Caseware UK (AP4) 2023.0.135 2023.0.135 2024-12-312025-05-222025-05-222024-12-312025-05-22true74truetruecontinued to be that of market research consultantsfalsefalsetrue2024-01-0175 02578457 2024-01-01 2024-12-31 02578457 2023-01-01 2023-12-31 02578457 2024-12-31 02578457 2023-12-31 02578457 2023-01-01 02578457 c:Director1 2024-01-01 2024-12-31 02578457 c:Director2 2024-01-01 2024-12-31 02578457 c:Director3 2024-01-01 2024-12-31 02578457 c:Director4 2024-01-01 2024-12-31 02578457 c:Director5 2024-01-01 2024-12-31 02578457 c:Director6 2024-01-01 2024-12-31 02578457 c:Director7 2024-01-01 2024-12-31 02578457 c:Director8 2024-01-01 2024-12-31 02578457 c:Director9 2024-01-01 2024-12-31 02578457 c:Director10 2024-01-01 2024-12-31 02578457 c:Director11 2024-01-01 2024-12-31 02578457 c:RegisteredOffice 2024-01-01 2024-12-31 02578457 c:Agent1 2024-01-01 2024-12-31 02578457 d:Buildings d:ShortLeaseholdAssets 2024-01-01 2024-12-31 02578457 d:Buildings d:ShortLeaseholdAssets 2024-12-31 02578457 d:Buildings d:ShortLeaseholdAssets 2023-12-31 02578457 d:FurnitureFittings 2024-01-01 2024-12-31 02578457 d:FurnitureFittings 2024-12-31 02578457 d:FurnitureFittings 2023-12-31 02578457 d:FurnitureFittings d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 02578457 d:ComputerEquipment 2024-01-01 2024-12-31 02578457 d:ComputerEquipment 2024-12-31 02578457 d:ComputerEquipment 2023-12-31 02578457 d:ComputerEquipment d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 02578457 d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 02578457 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-12-31 02578457 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-12-31 02578457 d:CurrentFinancialInstruments 2024-12-31 02578457 d:CurrentFinancialInstruments 2023-12-31 02578457 d:CurrentFinancialInstruments d:WithinOneYear 2024-12-31 02578457 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 02578457 d:ReportableOperatingSegment1 2024-01-01 2024-12-31 02578457 d:ReportableOperatingSegment1 2023-01-01 2023-12-31 02578457 d:ReportableOperatingSegment2 2024-01-01 2024-12-31 02578457 d:ReportableOperatingSegment2 2023-01-01 2023-12-31 02578457 d:ReportableOperatingSegment3 2024-01-01 2024-12-31 02578457 d:ReportableOperatingSegment3 2023-01-01 2023-12-31 02578457 d:ReportableOperatingSegment4 2024-01-01 2024-12-31 02578457 d:ReportableOperatingSegment4 2023-01-01 2023-12-31 02578457 d:ReportableOperatingSegment5 2024-01-01 2024-12-31 02578457 d:ReportableOperatingSegment5 2023-01-01 2023-12-31 02578457 d:ReportableOperatingSegment6 2024-01-01 2024-12-31 02578457 d:ReportableOperatingSegment6 2023-01-01 2023-12-31 02578457 d:UKTax 2024-01-01 2024-12-31 02578457 d:UKTax 2023-01-01 2023-12-31 02578457 d:ShareCapital 2024-12-31 02578457 d:ShareCapital 2023-12-31 02578457 d:ShareCapital 2023-01-01 02578457 d:SharePremium 2024-01-01 2024-12-31 02578457 d:SharePremium 2024-12-31 02578457 d:SharePremium 2023-12-31 02578457 d:SharePremium 2023-01-01 02578457 d:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 02578457 d:RetainedEarningsAccumulatedLosses 2024-12-31 02578457 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 02578457 d:RetainedEarningsAccumulatedLosses 2023-12-31 02578457 d:RetainedEarningsAccumulatedLosses 2023-01-01 02578457 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2024-12-31 02578457 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-12-31 02578457 d:FinancialLiabilitiesFairValueThroughProfitOrLoss d:UnlistedNon-exchangeTraded 2024-12-31 02578457 d:FinancialLiabilitiesFairValueThroughProfitOrLoss d:UnlistedNon-exchangeTraded 2023-12-31 02578457 c:OrdinaryShareClass1 2024-01-01 2024-12-31 02578457 c:OrdinaryShareClass1 2024-12-31 02578457 c:OrdinaryShareClass1 2023-12-31 02578457 c:FRS102 2024-01-01 2024-12-31 02578457 c:Audited 2024-01-01 2024-12-31 02578457 c:FullAccounts 2024-01-01 2024-12-31 02578457 c:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 02578457 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:OwnedIntangibleAssets 2024-01-01 2024-12-31 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 02578457


 

BDRC CONTINENTAL LIMITED
 
ANNUAL REPORT
 
FOR THE YEAR ENDED 31 DECEMBER 2024

 
BDRC CONTINENTAL LIMITED
 

COMPANY INFORMATION


Directors
C J Ahmed 
J Bland 
M O Costin 
S K L Davies 
K Kuttappa-Gold 
J D Myring 
I P Stevens 
R Stevenson 
L Watts 
M Willey 
T C Tarrant 




Registered number
02578457



Registered office
12-20 Baron Street

London

N1 9LL




Independent auditor
Cooper Parry
Statutory Auditor

New Derwent House

69-73 Theobalds Road

London

WC1X 8TA




Bankers
HSBC Bank Plc
210 High Holborn

London

WC1V 7HD




Solicitors
Hatstone Lawyers
2nd Floor

6 Caledonia Place

St Hellier

Jersey

Channel Islands

JE2 3NG





 
BDRC CONTINENTAL LIMITED
 

CONTENTS



Page
Strategic report
 
1 - 2
Directors' report
 
3 - 4
Independent auditor's report
 
5 - 7
Profit and loss account
 
8
Balance sheet
 
9
Statement of changes in equity
 
10
Notes to the financial statements
 
11 - 23


 
BDRC CONTINENTAL LIMITED
 

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

Introduction
 
The directors present their Strategic Report for BDRC Continental Limited (the ''Company'') for the year ended 31 December 2024.
The purpose of the Strategic Report is to inform shareholders and help them assess how the directors have performed their duties to promote the success of the Company. The report, together with the further information in the Directors' Report, provides:
A fair and balanced review of the Company's business including:
the development and performance of the Company's business during the financial period; and
the position of the Company at the end of the period.

A description of the principal risks and uncertainties facing the Company.

Business review
 
The principal activity of the Company continued to be that of market research consultants.

Principal risks and uncertainties
 
The directors are alert to the matter of risk and consider that they have established adequate systems to manage those limited areas of risk to which the Company might be vulnerable. The directors are confident that the Company has adequate financial resources to withstand these risks and to take advantage of any opportunities which may arise. The directors therefore consider the state of affairs of the Company to be satisfactory.

Development and financial performance during the period

The directors consider the profit achieved on ordinary activities before taxation to be satisfactory, taking into account the market conditions prevailing and the management actions that have been taken to enhance the future performance of the Company.

The financial position of the Company at the end of the period

At 31 December 2024 the Company had a post-tax profit for the year of £89,102 (2023: £232,058) and an increase in shareholders funds from £5,370,654 to £5,459,756 following a dividend distribution of £Nil (2023: £572,359). The Company invested £15,741 (2023: £21,775) in tangible fixed assets and £Nil (2023: £7,400) in intangible fixed assets during the reporting year.

Financial key performance indicators
 
Business performance is monitored through a number of key performance indicators including turnover growth and profit before taxation, as set out in the audited financial statements, summarised as follow:
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Page 1

 
BDRC CONTINENTAL LIMITED
 

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

Future Developments
 
The Company continues to invest in its staff through both training and through the reorganisation of their responsibilities and in technology to enhance the products and services it offers to its clients.

Financial instruments

The turnover of the Company represents the value of work undertaken during the financial year, which has been completed and accepted by clients under the terms of their contract with the Company. 
The Company's principal financial instruments comprise cash in liquid resources, trade debtors and trade creditors that arise directly from its operations. The main purpose of these financial instruments is to raise finance for the Company's operations. The main risk arising from the Company's financial instruments is liquidity risk and limited exposure to interest rate risk, credit risk and foreign currency risk. The Company finances its operations through a mixture of share capital, retained profits and income receivable. Liquidity risk is managed by maintaining a balance between continuity of funding and flexibility through the use of short-term deposits where surplus funds are available.
Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to purchasing authorities and the regular monitoring of amounts outstanding for both time and credit limits.
Trade creditor liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.
The Company is exposed to interest rate risk with regard to holdings in cash. Cash holdings are placed on deposit at fixed and variable rates. The Company does not have any borrowings that are subject to interest charges nor repayable in the short term, and surplus funds are placed on short term deposits.
Foreign currency risk is the risk that the Company will sustain losses through adverse movements in currency exchange rates. The Company manages this foreign currency risk by converting non-sterling income to sterling promptly upon receipt.


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



M O Costin
Director

Date: 22 May 2025

Page 2

 
BDRC CONTINENTAL 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.

Results and dividends

The profit for the year, after taxation, amounted to £89,102 (2023: £232,058).

There was a dividend of £Nil (2023: £572,359) declared during the financial year ended 31 December 2024.

Directors

The directors who served during the year were:

C J Ahmed 
J Bland 
M O Costin 
S K L Davies 
K Kuttappa-Gold 
J D Myring 
I P Stevens 
R Stevenson 
L Watts 
M Willey 
T C Tarrant 

Matters covered in the Strategic Report

As permitted by paragraph 1A of Schedule 7 to the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 certain matters which are required to be disclosed in the Directors' Report have been omitted as they are included in the strategic report on pages 1 and 2. These matters relate to financial instruments and future developments.

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 and Loss Account 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; and

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.
Page 3

 
BDRC CONTINENTAL 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.

Auditor

The auditor, Cooper Parry Group Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

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





M O Costin
Director

Date: 22 May 2025

Page 4

 
BDRC CONTINENTAL LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BDRC CONTINENTAL LIMITED
 

Opinion


We have audited the financial statements of BDRC Continental Limited (the 'Company') for the year ended 31 December 2024, which comprise the Profit and Loss Account, the Balance Sheet, the Statement of Changes in Equity 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

 
BDRC CONTINENTAL LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BDRC CONTINENTAL 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 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 and 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 pages 3 and 4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Auditor's responsibilities for the audit of the financial statements
 

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


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

We gained an understanding of the legal and regulatory framework applicable to the Company and the industry in which it operates, and considered the risk of acts by the Company that were contrary to applicable laws and regulations, including fraud. We discussed with management the policies and procedures in place regarding compliance with laws and regulations. We discussed amongst the audit team the identified laws and regulations, and remained alert to any indications of non-compliance.
 
Page 6

 
BDRC CONTINENTAL LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BDRC CONTINENTAL LIMITED (CONTINUED)



During the audit we focused on laws and regulations which could reasonably be expected to give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management.
Our procedures in relation to fraud included but were not limited to: inquires of management whether they have any knowledge of any actual, suspected or alleged fraud, and discussions amongst the audit team regarding risk of fraud such as opportunities for fraudulent manipulation of financial statements. We determined that the principal risks related to posting manual journal entries to manipulate financial performance and management bias through judgements in accounting estimates. We also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. In assessing the potential risks of material misstatement we obtained an understanding of; the entity's operations, including the nature of its revenue sources and services of its objectives and strategies to understand the classes of transactions, account balances, expected financial statement disclosures and business risks that may result in risks of material misstatement. We did not identify any matters relating to non-compliance with laws and regulations relating to fraud. 


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.



Daley Tyndale FCCA (Senior Statutory Auditor)
for and on behalf of
Cooper Parry
Statutory Auditor
New Derwent House
69-73 Theobalds Road
London
WC1X 8TA

22 May 2025
Page 7

 
BDRC CONTINENTAL LIMITED
 

PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
Note
£
£

Turnover
 4 
13,786,151
13,596,114

Cost of sales
  
(8,201,322)
(8,191,312)

Gross profit
  
5,584,829
5,404,802

Administrative expenses
  
(5,739,726)
(5,297,348)

Other operating income
 5 
237,707
107,000

Operating profit
 6 
82,810
214,454

Interest receivable and similar income
  
152,909
83,226

Profit before tax
  
235,719
297,680

Tax on profit
 11 
(146,617)
(65,622)

Profit for the financial year
  
89,102
232,058

There were no recognised gains and losses for 2024 or 2023 other than those included in the Profit and Loss Account.

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

Page 8

 
BDRC CONTINENTAL LIMITED
REGISTERED NUMBER: 02578457

BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 13 
27,013
90,890

Tangible assets
 14 
65,432
67,821

  
92,445
158,711

Current assets
  

Debtors: amounts falling due within one year
 15 
10,905,168
8,390,482

Cash at bank and in hand
  
236,244
725,814

  
11,141,412
9,116,296

Creditors: amounts falling due within one year
 16 
(5,774,101)
(3,904,353)

Net current assets
  
 
 
5,367,311
 
 
5,211,943

Total assets less current liabilities
  
5,459,756
5,370,654

  

Net assets
  
5,459,756
5,370,654


Capital and reserves
  

Called up share capital 
 18 
56,228
56,228

Share premium account
 19 
605,908
605,908

Profit and loss account
 19 
4,797,620
4,708,518

Shareholders' funds
  
5,459,756
5,370,654


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




M O Costin
Director

Date: 22 May 2025

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

Page 9

 
BDRC CONTINENTAL LIMITED
 

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


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£


At 1 January 2023
56,228
605,908
5,048,819
5,710,955



Profit for the year

-

-

232,058

232,058


Dividends: Equity capital
-
-
(572,359)
(572,359)



At 1 January 2024
56,228
605,908
4,708,518
5,370,654



Profit for the year

-

-

89,102

89,102



At 31 December 2024
56,228
605,908
4,797,620
5,459,756


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

Page 10

 
BDRC CONTINENTAL LIMITED
 

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

1.


General information

BDRC Continental 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.


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

 
3.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention and on a going concern basis, as explained further in this note.
The financial statements are presented in Sterling (£) and balances are rounded to the nearest pound.

 
3.2

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); and
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of BDRC Group Limited as at 31 December 2024 and these financial statements may be obtained from Companies House.

  
3.3

Significant judgements and estimates

The directors make a number of assessments which require judgement, estimates and assumptions in preparing the accounts and can have a significant effect upon the financial statements.
Useful economic lives of tangible fixed assets
The annual depreciation charge for tangible fixed assets is sensitive to changes in the estimated useful economic lives and residual values of the assets, the useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates and the physical condition of the assets.
Impairment of debtors
The Company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other receivables. Management considers factors including: the credit rating of the receivable, the ageing profile of receivables and historical experience.
Accrued income
In assessing the values attributable to contracts in progress at the Balance Sheet date, turnover and costs are accrued based upon the stage of completion of the contract and expected gross profit margins. Completion stage is based on project management’s knowledge of the job and progress on time- sheets and other elements.

Page 11

 
BDRC CONTINENTAL LIMITED
 

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

3.Accounting policies (continued)

 
3.4

Turnover

Turnover represents the value of work undertaken by the Company in the financial year, which has been completed and accepted by clients under the terms of their contracts with the Company. In assessing the values attributable to contracts in progress at the Balance Sheet date, turnover is accrued based upon the stage of completion of the contract and the extent to which the right to consideration has been obtained through performance.
Turnover is recognised on projects as project activity progresses. Therefore determining the stage of completion of projects inherently carries estimation uncertainty. 

Rendering of services

Turnover 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 turnover 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.

 
3.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to the Profit and Loss Account on a straight-line basis over the lease term.

 
3.6

Research and development

Development costs are capitalised to the extent that they can be attributed directly to a specific project, where the project's technical and commercial feasibility have been proved and there is reasonable probability that the development activity will generate future economic benefits. The capitalised development costs comprise all costs directly attributable to the development process. Capitalised development costs are reviewed annually for impairment and, in the opinion of the directors, the value is not less than that stated in the financial statements. Development costs are amortised over 3 years.

 
3.7

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.

 
3.8

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.

Page 12

 
BDRC CONTINENTAL LIMITED
 

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

3.Accounting policies (continued)


3.8
Tangible fixed assets (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:

Short-term leasehold property
-
in accordance with the lease
Fixtures and fittings
-
25% on cost
Computer equipment
-
25% on cost

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 the Profit and Loss Account. 

 
3.9

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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 is recognised in respect of all timing differences that have originated but not reversed at the Balance Sheet date.
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;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Company can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

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 Balance Sheet date.

Page 13

 
BDRC CONTINENTAL LIMITED
 

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

3.Accounting policies (continued)

 
3.10

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.

 
3.11

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 the Profit and Loss Account when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
3.12

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.

 
3.13

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.

 
3.14

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.

 
3.15

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.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's balance sheet when the Company becomes
Page 14

 
BDRC CONTINENTAL LIMITED
 

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

3.Accounting policies (continued)


3.15
Financial instruments (continued)

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.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

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 receipts 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.

Derecognition of financial instruments

Page 15

 
BDRC CONTINENTAL LIMITED
 

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

3.Accounting policies (continued)


3.15
Financial instruments (continued)

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
3.16

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

  
3.17

Provisions

Provisions are recognised when there is a present obligation (legal or constructive) as a result of a past event, it is probable that the obligation will be required to be settled, and a reliable estimate can be made of the amount of the obligation. The amount recognised is the best estimate of the consideration required to settle the present obligation at the end of the reporting date, taking into account the risks and uncertainties surrounding the obligation. Provisions are discounted when the time value of money is material. 

 
3.18

Going concern

These financial statements have been prepared on a going concern basis.
The current economic conditions present increased risks for all businesses. In response to such conditions, the directors have carefully considered these risks including an assessment on uncertainty on future trading projection for a period of at least 12 months from the date of signing the financial statements, and the extent to which they might affect the preparation of the financial statements on a going concern basis.
Based on assessment, the directors consider that the Company maintains an appropriate level of liquidity, sufficient to meet the demands of the business including any capital and servicing obligations.
In addition, the Company's assets are assessed for recoverability on a regular basis, and the directors consider that the Company is not exposed to losses on these assets which would affect their decision to adopt the going concern basis.
The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future and that there are no material uncertainties that lead to significant doubts upon the Company's ability to continue  as a going concern. Thus the directors have continued to adopt the going concern basis of accounting in preparing these financial statements.

Page 16

 
BDRC CONTINENTAL LIMITED
 

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

4.


Turnover

The whole of the turnover is attributable to the one principal activity of the Company.


2024
2023
£
£

United Kingdom
13,106,579
11,434,936

Europe
340,528
1,434,998

United States of America
243,572
315,179

Middle East
95,472
238,497

Asia
-
149,929

Australia and Pacific
-
22,575

13,786,151
13,596,114



5.


Other operating income

2024
2023
£
£

Other operating income
237,707
107,000



6.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Depreciation - owned assets
18,130
23,952

Development costs amortisation
63,877
91,948


7.


Auditor's remuneration

During the year, the Company obtained the following services from the Company's auditor:


2024
2023
£
£

Fees payable to the Company's auditor for the audit of the Company's financial statements

22,000
21,000

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

 
BDRC CONTINENTAL LIMITED
 

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

8.


Employees

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


2024
2023
£
£

Wages and salaries
3,723,271
3,551,424

Social security costs
431,648
429,367

Cost of defined contribution scheme
146,239
150,471

4,301,158
4,131,262


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


        2024
        2023
            No.
            No.







Consultants
72
70



Office and administration
3
4

75
74


9.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
780,891
839,459


The highest paid director received remuneration of £107,750 (2023: £120,000).


10.


Interest receivable

2024
2023
£
£


Other interest receivable
152,909
83,226

152,909
83,226

Page 18

 
BDRC CONTINENTAL LIMITED
 

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

11.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
80,074
65,622

Adjustments in respect of previous periods
66,543
-


146,617

65,622


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 before tax
235,719
297,680


Profit multiplied by standard rate of corporation tax in the UK of 25% (2023: 25%)
58,930
74,420

Effects of:


Expenses not deductible for tax purposes
1,494
-

Movement in deferred tax not recognised
19,650
21,686

Adjustments to tax charge in respect of prior periods
66,543
(30,484)

Total tax charge for the year
146,617
65,622


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


12.


Dividends

2024
2023
£
£


Interim Dividends Paid
-
572,359

Page 19

 
BDRC CONTINENTAL LIMITED
 

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

13.


Intangible assets




Development costs

£



Cost


At 1 January 2024
633,224



At 31 December 2024

633,224



Amortisation


At 1 January 2024
542,334


Charge for the year
63,877



At 31 December 2024

606,211



Net book value



At 31 December 2024
27,013



At 31 December 2023
90,890



Page 20

 
BDRC CONTINENTAL LIMITED
 

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

14.


Tangible fixed assets





Short-term leasehold property
Fixtures and fittings
Computer equipment
Total

£
£
£
£



Cost


At 1 January 2024
332,331
296,724
302,666
931,721


Additions
-
-
15,741
15,741



At 31 December 2024

332,331
296,724
318,407
947,462



Depreciation


At 1 January 2024
332,331
228,903
302,666
863,900


Charge for the year
-
16,976
1,154
18,130



At 31 December 2024

332,331
245,879
303,820
882,030



Net book value



At 31 December 2024
-
50,845
14,587
65,432



At 31 December 2023
-
67,821
-
67,821


15.


Debtors

2024
2023
£
£


Trade debtors
3,743,036
4,412,500

Amounts owed by group undertakings
6,029,016
2,774,455

Other debtors
53,126
53,126

Prepayments and accrued income
1,079,990
1,150,401

10,905,168
8,390,482


Page 21

 
BDRC CONTINENTAL LIMITED
 

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

16.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
226,163
436,842

Amounts owed to group undertakings
4,918,460
2,790,000

Corporation tax
100,353
48,467

Other taxation and social security
308,482
470,211

Accruals and deferred income
220,643
158,833

5,774,101
3,904,353



17.


Financial instruments

2024
2023
£
£

Financial assets


Financial assets measured at amortised cost
10,994,555
9,010,994


Financial liabilities


Other financial liabilities measured at amortised cost
5,212,944
3,385,675


Financial assets measured at amortised cost comprise cash, trade debtors, amounts owed by group undertakings, other debtors and accrued income. 


Financial liabilities measured at amortised cost comprise trade creditors, amounts owed to group undertakings, other creditors and accruals. 


18.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



5,622,840 (2023: 5,622,840) Ordinary shares of £0.01 each
56,228
56,228


Page 22

 
BDRC CONTINENTAL LIMITED
 

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

19.


Reserves

Share premium account

Amounts paid for capital over and above the nominal value.

Profit and loss account

All other net gains and losses and transactions with owners not recognised elsewhere.


20.


Secured debts

There is a composite unlimited multilateral cross guarantee between BDRC Group Limited, BDRC Continental Limited and Perspective Research Services Limited, in respect of liabilities to HSBC Bank Plc.


21.


Related party transactions

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.
BDRC Group Limited, the Immediate Parent Company, has a participating interest in the following companies, which at the Balance Sheet date owed the stated amounts to the Company:
Company name  Country of registration         2024     2023
BDRC Singapore  Singapore           £19,253 £21,253


22.


Controlling party

The immediate parent Company is BDRC Group Limited, a Company incorporated in the UK.
The ultimate parent undertaking is Xpage, a Company incorporated in France. Xpage prepares group financial statements and copies can be obtained from 75 Rue Saint-Jean 31130, Balma, France.


Page 23