| REGISTERED NUMBER: SC047233 (Scotland) |
| GROUP STRATEGIC REPORT, |
| REPORT OF THE DIRECTORS AND |
| CONSOLIDATED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| FOR |
| CROWN WORLDWIDE LIMITED |
| REGISTERED NUMBER: SC047233 (Scotland) |
| GROUP STRATEGIC REPORT, |
| REPORT OF THE DIRECTORS AND |
| CONSOLIDATED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| FOR |
| CROWN WORLDWIDE LIMITED |
| CROWN WORLDWIDE LIMITED (REGISTERED NUMBER: SC047233) |
| CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| Page |
| Company Information | 1 |
| Group Strategic Report | 2 |
| Report of the Directors | 8 |
| Report of the Independent Auditors | 10 |
| Consolidated Income Statement | 13 |
| Consolidated Other Comprehensive Income | 14 |
| Consolidated Balance Sheet | 15 |
| Company Balance Sheet | 16 |
| Consolidated Statement of Changes in Equity | 17 |
| Company Statement of Changes in Equity | 18 |
| Consolidated Cash Flow Statement | 19 |
| Notes to the Consolidated Cash Flow Statement | 20 |
| Notes to the Consolidated Financial Statements | 22 |
| CROWN WORLDWIDE LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Statutory Auditor |
| 3 Doolittle Yard |
| Froghall Road |
| Ampthill |
| Bedfordshire |
| MK45 2NW |
| CROWN WORLDWIDE LIMITED (REGISTERED NUMBER: SC047233) |
| GROUP STRATEGIC REPORT |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| The directors present their strategic report of the company and the group for the year ended 31 December 2024. |
| Introduction |
| The principal activities of the group are international relocation and mobility services, workplace change services including office moving and interior design, and fine art logistics services. |
| REVIEW OF BUSINESS |
| The diversified business segments that the consolidated group of companies operates within provided a 'mixed bag' of results for the 2024 financial year. |
| On the positive side, both our Workspace and Fine Art businesses enjoyed healthy, profitable growth with the latter reporting a third consecutive year of record revenue levels, clearing the £10m mark for the first time. By contrast our World Mobility and Relocations business contracted sharply, with the predominant reason being the loss of two major corporate clients (the largest of which we disclosed in our previous annual report as the decision was taken in late 2023) and ongoing contraction in corporate moving activity with a large number of clients. More details in each of these areas is provided in the commentary that follows within each individual segment of the business. |
| Given that the scale of the contraction in the World Mobility and Relocations business was so significant, this unfortunately outweighed the growth in the areas, and hence overall business revenues for the consolidated group fell by 9% to £47.5m for the 2024 financial year. However, at Gross Profit level most of this contraction was shielded, as Gross Profit levels only dropped by £0.7m. The relocations and mobility business operates to a largely outsourced, supply chain management model and therefore cost of services typically drops in line with revenue, whilst a series of cost increases and cost reduction initiatives across the Group also protected margins. |
| Within the Group, administrative costs rose by £2m to £20.1m. A significant portion of this cost increase (£1.4m) was attributable to the one off costs associated with exiting one of the two Workspace properties in north London. This is touched upon with the business unit commentary that follows. Eliminating this one off cost, the other increases totalled 3.5% and were largely inflationary. |
| The consolidated group, together with its sister company Crown Records Management Limited, continued to make great progress with its responsible business strategy in 2024. The combined UKI entities reported a 54.5% reduction in their scope 1 and 2 emissions against the pre-pandemic 2019 baseline; exceeding our interim goal of a 45% reduction by 2025 and leaving us well placed to take the next steps towards achieving 'net zero' by 2040. Each of the business segments have implemented a number of sustainable initiatives supporting our customers sustainability ambitions, and these are disclosed within the individual business segment commentary that follows. |
| On the people front, building upon our achievement of attaining Investors in People silver status in 2022, we also attained the Investors in People (IiP) 'We Invest in Wellbeing' accreditation which acknowledges organisations that take a proactive approach to supporting their workforce's physical, mental, and financial wellbeing. The business undertakes an annual engagement survey in which an outstanding 92% of its employees participated with 83% recommending Crown as a great place to work. 28% of the company's workforce also participated actively in its volunteering programme and giving back strategy which sees us work with in excess of 800 charity partners |
| Looking ahead to 2025, the UK economy is unlikely to provide a natural bounce to our activity levels with HM Treasury forecasts at April 2025 forecasting economic growth of less than 1%. The change in US administration and recent trade policy also provides a challenging backdrop, and whilst our services are largely exempt from tariffs they will impact customers to different degrees. Having said that, we have pursued diversification strategies in all of our businesses which we believe will see us continue to grow our market share and remain a prominent player in all of our key markets. The outlook for each business is discussed below. |
| CROWN WORLDWIDE LIMITED (REGISTERED NUMBER: SC047233) |
| GROUP STRATEGIC REPORT |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| World Mobility and Relocation Services |
| In our previous annual report, we disclosed the fact that unfortunately we had been unable to retain our largest corporate customer. The decision was taken in the second half of 2023, but the previous financial year was largely unaffected by this decision given that initiations and revenue generation continued until the end of 2023 (and slightly into the start of 2024). The reduction in revenue from this one customer alone totalled £4.1m, which was unfortunately compounded by another long standing customer who adopted a sole supplier strategy having previously always followed a multiple supplier strategy of which Crown was a key partner. This added to the revenue reduction by a further £0.4m in FY24. |
| In FY23 we had seen lower initiations from a number of existing corporate customers who had undertaken cost reduction exercises and in some instances recruitment freezes. The impact of this continued into FY24 with two of our largest clients in the audit and consulting, and global health technology sectors, spending a combined £1.4m less with us than in the previous year. |
| As well as reporting revenues from locally co-ordinated mobility programmes, London serves as a major inbound migration location, with the company providing local destination services to relocating employees and as corporate programmes shrunk generally this also had an impact. However, against this backdrop Crown Australia secured the business with a large bank who provided over 100 initiations into the UK during the financial year and helped to mitigate some of the local contracting programmes, and this should remain a good source of revenue for the company in 2025. |
| The impact of all of the factors mentioned above combined, meant that revenues with corporate clients contracted by £7.4m in the financial year. The company's operational model within the corporate business very much follows the relocation management company (RMC) approach which sees Crown manage service partners, freight partners and international and local agents, rather than employ in-house operational crews, fleets and other operating overheads, and therefore we were able to sustain healthy gross margins of 38% within the business unit. |
| The private element of the business remained flat, but encouragingly ramping up throughout the year and ending strongly. Revenues from this area of the business were 45% higher in the second half of the year than the first, as moving activity gathered pace in the UK market resulting in more leads, enquiries and bookings. |
| Prospects for both parts of the business, corporate and private, are brighter entering 2025. The company has spent a lot of time and investment re-shaping improving its technology offering and is launching its corporate mobility platform, Crown Engage, to its UK and European clients in 2025. The company has also focused heavily on upskilling its talent pool to provide outstanding customer service throughout the organisation with advanced training programmes, and has also implemented a number of new pricing innovations, technologies and efficiencies to ensure it remains price effective for its customers in a highly competitive UK market. These advances and developments are convincing more customers to choose Crown, and we were delighted to secure two new major clients in the early part of 2025 in the legal and engineering sectors, with several more strong pipeline prospects. Within the private business we have started the year very strongly compared to 2024, and are currently in the process of trialling new technology which we believe could be transformational in securing more sales and operating more efficiently. |
| On the sustainability front, we have been pursuing two key initiatives. The first initiative is focused on reporting the carbon footprint of client moves and is currently in its pilot phase with a select number of key clients. Our aim is to roll this tool out across all operations by the end of 2025. Our second key initiative has seen the company partner with Home Sweet Home, providing a solution to allow relocating individuals and families to clear their homes by donating redundant assets and reducing waste. Again this initiative is being piloted with a select number of clients, with an aspiration to roll out more widely during the coming year. Sustainability also remains a key topic of conversation within our client advisory board discussions and we continue to also upskill our mobility advisors and other key staff in areas such as carbon awareness and literacy. |
| CROWN WORLDWIDE LIMITED (REGISTERED NUMBER: SC047233) |
| GROUP STRATEGIC REPORT |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| Crown Workspace |
| The Workspace business enjoyed a strong year with reported revenues up by £1m (4.2%) versus the prior year. |
| Growth came from a number of areas of the business, which was especially pleasing as the company has undertaken a diversification strategy in recent years to reduce its reliance on purely the competitive commercial moving market within London. One of the largest sources of growth came from our interior design and fit out business with revenues up £0.8m (34%) on the previous year. The company has added a number of new clients during the year, including a major high street retailer who became our largest fit out client during the year. In the second half of the year, we made further investments in talent in this area of the business, recruiting a highly experienced Head of Electrical Services and launching this as a new proposition to our clients. The company is now able to provide expert electrical services from design and installation, to testing and repairs for retail, commercial and office spaces. We see this as an exciting opportunity for further growth beyond this year. |
| The core removals business also enjoyed a strong year, increasing revenue by 11% versus the prior year. Part of the increase was driven by the impact of the UK general election, given that the UK Parliament represents one of the company's largest clients and the election itself is a source of increased moving activity. Many of the company's other large clients also enjoyed stronger moving activity levels than in the previous year, and we also added a number of other new clients to the portfolio. Our gross margin also improved by over 2% in this area of the business, a result of many efficiency improvements that have been made in areas such as fleet, combined with our ongoing diversification outside of the London region. We also improved our storage margins, addressing the impact felt by escalating commercial property rents, via rate increases. |
| Another focus area for future growth is the area of Move Management consultancy, and our investment in this area in both talent and product innovation, was rewarded with revenue growth of £0.3m versus the prior year. |
| A combination of all of the factors above enabled the company's Gross Profit to increase by 10.8% from £6.6m in FY23 to £7.3m in FY24. |
| Coming back to the issue of escalating commercial property rents, the company took the decision to exit from one of the two units it operates from in north London, with the expiry date of the lease occurring in the first quarter of 2025. This process involved a major internal move of the existing operations and containerised storage from this facility to other locations within the Crown property portfolio. As the company had operated from the site for many years and had made bespoke investments in the property to suit its own operations, this exit process also involved incurring some sizeable dilapidations and refurbishment costs before handing the property back to the landlord in early 2025. These 'one-off' costs associated with the exit of the property accounted for the vast majority of the additional administrative expenses occurred in the financial year. However, the directors and management of the company believe that the averted property costs (in excess of £0.7m per annum) will return the company to ongoing profitable growth. Operationally the move has been a success and at the time of writing this report, the property exit has been completed. |
| CROWN WORLDWIDE LIMITED (REGISTERED NUMBER: SC047233) |
| GROUP STRATEGIC REPORT |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| The company has taken great pride in its innovations and accolades in the area of sustainability for many years and FY24 represented another great year of progress. At the start of 2024, we introduced Circulate, a comprehensive roadmap designed to embed the circular economy at the heart of the workplace. Whilst we had already been offering sustainable workplace solutions for well over a decade, Circulate brings together our extensive experience, market leading capabilities, and innovative services with changes to our processes, investment in new software, and upskilling of our team enabling us to embed circularity into business as usual. Supporting this we launched our new asset lifecycle tool, LENS, helping clients understand the value of their existing assets and helping them to maximise their usage. Our award winning Renew Centre, and our Renew IT businesses, refurbish and remanufacture existing furniture and IT assets, prolonging their life by preparing them for re-use by clients or by others. In FY24 we refurbished and reconditioned 27,140 items saving 2000 tonnes of CO2e and diverting 334 tonnes into re-use. Since 2015 we have now processed and refurbished over 276,000 items of furniture and IT through these facilities. We also continued to support local charities and organisations through our Giving Back Project and donated a record 6,160 items, working with over 800 charities in total. The Giving Back Project forms part of our wider social impact strategy working in the borough of Enfield to deepen our impact in the community. |
| Prospects remain healthy for the 2025 financial year through the business diversification strategy, investment in talent and systems, geographic reach and business innovations. |
| Fine Art |
| Having reported record revenue levels in each of the past two financial years, the business continued its upward trajectory with another record revenue year in FY24, topping the £10m mark for the first time ever. |
| Our previous report touched upon a number of recent initiatives. One of these was the expansion of our inner London storage offering which happened midway through 2024 but grew significantly in FY2024. Storage revenues increased by 14% during the financial year, and heading into 2025 our expanded facility is now materially full supported by a dedicated facility we are providing to a prominent professional membership body. As a result of our successful strategy in inner London, we expanded our footprint further early in 2025 by taking on some additional office space, which has allowed us to house all of our London team in one open plan location, converting previous internal office space into commercial space. |
| Our previous report also mentioned the recruitment of a new, experienced Commercial Director with 20 years' experience in the industry and we were able to build reciprocal revenue streams with international agents and increase our revenue in the heritage sector of our business by £866,000. |
| The business unit has a compound annual growth rate in excess of 10% over the past decade, and has successfully grown its market share in each of the sectors it operates within including heritage and museums, commercial galleries and auction houses, and the business mix remains healthy and diversified across all segments of the fine art market. |
| The business also continues to innovate in the area of sustainability and in April 2024 officially launched its market-leading crate and packaging reuse service, designed to keep valuable materials in use and give art packaging a second life. Traditionally, these items would be sent to recycling or waste facilities. However, the business now retains used packaging products and lists them for resale via its bespoke online shop. In 2024 we also became an Active Member of the Gallery Climate Coalition (GCC), signifying our commitment to leading responsible business within the fine art industry. To achieve Active Membership, we had to demonstrate that we had implemented environmental sustainability best practice in line with GCC guidance. On client request, we have also begun reporting on the carbon emissions of the services we provide within our clients' projects. We have developed our own report template and use data from the GCC calculator to generate the emissions figures. This allows us to demonstrate to our clients where their biggest impacts are and give them the opportunity to make more sustainable choices in the future |
| The business also took delivery of its first electric vehicle in the latter half of the financial year and has proven very popular with a number of high-profile London institutions as a result of the sustainability benefits. |
| CROWN WORLDWIDE LIMITED (REGISTERED NUMBER: SC047233) |
| GROUP STRATEGIC REPORT |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| Given the rapid growth of the business unit in recent years and developing talent pool we felt the need to understand how we can better engage with our employees and bring them along on our journey of growth. To do this, we worked with Investors in People (IIP) to carry out a culture audit, who came in as an external voice and conducted interviews and questionnaires with the team. We followed the "We Invest in Wellbeing" framework, for which we now hold a standard accreditation, and aspire to achieve silver next year as we begin to implement their recommendations. |
| Looking ahead to 2025, our sense is that it will be a challenging year for the fine art market with some early evidence of a slow down in activity versus the 2024 financial year. Having said that with our recent addition of the additional storage business as mentioned above, we believe the business will continue to grow profitably in the coming year and beyond. |
| Economic risk |
| The principal risk facing the business is the global economic environment which links directly to global relocation volumes, commercial moving activity, and fine art sector demand for logistics services. Inflation and high interest rates also have a bearing on buying decisions not just in our B2C businesses but also impact decision making in our B2B businesses. The change of administration in the US and the prospect of rising tariffs and a prospective 'trade war' also provides a challenging backdrop at the start of 2025, and whilst household goods moving is exempt from such tariff, our customers operate in segments where they could be disruption to their global trading activity. |
| Risks can also exist within specific countries or territories where changes to local migration laws and policies can have either a negative or positive impact on migrant activity levels. |
| SECTION 172(1) STATEMENT |
| The Board of Directors have always 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 s172(1) (a) - (f) of the Companies Act 2006, in the decisions taken during the year ended 31 December 2024. |
| Our plan is designed to have a long term beneficial impact on the group and to contribute to its success in delivering a high quality of service. |
| Our employees are fundamental to the delivery of our plan. We aim to be a responsible employer in our approach to the pay and benefits our employees receive. The health, safety and well-being of our team members is one of our primary considerations in the way we conduct our business. Engagement with suppliers and customers is also key to our success. We meet with our manufacturing partners regularly throughout the year and take the appropriate action, when necessary, to prevent involvement in modern slavery, corruption, bribery and breaches of competition law. |
| Our plan considers the impact of the Group's operations on the community and environment and our wider social responsibilities, and in particular how we comply with environmental legislation and pursue waste-saving opportunities and react promptly to local concerns. |
| As the Board of Directors, our intention is to behave in a responsible manner, operating within the high standards of business conduct and good governance expected for a business such as ours and in doing so, will construct to the delivery of our plan. The intention is to nurture our reputation, through both construction and delivery of our plan, that reflects our values, beliefs and culture. |
| As the Board of Directors, our intention is to behave responsibly towards all our enlightened shareholders and treat them fairly and equally, so they too may benefit from the successful delivery of our plan. |
| CROWN WORLDWIDE LIMITED (REGISTERED NUMBER: SC047233) |
| GROUP STRATEGIC REPORT |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| FINANCIAL KEY PERFORMANCE INDICATORS |
| KPI's are used by management in order to monitor the result of the business, mainly represented by key financial information shown in th Profit and Loss and Balance Sheet of the group such as: |
| Group | 2024 | 2023 |
| Turnover | £47.5m | £52.3m |
| Gross profit | £15.4m | £16.1m |
| Gross profit margin | 32.3% | 30.8% |
| EBITDA | £0.6m | £0.9m |
| Company | 2024 | 2023 |
| Turnover | £12.2m | £19.3m |
| Gross profit | £5.0m | £6.5m |
| Gross profit margin | 41.2% | 33.9% |
| EBITDA | £0.9m | £0.3m |
| ON BEHALF OF THE BOARD: |
| CROWN WORLDWIDE LIMITED (REGISTERED NUMBER: SC047233) |
| REPORT OF THE DIRECTORS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| The directors present their report with the financial statements of the company and the group for the year ended 31 December 2024. |
| DIVIDENDS |
| No dividends will be distributed for the year ended 31 December 2024. |
| DIRECTORS |
| The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report. |
| STREAMLINED ENERGY AND CARBON REPORTING |
| The company's greenhouse gas emissions and energy consumption are as follows: |
| 2024 | 2023 |
| tCO2e | tCO2e |
| Scope 1 Direct emissions | 745.7 | 759.4 |
| Scope 2 Indirect emissions | 5.7 | 5.3 |
| Total scope 1 & 2 emissions | 751.4 | 764.7 |
| kWh | kWh |
| Total energy consumption used | 4,000,248 | 3,946,777 |
| Intensity ratio: Tonnes of CO2 equivalent generated per £1,000,000 of revenue generated was 15.8 (2023 - 14.6). |
| The methodology applied to calculate the group's energy use and emissions is based on the principles set out in the GHG Reporting Protocol - Corporate Standard. |
| DISCLOSURE IN THE STRATEGIC REPORT |
| Information relating to principal risks and uncertainties the company is facing as well as the future developments of the company has been disclosed in the Strategic Report. Any matters that are Directors' Report disclosure requirements but considered by the directors to be of strategic importance to the group have been included in the Strategic Report. |
| CROWN WORLDWIDE LIMITED (REGISTERED NUMBER: SC047233) |
| REPORT OF THE DIRECTORS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| STATEMENT OF DIRECTORS' RESPONSIBILITIES |
| The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
| Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and 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 and then apply them consistently; |
| - | make judgements and accounting estimates that are reasonable and prudent; |
| - | state whether applicable 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 directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
| STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
| So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
| AUDITORS |
| The auditors, GKP (Ampthill) Limited, will be proposed for re-appointment in accordance with section 485 of the Companies Act 2006. |
| ON BEHALF OF THE BOARD: |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| CROWN WORLDWIDE LIMITED |
| Opinion |
| We have audited the financial statements of Crown Worldwide Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
| In our opinion the financial statements: |
| - | give a true and fair view of the state of the group's and of the parent company affairs as at 31 December 2024 and of the group's 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 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 UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
| Conclusions relating to going concern |
| In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
| Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and 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 directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
| Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
| In connection with our audit of the financial statements, 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 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. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| CROWN WORLDWIDE LIMITED |
| Opinions 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
| - | the Group Strategic Report and the Report of the Directors 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 Report of the Directors. |
| We have nothing to report in respect of the following matters where 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 Statement of Directors' Responsibilities set out on page nine, 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 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 a Report of the Auditors 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. |
| The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
| Owing to the inherent limitations of an audit, there is unavoidable risk that material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK). The more removed the laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment, forgery, collusion, omission or misrepresentation. |
| In identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following: |
| - | A part of the audit planning process was to look at each area of the financial statements and ascertain the level of risk for each applicable audit assertion. Where an increased risk was identified, specific audit work was designed to ensure those risks were at the forefront of the audit work carried out. |
| - | During the audit planning process, important laws and regulations applying to the company were identified by making enquiries of management in addition to our own checks of the laws and regulations applying to a business of this nature. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| CROWN WORLDWIDE LIMITED |
| - | The audit process has documented the systems and internal controls adopted by the company and considered their adequacy. Our audit work included testing journal entries due to an inherent risk of management override of controls. |
| - | An audit team planning meeting was held which communicated areas of identified risks and considered possible opportunities for fraud within the company. |
| - | The engagement partner assessed the experience and abilities of the engagement team to ensure they were collectively competent to identify irregularities. |
| - | All risks identified at the planning stage and the related audit work were reviewed and results considered to confirm that no irregularities had been identified. |
| - | Our audit has included a review of the disclosures in the financial statements and comparison of those disclosures with the results of our audit work to identify any disparities. |
| - | Analytical review of the financial statements has been undertaken at both the planning and completion stages of the audit to identify risks of irregularities and the results of the audit work carried out on those areas of risks. |
| - | The judgements made in making accounting estimates have been assessed as to whether they indicate potential bias. |
| - | Enquiries have been made of management regarding known instances of fraud, litigation or claims in progress. |
| - | Assurance has been obtained from the subsidiary component auditor that confirms that they understand and follow the Code of Ethics for Professional Accountants and international Standards on Auditing and The Financial Reporting Standard UK (FRS 102). It has been confirmed that the component auditor has the necessary skills to perform the audit work and fulfil their responsibilities. |
| 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 Report of the Auditors. |
| 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 a Report of the Auditors 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. |
| for and on behalf of |
| Statutory Auditor |
| 3 Doolittle Yard |
| Froghall Road |
| Ampthill |
| Bedfordshire |
| MK45 2NW |
| CROWN WORLDWIDE LIMITED (REGISTERED NUMBER: SC047233) |
| CONSOLIDATED INCOME STATEMENT |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 2024 | 2023 |
| Notes | £'000 | £'000 |
| TURNOVER | 5 | 47,498 | 52,323 |
| Cost of sales | 32,134 | 36,210 |
| GROSS PROFIT | 15,364 | 16,113 |
| Administrative expenses | 20,137 | 18,127 |
| (4,773 | ) | (2,014 | ) |
| Other operating income | 6 | 3,604 | 1,685 |
| OPERATING LOSS | 8 | (1,169 | ) | (329 | ) |
| Interest payable and similar expenses | 9 | 2,329 | 2,392 |
| LOSS BEFORE TAXATION | (3,498 | ) | (2,721 | ) |
| Tax on loss | 10 | (136 | ) | (158 | ) |
| LOSS FOR THE FINANCIAL YEAR | ( |
) | ( |
) |
| Loss attributable to: |
| Owners of the parent | (3,362 | ) | (2,563 | ) |
| CROWN WORLDWIDE LIMITED (REGISTERED NUMBER: SC047233) |
| CONSOLIDATED OTHER COMPREHENSIVE INCOME |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 2024 | 2023 |
| Notes | £'000 | £'000 |
| LOSS FOR THE YEAR | (3,362 | ) | (2,563 | ) |
| OTHER COMPREHENSIVE INCOME | - | - |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
(3,362 |
) |
(2,563 |
) |
| Total comprehensive income attributable to: |
| Owners of the parent | (3,362 | ) | (2,563 | ) |
| CROWN WORLDWIDE LIMITED (REGISTERED NUMBER: SC047233) |
| CONSOLIDATED BALANCE SHEET |
| 31 DECEMBER 2024 |
| 2024 | 2023 |
| Notes | £'000 | £'000 |
| FIXED ASSETS |
| Intangible assets | 12 | 5,963 | 6,507 |
| Tangible assets | 13 | 3,309 | 2,425 |
| Investments | 14 | - | - |
| 9,272 | 8,932 |
| CURRENT ASSETS |
| Stocks | 15 | 1,014 | 998 |
| Debtors | 16 | 32,281 | 33,913 |
| Cash at bank and in hand | 7,876 | 7,533 |
| 41,171 | 42,444 |
| CREDITORS |
| Amounts falling due within one year | 17 | (31,114 | ) | (22,963 | ) |
| NET CURRENT ASSETS | 10,057 | 19,481 |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
19,329 |
28,413 |
| CREDITORS |
| Amounts falling due after more than one year |
18 |
(19,132 |
) |
(24,738 |
) |
| PROVISIONS FOR LIABILITIES | 22 | - | (116 | ) |
| NET ASSETS | 197 | 3,559 |
| CAPITAL AND RESERVES |
| Called up share capital | 23 | 5,555 | 5,555 |
| Capital redemption reserve | 4 | 4 |
| Retained earnings | (5,362 | ) | (2,000 | ) |
| SHAREHOLDERS' FUNDS | 197 | 3,559 |
| The financial statements were approved by the Board of Directors and authorised for issue on 4 August 2025 and were signed on its behalf by: |
| Mr S Hardie - Director |
| CROWN WORLDWIDE LIMITED (REGISTERED NUMBER: SC047233) |
| COMPANY BALANCE SHEET |
| 31 DECEMBER 2024 |
| 2024 | 2023 |
| Notes | £'000 | £'000 |
| FIXED ASSETS |
| Intangible assets | 12 |
| Tangible assets | 13 |
| Investments | 14 |
| CURRENT ASSETS |
| Stocks | 15 |
| Debtors | 16 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 17 | ( |
) | ( |
) |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
18 |
( |
) |
( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 23 |
| Capital redemption reserve |
| Retained earnings | ( |
) |
| SHAREHOLDERS' FUNDS |
| Company's loss for the financial year | (1,993 | ) | (1,994 | ) |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| CROWN WORLDWIDE LIMITED (REGISTERED NUMBER: SC047233) |
| CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| Called up | Capital |
| share | Retained | redemption | Total |
| capital | earnings | reserve | equity |
| £'000 | £'000 | £'000 | £'000 |
| Balance at 1 January 2023 | 5,555 | 563 | 4 | 6,122 |
| Changes in equity |
| Total comprehensive income | - | (2,563 | ) | - | (2,563 | ) |
| Balance at 31 December 2023 | 5,555 | (2,000 | ) | 4 | 3,559 |
| Changes in equity |
| Total comprehensive income | - | (3,362 | ) | - | (3,362 | ) |
| Balance at 31 December 2024 | 5,555 | (5,362 | ) | 4 | 197 |
| CROWN WORLDWIDE LIMITED (REGISTERED NUMBER: SC047233) |
| COMPANY STATEMENT OF CHANGES IN EQUITY |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| Called up | Capital |
| share | Retained | redemption | Total |
| capital | earnings | reserve | equity |
| £'000 | £'000 | £'000 | £'000 |
| Balance at 1 January 2023 |
| Changes in equity |
| Total comprehensive income | - | ( |
) | ( |
) |
| Balance at 31 December 2023 |
| Changes in equity |
| Total comprehensive income | - | ( |
) | ( |
) |
| Balance at 31 December 2024 | ( |
) |
| CROWN WORLDWIDE LIMITED (REGISTERED NUMBER: SC047233) |
| CONSOLIDATED CASH FLOW STATEMENT |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 2024 | 2023 |
| Notes | £'000 | £'000 |
| Cash flows from operating activities |
| Cash generated from operations | 1 | 850 | 2,965 |
| Interest paid | (2,240 | ) | (2,331 | ) |
| Interest element of hire purchase payments paid |
(89 |
) |
(61 |
) |
| Tax paid | - | (288 | ) |
| Tax received | 290 | - |
| Net cash from operating activities | (1,189 | ) | 285 |
| Cash flows from investing activities |
| Purchase of tangible fixed assets | (400 | ) | (384 | ) |
| Net cash from investing activities | (400 | ) | (384 | ) |
| Cash flows from financing activities |
| Loan repayments in year | (1,164 | ) | (1,784 | ) |
| New related party loans in year | (77 | ) | (74 | ) |
| Related party loans repayments in year | 2,505 | 4,539 |
| Capital repayments in year | (447 | ) | (157 | ) |
| Net cash from financing activities | 817 | 2,524 |
| (Decrease)/increase in cash and cash equivalents | (772 | ) | 2,425 |
| Cash and cash equivalents at beginning of year |
2 |
(2,116 |
) |
(4,541 |
) |
| Cash and cash equivalents at end of year |
2 |
(2,888 |
) |
(2,116 |
) |
| CROWN WORLDWIDE LIMITED (REGISTERED NUMBER: SC047233) |
| NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 1. | RECONCILIATION OF LOSS BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
| 2024 | 2023 |
| £'000 | £'000 |
| Loss before taxation | (3,498 | ) | (2,721 | ) |
| Depreciation charges | 1,629 | 1,194 |
| Foreign exchange gains | - | (35 | ) |
| Finance costs | 2,329 | 2,392 |
| 460 | 830 |
| (Increase)/decrease in stocks | (16 | ) | 210 |
| Decrease in trade and other debtors | 1,118 | 3,865 |
| Decrease in trade and other creditors | (712 | ) | (1,940 | ) |
| Cash generated from operations | 850 | 2,965 |
| 2. | CASH AND CASH EQUIVALENTS |
| The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
| Year ended 31 December 2024 |
| 31.12.24 | 1.1.24 |
| £'000 | £'000 |
| Cash and cash equivalents | 7,876 | 7,533 |
| Bank overdrafts | (10,764 | ) | (9,649 | ) |
| (2,888 | ) | (2,116 | ) |
| Year ended 31 December 2023 |
| 31.12.23 | 1.1.23 |
| £'000 | £'000 |
| Cash and cash equivalents | 7,533 | 6,585 |
| Bank overdrafts | (9,649 | ) | (11,126 | ) |
| (2,116 | ) | (4,541 | ) |
| CROWN WORLDWIDE LIMITED (REGISTERED NUMBER: SC047233) |
| NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 3. | ANALYSIS OF CHANGES IN NET DEBT |
| Other |
| non-cash |
| At 1.1.24 | Cash flow | changes | At 31.12.24 |
| £'000 | £'000 | £'000 | £'000 |
| Net cash |
| Cash at bank |
| and in hand | 7,533 | 343 | 7,876 |
| Bank overdrafts | (9,649 | ) | (1,115 | ) | (10,764 | ) |
| (2,116 | ) | (772 | ) | (2,888 | ) |
| Debt |
| Finance leases | (1,060 | ) | 447 | (1,568 | ) | (2,181 | ) |
| Debts falling due |
| within 1 year | (1,164 | ) | (4,615 | ) | - | (5,779 | ) |
| Debts falling due |
| after 1 year | (5,779 | ) | 5,779 | - | - |
| (8,003 | ) | 1,611 | (1,568 | ) | (7,960 | ) |
| Total | (10,119 | ) | 839 | (1,568 | ) | (10,848 | ) |
| CROWN WORLDWIDE LIMITED (REGISTERED NUMBER: SC047233) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 1. | STATUTORY INFORMATION |
| Crown Worldwide Limited is a |
| The nature of the company's operations and its principal activities are set out in the Strategic Report on page 1. |
| The presentation currency of the financial statements is the Pound Sterling (£). All amounts in the financial statements have been rounded to the nearest £1000. |
| 2. | STATEMENT OF COMPLIANCE |
| These 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 |
| Basis of preparing the financial statements |
| Going concern |
| The directors have considered all relevant matters and believe that the going concern basis continues to be appropriate when preparing these accounts. |
| The directors have prepared cashflow forecasts for the 12 months following the approval of the financial statements which indicate that the Group will have sufficient funds through funding from its ultimate parent company, Crown Worldwide Holdings Limited, to meet its liabilities as they fall due for that period. |
| The forecasts are dependant on the Group's ultimate parent company, Crown Worldwide Holding Limited, not seeking repayment of the amounts currently due to the group which at the balance sheet date amounted to £21.9m, and providing additional support as required. Crown Worldwide Holdings Limited have indicated its intention to make funds available to the Company and that it does not intend to seek repayment of the amounts due at the balance sheet date for the period covered by the forecasts. As with any company placing reliance on other group entities for support, the directors acknowledge that there can be no certainty that this support will continue although at the date of approval of these financial statements, they have no reason to believe that it will not do so. |
| CROWN WORLDWIDE LIMITED (REGISTERED NUMBER: SC047233) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 3. | ACCOUNTING POLICIES - continued |
| Basis of consolidation |
| The consolidated financial statements incorporated the financial statements of the Company and its wholly-owned subsidiaries, as detailed in the notes to the accounts other than those whose inclusion would have no material effect on the financial statements. |
| All intercompany transactions, balances, income and expenses have been eliminated. |
| Subsidiary companies have different principal activities as detailed in the strategic report and notes to the financial statements and operate at different registered offices as set out in the notes to the financial statements. |
| Subsidiaries |
| A subsidiary is an entity in which the Group and the Company have power to control the financial and operating policies so as to obtain benefits from its activities. The existence and effect of potential voting rights that are currently exercisable or convertible are considered when assessing whether the Group has such power over the other entity. |
| An investment in a subsidiary, which is eliminated on consolidation, is stated in the Company's separate financial statements at cost less impairment losses, if any. |
| Turnover |
| Revenue 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 the following conditions are satisfied: |
| - | the amount of revenue can be measured reliably; |
| - | it is probable that the Group will receive 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 reliably measured. |
| Revenue is measured at the fair value of consideration received or receivable excluding discounts, rebates, value added tax and other sales taxes. |
| Goodwill |
| Goodwill, being the amount paid in connection with the acquisition of businesses in 2010 and 2018, is being amortised evenly over its estimated useful life of eight years and twenty years respectively. |
| Intangible assets |
| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
| Computer software is being amortised over its estimated useful life of ten years. |
| CROWN WORLDWIDE LIMITED (REGISTERED NUMBER: SC047233) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 3. | ACCOUNTING POLICIES - continued |
| 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 costs of assets less their residual value over their estimated useful lives, using the straight-line method. |
| Depreciation is provided for on the following basis: |
| Short leasehold | - over the term of the lease and at varying rates on cost |
| Plant and machinery | - 50% per annum, 33% per annum, 25% per annum, and 10% per annum |
| Fixtures and fittings | - 33% per annum, 25% per annum, 20% per annum and 10% per annum |
| Motor vehicles | - 33% per annum, 25% per annum and 20% per annum |
| 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 Statement of Comprehensive Income. |
| Stocks |
| Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is based on the first-in first-out principle and includes expenditure incurred in acquiring the stocks, production or conversation costs and other costs in bringing them to their existing location and condition. In the case of manufactured stocks and work in progress, cost includes an appropriate share of overheads based on normal operating capacity. |
| CROWN WORLDWIDE LIMITED (REGISTERED NUMBER: SC047233) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 3. | ACCOUNTING POLICIES - continued |
| Basic financial instruments |
| Trade and other debtors / creditors |
| Trade and other debtors are recognised initially at transaction price less attributable transactions costs. Trade and other creditors are recognised initially at transaction price plus attributable transactions costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade debtors. If the arrangement constitutes a financing transaction, for example if payment is deferred beyond normal business terms, then it is measured at the present value of future payments discounted at a market rate of instrument for similar debt instrument. |
| Derecognition of financial assets |
| Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has been transferred to another party that is able to sell the asset in its entirety to an unrelated third party. |
| Derecognition of financial liabilities |
| Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled. |
| Interest-bearing borrowings classified as basic financial instruments |
| Interest-bearing borrowings are recognised initially at the present value of future payments discounted at a market rate of interest. Subsequent to initial recognition, interest-bearing borrowings are stated at amortised cost using the effective interest method, less any impairment losses. |
| Taxation |
| Tax on the profit or loss for the year comprises current and deferred tax. Tax is recognised in the profit and loss account except to the extent that it relates to items recognised directly in equity or other comprehensive income, in which case it is recognised directly in equity or other comprehensive income. |
| Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in respect of previous years. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| CROWN WORLDWIDE LIMITED (REGISTERED NUMBER: SC047233) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 3. | ACCOUNTING POLICIES - continued |
| Foreign currencies |
| 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 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 Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in the Statement of comprehensive income within 'other operating income' |
| Hire purchase and leasing commitments |
| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
| The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
| Pension costs and other post-retirement benefits |
| The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
| Cash and cash equivalents |
| Cash is represented by cash in hand and deposits within 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. Bank overdrafts that are repayable on demand and form an integral part of the Company's cash management are included as a component of cash and cash equivalents. |
| Provisions |
| A provision is recognised in the balance sheet when the Company has a present legal or constructive obligation as a result of a past event, that can be reliably measured and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date. |
| CROWN WORLDWIDE LIMITED (REGISTERED NUMBER: SC047233) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 4. | CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY |
| In the application of the Company's accounting policies, which are described in note 3, the Directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
| The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. |
| 5. | TURNOVER |
| The turnover and loss before taxation are attributable to the principal activities of the group. |
| An analysis of turnover by class of business is given below: |
| 2024 | 2023 |
| Services | £'000 | £'000 |
| Corporate Moving & Mobility | 11,503 | 16,013 |
| Private Moving | 2,817 | 2,962 |
| Workspace | 25,053 | 20,339 |
| Fine Art | 10,231 | 8,996 |
| 49,604 | 48,310 |
| Sale of goods | 2,180 | 3,703 |
| Other income | 713 | 310 |
| 52,497 | 52,323 |
| An analysis of turnover by geographical market is given below: |
| 2024 | 2023 |
| £'000 | £'000 |
| United Kingdom | 46,448 | 39,741 |
| Europe | 2,099 | 5,546 |
| Other | 3,950 | 7,036 |
| 52,497 | 52,323 |
| 6. | OTHER OPERATING INCOME |
| 2024 | 2023 |
| £'000 | £'000 |
| Sundry receipts | 2,296 | 103 |
| Intercompany interest received | 1,308 | 1,582 |
| 3,604 | 1,685 |
| CROWN WORLDWIDE LIMITED (REGISTERED NUMBER: SC047233) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 7. | EMPLOYEES AND DIRECTORS |
| Group | Company |
| 2024 | 2023 | 2024 | 2023 |
| £ '000 | £ '000 | £'000 | £ '000 |
| Wages and salaries | 18,430 | 18,812 | 6,905 | 8,414 |
| Social security costs | 1,813 | 1,845 | 681 | 780 |
| Other pension costs | 555 | 475 | 301 | 236 |
| 20,798 | 21,132 | 7,887 | 9,430 |
| The average number of employees during the period was as follows: |
| Group | Company |
| 2024 | 2023 | 2024 | 2023 |
| Senior management | 7 | 7 | 7 | 7 |
| Administration | 122 | 166 | 65 | 99 |
| Operations | 108 | 182 | 9 | 10 |
| Sales | 41 | 31 | 19 | 15 |
| 278 | 386 | 100 | 131 |
| 2024 | 2023 |
| £ | £ |
| Directors' remuneration | 575,138 | 615,455 |
| The number of directors to whom retirement benefits were accruing was as follows: |
| Money purchase schemes | 2 | 2 |
| Information regarding the highest paid director is as follows: |
| 2024 | 2023 |
| £ | £ |
| Emoluments etc | 335,935 | 396,818 |
| 8. | OPERATING LOSS |
| The operating loss is stated after charging/(crediting): |
| 2024 | 2023 |
| £'000 | £'000 |
| Hire of plant and machinery | 49 | 64 |
| Other operating leases | 2,681 | 2,625 |
| Depreciation - owned assets | 546 | 505 |
| Depreciation - assets on hire purchase contracts | 538 | 111 |
| Goodwill amortisation | 413 | 413 |
| Computer software amortisation | 130 | 130 |
| Auditors' remuneration | 40 | 33 |
| Auditors' remuneration for other services | 25 | 24 |
| Foreign exchange differences | 83 | 500 |
| CROWN WORLDWIDE LIMITED (REGISTERED NUMBER: SC047233) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 9. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| 2024 | 2023 |
| £'000 | £'000 |
| Bank interest | 1,131 | 1,032 |
| Other interest | - | (4 | ) |
| Intercompany interest | 1,109 | 1,301 |
| HMRC interest | - | 2 |
| Hire purchase | 89 | 61 |
| 2,329 | 2,392 |
| 10. | TAXATION |
| Analysis of the tax credit |
| The tax credit on the loss for the year was as follows: |
| 2024 | 2023 |
| £'000 | £'000 |
| Current tax: |
| UK corporation tax | (2 | ) | (303 | ) |
| Deferred tax | (134 | ) | 145 |
| Tax on loss | (136 | ) | (158 | ) |
| Reconciliation of total tax credit included in profit and loss |
| The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
| 2024 | 2023 |
| £'000 | £'000 |
| Loss before tax | (3,498 | ) | (2,721 | ) |
| Loss multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 25 %) |
(875 |
) |
(680 |
) |
| Effects of: |
| Expenses not deductible for tax purposes | 92 | 222 |
| Depreciation in excess of capital allowances | - | 8 |
| Adjustments to tax charge in respect of previous periods | - | 7 |
| Deferred tax | (134 | ) | 191 |
| Group loss relief | 781 | 55 |
| Tax effect in current year not recognised | - | 6 |
| Charged at different rates | - | 33 |
| Total tax credit | (136 | ) | (158 | ) |
| 11. | INDIVIDUAL INCOME STATEMENT |
| As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
| CROWN WORLDWIDE LIMITED (REGISTERED NUMBER: SC047233) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 12. | INTANGIBLE FIXED ASSETS |
| Group |
| Computer |
| Goodwill | software | Totals |
| £'000 | £'000 | £'000 |
| COST |
| At 1 January 2024 |
| and 31 December 2024 | 9,332 | 1,300 | 10,632 |
| AMORTISATION |
| At 1 January 2024 | 3,735 | 390 | 4,125 |
| Amortisation for year | 414 | 130 | 544 |
| At 31 December 2024 | 4,149 | 520 | 4,669 |
| NET BOOK VALUE |
| At 31 December 2024 | 5,183 | 780 | 5,963 |
| At 31 December 2023 | 5,597 | 910 | 6,507 |
| Company |
| Computer |
| software |
| £'000 |
| COST |
| At 1 January 2024 |
| and 31 December 2024 |
| AMORTISATION |
| At 1 January 2024 |
| Amortisation for year |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| CROWN WORLDWIDE LIMITED (REGISTERED NUMBER: SC047233) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 13. | TANGIBLE FIXED ASSETS |
| Group |
| Improvements |
| Short | to | Plant and |
| leasehold | property | machinery |
| £'000 | £'000 | £'000 |
| COST |
| At 1 January 2024 | 263 | 969 | 5,909 |
| Additions | 10 | 134 | 273 |
| Disposals | - | - | - |
| Transfer to ownership | - | (1 | ) | - |
| At 31 December 2024 | 273 | 1,102 | 6,182 |
| DEPRECIATION |
| At 1 January 2024 | 115 | 752 | 4,567 |
| Charge for year | 21 | 145 | 380 |
| Eliminated on disposal | - | - | - |
| Transfer to ownership | - | (1 | ) | - |
| At 31 December 2024 | 136 | 896 | 4,947 |
| NET BOOK VALUE |
| At 31 December 2024 | 137 | 206 | 1,235 |
| At 31 December 2023 | 148 | 217 | 1,342 |
| Fixtures |
| and | Motor |
| fittings | vehicles | Totals |
| £'000 | £'000 | £'000 |
| COST |
| At 1 January 2024 | 1,230 | 1,887 | 10,258 |
| Additions | 187 | 1,364 | 1,968 |
| Disposals | - | (35 | ) | (35 | ) |
| Transfer to ownership | - | - | (1 | ) |
| At 31 December 2024 | 1,417 | 3,216 | 12,190 |
| DEPRECIATION |
| At 1 January 2024 | 879 | 1,520 | 7,833 |
| Charge for year | 26 | 512 | 1,084 |
| Eliminated on disposal | - | (35 | ) | (35 | ) |
| Transfer to ownership | - | - | (1 | ) |
| At 31 December 2024 | 905 | 1,997 | 8,881 |
| NET BOOK VALUE |
| At 31 December 2024 | 512 | 1,219 | 3,309 |
| At 31 December 2023 | 351 | 367 | 2,425 |
| CROWN WORLDWIDE LIMITED (REGISTERED NUMBER: SC047233) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 13. | TANGIBLE FIXED ASSETS - continued |
| Group |
| Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
| Fixtures |
| Plant and | and | Motor |
| machinery | fittings | vehicles | Totals |
| £'000 | £'000 | £'000 | £'000 |
| COST |
| At 1 January 2024 | 807 | - | 398 | 1,205 |
| Additions | 108 | 165 | 1,295 | 1,568 |
| At 31 December 2024 | 915 | 165 | 1,693 | 2,773 |
| DEPRECIATION |
| At 1 January 2024 | 106 | - | 121 | 227 |
| Charge for year | 83 | 10 | 445 | 538 |
| At 31 December 2024 | 189 | 10 | 566 | 765 |
| NET BOOK VALUE |
| At 31 December 2024 | 726 | 155 | 1,127 | 2,008 |
| At 31 December 2023 | 701 | - | 277 | 978 |
| Company |
| Plant and | Motor |
| machinery | vehicles | Totals |
| £'000 | £'000 | £'000 |
| COST |
| At 1 January 2024 |
| Additions |
| At 31 December 2024 |
| DEPRECIATION |
| At 1 January 2024 |
| Charge for year |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| CROWN WORLDWIDE LIMITED (REGISTERED NUMBER: SC047233) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 13. | TANGIBLE FIXED ASSETS - continued |
| Company |
| Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
| Plant and |
| machinery |
| £'000 |
| COST |
| At 1 January 2024 |
| Additions |
| At 31 December 2024 |
| DEPRECIATION |
| At 1 January 2024 |
| Charge for year |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| 14. | FIXED ASSET INVESTMENTS |
| Company |
| Shares in |
| group |
| undertaking |
| £'000 |
| COST |
| At 1 January 2024 |
| and 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| CROWN WORLDWIDE LIMITED (REGISTERED NUMBER: SC047233) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 14. | FIXED ASSET INVESTMENTS - continued |
| The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
| Subsidiaries |
| Registered office: Heritage House, 345 Southbury Road, Enfield, Middlesex, England, EN1 1TW |
| Nature of business: |
| % |
| Class of shares: | holding |
| 2024 | 2023 |
| £'000 | £'000 |
| Aggregate capital and reserves | ( |
) | ( |
) |
| (Loss)/profit for the year | ( |
) |
| Registered office: Heritage House,345 Southbury Road, Enfield, Middlesex, England, EN1 1TW |
| Nature of business: |
| % |
| Class of shares: | holding |
| 2024 | 2023 |
| £'000 | £'000 |
| Aggregate capital and reserves |
| Loss for the year | ( |
) | ( |
) |
| Registered office: Cullen Square, Deans Road, Deans Industrial Estate, Livingston, West Lothian, EH54 8SJ |
| Nature of business: |
| % |
| Class of shares: | holding |
| 2024 | 2023 |
| £'000 | £'000 |
| Aggregate capital and reserves |
| Registered office: Heritage House, 345 Southbury Road, Enfield, Middlesex, England, EN1 1TW |
| Nature of business: |
| % |
| Class of shares: | holding |
| CROWN WORLDWIDE LIMITED (REGISTERED NUMBER: SC047233) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 15. | STOCKS |
| Group | Company |
| 2024 | 2023 | 2024 | 2023 |
| £'000 | £'000 | £'000 | £'000 |
| Stocks | 1,014 | 998 |
| 16. | DEBTORS |
| Group | Company |
| 2024 | 2023 | 2024 | 2023 |
| £'000 | £'000 | £'000 | £'000 |
| Amounts falling due within one year: |
| Trade debtors | 8,812 | 9,160 |
| Amounts owed by group undertakings | 334 | 1,421 |
| Other debtors | 1,085 | 1,468 |
| Tax | 20 | 308 |
| Deferred tax asset | 17 | - | - | - |
| Prepayments | 879 | 1,266 |
| 11,147 | 13,623 |
| Amounts falling due after more than one | year: |
| Amounts owed by group undertakings | 21,134 | 20,290 |
| Aggregate amounts | 32,281 | 33,913 |
| Deferred tax asset |
| Group | Company |
| 2024 | 2023 | 2024 | 2023 |
| £'000 | £'000 | £'000 | £'000 |
| Accelerated capital allowances | 17 | - |
| Amounts owed by group undertakings within one year are unsecured, interest free, have no fixed date of repayment and are repayable on demand. Amounts owed by group undertakings due after more than one year fall due for payment on 31 January 2026 and interest accrues at a rate of SONIA + 2.3% per annum. |
| CROWN WORLDWIDE LIMITED (REGISTERED NUMBER: SC047233) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 17. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group | Company |
| 2024 | 2023 | 2024 | 2023 |
| £'000 | £'000 | £'000 | £'000 |
| Bank loans and overdrafts (see note 19) | 16,543 | 10,813 |
| Hire purchase contracts (see note 20) | 477 | 213 |
| Trade creditors | 2,502 | 3,551 |
| Amounts owed to group undertakings | 4,454 | 1,585 |
| Social security and other taxes | 354 | 377 |
| VAT | 858 | 715 | - | - |
| Other creditors | 18 | 116 |
| Accrued expenses | 5,908 | 5,593 |
| 31,114 | 22,963 |
| Amounts owed to group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand. |
| 18. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| Group | Company |
| 2024 | 2023 | 2024 | 2023 |
| £'000 | £'000 | £'000 | £'000 |
| Bank loans (see note 19) | - | 5,779 |
| Hire purchase contracts (see note 20) | 1,704 | 847 |
| Amounts owed to group undertakings | 17,428 | 18,112 | 20,323 | 18,112 |
| 19,132 | 24,738 |
| Amounts owed to group undertakings due after more than one year fall due for payment on 31 January 2026 and interest accrues at a rate of SONIA + 3.5% per annum. |
| 19. | LOANS |
| An analysis of the maturity of loans is given below: |
| Group | Company |
| 2024 | 2023 | 2024 | 2023 |
| £'000 | £'000 | £'000 | £'000 |
| Amounts falling due within one year or | on demand: |
| Bank overdrafts | 10,764 | 9,649 |
| Bank loans | 5,779 | 1,164 |
| 16,543 | 10,813 |
| Amounts falling due between two and | five years: |
| Bank loans - 2-5 years | - | 5,779 |
| CROWN WORLDWIDE LIMITED (REGISTERED NUMBER: SC047233) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 19. | LOANS - continued |
| At the year end, the remaining balance due on the two bank loans were £2,838,280 and £2,940,440. These loans are repayable by 18 November 2025 and 18 June 2028, and accrue interest of SONIA +3.276% and +2.95% respectively. |
| 20. | LEASING AGREEMENTS |
| Minimum lease payments fall due as follows: |
| Group |
| Hire purchase |
| contracts |
| 2024 | 2023 |
| £'000 | £'000 |
| Net obligations repayable: |
| Within one year | 477 | 213 |
| Between one and five years | 1,704 | 847 |
| 2,181 | 1,060 |
| Company |
| Hire purchase |
| contracts |
| 2024 | 2023 |
| £'000 | £'000 |
| Net obligations repayable: |
| Within one year |
| Between one and five years |
| Group |
| Non-cancellable |
| operating leases |
| 2024 | 2023 |
| £'000 | £'000 |
| Within one year | 2,040 | 1,939 |
| Between one and five years | 7,779 | 3,578 |
| In more than five years | 3,885 | 2,498 |
| 13,704 | 8,015 |
| Non-cancellable operating leases include land and buildings and commercial vehicle contracts. |
| CROWN WORLDWIDE LIMITED (REGISTERED NUMBER: SC047233) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 21. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| Group | Company |
| 2024 | 2023 | 2024 | 2023 |
| £'000 | £'000 | £'000 | £'000 |
| Bank overdrafts | 10,764 | 9,649 |
| Bank loans | 5,779 | 6,943 |
| Hire purchase contracts | 2,181 | 1,060 | 935 | 761 |
| 18,724 | 17,652 |
| Bank loans and overdraft are secured by way of guarantees given by group companies. |
| Hire purchase is secured against the assets to which the balance relates. |
| 22. | PROVISIONS FOR LIABILITIES |
| Group |
| 2024 | 2023 |
| £'000 | £'000 |
| Deferred tax |
| Accelerated capital allowances | - | 116 |
| Group |
| Deferred |
| tax |
| £'000 |
| Balance at 1 January 2024 | 116 |
| Provided during year | (134 | ) |
| Balance at 31 December 2024 | (18 | ) |
| 23. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2024 | 2023 |
| value: | £ | £ |
| Ordinary | £1 | 5,554,551 | 5,554,551 |
| Restricted ordinary shares | £1 | 16 | 16 |
| 5,554,567 | 5,554,567 |
| The ordinary shares and restricted ordinary shares have attached to them full voting rights. |
| CROWN WORLDWIDE LIMITED (REGISTERED NUMBER: SC047233) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 24. | CONTINGENT LIABILITIES |
| The company is party to a cash pooling arrangement with HSBC Bank Plc, along with Crown Records Management Limited, Crown Fine Art Limited, Crown Worldwide Properties Limited and Crown Workspace Limited. Each entity acts as a guarantor for overdraft balances held by any of these entities. At the year end, the total exposure was £10,764,457 (2023: £9,649,338) |
| Crown Worldwide Holdings Limited carries a parent company guarantee for the net pooled overdraft, limited to £5,000,000. |
| 25. | RELATED PARTY DISCLOSURES |
| 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 financial statements. |
| Entities with control, joint control or significant influence over the entity |
| 2024 | 2023 |
| £'000 | £'000 |
| Management fee expense | 343 | 522 |
| Recharge income | 1,337 | 1,210 |
| Recharge expense | 38 | 79 |
| Rental income | - | 19 |
| Amount due from related party | 2,183 | 964 |
| Other related parties |
| Transactions shown below have occurred with other related parties which consist of wholly owned subsidiaries of Crown Worldwide Holdings Limited, the ultimate parent company which do not form part of this group. |
| 2024 | 2023 |
| £'000 | £'000 |
| Sales | 2,015 | 3,019 |
| Purchases | 1,790 | 3,476 |
| Management fee income | 2,197 | 3,383 |
| Management fee expense | 376 | 968 |
| Recharge income | 2,434 | 2,417 |
| Recharge expense | 1,518 | 1,733 |
| Rental income | - | - |
| Rental expense | 453 | 321 |
| Interest income | 1,300 | 1,171 |
| Interest expense | 1,085 | 885 |
| Accounting service fee | 331 | 267 |
| Amount due from related party | 17,529 | 18,654 |
| Amount due to related party | 16,132 | 14,215 |
| CROWN WORLDWIDE LIMITED (REGISTERED NUMBER: SC047233) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 25. | RELATED PARTY DISCLOSURES - continued |
| Transactions shown below have occurred with other related parties which do not form part of the Crown Worldwide Holdings Limited group. |
| 2024 | 2023 |
| £'000 | £'000 |
| Sales | 24 | 308 |
| Purchases | 325 | 959 |
| Management fee income | 145 | 190 |
| Management fee expense | - | - |
| Recharge income | 2 | 248 |
| Recharge expense | 238 | 166 |
| Amount due from related party | 106 | 169 |
| Amount due to related party | 74 | 282 |
| 26. | ULTIMATE CONTROLLING PARTY |
| Jenjet Inc, a company incorporated in the British Virgin Islands is the ultimate parent company and the parent of the largest group to prepare consolidated accounts of which this company is a member. |
| Copies of the consolidated financial statements can be obtained from the registered office at Suite 2001, Mass Mutual Tower, 38 Gloucester Road, Hong Kong. |
| The ultimate controlling party is S B Thompson by virtue of the shareholding in the ultimate parent company. |