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Registered number:
FOR THE YEAR ENDED 31 MARCH 2025
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CLUTTONS EMPLOYEES LIMITED
COMPANY INFORMATION
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CLUTTONS EMPLOYEES LIMITED
CONTENTS
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CLUTTONS EMPLOYEES LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2025
The directors present their Strategic Report for the year ended 31 March 2025.
The principal activities of the Company are to offer management services to Cluttons LLP, the parent undertaking, and this is not expected to change going forward.
The principal financial instruments used by the Company are cash and various items such as inter-company debtors and trade creditors which arise directly from its operations. The existence of these financial instruments exposes the Company to a number of financial risks, including liquidity and credit risk.
The Company provides management services to Cluttons LLP and is not monitored by reference to a range of financial and non-financial key performance indicators. Notwithstanding this, management closely monitors forecast cash flows for the Company to ensure adequate resource is available for the Company to meet its obligations as they fall due.
The principal activity of the Company is to provide management services to Cluttons LLP. As such, the Company is not exposed to significant external commercial risks or uncertainties. The principal risk facing the Company is that its sole source of income is from Cluttons LLP. As such, the Company would cease to trade should it be no longer required to provide management services to Cluttons LLP.
This report was approved by the board and signed on its behalf.
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CLUTTONS EMPLOYEES LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025
The directors present their report and the financial statements for the year ended 31 March 2025.
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then 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 to 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.
The results for the year are considered satisfactory based on the principal activities of the business.
The profit for the year, after taxation, amounted to £19,002 (2024 - £15,845).
No dividends have been paid and the directors do not recommend the payment of a dividend during the financial year.
The directors who served during the year were:
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CLUTTONS EMPLOYEES LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
The auditors, PKF Smith Cooper Audit Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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CLUTTONS EMPLOYEES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CLUTTONS EMPLOYEES LIMITED
We have audited the financial statements of Cluttons Employees Limited (the 'Company') for the year ended 31 March 2025, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, 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 Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
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 Auditors' 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 United Kingdom, including the Financial Reporting Council'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.
In auditing the financial statements, we have concluded that the directors' 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 financial statements are 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.
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CLUTTONS EMPLOYEES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CLUTTONS EMPLOYEES LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. 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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
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CLUTTONS EMPLOYEES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CLUTTONS EMPLOYEES LIMITED (CONTINUED)
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 Auditors' 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.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
Based on our understanding of the Company and industry, key laws and regulations that we have identified included:
∙Companies Act 2006;
∙Tax legislation; and
∙Health and safety and employment legislation.
We identified that the principal risk of fraud or non-compliance with laws and regulations related to:
∙Management bias in respect of accounting estimates and judgements made;
∙Management override of controls; and
∙Posting of unusual journals or transactions.
We focused on those areas that could give rise to a material misstatement in the financial statements.
Our procedures included, but were not limited to:
∙Enquiry of management and those charged with governance around actual and potential litigation and claims including instances of non-compliance with laws and regulations and fraud;
∙Reviewing minutes of meetings of those charged with governance where available;
∙Reviewing legal expenditure in the year to identify instances of non-compliance with laws and regulations and fraud;
∙Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations; and
∙Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.
It is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
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CLUTTONS EMPLOYEES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CLUTTONS EMPLOYEES LIMITED (CONTINUED)
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' 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 Auditors' 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.
for and on behalf of
Statutory Auditors
Cornerblock
2 Cornwall Street
B3 2DX
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CLUTTONS EMPLOYEES LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025
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CLUTTONS EMPLOYEES LIMITED
REGISTERED NUMBER: 09339220
BALANCE SHEET
AS AT 31 MARCH 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 11 to 18 form part of these financial statements.
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CLUTTONS EMPLOYEES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
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CLUTTONS EMPLOYEES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Cluttons Employees Limited is a private company, limited by shares, incorporated and registered in England and Wales, United Kingdom. The address of its registered office is Yarnwicke, 119-121 Cannon St, London, EC4N 5AT. The company's registration number is 09339220. The principal activity is disclosed in the Strategic report on page 1 to these financial statements.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The financial statements are prepared in Sterling which is the functional currency of the Company. The financial statements level of rounding is to the nearest £1.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies.
The following principal accounting policies have been applied:
The financial statements have been prepared under the going concern basis, which is dependent on the continuing financial and operational support of the parent entity, Cluttons LLP. Cluttons LLP has indicated its intention to continue to provide such support for a period of not less that twelve months from the date of signing of the financial statements such that the Company can meet its liabilities as they fall due in that period. Accordingly, the directors have concluded that it is appropriate to prepare the financial statements on a going concern basis such that the Company can meet its liabilities as they fall due in that period.
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙The requirements of Section 7 Statement of Cashflows;
∙The requirements of Section 11 Financial Instruments paragraphs 11.41(b), 11.41(c), 11.41(e), 11.41(f), 11.42, 11.44 to 11.45, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙The requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Cluttons LLP as at the year ended 31 March 2025 and these financial statements may be obtained from its registered office, Yarnwicke, 119-121 Cannon St, London, EC4N 5AT.
There are no significant judgements or estimates made in preparing these accounts.
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CLUTTONS EMPLOYEES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
Turnover is the total amount receivable by the Company for management services provided to the parent entity during the year, excluding VAT and disbursements.
The current taxation charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years. Amortisation is calculated to write off the cost of all intangible assets over the expected useful lives using the straight line basis. Software licences 4 years
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CLUTTONS EMPLOYEES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like other debtors, trade and other creditors, and loans from related parties.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income. For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the Balance sheet date. Basic financial liabilities, which include trade and other creditors are measured at their transaction price. Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Provisions are recognised when the Company has a present legal or constructive obligation as a result of a past event, it is probable that the Company will be required to settle the obligation and the amount can be reliably estimated. The best estimate of the amount required to settle the obligation at the reporting date is discounted to present value where the effect is material.
The Company recognises a provision for annual leave accrued by employees as a result of services rendered in the current year and which employees are entitled to carry forward and use within the next 12 months. The provision is measured at the salary cost payable for the period of absence.
The Company provides a range of benefits to employees, including paid holiday arrangements.
Short-term benefits, including holiday pay and other non-monetary benefits, are recognised as an expense in the period in which the service is received. Loans are advanced to employees from time to time for costs such as season ticket loans and are repaid according to an agreed payment schedule.
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CLUTTONS EMPLOYEES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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CLUTTONS EMPLOYEES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
There were no factors that may affect future tax charges.
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CLUTTONS EMPLOYEES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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CLUTTONS EMPLOYEES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Profit and loss account
Cluttons LLP has given a guarantee of up to £3.4m (2024: £3.4m) supported by a debenture to HSBC Bank. This is a cross guarantee from the LLP and certain subsidiaries, of which Cluttons Employees Limited is one. This is a contingent liability of the Company.
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CLUTTONS EMPLOYEES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension costs charge represents contributions payable by the Company to the fund and amounted to £443,648 (2024: £426,466). Contributions totaling £101,192 (2024: £84,777) were payable to the fund at the balance sheet date and are included in other creditors.
The immediate parent undertaking of this entity is Cluttons LLP, a limited liability partnership, incorporated in England and Wales, United Kingdom, which has a registered office address of Yarnwicke, 119-121 Cannon St, London, EC4N 5AT.
The ultimate controlling party is considered to be funds managed by Treun Capital General Partner Limited by virtue of their shareholding in CIM Newco Limited, the parent undertaking of Cluttons LLP. The smallest group of undertakings for which consolidated financial statements have been prepared as at 31 March 2025, including the Company, is that headed by Cluttons LLP, a limited liability partnership incorporated in England and Wales, United Kingdom, which has a registered office address of Yarnwicke, 119-121 Cannon St, London, EC4N 5AT. Copies of these financial statements can be obtained from the registered office address. The largest group of undertakings for which consolidated financial statements have been prepared as at 31 March 2025 is that headed by CIM Newco Limited, a company incorporated in England and Wales, United Kingdom, which has a registered office address of Yarnwicke, 119-121 Cannon Street, London, United Kingdom, EC4N 5AT. Copies of these financial statements can be obtained from the registered office address.
The company has taken the exemption under FRS 102, section 33.1A, not to disclose transactions with wholly owned subsidiary undertakings of the group headed by Cluttons LLP.
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