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Registered number: 03779815
CSL GLOBAL LIMITED
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 DECEMBER 2024
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CSL GLOBAL LIMITED
REGISTERED NUMBER: 03779815
BALANCE SHEET
AS AT 31 DECEMBER 2024
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Debtors: amounts falling due after more than one year
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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CSL GLOBAL LIMITED
REGISTERED NUMBER: 03779815
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024
The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 3 to 11 form part of these financial statements.
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CSL GLOBAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
CSL Global Limited is a private company, limited by shares, registered in England and Wales. The company's registered office address is Suite 3, Ground Floor Corum Two, Corum Office Park, Crown Way, Warmley, Bristol, England, BS30 8FJ.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The results shown in these accounts are those of the UK company and its overseas branches.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The financial statements of the company have been prepared as a going concern.
The company has advanced funds to its parent company CSL Group Limited which total £3,173,118 at 31 December 2024. A reorganisation and impairment has taken place over several years. Hence the company is now the main trading entity of the Group with the remaining overseas businesses trading as branches of the company.
The directors believe that benefits of the reorganisation will ensure that these businesses will trade successfully in the future. However it is not possible to assess the timescale for the recovery of the amount advanced to the parent company. No provision has been made for any permanent diminution in the value of this asset in the company’s balance sheet.
The directors have considered relevant information, including the annual budget, forecast future cash flows and the impact of subsequent events in making their assessment.
The business has been affected by the imposition of economic sanctions against Russia following the invasion of Ukraine in February 2022.
Work being conducted by the Company on certain project contracts with Russian interests has been indefinitely suspended in accordance with the UK’s Russian sanctions regulations.
Relevant contract values were $1.8m, of which $1.1m was invoiced by 31st December 2021.
The policy adopted by the company is to recognise the affected contract revenue to which it is legally entitled up to the effective date of the Russian sanctions regulations and to account for costs incurred associated with this income.
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CSL GLOBAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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Going concern (continued)
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At 31st December 2024 the company is in a positive net asset position but it is reliant upon the continuing support of the shareholders of its parent company. The directors have received assurances from its parent company that its shareholders will continue to support the group's activities for the foreseeable future.
Based on these assessments and having regard to the resources available, the directors have concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the annual report and accounts.
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Foreign currency translation
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Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.
Fees issued in respect of Project Cargo contracts are recognised as the contract activity progresses to the extent that it is considered recoverable. Where sales invoices are raised in advance of the contract commencing then a proportion of the fee and related costs are deferred and recognised in line with the project activity.
Turnover in respect of Technical Services and Claims are recognised when the contract work has been completed.
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Operating leases: the company as lessee
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Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
Interest income is recognised in profit or loss using the effective interest method.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
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CSL GLOBAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Defined contribution pension plan
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the company in independently administered funds.
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the 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. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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CSL GLOBAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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Judgements in applying accounting policies and key sources of estimation uncertainty
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In the application of the company's accounting policies, management is required to make judgements, estimates and assumptions about carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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. Revision to the accounting estimates are recognised in the period in which the estimate is revised if the revisions affects only that period, or in the period of revision and future periods if the revision affects both current and future periods.
Key assumptions have been made regarding the stage of completion of projects when calculating deferred income and accrued subcontractors costs.
The directors have reviewed FRS 102 and agreed that interest at a rate of 7.5% will be charged on loans after more than one year.
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The operating (loss)/profit is stated after charging:
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Other operating lease rentals
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The average monthly number of employees, including directors, during the year was 28 (2023 - 31).
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CSL GLOBAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Charge for the year on owned assets
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CSL GLOBAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
During the year, there was £Nil (2023 - £219,861) of tax losses group relieved from CSL Group Limited which has been reflected through the intercompany account.
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Due after more than one year
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Amounts owed by group undertakings
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Amounts owed by group undertakings
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Prepayments and accrued income
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Debtors within one year include prepayments of £42,467 (2023 - £51,231) and accrued income of £11,344 (2023 - £46,198).
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Cash and cash equivalents
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CSL GLOBAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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Accruals and deferred income include accrued direct costs of £63,197 (2023 - £35,801) and deferred income of £596,115 (2023 - £334,947).
Included within other creditors is £585,100 (2023 - £584,402) in respect of contracts with Russian interests which have been indefinitely suspended in accordance with the UK’s Russian sanctions regulations. Although the likelihood of repayment of this item within the next 12 months is extremely unlikely, we have conformed with FRS 102 4.7 in this regard.
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Creditors: Amounts falling due after more than one year
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The following liabilities were secured:
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National Westminster Bank plc loan
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Details of security provided:
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Bank borrowings are secured by a debenture over the assets of the company.
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CSL GLOBAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Analysis of the maturity of loans is given below:
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Amounts falling due within one year
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Amounts falling due 1-2 years
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Amounts falling due 2-5 years
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As at the year end, there was a loan of £417,522 outstanding with National Westminster Bank plc in respect of a Coronavirus Business Interruption Loan Scheme.
The first loan of £750,000 was obtained in July 2020 and first repayment was due in July 2021 with 60 monthly repayments of £12,500.
In March 2021 the company received an additional loan of £400,000 and first repayment was due in March 2022 with 60 monthly repayments of £6,666.
The interest on the first 12 months of each loan was paid by the UK Government. After the 12 month interest free period, the interest on the loans are calculated at 3.48% and 3.90% respectively for a fixed five year period.
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The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £34,060 (2023 - £39,234). Contributions totalling £3,094 (2023 - £2,357) were payable to the fund at the balance sheet date and are included in creditors.
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CSL GLOBAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Related party transactions
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CSL Group Limited
The parent company.
During the year, interest income of £140,682 (2023: £139,189) was recognised in respect of loans due from parent company.
In addition, during the year, no tax losses (2023: £219,861) of CSL Group Limited were surrendered to CSL Global Limited under the group relief provisions. The value of the tax losses surrendered in the prior year was credited to the intercompany account.
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Amount due from CSL Group Limited at balance sheet date
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The immediate parent company is CSL Group Limited.
There is no single ultimate controlling party.
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