Company No: 13802986 (England and Wales)

Contents

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

DIRECTORS	M Bradley
	P R Kaye
	A D Storey
	S Williams

SECRETARY

M 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
	2 Communications Road
	Greenham Business Park
	Greenham
	Newbury
	RG19 6AB
	United Kingdom

	Note	31.03.2023
		£
Fixed assets
Investments	3	1
		1
Current assets
Debtors	4	13,756,504
		13,756,504
Creditors: amounts falling due within one year	5	( 14,234,655)
Net current liabilities		(478,151)
Total assets less current liabilities		(478,150)
Net liabilities		( 478,150)
Capital and reserves
Called-up share capital		1
Profit and loss account		( 478,151 )
Total shareholder's deficit		( 478,150)

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 14 September 2023. They were signed on its behalf by:

M Bradley Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period, 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 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 period to 31 March 2023 and ongoing performance since the end of the period. 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.

Reporting period length

The Company was incorporated on 15 December 2021 therefore the accounting period is from 15 December 2021 to 31 March 2023.

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.

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.

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 non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through the Profit and Loss Account. Where fair value cannot be measured reliably, investments are measured at cost less impairment.

2. Employees

	Period from 15.12.2021 to 31.03.2023
	Number
Monthly average number of persons employed by the Company during the period, including directors	3

3. Fixed asset investments

Investments in subsidiaries

	31.03.2023
	£
Cost
At 15 December 2021	0
Additions	1
At 31 March 2023	1
Carrying value at 31 March 2023	1

Investments in shares

Name of entity	Registered office	Nature of business	Class of shares	Ownership 31.03.2023
CAERD Limited	Exchange Tower, 19 Canning Street, Edinburgh, Scotland, EH3 8EH	Estate Management	Ordinary	100.00%

On 21 December 2021, the Company acquired 100% of the ordinary share capital of CAERD Limited, a company incorporated in the United Kingdom, for consideration of £1.

4. Debtors

	31.03.2023
	£
Amounts owed by own subsidiaries	13,541,710
Amounts owed by related parties	186,221
Other taxation and social security	28,573
	13,756,504

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

5. Creditors: amounts falling due within one year

	31.03.2023
	£
Amounts owed to Parent undertakings	14,216,265
Accruals	18,390
	14,234,655

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

6. Related party transactions

In the opinion of the directors, their remuneration is under normal market conditions and therefore this has not been disclosed in these financial statements.

Included within amounts owed by related parties is an amount of £62,867 from Cheadle Developments Limited, £20,000 from Cheadle Capital Partners (No.1) LLP and £15,145 from Cheadle Capital Partners (No.2) LLP, all companies under common control.

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.

7. Events after the Balance Sheet date

Subsequent to the period end the Company made a share issue of 13,541,710 shares with a nominal value of £1 per share, for consideration of £13,541,710.

8. Audit Opinion

The auditor's report on the accounts for the financial period ended 31 March 2023 was unqualified.

The audit report was signed by Alan Poole 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.