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Registered number: 11437232










CL INTERNATIONAL MANAGEMENT (UK) LIMITED










DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
CL INTERNATIONAL MANAGEMENT (UK) LIMITED
 
 
COMPANY INFORMATION


Directors
G W Foster (appointed 17 July 2023)
W L F Yeo (appointed 31 October 2023)
P R Findlay (resigned 15 February 2024)
F Kwan (resigned 17 July 2023)
Y Y Woo (appointed 17 July 2023, resigned 31 October 2023)




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 auditor
MHA
Statutory Auditors

6th Floor

2 London Wall Place

London

EC2Y 5AU





 
CL INTERNATIONAL MANAGEMENT (UK) LIMITED
 

CONTENTS



Page
Directors' report
 
1 - 2
Independent auditor's report
 
3 - 6
Statement of comprehensive income
 
7
Balance sheet
 
8
Statement of changes in equity
 
9
Notes to the financial statements
 
10 - 22


 
CL INTERNATIONAL MANAGEMENT (UK) LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

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 and development management services to offices.

Results and dividends

The profit for the year, after taxation, amounted to £107,269 (2022 - £251,330).

The directors do not recommend the payment of a dividend during the year (2022 - £Nil).

Page 1

 
CL INTERNATIONAL MANAGEMENT (UK) LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023


Directors

The directors who served during the year were:

G W Foster (appointed 17 July 2023)
W L F Yeo (appointed 31 October 2023)
P R Findlay (resigned 15 February 2024)
F Kwan (resigned 17 July 2023)
Y Y Woo (appointed 17 July 2023, resigned 31 October 2023)

Qualifying third party indemnity provisions

There is no directors' indemnity insurance in place.

Disclosure of information to auditor

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 auditor is 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 auditor is aware of that information.

Post balance sheet events

On 7 March 2024, the Company allotted 900,000 Ordinary £1 shares.

Auditor

The auditor, MHAwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

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.
 





G W Foster
Director

Date: 8 November 2024

Page 2

 
CL INTERNATIONAL MANAGEMENT (UK) LIMITED
 
 
 
INDEPENDENT AUDITOR'S 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 2023, 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 2023 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 Auditor's 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 AUDITOR'S 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 Auditor's report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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 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 AUDITOR'S REPORT TO THE MEMBERS OF CL INTERNATIONAL MANAGEMENT (UK) LIMITED (CONTINUED)



Auditor's 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 Auditor's 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; and
• 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 Auditor's report.


Page 5

 
CL INTERNATIONAL MANAGEMENT (UK) LIMITED
 
 
 
INDEPENDENT AUDITOR'S 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 Auditor's 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.





Neil Stern FCA (Senior statutory auditor)
 
for and on behalf of
MHA
London, United Kingdom
Statutory Auditors

15 November 2024
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 2023

2023
2022
Note
£
£

  

Turnover
 4 
4,725,777
4,655,578

Cost of sales
  
(2,567,810)
(2,226,493)

Gross profit
  
2,157,967
2,429,085

Administrative expenses
  
(2,027,528)
(2,165,994)

Operating profit
 5 
130,439
263,091

Interest receivable and similar income
 9 
9,888
19

Profit before tax
  
140,327
263,110

Tax on profit
 10 
(33,058)
(11,780)

Profit for the financial year
  
107,269
251,330

There was no other comprehensive income for 2023 (2022 - £NIL).

The notes on pages 10 to 22 form part of these financial statements.

Page 7

 
CL INTERNATIONAL MANAGEMENT (UK) LIMITED
REGISTERED NUMBER: 11437232

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 11 
49,997
73,443

  
49,997
73,443

Current assets
  

Debtors: amounts falling due within one year
 12 
2,637,441
1,846,559

Cash at bank and in hand
 13 
809,884
2,080,874

  
3,447,325
3,927,433

Creditors: amounts falling due within one year
 14 
(1,145,485)
(1,786,284)

Net current assets
  
 
 
2,301,840
 
 
2,141,149

Total assets less current liabilities
  
2,351,837
2,214,592

Creditors: amounts falling due after more than one year
 15 
(69,385)
(39,409)

  

Net assets
  
2,282,452
2,175,183


Capital and reserves
  

Called up share capital 
 16 
1
1

Profit and loss account
  
2,282,451
2,175,182

  
2,282,452
2,175,183




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




G W Foster
Director

Date: 8 November 2024

The notes on pages 10 to 22 form part of these financial statements.

Page 8

 
CL INTERNATIONAL MANAGEMENT (UK) LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


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 1 January 2023
1
2,175,182
2,175,183


Comprehensive income for the year

Profit for the year
-
107,269
107,269


At 31 December 2023
1
2,282,451
2,282,452


Page 9

 
CL INTERNATIONAL MANAGEMENT (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

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 and development management services to offices.

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 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.

This information is included in the consolidated financial statements of CapitaLand Investment Limited as at 31 December 2023 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 2023, the profit after tax was £107,269 (2022 - £251,330) and held a net asset position of £2,282,452 (2022 - £2,175,183).
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 2023

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 2023

2.Accounting policies (continued)

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution 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 range 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 2023

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 has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due within the operating cycle fall into this category of financial instruments.

 

Page 13

 
CL INTERNATIONAL MANAGEMENT (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.15
Financial instruments (continued)

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument 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.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables 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.

  
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.

Page 14

 
CL INTERNATIONAL MANAGEMENT (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Turnover

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


2023
2022
£
£

Management fees
4,725,777
4,655,578

4,725,777
4,655,578


Analysis of turnover by country of destination:

2023
2022
£
£

United Kingdom
2,923,979
3,413,127

Rest of Europe
1,502,945
1,242,451

Rest of the world
298,853
-

4,725,777
4,655,578



5.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Exchange differences
17,287
(4,668)

Other operating lease rentals
190,061
192,849

Depreciation - computer equipment
17,146
13,314

Depreciation - leasehold property
9,718
9,470

Depreciation - fixture & fittings
1,911
2,283

Auditors' remuneration
40,000
54,400

Staff pension costs
110,070
106,612

Page 15

 
CL INTERNATIONAL MANAGEMENT (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Auditor's remuneration

2023
2022
£
£

Fees payable to the Company's auditor for the audit of the Company's financial statements
40,000
54,400


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:


2023
2022
£
£

Wages and salaries
2,972,532
2,387,918

Social security costs
387,312
301,339

Cost of defined contribution scheme
110,070
106,612

3,469,914
2,795,869


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:


        2023
        2022
            No.
            No.







Employees
21
19



Directors
3
2

24
21

Page 16

 
CL INTERNATIONAL MANAGEMENT (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
393,785
320,932

Company contributions to defined contribution pension schemes
23,496
19,411

417,281
340,343


During the year retirement benefits were accruing to 2 directors (2022 - 2) in respect of defined contribution pension schemes.
The highest paid director received remuneration of £231,910 (2022 - £218,214).
The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £14,758 (2022 - £14,161).


9.


Interest receivable

2023
2022
£
£


Other interest receivable
9,888
19

9,888
19


10.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
43,145
51,511

Adjustments in respect of previous periods
(10,087)
(39,731)


33,058
11,780


Total current tax
33,058
11,780


Tax on profit
33,058
11,780
Page 17

 
CL INTERNATIONAL MANAGEMENT (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
10.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022 - lower than) the standard rate of corporation tax in the UK of 23.5% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
140,327
263,110


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.5% (2022 - 19%)
32,977
49,991

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
4,741
3,045

Depreciation in excess of capital allowances
5,427
(1,525)

Adjustments to tax charge in respect of prior periods
(10,087)
(39,731)

Total tax charge for the year
33,058
11,780


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 18

 
CL INTERNATIONAL MANAGEMENT (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Tangible fixed assets





Short-term leasehold property
Fixtures and fittings
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 January 2023
44,985
9,555
52,215
106,755


Additions
-
-
5,329
5,329



At 31 December 2023

44,985
9,555
57,544
112,084



Depreciation


At 1 January 2023
10,012
2,250
21,050
33,312


Charge for the year
9,718
1,911
17,146
28,775



At 31 December 2023

19,730
4,161
38,196
62,087



Net book value



At 31 December 2023
25,255
5,394
19,348
49,997



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


12.


Debtors

2023
2022
£
£


Amounts owed by group undertakings
289,467
369,267

Amounts owed by other related parties
315,492
523,027

Other debtors
357,737
390,795

Prepayments and accrued income
1,674,745
563,470

2,637,441
1,846,559


Page 19

 
CL INTERNATIONAL MANAGEMENT (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

13.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
809,884
2,080,874

809,884
2,080,874



14.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
16,721
29,423

Amounts owed to group undertakings
-
206,173

Amounts owed to other related parties
10,146
-

Other taxation and social security
77,276
139,833

Accruals and deferred income
1,041,342
1,410,855

1,145,485
1,786,284



15.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Accruals and deferred income
69,385
39,409

69,385
39,409



16.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1 (2022 - 1) Ordinary share share of £1.00
1
1


Page 20

 
CL INTERNATIONAL MANAGEMENT (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

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 £110,070 (2022 - £106,612). Contributions totalling £224 (2022 - £10,941) were payable to the fund at the balance sheet date and are included in creditors.


18.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
202,125
202,125

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

539,000
336,875


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.

2023
2022
£
£
Sales to other related parties

3,792,534

4,558,009
 
Amounts due from other related parties

943,427

523,027
 

Included in Prepayments and accrued income in debtors is £693,764 (2022 - £477,667) which is owed by
related parties.


20.


Post balance sheet events

On 7 March 2024, the Company allotted 900,000 Ordinary £1 shares.

Page 21

 
CL INTERNATIONAL MANAGEMENT (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

21.


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 and 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 22