Caseware UK (AP4) 2024.0.164 2024.0.164 2024-12-312025-05-232025-05-292024-12-312025-05-2372024-01-01falsefalsePrivate Investments9falsefalse 08801430 2024-01-01 2024-12-31 08801430 2023-01-01 2023-12-31 08801430 2024-12-31 08801430 2023-12-31 08801430 2023-01-01 08801430 1 2024-01-01 2024-12-31 08801430 1 2023-01-01 2023-12-31 08801430 1 2024-01-01 2024-12-31 08801430 e:Director1 2024-01-01 2024-12-31 08801430 e:Director2 2024-01-01 2024-12-31 08801430 e:Director2 2024-12-31 08801430 e:Director3 2024-01-01 2024-12-31 08801430 e:Director3 2024-12-31 08801430 e:RegisteredOffice 2024-01-01 2024-12-31 08801430 d:Buildings d:ShortLeaseholdAssets 2024-01-01 2024-12-31 08801430 d:Buildings d:ShortLeaseholdAssets 2024-12-31 08801430 d:Buildings d:ShortLeaseholdAssets 2023-12-31 08801430 d:FurnitureFittings 2024-01-01 2024-12-31 08801430 d:FurnitureFittings 2024-12-31 08801430 d:FurnitureFittings 2023-12-31 08801430 d:FurnitureFittings d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 08801430 d:OfficeEquipment 2024-01-01 2024-12-31 08801430 d:OfficeEquipment 2024-12-31 08801430 d:OfficeEquipment 2023-12-31 08801430 d:OfficeEquipment d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 08801430 d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 08801430 d:CurrentFinancialInstruments 2024-12-31 08801430 d:CurrentFinancialInstruments 2023-12-31 08801430 d:CurrentFinancialInstruments 3 2024-12-31 08801430 d:CurrentFinancialInstruments 3 2023-12-31 08801430 d:Non-currentFinancialInstruments 2024-12-31 08801430 d:Non-currentFinancialInstruments 2023-12-31 08801430 d:CurrentFinancialInstruments d:WithinOneYear 2024-12-31 08801430 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 08801430 d:ShareCapital 2024-01-01 2024-12-31 08801430 d:ShareCapital 2024-12-31 08801430 d:ShareCapital 2023-01-01 2023-12-31 08801430 d:ShareCapital 2023-12-31 08801430 d:ShareCapital 2023-01-01 08801430 d:SharePremium 2024-01-01 2024-12-31 08801430 d:SharePremium 2024-12-31 08801430 d:SharePremium 2023-01-01 2023-12-31 08801430 d:SharePremium 2023-12-31 08801430 d:SharePremium 2023-01-01 08801430 d:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 08801430 d:RetainedEarningsAccumulatedLosses 2024-12-31 08801430 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 08801430 d:RetainedEarningsAccumulatedLosses 2023-12-31 08801430 d:RetainedEarningsAccumulatedLosses 2023-01-01 08801430 e:OrdinaryShareClass1 2024-01-01 2024-12-31 08801430 e:OrdinaryShareClass1 2024-12-31 08801430 e:OrdinaryShareClass1 2023-12-31 08801430 e:FRS102 2024-01-01 2024-12-31 08801430 e:Audited 2024-01-01 2024-12-31 08801430 e:FullAccounts 2024-01-01 2024-12-31 08801430 e:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 08801430 d:WithinOneYear 2024-12-31 08801430 d:WithinOneYear 2023-12-31 08801430 d:BetweenOneFiveYears 2024-12-31 08801430 d:BetweenOneFiveYears 2023-12-31 08801430 f:PoundSterling 2024-01-01 2024-12-31 xbrli:shares iso4217:GBP xbrli:pure


Registered number: 08801430












CDR CAPITAL LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

 

CDR CAPITAL LTD
 
COMPANY INFORMATION


Director
P I Feldman 




Registered number
08801430



Registered office
9 Hawkshead Road

Potters Bar

Hertfordshire

EN6 1LZ




Independent auditor
Blick Rothenberg Audit LLP
Chartered Accountants & Statutory Auditor

16 Great Queen Street

London

WC2B 5AH





 

CDR CAPITAL LTD
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

The director presents the strategic report for CdR Capital Ltd for the year ended 31st December 2024.

Principal activities
The Company is part of a global private investment office that focuses on asset management, wealth management and other investment related consulting & marketing services with offices in Dubai, Geneva and London. In May 2024, the decision was made to wind down the activities of the London office and cease its asset management activities. In July 2024, an application was made to the Financial Conduct Authority (“FCA”) in the United Kingdom for the Company to withdraw its regulatory licence as both an AIFM and CPMI firm. 
Business Review
2024 was not an easy year for the Company as it made this decision to close after it was not able to secure further funding from either the existing shareholder or new investors. Once the formal decision was made in May 2024, the Company acted quickly to implement a closing down plan that included all its stakeholders and, very painfully, the redundancy of all its staff over a seven-month period.       
Due to the closing of the Company, there are areas of risk discussed in previous Strategic Reports which are no longer applicable and therefore, omitted from this Strategic Report.
The principal risk for the Company is operational given its obligations to ensure that its closing is done in line with the rules in place, covering the Company’s registration with regulators in the US, Ireland and the UK and its statutory place of business in the UK.  
On 4th April 2025, the FCA approved the deregistration of the Company as a regulated entity and so it is expected that the Company will shortly be handed over to the liquidators to formally dissolve the Company.
The Director has been in regular dialogue with the shareholder and has kept them informed during the process. The Company is hopeful that at the end of the formal dissolution there will be a small balance of funds that will be returned to the shareholder.

Page 1

 

CDR CAPITAL LTD

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

Section 172 Reporting
 

The Directors of the Company must act in accordance with a set of general duties. These duties are detailed in section 172 of the UK Companies Act which is summarised as follows: 
A director of a company must act in the way they consider, in good faith, would be most likely to promote the success of the company for the benefit of its shareholders as a whole and, in doing so have regard (amongst other matters) to: 
a. the likely consequence of any decision in the long term
b. the interests of the company’s employees
c. the need to foster the company’s business relationships with suppliers, customers and others
d. the impact of the company’s operations on the community and the environment 
e. the desirability of the company maintaining a reputation for high standards of business conduct
f. the need to act fairly as between shareholders of the Company.
The Directors are briefed on their duties and they can access professional advice on these. The Directors fulfils their duties partly through a governance framework that delegates day-to-day Decision-making to employees of the Company.
Due to the closing this Section 172 does not address all of those areas discussed in previous annual reports as they are no longer applicable.
Our People
The Company is committed to being a responsible business. Our behaviour is aligned with the expectations of our people, clients, investors, communities and society as a whole. People are at the heart of the services we provide. The closing of the Company meant that all employees were made redundant with the Company following the correct procedures as laid out in UK employment law. The Company also helped as much it could to assist the employees with regards other opportunities. 
Shareholders 
The Directors are committed to openly engaging with its shareholders, as we recognise the importance of a continuing effective dialogue. It is important to the Directors that the shareholders understand the Company’s strategy and objectives, so these must be explained clearly, feedback heard, and any issues or questions raised properly considered. This has continued through the closing process.


This report was approved by the board on 23 May 2025 and signed on its behalf.



P I Feldman
Director
Page 2

 

CDR CAPITAL LTD

DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

The director presents his report and the financial statements for the year ended 31 December 2024.

Results and dividends

The loss for the year, after taxation, amounted to £2,295,400 (2023 - loss £1,613,121).

No dividends were proposed or paid in the period (2023: £nil).

Directors

The directors who served during the year were:

P I Feldman 
L R Kotlar-Bouget (resigned 18 September 2024)
B Milicic (appointed 1 April 2024, resigned 18 September 2024)

Matters covered in the Strategic Report

Information regarding future developments is included in the Strategic report.
 

Director's responsibilities statement

The director is responsible for preparing the Strategic Report, the Director's Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is 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 director is required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

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

Page 3

 

CDR CAPITAL LTD

DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Disclosure of information to auditor

The director at the time when this Director's Report is approved has confirmed that:
 
so far as he is aware, there is no relevant audit information of which the Company's auditor is unaware, and

he has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

This report was approved by the board on 23 May 2025 and signed on its behalf.
 





P I Feldman
Director
Page 4

 

CDR CAPITAL LTD

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CDR CAPITAL LTD
 FOR THE YEAR ENDED 31 DECEMBER 2024

Opinion

We have audited the financial statements of CdR Capital Ltd (the 'Company') for the year ended 31 December 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 December 2024 and of its loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Emphasis of matter – financial statements prepared on a basis other than going concern

We draw attention to note 2.2 in the financial statements, which explains that the directors passed a resolution on 14 May 2024 to commence the orderly wind down of its business and therefore do not consider it appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly, the financial statements have been prepared on a basis other than going concern as described in note 2.2. Our opinion is not modified in respect of this matter.

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 director is responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Page 5

 

CDR CAPITAL LTD

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CDR CAPITAL LTD (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Opinion on other matters prescribed by the Companies Act 2006

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


the information given in the Strategic Report and the Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Director's 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 Director's 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 director's 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 Director's Responsibilities Statement set out on page 3, the director is 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 director determines 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 director is 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 director either intends to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 6

 

CDR CAPITAL LTD

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CDR CAPITAL LTD (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Auditor's responsibilities for the audit of the financial statements

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


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

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, and non-compliance with laws and regulations, our procedures included the following: enquiring of management concerning the Company’s policies with regards to identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance; enquiring of management concerning the Company’s policies for detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; enquiring of management concerning the Company’s policies in relation to the internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations; discussing among the engagement team where fraud might occur in the financial statements and any potential indicators of fraud; and obtaining an understanding of the legal and regulatory framework that the Company operates in and focusing on those laws and regulations that had a direct effect on the financial statements or that had a fundamental effect on the operations of the Company. The key laws and regulations we considered in this context included the UK Companies Act 2006, the Financial Services and Markets Act 2000 and applicable tax legislation.
One particular focus area was the risk of fraud through management override of controls. Our procedures to respond to risks identified included the following: performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; reviewing the bank statements of the Company for evidence of any large or unusual activity which may be indicative of fraud; enquiring of management in relation to any potential litigation and claims; and testing the appropriateness of journal entries and other adjustments.
Another focus area was non-compliance with the rules of the Financial Conduct Authority (‘the FCA’). The Company was authorised and regulated by the FCA throughout the period. Our procedures to respond to risks identified included the following: reviewing correspondence between the Company and the FCA, performing analytical review to detect receipts of client money and remaining alert to the possibility of accidental receipt of client monies; and discussion of regulatory matters with the appointed officers of the Company.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the director and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's Report.
Page 7

 

CDR CAPITAL LTD

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CDR CAPITAL LTD (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024



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 Auditors' 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.




Richard Hinton (Senior Statutory Auditor)
for and on behalf of
Blick Rothenberg Audit LLP
Chartered Accountants
Statutory Auditor
16 Great Queen Street
London
WC2B 5AH

29 May 2025
Page 8

 

CDR CAPITAL LTD
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
Note
£
£

  

Turnover
 3 
487,127
1,521,226

Administrative expenses
  
(2,799,093)
(3,151,112)

Operating loss
 4 
(2,311,966)
(1,629,886)

Interest receivable and similar income
  
16,566
16,765

Loss before tax
  
(2,295,400)
(1,613,121)

Tax on loss
 7 
-
-

Loss for the financial year
  
(2,295,400)
(1,613,121)

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 13 to 21 form part of these financial statements.
Page 9


 
REGISTERED NUMBER:08801430
CDR CAPITAL LTD

BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 8 
-
9,563

Current assets
  

Debtors: amounts falling due after more than one year
 9 
-
82,533

Debtors: amounts falling due within one year
 9 
42,531
1,262,190

Cash at bank and in hand
  
193,137
1,319,535

  
235,668
2,664,258

Creditors: amounts falling due within one year
 10 
(124,557)
(346,050)

Net current assets
  
 
 
111,111
 
 
2,318,208

Total assets less current liabilities
  
111,111
2,327,771

  

Net assets
  
111,111
2,327,771


Capital and reserves
  

Called up share capital 
 11 
1,211
1,209

Share premium account
  
10,224,254
10,145,516

Profit and loss account
  
(10,114,354)
(7,818,954)

  
111,111
2,327,771


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 23 May 2025.




P I Feldman
Director

The notes on pages 13 to 21 form part of these financial statements.
Page 10

 

CDR CAPITAL LTD

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


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

£
£
£
£


At 1 January 2023
1,158
8,137,697
(6,205,833)
1,933,022



Loss for the year
-
-
(1,613,121)
(1,613,121)

Shares issued during the year
51
2,007,819
-
2,007,870



At 1 January 2024
1,209
10,145,516
(7,818,954)
2,327,771



Loss for the year
-
-
(2,295,400)
(2,295,400)

Shares issued during the year
2
78,738
-
78,740


At 31 December 2024
1,211
10,224,254
(10,114,354)
111,111


The notes on pages 13 to 21 form part of these financial statements.
Page 11

 

CDR CAPITAL LTD

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
£
£

Cash flows from operating activities

Loss for the financial year
(2,295,400)
(1,613,121)

Adjustments for:

Depreciation of tangible assets
4,008
6,729

Loss on disposal of tangible assets
4,794
-

Interest receivable
(16,566)
(16,765)

Decrease in debtors
1,302,192
6,776

(Decrease) in creditors
(221,493)
(93,928)

Net cash used in operating activities

(1,222,465)
(1,710,309)


Cash flows generated from investing activities

Purchase of tangible fixed assets
(204)
(874)

Sale of tangible fixed assets
965
-

Interest received
16,566
16,765

Net cash generated from investing activities

17,327
15,891

Cash flows from financing activities

Issue of ordinary shares
78,740
2,007,870

Net cash used in financing activities
78,740
2,007,870

Net (decrease)/increase in cash and cash equivalents
(1,126,398)
313,452

Cash and cash equivalents at beginning of year
1,319,535
1,006,083

Cash and cash equivalents at the end of year
193,137
1,319,535


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
193,137
1,319,535


The notes on pages 13 to 21 form part of these financial statements.

Page 12

 

CDR CAPITAL LTD

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

1.


General information

CdR Capital Ltd is a private company limited by shares incorporated in the United Kingdom.
The principal activities are documented in the Strategic Report.
The Company's registered address is 9 Hawkshead Road, Potters Bar, Hertfordshire, EN6 1LZ.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

 
2.2

Going concern

Following the failure of the Company to attract further Equity financing in April 2024, the directors passed a resolution on 14 May 2024 to commence the orderly wind down of its business, the Company then applied to cancel its authorisation with the FCA on 26 July 2024. As such the financial statements have been prepared on a basis other than going concern.
This alternative basis requires the director to consider the Company’s position at the balance sheet date in light of the change in circumstances, assessing whether the Company’s reported assets are disclosed at their recoverable value, whether any provisions are required in respect of contractual commitments that are considered onerous at the balance sheet date, and reclassifying assets and liabilities as falling due within one year as appropriate.
Note 15 provides details of any significant post balance sheet events as part of the wind down process that are considered relevant to the users of the financial statements.

  
2.3

Turnover

Turnover comprises revenue recognised by the Company in respect of investment advisory and fund management services and introductory services. Revenue is recognised over the period for which the services are provided.

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 13

 

CDR CAPITAL LTD

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

2.Accounting policies (continued)


2.4
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Leasehold improvements
-
over the course of the lease
Fixtures and fittings
-
3 years
Office equipment
-
3 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.5

Financial instruments


The Company does not trade in financial instruments and all such instruments arise directly from operations.
All  trade and other debtors, except for those relating to unpaid share capital receivable in more than one year, are initially recognised at transaction value, as none contain in substance a financing transaction. Thereafter, trade and other debtors are reviewed for impairment where there is objective evidence based on observable data that the balance may be impaired. The Company does not hold collateral against its trade and other receivables so its exposure to credit risk is the net balance of trade and other debtors after  allowance for impairment.
The Company's cash holdings comprise on demand balances. All cash is held with banks with strong external credit ratings.
Trade and other creditors and accruals are initially recognised at transaction value as none of them represent a financing transaction. They are only derecognised when they are extinguished.
Unpaid share capital receivable in more than one year is initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method.

Page 14

 

CDR CAPITAL LTD

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

2.Accounting policies (continued)

 
2.6

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.7

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.


3.


Turnover

The whole of the turnover is attributable to the principal activity of the business.

All turnover arose within the United Kingdom.

Page 15

 

CDR CAPITAL LTD

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

4.


Operating loss

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

2024
2023
£
£

Depreciation of tangible fixed assets
4,008
6,729

Loss on disposal of assets
4,794
-

Fees payable to the Company's auditor for the audit of the Company's annual financial statements
13,950
12,500

Fees payable to the Company's auditor for the non-audit services
48,570
33,105

Exchange differences
10,480
37,869

Operating lease rentals
44,735
118,545

Pension costs
50,365
59,822


5.


Employees

Staff costs, including director's remuneration, were as follows:


2024
2023
£
£

Wages and salaries
1,455,224
1,639,257

Social security costs
174,084
208,715

Cost of defined contribution scheme
50,365
59,822

1,679,673
1,907,794


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


        2024
        2023
            No.
            No.







Employees
7
9

Page 16

 

CDR CAPITAL LTD

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

6.


Director's remuneration

2024
2023
£
£

Director's emoluments
439,967
507,250

Company contributions to defined contribution pension schemes
19,333
20,000

459,300
527,250


The highest paid director received remuneration of £244,449 (2023 - £268,250).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £10,000 (2023 - £10,000).


7.


Taxation


2024
2023
£
£



Total current tax
-
-

Total deferred tax
 
-
 
-


Tax on loss
-
-

Factors affecting tax charge for the year

The tax assessed for the year differs from (2023 - differs from) the standard rate of corporation tax in the UK of 25% (2023 - 23.5%). The differences are explained below:

2024
2023
£
£


Loss on ordinary activities before tax
(2,295,400)
(1,613,121)


Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.5%)
(573,850)
(379,083)

Effects of:


Expenses not deductible for tax purposes
1,379
5,350

Other timing differences leading to an increase (decrease) in taxation
502
4,124

Unrelieved tax losses carried forward
571,969
369,609

Total tax charge for the year
-
-
Page 17

 

CDR CAPITAL LTD

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
 
7.Taxation (continued)


Factors that may affect future tax charges

At the year end the Company has tax losses carried forward of £8,072,165 (2023: £5,781,528). The Company has not recognised a deferred tax asset in respect of these losses due to uncertainties over the timing of future taxable trading profits against which to offset these losses.


8.


Tangible fixed assets





Leasehold improvements
Fixtures and fittings
Office equipment
Total

£
£
£
£





At 1 January 2024
129,343
29,877
105,929
265,149


Additions
-
-
204
204


Disposals
(129,343)
(29,877)
(106,133)
(265,353)



At 31 December 2024

-
-
-
-





At 1 January 2024
129,343
29,877
96,366
255,586


Charge for the year
-
-
4,008
4,008


Disposals
(129,343)
(29,877)
(100,374)
(259,594)



At 31 December 2024

-
-
-
-



Net book value



At 31 December 2024
-
-
-
-



At 31 December 2023
-
-
9,563
9,563

Page 18

 

CDR CAPITAL LTD

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

9.


Debtors

2024
2023
£
£

Due after more than one year

Other debtors
-
82,533

-
82,533


2024
2023
£
£

Due within one year

Trade debtors
-
177,074

Amounts owed by group undertakings
2
2

Other debtors
40,045
39,056

Prepayments and accrued income
2,484
846,215

Staff loans
-
199,843

42,531
1,262,190



10.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
35,177
26,693

Other taxation and social security
11,946
198,835

Other creditors
-
14,114

Accruals and deferred income
77,434
106,408

124,557
346,050



11.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



1,211 (2023 - 1,209) Ordinary shares of £1.00 each
1,211
1,209


During the year, the Company issued 2 ordinary shares for total consideration of £78,740. 40 shares (2023: 40) were held by the Company at the year end. Subsequent to the year end, on 8 May 2025, the Company reduced its share capital by £40, cancelling the shares held by the Company. 
On 8 May 2025, the Company also reduced its share premium account from £10,224,254 to £nil with the balance being credited to the Profit and Loss reserve.

Page 19

 

CDR CAPITAL LTD

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
12.


Analysis of net debt




At 1 January 2024
Cash flows
At 31 December 2024
£

£

£

Cash at bank and in hand

1,319,535

(1,126,398)

193,137


1,319,535
(1,126,398)
193,137


13.


Commitments under operating leases

At 31 December 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
-
139,576

Later than 1 year and not later than 5 years
-
133,856

-
273,432


14.


Related party transactions

During the year, 2 (2023: 51) £1 ordinary shares were issued to CdR Capital Group S.A. (formerly CdR Capital S.à.r.l.), ('the Parent' company), for total consideration of £78,740 (2023: £2,007,870). At the balance sheet date the amount outstanding was £nil (2023: £nil).
During the year ended 31 December 2024, the Company recognized income from other subsidiaries of the Parent and companies under common control as follows: 
 
a)£62,507 (2023: £464,043) in respect of recharges of expenditure and admin related services incurred by the Company on behalf of other subsidiaries, of which £nil (2023: £223,320) related to expenditure incurred by the Company in previous periods,
b)£nil (2023: £1,534) in respect of investment management services. 

During the year ended 31 December 2024, the Company was charged the following amounts by other subsidiaries of the Parent and companies under common control:  

a)£nil (2023: £155,840) for investment related services 
 
During the year, the Company paid consulting fees of £19,999 (2023: £24,000) to a person who is deemed to have partial control over the parent of the Company. 
At the balance sheet date £2 (2023: £2) was due from entities that are deemed related parties by virtue of common control. 
Page 20

 

CDR CAPITAL LTD

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

15.


Post balance sheet events

As set out in note 2.2 the directors passed a resolution on 14 May 2024 to commence the orderly wind down of its business and initiated discussions with its advisers with regards its obligations to its clients, regulators, employees, shareholders, creditors and other stakeholders. As a result an other than going concern basis of accounting was used in the preparation of these financial statements.
As at 31 December 2024, assets have been stated at their recoverable value where appropriate.
As of 4 April 2025, the Company has been deauthorised by the FCA and is no longer an AIFM nor CPMI firm.
Details of post year end changes to share capital are given in note 11. 


16.


Controlling party

The immediate and ultimate parent undertaking is CdR Capital Group S.A. (formerly CdR Capital S.à.r.l.), a company incorporated in Switzerland.

Page 21