Company Information
Contents
Director's report
for the year ended 31 December 2024
The director presents his report and the financial statements of Eicos PDC Holdco Limited ('the company') and its subsidiary (together 'the group') for the year ended 31 December 2024 .
The director who served during the year was:
The profit for the year, after taxation and minority interests, amounted to £619,240 (2023 - £43,245).
No dividend has been declared for the year ended 2024. However, the director will review the company's financial position in due course and may consider a distribution at an appropriate time.
The director is responsible for preparing the Director's report and the consolidated financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is 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 director is required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.
Page 1
Director's report (continued)
for the year ended 31 December 2024
This report was approved by the board and signed on its behalf.
Page 2
Independent auditor's report to the members of Eicos PDC Holdco Limited
for the year ended 31 December 2024
We have audited the financial statements of Eicos PDC Holdco Limited (the 'parent company') and its subsidiaries (the 'Group') for the year ended 31 December 2024, which comprise the Consolidated statement of comprehensive income, the Consolidated and company statements of financial position, the Consolidated and company statements of changes in equity, the Consolidated statement of cash flows and the related notes, 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).
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 in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.
Page 3
Independent auditor's report to the members of Eicos PDC Holdco Limited (continued)
for the year ended 31 December 2024
The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's report thereon. The director is 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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Director's report has been prepared in accordance with applicable legal requirements.
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 Director's report.
Page 4
Independent auditor's report to the members of Eicos PDC Holdco Limited (continued)
for the year ended 31 December 2024
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 Group financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
How the audit was considered capable of detecting irregularities including fraud
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
∙the Senior Statutory Auditor ensured that the engagement team collectively had the appropriate competence,
capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
∙we made enquiries of management as to whether they considered there was a susceptibility to fraud, and their
knowledge of actual, suspected or alleged fraud;
knowledge of actual, suspected or alleged fraud;
∙we identified the laws and regulations that could reasonably be expected to have a material effect on the financial
statements of the company and group through discussions with management at the planning stage;
statements of the company and group through discussions with management at the planning stage;
∙the audit team held a discussion to identify any particular areas that were considered to be susceptible to
misstatement, including with respect to fraud and non-compliance with laws and regulations; and
misstatement, including with respect to fraud and non-compliance with laws and regulations; and
∙we focused our planned audit work on specific laws and regulations which we considered may have a direct material
effect on the financial statements or the operations of the company and group including the Companies Act 2006,
The Financial Services and Markets Act 2000, employment legislation, taxation legislation and relevant laws and
regulations.
effect on the financial statements or the operations of the company and group including the Companies Act 2006,
The Financial Services and Markets Act 2000, employment legislation, taxation legislation and relevant laws and
regulations.
We assessed the extent of compliance with the laws and regulations identified above through:
∙making enquiries of management;
∙reviewing legal expenditure throughout the year for any potential litigation or claims; and
∙considering the internal controls in place that are designed to mitigate the risks of fraud and non-compliance with
laws and regulations.
laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
∙determined the susceptibility of the company and group to management override of controls by checking the implementation of controls and enquiring of individuals involved in the financial reporting process;
∙reviewed journal entries throughout the year to identify unusual transactions;
∙performed analytical procedures to identify large, unusual or unexpected transactions; and
∙carried out substantive testing of expenditure.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which
included:
included:
∙agreeing financial statement disclosures to underlying supporting documentation; and
∙enquiring of management as to actual and potential litigation and claims.
Page 5
Independent auditor's report to the members of Eicos PDC Holdco Limited (continued)
for the year ended 31 December 2024
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or reuglation 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 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 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.
for and on behalf of
Statutory Auditor
130 Wood Street
EC2V 6DL
Page 6
Consolidated statement of comprehensive income
for the year ended 31 December 2024
Page 7
Consolidated statement of financial position
as at 31 December 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf:
The notes on pages 13 to 27 form part of these financial statements.
Page 8
Company statement of financial position
as at 31 December 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 13 to 27 form part of these financial statements.
Page 9
Consolidated statement of changes in equity
for the year ended 31 December 2024
Consolidated statement of changes in equity
for the year ended 31 December 2023
Page 10
Company statement of changes in equity
for the year ended 31 December 2024
Company statement of changes in equity
for the year ended 31 December 2023
Page 11
Consolidated statement of cash flows
for the year ended 31 December 2024
Page 12
Notes to the financial statements
for the year ended 31 December 2024
Eicos PDC Holdco Limited is a private company limited by shares and registered in England & Wales. The address of the registered office is C/O Buzzacott LLP, 130 Wood Street, London, EC2V 6DL and its principal place of business is One Great Cumberland Place, London, W1H 7AL. The registered number of the company is 13387917.
2.Significant accounting policies
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical
accounting estimates. It also requires group management to exercise judgement in applying the group's
accounting policies (see note 3).
The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006
and has not presented its own Statement of comprehensive income in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the company and its own subsidiaries ('the group') as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
FRS 102 allows a qualifying entity certain disclosure exemptions, subject to conditions. The company has taken advantage of the following exemption in its individual financial statements:
∙from preparing a statement of cash flows, on the basis that it is a qualifying entity and the consolidated statement of cash flows, included in these financial statements, includes the company's cash flows.
After reviewing the forecasts and projections the director has reasonable expectations that the group has adequate resources to continue in operational existence for the forseable future. The group therefore continues to adopt the going concern basis in preparing its financial statements.
Page 13
Notes to the financial statements
for the year ended 31 December 2024
2.Significant accounting policies (continued)
Functional and presentation currency
Transactions and balances
Rendering of services
Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
Page 14
Notes to the financial statements
for the year ended 31 December 2024
2.Significant accounting policies (continued)
the statement of comprehensive income because it excluded items that are never taxable or deductible. The
company's current tax liability is calculated using rates that have been enacted or substantively enacted by
the balance sheet date.
Deferred tax is provided in full on timing differences which result in an obligation at the balance sheet date to
pay more tax, or a right to pay less tax, at a future date, at rates expected to apply when they crystallise
based on current tax rate law. Timing differences arise from the inclusion of items of income and expenditure
in taxation computations in periods different from those in which they are included in financial statements.
Deferred tax assets are recognised to the extent that is regarded as more likely than not that they will be
recovered. Deferred tax assets and liabilities are not discounted.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Short term debtors are measured at transaction price less any impairment.
Page 15
Notes to the financial statements
for the year ended 31 December 2024
2.Significant accounting policies (continued)
repayable without penalty on notice and other short term highly liquid investments with original maturity of
3 months or less and bank overdrafts.
fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective
interest method.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
Page 16
Notes to the financial statements
for the year ended 31 December 2024
2.Significant accounting policies (continued)
The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Group's Statement of financial position when the Group becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
Impairment of financial assets
Financial assets are assessed for indicators of impairment at each reporting date.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
make judgements, estimates and assumptions which affect the amounts reported for assets and liabilities as at the
period-end date and amounts reported for revenues and expenses during the period. The estimates and associated
assumptions are based on historical experience and other factors that are considered to be relevant. However, the
nature of estimation means that actual outcomes could differ from those estimates.
There were no significant estimates or judgments made in the period.
Page 17
Notes to the financial statements
for the year ended 31 December 2024
Analysis of turnover by country of destination:
Page 18
Notes to the financial statements
for the year ended 31 December 2024
Staff costs during the year were as follows:
|
|
|||
|
|
|||
|
|
|||
|
|
|||
|
|
|||
|
|
The average monthly number of employees, including the director, during the year was 6 (2023 - 7).
Page 19
Notes to the financial statements
for the year ended 31 December 2024
Page 20
Notes to the financial statements
for the year ended 31 December 2024
11.Taxation (continued)
There are no factors that may affect future tax charges.
Page 21
Notes to the financial statements
for the year ended 31 December 2024
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
Page 22
Notes to the financial statements
for the year ended 31 December 2024
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
Page 23
Notes to the financial statements
for the year ended 31 December 2024
Page 24
Notes to the financial statements
for the year ended 31 December 2024
At the balance sheet date, £15,271 (2023 - £36,211 ) was owed to the company, from its subsidiary undertaking Eicos Investment Group Limited.
Eicos Investment Group Limited is considered to be a related party as it is a direct subsidiary to the company .
At the balance sheet date, the amount due from Plative Limited was £Nil (2023: £3,960 ). Plative Limited is considered to be a related party as it is controlled by E De Lepinay, a director of Eicos Investment Group Limited and a member of key management personnel .
At the balance sheet date, the amount due from Valleo Holdings Limited was £Nil (2023: £5,880 ). Valleo Holdings Limited is considered to be a related party as it is controlled by A Denstaedt, a director of Eicos Investment Group Limited and a member of key management personnel .
At the balance sheet date, £Nil (2023: £6 ) was due to A Denstaedt .
Key management personnel compensation
Certain persons who have authority and responsibility for planning, directing and controlling the activities of the group are considered to be key management personnel. During the year, there were no members of key management personnel, other than the director and the directors of Eicos Investment Group Limited. Key management personnel remuneration during the year totalled £155,432 (2023 - £275,400 ).
At the balance sheet date, the amount due from Plative Limited was £Nil (2023: £
At the balance sheet date, the amount due from Valleo Holdings Limited was £Nil (2023: £
At the balance sheet date, £Nil (2023: £
Key management personnel compensation
Certain persons who have authority and responsibility for planning, directing and controlling the activities of the group are considered to be key management personnel. During the year, there were no members of key management personnel, other than the director and the directors of Eicos Investment Group Limited. Key management personnel remuneration during the year totalled £
An analysis of changes in net debt has not been presented as all of the group's cash flows relate to movements
in cash, and the group has no items to include in such an analysis.
in cash, and the group has no items to include in such an analysis.
Page 25
Notes to the financial statements
for the year ended 31 December 2024
|
|
||
|
|
||
|
|
||
|
|
||
|
|
||
|
|
Non-controlling interests
Profit and loss account
The group operates a defined contributions pension scheme. The assets of the scheme are held separately from
those of the group in an independently administered fund. The pension cost charge represents contributions
payable by the group to the fund and amounted to £36,619 (2023: £9,820).
those of the group in an independently administered fund. The pension cost charge represents contributions
payable by the group to the fund and amounted to £36,619 (2023: £9,820).
Page 26
Notes to the financial statements
for the year ended 31 December 2024
In the opinion of the director, Pierre de Chillaz is the ultimate controlling party of the company and group.
Page 27