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Registered number: 14934808









CIM NEWCO LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2024

 
CIM NEWCO LIMITED
 
 
COMPANY INFORMATION


Directors
P Canning 
C A Spitzer 
A C White 




Registered number
14934808



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





 
CIM NEWCO LIMITED
 

CONTENTS



Page
Group Strategic Report
1 - 2
Directors' Report
3 - 4
Independent Auditors' Report
5 - 8
Consolidated Statement of Comprehensive Income
9
Consolidated Balance Sheet
10
Company Balance Sheet
11
Consolidated Statement of Changes in Equity
12
Company Statement of Changes in Equity
13
Consolidated Statement of Cash Flows
14 - 15
Consolidated Analysis of Net Debt
16
Notes to the Financial Statements
17 - 36


 
CIM NEWCO LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE PERIOD ENDED 31 MARCH 2024

Introduction
 
The directors present their Strategic report for CIM Newco Limited (the "Company") and its subsidiaries (together the "Group") for the period 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 and the Group. The Group’s principal activities are chartered surveying and property consultancy services.

Business review
 
CIM Newco Limited acquired its wholly owned subsidiary Paisley Newco Limited on 5 December 2023. Paisley Newco Limited is a designated member of Cluttons LLP and has a controlling interest. Over the previous years the Group has been building solid foundations to achieve its ambitious growth strategy having invested in its central support structure, large infrastructure, commercial and residential estates focussed business lines, Northern expansion and a new London head office. Our cross discipline working puts our clients’ large estates first in our mission to deliver holistic consulting, not merely services, and is driving value from the future proofing and decarbonisation of their real assets. 

Principal risks and uncertainties
 
The Company’s provision of services to its Group does not expose it to significant external commercial risks or uncertainties. The Group’s commercial risks are principally associated with the economy and sentiment towards property. During the year under review the headwinds facing the property sector lessened and by working across diversified sectors with a spread of real estate services weighted to consultancy and management services the Group reduced its exposure to market fluctuations. 
The principal financial instruments used by the Group are cash, inter-company debtors, trade debtors and trade creditors and borrowings from its bank and members. The existence of these financial instruments exposes the Group to a number of financial risks including liquidity and credit risk. 
(a) Liquidity risk: The Group seeks to manage financial risks by ensuring sufficient liquidity is available to meet foreseeable needs and then invest cash assets profitably. The Company is financed by long-term loans where interest has been rolled up.
(b) Credit risk: The Group’s principal financial assets are cash, trade and other debtors and intercompany debtors. The credit risk associated with cash deposits is limited as the counterparties have high credit ratings assigned by the international credit rating agencies. The Company’s debtors are exposed to the credit risk of its subsidiaries. The boards of the subsidiaries have established objectives that limit undue counterparty exposure, ensure sufficient working capital exists and monitors the management of risk at the business unit level.

Financial key performance indicators
 
The consolidated results for the period ended 31 March 2024 are shown in the Consolidated Statement of Comprehensive Income on page 9.
The Group's consolidated earnings before interest tax depreciation and amortisation of goodwill was approximately £1.3m prior to £0.7m of exceptional costs incurred by the Group during the year in relation to business planning and implementation.

Page 1

 
CIM NEWCO LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024


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



A C White
Director

Date: 17 February 2025

Page 2

 
CIM NEWCO LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 MARCH 2024

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

Directors' responsibilities statement

The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated 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 the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Group'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 Group 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 the Group 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The loss for the period, after taxation and minority interests, amounted to £144,310.

The directors do not recommend the payment of a dividend.

Directors

The directors who served during the period were:

P Canning (appointed 14 June 2023)
A Froggart (appointed 5 December 2023, resigned 2 December 2024)
C A Spitzer (appointed 5 December 2023)
A C White (appointed 14 June 2023)

Future developments

The Group expects to continue to grow its property consulting activity in large infrastructure, commercial and residential estates and to continue its expansion in the North and South of the UK.

Page 3

 
CIM NEWCO LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD 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 and the Group'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 and the Group's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company or the Group 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 4

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

Opinion


We have audited the financial statements of CIM Newco Limited (the 'parent Company') and its subsidiaries (the 'Group') for the period ended 31 March 2024, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting 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 Group's and of the parent Company's affairs as at 31 March 2024 and of the Group's loss for the period 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 Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our 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 Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 5

 
CIM NEWCO LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CIM 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 Group Strategic Report and the Directors' Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
the Group 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 Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the 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 by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company 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 3, 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 Group's and the parent 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 Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 6

 
CIM NEWCO LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CIM 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 Group financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

Based on our understanding of the Group and parent Company and the industry, key laws and regulations that we have identified included:
 
Companies Act;
Tax legislation;
Health and Safety;
General Data Protection Regulation (GDPR);
Royal Institute of Chartered Surveyors (RICS);
ARLA Propertymark; and
Financial Conduct Authority (FCA).

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 parent Company's and Group'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, in particular revenue recognition criteria for work in progress and accrued revenue, goodwill useful life and amortisation and the bad debt provision.

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.
 
Page 7

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




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.


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 8

 
CIM NEWCO LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 MARCH 2024

Period ended
31 March
2024
Note
£

  

Turnover
 4 
10,503,564

Operating expenses
  
(9,503,225)

Operating profit (excluding exceptional administrative expenses)
 5 
1,000,339

Exceptional administrative expenses
    10
(668,169)

Operating profit
 5 
332,170

Interest payable and similar expenses
 8 
(243,866)

Profit before taxation
  
88,304

Tax on profit
 9 
(95,800)

(Loss) for the financial period
  
(7,496)

(Loss) for the period attributable to:
  

Non-controlling interests
  
136,814

Owners of the parent Company
  
(144,310)

  
(7,496)

There was no other comprehensive income for 2024.

The notes on pages 17 to 36 form part of these financial statements.

The Consolidated statement of comprehensive income covers the 4 months of trading post acquisition of the Group which occured on 5 December 2023 and accordingly there are no comparatives.

Page 9

 
CIM NEWCO LIMITED
REGISTERED NUMBER: 14934808

CONSOLIDATED BALANCE SHEET
AS AT 31 MARCH 2024

2024
Note
£

Fixed assets
  

Intangible assets
 12 
5,392,406

Tangible assets
 13 
551,868

  
5,944,274

Current assets
  

Debtors: amounts falling due within one year
 15 
7,944,376

Cash at bank and in hand
 16 
410,642

  
8,355,018

Creditors: amounts falling due within one year
 17 
(5,311,200)

Net current assets
  
 
 
3,043,818

Total assets less current liabilities
  
8,988,092

Creditors: amounts falling due after more than one year
 18 
(6,059,296)

Provisions for liabilities
  

Other provisions
 21 
(308,930)

Net assets
  
 
 
2,619,866


Capital and reserves
  

Called up share capital 
 22 
10,232

Profit and loss account
 23 
(144,310)

Equity attributable to owners of the parent Company
  
(134,078)

Non-controlling interests
  
2,753,944

  
2,619,866


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 17 to 36 form part of these financial statements.

Page 10

 
CIM NEWCO LIMITED
REGISTERED NUMBER: 14934808

COMPANY BALANCE SHEET
AS AT 31 MARCH 2024

2024
Note
£

Fixed assets
  

Investments
 14 
4,240,815

  
4,240,815

Current assets
  

Debtors: amounts falling due within one year
 15 
1,357,059

Total assets less current liabilities
  
 
 
5,597,874

  

Creditors: amounts falling due after more than one year
 18 
(5,889,610)

  

Net liabilities
  
(291,736)


Capital and reserves
  

Called up share capital 
 22 
10,232

Loss for the period

  

(301,968)

Profit and loss account carried forward
 23 
(301,968)

  
(291,736)


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 17 to 36 form part of these financial statements.

Page 11

 
CIM NEWCO LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 MARCH 2024


Called up share capital
Profit and loss account
Equity attributable to owners of parent Company
Non-controlling interests
Total equity

£
£
£
£
£

At 14 June 2023
-
-
-
-
-



Loss for the period
-
(144,310)
(144,310)
136,814
(7,496)

Shares issued during the period
10,232
-
10,232
-
10,232

Non-controlling interests at acquisition
-
-
-
2,735,298
2,735,298

Movement on other amounts due to members during the period
-
-
-
(118,168)
(118,168)


At 31 March 2024
10,232
(144,310)
(134,078)
2,753,944
2,619,866

The notes on pages 17 to 36 form part of these financial statements.

Page 12

 
CIM NEWCO LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 MARCH 2024


Called up share capital
Profit and loss account
Total equity

£
£
£

At 14 June 2023
-
-
-



Loss for the period
-
(301,968)
(301,968)

Shares issued during the period
10,232
-
10,232


At 31 March 2024
10,232
(301,968)
(291,736)

The notes on pages 17 to 36 form part of these financial statements.

Page 13

 
CIM NEWCO LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 MARCH 2024

Period ended
31 March
2024
£

Cash flows from operating activities

Loss for the financial period
(7,496)

Adjustments for:

Amortisation of intangible assets
234,012

Depreciation of tangible assets
68,980

Interest payable
243,866

Taxation charge
95,800

(Increase) in debtors
(1,835,863)

Increase in creditors
1,375,594

Increase in provisions
49,150

Corporation tax paid
(39,403)

LLP members remuneration
846,193

Net cash generated from operating activities

1,030,833


Cash flows from investing activities

Purchase of intangible fixed assets
(1,400)

Purchase of tangible fixed assets
(60,374)

Net cash flows on acquisition of subsidiaries
(5,049,070)

Net cash from investing activities

(5,110,844)
Page 14

 
CIM NEWCO LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024


2024

£



Cash flows from financing activities

Issue of ordinary shares
10,232

Cash received from other loans
5,671,453

Repayment of bank loans
(25,453)

Interest paid
(25,709)

Movement on working capital facilities
(175,509)

Cash drawn by LLP members
(964,361)

Net cash used in financing activities
4,490,653

Net increase in cash and cash equivalents
410,642

Cash and cash equivalents at the end of period
410,642


Cash and cash equivalents at the end of period comprise:

Cash at bank and in hand
410,642

410,642


The notes on pages 17 to 36 form part of these financial statements.

Page 15

 
CIM NEWCO LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE PERIOD ENDED 31 MARCH 2024





Cash flows
Acquisition of subsidiaries
Other non-cash changes
At 31 March 2024
£

£

£

£

Cash at bank and in hand

712,642

(302,000)

-

410,642

Debt due after 1 year

(5,646,000)

(195,139)

(218,157)

(6,059,296)

Debt due within 1 year

175,509

(773,321)

-

(597,812)


(4,757,849)
(1,270,460)
(218,157)
(6,246,466)

The notes on pages 17 to 36 form part of these financial statements.

Debt due within 1 year includes £101,812 of bank loans and £496,000 in respect of the Group's working capital facility which is included in other creditors.

Page 16

 
CIM NEWCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

1.


General information

CIM Newco Limited is a private company, limited by shares incorporated in England, United Kingdom. The Company's registration number and registered office address can be found on the company information page. The principal activity of the parent company and its Group are disclosed in the Strategic Report.
The Company was incorporated on 14 June 2023 and on 5 December 2023 it acquired 100% of the share capital of Paisley Newco Limited and its controlling interests in its direct and indirect subsidiary undertakings (as disclosed in note 14). These financial statements cover the 9 month accounting period from the date of incorporation up to 31 March 2024 to align the Group's reporting period to that of its subsidiary undertakings. The Consolidated statement of comprehensive income presents the 4 months of trading post acquisition of the group up to 31 March 2024. This is the first year financial statements have been prepared for the Group and therefore there are no comparatives.

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 Group and the level of rounding is to the nearest £1.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
 
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.

  
2.3

Going concern

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

Page 17

 
CIM NEWCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

2.Accounting policies (continued)

  
2.4

Investment in subsidiaries

The consolidated financial statements incorporate the financial statements of the Company and entities controlled by the Group (its subsidiaries). Control is achieved where the Group has the power to govern the financial and operating policies of an entity to obtain benefits from its activities.
The results of the subsidiaries acquired or disposed of during the year are included in total comprehensive income from the effective date of acquisition and up to the effective date of disposal, as appropriate using accounting policies consistent with those of the parent. All intra-group transactions, balances, income and expenses are eliminated in full on consolidation. 
Investment in subsidiaries are accounted for at cost less any accumulated impairment losses in the individual financial statements.

  
2.5

Business combinations

Acquisitions of subsidiaries and businesses are accounted for using the purchase method. The cost of the business combination is measured at the aggregate of the fair values (at the date of exchange) of assets given, liabilities incurred or assumed and equity instruments issued by the Group in exchange for control of the acquiree plus costs directly attributable to the business combination.
Any excess of the cost of the business combination over the acquirer's interest in the net fair value of the identifiable assets and liabilities is recognised as goodwill. If the net fair value of the identifiable assets and liabilities exceeds the cost of the business combination, the excess is recognised separately.

 
2.6

Revenue

Group revenue is the total amount estimated to be receivable by the Group for services rendered during the year, excluding VAT. Revenue is recognised when a right to consideration has been obtained through performance under each contract. It reflects the contract activity during the year having regard to the stage of completion and the relative uncertainty of predicting ultimate profitability on long term assignments.
Revenues from agency transactions are recognised at the time contracts are exchanged where completion is anticipated within the next 60 days. 
Revenues from advisory services are recognised where fees have been unconditionally earned and to the extent that these have not been invoiced at the year end, these amounts are included within amounts recoverable on contracts. Revenue in respect of conditional or contingent fee engagements is recognised when the contingent event occurs. 

 
2.7

Finance costs

Finance costs are charged to Consolidated Statement of Comprehensive Income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 18

 
CIM NEWCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.8

Pensions

Defined contribution pension plan

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

The contributions are recognised as an expense in the Consolidated Statement of Comprehensive Income 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 Group in independently administered funds.

 
2.9

Taxation

Tax is recognised in the Consolidated 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 and its corporate subsidiaries 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.

 
2.10

Intangible assets

Intangible assets are measured at cost less accumulated amortisation and any accumulated impairment losses.
Software development costs are recognised as an intangible asset when all of the following criteria are demonstrated:
 • it is technically feasible to complete the software so that it will be available for use or sale;
 • the intention of the Group is to complete the software and use or sell it;
 • the Group will have the ability to use the software or to sell it;
 • the software will generate probable 'future economic benefits';
 • adequate technical, financial and other resources are available to complete the development;
 • the Group is able to measure reliably the expenditure attributable to the software during its     development.
Amortisation is charged so as to allocate the cost of intangibles less their residual values over their estimated useful lives, using the straight-line method. The intangible assets are amortised over the following useful economic lives.
Software licences  up to 5 years
Goodwill   10 years
If there is an indication that there has been a significant change in amortisation rate or residual value of an asset, the amortisation of that asset is revised prospectively to reflect the new expectations.

Page 19

 
CIM NEWCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.11

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.

Depreciation is provided on the following basis, using the straight line method:

Improvements to leasehold property
-
3 to 5 years
Furniture and equipment
-
5 years
Computer equipment
-
3 years
IT platform
-
3 years

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 the Consolidated Statement of Comprehensive Income.

  
2.12

Financial instruments

The Group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, bank loans and loans to/from related parties.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured as present value of 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 financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.
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 Consolidated 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 20

 
CIM NEWCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

2.Accounting policies (continued)

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 Group 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.

  
2.13

Amounts recoverable on contracts

Services provided to clients during the financial year, which at the Balance Sheet date have not yet been billed to clients have been recognised in revenue based on an assessment of the fair value of the services provided at the Balance Sheet date as a proportion of the total value of the engagement and for fees for professional work that have been unconditionally earned but not yet invoiced at the Balance Sheet date. 

  
2.14

Leases

Leases are classified as finance leases where the terms of the lease transfer substantially all the benefits and risks of ownership of an asset to the Group. All other leases are classified as operating leases. 

  
2.15

Operating lease commitments

Assets held under operating leases are not capitalised. Operating lease rentals are charged to the Consolidated Statement of Comprehensive Income in the year in which they are incurred. 

  
2.16

Provisions

Provisions are recognised when the Group has a present legal or constructive obligation as a result of a past event, it is probable that the Group will be required to settle the obligation and the amount can be reliably estimated. The best estimate of the amount required to settle the obligation at the reporting date is discounted to present value where the effect is material.

  
2.17

Professional indemnity claims

Provisions for potential or actual professional indemnity claims are recognised when it is probable that the Group will be required to settle part or all of valid claims against it as a result of a past event and the amount of the obligation can be reliably estimated.

  
2.18

Dilapidations

Provisions for dilapidations are recognised where the Group is required to perform dilapidation repairs on leased properties being vacated at the end of their lease term under a legal obligation and the liability can be reasonably quantified. 

  
2.19

Annual leave

The Group recognises a provision for annual leave accrued by employees as a result of services rendered in the current year and which employees are entitled to carry forward and use within the next 12 months. The provision is measured at the salary cost payable for the year of absence. 

Page 21

 
CIM NEWCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

2.Accounting policies (continued)

  
2.20

Employee benefits

Short-term employee benefits and contributions to defined contribution plans are recognised as an expense in the period in which they are incurred.

 
2.21

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.22

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.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.23

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.

  
2.24

Debtors

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


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

Impairment of trade debtors
The provision for impairment of trade debtors is based on the on going evaluation of the collectability, aged analysis of the outstanding amounts due from trade debtors and management's judgement which includes assessing the credit worthiness and the past collection history of each trade debtor. 
Useful life of goodwill
Management has reviewed the acquired assets and their potential to deliver economic benefit over a period of time and, as at this time, consider they will deliver benefit for at least a ten-year period. While management has high hopes that the assets will deliver the benefit beyond that period, it is not possible to accurately estimate what this benefit may be beyond ten years, and therefore they consider it inappropriate to extend the useful economic life beyond that.
Revenue recognition
Management consider the various revenue streams separately and make judgements where the nature of the service is such that it is required. The main judgements being:
Where work is in progress at the end of the year and the right to consideration is being accrued as the work is performed, management assess their expectation of the amount earned as at the end of the year end if not yet invoiced, accrue that revenue. 

Page 22

 
CIM NEWCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

4.


Turnover

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


Period ended
31 March
2024
£

Chartered surveying and property consultancy services
10,503,564

10,503,564


All turnover arose within the United Kingdom.


5.


Operating profit

The operating profit is stated after charging:

Period ended
31 March
2024
£

Amortisation of intangible fixed assets
243,012

Depreciation of tangible fixed assets
68,980

Operating lease expenditure - property
363,899


6.


Auditors' remuneration

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


Period ended
31 March
2024
£

Fees payable to the Group's auditors for the audit of the consolidated and parent Company's financial statements
42,750

Page 23

 
CIM NEWCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

7.


Employees

Staff costs were as follows:


Group
Period
ended
31 March
2024
£


Wages and salaries
4,920,078

Social security costs
425,534

Cost of defined contribution scheme
142,405

5,488,017


The average monthly number of employees, including LLP members of the Group's subsidiary undertaking, during the period was as follows:


     Period ended
       31 March
        2024
            No.






Management
4



Operations
234



LLP Members
20

258

The directors of the Company do not receive any emoluments from the Group.


8.


Interest payable and similar expenses

Period ended
31 March
2024
£


Bank interest payable
25,709

Other loan interest payable
218,157

243,866

Page 24

 
CIM NEWCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

9.


Taxation


Period ended
31 March
2024
£

Corporation tax


Current tax on profits for the year
95,800


Total current tax
95,800

Factors affecting tax charge for the period

The tax assessed for the period is higher than the standard rate of corporation tax in the UK of 25%. The differences are explained below:

Period ended
31 March
2024
£


Profit on ordinary activities before tax
88,304


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25%
22,076

Effects of:


Capital gains
34,000

Other differences leading to an increase in the tax charge
39,724

Total tax charge for the period
95,800


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


10.


Exceptional administrative expenses

2024
£



Business planning and restructuring
668,169

668,169

Page 25

 
CIM NEWCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

11.


Parent company profit for the year

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The loss after tax of the parent Company for the period was £301,968.


12.


Intangible assets

Group




Software licences
Goodwill
Total

£
£
£



Cost


Additions
1,400
5,304,286
5,305,686


On acquisition of subsidiary
320,732
-
320,732



At 31 March 2024

322,132
5,304,286
5,626,418



Amortisation


Charge for the period
57,202
176,810
234,012



At 31 March 2024

57,202
176,810
234,012



Net book value



At 31 March 2024
264,930
5,127,476
5,392,406



Page 26

 
CIM NEWCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

13.


Tangible fixed assets

Group






Improvements to leasehold property
Furniture and equipment
Computer equipment
IT Platform
Total

£
£
£
£
£



Cost


Additions
35,278
4,469
20,627
-
60,374


Acquisition of subsidiary
380,654
1,594
176,799
1,427
560,474



At 31 March 2024

415,932
6,063
197,426
1,427
620,848



Depreciation


Charge for the period 
36,968
754
30,922
336
68,980



At 31 March 2024

36,968
754
30,922
336
68,980



Net book value



At 31 March 2024
378,964
5,309
166,504
1,091
551,868


14.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost


Additions
4,240,815



At 31 March 2024
4,240,815






Net book value



At 31 March 2024
4,240,815

Page 27

 
CIM NEWCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

Direct subsidiary undertaking


The following was a direct subsidiary undertaking of the Company:

Name

Investment type

Holding

Paisley Newco Limited
Ordinary shares
100%


Indirect subsidiary undertakings


The following were indirect subsidiary undertakings of the Company:

Name

Investment type

Holding

Cluttons LLP
Paisley Newco Limited a designated member
72%
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 direct and indirect subsidiary undertakings is Yarnwicke, 119-121 Cannon Street, London, EC4N 5AT.


15.


Debtors

Group
Company
2024
2024
£
£


Trade debtors
5,302,553
-

Amounts owed by group undertakings
-
1,308,429

Other debtors
274,997
48,630

Prepayments and accrued income
1,725,826
-

Amounts recoverable on long-term contracts
641,000
-

7,944,376
1,357,059



16.


Cash and cash equivalents

Group
2024
£

Cash at bank and in hand
410,642


Page 28

 
CIM NEWCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

17.


Creditors: Amounts falling due within one year

Group
2024
£

Bank loans
101,812

Trade creditors
1,647,164

Corporation tax
145,291

Other taxation and social security
1,357,584

Other creditors
597,383

Accruals and deferred income
1,461,966

5,311,200


Bank loans are secured by fixed and floating charges over the assets of the Group.
Included within other creditors is £496,000 in respect of a working capital facility provided by the Group's bank which is secured by fixed and floating charges over the assets of the Group.


18.


Creditors: Amounts falling due after more than one year

Group
Company
2024
2024
£
£

Bank loans
169,686
-

Other loans
5,889,610
5,889,610

6,059,296
5,889,610


Bank loans are secured by fixed and floating charges over the assets of the Group.
Other loans due after more than 5 years, totalling £5,889,610, are repayable in full, including any accrued interest, on 31 October 2030. These loans carry and interest rate of 12% and are unsecured creditors. Included within other loans are loans from the directors of the company and further details of the outstanding balances and interest charged during the year is disclosed in note 28.

Page 29

 
CIM NEWCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

19.


Loans


Analysis of the maturity of loans is given below:


Group
Company
2024
2024
£
£

Amounts falling due within one year

Bank loans
101,812
-

Amounts falling due 1-2 years

Bank loans
101,808
-

Amounts falling due 2-5 years

Bank loans
67,878
-

Amounts falling due after more than 5 years

Other loans
5,889,610
5,889,610

6,161,108
5,889,610


Bank loans are secured by fixed and floating charges over the assets of the Group.


20.


Financial instruments

Group
Company
2024
2024
£
£

Financial assets

Financial assets measured at amortised cost
5,302,553
1,308,429

Financial assets measured at fair value through profit or loss
410,642
-

5,713,195
1,308,429


Financial liabilities

Financial liabilities measured at amortised cost
(8,304,272)
(5,889,610)


Financial assets measured at amortised cost include trade debtors and amounts owed by group undertakings.


Financial assets measured at fair value through profit or loss include cash at bank and in hand.


Financial liabilities measured at amortised cost include bank and other loans, trade creditors and the Group's working capital facility which is included in other creditors (see note 17).

Page 30

 
CIM NEWCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

21.


Provisions


Group






Holiday pay provision
Dilapidations provision
Total

£
£
£





At 14 June 2023
-
-
-


Charged to profit or loss
-
49,150
49,150


Arising on business combinations
130,415
129,365
259,780



At 31 March 2024
130,415
178,515
308,930

Holiday pay provision
The holiday pay provision is a leave pay provision which represents annual leave balances accrued as a result of services rendered in the current year and which employees are entitled to carry forward. The provision is measured as the salary cost payable for the year of absence.
Dilapidations provision
The dilapidations provision is in respect of costs which would be incurred by the Group to return its leasehold premises back to their original condition upon termination of the leasehold agreement with the landlord and is a contractual obligation under the terms of the lease.
Page 31

 
CIM NEWCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

22.


Share capital

2024
£
Authorised, allotted, called up and fully paid


960,510 A Ordinary shares of £0.01 each
9,605
16,363 B Ordinary shares of £0.01 each
164
23,127 C Ordinary shares of £0.02 each
463

10,232


On incorporation, the Company issued 1 Ordinary share of £1 each with an aggregate nominal value of £1 and the total consideration in respect of this share issue totalled £1.
On 5 December 2023, the Company issued the following shares:
960,410 A Ordinary shares of £0.01 each with an aggregate nominal value of £9,604;
16,363 B Ordinary shares of £0.01 each with an aggregate nominal value of £164; and
23,127 C Ordinary shares of £0.02 each with an aggregate nominal value of £463.
The consideration paid for the issue of A, B and C Ordinary shares was equivalent to the nominal value and totalled £10,230.
On 5 December 2023, the 1 Ordinary share, which was issued on incorporation, was sub-divided into 100 Ordinary shares of £0.01 each and subsequently re-designated as 100 A Ordinary shares of £0.01 each. As a result of this re-designation, the total number of A Ordinary shares in issue was increased from 960,410 to 960,510. 
The A, B and C Ordinary shares rank pari passu in respect of voting rights and income distribution and are entitled to capital distributions in proportion to the number of shares in issue.


23.


Reserves

Profit and loss account

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

Page 32

 
CIM NEWCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

24.
 

Business combinations

On 5 December 2023 CIM Newco Limited acquired 100% of the issued share capital of Paisley Newco Limited and its controlling interests in its direct and indirect subsidiary undertakings as disclosed in note 14. The business combination was accounted for using the acquisition method.

Acquisition of Paisley Newco Limited

Recognised amounts of identifiable assets acquired and liabilities assumed

Book value
Fair value adjustments
Fair value
£
£
£

Fixed Assets

Tangible
560,474
-
560,474

Intangible
697,781
(377,049)
320,732

1,258,255
(377,049)
881,206

Current Assets

Debtors
6,108,392
-
6,108,392

Cash at bank and in hand
202,434
-
202,434

Total Assets
7,569,081
(377,049)
7,192,032

Creditors

Due within one year
(4,559,031)
-
(4,559,031)

Due after more than one year
(195,139)
-
(195,139)

Provisions for liabilities
(259,780)
-
(259,780)

Total Identifiable net assets
2,555,131
(377,049)
2,178,082


Net assets attributable to non-controlling interests
(2,735,298)

Goodwill
5,304,286

Total purchase consideration
4,747,070

Consideration

£


Cash paid by CIM Newco to acquire Paisley Newco Limited
4,240,815

Cash paid by Paisley Newco Limited to increase its controlling interest in Cluttons LLP
506,255

Total purchase consideration
4,747,070

Page 33

 
CIM NEWCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

24.Business combinations (continued)

Cash outflow on acquisition

£


Purchase consideration settled in cash, as above
4,521,684

Directly attributable costs
225,386

4,747,070

Add: net bank overdraft on acquisition
302,000

Net cash outflow on acquisition
5,049,070

The directors have assessed the useful economic life of the goodwill which has arisen on acquisition and consider that this will provide economic benefits to the Group for a period of 10 years.

The results of Paisley Newco Limited and its subsidiary undertakings since acquisition are as follows:

Current period since acquisition
£

Turnover
10,503,564

Profit for the period since acquisition
383,314


25.


Pension commitments

The Group contributes to defined contributions pension scheme on behalf of its employees. The assets of the pension scheme are held separately from those of the Group in independently administered funds. The pension cost charge represents contributions payable by the Group to the fund and amounted to £142,405. Contributions totaling £95,671 were payable to the fund at the Balance Sheet date and are included in other creditors

Page 34

 
CIM NEWCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

26.


Commitments under operating leases

At 31 March 2024 the Group had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
2024
£

Not later than 1 year
1,091,698

Later than 1 year and not later than 5 years
3,475,753

Later than 5 years
371,328

4,938,779

27.


Key management personnel

The Directors who are the key management personnel are not remunerated by the group.


28.


Related party transactions

The Group incurred management fees during the year of £114,839 from an entity under common control. At the balance sheet date, the Group owed an amount of £20,100 to this entity.
During the year the Company issued loan notes which included loan notes issued to the directors of the Company. These loan notes carry an interest rate of 12%, are unsecured, are repayable on 31 October 2030 and are recognised in other loans due after more than 1 year as disclosed in note 18. The loan principal outstanding, interest charged during the year and total balance outstanding are disclosed in the table below.


Principal outstanding
2024
Interest charged
2024
Total outstanding
2024
£
£
£

Director A
725,434
27,904
753,338
Director B
80,000
3,077
83,077
Director C
64,642
2,486
67,128
Director D
18,482
711
19,193
888,558
34,178
922,736

Page 35

 
CIM NEWCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

29.


Controlling party

The ultimate parent company is Treun Capital General Partner Limited, a company incorporated in England, United Kingdom, which has a registered office address of 2nd Floor, Heathmans House, 19 Heathmans Road, London, United Kingdom, SW6 4TJ.
The ultimate controlling party is considered to be funds managed by Treun Capital General Partner Limited by virtue of their shareholding in the Company.

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