Company No: 13802986 (England and Wales)

Contents

• Company Information
• Balance Sheet
• Notes to the Financial Statements

DIRECTORS	Marc Bradley
	Philip Roger Kaye
	Alastair Dunbar Storey
	Sean Williams

SECRETARY

Marc Bradley

REGISTERED OFFICE	300 Thames Valley Park Drive
	Reading
	RG6 1PT
	United Kingdom

COMPANY NUMBER

13802986 (England and Wales)

AUDITOR	James Cowper Kreston Audit LLP
	Statutory Auditor
	Apex
	Forbury Road
	Reading
	RG1 1AX
	United Kingdom

	Note	2025		2024
		£		£
Fixed assets
Tangible assets	3	1,225		0
Investments	4	13,541,711		13,541,711
		13,542,936		13,541,711
Current assets
Debtors	5	244,840		368,363
Cash at bank and in hand		15,833		0
		260,673		368,363
Creditors: amounts falling due within one year	6	( 1,581,539)		( 1,132,075)
Net current liabilities		(1,320,866)		(763,712)
Total assets less current liabilities		12,222,070		12,777,999
Net assets		12,222,070		12,777,999
Capital and reserves
Called-up share capital		13,541,711		13,541,711
Profit and loss account		( 1,319,641 )		( 763,712 )
Total shareholder's funds		12,222,070		12,777,999

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Cheadle Capital Management Services Limited (registered number: 13802986) were approved and authorised for issue by the Board of Directors on 04 November 2025. They were signed on its behalf by:

Marc Bradley Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Cheadle Capital Management Services Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 300 Thames Valley Park Drive, Reading, RG6 1PT, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

In assessing the Company’s ability to continue as a going concern, the directors have considered the performance of the business for the year to 31 March 2025 and ongoing performance since the end of the year. The directors have also considered the performance and resources of Cheadle Estates Limited and the Group and concluded that with the support of the Group it can meet its obligations as they fall due for at least 12 months from the date of approval of the financial statements. Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements.

Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Finance costs

Finance costs are charged to the Profit and Loss Account over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc.

3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Financial assets
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

For financial assets carried at amortised cost, the amount of impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities 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 Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Investments
Investments in subsidiaries are held at cost less any provision for impairment.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	6		5

3. Tangible assets

	Plant and machinery etc.		Total
	£		£
Cost
At 01 April 2024	0		0
Additions	1,521		1,521
At 31 March 2025	1,521		1,521
Accumulated depreciation
At 01 April 2024	0		0
Charge for the financial year	296		296
At 31 March 2025	296		296
Net book value
At 31 March 2025	1,225		1,225
At 31 March 2024	0		0

4. Fixed asset investments

Investments in subsidiaries

	2025
	£
Cost
At 01 April 2024	13,541,711
At 31 March 2025	13,541,711
Carrying value at 31 March 2025	13,541,711
Carrying value at 31 March 2024	13,541,711

Investments in shares

Name of entity	Registered office	Principal activity	Class of shares	Ownership 31.03.2025	Ownership 31.03.2024
CAERD Limited	Exchange Tower, 19 Canning Street, Edinburgh, Scotland, EH3 8EH	Estate Ownership and Management	Ordinary	100.00%	100.00%

5. Debtors

	2025		2024
	£		£
Amounts owed by Group undertakings	130,023		90,190
Amounts owed by related parties	114,634		261,256
Prepayments	183		14,947
VAT recoverable	0		1,970
	244,840		368,363

Amounts owed by Group undertakings are repayable on demand and do not bear interest.

6. Creditors: amounts falling due within one year

	2025		2024
	£		£
Trade creditors	44,394		98,333
Amounts owed to Parent undertakings	1,458,329		1,011,527
Accruals	70,199		22,215
Other taxation and social security	8,617		0
	1,581,539		1,132,075

Amounts owed to Parent undertakings are repayable on demand and do not bear interest.

7. Related party transactions

Included within Debtors: amounts owed by related parties is an amount of £114,634 (2024: £66,600) due from Cheadle Developments Limited and £Nil (2024: £194,656) from Cheadle International Holdings Limited, all companies under common control.

Included within Debtors: amounts owed by Group undertakings is an amount of £114,190 (2024: £90,190) due from Cheadle Capital Partners (No.3) LLP.

The Company has taken advantage of the exemption available under FRS 102 Section 1A not to disclose details of transactions with wholly-owned members of the group headed by the parent company.

8. Audit Opinion

The auditor's report on the accounts for the financial year ended 31 March 2025 was unqualified.

The audit report was signed by Alan Poole BA (Hons) FCA on behalf of James Cowper Kreston Audit LLP.

9. Ultimate controlling party

The ultimate controlling party is A D Storey by virtue of his shareholdings in the ultimate parent company.

The ultimate and immediate parent company is Cheadle Estates Limited, registered at Ritter House, Wickhams Cay II, PO Box 3170, Road Town, Tortola VG1110, British Virgin Islands.