent entity is CGE Partners LP, the registered office is 15 Esplanade, St Helier, Jersey, JE1 1RB.

No one person is deemed to have control of the company due to the diverse shareholdings in the wider group.