Company registration number 06442227 (England and Wales)
CARESOFT GLOBAL LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
CARESOFT GLOBAL LIMITED
COMPANY INFORMATION
Directors
Mr S Rutland
Mr M Vachaparampil
Company number
06442227
Registered office
Plot 1-3 Brome Industrial Park
Brome
Eye
Suffolk
IP23 7HN
Independent Auditor
BLS Burnells LLP
The Atrium
1 Harefield Road
Uxbridge
Middlesex
UB8 1EX
Business address
Plot 1-3 Brome Industrial Park
Brome
Eye
Suffolk
IP23 7HN
CARESOFT GLOBAL LIMITED
CONTENTS
Page
Strategic report
1 - 4
Directors' report
5
Directors' responsibilities statement
6
Independent auditor's report
7 - 9
Profit and loss account
10
Statement of comprehensive income
11
Balance sheet
12
Statement of changes in equity
13
Statement of cash flows
14
Notes to the financial statements
15 - 28
CARESOFT GLOBAL LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -
The directors present the strategic report for the year ended 31 December 2023.
Fair review of the business
The company is engaged in four categories of services such as Staffing, Engineering, Technology and Products to the off-highway, commercial vehicles and automotive industries. The statement of income on page 10 shows the turnover of the company of £56,817,850 (2023: £51,719,761), representing an increase of 10% by £5,098,088. This increase in turnover is due to an increase in the ER&D and Technology and Products business during the financial year. The gross profit margin was 17.32% (2023: 17.73%), which is due to an increase in new business and innovation projects. The directors consider that the results were satisfactory and understand that there has been increased competition in the market.
Principal risks and uncertainties
The directors continually assess and evaluate the main risks to the company achieving its business objectives.
The main risks faced by the company as listed below:
On-time delivery and constantly changing customer requirements:
Caresoft actively supports and anticipates those changes and continues to differentiate the value and service. We are dependent on highly skilled associates that continue to meet the needs of our customers. If we are unable to support customers immediately, our sales or margin could be affected.
Caresoft growth and profitability are determined by our portfolio of services, customers, geographies, and how these evolve over time. If Caresoft does not make an optimal strategic investment decision on infrastructure and resources, then opportunities for growth and improved margins could be missed.
Economic and Geopolitical Uncertainty
Interest Rate and Inflation Pressures: High inflation and interest rates can limit consumer spending on big-ticket items like cars, which may slow down automotive sales, especially in emerging markets.
Geopolitical Tensions: Trade restrictions, tariffs, and strained international relations can disrupt global supply chains, particularly for companies sourcing materials or manufacturing in multiple countries.
Currency Fluctuations: Volatile currency exchange rates affect pricing and profitability, especially for companies with a global footprint. This volatility complicates financial planning and pricing strategies.
The global economic landscape faces huge uncertainties because of the sweeping traiffs imposed by the United States. This has already triggered retaliatory measures, market volatility and there are signs of severe disruption to international trade and supply chains.
CARESOFT GLOBAL LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Development and performance
The company has developed Iceberg “DaaS” platform for automotive OEMs which is now being used by a few OEMs. We continue to invest to enhance this application.
During the year, the company also spent a significant amount on Technology and Product Services. The directors feel optimistic for the future in maintaining constant growth in turnover and profit in the very competitive automobile industry due to the research expenses and development of this industrial software.
Opportunities:
In 2024, the automotive market faced several strategic challenges shaped by rapid technological advancements, supply chain constraints, and evolving consumer expectations. These pressing challenges presented us with immense opportunities. Here’s an overview
1. Transition to Electric Vehicles (EVs)
High Production Costs: Despite growing consumer interest, EV production costs remained higher than for internal combustion engine (ICE) vehicles, mainly due to expensive battery materials like lithium, cobalt, and nickel.
2. Autonomous and Connected Vehicle Technologies
Consumer Trust and Safety Concerns: Adoption of autonomous technologies faces resistance from consumers who are skeptical of self-driving safety. Building trust in autonomous systems requires rigorous testing, transparent communication, and user education.
3. Supply Chain Constraints and Cost Pressures
Raw Material Cost Volatility: Prices for key materials such as steel, aluminium, and battery metals are volatile, driven by geopolitical tensions and demand spikes, especially as industries outside automotive compete for the same resources.
4. Shifts in Consumer Preferences and Demand
Demand for Sustainable and Eco-Friendly Vehicles: Sustainability is now a top priority for many consumers, prompting a shift in demand toward low-emission or zero-emission vehicles and sustainably produced car components.
Personalization and Connectivity Expectations: Consumers increasingly expect high levels of personalization and seamless connectivity, which necessitates investment in advanced telematics, infotainment, and AI-driven customization features.
5. Environmental and Regulatory Compliance
Stricter Emission Standards:
Governments worldwide are implementing tighter CO₂ emission limits, with some countries planning to phase out ICE vehicles by the 2030s. Automotive companies must accelerate their shift to EVs while managing the high costs of compliance.
Sustainability Requirements Across the Supply Chain: Increasing regulations require transparency on environmental practices, from sourcing materials to production and recycling, pushing companies to enhance ESG (Environmental, Social, and Governance) practices.
6. Technological Adaptation and Integration
Continuous Innovation Pressure: Keeping pace with rapid advancements in AI, battery technology, autonomous systems, and connectivity requires continuous investment in R&D. The need to deliver regular updates and tech innovations creates high financial demands.
Talent Shortages in Key Areas: The industry requires skilled labor in areas like software development, AI, and battery technology. However, talent shortages mean there are ample opportunities for companies like ours.
Integration of Software Ecosystems: As vehicles become more software-defined, integrating complex ecosystems such as IoT, 5G, and cloud computing requires coordination with tech providers.
Addressing these challenges required a combination of strategic agility, investment in innovation, and partnerships with governments and tech providers to navigate the complex automotive landscape. At the same time, because of the evolving landscape, there is of opportunity for growth in the market.
CARESOFT GLOBAL LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
Key performance indicators
The key performance indicator of the company is the gross and operating profit margin.
During the year, the company achieved a gross profit margin of 17.32% (2023: 17.73%) and an operating profit margin of 8.28% (2023: 9.48%). This margin increase is due to an increase in revenue. An increase in the margin will help the company expand its business activities, and management is confident this will bring more positive results in the future.
Financial instruments
In the opinion of the directors, there is no material difference between the carrying value and the fair value of the financial instruments at the current and prior year-end. The principal financial risks are addressed below:
Credit risk
The company's main financial assets are trade debtors and cash. The directors consider there to be minimal credit risk in relation to trade debtors as these are on strict credit terms with all its customers. Further, all the cash balances are held at reputable financial institutions.
Liquidity risk
The company actively manages its liquidity risk to meet its foreseeable needs both in the short term and medium term. Where the directors consider that surplus funds are sufficient, these are placed on deposit.
Currency risk
A significant proportion of the company's sales is denominated in currencies other than the Sterling. Therefore, the directors consider there is exposure to currency risk, and where risks arise, the company maintains small balances in those currencies.
Competition:
The company operates in a highly competitive market at low gross margins.
CARESOFT GLOBAL LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
Customer relationship
Maintaining a strong relationship with our existing customers and building relationships with new customers are necessary to ensure our brand is well presented to our customers and available for support all the time.
The strength of our customer relationship also effects obtaining pricing and competitive trade terms. Failure to maintain a strong relationship with the customer could negatively impact the terms of business with the affected customers and reduce the availability of our support to customers.
Some of the initiatives that we have undertaken are summarized below:
Data-Driven Personalization:
Implementing advanced customer relationship management (CRM) systems to gather, analyze, and leverage customer data for tailored interactions.
Personalizing communication and offers based on purchase history, preferences, and engagement patterns.
Developing loyalty programs that reward customers for their continued business, increasing repeat purchases and customer satisfaction.
Multi-Channel Customer Engagement:
Ensuring consistent, high-quality interactions across all channels, including social media, email, in-app messaging, and customer support.
Expanding digital engagement initiatives to include self-service options, allowing customers to find solutions independently and efficiently.
Increasing investment in online and offline engagement strategies to reach customers where they are most active.
Enhanced Customer Support and Proactive Service:
Upgrading customer support capabilities with 24/7 availability and improved response times.
Empowering support teams to resolve customer issues quickly by providing comprehensive training and decision-making authority.
Introducing proactive customer service measures, such as personalized post-purchase check-ins and educational resources, to preemptively address common issues and questions.
Feedback-Driven Improvement and Adaptation:
Conducting regular customer satisfaction surveys and Net Promoter Score (NPS) assessments to capture customer sentiment.
Analyzing feedback to identify pain points, opportunities for improvement, and areas where customer needs are evolving.
Incorporating feedback into continuous improvement initiatives, ensuring that our products and services remain relevant and high-quality.
Mr S Rutland
Director
28 April 2025
CARESOFT GLOBAL LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -
The directors present their annual report and financial statements for the year ended 31 December 2024.
Principal activities
The principal activity of the company continued to be that of IT enabled engineering services and support services.
Results and dividends
The results for the year are set out on page 10 & 11.
Ordinary dividends were paid amounting to £3,609,648 (2023: £2,928,637).
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr S Rutland
Mr M Vachaparampil
Financial instruments
Refer strategic report for detailed disclosure on financial instruments.
Research and development
During the year, the company spent £ Nil (2023 :- 7,738,706) as development expenses and incurred £Nil (2023 ; Nil) towards research expenses.
Future developments
Refer strategic report for detailed disclosure on future developments of the company.
Auditor
The auditor BLS Burnells LLP is deemed to have been re-appointed in accordance with 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 Rutland
Director
28 April 2025
CARESOFT GLOBAL LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
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.
CARESOFT GLOBAL LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CARESOFT GLOBAL LIMITED
- 7 -
Opinion
We have audited the financial statements of Caresoft Global Limited (the 'company') for the year ended 31 December 2024 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows 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 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.
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. We would like to draw the attention of the user of these financial statement the basis of our going concern opinion which has been reported in notes to the accounts under going concern reported by the management and discussed with them at the time of the audit.
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.
CARESOFT GLOBAL LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CARESOFT GLOBAL LIMITED
- 8 -
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.
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.
CARESOFT GLOBAL LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CARESOFT GLOBAL LIMITED
- 9 -
We performed risk assessment procedures and obtained an understanding of the Company and its environment, the applicable financial reporting framework, the applicable laws and regulations, the Company's system of internal control and the fraud risk factors relevant to the Company that affect the susceptibility of assertions to material misstatement due to fraud. We made enquiries with management regarding actual or suspected fraud, non-compliance with laws and regulations, potential litigation and claims. The engagement partner led a discussion among the audit team with particular emphasis on how and where the Company's financial statements may be susceptible to material misstatement due to fraud, including how fraud might occur. The engagement partner assessed that the engagement team collectively had the appropriate competence and capability to identify or recognise non-compliance with laws and regulations.
We considered compliance with UK Companies Act 2006 and the applicable tax legislation as the key laws and regulations which non-compliance could directly lead to material misstatement due to fraud at the financial statement level. We evaluated whether the selection and application of accounting policies by the Company may be indicative of fraudulent financial reporting. Our audit procedures responsive to assessed risks of material misstatement due to fraud at the assertion level included but were not limited to:
Testing the appropriateness of manual journal entries recorded in the general ledger and other adjustments made in the preparation of the financial statements;
Making inquiries of individuals involved in the financial reporting process about inappropriate or unusual activity relating to the processing of journal entries;
Selecting and testing journal entries and other adjustments made at the end of a reporting period and throughout the period;
Reviewing accounting estimates for biases that could represent a risk of material misstatement due to fraud.
Owing to the inherent limitations of an audit, there is an unavoidable risk that some material misstatements of the financial statements due to irregularities, including fraud, may not be detected, even though we have properly planned and performed our audit in accordance with the auditing standards. For example, 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. In addition, as with any audit, there remains a higher risk of non-detection of irregularities, as they may involve collusion, forgery, intentional omissions or override of internal controls.
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.
Use of our Audit 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.
Mr Vishal Bhatt (Senior Statutory Auditor)
For and on behalf of BLS Burnells LLP
30 April 2025
Chartered Certified Accountants
Senior Statutory Auditor
The Atrium
1 Harefield Road
Uxbridge
Middlesex
UB8 1EX
CARESOFT GLOBAL LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
2024
2023
Notes
£
£
Turnover
3
56,817,850
51,719,761
Cost of sales
(46,977,828)
(42,529,300)
Gross profit
9,840,022
9,190,461
Administrative expenses
(5,794,168)
(5,048,992)
Other operating income
130,228
181,384
Profit before taxation
4,176,082
4,322,853
Tax on profit
7
737,588
Profit for the financial year
4,176,082
5,060,441
The profit and loss account has been prepared on the basis that all operations are continuing operations.
CARESOFT GLOBAL LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
2024
2023
£
£
Profit for the year
4,176,082
5,060,441
Other comprehensive income
-
-
Total comprehensive income for the year
4,176,082
5,060,441
CARESOFT GLOBAL LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 12 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
9
8,096
5,041
Tangible assets
10
125,208
176,641
Fixed asset investments
11
18,050
133,304
199,732
Current assets
Debtors
12
13,726,349
20,389,951
Cash at bank and in hand
3,872,188
2,126,000
17,598,537
22,515,951
Creditors: amounts falling due within one year
13
(11,863,651)
(17,413,927)
Net current assets
5,734,886
5,102,024
Net assets
5,868,190
5,301,756
Capital and reserves
Called up share capital
16
1,000
1,000
Profit and loss reserves
5,867,190
5,300,756
Total equity
5,868,190
5,301,756
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 April 2025 and are signed on its behalf by:
Mr S Rutland
Director
Company registration number 06442227 (England and Wales)
CARESOFT GLOBAL LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 13 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2023
1,000
3,168,952
3,169,952
Year ended 31 December 2023:
Profit and total comprehensive income
-
5,060,441
5,060,441
Dividends
8
-
(2,928,637)
(2,928,637)
Balance at 31 December 2023
1,000
5,300,756
5,301,756
Year ended 31 December 2024:
Profit and total comprehensive income
-
4,176,082
4,176,082
Dividends
8
-
(3,609,648)
(3,609,648)
Balance at 31 December 2024
1,000
5,867,190
5,868,190
The notes on pages 15 to 28 form part of these financial statements.
CARESOFT GLOBAL LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 14 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
20
5,427,146
(451,061)
Income taxes refunded
737,588
Net cash inflow from operating activities
5,427,146
286,527
Investing activities
Purchase of intangible assets
10
(4,631)
(6,721)
Purchase of tangible fixed assets
9
(84,729)
(92,598)
Proceeds from disposal of subsidiaries
18,050
Net cash used in investing activities
(71,310)
(99,319)
Financing activities
Dividends paid
8
(3,609,648)
(2,928,637)
Net cash used in financing activities
(3,609,648)
(2,928,637)
Net increase/(decrease) in cash and cash equivalents
1,746,188
(2,741,429)
Cash and cash equivalents at beginning of year
2,126,000
4,867,429
Cash and cash equivalents at end of year
3,872,188
2,126,000
CARESOFT GLOBAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 15 -
1
Accounting policies
Company information
Caresoft Global Limited is a private company limited by shares incorporated in England and Wales. The registered office is Plot 1-3 Brome Industrial Park, Brome, Eye, Suffolk, IP23 7HN.
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.
Exemption from preparation of Consolidated Accounts
The company has taken advantage of the exemption under section 405 of the Companies Act 2006 from the obligation to prepare group accounts on the basis that its subsidiary is not material for the purpose of giving true and fair view of the financial statement, also the management has transfer the investment in subsidiary during the current year.
1.2
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. Ttrueherefore the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
The Company's most recent budget and work in hand, taking account of possible changes in operational performance and modelling of downside scenarios, shows that the Company will be able to operate within the level of its current operational facilities. As of today, the Company has been able to sign the contracts from their existing customers. Caresoft Global Limited shareholders and its group companies have confirmed that it will continue to provide such financial support as necessary to enable the Company to meet its financial obligations as they fall due for at least 12 months from the date of these financial statements. The directors are satisfied that Caresoft Global Limited has sufficient financial resources for any future financial obligations. Based on management's assessment of cashflow forecasts with realistic assumptions and sensitivities for global recession fear and this reason, the directors consider it appropriate to prepare the financial statements on a going-concern basis.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Turnover from the sale of services is recognised when the amount of time spent on the projects are approved and authorised by the customers and it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
CARESOFT GLOBAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 16 -
1.4
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
1.5
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 3 years considering the business the company is involved in which managing and staffing services where the turnaround of staffing is between 3 to 5 years and hence on a conservative approach the company has decided to w/off the goodwill over three years.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
1.6
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Development costs
20% straight line method
1.7
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 or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
Over the lease term of 3 years
Fixtures and fittings
25% Straight line method
Computers
25% Straight line method
Motor vehicles
33.33% Straight line method
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.
CARESOFT GLOBAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 17 -
1.8
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities 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.
1.9
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible 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 (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) 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.
1.10
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.
1.11
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
CARESOFT GLOBAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 18 -
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.
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 loans, loans from fellow group companies and preference shares 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.
CARESOFT GLOBAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 19 -
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.
1.12
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.
1.13
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.
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.
CARESOFT GLOBAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 20 -
1.14
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.
1.15
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.16
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.17
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.18
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
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.
CARESOFT GLOBAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
2
Judgements and key sources of estimation uncertainty
(Continued)
- 21 -
Key sources of estimation uncertainty
The estimates and assumptions which may have a risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Useful economic lives of tangible and intangible assets
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful
economic lives and residual value of the assets. The useful economic lives and residual values are
reassessed annually. They are amended when necessary to reflect current estimates based on
technological advancement, future investments, economic utilisation 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 impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experiences.
Calculation of accruals
The company has accounted for accrued expenses for services obtained from the other group and connected companies on internal as well as external projects. The basis of the cost accrual is based on the time and effort spent by each individual on the project which is obtained from the global time sheets which they prepare and submit, these time and effort spent is then proportionately allocated over the overheads expense of the group and connected companies which provide the services and worked out the base price which is further marked up between 10% to 13% which is accounted in the financial statement. The bases noted above is purely based on judgement and estimate which per the management is the most prudent way of accounting the time and effort cost along with the overheads associated with the services provided by the group and connected companies.
3
Turnover
2024
2023
£
£
Turnover analysed by class of business
Revenue - Managed Services
38,882,190
33,424,432
Revenue - Staffing services
17,935,660
18,295,329
56,817,850
51,719,761
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
20,445,843
22,421,446
Europe
33,518,447
20,957,441
Rest of the World
2,853,560
8,340,874
56,817,850
51,719,761
CARESOFT GLOBAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 22 -
4
Operating profit
2024
2023
Operating profit for the year is stated after charging:
£
£
Exchange losses
526,051
310,009
Fees payable to the company's auditor for the audit of the company's financial statements
32,000
32,000
Depreciation of owned tangible fixed assets
136,162
237,695
Amortisation of intangible assets
1,576
1,680
Operating lease charges
406,390
447,947
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Management
1
1
Selling and Administration
147
152
Total
148
153
Their aggregate remuneration comprised:
2024
2023
£
£
Wages and salaries
7,472,568
7,360,883
Social security costs
634,543
636,504
Pension costs
125,939
175,887
8,233,050
8,173,274
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
19,500
18,900
7
Taxation
2024
2023
£
£
Current tax
Adjustments in respect of prior periods
(737,588)
CARESOFT GLOBAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
7
Taxation
(Continued)
- 23 -
The actual charge/(credit) 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
4,176,082
4,322,853
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
1,044,021
1,080,713
Research and development tax credit
(737,588)
Profit adjusted against B/fwd loss
(1,044,021)
(1,080,713)
Taxation charge/(credit) for the year
-
(737,588)
At the balance sheet date, the loss C/fwd is around £53,961. There is no tax liability due to previous loss b/fwd.
8
Dividends
2024
2023
£
£
Final paid
3,609,648
Interim paid
2,928,637
3,609,648
2,928,637
CARESOFT GLOBAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 24 -
9
Intangible fixed assets
Goodwill
Development costs
Total
£
£
£
Cost
At 1 January 2024
24,767
452,936
477,703
Additions
4,631
4,631
At 31 December 2024
24,767
457,567
482,334
Amortisation and impairment
At 1 January 2024
24,767
447,895
472,662
Amortisation charged for the year
1,576
1,576
At 31 December 2024
24,767
449,471
474,238
Carrying amount
At 31 December 2024
8,096
8,096
At 31 December 2023
5,041
5,041
10
Tangible fixed assets
Leasehold improvements
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2024
297,061
448,296
54,045
140,199
939,601
Additions
39,453
19,041
26,235
84,729
Disposals
(4,537)
(4,537)
At 31 December 2024
297,061
487,749
73,086
161,897
1,019,793
Depreciation and impairment
At 1 January 2024
297,061
276,653
49,047
140,199
762,960
Depreciation charged in the year
117,346
15,512
3,304
136,162
Eliminated in respect of disposals
(4,537)
(4,537)
At 31 December 2024
297,061
393,999
64,559
138,966
894,585
Carrying amount
At 31 December 2024
93,750
8,527
22,931
125,208
At 31 December 2023
171,643
4,998
176,641
11
Fixed asset investments
2024
2023
Notes
£
£
Investments in subsidiaries
18,050
CARESOFT GLOBAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
11
Fixed asset investments
(Continued)
- 25 -
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 January 2024
18,050
Disposals
(18,050)
At 31 December 2024
-
Carrying amount
At 31 December 2024
-
At 31 December 2023
18,050
12
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
9,559,525
9,630,129
Amounts owed by group undertakings
954,867
Other debtors
2,830,568
8,584,953
Prepayments and accrued income
1,336,256
1,220,002
13,726,349
20,389,951
13
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Trade creditors
1,569,114
932,899
Amounts owed to group undertakings
4,995
Taxation and social security
217,249
713,583
Deferred income
14
5,504,797
3,199,094
Other creditors
3,444,238
2,229,533
Accruals
1,123,258
10,338,818
11,863,651
17,413,927
Security charged by the bank, where Debenture including Fixed Charge over all present freehold and leasehold property; First Fixed Charge over book and other debts, chattels, goodwill and uncalled capital, both present and future; and First Floating Charge over all assets and undertaking both present and future.
CARESOFT GLOBAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 26 -
14
Deferred income
2024
2023
£
£
Other deferred income
5,504,797
3,199,094
15
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
125,939
175,887
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
1,000
1,000
1,000
1,000
17
Operating lease commitments
As lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2024
2023
£
£
Within one year
120,000
120,000
Between two and five years
240,000
360,000
120,000
18
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
CARESOFT GLOBAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
18
Related party transactions
(Continued)
- 27 -
During the year the company purchased services from
Caresoft Global Private Limited worth £2,138,812 (2023 : £3,579,987),
OXI S.r.l £3,880,122 (2023: £3,178,551), Caresoft Global FZ LLC £213,735 (2023: £1,654,792),
Caresoft Global Technologies FZ-LLC £4,289,760 (2023: £1,557,190),
Caresoft Global Technologies, Inc USA £6,094,109 (2023: £6,949,883)
At the year end the the company was owed
£409,094 (2023 : £502,422) from Caresoft Global Gmbh ,
£NIL (2023 : £7,258) from Caresoft Global Private Limited,
£833,205 (2023 : £883,205) from Virgo Commercial Properties Limited,
£NIL (2023 : £148,931) from Caresoft Global FZ LLC,
£NIL (2023 : £2,046,887) from Caresoft Global Inc.
,£NIL (2023 : £53,943) from Caresoft Global FZ LLC,
£NIl (2023 : £687,216) from Caresoft Global Inc,
£220,107 (2023 : £470,496) from Caresoft Global Gmbh,
£211,389 (2023 : £68,769) from Caresoft Global Technologies FZ LLC and
£12,923 (2023 : £22,515) from OXI Srl.
At the year end the company owed
£4,995 (2023 : £NIL) to Caresoft Global Holdings Limited,
£531,501 (2023: £1,186,970 ) to Oxi Srl,
£1,907,384 (2023 : £NIL) to Caresoft Global Technologies Inc USA,
£20,908 (2023 : £NIL) from Caresoft Global Inc,
£759,350 (2023 : £NIL) to Caresoft Global Pvt Ltd India,
£NIL (2023 : £47,303) to Caresoft Global FZ LLC,
£NIL (2023 : £433,214) to Caresoft Global Technologies FZ-LLC
£10,000 (2023 : £300,000) to Virgo Commercial Properties Limited.
All the above companies are related by being group companies.
19
Ultimate controlling party
Caresoft Global Holdings Limited, a UK registered company, is the parent company of Caresoft Global Limited. Mrs Sabella Davies is the ultimate controlling party by virtue of holding 100% shares in Caresoft Global Holdings Limited.
CARESOFT GLOBAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 28 -
20
Cash generated from/(absorbed by) operations
2024
2023
£
£
Profit after taxation
4,176,082
5,060,441
Adjustments for:
Taxation charged/(credited)
(737,588)
Amortisation and impairment of intangible assets
1,576
1,680
Depreciation and impairment of tangible fixed assets
136,162
237,695
Movements in working capital:
Decrease/(increase) in debtors
6,663,602
(1,905,290)
(Decrease)/increase in creditors
(7,855,979)
2,403,289
Increase/(decrease) in deferred income
2,305,703
(5,511,288)
Cash generated from/(absorbed by) operations
5,427,146
(451,061)
21
Analysis of changes in net funds
1 January 2024
Cash flows
31 December 2024
£
£
£
Cash at bank and in hand
2,126,000
1,746,188
3,872,188
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