REGISTERED NUMBER: |
Sprints Capital Management Limited |
Audited Financial Statements |
for the Year Ended 31 March 2023 |
REGISTERED NUMBER: |
Sprints Capital Management Limited |
Audited Financial Statements |
for the Year Ended 31 March 2023 |
Sprints Capital Management Limited (Registered number: 10045569) |
Contents of the Financial Statements |
for the year ended 31 March 2023 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 3 |
Sprints Capital Management Limited |
Company Information |
for the year ended 31 March 2023 |
Directors: |
Registered office: |
Registered number: |
Independent auditors: |
Chartered Accountants and Statutory Auditor |
2nd Floor |
168 Shoreditch High Street |
London |
E1 6RA |
Sprints Capital Management Limited (Registered number: 10045569) |
Statement of Financial Position |
31 March 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
Fixed assets |
Intangible assets | 4 |
Tangible assets | 5 |
Investments | 6 |
Current assets |
Debtors | 7 |
Cash at bank |
Creditors: amounts falling due within one year |
8 |
Net current assets |
Total assets less current liabilities |
Provisions for liabilities |
Capital and reserves |
Called up share capital | 10 |
Retained earnings | 11 |
Shareholders' funds |
1,887,122 | 2,254,677 |
In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Sprints Capital Management Limited (Registered number: 10045569) |
Notes to the Financial Statements |
for the year ended 31 March 2023 |
1. | Statutory information |
Sprints Capital Management Limited is a private company, limited by shares, registered in England and Wales. The company's registered number can be found on the Company Information page. The company's principal place of business is 17 Duke of York St, St. James's, London SW1Y 6LB. |
2. | Accounting policies |
Basis of preparing the financial statements |
Going Concern |
The financial statements have been prepared on a going concern basis. The directors have reviewed and considered relevant information, including the annual budget and future cash flows in making their assessment. |
Preparation of consolidated financial statements |
The financial statements contain information about Sprints Capital Management Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
Turnover |
Turnover comprises the fair value of the consideration received or receivable for the provision of investment advisory services in the ordinary course of the Company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts. |
The Company recognises revenue when: |
- the amount of revenue can be reliably measured; |
- and it is probable that future economic benefits will flow to the entity. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Fixed Assets |
Items of fixed assets are measured at cost, which includes capitalised expenses directly attributable to bringing the fixed asset to its current state and location, less accumulated depreciation and any accumulate impairment losses. |
Depreciation |
Depreciation is calculated at the following annual rates in order to write off the cost less any estimated residual value of each asset over its estimated useful life. |
Fixtures and fittings - 33% on cost |
Computer equipment - 33% on cost |
Improvement to premises - 20% on cost |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Sprints Capital Management Limited (Registered number: 10045569) |
Notes to the Financial Statements - continued |
for the year ended 31 March 2023 |
2. | Accounting policies - continued |
Financial instruments |
Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a |
party to the contractual provisions of the instrument. |
Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due. |
Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank which are an integral part of the company's cash management. |
Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Total Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are recognised in the profit or loss account. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
3. | Employees and directors |
The average number of employees during the year was |
Sprints Capital Management Limited (Registered number: 10045569) |
Notes to the Financial Statements - continued |
for the year ended 31 March 2023 |
4. | Intangible fixed assets |
Computer |
software |
£ |
Cost |
Additions |
At 31 March 2023 |
Amortisation |
Amortisation for year |
At 31 March 2023 |
Net book value |
At 31 March 2023 |
5. | Tangible fixed assets |
Fixtures |
Improvements | and | Computer |
to property | fittings | equipment | Totals |
£ | £ | £ | £ |
Cost |
At 1 April 2022 |
Additions |
At 31 March 2023 |
Depreciation |
At 1 April 2022 |
Charge for year |
At 31 March 2023 |
Net book value |
At 31 March 2023 |
At 31 March 2022 |
6. | Fixed asset investments |
Shares in |
group |
undertakings |
£ |
Cost |
Additions |
At 31 March 2023 |
Net book value |
At 31 March 2023 |
Sprints Capital Management Limited (Registered number: 10045569) |
Notes to the Financial Statements - continued |
for the year ended 31 March 2023 |
6. | Fixed asset investments - continued |
The company's investments at the Statement of Financial Position date in the share capital of companies include the following: |
Registered office: 14-16 avenue Pasteur, L-2310 Luxembourg |
Nature of business: |
% |
Class of shares: | holding |
7. | Debtors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
The company's assets are secured by three (2022: three) fixed charges registered at the Companies House. The fixed charges being held over all and any rights, title and interest, present and future of the debtor in or pursuant to each of the contracts. |
8. | Creditors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
9. | Leasing agreements |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2023 | 2022 |
£ | £ |
Within one year |
Between one and five years |
10. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary A | £1 | 100 | 100 |
Ordinary B | £1 | 100 | 100 |
200 | 200 |
Sprints Capital Management Limited (Registered number: 10045569) |
Notes to the Financial Statements - continued |
for the year ended 31 March 2023 |
11. | Reserves |
Retained |
earnings |
£ |
At 1 April 2022 |
Profit for the year |
Dividends | ( |
) |
At 31 March 2023 |
12. | Disclosure under Section 444(5B) of the Companies Act 2006 |
The Auditors' Report was unqualified. |
for and on behalf of |
13. | Directors' advances, credits and guarantees |
The following advances and credits to a director subsisted during the years ended 31 March 2023 and 31 March 2022: |
2023 | 2022 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
14. | Related party transactions |
During the year, the company had revenues of £11,469,229 (2022 - £7,884,263) that related to revenues originated from investment partnerships that the company provides investment advice services to. As of the balance sheet date, the company had outstanding loans of £240,288 (2022 - £111,012) due from investment partnerships that the company provides investment advice services to. |