C W Research Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07055885 (England and Wales)

AUDITED FINANCIAL STATEMENTS FOR THE PERIOD 1 APRIL 2021 TO 31 DECEMBER 2021

FOR

C W RESEARCH LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

S Foxon

P Vervinckt

P Schramme

REGISTERED OFFICE:

Kingsland House

39 Abbey Foregate

Shrewsbury

Shropshire

SY2 6BL

REGISTERED NUMBER:

07055885 (England and Wales)

AUDITORS:

D.R.E. & Co. (Audit) Limited

Kingsland House

39 Abbey Foregate

Shrewsbury

Shropshire

SY2 6BL

FIXED ASSETS

Intangible assets

5

275,694

301,033

Tangible assets

6

62,311

25,984

Investments

7

55,887

55,887

393,892

382,904

CURRENT ASSETS

Stocks

8

1,250

1,250

Debtors

9

5,302,798

1,604,605

Cash at bank and in hand

737,813

2,358,770

6,041,861

3,964,625

CREDITORS

Amounts falling due within one year

10

3,741,103

3,554,860

NET CURRENT ASSETS

2,300,758

409,765

TOTAL ASSETS LESS CURRENT LIABILITIES

2,694,650

792,669

CREDITORS

Amounts falling due after more than one year

11

(791,447

)

(161,243

)

PROVISIONS FOR LIABILITIES

(15,578

)

(4,937

)

NET ASSETS

1,887,625

626,489

CAPITAL AND RESERVES

Called up share capital

200

200

Retained earnings

1,887,425

626,289

SHAREHOLDERS' FUNDS

1,887,625

626,489

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 16 September 2022 and were signed on its behalf by:

P Vervinckt - Director

1.	STATUTORY INFORMATION

C W Research 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.

The principal place of business is Talbot House 11-15, Market Street, Shrewsbury, Shropshire, SY1 1LG.

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Preparation of consolidated financial statements

The financial statements contain information about C W Research 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 goods and services, excluding value added tax, after adjusting for subscriptions paid in advance.

Goodwill

Goodwill, is being amortised evenly over its estimated useful life of ten years, six years and three 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 three years.

Tangible fixed assets

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

Improvements to property - 10% on cost

Plant and machinery - 25% on cost

Computer equipment - 25% on cost

Government grants

Grants of a revenue nature are recognised in income over the period in which the company recognises the related costs, for which the grant is intended to compensate.

During the year, the company received government grants of £nil (March 2021 - £11,846) under the Coronavirus Job Retention Scheme (CJRS), which is recognised in income. The company has also benefited from other forms of government assistance during the period, including rates relief.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

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.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 72 (2021 - 63 ) .

5.	INTANGIBLE FIXED ASSETS

Development

Goodwill

costs

Totals

£

£

£

COST

At 1 April 2021

758,738

709,305

1,468,043

Additions

1,333

19,040

20,373

At 31 December 2021

760,071

728,345

1,488,416

AMORTISATION

At 1 April 2021

758,738

408,272

1,167,010

Amortisation for period

-

45,712

45,712

At 31 December 2021

758,738

453,984

1,212,722

NET BOOK VALUE

At 31 December 2021

1,333

274,361

275,694

At 31 March 2021

-

301,033

301,033

6.	TANGIBLE FIXED ASSETS

Plant and

Computer

machinery

equipment

Totals

£

£

£

COST

At 1 April 2021

41,179

118,406

159,585

Additions

121

52,509

52,630

Disposals

-

(559

)

(559

)

Reclassification/transfer

225

(225

)

-

At 31 December 2021

41,525

170,131

211,656

DEPRECIATION

At 1 April 2021

38,367

95,234

133,601

Charge for period

1,399

14,520

15,919

Eliminated on disposal

-

(175

)

(175

)

At 31 December 2021

39,766

109,579

149,345

NET BOOK VALUE

At 31 December 2021

1,759

60,552

62,311

At 31 March 2021

2,812

23,172

25,984

7.	FIXED ASSET INVESTMENTS

Shares in

group

undertaking

£

COST

At 1 April 2021

and 31 December 2021

55,887

NET BOOK VALUE

At 31 December 2021

55,887

At 31 March 2021

55,887

Investments include 100% shareholdings, both with year ends of 31 March, being C W Research LLC registered at 6701 Democracy Boulevard, Suite 300, Bethesda, MD 20817 and CW Research BV, registered at Zuidplein 116, 1077 XV Amsterdam.

8.

STOCKS

31.12.21

31.3.21

(Unaudited)

£

£

Stocks

1,250

1,250

9.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.21

31.3.21

(Unaudited)

£

£

Trade debtors

1,530,885

939,331

Amounts owed by group undertakings

3,344,165

431,994

Other debtors

131,005

131,005

Prepayments

296,743

102,275

5,302,798

1,604,605

10.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.21

31.3.21

(Unaudited)

£

£

Trade creditors

76,568

65,379

Amounts owed to group undertakings

233,619

264,472

Tax

357,787

56,087

Social security and other taxes

92,379

60,908

VAT

41,114

37,589

Other creditors

34,968

32,644

Accruals and deferred income

2,904,668

3,037,781

3,741,103

3,554,860

11.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.21

31.3.21

(Unaudited)

£

£

Accruals and deferred income

791,447

161,243

12.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.12.21

31.3.21

(Unaudited)

£

£

Within one year

30,000

20,000

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

The Report of the Auditors was unqualified.

Francis Nock F.C.C.A. (Senior Statutory Auditor)

for and on behalf of D.R.E. & Co. (Audit) Limited

14.	CONTINGENT LIABILITIES

The company has provided an all assets debenture to provide security over other group companies borrowings.

15.	RELATED PARTY DISCLOSURES

16.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Enhesa NV, a Company registered in Belgium.

17.	CHANGE IN LENGTH OF REPORTING PERIOD

The financial year end of the Company was changed from 31 March to 31 December so as to be coterminous with the year end of its ultimate holding company. Accordingly, the current financial statements are prepared for 9 months from 1 April 2021 to 31 December 2021 and as a result, the comparative figures stated in the income statement, statement of changes in equity and the related notes are not comparable.