Company Registration No. 12468507 (England and Wales)
Renown Capital Limited
Unaudited accounts
for the year ended 28 February 2023
Renown Capital Limited
Unaudited accounts
Contents
Renown Capital Limited
Company Information
for the year ended 28 February 2023
Director
Sean Hendrick Zimdahl
Company Number
12468507 (England and Wales)
Registered Office
12 Grasvenor Avenue
Barnet
Hertfordshire
EN5 2BZ
United Kingdom
Accountants
Lambrias & Co. Chartered Certified Accountants
12 Grasvenor Avenue
Barnet
Hertfordshire
EN52BZ
Renown Capital Limited
Statement of financial position
as at 28 February 2023
Investments
368,357
443,947
Debtors
1,521,591
1,446,001
Investments
7,181,090
7,519,176
Cash at bank and in hand
220,022
508,754
Creditors: amounts falling due within one year
(9,576,908)
(9,522,693)
Net current liabilities
(654,205)
(48,762)
Net (liabilities)/assets
(285,848)
395,185
Called up share capital
100
100
Profit and loss account
(285,948)
395,085
Shareholders' funds
(285,848)
395,185
For the year ending 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 7 November 2023 and were signed on its behalf by
Sean Hendrick Zimdahl
Director
Company Registration No. 12468507
Renown Capital Limited
Notes to the Accounts
for the year ended 28 February 2023
Renown Capital Limited is a private company, limited by shares, registered in England and Wales, registration number 12468507. The registered office is 12 Grasvenor Avenue, , Barnet, Hertfordshire, EN5 2BZ, United Kingdom.
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Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
These financial statements have been prepared in accordance with Financial Reporting Standard I 02 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section I A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Significant judgements and estimates
Preparation of the financial statements requires management to make significant judgements and estimates and these estimates and underlying assumptions are reviewed on an ongoing basis.
The items in the financial statements where these judgements and estimates have been made are as follows:
Included in debtors falling due in more than one year is a loan of £946,011 due from an associated company called Digital Futures Group Limited
The loan has a face value of £1,390,000 and is unsecured and interest free. The company has presented this loan at the present value of future payments discounted at a market rate of interest for a similar debt interest in accordance with FRS 102 Section 11.13.
The effective interest rate is chosen to be used was 8% and the repayment term to be 5 years. This resulted in increasing the investment in the associated company of £443,899, which would have been different had a different interest rate been chosen
The accounts are presented in £ sterling.
Turnover represents the realised sale of listed securities.
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
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.
Renown Capital Limited
Notes to the Accounts
for the year ended 28 February 2023
Short term debtors are measured at transaction price, less any impairment. Loans and other debtors receivable are measured at fair value, net of transaction costs less any impairment. Short term trade creditors and other current creditors payable on demand are measured at the transaction price. Other financial liabilities are measured at fair value, net of transaction costs.
Monetary 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 rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Current Asset Investments
Current Asset investments comprise listed company equities shown at Fair Value. Fair value is measurd by reference to quoted share price at the balance sheet date, Any increase or reduction in value from cost is taken to the income statment in the year. Cost is determined on a first-in, first-out (FIFO) method.
Deferred balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date,.
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
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Investments
Subsidiary undertakings
Other investments
Total
Valuation at 1 March 2022
8
443,939
443,947
Fair value adjustments
-
(75,590)
(75,590)
Valuation at 28 February 2023
8
368,349
368,357
Investments in subsidiary undertakings are shares in an unlisted subsidiary, measured at cost and being Renown Property Investments Limited of 12, Grasvenor Avenue, Barnet, Herts EN5 2BZ. Proportion of voting rights 100%, ordinary shares 100 @ £1 each Nature of the business - Property Investment The aggregate capital and reserves of Renown Property Investments Limited at 28.2.2022 was £808,570 (2022 - £329,621) and the retained profit for the year to 28.2.2023 - £479,049 (2022 - £308,790.
Other Investments represent shares in an associated company, being Digital Futures Group Limited of 128 City Road, London, United Kingdom, EC1V 2NX. a staffing company. This is initially measured at cost of £8 (Proportion of voting rights 40%, ordinary shares 80,000 @ £0.0001 each).
During 2022, Renown Capital Ltd provided this company with an interest free loan of £1,390.000. Under FRS102 this has to be discounted to present value. The resulting difference is shown as a capital contribution in the books of Digital Futures Group Limited and an increase in investment in the books of Renown Capital Ltd of £75,590 (2022 £443,899 reduction). The aggregate capital and reserves of Digital Futures Group Limited at 31.12.2022 was negative (£1,559,867) , (2021 £310,302 negative).
Renown Capital Limited
Notes to the Accounts
for the year ended 28 February 2023
Amounts falling due within one year
Amounts due from group undertakings etc.
499,900
499,900
Amounts falling due after more than one year
Amounts due from group undertakings etc.
1,021,691
946,101
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Investments held as current assets
2023
2022
Listed investments
7,181,090
7,519,176
Listed investments are shown at fair value. The cost of the listed investments was £7,715,251 (2021 - £5,866,126) reducing by £196.075 at 28.2.2022 (2021 - increasing by £496,300 at 28.2.2021).
Fair Value adjustments taken to the income Statement
Within the heading Loss/Gain from changes in provisions in the income statement is an amount of £692,375 (2021- £496,300),
This represents £692,375 reduction in movement in fair value of listed investments (2021 - £493,300 increase in movement).
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Creditors: amounts falling due within one year
2023
2022
Taxes and social security
-
118,738
Loans from directors
9,569,408
9,390,655
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100
100
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Transactions with related parties
Within Creditors, amounts falling due within one year at amounts owed to the company director and ultimate controlling party of £9,390,655 (2021 - £7,250,124).
This Loans is unsecured, interest free and was used to provide funding to enable the company to acquire its traded equities and investments as well as providing initial working capital at inception of the company's business.
Whilst this balance is repayable on demand, the company will always ensure it meets all its financial obligations as they become due before this is considered
Within Debtors, amounts falling due within one year are amounts owed by the company's subsidiary of £499,900 also unsecured and interest free.
Renown Capital Limited
Notes to the Accounts
for the year ended 28 February 2023
For the current year Renown Capital Limited, a company incorporated in England and Wales is the ultimate parent undertaking. The ultimate controlling party is Sean Hendrick Zimdahl.
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Average number of employees
During the year the average number of employees was 1 (2022: 1).