Company Registration No. 08692306 (England and Wales)
Causeway Technologies Holdings Limited
Annual report and financial statements
for the year ended 31 December 2024
Causeway Technologies Holdings Limited
Company information
Directors
Philip Brown
Mark Howell
Peter Nagle
Secretary
Hywel Evans
Company number
08692306
Registered office
Third Floor, Sterling House
20 Station Road
Gerrards Cross
Buckinghamshire
England
SL9 8EL
Independent auditor
Saffery LLP
71 Queen Victoria Street
London
EC4V 4BE
Causeway Technologies Holdings Limited
Contents
Page
Directors' report
1 - 2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Statement of comprehensive income
7
Statement of financial position
8
Notes to the financial statements
10 - 18
Causeway Technologies Holdings Limited
Directors' report
For the year ended 31 December 2024
1

The directors present their annual report and financial statements for the year ended 31 December 2024.

Principal activities

Causeway Technologies Holdings Limited provides investment funding and financing for high growth technology businesses.

 

The principal activity of the company during the period under review was that of a holding company.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Philip Brown
Mark Howell
Peter Nagle
Business review and future developments

The Company has 100% ownership of a group headed by Causeway Software Solutions Limited, a leading software provider for the Construction Industry and Built Environment that serves 3,500 customers in 47 countries (2023: 3,200 customers).

 

In 2021 the Group secured a £120 million investment to fund strategic acquisitions and accelerate organic growth. Five Arrows Principal Investments, the European corporate private equity arm of Rothschild & Co, made this investment in return for a significant minority stake in Causeway.

 

During 2022 the group secured a new financing package with Goldman Sachs who have provided £135m of term facilities to date. The facilities will also provide further funding for future acquisitions and to support organic growth.

Going concern

At 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 consider that the going concern basis of accounting in preparing the financial statements remains appropriate.

Auditor

The auditor, Saffery LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of disclosure to auditor

So far as each of the directors is aware, there is no relevant information that has not been disclosed to the company’s auditors and each of the directors believes that all steps have been taken that ought to have been taken to make them aware of any relevant audit information and to establish that the company’s auditors have been made aware of that information.

Causeway Technologies Holdings Limited
Directors' report (continued)
For the year ended 31 December 2024
2
Principal risks and uncertainties

The key risks of the business are a possible increase in attrition of the customer base that might arise due to adverse market conditions following financial impact of inflation and rising prices.

 

The transition to long-term subscription based ARR contracts has insulated the company against these changes to financial conditions. It should be noted that customers rely upon Causeway licenced products to carry out critical business functions and continued use of these products is contingent upon the customers paying in line with contractual terms. It should be further noted a substantial value of the contracted £76.1m ARR is received from larger and more financially resilient companies.

 

Notwithstanding these safeguards, the company has the ability to reduce operating costs in the event that there is an increase in the incidence of customer failures and default.

 

The most significant financial risks that the company is exposed to are described below.

 

Interest rate risk

The group finances its operations through a mixture of retained profits, investment, and bank borrowings. The bank borrowings bear interest at a fixed rate above SONIA and therefore movements in SONIA affect the group’s exposure to interest rate risk.

Key financial and non-financial perforrmance indicators

Reference to key financial and non-financial performance indicators is made above, under “Business Review”.

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
Mark Howell
Director
28 May 2025
Causeway Technologies Holdings Limited
Directors' responsibilities statement
For the year ended 31 December 2024
3

The directors are responsible for preparing 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 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:

 

 

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.

Causeway Technologies Holdings Limited
Independent auditor's report
To the member of Causeway Technologies Holdings Limited
4
Opinion

We have audited the financial statements of Causeway Technologies Holdings Limited (the 'company') for the year ended 31 December 2024 which comprise statement of comprehensive income, balance sheet 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:

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 UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

 

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

 

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

 

Other information

The 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. 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.

Causeway Technologies Holdings Limited
Independent auditor's report (continued)
To the member of Causeway Technologies Holdings Limited
5

Opinions on other matters prescribed by the Companies Act 2006

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

 

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 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:

 

Responsibilities of directors

As explained more fully in the Directors’ Responsibilities Statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

 

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

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 specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below.

 

Identifying and assessing risks related to irregularities:

We assessed the susceptibility of the company’s financial statements to material misstatement and how fraud might occur, including through discussions with the directors, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the company by discussions with directors and updating our understanding of the sector in which the company operates.

Causeway Technologies Holdings Limited
Independent auditor's report (continued)
To the member of Causeway Technologies Holdings Limited
6

Laws and regulations of direct significance in the context of the company include The Companies Act 2006, and UK Tax legislation.

 

Audit response to risks identified

We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the company’s records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the company’s policies and procedures for compliance with laws and regulations with members of management responsible for compliance.

 

During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

 

A further description of our responsibilities is available 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 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

 

Darren Drake (Senior Statutory Auditor)
For and on behalf of Saffery LLP
29 May 2025
Accountants
Statutory Auditors
71 Queen Victoria Street
London
EC4V 4BE
Causeway Technologies Holdings Limited
Statement of comprehensive income
For the year ended 31 December 2024
7
2024
2023
Notes
£
£
Administrative expenses
(622,892)
(1,057,011)
Interest receivable and similar income
6
16,413,078
11,719,023
Interest payable and similar expenses
5
(16,407,209)
(12,995,872)
Loss before taxation
(617,023)
(2,333,860)
Tax on loss
7
-
0
-
0
Loss for the financial year
(617,023)
(2,333,860)

The income statement has been prepared on the basis that all operations are continuing operations.

The notes on pages 10 to 18 form part of these financial statements
Causeway Technologies Holdings Limited
Statement of financial position
As at 31 December 2024
8
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
8
10,004
10,004
Current assets
Debtors
10
185,352,961
154,381,434
Cash at bank and in hand
13,871
12,238
185,366,832
154,393,672
Creditors: amounts falling due within one year
11
(14,657,580)
(13,673,018)
Net current assets
170,709,252
140,720,654
Total assets less current liabilities
170,719,256
140,730,658
Creditors: amounts falling due after more than one year
12
(182,862,419)
(152,256,798)
Net liabilities
(12,143,163)
(11,526,140)
Capital and reserves
Called up share capital
14
10,004
10,004
Profit and loss reserves
(12,153,167)
(11,536,144)
Total equity
(12,143,163)
(11,526,140)

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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:
Mark Howell
Director
Company Registration No. 08692306
The notes on pages 10 to 18 form part of these financial statements
Causeway Technologies Holdings Limited
Statement of changes in equity
For the year ended 31 December 2024
9
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2023
10,004
(9,202,284)
(9,192,280)
Year ended 31 December 2023:
Loss and total comprehensive income for the year
-
(2,333,860)
(2,333,860)
Balance at 31 December 2023
10,004
(11,536,144)
(11,526,140)
Year ended 31 December 2024:
Loss and total comprehensive income for the year
-
(617,023)
(617,023)
Balance at 31 December 2024
10,004
(12,153,167)
(12,143,163)
The notes on pages 10 to 18 form part of these financial statements
Causeway Technologies Holdings Limited
Notes to the financial statements
For the year ended 31 December 2024
10
1
Accounting policies
Company information

Causeway Technologies Holdings Limited is a private company limited by shares incorporated in England and Wales. The registered office is Third Floor, Sterling House, 20 Station Road, Gerrards Cross, Buckinghamshire, England, SL9 8EL.

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:

 

 

The financial statements of the company are consolidated in the financial statements of Causeway Software Holdings Limited. These consolidated financial statements are available from its registered office, Third Floor, Sterling House, 20 Station Road, Gerrards Cross, Buckinghamshire, England, SL9 8EL.

1.2
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that thetrue Company has adequate resources to continue in operational existence for the foreseeable future. Thus, the directors consider that the going concern basis of accounting in preparing the financial statements remains appropriate.

1.3
Fixed asset investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

Entities in which the company has long term interest and share control under a contractual arrangement are classified as jointly controlled entities.

Causeway Technologies Holdings Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
1
Accounting policies (continued)
11
1.4
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.

1.5
Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

 

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. 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. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-sight short-term loan that is not at marker rate, the financial asset or liability is measures, initially at the present value of future cash flows discounted at a marker rate of interest for a similar debt instrument and subsequently at amortised cost.

 

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings.

 

For financial assets measured at amortised cost, the impairment loss is measured at the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

 

For financial assets measures at costs less impairment, the impairment loss is measures as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the reporting date.

 

Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an 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.

1.6
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.

1.7
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 income statement 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.

Causeway Technologies Holdings Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
1
Accounting policies (continued)
12
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. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. 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.

The company is exempt from corporation tax, it being a company not carrying on a business for the purposes of making a profit.

1.8
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.

2
Critical accounting 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.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Impairment of non-financial assets

Where there are indicators of impairment of individual assets, management perform impairment tests based on the fair value less costs to sell of a value in use calculation. The value in use model is based on a discounted cash flow model, cash flow being based on budgets, and estimated discount rates.

3
Auditor's remuneration

Audit and accounts preparation fees of £14,900 (2023: £14,900) and non-audit fees of £2,000 (2023: £2,000) were borne by a subsidiary undertaking.

Causeway Technologies Holdings Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
13
4
Employees and directors' remuneration

The company has no employees other than the directors, who did not receive any remuneration for services to the company (2023: £nil) .

5
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
11,900,960
11,169,529
Interest payable to group undertakings
4,506,248
1,826,343
16,407,209
12,995,872
6
Interest receivable and similar income
2024
2023
£
£
Interest receivable from group companies
16,413,078
11,719,023
7
Taxation

The actual charge for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Loss before taxation
(617,023)
(2,333,860)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.52%)
(154,256)
(548,924)
Group relief surrendered
149,767
548,924
Expenses not deductible for tax purposes at 25%
4,489
-
0
Taxation charge for the year
-
0
-

The standard rate of corporation tax increased to 25% on 1 April 2023. As such, 2024 was the first full year at the increased rate.

8
Fixed asset investments
2024
2023
Notes
£
£
Investments in subsidiaries
9
10,004
10,004
Causeway Technologies Holdings Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
14
9
Subsidiaries

Details of the company's subsidiaries at 31 December 2024 are as follows:

Those marked with a '*' are held directly, others are held indirectly.
Name of undertaking
Registered office
Nature of business
Class of
Holding %
shares held
Causeway Software Solutions Limited*
United Kingdom (1)
Supplier of computer services
Ordinary
100
Causeway Software Technologies India Private Limited
India
Provision of research and development services to the group
Ordinary
100
Causeway Technologies Limited
United Kingdom (1)
Supplier of computer services
Ordinary
100
Vixen Software Solutions Limited
United Kingdom (1)
Dormant
Ordinary
100
Integrated FM Limited
United Kingdom (1)
Dormant
Ordinary
100
BR Data Limited
United Kingdom (2)
Holding company
Ordinary
100
BR Network Limited
United Kingdom (2)
Provision of sub-contractor services
Ordinary
100
Enhanced BDM Limited
United Kingdom (1)
Provision of sub-contractor services
Ordinary
100
Simeio Limited
United Kingdom (1)
Investment holding company
Ordinary
100
Donseed UK Limited
United Kingdom (1)
Provider of software and consultancy services for construction companies
Ordinary
100
Powershift Media Limited
United Kingdom (1)
Marketing and IT development agent
Ordinary
100
NJW Limited
United Kingdom (1)
Provider of software and consultancy services for facilities companies
Ordinary
100
Donseed Limited
Ireland
Provider of software and consultancy services for construction companies
Ordinary
100
Causeway Technologies Holdings Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
9
Subsidiaries (continued)
15
Aurora Construction and Security Limited
United Kingdom (1)
Provider of software and consultancy services for construction companies
Ordinary
100
Causeway Tradex Limited*
United Kingdom (2)
Business and domestic software development
Ordinary
100
Causeway Technologies SAS
France
Provider of software and consultancy services
Ordinary
100
THECADCUBE Limited
United Kingdom (3)
Provider of software and consultancy services
Ordinary
100
Enhance Consultancy Limited
United Kingdom (1)
Provider of software and consultancy services
Ordinary
100
Yotta Limited
United Kingdom (1)
Provider of software and consultancy services for construction companies
Ordinary
100
Yotta PTY Limited
Australia
Provider of software and consultancy services for construction companies
Ordinary
100
Reference Point Limited
United Kingdom (1)
Provision of software and
consultancy services for
facilities companies
Ordinary
100
BG Topco 3 Limited
United Kingdom (1)
Provider of software and
consultancy services for
construction companies
Ordinary
100
BG Midco 3 Limited
United Kingdom (1)
Provider of software and
consultancy services for
construction companies
Ordinary
100
BG Bidco 3 Limited
United Kingdom (1)
Provision of software and
consultancy services for
facilities companies
Ordinary
100
Roadworks Information Limited
United Kingdom (1)
Provision of software and
consultancy services for
facilities companies
Ordinary
100
Causeway Technologies Holdings Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
9
Subsidiaries (continued)
16
One Network USA Inc
USA
Provision of software and
consultancy services for
facilities companies
Ordinary
100
Roadworks Information Ltd - Sucursal em Portugal
Portugal
Provision of software and
consultancy services for
facilities companies
Ordinary
100
BG Nominee 3 Limited
United Kingdom (1)
Provider of software for  traffic management
Ordinary
100
Causeway Technologies Limited - Sucursal em Portugal
Portugal
Provider of software and
consultancy services for
facilities companies
Ordinary
100
Buchanan Computing Limited
United Kingdom (1)
Provision of software and consultancy services for facilities companies
Ordinary
100
Buchanan Technologies Limited
United Kingdom (1)
Provision of software and consultancy services for facilities companies
Ordinary
100

Registered office addresses (all UK unless otherwise indicated):

United Kingdom (1)
Third Floor, Sterling House, 20 Station Road, Gerrards Cross,
Buckinghamshire, England, SL9 8EL
United Kingdom (2)
2nd Floor Whatman House, St. Leonards Road, Allington,
Maidstone, ME16 OLS
United Kingdom (3)
133 Fountainbridge, Edinburgh, Midlothian, Scotland EH3 9BA
Ireland
49 Woodfield, Rathfarnham, Dublin 16, Co. Dublin, D16 K5W7
India
Maruthi Sapphire, Survey No. 102/3A, Old Airport Road,
Murugesh Palya, Bengaluru - 560017 Kamataka
France
Le Dièse, 134-142, rue Danton, 92300 Levallois-Perret
Australia
261 George Street, Sydney NSW 2000
USA
1000 N. West Street, Suite 1200, Wilmington, Delaware DE 19801
Portugal
Avenida da Republica, 50 8º Lisboa 1069-211
Causeway Technologies Holdings Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
17
10
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
10,418,849
-
0
Prepayments and accrued income
1,735,316
2,177,033
12,154,165
2,177,033
2024
2023
Amounts falling due after more than one year:
£
£
Amounts owed by group undertakings
173,198,796
152,204,401
Total debtors
185,352,961
154,381,434
11
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans
13
14,657,580
13,673,018
12
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans
13
124,955,077
110,751,882
Amounts owed to group undertakings
57,907,342
41,504,916
182,862,419
152,256,798
13
Loans and overdrafts
2024
2023
£
£
Bank loans
139,612,657
124,424,900
Payable within one year
14,657,580
13,673,018
Payable after one year
124,955,077
110,751,882
Causeway Technologies Holdings Limited
Notes to the financial statements (continued)
For the year ended 31 December 2024
13
Loans and overdrafts (continued)
18

In 2021, the company restructured and consolidated its funding arrangements by way of raising a term loan facility of £100m, acquisition facility of £20m and revolving facility of £15m. The term loan facility was drawn down in 2021 to repay existing bank and shareholder loans held in the company and the acquisition loan facility was drawn down in 2023 to fund group acquisitions.

 

During the year the company drew down £10m additional facility (August 2024) within the existing SFA and £5m of the revolving facility (October 2024).

 

Bank loans are subject to interest at 5.5% above SONIA for the term loan facility, acquisition loan facility and additional facility, and 4.25% above SONIA for the revolving facility. The margin rates can be reduced based on quarterly covenant tests. The loans are secured by way of a fixed and floating charge over the assets of the Group. The loans are repayable at maturity on 3 February 2029 and interest is payable quarterly.

 

In the prior year the Group raised additional funding through the issue of bridge loan notes to Causeway Software Limited. These funds were lent to Causeway Technologies Limited to fund a group acquisition via

back-to-back intercompany loans. In February 2024 the bridging loan was repaid, and replaced by a PIK loan of £42,500,000, which is held in Causeway Software Midco 2 Limited.

 

14
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
10,004
10,004
10,004
10,004
15
Financial commitments, guarantees and contingent liabilities

Glas Trust Corporation Limited, as security trustee for itself and the other secured parties, hold fixed and floating charges over the company which entitles it to the rights, title, benefit and interest in respect of shares and monies held by the entity.

16
Related party transactions

The company has taken advantage of the exemptions available under FRS 102 Section 33.1A whereby it is not required to disclose transactions entered into between two or more members of the group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member.

17
Events after the reporting date

On 1st January 2025, all trade and assets of Buchanan Computing Limited and Buchanan Technologies Limited were hived up into Causeway Technologies Limited at book value.

 

18
Ultimate parent undertaking and controlling party

The ultimate parent undertaking of the company is Causeway Software Holdings Limited, a company incorporated in England & Wales. Copies of group financial statements can be obtained from Third Floor, Sterling House, 20 Station Road, Gerrards Cross, Buckinghamshire, SL9 8EL. The directors of Causeway Software Holdings Limited consider there to be no single controlling party.

2024-12-312024-01-01falseCCH SoftwareCCH Accounts Production 2024.210Philip BrownMark HowellPeter NagleHywel Evansfalsefalse086923062024-01-012024-12-3108692306bus:Director12024-01-012024-12-3108692306bus:Director22024-01-012024-12-3108692306bus:Director32024-01-012024-12-3108692306bus:CompanySecretary12024-01-012024-12-3108692306bus:RegisteredOffice2024-01-012024-12-31086923062024-12-31086923062023-01-012023-12-3108692306core:RetainedEarningsAccumulatedLosses2023-01-012023-12-3108692306core:RetainedEarningsAccumulatedLosses2024-01-012024-12-31086923062023-12-3108692306core:CurrentFinancialInstrumentscore:WithinOneYear2024-12-3108692306core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3108692306core:Non-currentFinancialInstrumentscore:AfterOneYear2024-12-3108692306core:Non-currentFinancialInstrumentscore:AfterOneYear2023-12-3108692306core:Non-currentFinancialInstruments2024-12-3108692306core:Non-currentFinancialInstruments2023-12-3108692306core:ShareCapital2024-12-3108692306core:ShareCapital2023-12-3108692306core:RetainedEarningsAccumulatedLosses2024-12-3108692306core:RetainedEarningsAccumulatedLosses2023-12-3108692306core:ShareCapital2022-12-3108692306core:RetainedEarningsAccumulatedLosses2022-12-31086923062022-12-3108692306core:UKTax2024-01-012024-12-310869230612024-01-012024-12-310869230612023-01-012023-12-3108692306core:CurrentFinancialInstruments2024-12-3108692306core:CurrentFinancialInstruments2023-12-3108692306core:AfterOneYear2024-12-3108692306core:AfterOneYear2023-12-3108692306bus:PrivateLimitedCompanyLtd2024-01-012024-12-3108692306bus:FRS1022024-01-012024-12-3108692306bus:Audited2024-01-012024-12-3108692306bus:FullAccounts2024-01-012024-12-31xbrli:purexbrli:sharesiso4217:GBP