REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
FOR |
UCAPITAL LTD |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
FOR |
UCAPITAL LTD |
UCAPITAL LTD (REGISTERED NUMBER: 10157450) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
UCAPITAL LTD |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Certified Accountants |
www.michaelfiliou.com |
Salisbury House |
81 High Street |
Potters Bar |
Hertfordshire |
EN6 5AS |
UCAPITAL LTD (REGISTERED NUMBER: 10157450) |
BALANCE SHEET |
31 DECEMBER 2022 |
2022 | 2021 |
Notes | € | € | € | € |
FIXED ASSETS |
Tangible assets | 5 |
Investments | 6 |
CURRENT ASSETS |
Debtors | 7 |
Investments | 8 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 9 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 10 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 11 |
Share premium | 12 |
Retained earnings | 12 |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
UCAPITAL LTD (REGISTERED NUMBER: 10157450) |
BALANCE SHEET - continued |
31 DECEMBER 2022 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
UCAPITAL LTD (REGISTERED NUMBER: 10157450) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
1. | STATUTORY INFORMATION |
Ucapital Ltd is a |
The presentation currency of the financial statements is the Euro (€). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Preparation of consolidated financial statements |
The financial statements contain information about Ucapital Ltd 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. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Short leasehold | - |
Investments in subsidiaries and associates |
Investments in subsidiary and associate undertakings are recognised at cost. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 balance sheet date. |
UCAPITAL LTD (REGISTERED NUMBER: 10157450) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
3. | ACCOUNTING POLICIES - continued |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into Euro at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into Euro at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
5. | TANGIBLE FIXED ASSETS |
Short |
leasehold |
€ |
COST |
At 1 January 2022 |
and 31 December 2022 |
DEPRECIATION |
At 1 January 2022 |
Charge for year |
At 31 December 2022 |
NET BOOK VALUE |
At 31 December 2022 |
At 31 December 2021 |
6. | FIXED ASSET INVESTMENTS |
Shares in | Interest |
group | in | Unlisted |
undertakings | associate | investments | Totals |
€ | € | € | € |
COST |
At 1 January 2022 | 3,366,641 |
Additions | 1,287,021 |
Reclassification/transfer | ( |
) | - |
At 31 December 2022 | 4,653,662 |
NET BOOK VALUE |
At 31 December 2022 | 4,653,662 |
At 31 December 2021 | 3,366,641 |
UCAPITAL LTD (REGISTERED NUMBER: 10157450) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
6. | FIXED ASSET INVESTMENTS - continued |
The company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
Registered office: Via Dei Piatti 11, Milan 20123, Italy |
Nature of business: |
% |
Class of shares: | holding |
Registered office: C/O Michael Filiou Limited, Salisbury House, 81 High Street, Potters Bar, Hertfordshire EN6 5AS, U.K. |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Via Dei Piatti 11, Milan 20123, Italy |
Nature of business: |
% |
Class of shares: | holding |
Ucapital24 SPA is listed in the AIM Italia, which is regulated and managed by Borsa Italiana but is not a regulated market in EEA under the EU EMIR (European Market Infrastructure Regulation). |
Associated company |
Registered office: Corso Giacomo Matteotti 1, Milan 20121, Italy |
Nature of business: |
% |
Class of shares: | holding |
The company also has participating interests in the following unlisted entities: |
Name of entity |
Registered office |
Nature of business |
Class of shares |
Holding % Direct |
Aleph Finance Group Plc | United Kingdom | Asset management and brokerage |
Ordinary | 4.75 |
During the year, Ucapital Ltd increased its shareholdings in Ucapital24 SPA by acquiring a further 981,763 shares in that company for €1,237,021, and in Ucapital SRL from 60% to 100% of the entire share capital of €90,000. |
UCAPITAL LTD (REGISTERED NUMBER: 10157450) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
€ | € |
Trade debtors |
Amounts owed by group undertakings |
Amounts owed by associates |
Rent deposit paid | 49,418 | 27,000 |
Overseas taxation | 19,913 | 1,144 |
Called up share capital not paid |
Prepayments |
8. | CURRENT ASSET INVESTMENTS |
2022 | 2021 |
€ | € |
Other investments |
9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
€ | € |
Bank loans and overdrafts |
Trade creditors |
Corporation tax |
Overseas taxation | 745 | 745 |
VAT | 4,586 | 11,327 |
Other creditors | 555,000 | 100,000 |
Deferred income |
Accrued expenses |
10. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2022 | 2021 |
€ | € |
Shareholders' loan |
11. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2022 | 2021 |
value: | € | € |
Ordinary | €1.13 | 82,693 | 66,945 |
During the year, the company issued 13,937 new ordinary shares of €1.13 each for a total value of €3,484,250. |
UCAPITAL LTD (REGISTERED NUMBER: 10157450) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
12. | RESERVES |
Retained | Share |
earnings | premium | Totals |
€ | € | € |
At 1 January 2022 | 1,834,126 |
Profit for the year |
Cash share issue | - | 746,610 | 746,610 |
Payment in kind | - | 2,721,891 | 2,721,891 |
At 31 December 2022 | 5,322,592 |
13. | RELATED PARTY DISCLOSURES |
Ucapital Investment Ltd |
Ucapital Investment Ltd is an immediate subsidiary company incorporated in United Kingdom in which Mr G Feleppa is a director and sole shareholder. At the balance sheet date, Ucapital Investment Ltd owed €80,850 (2021 - €78,000) to the company. This is an unsecured interest-free loan which is repayable on demand. |
Ucapital S.R.L. |
Ucapital SRL is an immediate subsidiary company incorporated in Italy in which Mr G Feleppa is a director. At the balance sheet date, Ucapital SRL owed €359,173 (2021 - €290,000) to the company. This is an unsecured interest-free loan which is repayable on demand. |
Ucapital24 S.P.A. |
Ucapital24 SPA is an immediate subsidiary company incorporated in Italy in which Mr G Feleppa is a director. At the balance sheet date, Ucapital24 SPA owed €142,391 (2021 - €161,812) to the company. This is an unsecured interest-free loan which is repayable on demand. |
Ucapital24 Ltd |
Ucapital24 Ltd is a wholly owned subsidiary company of Ucapital24 SPA, and incorporated in United Kingdom in which Mr G Feleppa is a director. At the balance sheet date, Ucapital24 Ltd owed €2,100 (2021 - €Nil) to Ucapital Ltd. This is an unsecured interest-free loan which is repayable on demand. |
14. | ULTIMATE CONTROLLING PARTY |
The controlling party is Mr Gianmaria Feleppa. |
He is considered to be the controlling party by virtue of his majority shareholding, directly and indirectly, in the issued share capital of the company. |