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Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2024
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CPRIME LIMITED (FORMERLY RADTAC LIMITED)
COMPANY INFORMATION
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CPRIME LIMITED (FORMERLY RADTAC LIMITED)
CONTENTS
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CPRIME LIMITED (FORMERLY RADTAC LIMITED)
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present their strategic report accompanying the financial statements for the year ended 31 December 2024.
Cprime Limited (formerly Radtac Limited) is a provider of professional services and solutions, historically operating primarily in the agile and learning sector. During the year, the company undertook a significant strategic transformation to better position itself in response to evolving customer demands and market opportunities. This included the rebranding of the business to Cprime Limited from Radtac Limited to align with the wider business group.
Revenue for the year reduced to £15.0 million (2023: £27.4 million), reflecting a transitionary period during which the business repositioned its core offering. This reduction was anticipated as part of a strategic review to realign the company’s services with high-growth, sustainable markets. The principal activities of the company now include delivering solutions in the tools and technology space, with a particular emphasis on advanced tooling, automation, and integrated technology solutions. While agile and learning services remain a component of our offer, they are no longer the sole focus. Investment has been made into key future growth areas of the business including partnerships with Atlassian, IBM/Apptio and Service Now. In response to both market trends and internal evaluations, the company undertook a comprehensive strategic review during the year. The outcome of this review led to the following key initiatives: Market Diversification: A deliberate pivot away from a single-market dependency (agile and learning) toward a broader market proposition, including tools, technology, and tooling-related services. This transition better aligns the business with current and anticipated customer needs. Restructuring: To support this repositioning, the company undertook an organisational restructure. This included a reduction and reshaping of headcount to align team capabilities with the needs of the new target markets. The restructure was executed carefully to preserve core knowledge while bringing in necessary expertise in our anticipated growth market sectors. Investment in Offshore Delivery: The wider company also invested in offshore delivery capabilities to strengthen customer support, enhance flexibility, and meet increasing demand for cost-effective, scalable solutions. This investment has bolstered our ability to deliver 24/7 services and improve operational efficiency across geographies. These actions have positioned the business for a more resilient and diversified future.
The directors recognise the following principal risks:
Macroeconomic Risk: The business remains exposed to macroeconomic uncertainty, including inflationary pressures and economic slowdown, which may lead to delayed customer decision-making and project deferrals, impacting short-term demand. The company also faces foreign exchange risk due to GBP/USD currency fluctuations, which may affect the cost and profitability of certain customer contracts. These factors are monitored on an ongoing basis. Market Transition Risk: A shift in market focus brings a period of uncertainty. Management has mitigated this through customer engagement, careful planning, and investment in capabilities aligned to the new strategic direction.
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CPRIME LIMITED (FORMERLY RADTAC LIMITED)
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
We consider that our financial key performance indicators are those that communicate the financial performance and strength of the company as a whole; with these being:
• Revenue, • Gross profit, and • Net profit.
Other key performance indicators include:
• Customer: Longevity of engagement, net new customer acquisition. • Net new customer acquisition
This report was approved by the board on 5 September 2025 and signed on its behalf.
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CPRIME LIMITED (FORMERLY RADTAC LIMITED)
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present their report and the financial statements for the year ended 31 December 2024.
The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
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 to 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.
The profit for the year, after taxation, amounted to £113,867 (2023 - £1,702,898).
The directors who served during the year were:
The business enters the next financial year with a clear focus and renewed purpose.
Management remains confident that the strategic decisions taken during this period will underpin sustainable growth, improved margins, and better product offerings for our customers.
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CPRIME LIMITED (FORMERLY RADTAC LIMITED)
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
There have been no significant events affecting the company since the year end.
After the year end Barnes Roffe LLP resigned as auditors due to the transfer of its audit business and its successor Barnes Roffe Audit Limited was appointed by the directors under s485 Companies Act 2006.
This report was approved by the board on
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CPRIME LIMITED (FORMERLY RADTAC LIMITED)
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CPRIME LIMITED (FORMERLY RADTAC LIMITED)
We have audited the financial statements of Cprime Limited (formerly Radtac Limited) (the 'company') for the year ended 31 December 2024, which comprise the Statement of comprehensive income, the Balance sheet 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company 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 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 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.
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CPRIME LIMITED (FORMERLY RADTAC LIMITED)
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CPRIME LIMITED (FORMERLY RADTAC LIMITED) (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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.
In our opinion, based on the work undertaken in the course of the 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.
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.
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CPRIME LIMITED (FORMERLY RADTAC LIMITED)
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CPRIME LIMITED (FORMERLY RADTAC LIMITED) (CONTINUED)
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 Auditors' 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:
• The engagement partner ensures that the engagement team collectively have the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
• We identify the laws and regulations applicable to the company through discussion with directors and other management, and from our commercial knowledge and experience of the sector that the company operates in;
• We focus on specific laws and regulations which we consider may have a direct material effect on the financial statements or the operations of the company, are as follows:
o Companies Act 2006
o FRS102
o Employment legislation
o Tax legislation
• We assess the extent of compliance with the laws and regulations identified above through making enquiries of management, reviewing board minutes, relevant correspondence and certificates held; and
• Laws and regulations are communicated within the audit team at the planning meeting, and during the audit as any further laws and regulation are identified. The audit team remain alert to instances of non compliance throughout the audit.
We assess the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur by:
• Making enquires of management and the board as to where they consider there was susceptibility to fraud along with their knowledge of actual, suspected and alleged fraud;
• Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and
• Our review of financial statements and testing the disclosures against supporting documentation.
To address the risk of fraud through management bias and override of controls we:
• Perform analytical procedures to identify any unusual or unexpected trends or anomalies;
• Inspect and test journal entries to identify unusual or unexpected transactions;
• Assess whether judgement and assumptions made in determining significant accounting estimates are indicative of management bias; and
• Investigate the rationale behind significant transactions, or transactions that are unusual or outside the company’s usual course of business.
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 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.
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CPRIME LIMITED (FORMERLY RADTAC LIMITED)
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CPRIME LIMITED (FORMERLY RADTAC LIMITED) (CONTINUED)
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 Auditors' 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 Auditors' 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
Chartered Accountants
Statutory Auditor
Charles Lake House
Claire Causeway
Crossways Business Park
Kent
DA2 6QA
Date:
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CPRIME LIMITED (FORMERLY RADTAC LIMITED)
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
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CPRIME LIMITED (FORMERLY RADTAC LIMITED)
REGISTERED NUMBER: 03600183
BALANCE SHEET
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 11 to 24 form part of these financial statements.
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CPRIME LIMITED (FORMERLY RADTAC LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Cprime Limited is a private company limited by shares and incorporated in England and Wales. The address of the registered office is Bruntwood Platform - Office 3d, New Station Street, Leeds, LS1 4JB. The principal activity of the company during the period has been that of providing Agile business transformation consultancy and training.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d).
This information is included in the consolidated financial statements of Cagile Topco Limited as at 31 December 2024 and these financial statements may be obtained from Companies House as they will be filed alongside the Radtac Holdings Limited financial statements.
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CPRIME LIMITED (FORMERLY RADTAC LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
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CPRIME LIMITED (FORMERLY RADTAC LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the company keeping the scheme open or the employee maintaining any contributions required by the scheme). Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period. Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received.
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CPRIME LIMITED (FORMERLY RADTAC LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on the following bases:
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.
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CPRIME LIMITED (FORMERLY RADTAC LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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CPRIME LIMITED (FORMERLY RADTAC LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
The company 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 company's Balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) 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 company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Basic 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 company after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
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CPRIME LIMITED (FORMERLY RADTAC LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The company has made key judgements in relation to the recognition of commission income. The company acts as an agent selling licenses onto end users and the company receives commission on these license sales. The licenses sold by the company can cover a number of years. The directors recognise the commission income on day one of the agreement as they believe their obligations have been fulfilled in relation to the transactions. Commission income received in the year to 31 December 2024 totalled £1,507,239 (2023: £312,333). Commission income is made up of license sales totalling £20,216,422 net of license costs of £18,709,183. If a license spreads over a number of years, the company may agree to invoice on an annual basis over the period of the license. As the company has recognised the commission income on day one, it also accrues for the invoices which are going to be raised in relation to these licenses. Accrued receivables are included within trade debtors and amounted to £10,458,270 (2023: £Nil) at the year end. The company also accrues for the cost of the license until it is invoiced by the supplier. Accrued license costs are included within accruals and totalled £4,621,864 (2023: £Nil) at the end of the year.
The whole of the turnover is attributable to the company's principal activity
Analysis of turnover by country of destination:
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CPRIME LIMITED (FORMERLY RADTAC LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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CPRIME LIMITED (FORMERLY RADTAC LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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CPRIME LIMITED (FORMERLY RADTAC LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
9.Taxation (continued)
There were no factors that may affect future tax charges.
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CPRIME LIMITED (FORMERLY RADTAC LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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CPRIME LIMITED (FORMERLY RADTAC LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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CPRIME LIMITED (FORMERLY RADTAC LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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 £85,234 (2023 - £108,471). Contributions totalling £22,311 (2023 - £Nil) were payable to the fund at the balance sheet date and are included in creditors.
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CPRIME LIMITED (FORMERLY RADTAC LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The company's immediate parent undertaking is Radtac Holdings Limited, a company incorporated in England and Wales. The ultimate parent company is Cagile Topco Limited, a company incorporated in Jersey.
At the balance sheet date there is no single controlling party.
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