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Registered number: 06779754


 

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

 
BDRC GROUP LIMITED
 

COMPANY INFORMATION


Directors
M O Costin 
P Gaudin 
E Lecerf 
G Lopez 
V A Scarpino 
I P Stevens 
T C Tarrant 




Registered number
06779754



Registered office
12-20 Baron Street

London

N1 9LL




Independent auditors
Cooper Parry Group Limited
Statutory Auditor

New Derwent House

69-73 Theobalds Road

London

WC1X 8TA




Solicitors
Hatstone Lawyers
Oak Walk

Le Mont Fallu

St Peter

Jersey

Channel Islands

JE3 7EF





 
BDRC GROUP LIMITED
 

CONTENTS



Page
Group Strategic Report
 
1 - 3
Directors' Report
 
4 - 5
Independent Auditors' Report
 
6 - 8
Consolidated Statement of Comprehensive Income
 
9
Consolidated Balance Sheet
 
10
Company Balance Sheet
 
11
Consolidated Statement of Changes in Equity
 
12
Company Statement of Changes in Equity
 
13
Consolidated Statement of Cash Flows
 
14
Consolidated Analysis of Net Funds
 
15
Notes to the Financial Statements
 
16 - 35


 
BDRC GROUP LIMITED
 

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

Introduction
 
The directors present their Strategic Report for BDRC Group Limited (the 'Parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2024.
The purpose of the Strategic Report is to inform the shareholders and help them to assess how the directors have performed their duties to promote the success of BDRC Group Limited 'the Parent Company'', with references made to 'the Group' relating to the Parent Company and its subsidiaries. The report, together with the further information in the Directors' Report, provides:
A fair and balanced review of the Group's business including;
- the development and performance of the Group's business during the financial year,
- the position of the Group at the end of the year.
A description of the principal risks and uncertainties facing the Group, which are set out further below.

Business review
 
The principal activity of the Company continued to be that of a holding company of a Group that are market research consultants.

Principal risks and uncertainties

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

Section 172(1) statement

The Board of Directors of BDRC Group Limited consider, both individually and together, that they have acted in the way they consider, in good faith, would be most likely to promote the success of the Group for the benefit of its members as a whole (having regard to the stakeholders and matters set out in section 172 (1) (a-f) of the Act) in the decisions taken during the year ended 31 December 2024. In particular, by performance of the following:

Engagement with employees

Our employees are fundamental to our business aims. We aim to be a responsible employer in our approach to the pay and benefits our employees receive.

Engagement with suppliers, customers and others
 
Our business requires strong relationships with suppliers, customers and others and we continually strive to maintain and improve these relationships.

Statement of corporate governance arrangements

Our business aims are designed to have a long-term beneficial impact on the Group and to contribute to its success. The impact of the Group's operations on the community and environment are considered by the directors and reviewed regularly. As the Board of Directors, our intention is to behave responsibly and ensure that management operate the business in a responsible manner, operating within the high standards of business conduct and good governance. As the Board of Directors, our intention is to behave responsibly toward our shareholders and treat them fairly and equally, so they too may benefit from the success of the Group.

Page 1

 
BDRC GROUP LIMITED
 

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

Development and financial performance during the year

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

The financial position of the group at the year end

At the year end the Group had a post-tax profit for the year of £1,154,742 (2023: £505,774) and an increase in shareholders' funds from £11,639,186 to £12,691,139 following a dividend distribution of £Nil (2023: £2,472,359). The Group generated cash from operations of £177,559 in the current year (2023: 917,867 cash from operating activities), invested £211,503 (2023: £47,359) in tangible fixed assets and invested £Nil (2023: £7,400) in intangible fixed assets.

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


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

Financial instruments

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

Page 2

 
BDRC GROUP LIMITED
 

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


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



M O Costin
Director

Date: 3 June 2025

Page 3

 
BDRC GROUP LIMITED
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

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

Directors' responsibilities statement

The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are required to:


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

make judgements and accounting estimates that are reasonable and prudent;

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

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group 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 the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Principal activity

The principal activity of the Group in the year under review was that of market research consultants.

Results and dividends

The profit for the year, after taxation and minority interests, amounted to £1,158,076 (2023: £420,835).

During the year a dividend of £Nil (2023: £2,472,359) was paid to the Parent Company. 

Directors

The directors who served during the year were:

M O Costin 
P Gaudin 
E Lecerf 
G Lopez 
V A Scarpino 
I P Stevens 
T C Tarrant 

Page 4

 
BDRC GROUP LIMITED
 

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

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

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

Disclosure in the strategic report

As permitted by paragraph 1A of Schedule 7 to the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 certain matters which are required to be disclosed in the Directors' Report have been omitted as they are included in the Strategic Report on pages 1 - 2. These matters relate to financial instruments and future developments.
As permitted by the Companies (Miscellaneous Reporting) Regulations 2018 certain matters which are required to be disclosed in the Directors' Report have been omitted as they are included in the Strategic Report on pages 1 to 2. These matters relate to the Parent Company's and the Group's business relationships with suppliers, customers and others. 

Auditors

The auditorsCooper Parry Group Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Under section 487(2) of the Companies Act 2006, Cooper parry Group Limited will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier. 

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



M O Costin
Director

Date: 3 June 2025

Page 5

 
BDRC GROUP LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BDRC GROUP LIMITED
 

Opinion


We have audited the financial statements of BDRC Group Limited (the "Parent Company") and its subsidiaries (the "Group") for the year ended 31 December 2024, which comprise the Consolidated Statement of Comprehensive Income, the Group and Company Balance Sheet,the Group and Company Statement of Changes in Equity,  the Consolidated Statement of Cash Flows, the Consolidated Statement of Net Funds, 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 Group's and of the Parent Company's affairs as at 31 December 2024 and of the Group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


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


Conclusions relating to going concern


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


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


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


Other information


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


We have nothing to report in this regard.
Page 6

 
BDRC GROUP LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BDRC GROUP LIMITED (CONTINUED)




Opinion on other matters prescribed by the Companies Act 2006
 

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


the information given in the Group 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 Group 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 Group and the Parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the Parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the Parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Group's and the Parent 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 Group or the Parent Company or to cease operations, or have no realistic alternative but to do so.


Auditors' 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 Auditors' 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 Group 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.


 
Page 7

 
BDRC GROUP LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BDRC GROUP LIMITED (CONTINUED)



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


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


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an 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.



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

 
Date: 
5 June 2025
Page 8

 
BDRC GROUP LIMITED
 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024

As restated
2024
2023
Note
£
£

  

Turnover
 4 
26,120,331
24,773,238

Cost of sales
  
(11,513,086)
(11,511,982)

Gross profit
  
14,607,245
13,261,256

Distribution costs
  
(3,611)
(3,735)

Administrative expenses
  
(13,101,061)
(12,317,186)

Operating profit
 5 
1,502,573
940,335

Interest receivable and similar income
 8 
152,929
83,226

Interest payable and similar expenses
  
-
(43)

Profit before taxation
  
1,655,502
1,023,518

Tax on profit
 9 
(500,760)
(517,744)

Profit for the financial year
  
1,154,742
505,774

  

Total comprehensive income for the year
  
1,154,742
505,774

Profit for the year attributable to:
  

Non-controlling interests
  
(3,334)
84,939

Owners of the Parent Company
  
1,158,076
420,835

  
1,154,742
505,774

There were no recognised gains and losses for 2024 or 2023 other than those included in the Consolidated Statement of Comprehensive Income.

The notes on pages 16 to 35 form part of these financial statements.

Page 9

 
BDRC GROUP LIMITED
REGISTERED NUMBER: 06779754

CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 12 
36,616
143,048

Tangible assets
 13 
246,447
146,556

Investments
 14 
51,462
51,462

  
334,525
341,066

Current assets
  

Debtors: amounts falling due within one year
 15 
13,688,648
14,168,732

Cash at bank and in hand
  
2,092,139
2,087,240

  
15,780,787
16,255,972

Creditors: amounts falling due within one year
 16 
(3,410,023)
(5,046,491)

Net current assets
  
 
 
12,370,764
 
 
11,209,481

Total assets less current liabilities
  
12,705,289
11,550,547

Provisions for liabilities
  

Deferred taxation
 18 
(14,150)
(14,150)

Net assets
  
12,691,139
11,536,397


Capital and reserves
  

Called up share capital 
 19 
60,641
60,641

Share premium account
 20 
137,519
137,519

Capital redemption reserve
 20 
600
600

Other reserves
 20 
4,500
4,500

Profit and loss account
 20 
12,594,002
11,435,926

Equity attributable to owners of the parent Company
  
12,797,262
11,639,186

Non-controlling interests
  
(106,123)
(102,789)

  
12,691,139
11,536,397


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


M O Costin
Director

Date: 3 June 2025

The notes on pages 16 to 35 form part of these financial statements.

Page 10

 
BDRC GROUP LIMITED
REGISTERED NUMBER: 06779754

COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 14 
1,173,854
1,173,854

  
1,173,854
1,173,854

Current assets
  

Debtors: amounts falling due within one year
 15 
278,432
132,135

Cash at bank and in hand
  
783
16,844

  
279,215
148,979

Creditors: amounts falling due within one year
 16 
(2,201,090)
(2,068,685)

Net current liabilities
  
 
 
(1,921,875)
 
 
(1,919,706)

Total assets less current liabilities
  
(748,021)
(745,852)

  

  

Net liabilities
  
(748,021)
(745,852)


Capital and reserves
  

Called up share capital 
 19 
60,641
60,641

Share premium account
 20 
137,519
137,519

Capital redemption reserve
 20 
600
600

Profit and loss account
 20 
(946,781)
(944,612)

Shareholders' deficit
  
(748,021)
(745,852)


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


M O Costin
Director

Date: 3 June 2025

The notes on pages 16 to 35 form part of these financial statements.

Page 11

 

 
BDRC GROUP LIMITED


 

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



Called up share capital
Share premium account
Capital redemption reserve
Other reserves
Profit and loss account
Equity attributable to owners of parent Company
Non-controlling interests
Total equity


£
£
£
£
£
£
£
£



At 1 January 2023
60,641
137,519
600
4,500
13,487,450
13,690,710
(187,728)
13,502,982





Profit for the year
-
-
-
-
420,835
420,835
84,939
505,774


Dividends
-
-
-
-
(2,472,359)
(2,472,359)
-
(2,472,359)





At 1 January 2024
60,641
137,519
600
4,500
11,435,926
11,639,186
(102,789)
11,536,397





Profit for the year
-
-
-
-
1,158,076
1,158,076
(3,334)
1,154,742



At 31 December 2024
60,641
137,519
600
4,500
12,594,002
12,797,262
(106,123)
12,691,139



Page 12

 
BDRC GROUP LIMITED
 

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


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

£
£
£
£
£


At 1 January 2023
60,641
137,519
600
(944,612)
(745,852)



Profit for the year
-
-
-
2,472,359
2,472,359

Dividends
-
-
-
(2,472,359)
(2,472,359)



At 1 January 2024
60,641
137,519
600
(944,612)
(745,852)



Loss for the year
-
-
-
(2,169)
(2,169)


At 31 December 2024
60,641
137,519
600
(946,781)
(748,021)


Page 13

 
BDRC GROUP LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year before taxation
1,655,502
1,023,518

Adjustments for:

Depreciation and amortisation of fixed assets
226,838
217,003

Interest paid
-
43

Interest received
(152,929)
(83,226)

(Increase)/decrease in debtors
(4,573,691)
1,082,494

Decrease in creditors
3,315,776
(1,005,588)

Corporation tax paid
(446,846)
(399,603)

Net cash generated from operating activities

24,650
834,641


Cash flows from investing activities

Purchase of intangible fixed assets
-
(7,400)

Purchase of tangible fixed assets
(211,503)
(47,359)

Interest received
152,929
83,226

Net cash from investing activities

(58,574)
28,467

Cash flows from financing activities

Dividends paid
-
(2,472,359)

Interest paid
-
(43)

Net cash used in financing activities
-
(2,472,402)

Net (decrease) in cash and cash equivalents
(33,924)
(1,609,294)

Cash and cash equivalents at beginning of year
2,087,240
3,696,534

Cash and cash equivalents at the end of year
2,053,316
2,087,240


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
2,092,044
2,087,240

Bank overdrafts
(38,728)
-

2,053,316
2,087,240


The notes on pages 16 to 35 form part of these financial statements.

Page 14

 
BDRC GROUP LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2024





At 1 January 2024
Cash flows
Other non-cash changes
At 31 December 2024
£

£

£

£

Cash at bank and in hand

2,087,240

4,804

95

2,092,139

Bank overdrafts

-

(38,728)

-

(38,728)


2,087,240
(33,924)
95
2,053,411

The notes on pages 16 to 35 form part of these financial statements.

Page 15

 
BDRC GROUP LIMITED
 

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

1.


General information

BDRC Group Limited is a private company, limited by shares, registered in England and Wales. The Company's registered number and registered office address can be found on the Company Information page. 


2.


Statement of Compliance

The financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. 

3.Accounting policies

 
3.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention 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 Group management to exercise judgement in applying the Group's accounting policies.

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The financial statements have been prepared under the historical cost convention. The financial statements are presented in Sterling (£).
Amounts in these financial statements are rounded to the nearest £.

The following principal accounting policies have been applied:

 
3.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between Group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.

  
3.3

Significant Judgements and Estimates

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
(a) Critical judgements in applying the Group's accounting policies
The critical judgement that the directors have made in the process of applying the Group's accounting policies that has the most significant effect on the amounts recognised in the statutory financial statements are discussed below:

 
Page 16

 
BDRC GROUP LIMITED
 

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

3.Accounting policies (continued)

(i)  Assessing indicators and impairment
In assessing whether there have been any indicators or impairment of assets, the directors have considered both external and internal sources of information such as market conditions, counterparty credit ratings and experience or recoverability. There have been no indicators or impairments identified during the current financial year.
(b) Key accounting estimates and assumptions
The Group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below:
(i)  Impairment of intangible assets and goodwill
The Group considers whether intangible assets and goodwill are impaired. Where an indication of impairment is identified the estimation of recoverable value requires estimation of the recoverable value of the cash generating units (CGUs). This requires estimation of the future cash flows from the CGUs and also selection of appropriate discount rates in order to calculate the net present value of those cash flows.
(ii)  Turnover recognition in respect of services
The Group uses the percentage of completion method to recognise project turnover for fixed-priced contracts. This method requires the directors to estimate the level of services performed at each reporting date as a proportion of the total services to be performed to complete the contract.  Variations to estimates could result in the over or under recognition of turnover.
(iii)  Recoverability of receivables
The Group establishes a provision for receivables that are estimated not to be recoverable.  When assessing recoverability, the directors consider factors such as the ageing of the receivables, past experience and recoverability, and the credit profile of individual or groups of customers.

 
3.4

Going concern

These financial statements have been prepared on a going concern basis, with the Company retaining the support and financial backing of the Group as a whole, and the directors receiving assurances as such. These assurances include that amounts owed by Group companies and affiliated companies will not be recalled to the detriment of the Company continuing as a going concern.
The current economic conditions present increased risks for all businesses. In response to such conditions, the directors have carefully considered these risks including an assessment on uncertainty on future trading projection for a period of at least 12 months from the date of signing the financial statements, and the extent to which they might affect the preparation of the financial statements on a going concern basis.
The directors have reviewed and considered relevant information, including the annual budget and future cash flows in making their assessment. Based on assessment, the directors consider that both the Company, and the Group it heads maintains an appropriate level of liquidity, sufficient to meet the demands of the  Group including any capital and servicing obligations and external debt liabilities. In addition, the Company's and Group's assets are assessed for recoverability on a regular basis, and the directors consider that the Group and the Company are not exposed to losses on these assets which would affect their decision to adopt the going concern basis.
The directors have a reasonable expectation that the Group and the Company have adequate resources to continue in operational existence for the foreseeable future and that there are no material uncertainties that lead to significant doubts upon the Company's and Group’s ability to continue as a going concern. Thus, the directors have continued to adopt the going concern basis of accounting in preparing these financial statements.
Page 17

 
BDRC GROUP LIMITED
 

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

3.Accounting policies (continued)


3.4
Going concern (continued)


Page 18

 
BDRC GROUP LIMITED
 

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

3.Accounting policies (continued)

 
3.5

Foreign currency translation

Functional and presentation currency

The Group and 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 the Consolidated Statement of Comprehensive Income 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 Consolidated Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in the Consolidated Statement of Comprehensive Income within 'administrative expenses'.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

 
3.6

Turnover

Turnover represents the value of work undertaken by the Group in the financial year, which has been completed and accepted by clients under the terms of their contracts with the Group. In assessing the values attributable to contracts in prgress at the Balance Sheet date, turnover is accrued based on the stage of completion of the contract and the extent to which the right to consideration has been obtained through performance. 

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Group and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Group will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.
Page 19

 
BDRC GROUP LIMITED
 

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

3.Accounting policies (continued)


3.6
Turnover (continued)


Page 20

 
BDRC GROUP LIMITED
 

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

3.Accounting policies (continued)

 
3.7

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to the Consolidated Statement of Comprehensive Income on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
3.8

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over 10 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
3.9

Finance costs

Finance costs are charged to the Consolidated Statement of Comprehensive Income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
3.10

Pensions

Defined contribution pension plan

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

The contributions are recognised as an expense in the Consolidated Statement of Comprehensive Income 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 Group in independently administered funds.

  
3.11

Impairment of Assets

At each reporting date the Group reviews the carrying value of its assets to determine whether there is any indication that these 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.
The recoverable amount of an asset is the higher of fair value less costs to sell and value in use.  Value in use is the present value of the future cash flows expected to be derived from the asset, or cash generating unit. The present value calculation involves estimating the future cash inflows and outflows to be derived from continuing use of the asset, and from its ultimate disposal, applying an appropriate discount rate to those future cash flows.
Where the recoverable amount of an asset is less than the carrying amount, an impairment loss is recognised immediately in the Consolidated Statement of Comprehensive Income. An impairment loss recognised for all assets is reversed in a subsequent period if, and only if, the reasons for the impairment loss have ceased to apply.  Impairment losses are charged to the income statement in
Page 21

 
BDRC GROUP LIMITED
 

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

3.Accounting policies (continued)

administration expenses.

 
3.12

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date.

 
3.13

Intangible assets

Goodwill

Goodwill, being the amount paid in connection with the acquisition of businesses in 2007, 2012 and 2014, is being amortised evenly over an estimated useful life of ten years. Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Where factors indicate that residual value or useful life have changed, the residual value, useful life amortisation rate are amended prospectively to reflect new circumstances. The assets are reviewed for impairment if the above factors indicate that the carrying amount may be impaired.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Page 22

 
BDRC GROUP LIMITED
 

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

3.Accounting policies (continued)

 
3.14

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.

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

Depreciation is provided on the following basis:

Short-term leasehold property
-
in accorance with the property
Plant and machinery
-
25% on cost
Fixtures and fittings
-
25% on cost and 25% on reducing balance
Computer equipment
-
33% on cost and 25% on cost
Improvements to property
-
in accordance with the property

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

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Consolidated Statement of Comprehensive Income.

 
3.15

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Group shares, whose market value can be reliably determined, are remeasured to market value at each Balance Sheet date. Gains and losses on remeasurement are recognised in the Consolidated Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each Balance Sheet date. Gains and losses on remeasurement are recognised in the Consolidated Statement of Comprehensive Income for the period.

 
3.16

Associates and joint ventures

Investments in associate undertakings are recognised at cost. An entity is treated as a joint venture where the Group is a party to a contractual agreement with one or more parties from outside the Group to undertake an economic activity that is subject to joint control.

An entity is treated as an associated undertaking where the Group exercises significant influence in that it has the power to participate in the operating and financial policy decisions.
In the consolidated accounts, interests in associated undertakings are accounted for using the equity method of accounting. Under this method an equity investment is initially recognised at the transaction price (including transaction costs) and is subsequently adjusted to reflect the investors share of the profit or loss, other comprehensive income and equity of the associate. The Consolidated Statement of Comprehensive Income includes the Group's share of the operating results, interest, pre-tax results and attributable taxation of such undertakings applying accounting policies consistent with those of the Group. In the Consolidated Balance Sheet, the interests in associated undertakings are shown as the Group's share of the identifiable net assets, including any unamortised premium paid on acquisition.
 
Page 23

 
BDRC GROUP LIMITED
 

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

3.Accounting policies (continued)


3.16
Associates and joint ventures (continued)

Any premium on acquisition is dealt with in accordance with the goodwill policy.

 
3.17

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
3.18

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
3.19

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
3.20

Provisions for liabilities

Provisions are made where an event has taken place that gives the Group a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the Consolidated Statement of Comprehensive Income in the year that the Group becomes aware of the obligation, and are measured at the best estimate at the Balance Sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

 
3.21

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Group's Balance Sheet when the Group 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.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the
Page 24

 
BDRC GROUP LIMITED
 

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

3.Accounting policies (continued)


3.21
Financial instruments (continued)

present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

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

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

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

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, other loans and loans due to fellow group companies are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

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

Derecognition of financial liabilities

Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.
Page 25

 
BDRC GROUP LIMITED
 

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

3.Accounting policies (continued)


3.21
Financial instruments (continued)


 
3.22

Dividends

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


4.


Turnover

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

Analysis of turnover by geographical market:

As restated
2024
2023
£
£

United Kingdom
24,329,234
22,612,060

Rest of Europe
1,084,424
1,434,998

Rest of the world
706,673
726,180

26,120,331
24,773,238



5.


Operating profit

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

2024
2023
£
£

Other operating lease
447,928
91,915

Depreciation - owned assets
113,355
75,428

Amortisation
113,503
141,175

Auditor's remuneration
87,500
85,000

Foreign exchange differences
100,346
(86,714)

Page 26

 
BDRC GROUP LIMITED
 

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

6.


Employees

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


Group
Group
2024
2023
£
£


Wages and salaries
8,136,204
7,266,526

Social security costs
818,263
792,684

Cost of defined contribution scheme
363,152
366,607

9,317,619
8,425,817


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


        2024
        2023
            No.
            No.







Consultants
64
64



Office, administration and executives
37
37



Operational staff
289
340

390
441


7.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
780,891
917,874

780,891
917,874


The highest paid director received remuneration of £107,750 (2023: £122,500).


8.


Interest receivable

2024
2023
£
£


Other interest receivable
152,929
83,226

Page 27

 
BDRC GROUP LIMITED
 

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

9.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
318,158
316,245

Adjustments in respect of previous periods
81,453
201,499

Foreign tax


Foreign tax on income for the year
101,149
-

101,149
-

Total current tax
500,760
517,744

Factors affecting tax charge for the year

The tax assessed for the year is the same as (2023: higher than) the standard rate of corporation tax in the UK of 25% (2023:25%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
1,655,502
1,023,518


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023: 25%)
413,876
255,880

Effects of:


Expenses not deductible for tax purposes
8,617
-

Deferred tax not recognised
(3,186)
60,365

Adjustments to tax charge in respect of prior periods
81,453
201,499

Total tax charge for the year
500,760
517,744


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


10.


Dividends

2024
2023
£
£


Interim dividends
-
2,472,359

Page 28

 
BDRC GROUP LIMITED
 

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

11.


Individual income statement

As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the Parent Company is not presented as part of these financial statements.


12.


Intangible assets

Group





Development expenditure
Computer software
Goodwill
Total

£
£
£
£



Cost


At 1 January 2024
643,623
28,897
495,751
1,168,271


Foreign exchange movement
(796)
-
-
(796)



At 31 December 2024

642,827
28,897
495,751
1,167,475



Amortisation


At 1 January 2024
550,201
28,897
446,125
1,025,223


Charge for the year
63,877
-
49,626
113,503


Foreign exchange movement
(7,867)
-
-
(7,867)



At 31 December 2024

606,211
28,897
495,751
1,130,859



Net book value



At 31 December 2024
36,616
-
-
36,616



At 31 December 2023
93,422
-
49,626
143,048



Page 29

 
BDRC GROUP LIMITED
 

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

13.


Tangible fixed assets

Group






Short-term leasehold property
Plant and machinery
Fixtures and fittings
Computer equipment
Improvments to property
Total

£
£
£
£
£
£



Cost or valuation


At 1 January 2024
332,331
108,635
813,806
1,685,075
491,867
3,431,714


Additions
124,338
-
-
87,165
-
211,503


Exchange adjustments
-
-
3,831
(2,695)
-
1,136



At 31 December 2024

456,669
108,635
817,637
1,769,545
491,867
3,644,353



Depreciation


At 1 January 2024
332,331
108,635
747,465
1,641,678
455,049
3,285,158


Charge for the year
31,386
-
16,976
51,255
13,718
113,335


Exchange adjustments
-
-
-
(587)
-
(587)



At 31 December 2024

363,717
108,635
764,441
1,692,346
468,767
3,397,906



Net book value



At 31 December 2024
92,952
-
53,196
77,199
23,100
246,447



At 31 December 2023
-
-
66,341
43,397
36,818
146,556


14.


Fixed asset investments

Group





Interest in associates

£



Cost


At 1 January 2024
51,462



At 31 December 2024
51,462




Page 30

 
BDRC GROUP LIMITED
 

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





Investments in subsidiary companies
Investments in associates
Total

£
£
£



Cost


At 1 January 2024
1,122,392
51,462
1,173,854



At 31 December 2024
1,122,392
51,462
1,173,854





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

BDRC Continental Limited
12-20 Baron Street, London, N1 9LL
Ordinary
100%
Perspective Research Services Limited
12-20 Baron Street, London, N1 9LL
Ordinary
100%
E.S.A (Market Research) Limited
12-20 Baron Street, London, N1 9LL
Ordinary
100%
Alligator Research Limited
12-20 Baron Street, London, N1 9LL
Ordinary
100%
Underglade Limited
12-20 Baron Street, London, N1 9LL
Ordinary
  100%
BDRC Australia Pty Limited
Australia
Ordinary
56%
BDRC Americas Inc
United States of America
Ordinary
65%
BDRC Americas Holdings Inc
United States of America
Ordinary
100%

The aggregate of the share capital and reserves as at 31 December 2024 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)
£
£

BDRC Continental Limited
5,459,756
89,102

Perspective Research Services Limited
1,261,365
46,702

E.S.A (Market Research) Limited
4,015,103
519,819

Alligator Research Limited
1,656,254
(132)

Underglade Limited
699,375
123,765

BDRC Australia Pty Limited
288,759
10,909

BDRC Americas Inc
1,125,921
520,855

BDRC Americas Holdings Inc
-
-

Page 31

 
BDRC GROUP LIMITED
 

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

Associates


The following were associates of the Company:


Name

Registered office

Class of shares

Holding

BDRC Asia Ptd Limited
Singapore
Ordinary
20%
PT.BDRC Asia Indonesia
Indonesia
Ordinary
24.5%


15.


Debtors

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Trade debtors
5,365,146
7,531,447
-
-

Amounts owed by Group undertakings
5,574,640
2,626,081
278,432
95,299

Other debtors
108,413
308,197
-
36,836

Prepayments and accrued income
2,606,549
3,703,007
-
-

Tax recoverable
33,900
-
-
-

13,688,648
14,168,732
278,432
132,135



16.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank overdrafts
38,728
-
-
-

Trade creditors
626,171
1,980,098
-
1

Amounts owed to Group undertakings
-
308,479
2,201,090
2,068,684

Corporation tax
338,437
250,623
-
-

Other taxation and social security
920,013
1,268,574
-
-

Other creditors
16,004
24,719
-
-

Accruals and deferred income
1,470,670
1,213,998
-
-

3,410,023
5,046,491
2,201,090
2,068,685


Page 32

 
BDRC GROUP LIMITED
 

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

17.


Financial instruments

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Financial assets

Cash & cash equivalents
2,092,139
2,087,240
783
16,844

Trade debtors
5,365,146
7,531,447
-
-

Amounts owed by Group undertakings
5,574,640
2,626,081
278,432
95,299

Other debtors
108,413
308,197
-
36,836

Accrued income
2,302,190
3,103,615
-
-

15,442,528
15,656,580
279,215
148,979


Financial liabilities

Trade creditors
626,171
1,980,098
-
1

Amounts owed to Group undertakings
-
308,479
2,201,090
2,068,684

Accruals
912,566
514,248
-
-

Other creditors
16,004
24,719
-
-

Bank overdrafts
38,728
-
-
-

1,593,469
2,827,544
2,201,090
2,068,685


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


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

Page 33

 
BDRC GROUP LIMITED
 

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

18.


Deferred taxation


Group



2024


£




Deferred tax


At beginning of year
14,150



At end of year
14,150

The provision for deferred taxation is made up as follows:

Group
Group
2024
2023
£
£

Accelerated capital allowances
14,150
14,150


19.


Share capital

2024
2023
£
£
Authorised, allotted, called up and fully paid



6,064,090 (2023:6,064,090) Ordinary shares of £0.01 each
60,641
60,641



20.


Reserves

Share premium account

Amounts paid over and above the nominal value of a share.

Capital redemption reserve

A reserve for the redemption of the Parent Company's own shares.

Other reserves

This reserve is for additional capital introduced to finance the Group. 

Profit and loss account

This reserve is used to assist in the maintenance of the Company's capital base.


21.


Non-controlling interests

Minority interest's share of net assets and liabilities in subsidiary undertakings £106,123(2023: £102,798).

Page 34

 
BDRC GROUP LIMITED
 

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

22.


Prior year adjustment

The directors have reviewed the prior year group turnover and cost of sales figures and determined that a restatement adjustment to correct the elimination of transactions between group companies is required. The impact of these adjustments is to reduce the former by £4,772,914  and increase the latter by the same amount. There has thus been no overall impact on the balance sheet or profit for the prior year.


23.


Secured debts





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


24.


Commitments under operating leases

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


Group
Group
2024
2023
£
£

Not later than 1 year
81,491
142,750

Later than 1 year and not later than 5 years
558,792
-

Later than 5 years
756,697
-

25.


Related party transactions

The Company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the Group.
Transactions between group entities which have been eliminated on consolidation are not disclosed within the consolidated financial statements.


26.


Ultimate controlling party

The ultimate parent undertaking is Xpage Group, a company incorporated in France. X Page prepares group financial statements and copies can be obtained from 75 Rue Saint-Jean 31130, Balma, France. 


Page 35