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Registered number:
For the year ended
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Cameo Holdings Limited
Company Information
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Cameo Holdings Limited
Contents
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Cameo Holdings Limited
Group Strategic Report
For the year ended 31 January 2025
The company did not trade externally during the financial year but acted as the Holding company for Cameo Computer Services (UK) Limited and Verto Recycling Limited.
The consolidated performance in this current year has been particularly strong following further diversification into IT and networks project services and in particular a large retail rollout. This has resulted in a year on year revenue increase of £7.8m to £16.0m and an EBITDA increase of £3.9m to £5.9m.
During the year Verto Recycling Limited (Verto) became a 100% subsidiary of Cameo Holdings following the purchase of the remaining 50% of shareholding. Verto brings the ability to recycling IT equipment once its beyond its useful life, extending our service offering to our customers. A significant proportion of the profit has flowed through to cash with a year end cash balance, despite acquiring the remaining 50% shareholding in Verto Recycle Limited and accelerating the repayment of the bank loan. Year end cash balance was £4.2m with Net assets increasing to £4.7m from £1.3m. We have continued to invest in roles across the company to increase our internal capabilities and further our customer offerings. Average head count has increased to 106 from 95. Following the year end we have continued to extend the Group’s capabilities. This includes investing in an additional £37k square feet warehouse on a 10 year lease.
Economic conditions
Uncertainty in the economic climate leading to reduced IT budgets, delayed investment decisions, pressure on pricing and pressure on wage inflation all of which could lead to reduction in revenue and profitability. Cameo continues to evolve and extend its service offering whilst ensuring it offers both exceptional service at a competitive price. We continue to focus on strengthening our relationship with existing customers and developing new partnerships. Competition Cameo operates in a competitive marketplace that could lead to customer and revenue erosion. Cameo mitigates the risk of customer loss by focusing on providing exceptional customer services and competitive pricing together with broadening our service offering and capabilities. Technology The continued adoption of Cloud Technology reduces the requirement for on-premise hardware support. Though this is a continuing trending in the market we still see opportunities for growth whether that be taking market with new customers or extending our service offering to maintain wallet share from our existing customer base. Loss of major customers Loss of a major customer resulting in loss of revenue and profit. We continue to focus on the quality of the value proposition from Cameo to our customers. Our greatest asset is our expertise and the excellent customer service provided.
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Cameo Holdings Limited
Group Strategic Report (continued)
For the year ended 31 January 2025
This report was approved by the board and signed on its behalf.
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Cameo Holdings Limited
Director's Report
For the year ended 31 January 2025
The director presents his report and the financial statements for the year ended 31 January 2025.
The director is responsible for preparing the group strategic report, the director's report and the consolidated financial statements in accordance with applicable law and regulations.
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 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 Group will continue in business.
The director is 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 the Group and to enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the Company and the Group 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 £3,397,687 (2024 - £779,086).
Dividends paid on equity capital amounted to £27,652 (2024 - £10,380)
The director who served during the year was:
Information on the company’s future developments is included in the Strategic Report.
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Cameo Holdings Limited
Director's Report (continued)
For the year ended 31 January 2025
There have been no significant events affecting the Group since the year end.
Hurst Accountants Limited were appointed as auditors during the year. They will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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Cameo Holdings Limited
Independent Auditors' Report to the Members of Cameo Holdings Limited
We have audited the financial statements of Cameo Holdings Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 January 2025, which comprise the consolidated statement of comprehensive income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity 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).
The group was not audited in the previous period and we did not observe the counting of physical stocks at the beginning of the period. We were unable to satisfy ourselves by alternative means concerning stock quantities held at 31 January 2024. Since opening stocks enter into the determination of the financial performance, we were unable to determine whether adjustments might have been necessary in respect of the profit for the period reported in the consolidated statement of comprehensive income.
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 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 qualified 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.
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Cameo Holdings Limited
Independent Auditors' Report to the Members of Cameo Holdings Limited (continued)
The other information comprises the information included in the Annual Report other than the financial statements and our auditors' 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.
As described in the basis for qualified opinion section of our report, we were unable to satisfy ourselves concerning the stock quantities held at 31 January 2024. We have concluded that where the other information refers to the stock balance or related balances such as cost of sales, it may be materially misstated for the same reason.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the group strategic report and the director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the group strategic report and the director's report have 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 group strategic report or the director's report.
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Cameo Holdings Limited
Independent Auditors' Report to the Members of Cameo Holdings 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 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:
Identifying and assessing potential risks related to irregularities
In identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:
∙The nature of the industry and sector in which the company operates; the control environment and business performance including key drivers for directors' remuneration, bonus levels and performance targets.
∙The outcome of enquiries of local management and parent company management, including whether management was aware of any instances of non-compliance with laws and regulations, and whether management had knowledge of any actual, suspected, or alleged fraud.
∙Supporting documentation relating to the Company's policies and procedures for:
°Identifying, evaluating, and complying with laws and regulations
°Detecting and responding to the risks of fraud
∙The internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations.
∙The outcome of discussions amongst the engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.
∙The legal and regulatory framework in which the Company operates, particularly those laws and regulations which have a direct effect on the financial statements, such as the Companies Act 2006, pensions and tax legislation, or which had a fundamental effect on the operations of the Company, including General Data Protection requirements, and Anti-bribery and Corruption.
Audit response to risks identified
Our procedures to respond to the risks identified included the following:
∙Reviewing the financial statements disclosures and testing to supporting documentation to assess compliance with the provisions of those relevant laws and regulations which have a direct effect on the financial statements.
∙Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud.
∙Evaluation of management’s controls designed to prevent and detect irregularities.
∙Enquiring of management about any actual and potential litigation and claims.
∙Performing analytical procedures to identify any unusual or unexpected relationships which may indicate risks of material misstatement due to fraud.
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Cameo Holdings Limited
Independent Auditors' Report to the Members of Cameo Holdings Limited (continued)
We have also considered the risk of fraud through management override of controls by:
∙Testing the appropriateness of journal entries and other adjustments. We have used data analytics software to identify accounting transactions which may pose a heightened risk of material misstatement, whether due to fraud or error.
∙Challenging assumptions made by management in their significant accounting estimates, and assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and
∙Evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
There are inherent limitations in the audit procedures described above, and the further removed non-compliance with laws and regulations are from the events and transactions reflected in the financial statements, the less likely we would become aware of them. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
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.
Comparative information in the financial statements is derived from the group's prior period financial statements which were not audited.
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 Auditors
Cheshire
SK1 3GG
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Cameo Holdings Limited
Consolidated Statement of Comprehensive Income
For the year ended 31 January 2025
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Cameo Holdings Limited
Registered number: 13836822
Consolidated Balance Sheet
As at
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 17 to 41 form part of these financial statements.
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Cameo Holdings Limited
Registered number: 13836822
Company Balance Sheet
As at
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 17 to 41 form part of these financial statements.
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Cameo Holdings Limited
Consolidated Statement of Changes in Equity
For the year ended 31 January 2025
Consolidated Statement of Changes in Equity
For the year ended 31 January 2024
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Cameo Holdings Limited
Company Statement of Changes in Equity
For the year ended 31 January 2025
Company Statement of Changes in Equity
For the year ended 31 January 2024
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Cameo Holdings Limited
Consolidated Statement of Cash Flows
For the year ended 31 January 2025
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Cameo Holdings Limited
Consolidated Statement of Cash Flows (continued)
For the year ended 31 January 2025
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Cameo Holdings Limited
Consolidated Analysis of Net Debt
For the year ended 31 January 2025
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Cameo Holdings Limited
Notes to the Financial Statements
For the year ended 31 January 2025
Cameo Holdings Limited ("the Company") is a private company limited by share capital, incorporated in England & Wales, company number 13836822. The address of the registered office and the principal place of business is Unit 1 Estley Green Industrial Estate, Box Road, Broughton Astley, Leicester, England, LE9 6TJ.
The nature of the Company's operation is that of a holding company. The nature of the Group's operations is that of maintenance, technical support, project-based infrstructure services and asset recycling and disposal.
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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment 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 company has taken advantage of the exemption allowed under FRS 102 section 1.12 (b) and has not presented its own statement of cash flows in these financial statements.
The following principal accounting policies have been applied:
The group has prepared consolidated financial statements as it no longer qualifies for the small group exemption under the Companies Act 2006. Consolidated comparatives have been presented on a consistent basis with the current year.
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. The consolidated financial statements incorporate the results of business combinations using the purchase method. In the balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
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Cameo Holdings Limited
Notes to the Financial Statements
For the year ended 31 January 2025
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
Revenue from maintenance contracts, projects, professional services, and engineering work is recognised over time based on the stage of completion or on a straight-line basis over the contract term, reflecting the continuous transfer of services to customers. Revenue from repairs, parts, and other sales is recognised at the point when control of goods or services passes to the customer, typically on completion of the repair or upon delivery of goods. Hardware sales are recognised when control transfers to the customer, usually on delivery or, where installation is a significant element, upon completion of installation. Revenue from recycling services is recognised either over time as the service is performed or at the point of completion, depending on when the customer obtains the benefit. Amounts invoiced in advance are recorded as deferred income and released to revenue as the related obligations are satisfied.
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Cameo Holdings Limited
Notes to the Financial Statements
For the year ended 31 January 2025
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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Cameo Holdings Limited
Notes to the Financial Statements
For the year ended 31 January 2025
2.Accounting policies (continued)
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Cameo Holdings Limited
Notes to the Financial Statements
For the year ended 31 January 2025
2.Accounting policies (continued)
Goodwill
Other intangible assets
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.
The estimated useful lives range as follows:
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line and reducing balance 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.
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Cameo Holdings Limited
Notes to the Financial Statements
For the year ended 31 January 2025
2.Accounting policies (continued)
In the consolidated accounts, interests in associated undertakings are accounted for using the equity method of accounting. Under this method an equity investment is initially recognised at the transaction price (including transaction costs) and is subsequently adjusted to reflect the investors share of the profit or loss, other comprehensive income and equity of the associate. The consolidated statement of comprehensive income includes the Group's share of the operating results, interest, pre-tax results and attributable taxation of such undertakings applying accounting policies consistent with those of the Group. In the consolidated balance sheet, the interests in associated undertakings are shown as the Group's share of the identifiable net assets, including any unamortised premium paid on acquisition. Any premium on acquisition is dealt with in accordance with the goodwill policy.
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Cameo Holdings Limited
Notes to the Financial Statements
For the year ended 31 January 2025
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.
The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
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 Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Other financial assets
Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.
Impairment of financial assets
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
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.
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Cameo Holdings Limited
Notes to the Financial Statements
For the year ended 31 January 2025
2.Accounting policies (continued)
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 Group after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies 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.
Other financial instruments
Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.
Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.
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Cameo Holdings Limited
Notes to the Financial Statements
For the year ended 31 January 2025
Recoverable value of trade debtors The recoverability of trade debtors is regularly reviewed in the light of the available economic information specific to each debtor and specific provisions are recognised for balances considered to be at risk or irrecoverable. At 31 January 2025, the group has recognised a provision against trade debtors of £12,275 (2024: £16,733). Stock valuation The group exercises judgement in estimating the obsolescence of stock and making impairments to reflect the difference between cost and estimated net realisable value. At 31 January 2025, the group recognises stock with a carrying value of £872,837 (2024: £653,097).
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Cameo Holdings Limited
Notes to the Financial Statements
For the year ended 31 January 2025
Analysis of turnover by country of destination:
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Cameo Holdings Limited
Notes to the Financial Statements
For the year ended 31 January 2025
Page 27
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Cameo Holdings Limited
Notes to the Financial Statements
For the year ended 31 January 2025
Page 28
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Cameo Holdings Limited
Notes to the Financial Statements
For the year ended 31 January 2025
Page 29
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Cameo Holdings Limited
Notes to the Financial Statements
For the year ended 31 January 2025
11.Taxation (continued)
There were no factors that may affect future tax charges.
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Cameo Holdings Limited
Notes to the Financial Statements
For the year ended 31 January 2025
Page 31
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Cameo Holdings Limited
Notes to the Financial Statements
For the year ended 31 January 2025
Page 32
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Cameo Holdings Limited
Notes to the Financial Statements
For the year ended 31 January 2025
Page 33
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Cameo Holdings Limited
Notes to the Financial Statements
For the year ended 31 January 2025
Page 34
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Cameo Holdings Limited
Notes to the Financial Statements
For the year ended 31 January 2025
Page 35
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Cameo Holdings Limited
Notes to the Financial Statements
For the year ended 31 January 2025
.Creditors: Amounts falling due within one year (continued)
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Cameo Holdings Limited
Notes to the Financial Statements
For the year ended 31 January 2025
Page 37
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Cameo Holdings Limited
Notes to the Financial Statements
For the year ended 31 January 2025
24.Deferred taxation (continued)
Profit and loss account
Page 38
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Cameo Holdings Limited
Notes to the Financial Statements
For the year ended 31 January 2025
Prior to the acquisition, the Group held a 50% interest in Verto Recycle Ltd which was accounted for as an associate. During the year, the Group made a capital contribution of £150,000 to Verto Recycle Ltd, which increased the carrying value of the investment without altering the Group’s ownership interest. For the purposes of determining goodwill on acquisition, this contribution has been treated as part of the total consideration transferred.
Page 39
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Cameo Holdings Limited
Notes to the Financial Statements
For the year ended 31 January 2025
27.Business combinations (continued)
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 £335,068 (2024 - £61,753) . Contributions totalling £281,775 (2024 - £19,003) were payable to the fund at the balance sheet date and are included in creditors.
Page 40
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Cameo Holdings Limited
Notes to the Financial Statements
For the year ended 31 January 2025
The following advances and credits to directors subsisted during the years ended 31 January 2025 and 31 January 2024.
The ultimate controlling party is L Horton-Walker by virtue of his ownership of 100% of the issued share capital of Cameo Holdings Limited.
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