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Registration number: 05396509

Chikara Investment Services Limited
Annual Report and Financial Statements
for the Period from 1 January 2024 to 31 March 2025

Chikara Investment Services Limited

Contents

Company Information | 1
Directors' Report | 2
Statement of Directors' Responsibilities | 3
Independent Auditor's Report | 4 to 7
Profit and Loss Account and Statement of Retained Earnings | 8
Balance Sheet | 9
Notes to the Financial Statements | 10 to 14

Chikara Investment Services Limited

Company Information

Directors | James Tollemache Richard Aston

Registered office | 5-10 Bolton Street London W1J 8BA

Solicitors | Schulte Roth & Zabel International LLP One Eagle Place London SW1Y 6AF

Bankers | HSBC 69 Pall Mall London SW1Y 5EY C Hoare & Co 37 Fleet Street London EC4P 4DQ

Auditors | EVMS Partners LLP Chartered Accountants45 Ludgate Hill London EC4M 7JU

Chikara Investment Services Limited

Directors' Report for the Period from 1 January 2024 to 31 March 2025

The directors present their report and the financial statements for the period from 1 January 2024 to 31 March 2025.

Principal activity

The principal activity of the company is as a service company to Chikara Investments LLP. The directors intend to continue to develop the business.

Directors of the company

The directors who held office during the period were as follows:

Jonathan Dobson (ceased 31 January 2024)

James Tollemache

Richard Aston

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Reappointment of auditors

Blick Rothenberg Audit LLP resigned as the Company's auditors and EVMS Partners LLP were appointed to fill the casual vacancy arising. EVMS Partners LLP has indicated its willingness to continue in office and the directors will propose a motion re-appointing them at a board meeting.

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 17 July 2025 and signed on its behalf by:

......................................... James Tollemache Director

Chikara Investment Services Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report and the 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

• | select suitable accounting policies and 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 company 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 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Chikara Investment Services Limited

Independent Auditor's Report to the Members of Chikara Investment Services Limited

Opinion

We have audited the financial statements of Chikara Investment Services Limited (the 'company') for the period from 1 January 2024 to 31 March 2025, which comprise the Profit and Loss Account and Statement of Retained Earnings, Balance Sheet, and Notes to the Financial Statements, 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 FRS 102 Section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• | give a true and fair view of the state of the company's affairs as at 31 March 2025 and of its profit for the period then ended;
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
• | have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

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 auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’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.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's 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 company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

Chikara Investment Services Limited

Independent Auditor's Report to the Members of Chikara Investment Services Limited

Opinion on other matter prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

• | the information given in the Directors' Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and

• | the Directors' Report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

• | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
• | the financial statements are not in agreement with the accounting records and returns; or
• | certain disclosures of directors' remuneration specified by law are not made; or
• | we have not received all the information and explanations we require for our audit; or
• | the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemptions in preparing the directors’ report and from the requirement to prepare a strategic report.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor Responsibilities for the audit of the financial statements

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 auditor’s 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 financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Chikara Investment Services Limited

Independent Auditor's Report to the Members of Chikara Investment Services Limited

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, and non-compliance with laws and regulations, our procedures included the following: enquiring of management concerning the Company's policies with regards to identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance; enquiring of management concerning the Company's policies detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; enquiring of management concerning the Company's policies in relation to the internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations; discussing among the engagement team where fraud might occur in the financial statements and any potential indicators of fraud; and obtaining an understanding of the legal and regulatory framework that the limited company operates in and focusing on those laws and regulations that had a direct effect on the financial statements or that had a fundamental effect on the operations of the Company. The key laws and regulations we considered in this context included the UK Companies Act 2006 and applicable tax legislation.
One particular focus area was the risk of fraud through management override of controls. Our procedures to respond to risks identified included the following: performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; reviewing the bank statements of the Company for evidence of any large or unusual activity which may be indicative of fraud; enquiring of management in relation to any potential litigation and claims; and testing the appropriateness of journal entries and other adjustments.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Chikara Investment Services Limited

Independent Auditor's Report to the Members of Chikara Investment Services Limited

Use of our 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 auditor’s 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.

......................................
Philip Vipond (Senior Statutory Auditor)
For and on behalf of EVMS Partners LLP, Statutory Auditor
45 Ludgate Hill
London
EC4M 7JU

21 July 2025

Chikara Investment Services Limited

Profit and Loss Account and Statement of Retained Earnings for the Period from 1 January 2024 to 31 March 2025

| Note | 15 months ended 31 March 2025 £ | 12 months ended 31 December 2023 £
Turnover |  | 3,476,143 | 3,038,092
Administrative expenses |  | (3,310,610) | (2,895,784)
Operating profit |  | 165,533 | 142,308
Other interest receivable and similar income |  | - | 27
Profit before tax |  | 165,533 | 142,335
Taxation |  | (41,383) | (40,144)
Profit for the financial period |  | 124,150 | 102,191
Retained earnings brought forward |  | 1,689,735 | 1,587,543
Retained earnings carried forward |  | 1,813,885 | 1,689,734

There were no recognised gains and losses for 2025 or 2023 other than those included in the profit and loss account and statement of retained earnings.

Chikara Investment Services Limited

(Registration number: 05396509)
Balance Sheet as at 31 March 2025

| Note | 31 March 2025 £ | 31 December 2023 £
Fixed assets |  |  |
Tangible assets | 3 | 8,908 | 15,958
Investments | 4 | 1,217,298 | 1,190,550
|  | 1,226,206 | 1,206,508
Current assets |  |  |
Debtors | 5 | 1,062,534 | 1,091,188
Cash at bank and in hand |  | 82,652 | 87,701
|  | 1,145,186 | 1,178,889
Creditors: Amounts falling due within one year | 6 | (179,816) | (317,972)
Net current assets |  | 965,370 | 860,917
Total assets less current liabilities |  | 2,191,576 | 2,067,425
Provisions for liabilities |  | (2,691) | (2,691)
Net assets |  | 2,188,885 | 2,064,734
Capital and reserves |  |  |
Called up share capital |  | 3,750 | 3,750
Share premium reserve |  | 371,250 | 371,250
Retained earnings |  | 1,813,885 | 1,689,734
Shareholders' funds |  | 2,188,885 | 2,064,734

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

Approved and authorised by the Board on 17 July 2025 and signed on its behalf by:

......................................... James Tollemache Director

Chikara Investment Services Limited

Notes to the Financial Statements for the Period from 1 January 2024 to 31 March 2025

1 | Accounting policies

General information

The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
31-32 St James's Street
5th Floor
London
SW1A 1HD
United Kingdom

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 were prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

Basis of preparation

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. Management do not consider there are any key accounting estimates or assumptions made that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial year.
Management are also required to exercise judgement in applying the company's accounting policies. Due to the straightforward nature of the business, management consider that no critical judgements have been made in applying the company's accounting policies.

Revenue recognition

Turnover comprises revenue recognised by the company in respect of services supplied, exclusive of Value Added Tax.

Tangible assets

Tangible fixed assets are stated at cost less depreciation. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, 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 or losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Chikara Investment Services Limited

Notes to the Financial Statements for the Period from 1 January 2024 to 31 March 2025

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
Leasehold Improvements | 2 years straight-line
Fixtures and fittings | 3 years straight-line
Computer equipment | 3 years straight-line

Leases

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Investments

Investments in subsidiaries and group undertakings are measured at cost less provision for impairment.

Financial instruments

Classification
The Company does not trade in financial instruments and all such instruments arise directly from operations.
All trade and other debtors are initially recognised at transaction value, as none contain in substance a financing transaction. Thereafter trade and other debtors are reviewed for impairment where there is objective evidence based on observable data that the balances may be impaired. The entity does not hold collateral against its trade and other receivables so its exposure to credit risk is the net balance of trade and other debtors after allowance for impairment.
The Company's cash holdings comprise on demand balances. All cash is held with banks with strong external credit ratings.
Trade and other creditors and accruals are initially recognised at transaction value as none represent a financing transaction. They are only derecognised when they are extinguished.
As the Company only has short term receivables and payables, its net current asset position is a reasonable measure of its liquidity at any given time.

Foreign currency transactions and balances

The company's functional and presentational currency is pound sterling.
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Chikara Investment Services Limited

Notes to the Financial Statements for the Period from 1 January 2024 to 31 March 2025

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Tax

Full provision is made for deferred tax assets and liabilities arising from all timing differences between the recognition of gains and losses in the financial statements and recognition in the tax computation.
A net deferred tax asset is recognised only if it can be regarded as more likely than not that there weill be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.
Deferred tax assets and liabilities are calculated at the tax rates expected to be effective at the time the timing differences are expected to reverse.
Deferred tax assets and liabilities are not discounted.

2 | Staff numbers

The average number of persons employed by the company (including directors) during the period, was 16 (2023 - 16).

Chikara Investment Services Limited

Notes to the Financial Statements for the Period from 1 January 2024 to 31 March 2025

3 | Tangible assets

| Short leasehold land and buildings £ | Fixtures and fittings £ | Office equipment £ | Total £
Cost or valuation
At 1 January 2024 | 39,110 | 46,431 | 306,958 | 392,499
Additions | - | - | 3,909 | 3,909
At 31 March 2025 | 39,110 | 46,431 | 310,867 | 396,408
Depreciation
At 1 January 2024 | 39,110 | 45,978 | 291,453 | 376,541
Charge for the period | - | 278 | 10,681 | 10,959
At 31 March 2025 | 39,110 | 46,256 | 302,134 | 387,500
Carrying amount
At 31 March 2025 | - | 175 | 8,733 | 8,908
At 31 December 2023 | - | 453 | 15,505 | 15,958

4 | Investments

| 31 March 2025 £ | 31 December 2023 £
Investments | 1,217,298 | 1,190,550

| £
Cost or valuation
At 1 January 2024 | 1,190,550
Additions | 26,748
At 31 March 2025 | 1,217,298

The investment represents 71.3% (2023: 69.4%) of the partnership capital of Chikara Investments LLP in which the company is a corporate partner. The LLP is not considered to be a subsidiary of the company as the company does not hold a majority of the voting rights.

Chikara Investment Services Limited

Notes to the Financial Statements for the Period from 1 January 2024 to 31 March 2025

5 | Debtors

Current | 31 March 2025 £ | 31 December 2023 £
Amounts owed by group undertakings | 925,758 | 999,634
Prepayments | 48,959 | 6,780
Other debtors | 87,817 | 84,774
| 1,062,534 | 1,091,188

6 | Creditors

Creditors: amounts falling due within one year

| 31 March 2025 £ | 31 December 2023 £
Due within one year |  |
Trade creditors | 48,250 | 1,658
Taxation and social security | 92,334 | 295,211
Accruals and deferred income | 28,389 | 16,099
Other creditors | 10,843 | 5,004
| 179,816 | 317,972

7 | Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

| 31 March 2025 £ | 31 December 2023 £
Not later than one year | 16,333 | 46,718
| 16,333 | 46,718

8 | Related party transactions

Chikara Investment Services Limited is the corporate member of Chikara Investment LLP ('the LLP'). During the year the company recharged costs of £3,476,143 (2023: £3,038,092) to the LLP. At the year end an amount of £925,758 (2023: £999,634) was due from the LLP.

9 | Controlling party

The immediate parent undertaking is Chikara Investments UK Ltd, a company incorporated in England.