REGISTERED NUMBER: 07878023 (England and Wales)

Custodiandc Limited

Financial Statements For The Year Ended 31 December 2024

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

R S Kinch

R M Williams

REGISTERED OFFICE:

Vinters Business Park

New Cut Road

Maidstone

Kent

ME14 5NZ

REGISTERED NUMBER:

07878023 (England and Wales)

INDEPENDENT AUDITORS:

Streets Audit LLP

Enterprise House, 38 Tyndall Court

Commerce Road

Lynchwood

Peterborough

Cambridgeshire

PE2 6LR

FIXED ASSETS

Intangible assets

4

1

1

Tangible assets

5

3,964,292

4,848,932

3,964,293

4,848,933

CURRENT ASSETS

Debtors: amounts falling due within one year

6

547,947

771,208

Debtors: amounts falling due after more than one year

6

1,121,203

972,240

Cash at bank and in hand

1,380,029

427,049

3,049,179

2,170,497

CREDITORS

Amounts falling due within one year

7

(1,530,740

)

(2,317,885

)

NET CURRENT ASSETS/(LIABILITIES)

1,518,439

(147,388

)

TOTAL ASSETS LESS CURRENT LIABILITIES

5,482,732

4,701,545

CREDITORS

Amounts falling due after more than one year

8

(3,294,941

)

(2,285,779

)

PROVISIONS FOR LIABILITIES

10

(984,230

)

(1,156,612

)

NET ASSETS

1,203,561

1,259,154

CAPITAL AND RESERVES

Called up share capital

1,077

1,077

Share premium

11

29,946

29,946

Retained earnings

11

1,172,538

1,228,131

1,203,561

1,259,154

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 September 2025 and were signed on its behalf by:

R M Williams - Director

1.	STATUTORY INFORMATION

Custodiandc 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.

The accounts have been rounded to the nearest unit.

Significant judgements and estimates

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The accounting estimates relate to the depreciation, and the dilapidation provision.

The judgements and accounting estimates that management have made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts on the amounts recognised in the financial statements are as disclosed in the accounting policies and notes to these financial statements.

The company has an obligation to make good the conditions of a rental premises in accordance with the lease at the end of the lease term. Provisions for dilapidations is the area where there is accounting estimate and judgement.

Accounting estimate - the current provision is based on managements' current best estimate of the future obligation. This year the estimate draws upon a current year valuation report provided by a third-party surveyor. The provision is expected to be utilised at the end of the lease.

Accounting judgement - In making the estimate the directors have considered the substance of the terms of the lease agreements and the likelihood of the future expected costs to be incurred. Where considered appropriate the directors have also obtained an external valuation to assist with the estimated costs. The directors have exercised judgement about the likely future outcomes, including factors such as building and material costs. However, various factors and changes in circumstances could affect any amount payable in the future.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business, is being amortised evenly over its indefinite useful life.

Tangible fixed assets

Tangible assets are recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

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

Improvements to Property - straight line over 20 years

Plant and Machinery - straight line over 10 years

Fixtures and Fittings - straight line over 5 years

Computer Equipment - straight line over 5 years

Financial instruments

The company holds basic financial instruments as defined in FRS102. The financial assets and financial liabilities of the company and their measurement basis are as follows:

Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instrument. Cash at bank is classified as a basic financial instrument and is measured at amortised cost.

Financial liabilities - trade creditors and other creditors are financial instruments, and are measured at amortised cost. Taxation and social security are not included in the financial instruments disclosure definition.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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 material 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.

Foreign currencies

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern

During the year the company made a loss, however it has net assets and has returned to being profitable post year end. The directors are satisfied that the company has the resources to meet its financial obligations as they fall due for payment for a period of at least 12 months from the date of approval of the financial statements and have therefore prepared the financial statements on a going concern basis.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 29 (2023 - 30 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2024

and 31 December 2024

1

NET BOOK VALUE

At 31 December 2024

1

At 31 December 2023

1

5.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

Computer

property

machinery

fittings

equipment

Totals

£

£

£

£

£

COST

At 1 January 2024

1,243,692

4,939,865

2,332,225

647,151

9,162,933

Additions

48,841

9,638

3,147

-

61,626

Disposals

-

(7,695

)

-

-

(7,695

)

At 31 December 2024

1,292,533

4,941,808

2,335,372

647,151

9,216,864

DEPRECIATION

At 1 January 2024

405,665

1,710,198

1,721,055

477,083

4,314,001

Charge for year

119,572

471,561

257,583

92,563

941,279

Eliminated on disposal

(1,308

)

(1,400

)

-

-

(2,708

)

At 31 December 2024

523,929

2,180,359

1,978,638

569,646

5,252,572

NET BOOK VALUE

At 31 December 2024

768,604

2,761,449

356,734

77,505

3,964,292

At 31 December 2023

838,027

3,229,667

611,170

170,068

4,848,932

6.

DEBTORS

2024

2023

as restated

£

£

Amounts falling due within one year:

Trade debtors

227,886

418,484

Provision for doubtful debts

(9,176

)

(33,153

)

Other debtors

174

192

Directors' current accounts

3,688

3,688

Tax

-

151,677

Prepayments and accrued income

325,375

230,320

547,947

771,208

Amounts falling due after more than one year:

Other debtors

1,121,203

972,240

Aggregate amounts

1,669,150

1,743,448

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

as restated

£

£

Bank loans and overdrafts

252,052

893,650

Hire purchase contracts (see note 9)

148,622

143,359

Trade creditors

368,148

460,758

Tax

(124,996

)

(124,996

)

Social security and other taxes

154,763

200,800

Other creditors

678,979

276,389

Accruals and deferred income

53,172

467,925

1,530,740

2,317,885

Bank loans, overdrafts and hire purchase securities are secured by way of a fixed and floating charge over the company's assets and undertakings.

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

as restated

£

£

Bank loans - 1-2 years

275,187

968,560

Bank loans - 2-5 years

2,861,649

1,010,493

Hire purchase contracts (see note 9)

158,105

306,726

3,294,941

2,285,779

Bank loans, overdrafts and hire purchase securities are secured by way of a fixed and floating charge over the company's assets and undertakings. The hire purchase creditors are secured against the assets concerned.

9.	LEASING AGREEMENTS

The total future minimum lease payments under non-cancellable operating leases are as follows:

Non-cancellable

operating leases

2024

2023

as restated

£

£

Within one year

802,711

802,711

Between one and five years

1,608,179

2,102,164

In more than five years

463,089

771,815

2,873,979

3,676,690

10.	PROVISIONS FOR LIABILITIES

2024

2023

as restated

£

£

Deferred tax

679,572

866,461

Dilapidation provision

304,658

290,151

984,230

1,156,612

Deferred

Dilapidati

tax

on

£

£

Balance at 1 January 2024

866,461

290,151

(Credit)/charge to Statement of Income and Retained Earnings during year

(186,889

)

14,507

Balance at 31 December 2024

679,572

304,658

11.

RESERVES

The prior year adjustment arises from a correction to the timing on revenue recognition relating to the 2022 and 2023 financial years, an increase to the dilapidations provision and an increase to the deferred tax liability.

The revenue for 2022 was reduced by £564,424 and the revenue in 2023 was increased by the same amount. The tax impact of this timing adjustment was a reduction in the corporation tax liability in 2022 of £141,106 and a corresponding increase in the 2023 corporation tax liability. The closing revenue for 2023 was reduced by £412,886 and the revenue in 2024 was increased by the same amount. The tax impact of this timing adjustment was a reduction in the corporation tax liability in 2023 of £103,222 which was reversed in 2024.

The dilapidations provision in the comparative year was increased by £87,099 and the corporation tax provision was reduced by £21,775

The deferred tax provision was increased in the comparative year by £866,461.

The net impact of these adjustments is a £1,241,450 decrease to opening reserves.

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

The Report of the Auditors was unqualified.

Heather McConnell (Senior Statutory Auditor)

for and on behalf of Streets Audit LLP

13.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The director has a loan account with the company, the closing balance was £3,688 owed to the company (2023 £3,688 owed to the company). No interest is charged and the loan is repayable on demand.

14.	RELATED PARTY DISCLOSURES

At the year end the company was owed £661,098 (2023: £512,136) by a company under common control. No interest was charged and the amount is repayable by 31.12.2026.