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Registered number: 11437232










CL INTERNATIONAL MANAGEMENT (UK) LIMITED










DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

 
CL INTERNATIONAL MANAGEMENT (UK) LIMITED
 
 
COMPANY INFORMATION


Directors
A I Blasik (appointed 16 May 2022, resigned 1 August 2022)
P R Findlay 
H S F Kwan (appointed 1 August 2022, resigned 17 July 2023)
G W Foster (appointed 17 July 2023)
Y Y Woo (appointed 17 July 2023)
Y F M Lee (resigned 16 May 2022)




Registered number
11437232



Registered office
6th Floor
2 London Wall Place

London

EC2Y 5AU




Trading Address
Suite 5A
Princes House

38 Jermyn Street

London

SW1Y 6DN






Independent auditors
MHA
Statutory Auditors & Chartered Accountants

6th Floor

2 London Wall Place

London

EC2Y 5AU





 
CL INTERNATIONAL MANAGEMENT (UK) LIMITED
 

CONTENTS



Page
Directors' Report
 
1 - 2
Independent Auditors' Report
 
3 - 6
Statement of Comprehensive Income
 
7
Balance Sheet
 
8
Statement of Changes in Equity
 
9
Notes to the Financial Statements
 
10 - 21


 
CL INTERNATIONAL MANAGEMENT (UK) LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022

The directors present their report and the financial statements for the year ended 31 December 2022.

Directors' responsibilities statement

The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 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;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

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 2006They 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.

Principal activity

The company's principal activity during the year was the provision of asset management services to Logistics and Data Centre assets.

Business review

For the year ended 31 December 2022, the profit before tax was £263,110 (2021 - £1,522,658). The decrease was due to an expansion of staff numbers as the company prepares for an increase in trade.  

Results and dividends

The profit for the year, after taxation, amounted to £251,330 (2021 - £1,236,847).

The directors do not recommend the payment of a dividend during the year (2021: £Nil).

Directors

The directors who served during the year were:

A I Blasik (appointed 16 May 2022, resigned 1 August 2022)
P R Findlay 
H S F Kwan (appointed 1 August 2022, resigned 17 July 2023)
Y F M Lee (resigned 16 May 2022)
Page 1

 
CL INTERNATIONAL MANAGEMENT (UK) LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022


Qualifying third party indemnity provisions

There is no directors' indemnity insurance in place.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Auditors

Following a rebranding exercise on 15 May 2023 the trading name of the company's independent auditor changed from MHA MacIntrye Hudson to MHA. A resolution to reappoint MHA as independent auditor will be proposed at the next Annual General Meeting. 

Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





P R Findlay
Director

Date: 4 October 2023

Page 2

 
CL INTERNATIONAL MANAGEMENT (UK) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CL INTERNATIONAL MANAGEMENT (UK) LIMITED
 

Opinion


We have audited the financial statements of CL International Management (UK) Limited (the 'Company') for the year ended 31 December 2022, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe 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).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 December 2022 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


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.


Conclusions relating to going concern


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.


Page 3

 
CL INTERNATIONAL MANAGEMENT (UK) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CL INTERNATIONAL MANAGEMENT (UK) LIMITED (CONTINUED)


Other information


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.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Directors' Report has been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

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 Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the directors were not entitled to take advantage of the small companies' exemptions in preparing the Directors' Report and from the requirement to prepare a Strategic Report.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 1, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

Page 4

 
CL INTERNATIONAL MANAGEMENT (UK) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CL INTERNATIONAL MANAGEMENT (UK) LIMITED (CONTINUED)



Auditors' responsibilities for the audit of the financial statements
 

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:

•    Obtaining an understanding of the legal and regulatory frameworks that the company operates in.
•    Reviewing key correspondence with regulatory authorities.
•    Enquiry of management to identify any instances of non-compliance with laws and regulations.
•    Enquiry of management around actual and potential litigation and claims.
•    Enquiry of management to identify any instances of known or suspected instances of fraud.
•    Discussing and reviewing among the engagement team regarding how and where fraud might occur.
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.


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.


Page 5

 
CL INTERNATIONAL MANAGEMENT (UK) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CL INTERNATIONAL MANAGEMENT (UK) LIMITED (CONTINUED)


Use of our 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 2006Our 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.





Georgette Alicia Crisp BSc (Hons) FCA (Senior Statutory Auditor)
  
for and on behalf of
MHA
 
Statutory Auditors
  
London, United Kingdom

5 October 2023
MHA is the trading name of MacIntyre Hudson LLP, a limited liability partnership in England and Wales
(registered number OC312313).
Page 6

 
CL INTERNATIONAL MANAGEMENT (UK) LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2022

2022
2021
Note
£
£

  

Turnover
 4 
4,655,578
4,215,769

Cost of sales
  
(2,226,493)
(1,014,434)

Gross profit
  
2,429,085
3,201,335

Administrative expenses
  
(2,165,994)
(1,678,696)

Operating profit
 5 
263,091
1,522,639

Interest receivable and similar income
 9 
19
19

Profit before tax
  
263,110
1,522,658

Tax on profit
 10 
(11,780)
(285,811)

Profit for the financial year
  
251,330
1,236,847

There was no other comprehensive income for 2022 (2021:£NIL).

The notes on pages 10 to 21 form part of these financial statements.

Page 7

 
CL INTERNATIONAL MANAGEMENT (UK) LIMITED
REGISTERED NUMBER: 11437232

BALANCE SHEET
AS AT 31 DECEMBER 2022

2022
 2021
Note
£
£

Fixed assets
  

Tangible assets
 11 
73,443
61,579

  
73,443
61,579

Current assets
  

Debtors: amounts falling due within one year
 12 
1,846,559
2,952,993

Cash at bank and in hand
 13 
2,080,874
344,193

  
3,927,433
3,297,186

Creditors: amounts falling due within one year
 14 
(1,786,284)
(1,425,814)

Net current assets
  
 
 
2,141,149
 
 
1,871,372

Total assets less current liabilities
  
2,214,592
1,932,951

Creditors: amounts falling due after more than one year
 15 
(39,409)
(9,098)

  

Net assets
  
2,175,183
1,923,853


Capital and reserves
  

Called up share capital 
 16 
1
1

Profit and loss account
  
2,175,182
1,923,852

  
2,175,183
1,923,853


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




P R Findlay
Director

Date: 4 October 2023

The notes on pages 10 to 21 form part of these financial statements.

Page 8

 
CL INTERNATIONAL MANAGEMENT (UK) LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2021
1
687,005
687,006


Comprehensive income for the year

Profit for the year
-
1,236,847
1,236,847



At 1 January 2022
1
1,923,852
1,923,853


Comprehensive income for the year

Profit for the year
-
251,330
251,330


At 31 December 2022
1
2,175,182
2,175,183


The notes on pages 10 to 21 form part of these financial statements.

Page 9

 
CL INTERNATIONAL MANAGEMENT (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

1.


General information

CL International Management (UK) Limited is a private company, limited by shares, incorporated in England and Wales. Details of the registered office and trading address are included in the Company Information page.
The principal activity of the Company during the year was the provision of asset management services to Logistics and Data Centre assets.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

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 management to exercise judgment in applying the Company's accounting policies (see note 3).

The financial statements are prepared in pounds sterling, the functional currency, rounded to the nearest £1.

The following principal accounting policies have been applied:

  
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

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);
• The requirements of Section 33 Related Party Disclosures paragraph 33.7 Key Management Personnel.
This information is included in the consolidated financial statements of CapitaLand Investment Limited, the ultimate parent entity, as at 31 December 2022 and these financial statements may be obtained from 168 Robinson Road, #30-01 Capital Tower, Singapore 068912.

 
2.3

Going concern

At the balance sheet date 31 December 2022, the Company made a profit after tax of £251,330 (2021: £1,236,847) and held a net asset position of £2,175,183 (2021: £1,923,853).
Due to the company's strong net asset position, the financial statements have been prepared on a going concern basis. In addition to this, the company has obtained support from an intermediary parent company, CLI International Pte. Ltd., for at least 12 months from the date of approval of the financial statements.
                                                                                                                                                       
Consequently, the directors are confident that the company will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements and therefore have prepared the financial statements on a going concern basis.

Page 10

 
CL INTERNATIONAL MANAGEMENT (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue represents amounts receivable from fee income for the provision of asset and lease management services to managed Logistic and Data Centre assets as the service is provided. These fees are calculated as a percentage of the asset value under management and revenue of the logistic and data centre assets.

 
2.6

Operating leases: the Company as lessee

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 11

 
CL INTERNATIONAL MANAGEMENT (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution pension plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.9

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

The estimated useful lives are as follows:

Short-term leasehold property
-
5 years straight line
Fixtures and fittings
-
5 years straight line
Computer equipment
-
3 years straight line

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.

Page 12

 
CL INTERNATIONAL MANAGEMENT (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.14

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.

 
2.15

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

Page 13

 
CL INTERNATIONAL MANAGEMENT (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)


2.15
Financial instruments (continued)

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

  
2.16

Share capital

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of financial statements requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies. There are no material estimates or judgements made within these financial statements.


4.


Turnover

An analysis of turnover by class of business is as follows:


2022
2021
£
£

Management fees
4,655,578
4,215,769

4,655,578
4,215,769


All turnover arose within the United Kingdom.


5.


Operating profit

The operating profit is stated after charging:

2022
2021
£
£

Exchange differences
(4,668)
13,127

Other operating lease rentals
192,792
62,352

Depreciation - computer equipment
13,314
3,823

Depreciation - leasehold property
9,470
542

Depreciation - fixture & fittings
2,283
-

Auditors' remuneration
54,400
116,579

Staff pension costs
106,612
47,792

Page 14

 
CL INTERNATIONAL MANAGEMENT (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

6.


Auditors' remuneration

2022
2021
£
£

Fees payable to the Company's auditors and their associates for the audit of the Company's financial statements
54,400
116,579

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.


7.


Employees

Staff costs, including directors' remuneration, were as follows:


2022
2021
£
£

Wages and salaries
2,387,918
1,394,168

Social security costs
301,339
208,820

Cost of defined contribution scheme
106,612
47,792

2,795,869
1,650,780


The directors are the Key Management Personnel of the Company.
The remuneration for Key Management Personnel is detailed in note 8.

The average monthly number of employees, including the directors, during the year was as follows:


        2022
        2021
            No.
            No.







Employees
19
9



Directors
2
2

21
11

Page 15

 
CL INTERNATIONAL MANAGEMENT (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

8.


Directors' remuneration

2022
2021
£
£

Directors' emoluments
320,932
196,105

Company contributions to defined contribution pension schemes
19,411
9,161

340,343
205,266


During the year retirement benefits were accruing to 2 directors (2021 - 2) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £218,214 (2021 - £113,409).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £14,161 (2021 - £8,067).


9.


Interest receivable

2022
2021
£
£


Other interest receivable
19
19

19
19


10.


Taxation


2022
2021
£
£

Corporation tax


Current tax on profits for the year
51,511
285,811

Adjustments in respect of previous periods
(39,731)
-

Taxation on loss/profit for the year
11,780
285,811

Page 16

 
CL INTERNATIONAL MANAGEMENT (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
 
10.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2021 - lower than) the standard rate of corporation tax in the UK of 19% (2021 - 19%). The differences are explained below:

2022
2021
£
£


Profit on ordinary activities before tax
263,110
1,522,658


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2021 - 19%)
49,991
289,305

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
3,045
12,149

Capital allowances in excess of depreciation
(1,525)
(15,643)

Adjustments to tax charge in respect of prior periods
(39,731)
-

Total tax charge for the year
11,780
285,811


Factors that may affect future tax charges

On 1 April 2023 the corporation tax rate increased to 25%.

Page 17

 
CL INTERNATIONAL MANAGEMENT (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

11.


Tangible fixed assets





Short-term leasehold property
Fixtures and fittings
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 January 2022
30,887
10,535
28,435
69,857


Additions
14,098
-
25,857
39,955


Disposals
-
(980)
(2,077)
(3,057)



At 31 December 2022

44,985
9,555
52,215
106,755



Depreciation


At 1 January 2022
542
-
7,736
8,278


Charge for the year
9,470
2,283
13,314
25,067


Disposals
-
(33)
-
(33)



At 31 December 2022

10,012
2,250
21,050
33,312



Net book value



At 31 December 2022
34,973
7,305
31,165
73,443



At 31 December 2021
30,345
10,535
20,699
61,579

Page 18

 
CL INTERNATIONAL MANAGEMENT (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

12.


Debtors

2022
2021
£
£


Amounts owed by group undertakings
369,267
140,641

Amounts owed by other related parties
523,027
2,240,779

Other debtors
390,795
137,211

Prepayments and accrued income
563,470
434,362

1,846,559
2,952,993



13.


Cash and cash equivalents

2022
2021
£
£

Cash at bank and in hand
2,080,874
344,193

2,080,874
344,193



14.


Creditors: Amounts falling due within one year

2022
2021
£
£

Trade creditors
29,423
203,055

Amounts owed to group undertakings
206,173
273,867

Corporation tax
-
67,034

Other taxation and social security
139,833
179,722

Accruals and deferred income
1,410,855
702,136

1,786,284
1,425,814



15.


Creditors: Amounts falling due after more than one year

2022
2021
£
£

Accruals and deferred income
39,409
9,098

39,409
9,098


Page 19

 
CL INTERNATIONAL MANAGEMENT (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

16.


Share capital

2022
2021
£
£
Allotted, called up and fully paid



1 (2021 - 1) Ordinary share of £1.00
1
1



17.


Pension commitments

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 £106,612 (2021 - £47,792). Contributions totalling £10,941 (2021 - £Nil) were payable to the fund at the balance sheet date and are included in creditors.


18.


Commitments under operating leases

At 31 December 2022 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2022
2021
£
£


Not later than 1 year
202,125
202,125

Later than 1 year and not later than 5 years
134,750
336,875

336,875
539,000

Page 20

 
CL INTERNATIONAL MANAGEMENT (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

19.


Related party transactions

The results of the Company are included in the consolidated financial statements of CapitaLand Investment Limited, a company incorporated in Singapore. The Company has taken advantage of exemptions available under FRS102 Section 33 and has not disclosed transactions or balances with entities which form part of the group. The group financial statements of CapitaLand Investment Limited are available to the public, as set out in note 2.2.
The Company discloses transactions with related parties which are not wholly owned within the same group. It does not disclose transactions with members of the same group that are wholly owned.


2022
2021
£
£

Sales to other related parties
4,558,009
4,080,149
Amounts due from other related parties
523,027
2,240,779

Included in Prepayments and accrued income in debtors is £477,667 (2021: £389,571) which is owed by related parties.


20.


Controlling party

At the balance sheet date, the immediate parent company was CapitaLand International (Europe) Pte Ltd, a company incorporated in Singapore. The ultimate parent company is CapitaLand Investment Limited, a company incorporated in Singapore.
The smallest consolidated financial statements in which the Company is included are the financial statements of CapitaLand International (Europe) Pte Ltd, which can be obtained from: 168 Robinson Road, #30-01 Capital Tower, Singapore 068912.
The largest consolidated financial statements in which the Company is included are the financial statements of CapitaLand Investment Limited, which can be obtained from: 168 Robinson Road, #30-01 Capital Tower, Singapore 068912.

 
Page 21