REGISTERED NUMBER: 03321313 (England and Wales)

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

CHARLES STREET SOLUTIONS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

P J Smith

M D Allen

REGISTERED OFFICE:

30 - 32 Hanover House

Charlotte Street

Manchester

M1 4FD

REGISTERED NUMBER:

03321313 (England and Wales)

AUDITORS:

Goldwyns Limited

Statutory Auditors and Chartered Accountants

Rutland House

90-92 Baxter Avenue

Southend on Sea

Essex

SS2 6HZ

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

-

353

Investments

6

3,436,074

3,436,074

3,436,074

3,436,427

CURRENT ASSETS

Debtors

7

2,032,601

2,047,151

Cash at bank

16,551

30,719

2,049,152

2,077,870

CREDITORS

Amounts falling due within one year

8

9,980,809

9,730,135

NET CURRENT LIABILITIES

(7,931,657

)

(7,652,265

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(4,495,583

)

(4,215,838

)

CAPITAL AND RESERVES

Called up share capital

9

8,569,648

8,569,648

Capital redemption reserve

193,638

193,638

Retained earnings

(13,258,869

)

(12,979,124

)

SHAREHOLDERS' FUNDS

(4,495,583

)

(4,215,838

)

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26 September 2025 and were signed on its behalf by:

M D Allen - Director

1.	STATUTORY INFORMATION

Charles Street Solutions Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Preparation of consolidated financial statements

The financial statements contain information about Charles Street Solutions Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover

Turnover represents net invoiced sales of goods and services, excluding value added tax.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2007, has been amortised evenly over its estimated useful life of five years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Development costs are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Computer equipment

-

Straight line over 3 years and Straight line over 5 years

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost less any provision for impairment.

Leasing commitments

Rentals paid under operating leases are charged to the profit and loss as incurred.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - 3 ).

4.	INTANGIBLE FIXED ASSETS

Other

intangible

Goodwill

assets

Totals

£

£

£

COST

At 1 January 2024

and 31 December 2024

375,244

296,522

671,766

AMORTISATION

At 1 January 2024

and 31 December 2024

375,244

296,522

671,766

NET BOOK VALUE

At 31 December 2024

-

-

-

At 31 December 2023

-

-

-

5.	TANGIBLE FIXED ASSETS

Computer

equipment

£

COST

At 1 January 2024

and 31 December 2024

1,058

DEPRECIATION

At 1 January 2024

705

Charge for year

353

At 31 December 2024

1,058

NET BOOK VALUE

At 31 December 2024

-

At 31 December 2023

353

6.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 January 2024

and 31 December 2024

9,734,356

PROVISIONS

At 1 January 2024

and 31 December 2024

6,298,282

NET BOOK VALUE

At 31 December 2024

3,436,074

At 31 December 2023

3,436,074

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

7,781

45,235

Amounts owed by group undertakings

1,979,114

1,965,036

Other debtors

45,706

36,880

2,032,601

2,047,151

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade creditors

23,322

78,329

Amounts owed to group undertakings

9,599,966

9,273,257

Taxation and social security

12,000

3,198

Other creditors

345,521

375,351

9,980,809

9,730,135

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

8,569,648

Ordinary

£1

8,569,648

8,569,648

10.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Robert Howe BEng FCA (Senior Statutory Auditor)

for and on behalf of Goldwyns Limited

11.	CONTINGENT LIABILITIES

The company has given cross-guarantees is respect of its parent company's debts. At the balance sheet date, these liabilities totalled £9,837,500 (2023 - £7,484,811).

12.	ULTIMATE PARENT COMPANY

As at the balance sheet date, the directors consider the ultimate parent company to be Managed IT Services Group Limited, a company registered in England and Wales.