| REGISTERED NUMBER: |
| CHIUMENTO LIMITED |
| FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| REGISTERED NUMBER: |
| CHIUMENTO LIMITED |
| FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| CHIUMENTO LIMITED (REGISTERED NUMBER: 05214342) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| CHIUMENTO LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Chartered Accountants |
| and Statutory Auditors |
| 7 St John Street |
| Mansfield |
| Nottinghamshire |
| NG18 1QH |
| BANKERS: |
| Leicester |
| LE87 2BB |
| CHIUMENTO LIMITED (REGISTERED NUMBER: 05214342) |
| BALANCE SHEET |
| 30 SEPTEMBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 5 |
| Tangible assets | 6 |
| Investments | 7 |
| CURRENT ASSETS |
| Debtors | 8 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 9 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
10 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 12 |
| Share premium |
| Capital redemption reserve |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| CHIUMENTO LIMITED (REGISTERED NUMBER: 05214342) |
| BALANCE SHEET - continued |
| 30 SEPTEMBER 2024 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| CHIUMENTO LIMITED (REGISTERED NUMBER: 05214342) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 1. | STATUTORY INFORMATION |
| Chiumento Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | STATEMENT OF COMPLIANCE |
| 3. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Related party exemption |
| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
| Significant judgements and estimates |
| The company makes estimates and assumptions concerning the future. The estimate and assumptions that have the greatest level of uncertainty are as follows: |
| Goodwill, Intellectual Property and Branding |
| In relation to intangible assets that was generated upon the hive up of the business operations, assets and liabilities of Chiumento Consulting Limited, the company has carried out a review and decided to allocate the assets to Intellectual Property and Branding and Goodwill being split as one third to two thirds. This is in relation to the directors' belief and assessment that the future cash flows of the Intellectual Property and Branding justifies the basis and has a 20 year useful life in respect of income streams. |
| Deferred income |
| Relates to the recognition of income in proportion to contractual arrangements. Income for outplacement fees is recognised on a proportional basis in line with the percentage completeness of the contracted service. |
| CHIUMENTO LIMITED (REGISTERED NUMBER: 05214342) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 3. | ACCOUNTING POLICIES - continued |
| Turnover |
| All turnover is accounted for net of VAT and in accordance with agreements in place, as follows: |
| Outplacement fees |
| Outplacement fees are recognised on a proportional basis in line with the percentage completeness of the contracted service |
| Placement fees |
| Interim placement fees are recognised in line with the hours worked by interim staff. Permanent placement fees are recognised in full on successful placement of candidates. |
| Goodwill |
| Intangible assets |
| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
| Tangible fixed assets |
| Plant and machinery | - |
| Computer equipment | - |
| Investments in subsidiaries |
| Fixed asset investments are stated at cost less provision for diminution in value. |
| CHIUMENTO LIMITED (REGISTERED NUMBER: 05214342) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 3. | ACCOUNTING POLICIES - continued |
| Financial instruments |
| Financial instruments and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. |
| Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the income statement. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. |
| Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| CHIUMENTO LIMITED (REGISTERED NUMBER: 05214342) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 3. | ACCOUNTING POLICIES - continued |
| Research and development |
| Expenditure on research is written off to the income statement in the year in which it is incurred. |
| Development expenditure is written off in the same way unless the directors are satisfied as to the technical, commercial and financial viability of individual projects. In this situation, the expenditure is capitalised and amortised over the period during which the company is expected to benefit. |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme. Contributions payable to the company's scheme are charged to the income statement in the period to which they relate. |
| Share-based payments |
| The company has issued share options to certain directors and employees. These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland", which does not require equity-settled share based payment arrangements to be recognised as an expense. |
| Group accounts |
| The financial statements present information about the company as an individual undertaking and not about its group. The company and its subsidiary undertakings comprise a small-sized group. The company has therefore taken advantage of the exemptions provided by sections 399 of the Companies Act 2006 not to prepare group accounts. |
| 4. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| CHIUMENTO LIMITED (REGISTERED NUMBER: 05214342) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 5. | INTANGIBLE FIXED ASSETS |
| Intellectual |
| Property |
| and | Development |
| Goodwill | Branding | costs | Totals |
| £ | £ | £ | £ |
| COST |
| At 1 October 2023 |
| and 30 September 2024 |
| AMORTISATION |
| At 1 October 2023 |
| Amortisation for year |
| At 30 September 2024 |
| NET BOOK VALUE |
| At 30 September 2024 |
| At 30 September 2023 |
| CHIUMENTO LIMITED (REGISTERED NUMBER: 05214342) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 6. | TANGIBLE FIXED ASSETS |
| Plant and | Computer |
| machinery | equipment | Totals |
| £ | £ | £ |
| COST |
| At 1 October 2023 |
| Additions |
| At 30 September 2024 |
| DEPRECIATION |
| At 1 October 2023 |
| Charge for year |
| At 30 September 2024 |
| NET BOOK VALUE |
| At 30 September 2024 |
| At 30 September 2023 |
| 7. | FIXED ASSET INVESTMENTS |
| Shares in |
| group |
| undertakings |
| £ |
| COST |
| At 1 October 2023 |
| and 30 September 2024 |
| NET BOOK VALUE |
| At 30 September 2024 |
| At 30 September 2023 |
| CHIUMENTO LIMITED (REGISTERED NUMBER: 05214342) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade debtors |
| Amounts owed by group undertakings |
| Prepayments and accrued income |
| 9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Bank loans and overdrafts |
| Trade creditors |
| Amounts owed to group undertakings |
| Corporation tax |
| Social security and other taxes |
| VAT | 21,186 | 21,410 |
| Other creditors |
| Pension | 3,055 | - |
| Directors' current accounts | 11,976 | 8,949 |
| Accruals and deferred income |
| 10. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Bank loans - 1-2 years |
| Bank loans - 2-5 years |
| Bank loans more 5 yr by instal |
| CHIUMENTO LIMITED (REGISTERED NUMBER: 05214342) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 10. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued |
| 2024 | 2023 |
| £ | £ |
| Amounts falling due in more than five years: |
| Repayable by instalments |
| Bank loans more 5 yr by instal | 5,960 | 17,025 |
| All creditors due after more than one year are due by instalments within 5 years. |
| 11. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2024 | 2023 |
| £ | £ |
| Bank loans |
| The bank loan is secured over a fixed and floating charge over the company's assets. |
| 12. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2024 | 2023 |
| value: | £ | £ |
| Ordinary | 1p | 12 | 12 |
| 13. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
| The Report of the Auditors was unqualified. |
| for and on behalf of |
| 14. | CAPITAL COMMITMENTS |
| The company had no capital commitments, or contingent liabilities at the balance sheet date. |
| CHIUMENTO LIMITED (REGISTERED NUMBER: 05214342) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 15. | RELATED PARTY DISCLOSURES |
| During the period the company provided net financial assistance to group companies of £109,100 (2023: £65,600). |
| The company held interest free loans to and from other group companies during the year. |
| At the balance sheet date the amounts owed by the group companies was £52,068 (2023: £50,764), the amounts owed to group companies was £51,752 (2023: £51,752) |
| The company is a wholly owned subsidiary of Aldeburgh Holdings Limited a company registered in England & Wales. Registered office:7 St. John Street, Mansfield, Nottinghamshire, England, NG18 1QH. (Registration number 11723846). |
| 16. | ULTIMATE CONTROLLING PARTY |
| The controlling party is Mr I Gooden. |