Company registration number 15932403 (England and Wales)
CIM BRISTOL HOLDINGS LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD 3 SEPTEMBER 2024 TO 31 DECEMBER 2024
CIM BRISTOL HOLDINGS LIMITED
COMPANY INFORMATION
Directors
Mr O P Cummings
(Appointed 3 September 2024)
Mr C N Saverino
(Appointed 3 September 2024)
Company number
15932403
Registered office
72 Welbeck Street
London
United Kingdom
W1G 0AY
Bank
Barclays Bank PLC
1 Churchill Place
London
E14 5HP
Solicitors
Herbert Smith Freehills LLP
Exchange House
Primrose Street
London
EC2A 2EG
CIM BRISTOL HOLDINGS LIMITED
CONTENTS
Page
Directors' report
1 - 2
Income statement
3
Statement of financial position
4 - 5
Statement of changes in equity
6
Notes to the financial statements
7 - 15
CIM BRISTOL HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 1 -

The Directors present their first annual report and audited financial statements for CIM Bristol Holdings Limited (the "Company") for the period 3 September 2024 to 31 December 2024.

 

In preparing this report, the Company has taken advantage of the exemption provided by section 414B of the Companies Act 2006 in not preparing a Strategic Report under the small company exemption.

 

Incorporation

The Company was incorporated as a private company limited by shares in England and Wales on 3 September 2024.

Principal activities

The principal activity of the Company is the development and operation of purpose-built student accommodation in Bristol.

Results and dividends

The results for the period are set out on page 3. The Company made a loss before taxation of £2,785,534, of which £2,774,130 arose from a fair value loss on the revaluation of investment property under development.

No ordinary dividends were paid. The Directors do not recommend payment of a final dividend.

 

Business performance

The Company was incorporated on 3 September 2024 and has commenced the development of a site purchased in Bristol to develop a purpose built student housing investment property with a practical completion date of August 2028.

 

The Company has had a successful period continuing to develop the investment property under development with the intention of completing this and achieving 100% occupancy before the end of August 2028.

 

The project is fully funded through a combination of equity combined with third party debt.

 

Directors

The Directors who held office during the period and up to the date of approval of the financial statements were as follows:

Mr O P Cummings
(Appointed 3 September 2024)
Mr C N Saverino
(Appointed 3 September 2024)
Qualifying third party indemnity provisions

The Company has made qualifying third party indemnity provisions for the benefit of its Directors during the period. These provisions remain in force at the reporting date.

 

Charitable donations

During the period the Company made no charitable donations.

Future developments

The Directors are confident the Company will achieve stable revenue once the accommodation achieves practical completion. Focus is now on completing the development in order to open in August 2028.

 

 

 

CIM BRISTOL HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 2 -

Going concern

 

The financial statements have been prepared on a going concern basis, which assumes the Company will be able to meet its liabilities as and when they fall due for the period to 30 June 2026. As at 31 December 2024, the Company has net current assets of £2,773,378 and net assets of £7,051,963.

 

To conclude on the ability of the Company to continue as a going concern the Directors have prepared a robust forecast of the anticipated operational outgoings of the Company from the date of approval of the financial statements through to 30 June 2026 (the 'going concern period') which considers severe but plausible downside risks. In preparing the cash flow forecast for the Company over the going concern period, the Directors have considered all known operational expenses and capital commitments. The Company has financing facilities which with associated commitments from Cl Student Strat 1 LP provides the Company with sufficient callable commitments to meet the financial obligations of the Company through the going concern period. As there is no formal commitment to the Company in terms of equity, a letter of support has been received from CIM Zenith UK Holdings III Limited which in turn has received a letter of support from CIM Zenith Master Holdings Limited and which in turn is supported by Cl Student Strat 1 LP. The Directors believe that the letters of support provided to the Company are sufficient to cover all working capital requirements including in the event of severe but plausible circumstances. The letters of support are not a guarantee or formal financial commitment however the Directors believe that the risks that the shareholders will not provide support is remote. The Directors therefore consider it appropriate to prepare the Company's accounts on a going concern basis for the going concern review period to 30 June 2026.

Subsequent events

Details of any events after the reporting date are set out in note 16.

On behalf of the board
Mr O P Cummings
Director
16 May 2025
CIM BRISTOL HOLDINGS LIMITED
INCOME STATEMENT
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 3 -
Period
3 September 2024 to
31 December 2024
Notes
£
Administrative expenses
(11,404)
Fair value loss on investment property under development
(2,774,130)
Loss before taxation
3
(2,785,534)
Tax on Loss
6
-
0
Total loss for the period
13
(2,785,534)

These financial statements include the notes presented on pages 7 - 15.

CIM BRISTOL HOLDINGS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2024
31 December 2024
- 4 -
2024
Notes
£
£
Non-current assets
Investment property under development
7
22,140,000
Current assets
Trade and other receivables
8
3,815,893
Cash and cash equivalents
4,769
3,820,662
Current liabilities
Trade and other payables
9
1,047,284
Net current assets
2,773,378
Total assets less current liabilities
24,913,378
Non-current liabilities
Borrowings
10
17,861,415
(17,861,415)
Net assets
7,051,963
Equity
Called up share capital
11
102
Share premium account
12
9,837,395
Retained earnings
13
(2,785,534)
Total equity
7,051,963
CIM BRISTOL HOLDINGS LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
31 DECEMBER 2024
31 December 2024
- 5 -

For the financial period ended 31 December 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476 of the Companies Act 2006 relating to small companies.

The Directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements include the notes presented on pages 7 - 15.

 

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements on pages 3 to 15 were approved by the board of directors and authorised for issue on
16 May 2025
16 May 2025
and are signed on its behalf by:
Mr O P Cummings
Director
Company registration number 15932403
CIM BRISTOL HOLDINGS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 6 -
Share capital
Share
premium account
Retained earnings
Total
Notes
£
£
£
£
Balance at 3 September 2024
-
-
-
-
Period ended 31 December 2024:
Loss for the period
-
-
(2,785,534)
(2,785,534)
Issue of share capital
11
102
9,837,395
-
9,837,497
Balance at 31 December 2024
102
9,837,395
(2,785,534)
7,051,963

These financial statements include the notes presented on pages 7 - 15.

CIM BRISTOL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 7 -
1
Material accounting policies information
Company information

CIM Bristol Holdings Limited is a private Company limited by shares registered in England and Wales and incorporated in the United Kingdom under the Companies Act 2006. The principal activity of the Company is the development and operation of student accommodation. The immediate parent company is CIM Zenith UK Holdings III Limited, the ultimate parent undertaking is CI Student Strat 1 LP, an entity registered in Jersey.

 

The registered office of the Company is 72 Welbeck Street, London, United Kingdom, W1G 0AY. The date of incorporation was 3 September 2024.

1.1
Accounting convention

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all periods presented, unless otherwise stated.

 

Basis of accounting

The financial statements have been prepared in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework (FRS 101), and in accordance with the Companies Act 2006.

 

The financial statements are prepared in sterling, which is the functional currency of the Company. The financial statements have been prepared under the historical cost convention, with the exception of investment property under development, which is measured at fair value through profit or loss. Monetary amounts in these financial statements are rounded to the nearest £.

 

Summary of disclosure exemptions

The preparation of financial statements in conformity with FRS 101 requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Company’s accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements, are disclosed in note 2.

 

The following exemptions from the requirements of UK Adopted International Accounting Standards have been applied in the preparation of these financial statements, in accordance with FRS 101:

 

- 10(d) (statement of cash flows)

- 16 (statement of compliance with all IFRS)

- 38A (requirement for minimum of two primary statements, including cash flow statements)

- 38B-D (additional comparative information)

- 111 (cash flow statement information); and

- 134-136 (capital management disclosures)

 

Where relevant, these disclosures have been made in the financial statements of CIM Zenith UK Holdings III Limited which are publicly available and can be obtained as set out in note 14. Details of the parent entity are given in note 14 to the financial statements.

 

CIM BRISTOL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
1
Material accounting policies information
(Continued)
- 8 -

New and amended accounting standards that have been issued but are not yet effective

At the date of authorisation of these financial statements, the Company has not applied the following new and revised IFRS Accounting Standards that have been issued but are not yet effective:

 

With the exception of IFRS 18, effective 1 January 2027, the effect of which the Directors are currently assessing, it is not expected that the adoption of the standards listed above will have a material impact on the financial statements of the Company in future periods.

 

1.2
Comparative period

The results are presented for the period 3 September 2024, being the date of incorporation, to 31 December 2024, therefore no comparative information is presented.

1.3
Going concern

The financial statements have been prepared on a going concern basis, which assumes the Company will be able to meet its liabilities as and when they fall due for the period to 30 June 2026. As at 31 December 2024, the Company has net current assets of £2,773,378 and net assets of £7,051,963.true

 

To conclude on the ability of the Company to continue as a going concern the Directors have prepared a robust forecast of the anticipated operational outgoings of the Company from the date of approval of the financial statements through to 30 June 2026 (the 'going concern period') which considers severe but plausible downside risks. In preparing the cash flow forecast for the Company over the going concern period, the Directors have considered all known operational expenses and capital commitments. The Company has financing facilities which with associated commitments from Cl Student Strat 1 LP provides the Company with sufficient callable commitments to meet the financial obligations of the Company through the going concern period. As there is no formal commitment to the Company in terms of equity, a letter of support has been received from CIM Zenith UK Holdings III Limited which in turn has received a letter of support from CIM Zenith Master Holdings Limited and which in turn is supported by Cl Student Strat 1 LP. The Directors believe that the letters of support provided to the Company are sufficient to cover all working capital requirements including in the event of severe but plausible circumstances. The letters of support are not a guarantee or formal financial commitment however the Directors believe that the risks that the shareholders will not provide support is remote. The Directors therefore consider it appropriate to prepare the Company's accounts on a going concern basis for the going concern review period to 30 June 2026.

1.4
Investment property under development

Investment property under development comprises property under development that is held, to earn rental income or for capital appreciation or both.

 

Investment property under development comprises principally student accommodation substantially for use by, or in the operations of, the Group, nor for sale in the ordinary course of business, but are held primarily to earn rental income and capital appreciation.

 

Investment property under development is measured initially at cost, including transaction costs. Transaction costs include E: transfer taxes and professional fees for legal services to bring the property to the condition necessary for it to be capable of operating.

 

Subsequent to initial recognition, investment property under development is stated at fair value, which reflects market conditions at the reporting date. Gains or losses arising from changes in the fair values of investment property under development are included in the profit or loss in the period in which they arise.

 

Investment property under development is de-recognised either when it has been disposed of or when it is permanently withdrawn from use and no future economic benefit is expected from its disposal. The difference between the net disposal proceeds and the carrying amount of the asset is recognised in profit or loss in the period of de recognition.

CIM BRISTOL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
1
Material accounting policies information
(Continued)
- 9 -
1.5
Borrowing costs

Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale.

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

1.6
Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, which are readily convertible to known amounts of cash and which are subject to insignificant risk of changes in value.

 

1.7
Financial assets

Financial assets are recognised in the Company's statement of financial position when the Company becomes party to the contractual provisions of the instrument. Financial assets are classified into specified categories, depending on the nature and purpose of the financial assets.

 

At initial recognition, financial assets classified as fair value through profit or loss are measured at fair value and any transaction costs are recognised in profit or loss. Financial assets not classified as fair value through profit or loss are initially measured at fair value plus transaction costs.

Financial assets held at amortised cost

Financial instruments are classified as financial assets measured at amortised cost where the objective is to hold these assets in order to collect contractual cash flows, and the contractual cash flows are solely payments of principal and interest. They arise principally from the provision of goods and services to customers (eg trade receivables). They are initially recognised at fair value plus transaction costs directly attributable to their acquisition or issue, and are subsequently carried at amortised cost using the effective interest rate method, less provision for impairment where necessary.

Impairment of financial assets

Financial assets carried at amortised cost and fair value through other comprehensive income (FVOCI) are assessed for indicators of impairment at each reporting end date.

 

The expected credit losses associated with these assets are estimated on a forward-looking basis. A broad range of information is considered when assessing credit risk and measuring expected credit losses, including past events, current conditions, and reasonable and supportable forecasts that affect the expected collectability of the future cash flows of the instrument.

 

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.

1.8
Financial liabilities

The Company recognises financial liabilities when the Company becomes a party to the contractual provisions of the instruments. Financial liabilities are classified as either 'financial liabilities at fair value through profit or loss' or 'other financial liabilities'.

CIM BRISTOL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
1
Material accounting policies information
(Continued)
- 10 -
Financial liabilities at fair value through profit or loss

Financial liabilities are classified as measured at fair value through profit or loss when the financial liability is held for trading. A financial liability is classified as held for trading if:

 

 

Financial liabilities at fair value through profit or loss are stated at fair value with any gains or losses arising on remeasurement recognised in profit or loss.

 

Other financial liabilities

Other financial liabilities, including borrowings, trade payables and other short-term monetary liabilities, are initially measured at fair value net of transaction costs directly attributable to the issuance of the financial liability. They are subsequently measured at amortised cost using the effective interest method. For the purposes of each financial liability, interest expense includes initial transaction costs and any premium payable on redemption, as well as any interest or coupon payable while the liability is outstanding.

Derecognition of financial liabilities

Financial liabilities are derecognised when, and only when, the Company’s obligations are discharged, cancelled, or they expire.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted, or substantively enacted, at the reporting date in the countries where the Company operates and generates taxable income.

 

Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation are subject to interpretation and establishes provisions where appropriate.

Deferred tax

Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

CIM BRISTOL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
1
Material accounting policies information
(Continued)
- 11 -
1.10
Equity Instrument

Equity instruments issued by the Company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

 

2
Critical accounting estimates and judgements

The key assumptions concerning the future, and other key sources of estimation uncertainty at the reporting period end that may have a significant risk of causing a material misstatement to the carrying amounts of assets and liabilities within the next financial year, are discussed below:

 

In the application of the Company's accounting policies that are set out in note 1, the Directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period and future periods affects both current and future periods.

 

The following are the Company's key sources of estimation uncertainty:

Key sources of estimation uncertainty
Fair value of investment property under development

The Company's investment property under development held is initially measured at transaction price and subsequently at fair value through profit or loss at the end of the reporting period. Any unrealised gains or losses on this investment are recognised immediately in the income statement.

 

Fair value is the amount for which an asset could be exchanged, a liability settled, or an equity instrument granted could be exchanged, between knowledgeable, willing parties in an arm's length transaction.

 

The fair valuation of the property was carried out by an external third-party valuation expert for inclusion in the audited financial statements as part of quantifying the investment property under development held by the Company. Investment property under development is measured based on estimates except where such values cannot be reliably determined. The significant methods and assumptions used by valuers in estimating fair value of investment property under development are set out in Note 7. Investment property under development is measured based on estimates prepared by independent real estate valuation experts.

3
Operating loss
Period
3 September 2024 to
31 December
2024
Operating loss for the period is stated after charging/(crediting):
£
Fees for taxation advisory services
3,500
4
Employees

The Company had no employees and incurred no staff costs. There were £nil Directors' emoluments in the period.

CIM BRISTOL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 12 -
5
Finance costs

£708,209 of borrowing costs are included in the cost of qualifying assets during the period, as disclosed in note 7. No charge has been expensed to the income statement.

6
Taxation
For the period
3 September 2024 to
3 December 2024
£
Loss before taxation
2,785,534
Expected tax credit based on a corporation tax rate of 25.00%
(696,384)
Non-deductible expenses
1,088
Deferred tax asset not recognised
695,296
Taxation charge for the period
-

The Company has unutilised carried forward tax losses and temporary differences of £2,785,534 as at 31 December 2024. No deferred tax asset has been recognised on this amount as the Company cannot be certain that there will be taxable profits arising within its residual business from which the future reversal of the deferred tax asset could be deducted.

 

In the March 2021 Budget it was announced that legislation would be introduced in the Finance Bill 2021 to increase the main rate of UK corporation tax from 19% to 25%, effective April 2023. This was substantively enacted in May 2021 therefore, any closing deferred tax balance is calculated at 25%.

7
Investment property under development
2024
£
Fair value
At 3 September 2024
-
0
Additions through acquisition
18,600,000
Net loss from fair value adjustment
(2,774,130)
Development costs
3,823,304
Addition of capitalised borrowing costs
708,209
Addition of other capitalised costs
1,782,618
At 31 December 2024
22,140,000

The total cost incurred on the investment property under development as at 31 December 2024, based on the historical cost basis is £24,914,131.

CIM BRISTOL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
7
Investment property under development
(Continued)
- 13 -

The addition of other capitalised costs includes professional fees and stamp duty.

 

The illustrative calculations of a valuation considered to be compliant with the principals of RICS Valuation - Professional Standards 2022, were carried out by CBRE Limited. The valuers have prepared the calculations using the basis of fair value as at the valuation date pursuant to IFRS 13 - Fair Value Measurement. Key accounting estimates used in arriving at this fair value include weekly rental income of between £320 - £466 per bedspace and a student net initial yield of 4.85%, adjusting for purchaser's costs of 6.41%.

8
Trade and other receivables
2024
£
VAT recoverable
3,815,893

VAT receivable was recovered in full post period end.

9
Trade and other payables
2024
£
Trade payables
440,199
Loan interest accruals
595,710
Accruals
11,375
1,047,284

The Loan interest accrual includes amounts accrued from 26 October 2024 to 31 December 2024 in relation to the bank loans.

10
Borrowings
2024
£
Borrowings held at amortised cost:
Bank loans
18,483,020
Unamortised finance costs
(621,605)
17,861,415

The Company has a finance facility provided by Apollo Global Management Inc. for an initial period to 15 October 2029 with an option to extend for an additional 7 months from that date. The facility is secured against the asset under development. The finance is subject to a 65% loan to cost (LTC) until completion at which point it transfers to a 70% loan to value. The Company was compliant with this covenant as at the period end.

 

As at the period end, there is £595,710 of accrued interest shown as a current liability. Interest is payable quarterly and principal repayable at the end of the term. CIM Zenith UK Holdings III Limited, the Parent entity, purchased an interest rate cap for the term of the loan, to hedge the interest rate risk, capping the underlying SONIA rate at 6.5%. As at 31 December 2024 there was £46.38m undrawn on this facility.

CIM BRISTOL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 14 -
11
Share capital
2024
2024
Ordinary share capital
Number
£
Authorised
Ordinary share of £1 each
102
102
Issued and fully paid
Ordinary share of £1 each
102
102

On incorporation the Company issued 100 Ordinary Shares of £1 each at par.

 

On 16 October 2024, the Company issued 1 Ordinary Shares of £1 at a price of £9,000,000, creating share premium of £8,999,999.

 

On 23 December 2024, the Company issued 1 Ordinary Share of £1 at a price of £837,397, creating share premium of £837,396.

12
Share premium account
2024
£
At the beginning of the period
-
Issue of new shares
9,837,395
At the end of the period
9,837,395

During the period ended 31 December 2024, CIM Zenith UK Holdings III Limited provided the Company with funding amounts totalling £9,837,497 which were unsecured, interest free and repayable on demand. During 2024 the amounts were converted to equity consisting of a total of 102 equity shares of £1 each issued at a total premium of £9,837,395.

13
Retained earnings
2024
£
At the beginning of the period
-
Loss for the period
(2,785,534)
At the end of the period
(2,785,534)

The accumulated losses reserve represents cumulative profits and losses net of dividends paid and other adjustments. These are shown in the statement of changes in equity (page 6).

 

 

 

 

 

 

 

CIM BRISTOL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 15 -
14
Controlling party

As at 31 December 2024, the only parent undertaking that consolidates the results of the Company and whose financial statements are publicly available is CIM Zenith UK Holdings III Limited, an entity incorporated in the United Kingdom.

 

CIM Zenith UK Holdings III Limited is 100% owned by CIM Zenith Master Holdings Limited, a company incorporated in Jersey. CIM Zenith Master Holdings Limited is 100% owned by CI Student Strat 1 LP. There are three limited partners of CI Student Strat 1 LP, sharing control of the Partnership and the Company and the Directors consider there to be no single ultimate controlling party of either CI Student Strat 1 LP or the Company.

15
Related party transactions

In accordance with FRS 101, the Company has taken advantage of the exemption from disclosing related party transactions with entities owned wholly by the group.

16
Post balance sheet events

On 28 March 2025, the Company issued 1 Ordinary Share of £1 at a price of £435,140, creating share premium of £435,139.

2024-12-312024-09-03Mr O P CummingsMr C N SaverinofalsefalseCCH SoftwareiXBRL Review & Tag 2024.20N/A2025-05-16N/A159324032024-09-032024-12-3115932403bus:Director12024-09-032024-12-3115932403bus:Director22024-09-032024-12-3115932403bus:RegisteredOffice2024-09-032024-12-3115932403bus:Agent12024-09-032024-12-31159324032024-12-3115932403core:RetainedEarningsAccumulatedLosses2024-09-032024-12-3115932403core:CurrentFinancialInstruments2024-12-3115932403core:CurrentFinancialInstrumentscore:WithinOneYear2024-12-3115932403core:Non-currentFinancialInstruments2024-12-3115932403core:ShareCapital2024-12-3115932403core:SharePremium2024-12-3115932403core:RetainedEarningsAccumulatedLosses2024-12-3115932403core:ShareCapital2024-09-032024-12-3115932403core:SharePremium2024-09-032024-12-3115932403core:Held-to-maturityFinancialAssets2024-09-032024-12-3115932403core:FinancialInstrumentsDesignatedFairValueThroughProfitOrLoss2024-09-032024-12-31159324032024-09-0215932403core:FinancialLiabilitiesAmortisedCostcore:Secured2024-12-3115932403bus:PrivateLimitedCompanyLtd2024-09-032024-12-3115932403bus:FRS1012024-09-032024-12-3115932403bus:AuditExempt-NoAccountantsReport2024-09-032024-12-3115932403bus:FullAccounts2024-09-032024-12-31xbrli:purexbrli:sharesiso4217:GBP