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Registered number: 11340972









PAISLEY NEWCO LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

 
PAISLEY NEWCO LIMITED
 
 
COMPANY INFORMATION


Directors
P Canning 
C A Spitzer 
A C White 




Registered number
11340972



Registered office
Yarnwicke
119-121 Cannon Street

London

EC4N 5AT




Independent auditors
PKF Smith Cooper Audit Limited
Statutory Auditors

Cornerblock

2 Cornwall Street

Birmingham

West Midlands

B3 2DX





 
PAISLEY NEWCO LIMITED
 

CONTENTS



Page
Strategic Report
1
Directors' Report
2 - 3
Independent Auditors' Report
4 - 7
Statement of Comprehensive Income
8
Balance Sheet
9
Statement of Changes in Equity
10
Notes to the Financial Statements
11 - 18


 
PAISLEY NEWCO LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024

Introduction
 
The directors present their annual report together with the audited financial statements of Paisley Newco Limited (the "Company") for the year ended 31 March 2024.  

Principal activity

The principal activities of the Company are the provision of business planning, financial, operational and strategic advisory services to Cluttons LLP of which it is a designated member.

Business review
 
The Company is a designated member of an LLP and its subsidiaries, providing chartered surveying and property consultancy services with a network of 10 UK offices. The Company has a controlling interest in this LLP.
The results for the year ended 31 March 2024 are shown in the Statement of Comprehensive Income on page 8.
The Company made a loss of £39,308 (2023: £107,399) in the year.
On 5 December 2023, the entire issued share capital of the Company was acquired by CIM Newco Limited.

Principal risks and uncertainties
 
The Company’s provision of services to Cluttons LLP does not expose it to significant external risks or uncertainties.  
The principal financial instruments used by the Company are cash and inter-company debtors and inter-company creditors.

Financial key performance indicators
 
The Company is a holding company and is not monitored by reference to a range of financial and non-financial key performance indicators. Notwithstanding this, management closely monitors forecast cash flows for the Company to ensure adequate resource is available for the Company to meet its obligations as they fall due.
The directors of the Group manage the Group's operations on a divisional basis. For this reason, the Company’s directors believe that using KPIs for the Company is not necessary or appropriate for an understanding of the development, performance of position of the business of the Company.


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



A C White
Director

Date: 17 February 2025

Page 1

 
PAISLEY NEWCO LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024

The directors present their report and the financial statements for the year ended 31 March 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, 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 judgements 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 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.

Results and dividends

The loss for the year, after taxation, amounted to £39,308 (2023 - loss £107,399).

Dividends paid during the year amounted to £nil (2023: £258,000). The directors do not recommend the payment of a final dividend.

Directors

The directors who served during the year were:

C Campbell (resigned 5 December 2023)
P R Emmerson (resigned 5 December 2023)
Gold Round Limited (resigned 5 December 2023)
P Canning (appointed 5 December 2023)
A C Froggatt (appointed 5 December 2023, resigned 2 December 2024)
C A Spitzer (appointed 5 December 2023)
A C White (appointed 5 December 2023)

Page 2

 
PAISLEY NEWCO LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

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.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

The auditorsPKF Smith Cooper Audit Limitedwill 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.
 





A C White
Director

Date: 17 February 2025

Page 3

 
PAISLEY NEWCO LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PAISLEY NEWCO LIMITED
 

Opinion


We have audited the financial statements of Paisley Newco Limited (the 'Company') for the year ended 31 March 2024, 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 March 2024 and of its loss 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 4

 
PAISLEY NEWCO LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PAISLEY NEWCO 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 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 Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have 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 Strategic Report or 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.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 2, 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 5

 
PAISLEY NEWCO LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PAISLEY NEWCO 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.

Based on our understanding of the Company and the industry, key laws and regulations that we have identified included:

Companies Act 2006; and
Tax legislation.

We identified that the principal risk of fraud or non-compliance with laws and regulations related to:

Management bias in respect of accounting estimates and judgements made;
Management override of controls; and
Posting of unusual journals or transactions.

We focused on those areas that could give rise to a material misstatement in the Company's financial statements.

Our procedures included, but were not limited to:

Enquiry of management and those charged with governance around actual and potential litigation and claims including instances of non-compliance with laws and regulations and fraud;
Reviewing minutes of meetings of those charged with governance where available;
Reviewing legal expenditure in the year to identify instances of non-compliance with laws and regulations and fraud;
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations and;
Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.

It is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.


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.


Page 6

 
PAISLEY NEWCO LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PAISLEY NEWCO LIMITED (CONTINUED)


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.


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.





Stephen Newman (Senior Statutory Auditor)
  
for and on behalf of
PKF Smith Cooper Audit Limited
 
Statutory Auditors
  
Cornerblock
2 Cornwall Street
Birmingham
West Midlands
B3 2DX

20 February 2025
Page 7

 
PAISLEY NEWCO LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024

2024
2023
Note
£
£

  

Turnover
 3 
17,600
-

Operating expenses
  
(22,908)
(77,626)

Operating loss
  
(5,308)
(77,626)

Income from investments in subsidiary undertakings
  
-
22,595

Interest receivable and similar income
 6 
-
2,742

Loss before taxation
  
(5,308)
(52,289)

Tax on loss
 7 
(34,000)
(55,110)

Loss for the financial year
  
(39,308)
(107,399)

There was no other comprehensive income for 2024 (2023: £NIL).

The notes on pages 11 to 18 form part of these financial statements.

Page 8

 
PAISLEY NEWCO LIMITED
REGISTERED NUMBER: 11340972

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 9 
506,257
1

  
506,257
1

Current assets
  

Debtors: amounts falling due within one year
 10 
225,039
489,286

Cash at bank and in hand
 11 
11,302
11,303

  
236,341
500,589

Creditors: amounts falling due within one year
 12 
(538,717)
(257,401)

Net current (liabilities)/assets
  
 
 
(302,376)
 
 
243,188

Total assets less current liabilities
  
203,881
243,189

  

Net assets
  
203,881
243,189


Capital and reserves
  

Called up share capital 
 13 
10
10

Profit and loss account
 14 
203,871
243,179

  
203,881
243,189


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




A C White
Director

Date: 17 February 2025

The notes on pages 11 to 18 form part of these financial statements.

Page 9

 
PAISLEY NEWCO LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 April 2022
10
608,578
608,588


Comprehensive income for the year

Loss for the year
-
(107,399)
(107,399)

Dividends: Equity capital
-
(258,000)
(258,000)



At 1 April 2023
10
243,179
243,189


Comprehensive income for the year

Loss for the year
-
(39,308)
(39,308)


At 31 March 2024
10
203,871
203,881


The notes on pages 11 to 18 form part of these financial statements.

Page 10

 
PAISLEY NEWCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Paisley Newco Limited is a private company limited by shares incorporated and domiciled in England, United Kingdom. The address of it's registered office and company registration number is shown on the company information page.

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 financial statements are prepared in Sterling which is the functional currency of the Company and the level of rounding is 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 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of CIM Newco Limited as at 31 March 2024 and these financial statements may be obtained from Yarnwicke, 119-121 Cannon Street, London, EC4N 5AT.

 
2.3

Exemption from preparing consolidated financial statements

The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.

 
2.4

Going concern

After reviewing the forecasts and projections of the Group, to which the Company belongs, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. The Company therefore continues to adopt the going concern basis in preparing its financial statements.

Page 11

 
PAISLEY NEWCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

  
2.5

Investment in subsidiaries

Investment in subsidiaries are accounted for at cost less any accumulated impairment losses.

 
2.6

Turnover

Turnover represents management fees charged to group companies for services provided and are recognised when the service has been provided.

 
2.7

Interest income

Interest income is recognised in the Statement of Comprehensive Income using the effective interest method.

 
2.8

Taxation

Tax is recognised in the Statement of Comprehensive Income, 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 tax charge arising within the Company is recognised for the amount of corporation tax payable for the current or past reporting periods using the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date.

  
2.9

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like cash at bank and amounts due to / from group undertakings.
Debt instruments that are payable or receivable within one year, typically amounts due to / from group undertakings, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. 
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.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the Balance Sheet date.
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.

Page 12

 
PAISLEY NEWCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.10

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.

 
2.11

Creditors

Short-term creditors are measured at the transaction price.

  
2.12

Debtors

Short term debtors are measured at transaction price, less any impairment.

 
2.13

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Turnover

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


2024
2023
£
£

Management fees
17,600
-

17,600
-


All turnover arose within the United Kingdom.


4.


Auditors' remuneration

During the year, the Company obtained the following services from the Group's auditors:


2024
2023
£
£

Fees payable to the Group's auditors for the audit of the Company's financial statements
2,000
2,000

Page 13

 
PAISLEY NEWCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Employees

The Company has no employees, other than the directors, who did not receive any remuneration during the year.


6.


Interest receivable

2024
2023
£
£


Bank interest receivable
-
2,742


7.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
34,000
35,500

Adjustments in respect of previous periods
-
19,610


Total current tax
34,000
55,110

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 19%). The differences are explained below:

2024
2023
£
£


Loss on ordinary activities before tax
(5,308)
(52,289)


Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)
(1,327)
(9,935)

Effects of:


Expenses not deductible for tax purposes
1,327
65,045

Capital gains
34,000
-

Total tax charge for the year
34,000
55,110


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


Page 14

 
PAISLEY NEWCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

8.


Dividends

2024
2023
£
£


Dividends paid
-
258,000


9.


Fixed asset investments





Investments in subsidiary companies

£



Cost


At 1 April 2023
1


Additions
506,256



At 31 March 2024
506,257




During the year, the Company increased its controlling interest in Cluttons LLP from 60% to 72% for cash consideration of £506,256.


Direct subsidiary undertaking


The following was a direct subsidiary undertaking of the Company:

Name

Investment type

Holding

Cluttons LLP
Designated member
72%

The registered office address of the direct subsidiary undertaking is Yarnwicke, 119-121 Cannon St, London, EC4N 5AT.

Page 15

 
PAISLEY NEWCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

Indirect subsidiary undertakings


The following were indirect subsidiary undertakings of the Company:

Name

Investment type

Holding

Cluttons Employees Limited
Ordinary Shares
100%
Cluttons Residential Limited
Ordinary Shares
100%
Cluttons Investment Management (UK) LLP
Cluttons LLP a designated member
100%
Cluttons Nominees Limited
Ordinary Shares
100%

The registered office address for all indirect subsidiary undertakings is Yarnwicke, 119-121 Cannon St, London, EC4N 5AT.

Page 16

 
PAISLEY NEWCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

10.


Debtors

2024
2023
£
£


Amounts owed by group undertakings
225,030
489,277

Other debtors
9
9

225,039
489,286



11.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
11,302
11,303



12.


Creditors: Amounts falling due within one year

2024
2023
£
£

Amounts owed to group undertakings
506,256
-

Corporation tax
32,461
182,106

Accruals and deferred income
-
75,295

538,717
257,401


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PAISLEY NEWCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

13.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



10,000 (2023 - 10,000) Ordinary shares of £0.001 each
10
10



14.


Reserves

Profit and loss account

The profit and loss account includes all current and prior period retained profits and losses.


15.


Related party transactions

The Company has taken advantage of the disclosure exemptions provided by section 33.1A of FRS102 to not disclose transactions with subsidiaries which are wholly owned.
During the year the Company charged £17,600 (2023: £nil) in management fees to a subsidiary undertaking. At the balance sheet date £17,600 (2023: £nil) was owed to the Company by this subsidiary undertaking.


16.


Parent undertakings

The immediate parent undertaking of this entity is CIM Newco Limited, a company incorporated in England, United Kingdom, which has a registered office address of Yarnwicke, 119-121 Cannon St, London, EC4N 5AT.
The ultimate controlling party is considered to be funds managed by Treun Capital General Partner Limited by virtue of their shareholding in CIM Newco Limited, the parent undertaking of Paisley Newco Limited.
The smallest and largest group of undertakings for which consolidated financial statements have been prepared as at 31 March 2024 is that headed by CIM Newco Limited, a company incorporated in England, United Kingdom, which has a registered office address of Yarnwicke, 119-121 Cannon Street, London, United Kingdom, EC4N 5AT. Copies of these financial statements can be obtained from the registered office address.

 
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