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Registration number: 04523887

Cieves Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2024

 

Cieves Ltd

Contents

Company Information

1

Statement of financial position

2

Notes to the Unaudited Financial Statements

3 to 9

 

Cieves Ltd

Company Information

Directors

Mr P Sivapathasundaram

Mrs J Paheerathan

Company secretary

Mrs J Paheerathan

Registered office

9 Whitelocks Drive
Trumpington
Cambridge
CB2 9DN

Accountants

Hayhow & Co
Chartered Certified Accountants & Business Advisers19 King Street
King's Lynn
Norfolk
PE30 1HB

 

Cieves Ltd

(Registration number: 04523887)
Statement of financial position as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

76,589

88,226

Current assets

 

Debtors

6

724,651

683,655

Cash at bank and in hand

 

207,952

75,237

 

932,603

758,892

Creditors: Amounts falling due within one year

7

(229,045)

(150,447)

Net current assets

 

703,558

608,445

Total assets less current liabilities

 

780,147

696,671

Creditors: Amounts falling due after more than one year

7

(103,186)

(144,253)

Provisions for liabilities

(2,028)

(2,180)

Net assets

 

674,933

550,238

Capital and reserves

 

Called up share capital

8

160,000

160,000

Retained earnings

514,933

390,238

Shareholders' funds

 

674,933

550,238

For the financial year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of comprehensive income.

Approved and authorised by the Board on 30 June 2025 and signed on its behalf by:
 

.........................................
Mrs J Paheerathan
Company secretary and director

 

Cieves Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
9 Whitelocks Drive
Trumpington
Cambridge
CB2 9DN

These financial statements were authorised for issue by the Board on 30 June 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Cieves Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold Property

4% Straight Line

Furniture, fittings and equipment

15% Reducing Balance

Motor Vehicles

25% Reducing Balance

Computer Equipment

3 year Straihght Line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Fully amortised

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Cieves Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Cieves Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the statement of comprehensive income over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 22 (2023 - 22).

 

Cieves Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 October 2023

150,000

150,000

At 30 September 2024

150,000

150,000

Amortisation

At 1 October 2023

150,000

150,000

At 30 September 2024

150,000

150,000

Carrying amount

At 30 September 2024

-

-

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 October 2023

434,829

54,877

12,060

501,766

Additions

-

10,959

-

10,959

Disposals

-

(10,150)

-

(10,150)

At 30 September 2024

434,829

55,686

12,060

502,575

Depreciation

At 1 October 2023

356,559

45,601

11,380

413,540

Charge for the year

17,393

2,755

170

20,318

Eliminated on disposal

-

(7,872)

-

(7,872)

At 30 September 2024

373,952

40,484

11,550

425,986

Carrying amount

At 30 September 2024

60,877

15,202

510

76,589

At 30 September 2023

78,270

9,276

680

88,226

 

Cieves Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

6

Debtors

Note

2024
£

2023
£

Amounts owed by related parties

9

708,787

670,849

Other debtors

 

11,218

9,460

Prepayments

 

4,646

3,346

 

724,651

683,655

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

38,916

38,891

Trade creditors

 

904

3,181

Amounts due to related parties

9

60,579

44,464

Social security and other taxes

 

-

3,191

Outstanding defined contribution pension costs

 

1,117

1,894

Other payables

 

6,303

7,428

Accruals

 

2,262

3,506

Tax liability

68,446

47,892

Payments in advance

 

50,518

-

 

229,045

150,447

Due after one year

 

Loans and borrowings

103,186

144,253


Creditors include bank loans which are secured of £38,916 (2023 - £38,891). The loan is secured on the assets of the company as well as personal guarantees given by the directors.

Creditors include bank loans which are secured of £103,186 (2023 - £144,253).

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

160,000

160,000

160,000

160,000

       
 

Cieves Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Each share is entitled to one vote in any circumstances and each share is also entitled pari passu to dividend payments or any other distribution, including a distribution arising from a winding up of the company.

9

Related party transactions

Summary of transactions with other related parties

Cieves Limited is owed £450,687 (2023: £412,749) from Abhi Real Estate Limited, and £258,100 (2023: £258,100) from Norfolk Care Limited at the year end, this is shown within other debtors due within one year. The directors of Cieves Limited are the same as Norfolk Care Limited and Abhi Real Estate Limited.

Loans from related parties

2024

Key management
£

Total
£

At start of period

44,464

44,464

Repaid

(105,045)

(105,045)

At end of period

(60,581)

(60,581)