Cisive, Ltd. 29/12/2024 iXBRL

Company registration number: 10834141

Cisive, Ltd.

Filleted financial statements

29 December 2024

Cisive, Ltd.

Contents

Directors and other information

Directors responsibilities statement

Statement of financial position

Notes to the financial statements

Cisive, Ltd.

Directors and other information


Directors	B E Berger
	J Hunsrao	(Resigned 11 January 2024)
	A Hui Ho Sang	(Appointed 11 January 2024)


Company number	10834141


Registered office	Parkgates, Bury New Road
	Prestwich
	Manchester
	M25 0JW


Auditor	Alexander Bursk Ltd
	Parkgates, Bury New Road
	Prestwich
	Manchester
	M25 0JW

Cisive, Ltd.

Directors responsibilities statement

Year ended 29 December 2024

The directors are responsible for preparing the directors 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 company and the profit or loss of the company for that period.

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

- select suitable accounting policies and then apply them consistently; and

- make judgments and accounting estimates that are reasonable and prudent.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Cisive, Ltd.

Statement of financial position

29 December 2024

		2024		2023
	Note	$	$	$	$

Fixed assets
Investments	4	376,923		611,001
		_______		_______
			376,923		611,001

Current assets
Debtors	5	87,657		86,070
		_______		_______
		87,657		86,070
Creditors: amounts falling due
within one year	6	( 2,999,232)		( 2,986,500)
		_______		_______
Net current liabilities			( 2,911,575)		( 2,900,430)
			_______		_______
Total assets less current liabilities			( 2,534,652)		( 2,289,429)

			_______		_______
Net liabilities			( 2,534,652)		( 2,289,429)
			_______		_______

Capital and reserves
Called up share capital			1		1
Profit and loss account			( 2,534,653)		( 2,289,430)
			_______		_______
Shareholder deficit			( 2,534,652)		( 2,289,429)
			_______		_______

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

These financial statements were approved by the board of directors and authorised for issue on 16 September 2025 , and are signed on behalf of the board by:

B E Berger

Director

Company registration number: 10834141

Cisive, Ltd.

Notes to the financial statements

Year ended 29 December 2024

1. General information

The company is a private company limited by shares, registered in England. The address of the registered office is Parkgates, Bury New Road, Prestwich, Manchester, M25 0JW.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

3. Accounting policies

Basis of preparation

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and investment properties measured at fair value through profit or loss.The financial statements are prepared in United States Dollars (USD).This differs from the functional currency of the entity, which is Great British Pounds (GBP).

Going concern

The directors have received confirmation from Carco Group Inc. that the group will continue to support the operations of the company for the forseeable future, to allow it to be able to meet its own liabilities as they fall due. On the basis of their assessment of the company's financial position, the company's directors have a reasonable expectation that the company will be able to continue in operational existence for the forseeable future

Consolidation

The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Operating leases

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

Fixed asset investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. Investments

	Shares in group undertakings and participating interests	Total
	$	$
Cost
At 30 December 2023	611,001	611,001
Fair value adjustment	(234,078)	(234,078)
	_______	_______
At 29 December 2024	376,923	376,923
	_______	_______
Carrying amount
At 29 December 2024	376,923	376,923
	_______	_______
At 29 December 2023	611,001	611,001
	_______	_______

5. Debtors

	2024	2023
	$	$
Amounts owed by group undertakings and undertakings in which the company has a participating interest	84,436	84,436
Other debtors	3,221	1,634
	_______	_______
	87,657	86,070
	_______	_______

6. Creditors: amounts falling due within one year

	2024	2023
	$	$
Amounts owed to group undertakings and undertakings in which the company has a participating interest	2,980,907	2,972,738
Other creditors	18,325	13,762
	_______	_______
	2,999,232	2,986,500
	_______	_______

7. Summary audit opinion

The auditor's report dated 18 September 2025 was qualified on the following basis.

Basis for qualified opinion The previous year's audit report was qualified in relation to insufficient appropriate evidence being received in relation to investments of $611,011, group debtors of $84,436 and group creditors of $2,972,738. We were therefore unable to obtain sufficient comfort in relation to the comparative figures, and any impact which the opening balances in these areas may have had on this year's figures. During the audit for this year, we were unable to obtain sufficient appropriate evidence in the following areas: Intercompany balancesIncluded within debtors is an amount of $84,436 (2023: $84,436) owed by group undertakings. We have not received any external evidence in relation to this balance, and thus we are unable to conclude on the recoverability of this amount.Included within creditors is $2,980,907 (2023: $2,972,738) owed to group undertakings. We have not received any external evidence in relation to this balance, and thus we are unable to conclude on its accuracy or on the terms of repayment.InvestmentsAs shown in note 5, the company has investments in 4 subsidiaries. The investments in Cisive Singapore Pte Ltd and Cisive India Private Limited were shown on a cost basis in the previous year, but there were indicators of impairment at the year end. Whilst an impairment review was conducted in 2024, and an appropriate adjustment made, the impact on the comparative figures and on the opening balances means that our audit report is qualified on this matter.

The senior statutory auditor was Barry Fine for and on behalf of Alexander Bursk Ltd

8. Related party transactions

The Company has taken advantage of the exemption within FRS 102 not to disclose transactions with other wholly owned members of the group on the basis that the company is a wholly owned subsidiary .There are no other transactions with or balances due to or from related parties

9. Controlling party

The controlling party is Carco Group Inc., a company domiciled and incorporated in the United States, by virtue of its significant shareholding. Group accounts for the smallest group of undertakings in which the company is consolidated are prepared by Carco Group Inc., and can be obtained from Corporation Trust Center, 1209 Orange Street, City of Wilmington, New Castle, Delaware, United States 19801. The ultimate controlling party is GTCR Funds, the headquarters of which is 123 S La Salle St, Suite 1900, Chicago, Illinois 60603, USA.

10. Going concern

Carco Group Inc. have confirmed that the Group will continue to support the operations of the company for the next twelve months, to allow it to be able to meet its own liabilities as they fall due. On the basis of their assessment of the company's financial position, the directors have a reasonable expectation that the company 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.