IRIS Accounts Production v25.2.0.378 SC162101 Board of Directors 31.12.24 1.1.24 31.12.24 31.12.24 Medium entities These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. information and records management services primarily for the financial services, legal and accounting professions as well as healthcare and local and national government. Crown Records Management Limited provides information management consultancy services and physical, magnetic and electronic secure storage, retrieval and associated solutions to the UK market. 116 135 true true true false true true false false false false false true true false Ordinary 0 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REGISTERED NUMBER: SC162101 (Scotland)






















GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

CROWN RECORDS MANAGEMENT LIMITED

CROWN RECORDS MANAGEMENT LIMITED (REGISTERED NUMBER: SC162101)

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 5

Report of the Independent Auditors 7

Consolidated Statement of Comprehensive Income 10

Consolidated Statement of Financial Position 11

Company Statement of Financial Position 12

Consolidated Statement of Changes in Equity 13

Company Statement of Changes in Equity 14

Consolidated Statement of Cash Flows 15

Notes to the Consolidated Statement of Cash Flows 16

Notes to the Consolidated Financial Statements 17


CROWN RECORDS MANAGEMENT LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2024







DIRECTORS: S Hardie
B A Koolen
J C Mortimer





SECRETARY: F V Hopping





REGISTERED OFFICE: Cullen Square
Deans Road
Deans Industrial Estate
Livingston
West Lothian
EH54 8SJ





REGISTERED NUMBER: SC162101 (Scotland)





AUDITORS: GKP (Ampthill) Limited
Statutory Auditor
3 Doolittle Yard
Froghall Road
Ampthill
Bedfordshire
MK45 2NW

CROWN RECORDS MANAGEMENT LIMITED (REGISTERED NUMBER: SC162101)

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.

The principal activities of the group are information and records management services primarily for the financial services, legal and accounting professions as well as healthcare and local and national government. Crown Records Management Limited provides information management consultancy services and physical, magnetic and electronic secure storage, retrieval and associated solutions to the UK and Irish markets.

The group is one of the leading records management companies in the UK and Republic of Ireland. Principal competitors are Iron Mountain, Restore and Oasis.

As a result of the group's acquisition of Ivan Ellerker Limited in 2023, the Group is now also active in the area of commercial relocations, storage of office furniture, logistics and furniture supply in Ireland.

REVIEW OF BUSINESS
A continual theme of recent strategic reports has been the company's focus on the evolution from providing pure physical data storage and retrieval solutions, to a wider focused information management company encompassing a broader spectrum of services focusing on areas such as digital solutions, scanning and indexing, workflow automation and Enterprise Content Management (ECM). Given the evolving market trends, the needs of our customers, and our changing strategy, the company formally rebranded its Records Management business to become Crown Information Management early in 2025. Whilst the formal launch of the brand occurred outside of the 2024 financial year, it represents the culmination of the change in focus and diversification strategy that the company has pursued in recent years including FY2024.

In keeping with this theme and our strategic development it was pleasing to see our digital revenue grow by 56% in FY24. Within the digital services part of the business, our scanning operation (based in Peterborough) represents the biggest revenue share, and our revenue from this sector increased to over £1m for the first time since inception. Pleasingly our largest customers, predominantly in the healthcare, financial services and legal sectors have long running projects with us providing a source of consistent, recurring revenue streams that continued throughout the year and beyond into 2025. Having invested in infrastructure and talent in our scanning operation, we remain confident of growing this revenue source even further in 2025.

The other part of our digital business, which incorporates all other digital services beyond scanning, including ECM, workflow automation and digital mailrooms, also grew by 89%, albeit from a smaller starting point. We have expanded the size and capability of our digital team, adding a solutions engineer to our existing team which is headed by an experienced Director of Digital Services, who has now been with the company for just over 2 years and has helped to drive the growth we are seeing in this area of the business.

Despite the growing revenue from our digital workstreams, the physical records business still represents the largest segment of our total business revenue. In keeping with the trend of recent years the number of standard carton equivalents (SCEs) decreased by over 300k during the year, the biggest driver of which being the planned physical destruction of older records. The company's strategy to mitigate this trend has been the diversification of its services as discussed above, coupled with the management of its property portfolio focusing on housing its ongoing physical business in fewer locations strategically located around the country. During the FY2024, we completed the physical exit of all records and infrastructure from our facility in Bow, where commercial rent increases had made the site unviable in the context of a physical records storage facility. The majority of the boxes were moved during the previous financial year, but we incurred £0.5m of costs removing the physical infrastructure from the facility within this financial year. The company has also taken the decision to exit from one further leasehold facility in the north of England. Whilst the exit itself will not be completed until March 2026, the relevance within the current financial year is that we incurred significant costs, totalling c. £1m, in remedial works ahead of the lease exit, impacting adversely on the company's profitability.Whilst in the short term these property exits impact the company's profitability adversely, the ongoing averted fixed costs of the properties will right size the physical business to current physical demand levels and protect longer term profitability.

CROWN RECORDS MANAGEMENT LIMITED (REGISTERED NUMBER: SC162101)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024


As well as managing the property cost base, the company has also undertaken a series of staged, storage and retrieval rate increases with its customer base over the past few years and continuing in 2024. This has been necessary to counter the impact of escalating commercial property rents, and other increases such as the progression of the national minimum wage and broader cost inflation in specific areas.

As a result of all the areas detailed above, overall business revenue for the UK entity, Crown Records Management Ltd grew by £1.6m with £0.5m of this coming from digital services and scanning, Gross margins within the UK grew from 40.6% to £42.2% as a result of the rate increases and operational cost savings and buying efficiencies. The pre-tax losses of (£8.6m) were directly affected by the £1.5m of remedial costs incurred on the two aforementioned property exits, the ongoing £1.9m (non-cash) amortisation of goodwill and the unrealised foreign exchange loss (£1.4m) incurred on the intercompany loan with the company's ultimate (previous year £4.6m gain).

A smaller part of the consolidated company's overall business is derived from its operations in the Republic of Ireland, where it operates for a single site based in Dublin. Historically this business was almost exclusively centred around its records and information business but in 2023 the company also acquired 100% of the share capital of Ivan Ellerker Limited. Ivan Ellerker Ltd is a Dublin based office removal and relocation business and had already worked with the company for a number of years as a local service provider in Ireland prior to acquisition. The founder and co-owner of the business, Ivan Ellerker, has remained with Crown post-acquisition, and continues to work with the company to deliver its growth strategy. The growth strategy focuses upon adding a number of complimentary workplace services in line with its sister company in the UK, namely sustainable furniture and IT equipment provision, move management and interior services. FY 2024 represented the first full year of ownership within the Crown group and revenues were reported at £0.8m, 75% higher than the previous financial year where the business was under Crown ownership for 9 months. The other part of the company's business in Ireland is the records and information management business which continued to perform strongly with 22% revenue growth and an improvement in overall profitability.

Together the consolidated group reported revenue of £22.9m (2023: £20.8m) with an improvement in gross profit of £1.1m (13.57.%). The overall profitability of the group was adversely affected by a number of non cash items and one-off property related costs as detailed above.

The company's sustainability strategy also continued to build on the advances of previous years, where together with its sister companies within Crown's UK & Ireland region, it has reduced scope 1 & 2 carbon emissions by 54% compared with its 2019 baseline. Specifically within our information management business we have been actively encouraging our clients to opt for solutions that reduce paper use, transportation needs, and physical storage. In May 2024, Crown Information Management attended the IRMS ( Information Records Management Society) Conference, where we shared our journey of integrating sustainability into the digital transition and vice versa. This was followed up by the publishing of our white paper "Uniting Digital and Sustainable Transformation Agendas", which shares in more detail our experiences and learnings from our digitisation and sustainability journeys to date.

In 2024, we invested in our first three electric vehicles and installed six EV charging points, now available at five of our 13 locations. We also completed the implementation of a new telematics system giving us a much greater chance of optimising routes and reducing necessary mileage and further reducing the size of our fleet in time.

On the people side, the company also kept up its progress of recent years by being awarded the Investors in People (IIP) "We Invest in Wellbeing" accreditation acknowledging the company's proactive approach to supporting our workforces's physical, mental, and financial wellbeing. This builds upon our 2022 Silver accreditation status for "We Invest in People," reinforcing our dedication to continual improvement.


CROWN RECORDS MANAGEMENT LIMITED (REGISTERED NUMBER: SC162101)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

As we head into 2025, the key challenge remains broadly similar to previous years, which is helping our customers manage the physical to digital, and right sizing and changing our property portfolio and scale of physical operations to match. We believe the steps we have taken to launch the revised brand, the tough decisions taken on property and investment in our digital services capability leave us very well placed in the UK and Irish markets. Whilst the baseline government forecasts for GDP growth remain very low for 2025, we believe we can continue to grow our market share in both the information management and workplace services businesses.

PRINCIPAL RISKS AND UNCERTAINTIES
The board of directors and management continually monitor the key risks facing the group together with assessing the controls used for managing these risks.

The principal risks and uncertainties facing the group are as follows:

Economic conditions
Interest rates

KEY PERFORMANCE INDICATORS
Our Key Performance Indicators for the years ended 31 December 2024 and 31 December 2023 are considered to be the following:

Year ended Year ended
31.12.2024 31.12.2023

Gross profit percentage 42.4% 41.0%
Net profit/(loss) percentage (37.5)% (11.0)%
Sales per employee £197,431 £154,407


The financial position of the group remains strong and the group is well placed to take advantage of business opportunities as they arise. The directors look forward to the future with confidence.

ON BEHALF OF THE BOARD:





S Hardie - Director


4 August 2025

CROWN RECORDS MANAGEMENT LIMITED (REGISTERED NUMBER: SC162101)

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.

FUTURE DEVELOPMENTS
The Group's future developments are set out in the Review of Business section of the Strategic Report on pages 2 and 3 in accordance with s414C(11) of the Companies Act 2006 as the directors consider this to be of strategic importance to the Group.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

S Hardie
B A Koolen
J C Mortimer

FINANCIAL INSTRUMENTS
The group holds or issues financial instruments in order to achieve three main objectives, being:
a) to finance its operations;
b) to manage its exposure to interest and currency risks arising from its operations and from its sources of finance;
c) for trading purposes

In addition, various financial instruments (e.g. trade debtors, trade creditors, accruals and prepayments) arise directly from the group's operations.

Transactions in financial instruments result in the group assuming or transferring to another party one or more of the financial risks described below.

Interest rate risk
The group's financial instruments exposure to interest rate risk is very small due to the fact that most of the instruments are on a fixed term repayment basis.

Credit Risk
The group monitors credit risk closely and considers that its current policies of credit checks meets its objectives of managing exposure to credit risk.

The group has no significant concentrations of credit risk. Amounts shown in the balance sheet best represent the maximum credit risk exposure in the event of other parties failing to perform their obligations under financial instruments.

Liquidity risk
The group's policy in terms of its liquidity risk is to have good relations with its bankers and to manage operational activity and debtors closely.

Currency risk
The group's exposure to currency risk is minimal due to its management of it.


CROWN RECORDS MANAGEMENT LIMITED (REGISTERED NUMBER: SC162101)

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), 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 and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- 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.

ON BEHALF OF THE BOARD:





S Hardie - Director


4 August 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CROWN RECORDS MANAGEMENT LIMITED


Opinion
We have audited the financial statements of Crown Records Management Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, 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 RECORDS MANAGEMENT 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 six, 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 group and 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 RECORDS MANAGEMENT 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.




Stephen Mason BSc FCA (Senior Statutory Auditor)
for and on behalf of GKP (Ampthill) Limited
Statutory Auditor
3 Doolittle Yard
Froghall Road
Ampthill
Bedfordshire
MK45 2NW

4 August 2025

CROWN RECORDS MANAGEMENT LIMITED (REGISTERED NUMBER: SC162101)

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

2024 2023
Notes £'000 £'000

TURNOVER 3 22,902 20,845

Cost of sales 13,187 12,291
GROSS PROFIT 9,715 8,554

Administrative expenses 13,451 5,740
(3,736 ) 2,814

Other operating income 86 (39 )
OPERATING (LOSS)/PROFIT 5 (3,650 ) 2,775

Interest receivable and similar income 1,059 839
(2,591 ) 3,614

Interest payable and similar expenses 7 6,004 5,912
LOSS BEFORE TAXATION (8,595 ) (2,298 )

Tax on loss 8 92 50
LOSS FOR THE FINANCIAL YEAR (8,687 ) (2,348 )

OTHER COMPREHENSIVE INCOME
Foreign difference on retranslation of
foreign operations (58 ) -
Income tax relating to other
comprehensive income

-

-
OTHER COMPREHENSIVE INCOME
FOR THE YEAR, NET OF INCOME TAX

(58

)

-
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

(8,745

)

(2,348

)

Loss attributable to:
Owners of the parent (8,687 ) (2,348 )

Total comprehensive income attributable to:
Owners of the parent (8,745 ) (2,348 )

CROWN RECORDS MANAGEMENT LIMITED (REGISTERED NUMBER: SC162101)

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2024

2024 2023
Notes £'000 £'000
FIXED ASSETS
Intangible assets 10 2,983 4,926
Tangible assets 11 7,364 7,930
Investments 12 - -
10,347 12,856

CURRENT ASSETS
Stocks 13 32 32
Debtors 14 28,338 27,152
Cash at bank and in hand 2,681 513
31,051 27,697
CREDITORS
Amounts falling due within one year 15 (8,996 ) (28,147 )
NET CURRENT ASSETS/(LIABILITIES) 22,055 (450 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

32,402

12,406

CREDITORS
Amounts falling due after more than one
year

16

(96,661

)

(69,478

)

PROVISIONS FOR LIABILITIES 20 (1,610 ) (52 )
NET LIABILITIES (65,869 ) (57,124 )

CAPITAL AND RESERVES
Called up share capital 21 5,744 5,744
Foreign revaluation reserve (58 ) -
Other reserves 50 50
Retained earnings (71,605 ) (62,918 )
SHAREHOLDERS' FUNDS (65,869 ) (57,124 )

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:




S Hardie - Director



J C Mortimer - Director


CROWN RECORDS MANAGEMENT LIMITED (REGISTERED NUMBER: SC162101)

COMPANY STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2024

2024 2023
Notes £'000 £'000
FIXED ASSETS
Intangible assets 10 2,224 4,002
Tangible assets 11 7,009 7,490
Investments 12 3,326 3,326
12,559 14,818

CURRENT ASSETS
Stocks 13 30 32
Debtors 14 26,833 26,001
Cash at bank and in hand 2,270 64
29,133 26,097
CREDITORS
Amounts falling due within one year 15 (8,416 ) (27,383 )
NET CURRENT ASSETS/(LIABILITIES) 20,717 (1,286 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

33,276

13,532

CREDITORS
Amounts falling due after more than one
year

16

(96,525

)

(69,304

)

PROVISIONS FOR LIABILITIES 20 (1,570 ) -
NET LIABILITIES (64,819 ) (55,772 )

CAPITAL AND RESERVES
Called up share capital 21 5,744 5,744
Retained earnings (70,563 ) (61,516 )
SHAREHOLDERS' FUNDS (64,819 ) (55,772 )

Company's loss for the financial year (9,047 ) (2,354 )

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:





S Hardie - Director


CROWN RECORDS MANAGEMENT LIMITED (REGISTERED NUMBER: SC162101)

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

Called up Foreign
share Retained revaluation Other Total
capital earnings reserve reserves equity
£'000 £'000 £'000 £'000 £'000
Balance at 1 January 2023 5,744 (60,570 ) - 50 (54,776 )

Changes in equity
Total comprehensive income - (2,348 ) - - (2,348 )
Balance at 31 December 2023 5,744 (62,918 ) - 50 (57,124 )

Changes in equity
Total comprehensive income - (8,687 ) (58 ) - (8,745 )
Balance at 31 December 2024 5,744 (71,605 ) (58 ) 50 (65,869 )

CROWN RECORDS MANAGEMENT LIMITED (REGISTERED NUMBER: SC162101)

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

Called up
share Retained Total
capital earnings equity
£'000 £'000 £'000
Balance at 1 January 2023 5,744 (59,162 ) (53,418 )

Changes in equity
Total comprehensive loss - (2,354 ) (2,354 )
Balance at 31 December 2023 5,744 (61,516 ) (55,772 )

Changes in equity
Total comprehensive loss - (9,047 ) (9,047 )
Balance at 31 December 2024 5,744 (70,563 ) (64,819 )

CROWN RECORDS MANAGEMENT LIMITED (REGISTERED NUMBER: SC162101)

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

2024 2023
Notes £'000 £'000
Cash flows from operating activities
Cash generated from operations 1 1,374 603
Interest element of hire purchase and
finance lease rental payments paid

(16

)

(23

)
Tax paid (78 ) (39 )
Net cash from operating activities 1,280 541

Cash flows from investing activities
Purchase of tangible fixed assets (376 ) (391 )
Purchase of fixed asset investments - (365 )
Sale of tangible fixed assets 98 16
Interest received 1,059 839
Net cash from investing activities 781 99

Cash flows from financing activities
New loans in year 2,000 -
Group loans 4,357 2,604
Interest paid (5,988 ) (5,889 )
Capital repayments in year (204 ) (335 )
Net cash from financing activities 165 (3,620 )

Increase/(decrease) in cash and cash equivalents 2,226 (2,980 )
Cash and cash equivalents at
beginning of year

2

513

3,493
Effect of foreign exchange rate changes (58 ) -
Cash and cash equivalents at end of
year

2

2,681

513

CROWN RECORDS MANAGEMENT LIMITED (REGISTERED NUMBER: SC162101)

NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS
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 (8,595 ) (2,298 )
Depreciation charges 2,719 2,848
Loss/(profit) on disposal of fixed assets 54 (16 )
Foreign exchange differences 12 30
Group foreign exchange losses 1,406 (4,576 )
Increase in provisions 1,570 -
Finance costs 6,004 5,912
Finance income (1,059 ) (839 )
2,111 1,061
(Increase)/decrease in stocks (1 ) 34
Decrease in trade and other debtors 1,240 249
Decrease in trade and other creditors (1,976 ) (741 )
Cash generated from operations 1,374 603

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 December 2024
31.12.24 1.1.24
£'000 £'000
Cash and cash equivalents 2,681 513
Year ended 31 December 2023
31.12.23 1.1.23
£'000 £'000
Cash and cash equivalents 513 3,493


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.24 Cash flow At 31.12.24
£'000 £'000 £'000
Net cash
Cash at bank and in hand 513 2,168 2,681
513 2,168 2,681
Debt
Hire purchase and finance leases (434 ) 204 (230 )
Debts falling due within 1 year - (2,000 ) (2,000 )
(434 ) (1,796 ) (2,230 )
Total 79 372 451

CROWN RECORDS MANAGEMENT LIMITED (REGISTERED NUMBER: SC162101)

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


1. STATUTORY INFORMATION

Crown Records Management Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The presentation currency of the financial statements is Pound Sterling (£). All amounts in the financial statements have been rounded to the nearest £'000.

Basis of consolidation
The consolidated financial statements incorporate the audited financial statements of the Company and its subsidiares, whose registered offices are 5th Floor Rear, Connaught House, 1 Burlington Road, Dublin 4, D04 C5Y6, Republic of Ireland.

Subsidiaries
A subsidiary is an entity in which the Company has 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 Company 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.

Critical accounting judgements and key sources of estimation uncertainty
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.

The directors do not consider there to be any critical accounting judgements.

Key sources of estimation uncertainty
The annual depreciation charge for tangible fixed assets is sensitive to changes in the estimated and useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. The remaining useful economic life of the asset is considered a key source of estimation uncertainty.

The company trades with a large and varied number of customers on credit terms. Some debts due will not be paid through the default of a small number of customers. The company uses estimates based on historical experience and current information in determining the level of debts for which an impairment charge is required. The level of impairment required is reviewed on an ongoing basis.

CROWN RECORDS MANAGEMENT LIMITED (REGISTERED NUMBER: SC162101)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


2. ACCOUNTING POLICIES - continued

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,value added tax and other sales taxes.

Revenue is derived from the rendering of services under contract. 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 revenue can be measured reliably;
- It is probable that the Company 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;
- The costs incurred and the costs to complete the contract can be measured reliably.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2006, is being amortised evenly over its estimated useful life of twenty years.

Negative goodwill arising on business combinations included within fixed assets and released to the income statement in the periods in which the fair values of the non-monetary assets purchased on the same acquisition are recovered, whether through depreciation or sale.

Goodwill arising upon consolidation is being amortised over the estimated useful life of 20 years.

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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Short leasehold - over the term of the lease
Improvements to property - over the term of the lease
Plant and machinery - at varying rates on cost and over the term of the lease
Fixtures and fittings - at varying rates on cost
Motor vehicles - 20% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.


CROWN RECORDS MANAGEMENT LIMITED (REGISTERED NUMBER: SC162101)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

For the purpose of preparing consolidated financial statements, the assets and liabilities of foreign subsidiary undertakings are translated at the exchange rates ruling at the balance sheet date. Income Statement items are translated at the average exchange rates for the year. Exchange differences arising are taken to the group's retained earnings.

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.

Rentals payable under operating leases are dealt with in the Income Statement as incurred over the period of the rental agreement.

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.

CROWN RECORDS MANAGEMENT LIMITED (REGISTERED NUMBER: SC162101)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


2. ACCOUNTING POLICIES - continued

Going concern
Notwithstanding the net liabilities of £64.8m as at 31 December 2024, the financial statements have been prepared on a going concern basis which the Directors consider to be appropriate for the following reasons.

The Directors have prepared cash flow 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 dependent on the Group's ultimate parent company, Crown Worldwide Holdings Limited, not seeking repayment of the amounts currently due to the group which at the balance sheet date amounted to £77.3m, and providing additional financial support during that period. Crown Worldwide Holdings Limited have indicated its intention to make funds available to the Group 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.

Consequently, the Directors are confident that the Group will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements and therefore have prepared the financial statements on a going concern basis.

Investments in subsidiaries and associates
Investments in subsidiary undertakings are recognised at cost.

3. 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
£'000 £'000
Storage 17,274 15,193
Services 5,628 5,652
22,902 20,845

An analysis of turnover by geographical market is given below:

2024 2023
£'000 £'000
United Kingdom 20,606 18,963
Europe 2,296 1,882
22,902 20,845

CROWN RECORDS MANAGEMENT LIMITED (REGISTERED NUMBER: SC162101)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


4. EMPLOYEES AND DIRECTORS

Group Company
2024 2023 2024 2023
£ '000 £ '000 £'000 £ '000
Wages and salaries 3,985 3,391 3,533 2,952
Social security costs 365 392 336 337
Other pension costs 113 91 111 86
4,463 3,874 3,980 3,375

The average number of employees during the period was as follows:
Group Company
2024 2023 2024 2023


Operations and clerical 87 106 70 76
Administration and management 26 24 24 23
Directors 3 5 3 2
116 135 97 101

2024 2023
£    £   
Directors' remuneration - -

5. OPERATING (LOSS)/PROFIT

The operating loss (2023 - operating profit) is stated after charging/(crediting):

2024 2023
£'000 £'000
Other operating leases 27 21
Depreciation - owned assets 729 837
Depreciation - assets on hire purchase contracts and finance leases 47 69
Loss/(profit) on disposal of fixed assets 54 (16 )
Goodwill amortisation 1,943 1,943
Auditors' remuneration 34 35
Foreign exchange differences 1,406 (4,576 )
Operating lease expenses 1,877 2,716

6. EXCEPTIONAL ITEMS
2024 2023
£'000 £'000
Exceptional items - (110 )

CROWN RECORDS MANAGEMENT LIMITED (REGISTERED NUMBER: SC162101)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


7. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£'000 £'000
Loan 5,988 5,889
Leasing 16 23
6,004 5,912

8. TAXATION

Analysis of the tax charge
The tax charge on the loss for the year was as follows:
2024 2023
£'000 £'000
Current tax:
UK corporation tax 102 50

Deferred tax (10 ) -
Tax on loss 92 50

Reconciliation of total tax charge 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 (8,595 ) (2,298 )
Loss multiplied by the standard rate of corporation tax in the UK of
25 % (2023 - 25 %)

(2,149

)

(575

)

Effects of:
Expenses not deductible for tax purposes 26 39
Income not taxable for tax purposes - (3 )
Capital allowances in excess of depreciation - (1 )
Depreciation in excess of capital allowances 19 -
Utilisation of tax losses 414 268
Adjustments to tax charge in respect of previous periods 17 -
Transfer pricing 1,847 289

Charged at different tax rate (23 ) 33
Group relief claimed (59 ) -
Total tax charge 92 50

CROWN RECORDS MANAGEMENT LIMITED (REGISTERED NUMBER: SC162101)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


8. TAXATION - continued

Tax effects relating to effects of other comprehensive income

2024
Gross Tax Net
£'000 £'000 £'000
Foreign difference on retranslation of
foreign operations (58 ) - (58 )
(58 ) - (58 )

9. INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

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.


10. INTANGIBLE FIXED ASSETS

Group
Goodwill
£'000
COST
At 1 January 2024
and 31 December 2024 38,812
AMORTISATION
At 1 January 2024 33,886
Amortisation for year 1,943
At 31 December 2024 35,829
NET BOOK VALUE
At 31 December 2024 2,983
At 31 December 2023 4,926

CROWN RECORDS MANAGEMENT LIMITED (REGISTERED NUMBER: SC162101)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


10. INTANGIBLE FIXED ASSETS - continued

Company
Goodwill
£'000
COST
At 1 January 2024
and 31 December 2024 35,575
AMORTISATION
At 1 January 2024 31,573
Amortisation for year 1,778
At 31 December 2024 33,351
NET BOOK VALUE
At 31 December 2024 2,224
At 31 December 2023 4,002

11. TANGIBLE FIXED ASSETS

Group
Improvements
Short to Plant and
leasehold property machinery
£'000 £'000 £'000
COST
At 1 January 2024 2,260 292 21,697
Additions 251 - -
Disposals (397 ) - (2,388 )
Exchange differences - (12 ) (54 )
At 31 December 2024 2,114 280 19,255
DEPRECIATION
At 1 January 2024 1,530 210 14,869
Charge for year 233 24 415
Eliminated on disposal (364 ) - (2,277 )
Exchange differences - (9 ) (41 )
At 31 December 2024 1,399 225 12,966
NET BOOK VALUE
At 31 December 2024 715 55 6,289
At 31 December 2023 730 82 6,828

CROWN RECORDS MANAGEMENT LIMITED (REGISTERED NUMBER: SC162101)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


11. TANGIBLE FIXED ASSETS - continued

Group

Fixtures
and Motor
fittings vehicles Totals
£'000 £'000 £'000
COST
At 1 January 2024 1,896 813 26,958
Additions 99 26 376
Disposals (158 ) (258 ) (3,201 )
Exchange differences (15 ) (4 ) (85 )
At 31 December 2024 1,822 577 24,048
DEPRECIATION
At 1 January 2024 1,697 722 19,028
Charge for year 57 47 776
Eliminated on disposal (150 ) (258 ) (3,049 )
Exchange differences (14 ) (7 ) (71 )
At 31 December 2024 1,590 504 16,684
NET BOOK VALUE
At 31 December 2024 232 73 7,364
At 31 December 2023 199 91 7,930

Fixed assets, included in the above, which are held under hire purchase contracts and finance leases are as follows:
Plant and Motor
machinery vehicles Totals
£'000 £'000 £'000
COST
At 1 January 2024 1,144 137 1,281
Transfer to ownership (554 ) - (554 )
At 31 December 2024 590 137 727
DEPRECIATION
At 1 January 2024 88 56 144
Charge for year 11 36 47
Exchange differences - (1 ) (1 )
Transfer to ownership (59 ) - (59 )
At 31 December 2024 40 91 131
NET BOOK VALUE
At 31 December 2024 550 46 596
At 31 December 2023 1,056 81 1,137

CROWN RECORDS MANAGEMENT LIMITED (REGISTERED NUMBER: SC162101)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


11. TANGIBLE FIXED ASSETS - continued

Company
Fixtures
Short Plant and and Motor
leasehold machinery fittings vehicles Totals
£'000 £'000 £'000 £'000 £'000
COST
At 1 January 2024 2,260 20,439 1,540 712 24,951
Additions 251 - 94 4 349
Disposals (397 ) (2,387 ) (158 ) (258 ) (3,200 )
At 31 December 2024 2,114 18,052 1,476 458 22,100
DEPRECIATION
At 1 January 2024 1,530 13,918 1,348 665 17,461
Charge for year 233 355 55 36 679
Eliminated on disposal (364 ) (2,277 ) (150 ) (258 ) (3,049 )
At 31 December 2024 1,399 11,996 1,253 443 15,091
NET BOOK VALUE
At 31 December 2024 715 6,056 223 15 7,009
At 31 December 2023 730 6,521 192 47 7,490

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£'000 £'000 £'000
COST
At 1 January 2024 1,144 99 1,243
Transfer to ownership (554 ) - (554 )
At 31 December 2024 590 99 689
DEPRECIATION
At 1 January 2024 88 53 141
Charge for year 11 35 46
Transfer to ownership (59 ) - (59 )
At 31 December 2024 40 88 128
NET BOOK VALUE
At 31 December 2024 550 11 561
At 31 December 2023 1,056 46 1,102

CROWN RECORDS MANAGEMENT LIMITED (REGISTERED NUMBER: SC162101)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


12. FIXED ASSET INVESTMENTS

Company
Unlisted
investments
£'000
COST
At 1 January 2024
and 31 December 2024 3,326
NET BOOK VALUE
At 31 December 2024 3,326
At 31 December 2023 3,326

The group or the company's investments at the Statement of Financial Position date in the share capital of companies include the following:

Subsidiaries

Crown Records and Relocations Limited
Registered office: 5th Floor Rear, Connaught House, 1 Burlington Road, Dublin 4, D04 C5Y6, Ireland
Nature of business: Records management
%
Class of shares: holding
Ordinary 100.00
2024 2023
£'000 £'000
Aggregate capital and reserves 1,843 1,564
Profit for the year 279 132

Ivan Ellerker Limited
Registered office: 5th Floor Rear, Connaught House, 1 Burlington Road, Dublin 4, D04 C5Y6, Ireland
Nature of business: Record management
%
Class of shares: holding
Ordinary 100.00
2024 2023
£'000 £'000
Aggregate capital and reserves 491 341
Profit for the year 151 38


13. STOCKS

Group Company
2024 2023 2024 2023
£'000 £'000 £'000 £'000
Stocks 32 32 30 32

CROWN RECORDS MANAGEMENT LIMITED (REGISTERED NUMBER: SC162101)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


14. DEBTORS

Group Company
2024 2023 2024 2023
£'000 £'000 £'000 £'000
Amounts falling due within one year:
Trade debtors 2,844 4,296 2,366 3,908
Amounts owed by group undertakings 929 905 - 2
Other debtors 76 123 28 41
Tax - 49 - -
VAT 142 - 142 -
Prepayments and accrued income 2,097 1,883 2,047 1,870
6,088 7,256 4,583 5,821

Amounts falling due after more than one year:
Amounts owed by group undertakings 22,152 19,700 22,152 19,984
Other debtors 98 196 98 196
22,250 19,896 22,250 20,180

Aggregate amounts 28,338 27,152 26,833 26,001

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£'000 £'000 £'000 £'000
Bank loans and overdrafts (see note 17) 2,000 - 2,000 -
Hire purchase contracts and finance leases (see note 18)
148

219

141

184
Trade creditors 524 466 530 423
Amounts owed to group undertakings 3,825 22,886 3,823 22,886
Amounts owed to associates - 17 - 17
Tax 38 63 - -
VAT - 515 - 515
Other creditors 14 211 - 24
Accrued expenses 2,447 3,770 1,922 3,334
8,996 28,147 8,416 27,383

CROWN RECORDS MANAGEMENT LIMITED (REGISTERED NUMBER: SC162101)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group Company
2024 2023 2024 2023
£'000 £'000 £'000 £'000
Hire purchase contracts and finance leases (see note 18)
82

215

62

215
Amounts owed to group undertakings 96,579 69,263 96,463 69,089
96,661 69,478 96,525 69,304

17. 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 loans 2,000 - 2,000 -

18. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts Finance leases
2024 2023 2024 2023
£'000 £'000 £'000 £'000
Net obligations repayable:
Within one year 148 219 - -
Between one and five years 62 215 20 -
210 434 20 -

Company
Hire purchase
contracts
2024 2023
£'000 £'000
Net obligations repayable:
Within one year 141 184
Between one and five years 62 215
203 399

CROWN RECORDS MANAGEMENT LIMITED (REGISTERED NUMBER: SC162101)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


18. LEASING AGREEMENTS - continued

Group
Non-cancellable
operating leases
2024 2023
£'000 £'000
Within one year 5,882 4,700
Between one and five years 11,824 8,192
In more than five years 1,265 306
18,971 13,198

Company
Non-cancellable
operating leases
2024 2023
£'000 £'000
Within one year 5,658 4,517
Between one and five years 11,039 8,192
In more than five years 1,265 306
17,962 13,015

19. SECURED DEBTS

The following secured debts are included within creditors:

Group Company
2024 2023 2024 2023
£'000 £'000 £'000 £'000
Bank loans 2,000 - 2,000 -
Hire purchase contracts and finance leases 230 434 203 399
2,230 434 2,203 399

HSBC Bank holds a floating charge over the undertaking and all property and assets present and future, including uncalled capital.

Liabilities under hire purchase agreements are secured on the assets acquired.

CROWN RECORDS MANAGEMENT LIMITED (REGISTERED NUMBER: SC162101)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


20. PROVISIONS FOR LIABILITIES

Group
2024 2023
£'000 £'000
Deferred tax
Accelerated capital allowances 41 52
Tax losses carried forward (1 ) -
40 52

Other provisions 1,570 -

Aggregate amounts 1,610 52

Group
Deferred
tax
£'000
Balance at 1 January 2024 52
Credit to Statement of Comprehensive Income during year (12 )
Balance at 31 December 2024 40

The other provision is in relation to dilapidations on the termination of property leases. This is included in the Company.

There is no deferred tax provision in the Company.

21. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
5,743,803 Ordinary 1 5,743,803 5,743,803

The Ordinary shares have attached to them full voting, dividend and capital distribution rights.

22. CONTINGENT LIABILITIES

The company is party to a cross guarantee of £5,000,000 with HSBC Bank Plc, along with Crown Workspace Limited, Crown Fine Art Limited and Crown Worldwide Limited. Each entity acts as a guarantor for any overdraft balances in any of these entities.

23. 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.

CROWN RECORDS MANAGEMENT LIMITED (REGISTERED NUMBER: SC162101)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


23. RELATED PARTY DISCLOSURES - continued

Other related parties
2024 2023
£'000 £'000
Amount due to related party - 17

At the end of the prior year, the Group owed £17K to Crown Pacific Inc, a company incorporated in the USA which is a related party due to being under common control.

24. 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.