Registered number:
FOR THE PERIOD ENDED 31 MARCH 2024
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CIM NEWCO LIMITED
COMPANY INFORMATION
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CIM NEWCO LIMITED
CONTENTS
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CIM NEWCO LIMITED
GROUP STRATEGIC REPORT
FOR THE PERIOD ENDED 31 MARCH 2024
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.
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.
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.
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.
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.
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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.
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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.
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 2006. They 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.
The loss for the period, after taxation and minority interests, amounted to £144,310.
The directors do not recommend the payment of a dividend.
The directors who served during the period were:
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.
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CIM NEWCO LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
There have been no significant events affecting the Company or the Group since the year end.
The auditors, PKF Smith Cooper Audit Limited, will 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.
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CIM NEWCO LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CIM NEWCO LIMITED
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 policies. The 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).
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.
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.
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CIM NEWCO LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CIM NEWCO LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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.
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.
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CIM NEWCO LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CIM NEWCO LIMITED (CONTINUED)
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.
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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.
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 2006. Our 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.
for and on behalf of
Statutory Auditors
Cornerblock
2 Cornwall Street
West Midlands
B3 2DX
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CIM NEWCO LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 MARCH 2024
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CIM NEWCO LIMITED
REGISTERED NUMBER: 14934808
CONSOLIDATED BALANCE SHEET
AS AT 31 MARCH 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 17 to 36 form part of these financial statements.
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CIM NEWCO LIMITED
REGISTERED NUMBER: 14934808
COMPANY BALANCE SHEET
AS AT 31 MARCH 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 17 to 36 form part of these financial statements.
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CIM NEWCO LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 MARCH 2024
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CIM NEWCO LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 MARCH 2024
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CIM NEWCO LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 MARCH 2024
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CIM NEWCO LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
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CIM NEWCO LIMITED
CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE PERIOD ENDED 31 MARCH 2024
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CIM NEWCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
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
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:
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.
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.
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CIM NEWCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
2.Accounting policies (continued)
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.
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. 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.
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CIM NEWCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
2.Accounting policies (continued)
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.
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.
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CIM NEWCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
2.Accounting policies (continued)
Depreciation is provided on the following basis, using the straight line method:
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.
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.
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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.
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.
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.
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.
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.
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.
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.
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.
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CIM NEWCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
2.Accounting policies (continued)
Short-term employee benefits and contributions to defined contribution plans are recognised as an expense in the period in which they are incurred.
Short term debtors are measured at transaction price, less any impairment.
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.
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CIM NEWCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
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CIM NEWCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
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CIM NEWCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
There were no factors that may affect future tax charges.
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CIM NEWCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
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 £
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CIM NEWCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
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CIM NEWCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
Page 28
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CIM NEWCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
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.
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CIM NEWCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
Page 30
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CIM NEWCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
Page 31
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CIM NEWCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
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.
Profit and loss account
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CIM NEWCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
Page 33
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CIM NEWCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
24.Business combinations (continued)
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
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CIM NEWCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
The Directors who are the key management personnel are not remunerated by the group.
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CIM NEWCO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
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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