Company registration number 10771700 (England and Wales)
CYBERIAM HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
CYBERIAM HOLDINGS LIMITED
COMPANY INFORMATION
Directors
P A Curran
(Appointed 28 March 2025)
P J Dawson
(Appointed 28 March 2025)
C Loder
(Appointed 27 January 2025)
A S Pinnington
M J Ribaudo
Secretary
R N P Lombard-Watkins
Company number
10771700
Registered office
The Steam Mill Business Centre
Steam Mill Street
Chester
CH3 5AN
Auditor
Mitchell Charlesworth (Audit) Limited
Suites C,D,E, & F
14th Floor The Plaza
100 Old Hall Street
Liverpool
L3 9QJ
CYBERIAM HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Company statement of cash flows
14
Notes to the financial statements
15 - 30
CYBERIAM HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -
The directors present the strategic report for the year ended 31 December 2024.
Review of the business
The Group’s principal business is the provision of Identity Professional Services in the Identity Access Management (“IAM”) and Privileged Access Management (“PAM”) within the Cybersecurity sector. This involves the provision of technical experts in the field for the design and implementation of complex identity access management systems.
During 2024, the Group’s strategic focus was on expanding and consolidating its service offerings alongside existing and new technologies in the sector. Revenues increased by 8.3% on the prior year to £15.1m (2023: £13.8m). Gross profit was £4.5m (2023: £4.6m)
Operating profits fell from £0.4m in 2023 to £0.1m in 2024 as higher staff and software development costs more than offset the increase in revenues during the year.
Principal risks and uncertainties
The Board regularly reviews the principal risks and uncertainties facing the Group. The key risks to the Group are geo-political impacts on global trade, macro-economic and regulatory compliance of its global operations in a number of countries along with the attraction and retention of staff, wage inflation and increasing competition. The Board actively monitors these risks to ensure that there are controls in place to manage and mitigate their risk.
Key performance indicators
The Board sets financial KPI’s through an annual budget and monitors performance by reviewing monthly management accounts and forecasts. A range of KPI’s are monitored including profitability, utilisation, ARR, TCR, cash-flow and working capital management.
The Group also monitors non-financial performance such as staff retention, staff satisfaction and quality and service levels to customers to continuously look for improvement.
Policy on payment to creditors
Our policy is to make payments to creditors in line with their stated payment terms on their invoices. We track creditor payment dates weekly to ensure we are managing our payments in a timely manner and in line with due dates.
M J Ribaudo
Director
4 June 2025
CYBERIAM HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
The directors present their annual report and financial statements for the year ended 31 December 2024.
Principal activities
The principal activity of the company and group continued to be that of cybersecurity consultancy services.
Results and dividends
The results for the year are set out on page 8.
Ordinary dividends were paid amounting to £88,150. The directors do not recommend payment of a further dividend.
No preference dividends were paid. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
P A Curran
(Appointed 28 March 2025)
P J Dawson
(Appointed 28 March 2025)
C Loder
(Appointed 27 January 2025)
A S Pinnington
M J Ribaudo
Auditor
In accordance with the company's articles, a resolution proposing that be reappointed as auditor of the group will be put at a General Meeting.
Statement of directors' responsibilities
The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, 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 UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
CYBERIAM HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.
Medium-sized companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.
On behalf of the board
M J Ribaudo
Director
4 June 2025
CYBERIAM HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CYBERIAM HOLDINGS LIMITED
- 4 -
Opinion
We have audited the financial statements of CyberIAM Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the group's and the parent company's 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.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and 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.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
CYBERIAM HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CYBERIAM HOLDINGS LIMITED
- 5 -
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 their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the 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 parent company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
Extend to which the audit was considered capable of detecting irregularities, including fraud
We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.
CYBERIAM HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CYBERIAM HOLDINGS LIMITED
- 6 -
Identifying and assessing potential risks related to irregularities
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:
the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; and
the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud
As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas:
(i) The presentation of the Profit and Loss Account, (ii) the accounting policy for revenue recognition (iii) understatement of creditors (iv) going concern. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.
We also obtained an understanding of the legal and regulatory framework that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act.
In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company’s ability to operate or to avoid a material penalty.
Audit response to the risks identified
Our procedures to respond to risks identified included the following:
reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with relevant laws and regulations described above as having a direct effect on the financial statements;
enquiring of management concerning actual and potential litigation and claims;
performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
CYBERIAM HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CYBERIAM HOLDINGS LIMITED
- 7 -
Owing to the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Michael Buxton
For and on behalf of
4 June 2025
Mitchell Charlesworth (Audit) Limited
Accountants
Statutory Auditor
Suites C,D,E, & F
14th Floor The Plaza
100 Old Hall Street
Liverpool
L3 9QJ
CYBERIAM HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
15,095,876
13,846,488
Cost of sales
(10,643,857)
(9,247,367)
Gross profit
4,452,019
4,599,121
Distribution costs
(1,608,277)
(924,548)
Administrative expenses
(2,740,781)
(3,243,713)
Operating profit
4
102,961
430,860
Interest receivable and similar income
7
6,535
12,125
Interest payable and similar expenses
8
(167,812)
(175,611)
(Loss)/profit before taxation
(58,316)
267,374
Tax on (loss)/profit
9
(8,574)
(180,190)
(Loss)/profit for the financial year
(66,890)
87,184
(Loss)/profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
CYBERIAM HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
11
449,612
481,342
Current assets
Debtors
13
3,631,337
3,597,360
Cash at bank and in hand
383,100
1,095,753
4,014,437
4,693,113
Creditors: amounts falling due within one year
14
(3,169,984)
(3,071,184)
Net current assets
844,453
1,621,929
Total assets less current liabilities
1,294,065
2,103,271
Creditors: amounts falling due after more than one year
15
(851,834)
(1,592,500)
Provisions for liabilities
Deferred tax liability
17
88,000
1,500
(88,000)
(1,500)
Net assets
354,231
509,271
Capital and reserves
Called up share capital
20
3,566
3,566
Share premium account
67,540
67,540
Profit and loss reserves
283,125
438,165
Total equity
354,231
509,271
These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.
The financial statements were approved by the board of directors and authorised for issue on 4 June 2025 and are signed on its behalf by:
04 June 2025
C Loder
Director
Company registration number 10771700 (England and Wales)
CYBERIAM HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
11
431,927
439,599
Investments
12
105,339
105,339
537,266
544,938
Current assets
Debtors
13
4,375,574
4,270,231
Cash at bank and in hand
236,784
1,015,539
4,612,358
5,285,770
Creditors: amounts falling due within one year
14
(3,080,642)
(2,959,392)
Net current assets
1,531,716
2,326,378
Total assets less current liabilities
2,068,982
2,871,316
Creditors: amounts falling due after more than one year
15
(851,834)
(1,592,500)
Provisions for liabilities
Deferred tax liability
17
88,000
1,500
(88,000)
(1,500)
Net assets
1,129,148
1,277,316
Capital and reserves
Called up share capital
20
3,566
3,566
Share premium account
67,540
67,540
Profit and loss reserves
1,058,042
1,206,210
Total equity
1,129,148
1,277,316
As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £60,018 (2023 - £515,004 profit).
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.
The financial statements were approved by the board of directors and authorised for issue on 4 June 2025 and are signed on its behalf by:
04 June 2025
C Loder
Director
Company registration number 10771700 (England and Wales)
CYBERIAM HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2023
1,000
891,981
892,981
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
87,184
87,184
Issue of share capital
20
2,568
67,540
-
70,108
Dividends
10
-
-
(541,000)
(541,000)
Reduction of shares
20
(2)
-
-
(2)
Balance at 31 December 2023
3,566
67,540
438,165
509,271
Year ended 31 December 2024:
Loss and total comprehensive income
-
-
(66,890)
(66,890)
Dividends
10
-
-
(88,150)
(88,150)
Balance at 31 December 2024
3,566
67,540
283,125
354,231
CYBERIAM HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2023
1,000
1,232,206
1,233,206
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
-
515,004
515,004
Issue of share capital
20
2,568
67,540
-
70,108
Dividends
10
-
-
(541,000)
(541,000)
Reduction of shares
20
(2)
-
-
(2)
Balance at 31 December 2023
3,566
67,540
1,206,210
1,277,316
Year ended 31 December 2024:
Profit and total comprehensive income
-
-
(60,018)
(60,018)
Dividends
10
-
-
(88,150)
(88,150)
Balance at 31 December 2024
3,566
67,540
1,058,042
1,129,148
CYBERIAM HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 13 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
23
(80,672)
1,018,069
Interest paid
(167,812)
(175,611)
Income taxes paid
(307,469)
(184,282)
Net cash (outflow)/inflow from operating activities
(555,953)
658,176
Investing activities
Purchase of tangible fixed assets
(21,383)
(256,739)
Proceeds from disposal of tangible fixed assets
770
1,381
Proceeds from disposal of investments
-
(1,050)
Repayment of loans
(4,775)
(218,960)
Interest received
6,535
12,125
Net cash used in investing activities
(18,853)
(463,243)
Financing activities
Proceeds from issue of shares
-
70,108
Repayment of bank loans
(370,333)
(388,578)
Dividends paid to equity shareholders
(88,150)
(541,000)
Net cash used in financing activities
(458,483)
(859,470)
Net decrease in cash and cash equivalents
(1,033,289)
(664,537)
Cash and cash equivalents at beginning of year
1,056,343
1,720,880
Cash and cash equivalents at end of year
23,054
1,056,343
Relating to:
Cash at bank and in hand
383,100
1,095,753
Bank overdrafts included in creditors payable within one year
(360,046)
(39,410)
CYBERIAM HOLDINGS LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 14 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
24
(176,703)
923,737
Interest paid
(167,812)
(175,611)
Income taxes paid
(307,469)
(174,861)
Net cash (outflow)/inflow from operating activities
(651,984)
573,265
Investing activities
Purchase of tangible fixed assets
(19,933)
(239,978)
Proceeds from disposal of tangible fixed assets
770
Proceeds from disposal of investments
(525)
Repayment of loans
(4,775)
(218,960)
Interest received
35,014
27,794
Net cash generated from/(used in) investing activities
11,076
(431,669)
Financing activities
Proceeds from issue of shares
-
70,108
Repayment of bank loans
(370,333)
(387,854)
Dividends paid to equity shareholders
(88,150)
(541,000)
Net cash used in financing activities
(458,483)
(858,746)
Net decrease in cash and cash equivalents
(1,099,391)
(717,150)
Cash and cash equivalents at beginning of year
976,129
1,693,279
Cash and cash equivalents at end of year
(123,262)
976,129
Relating to:
Cash at bank and in hand
236,784
1,015,539
Bank overdrafts included in creditors payable within one year
(360,046)
(39,410)
CYBERIAM HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 15 -
1
Accounting policies
Company information
CyberIAM Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is The Steam Mill Business Centre, Steam Mill Street, Chester, CH3 5AN.
The group consists of CyberIAM Holdings Limited and all of its subsidiaries.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Business combinations
In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.
Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.
1.3
Basis of consolidation
The consolidated group financial statements consist of the financial statements of the parent company CyberIAM Holdings Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.
All financial statements are made up to 31 December 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.
CYBERIAM HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 16 -
Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.
Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.
If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.
Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.
1.4
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.5
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.6
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold land and buildings
5% reducing balance
Fixtures and fittings
14%, 20%, 33% Straight line
Computers
33% straight line
CYBERIAM HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 17 -
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.
1.7
Fixed asset investments
Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.
In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.8
Impairment of fixed assets
At each reporting period end date, the group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.9
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
CYBERIAM HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 18 -
1.10
Financial instruments
The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include 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.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.11
Equity instruments
Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.
1.12
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
CYBERIAM HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 19 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.13
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.14
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.15
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
1.16
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
CYBERIAM HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 20 -
2
Judgements and key sources of estimation uncertainty
In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Accrued income
Revenue for the provision of services is recognised by reference to the stage of completion.
At the end of each period the directors will assess the stage of completion for all ongoing projects and assess the recoverability of each accrued income balance.
Deferred income
Sales for the provision of services are recognised by reference to the stage of completion. Deferred income balances are recognised where net cash inflows are greater than the revenue recognised.
At the end of each period the directors will assess the stage of completion for all ongoing projects.
Recoverability of debtors
Bad debts are recognised where there are indicators of non-recoverability, and appropriate action has been taken to recover the debt unsuccessfully. When assessing recoverability, the directors consider factors such as the ageing of the receivables, past experience of recoverability, and the credit profile of individual groups of customers.
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Rendering of services
15,095,876
13,846,488
2024
2023
£
£
Turnover analysed by geographical market
UK
9,142,181
8,875,000
Europe
4,188,118
3,913,719
Rest of world
1,765,577
1,057,769
15,095,876
13,846,488
CYBERIAM HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
3
Turnover and other revenue
(Continued)
- 21 -
2024
2023
£
£
Other revenue
Interest income
6,535
12,125
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange losses
51,553
40,528
Fees payable to the group's auditor for the audit of the group's financial statements
11,000
-
Depreciation of owned tangible fixed assets
52,132
105,179
Loss/(profit) on disposal of tangible fixed assets
163
(520)
Operating lease charges
212,827
258,117
5
Employees
The average monthly number of persons (including directors) employed by the group and company during the year was:
Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
156
153
100
96
Their aggregate remuneration comprised:
Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
9,269,840
7,674,233
7,475,438
6,345,798
Social security costs
808,875
695,215
808,875
695,215
Pension costs
574,837
505,476
547,007
491,335
10,653,552
8,874,924
8,831,320
7,532,348
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
266,522
12,000
CYBERIAM HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
6
Directors' remuneration
(Continued)
- 22 -
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
266,313
-
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
6,535
12,125
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
6,535
12,125
8
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
167,812
175,611
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
186,972
Adjustments in respect of prior periods
(89,026)
Total UK current tax
(89,026)
186,972
Foreign current tax on profits for the current period
9,421
Total current tax
(89,026)
196,393
Deferred tax
Origination and reversal of timing differences
97,600
(16,203)
Total tax charge
8,574
180,190
CYBERIAM HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
9
Taxation
(Continued)
- 23 -
The actual charge for the year can be reconciled to the expected (credit)/charge for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
(Loss)/profit before taxation
(58,316)
267,374
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
(14,579)
66,844
Tax effect of expenses that are not deductible in determining taxable profit
17,435
10,675
Adjustments in respect of prior years
(89,000)
Effect of overseas tax rates
1,718
103,871
Deferred tax adjustments in respect of prior years
27,000
Fixed asset differences
66,000
(200)
Movement in deferred tax for changes in rates
(1,000)
Taxation charge
8,574
180,190
10
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Interim paid
88,150
541,000
CYBERIAM HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 24 -
11
Tangible fixed assets
Group
Leasehold land and buildings
Fixtures and fittings
Computers
Total
£
£
£
£
Cost
At 1 January 2024
293,654
229,282
266,602
789,538
Additions
998
20,385
21,383
Disposals
(1,672)
(1,672)
Exchange adjustments
16
(517)
(501)
At 31 December 2024
293,654
230,296
284,798
808,748
Depreciation and impairment
At 1 January 2024
59,221
54,521
194,454
308,196
Depreciation charged in the year
(30,346)
34,122
48,356
52,132
Eliminated in respect of disposals
(739)
(739)
Exchange adjustments
(196)
(257)
(453)
At 31 December 2024
28,875
88,447
241,814
359,136
Carrying amount
At 31 December 2024
264,779
141,849
42,984
449,612
At 31 December 2023
234,433
174,761
72,148
481,342
Company
Leasehold land and buildings
Fixtures and fittings
Computers
Total
£
£
£
£
Cost
At 1 January 2024
293,654
210,665
189,924
694,243
Additions
998
18,935
19,933
Disposals
(770)
(770)
At 31 December 2024
293,654
211,663
208,089
713,406
Depreciation and impairment
At 1 January 2024
59,221
45,274
150,149
254,644
Depreciation charged in the year
(30,346)
29,782
27,913
27,349
Eliminated in respect of disposals
(514)
(514)
At 31 December 2024
28,875
75,056
177,548
281,479
Carrying amount
At 31 December 2024
264,779
136,607
30,541
431,927
At 31 December 2023
234,433
165,391
39,775
439,599
CYBERIAM HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
11
Tangible fixed assets
(Continued)
- 25 -
Land and buildings in Ellesmere Port were sold after the year end. A profit on disposal was recognised through the profit and loss. The net book value of the disposed assets included leasehold land and buildings above was £163,625 at 31 December 2024.
12
Fixed asset investments
Group
Company
2024
2023
2024
2023
£
£
£
£
Unlisted investments
105,339
105,339
Movements in fixed asset investments
Company
Investments
£
Cost or valuation
At 1 January 2024 and 31 December 2024
105,339
Carrying amount
At 31 December 2024
105,339
At 31 December 2023
105,339
13
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
2,561,044
2,818,263
2,505,550
2,633,923
Corporation tax recoverable
226,327
74,318
226,327
74,318
Amounts owed by group undertakings
-
-
880,451
958,039
Amounts owed by undertakings in which the company has a participating interest
15,960
15,960
15,960
15,960
Other debtors
262,025
277,420
232,080
250,758
Prepayments and accrued income
565,981
400,299
515,206
326,133
3,631,337
3,586,260
4,375,574
4,259,131
Amounts falling due after more than one year:
Deferred tax asset (note 17)
11,100
11,100
Total debtors
3,631,337
3,597,360
4,375,574
4,270,231
CYBERIAM HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
13
Debtors
(Continued)
- 26 -
The company operates an invoice discounting arrangement and receives cash advances secured against invoiced trade debtors. As at 31 December 2024, invoiced trade debtors amounted to £1,280,209 (2023:NIL) against which £360,046 (2023: £NIL) was advanced to the company.
14
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
16
730,379
39,410
730,379
39,410
Trade creditors
156,256
1,016,926
104,080
1,012,465
Amounts owed to group undertakings
136,686
140,632
Corporation tax payable
244,486
244,486
Other taxation and social security
628,162
742,737
541,760
687,845
Deferred income
18
1,210,532
602,162
1,165,139
415,268
Other creditors
274,724
247,590
258,106
241,858
Accruals and deferred income
169,931
177,873
144,492
177,428
3,169,984
3,071,184
3,080,642
2,959,392
The company has a debenture with HSBC for a mortgage on the property at Rossmore - this provides for a fixed and floating charge over the company's assets. Although the mortgage was repaid in September 2023, the debenture remains in place to date; even though it has been settled.
15
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
16
851,834
1,592,500
851,834
1,592,500
16
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
1,222,167
1,592,500
1,222,167
1,592,500
Bank overdrafts
360,046
39,410
360,046
39,410
1,582,213
1,631,910
1,582,213
1,631,910
Payable within one year
730,379
39,410
730,379
39,410
Payable after one year
851,834
1,592,500
851,834
1,592,500
CYBERIAM HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
16
Loans and overdrafts
(Continued)
- 27 -
Balances due under invoice discounting arrangements of £360,046 (2023: £NIL) are included within bank overdrafts and are secured by way of a fixed and floating charge against the assets of the company.
17
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:
Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Group
£
£
£
£
Accelerated capital allowances
88,000
1,500
-
-
Provisions
-
-
-
11,100
88,000
1,500
-
11,100
Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Company
£
£
£
£
Accelerated capital allowances
88,000
1,500
-
-
Provisions
-
-
-
11,100
88,000
1,500
-
11,100
Group
Company
2024
2024
Movements in the year:
£
£
Asset at 1 January 2024
(9,600)
(9,600)
Charge to profit or loss
97,600
97,600
Liability at 31 December 2024
88,000
88,000
The deferred tax liability set out above is expected to reverse and relates to accelerated capital allowances that are expected to mature within the same period.
CYBERIAM HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 28 -
18
Deferred income
Group
Company
2024
2023
2024
2023
£
£
£
£
Other deferred income
1,210,532
602,162
1,165,139
415,268
19
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
574,837
505,476
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.
20
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Ordinary shares of 0.1p each
1,584,000
1,584,000
1,584
1,584
B Ordinary shares of 0.1p each
1,584,000
1,584,000
1,584
1,584
C Ordinary shares of 0.1p each
198,000
198,000
198
198
E Ordinary shares of 0.1p each
190,000
190,000
190
190
3,556,000
3,556,000
3,556
3,556
2024
2023
2024
2023
Preference share capital
Number
Number
£
£
Issued and fully paid
Preference shares of 0.1p each
10,000
10,000
10
10
Preference shares classified as equity
10
10
Total equity share capital
3,566
3,566
CYBERIAM HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 29 -
21
Operating lease commitments
Lessee
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
93,280
175,701
40,884
75,954
Between two and five years
6,326
531,066
3,163
259,510
99,606
706,767
44,047
335,464
22
Events after the reporting date
Land and buildings in Ellesmere Port were sold after the year end. A profit on disposal was recognised through the profit and loss. All operations remain ongoing.
23
Cash (absorbed by)/generated from group operations
2024
2023
£
£
(Loss)/profit for the year after tax
(66,890)
87,182
Adjustments for:
Taxation charged
8,574
180,190
Finance costs
167,812
175,611
Investment income
(6,535)
(12,125)
Loss/(gain) on disposal of tangible fixed assets
163
(520)
Depreciation and impairment of tangible fixed assets
52,132
105,179
Movements in working capital:
Decrease/(increase) in debtors
111,755
(243,920)
(Decrease)/increase in creditors
(956,053)
448,225
Increase in deferred income
608,370
278,247
Cash (absorbed by)/generated from operations
(80,672)
1,018,069
CYBERIAM HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 30 -
24
Cash (absorbed by)/generated from operations - company
2024
2023
£
£
(Loss)/profit for the year after tax
(60,018)
515,002
Adjustments for:
Taxation charged
8,574
170,769
Finance costs
167,812
175,611
Investment income
(35,014)
(27,794)
Gain on disposal of tangible fixed assets
(514)
-
Depreciation and impairment of tangible fixed assets
27,349
76,396
Movements in working capital:
Decrease/(increase) in debtors
40,341
(1,154,666)
(Decrease)/increase in creditors
(1,075,104)
1,077,066
Increase in deferred income
749,871
91,353
Cash (absorbed by)/generated from operations
(176,703)
923,737
25
Analysis of changes in net debt - group
1 January 2024
Cash flows
31 December 2024
£
£
£
Cash at bank and in hand
1,095,753
(712,653)
383,100
Bank overdrafts
(39,410)
(320,636)
(360,046)
1,056,343
(1,033,289)
23,054
Borrowings excluding overdrafts
(1,592,500)
370,333
(1,222,167)
(536,157)
(662,956)
(1,199,113)
26
Analysis of changes in net debt - company
1 January 2024
Cash flows
31 December 2024
£
£
£
Cash at bank and in hand
1,015,539
(778,755)
236,784
Bank overdrafts
(39,410)
(320,636)
(360,046)
976,129
(1,099,391)
(123,262)
Borrowings excluding overdrafts
(1,592,500)
370,333
(1,222,167)
(616,371)
(729,058)
(1,345,429)
2024-12-312024-01-01falsefalseCCH SoftwareCCH Accounts Production 2025.200P A CurranP J DawsonC LoderA S PinningtonM J RibaudoR N P 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