Company registration number 07924059 (England and Wales)
CENSUSWIDE LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
CENSUSWIDE LIMITED
COMPANY INFORMATION
Directors
Ms N Marks
Mr S Lyons
(Appointed 31 March 2025)
Ms M L Lazenby
(Appointed 29 March 2025)
Company number
07924059
Registered office
12-14 Berry Street
London
EC1V 0AU
Auditor
RDP Newmans LLP
Lynwood House
373-375 Station Road
Harrow
Middlesex
HA1 2AW
Business address
12-14 Berry Street
London
EC1V 0AU
CENSUSWIDE LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Notes to the financial statements
11 - 21
CENSUSWIDE LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 1 -
The directors present the strategic report for the year ended 30 November 2024.
Principal activities
The principal activity of the company continued to be that of quantitative and qualitative research for client specific audiences.
Review of the business
The company generated turnover of £16.5m in 2024, an increase of £2.0m on the £14.5m generated in the previous financial year. EBITDA for the financial year 2024 was £6.9m (after adding back depreciation, restructuring and reorganisational costs) which results in an increase of £0.5m on 2023's EBITDA of £6.4m. This is in line with the directors' strategy of attracting and acquiring new clients to promote growth in the business. The company continued to ensure that its overhead expenditure was tightly controlled.
It was very pleasing to see that financial year 2024 was another transformative year for Censuswide Limited. The strategic decisions the business had taken regarding a focus on core high margin services came to fruition with a positive impact on growth.
The company continues to focus on the increased demand for both qualitative and quantitative research and continues to expect to capitalise on the appetite for data insights that Censuswide Limited offers.
Principal risks and uncertainties
The principal risks and uncertainties facing Censuswide Limited are:
Financial instruments
The company’s principal financial instrument comprises trade payables. The main purpose of this financial instrument is to raise finance for the company's operations. The company has various other financial assets such as trade receivables, cash and short-term deposits which arise directly from its operations.
The main risks arising from the company's financial instruments are credit risk, liquidity risk, foreign currency exposure and interest rate risk. The Board reviews and agrees policies for managing each of these risks and they are summarised below.
Credit risk
The company's credit risk is primarily attributable to its trade receivables. The company operates to ensure that the payment terms of customers are matched to the company's own contractual obligations in terms of delivery of contracted services. Credit risk is assessed in relation to knowledge of the customer or by credit references.
Liquidity risk
The company seeks to manage financial risk to ensure sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably. Some liquidity risk arises from the nature of the principal activity, which does not always arise in an even manner, and the company's policy is to forecast its cash needs to ensure there are sufficient cash reserves to meet liabilities during such periods. Short term flexibility is provided through the availability of bank overdraft facilities.
Currency risk
Whilst the significant majority of the company's activity is undertaken in sterling, the company does operate in overseas markets and is subject to exposures on transactions undertaken during the year. The company's exposure to exchange rate fluctuations is small based on its revenue and cost base.
Interest rate risk
The company finances its operations at present through equity, bank overdraft and working capital. The company manages its exposure to interest rate fluctuations by mixing the duration of its deposits and borrowings to reduce the impact of interest rate fluctuations.
Development and performance
At the year end the company's current ratio is 6.91 compared to 5.96 in 2023. This indicates the company's short term working capital position has improved during the year.
CENSUSWIDE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 2 -
Key performance indicators
The key performance indications of Censuswide Limited over the last two years are detailed below:
GBP 2024 2023
Turnover £16.5m £14.5m
Gross profit % 46.23 50.16
Adjusted EBITDA £6.88m £6.35m
Turnover has increased in 2024 due to a successful implementation of the directors' strategy of attracting and acquiring new clients to promote growth in the business. In order to service the new contracts, the company has employed additional staff members which contributed to a decrease in the gross profit margin. However, the directors have achieved cost efficiencies which has improved the adjusted EBITDA. The directors are confident that this increase is not temporary and that the company's sales will improve even more in the foreseeable future.
Mr S Lyons
Director
28 May 2025
CENSUSWIDE LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 3 -
The directors present their annual report and financial statements for the year ended 30 November 2024.
Results and dividends
The results for the year are set out on page 8.
Ordinary dividends were paid amounting to £4,850,816 (2023: £nil). The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr M M Galvan
(Resigned 16 April 2024)
Mr H B Kosky
(Resigned 24 April 2025)
Ms N Marks
Mr P L Mitchell
(Resigned 2 May 2025)
Mr S Lyons
(Appointed 31 March 2025)
Ms M L Lazenby
(Appointed 29 March 2025)
Financial instruments
The financial risk management objectives and policies of the company, including liquidity risk and foreign currency exposure are provided in the strategic report on page 2.
Future developments
The directors are actively seeking new business and exploring new markets, which will increase the company's revenue and profitability.
Auditor
The auditor, RDP Newmans LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
Medium-sized companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.
On behalf of the board
Mr S Lyons
Director
28 May 2025
CENSUSWIDE LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 4 -
The directors are responsible for preparing the annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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; 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 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.
CENSUSWIDE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF CENSUSWIDE LIMITED
- 5 -
Opinion
We have audited the financial statements of Censuswide Limited (the 'company') for the year ended 30 November 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including 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 30 November 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.
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 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.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our 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.
CENSUSWIDE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF CENSUSWIDE LIMITED (CONTINUED)
- 6 -
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, 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.
The extent to which the audit was considered capable of detecting irregularities including fraud
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 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 and data protection, anti-bribery, employment, environmental and health and safety legislation;
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; 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.
CENSUSWIDE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF CENSUSWIDE LIMITED (CONTINUED)
- 7 -
To address the risk of fraud through management bias and override of controls, we:
performed analytical procedures to identify any unusual or unexpected relationships;
reviewed and tested journal entries to identify unusual transactions and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business; 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:
reviewing and agreeing financial statement disclosures and testing to underlying supporting documentation;
enquiring of management as to actual and potential litigation and claims; and
reviewing correspondence with HMRC and bankers.
No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. 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. 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 is available on the Financial Reporting Council's website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
This report is made solely to the company's member 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 member those matters we are required to state to the member 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 member, for our audit work, for this report, or for the opinions we have formed.
Paresh Radia FCA (Senior Statutory Auditor)
For and on behalf of RDP Newmans LLP, Statutory Auditor
Chartered Accountants
Lynwood House
373-375 Station Road
Harrow
Middlesex
HA1 2AW
28 May 2025
CENSUSWIDE LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
16,462,264
14,537,179
Cost of sales
(8,851,300)
(7,245,270)
Gross profit
7,610,964
7,291,909
Administrative expenses
(732,770)
(940,222)
Exceptional item
4
(17,214)
(135,492)
Operating profit
5
6,860,980
6,216,195
Interest receivable and similar income
8
17,741
47,850
Profit before taxation
6,878,721
6,264,045
Tax on profit
9
(573,051)
(348,977)
Profit for the financial year
6,305,670
5,915,068
The statement of comprehensive income has been prepared on the basis that all operations are continuing operations.
CENSUSWIDE LIMITED
BALANCE SHEET
AS AT
30 NOVEMBER 2024
30 November 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
11
622
Current assets
Debtors
12
11,534,975
8,820,736
Cash at bank and in hand
1,686,921
3,017,299
13,221,896
11,838,035
Creditors: amounts falling due within one year
13
(1,914,230)
(1,984,757)
Net current assets
11,307,666
9,853,278
Total assets less current liabilities
11,308,288
9,853,278
Provisions for liabilities
Deferred tax liability
14
156
(156)
-
Net assets
11,308,132
9,853,278
Capital and reserves
Called up share capital
16
100
100
Profit and loss reserves
11,308,032
9,853,178
Total equity
11,308,132
9,853,278
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.
The financial statements were approved by the board of directors and authorised for issue on 28 May 2025 and are signed on its behalf by:
Mr S Lyons
Director
Company registration number 07924059 (England and Wales)
CENSUSWIDE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 10 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 December 2022
100
3,938,110
3,938,210
Year ended 30 November 2023:
Profit and total comprehensive income
-
5,915,068
5,915,068
Balance at 30 November 2023
100
9,853,178
9,853,278
Year ended 30 November 2024:
Profit and total comprehensive income
-
6,305,670
6,305,670
Dividends
10
-
(4,850,816)
(4,850,816)
Balance at 30 November 2024
100
11,308,032
11,308,132
CENSUSWIDE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 11 -
1
Accounting policies
Company information
Censuswide Limited is a private company limited by shares incorporated in England and Wales. The registered office is 12-14 Berry Street, London, EC1V 0AU.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
Section 4 ‘Statement of Financial Position’: Reconciliation of the opening and closing number of shares;
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’: Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The financial statements of the company are consolidated in the financial statements of AFO Topco Limited. These consolidated financial statements are available from its registered office, 12-14 Berry Street, London, EC1V 0AU.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Research and survey services are recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Research and survey services are measured as the fair value of the consideration received or receivable, excluding discounts, rebates and value added tax. The following criteria must also be met before revenue is recognised:
CENSUSWIDE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 12 -
Rendering of services
Research and survey from a contract to provide services are 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.
Interest Income
Interest income is recognised in profit or loss using the effective interest method.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
30% straight line
Computer equipment
30% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
CENSUSWIDE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 13 -
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors and loans to and from related parties.
Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for the objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the statement of comprehensive income.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
CENSUSWIDE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 14 -
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loan and loans from fellow group companies that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
CENSUSWIDE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 15 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
1.13
Exceptional items are transactions which are one-off and have a material impact on the company's financial results. These are disclosed separately due to their size of incidence and nature and are considered non-recurring.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
In the directors' view, there are no significant judgements or estimates made.
CENSUSWIDE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 16 -
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
11,480,028
11,619,956
Europe
1,708,989
658,116
Rest of World
3,273,247
2,259,107
16,462,264
14,537,179
2024
2023
£
£
Other revenue
Interest income
17,741
47,850
4
Exceptional item
2024
2023
£
£
Expenditure
Restructuring costs
17,214
135,492
Exceptional fees consist of restructuring and reorganisation costs during the year due to rebranding of the group companies. These fees are considered non-recurring and are disclosed separately due to their size and nature.
5
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange (gains)/losses
(19,286)
11,239
Fees payable to the company's auditor for the audit of the company's financial statements
13,500
10,000
6
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Sales and operations
62
54
Directors
3
4
Total
65
58
CENSUSWIDE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
6
Employees
(Continued)
- 17 -
Their aggregate remuneration comprised:
2024
2023
£
£
Wages and salaries
3,983,210
2,888,374
Social security costs
417,648
365,872
Pension costs
73,719
73,275
4,474,577
3,327,521
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
215,000
228,366
Company pension contributions to defined contribution schemes
5,400
8,900
220,400
237,266
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2023: 2).
Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
215,000
180,000
Company pension contributions to defined contribution schemes
5,400
5,400
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
17,741
47,850
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
582,329
351,079
Adjustments in respect of prior periods
(9,434)
Total current tax
572,895
351,079
CENSUSWIDE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
9
Taxation
2024
2023
£
£
(Continued)
- 18 -
Deferred tax
Origination and reversal of timing differences
156
(2,102)
Total tax charge
573,051
348,977
As of 1 April 2023, the main rate of the corporation tax increased from 19% to 25%. There has been no change to corporation tax rates for the for the financial year ended 30 November 2024. For the current financial year the weighted average tax rate is 25% (2023: 23.01%).
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Profit before taxation
6,878,721
6,264,045
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.01%)
1,719,680
1,441,357
Tax effect of expenses that are not deductible in determining taxable profit
19,329
8,631
Adjustments in respect of prior years
100
Group relief
(1,156,525)
(1,100,944)
Remeasurement of deferred tax for changes in tax rates
(167)
Adjustments to tax charge in respect of previous periods
(9,433)
Taxation charge for the year
573,051
348,977
10
Dividends
2024
2023
£
£
Interim paid
4,850,816
CENSUSWIDE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 19 -
11
Tangible fixed assets
Fixtures and fittings
Computer equipment
Total
£
£
£
Cost
At 1 December 2023
51,385
12,078
63,463
Additions
622
622
At 30 November 2024
51,385
12,700
64,085
Depreciation and impairment
At 1 December 2023 and 30 November 2024
51,385
12,078
63,463
Carrying amount
At 30 November 2024
622
622
At 30 November 2023
12
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
2,261,176
1,987,221
Corporation tax recoverable
95,510
200,577
Amounts owed by group undertakings
9,152,195
6,420,551
Other debtors
564
126,937
Prepayments and accrued income
23,428
83,348
11,532,873
8,818,634
Deferred tax asset (note 14)
2,102
2,102
11,534,975
8,820,736
13
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
398,112
1,069,153
Amounts owed to group undertakings
281,237
186,341
Taxation and social security
284,555
Accruals and deferred income
950,326
729,263
1,914,230
1,984,757
Included within trade creditors above is an amount of £nil (2023: £572,331) due to group undertakings.
CENSUSWIDE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 20 -
14
Deferred taxation
Deferred income is included in the financial statements as follows:
Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Balances:
£
£
£
£
Accelerated capital allowances
156
-
-
-
Retirement benefit obligations
-
-
2,102
2,102
156
-
2,102
2,102
2024
Movements in the year:
£
Asset at 1 December 2023
(2,102)
Charge to profit or loss
156
Asset at 30 November 2024
(1,946)
The deferred tax asset set out above is expected to reverse within 12 months and relates to the utilisation of tax losses against future expected profits of the same period. The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.
15
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
73,719
73,275
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
16
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
17
Financial commitments, guarantees and contingent liabilities
Glas Trust Corporation Limited has a fixed and floating charge over all the property or undertakings of the company. The charge contains a negative pledge. Mr H Kosky acts as Security Trustee.
There is an unlimited multilateral guarantee with HSBC, with a fixed and floating charge over all assets and undertakings both present and future.
CENSUSWIDE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 21 -
18
Related party transactions
Transactions with related parties
Dividends amounting to £4,850,816 (2023: £nil) in aggregate were declared to the shareholder of the company during the year.
The company's key management personnel are considered to be the directors. Their remuneration during the year is shown in note 7.
The company has taken advantage of the exemption available in accordance with FRS 102 para 33.1A not to disclose transactions entered into between two or more members of a group, as the company is a wholly owned subsidiary undertaking of the group.
19
Ultimate controlling party
The immediate parent company is The AFO Network Limited, a company registered at 12-14 Berry Street, London, EC1V 0AU. The parent of the smallest and largest group for which consolidated accounts are prepared, of which the company is a member, is AFO Topco Limited, a company registered in England and Wales whose registered office is 12-14 Berry Street, London, EC1V 0AU.
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