Randolph Capital Limited
Unaudited Financial Statements
For the period ended 31 December 2022
For Filing with Registrar
Company Registration No. 12965672 (England and Wales)
Randolph Capital Limited
Balance Sheet
As at 31 December 2022
Page 1
2022
2021
Notes
£
£
£
£
Fixed assets
Investments
3
968,702
599,309
Current assets
Cash at bank and in hand
30,974
-
0
Creditors: amounts falling due within one year
5
(717,795)
(546,484)
Net current liabilities
(686,821)
(546,484)
Total assets less current liabilities
281,881
52,825
Provisions for liabilities
6
(52,432)
(12,271)
Net assets
229,449
40,554
Capital and reserves
Called up share capital
7
2
2
Profit and loss reserves
229,447
40,552
Total equity
229,449
40,554

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial period ended 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

Randolph Capital Limited
Balance Sheet (Continued)
As at 31 December 2022
Page 2
The financial statements were approved by the board of directors and authorised for issue on 30 September 2023 and are signed on its behalf by:
C Cattet
Director
Company Registration No. 12965672
Randolph Capital Limited
Notes to the Financial Statements
For the period ended 31 December 2022
Page 3
1
Accounting policies
Company information

Randolph Capital Limited is a private company limited by shares incorporated in England and Wales. The registered office is Betchworth House, 57-65 Station Road, Redhill, Surrey, RH1 1DL.

1.1
Accounting convention

These financial statements have been prepared in accordance with Section 1A of FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Reporting period

The company's financial statements for the first accounting period covered the period from incorporation on 21 October 2020 to 31 October 2021. The directors have subsequently opted to extend the company's year end to 31 December. Accordingly, these financial statements cover a 14 month period to 31 December 2022. As a result of this, the comparative amounts presented in these financial statements (including the related notes) are not entirely comparable.

1.3
Fixed asset investments

Fixed asset investments comprise of private equity and other unlisted investments. Where market values can be reliably determined, fixed asset investments are held at fair value and the changes in fair value are recognised in profit or loss, Where market value cannot be reliably determined, fixed asset investments are stated at historic cost less impairment.

1.4
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Randolph Capital Limited
Notes to the Financial Statements (Continued)
For the period ended 31 December 2022
1
Accounting policies
(Continued)
Page 4
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.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Classification of financial liabilities

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.

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.

1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.7
Taxation

The tax expense represents deferred tax.

Randolph Capital Limited
Notes to the Financial Statements (Continued)
For the period ended 31 December 2022
1
Accounting policies
(Continued)
Page 5
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

2
Employees

The average monthly number of persons (including directors) employed by the company during the period was:

2022
2021
Number
Number
Total
-
0
-
0
3
Fixed asset investments
2022
2021
£
£
Other investments other than loans
968,702
599,309

The historic cost of fixed asset investments at the period end was £803,217 (2021: £542,346).

Randolph Capital Limited
Notes to the Financial Statements (Continued)
For the period ended 31 December 2022
3
Fixed asset investments
(Continued)
Page 6
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 November 2021
599,309
Additions
242,212
Valuation changes
145,144
Management charges
(4,048)
Disposals
(13,915)
At 31 December 2022
968,702
Carrying amount
At 31 December 2022
968,702
At 31 October 2021
599,309
4
Financial instruments
2022
2021
£
£
Carrying amount of financial assets
Instruments measured at fair value through profit or loss
848,963
345,888

Instruments measured at fair value through profit or loss represent private equity investments owned by the company. The fair value of these investments has been determined based on the quoted market prices at period end.

5
Creditors: amounts falling due within one year
2022
2021
£
£
Other creditors
717,795
546,484
6
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2022
2021
Balances:
£
£
Investments
52,432
12,271
Randolph Capital Limited
Notes to the Financial Statements (Continued)
For the period ended 31 December 2022
6
Deferred taxation
(Continued)
Page 7
2022
Movements in the period:
£
Liability at 1 November 2021
12,271
Charge to profit or loss
40,161
Liability at 31 December 2022
52,432

The deferred tax provision at the period end is in respect of unrealised fair value gains on investments and will be realised in the event of their disposal.

7
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
2
2
2
2
8
Related party transactions

Included within other creditors at the period end is a balance due to the directors of £713,925 (2021; £542,944).

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