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REGISTERED NUMBER: 05334497 (England and Wales)















New College Capital Limited

Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 March 2023






New College Capital Limited (Registered number: 05334497)

Contents of the Financial Statements
for the Year Ended 31 March 2023










Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Income Statement 9

Other Comprehensive Income 10

Balance Sheet 11

Statement of Changes in Equity 12

Cash Flow Statement 13

Notes to the Cash Flow Statement 14

Notes to the Financial Statements 15


New College Capital Limited

Company Information
for the Year Ended 31 March 2023







DIRECTORS: A Ciravegna
A J Ciravegna
A Rammos





SECRETARY: E Serrao





REGISTERED OFFICE: 39-40 St James Place
London
SW1A 1NS





REGISTERED NUMBER: 05334497 (England and Wales)





AUDITORS: DSJ Partners (UK) Limited
2nd Floor
1 Bell Street
London
NW1 5BY

New College Capital Limited (Registered number: 05334497)

Strategic Report
for the Year Ended 31 March 2023


The directors present their strategic report for the year ended 31 March 2023.

REVIEW OF BUSINESS
The principal activity of the company continues to be providing investment management services to a range of funds and segregated accounts

The key financial performance indicators during the year were as follows:
2023 2022 Change
£    £   
Turnover 1,546 1,725 (10.37%)
Profit before taxation 202 95 112.63%
Net assets 461 375 22.93%
Current ratio (current assets/current liabilities) 2.05 2.83 (27.0%)

The Company's results were satisfactory for the year: although the turnover decreased by over 10% in 2023, the profitability and net assets of the company increased significantly.

PRINCIPAL RISKS AND UNCERTAINTIES
The Company faces the following principal risks. Our operations and licenses are, currently UK based and inevitably affected by the continuing dysfunction of the UK government particularly in terms of its Brexit related policies. Approximately 89 per cent of the Company's turnover is from EU resident clients, the risks to which are principally a matter of the unpredictability of changes to the regulatory environment.

Additionally, the Company is constrained in its ability to hire competent staff resulting from a shallow labour pool of indigenous job candidates no longer deepened by enough EU workers either present or willing to work in the UK.

To mitigate these risks the Company has successfully obtained regulatory approvals in Greece and opened a fully owned subsidiary to offer investment management services throughout the EU and thereby regain the pre-Brexit MiFid passporting rights. We expect the subsidiary to be fully operational soon. We will be able to alleviate staffing issues by employing staff in Greece as an alternative to the UK.

As all investment management firms - the Company is affected by global events and their effect on securities markets. The Company's clients, investment focus and portfolio policies are diversified enough to manage such risks.

KEY PERFORMANCE INDICATORS
The Directors therefore considered that trends in turnover and net profit (commented upon above) are the key performance indicators of the Company.

ON BEHALF OF THE BOARD:





A Ciravegna - Director


16 October 2023

New College Capital Limited (Registered number: 05334497)

Report of the Directors
for the Year Ended 31 March 2023


The directors present their report with the financial statements of the company for the year ended 31 March 2023.

PRINCIPAL ACTIVITY
The principal activity of the company is to provide investment management services to a range of funds and segregated accounts.

DIVIDENDS
The directors recommend a final dividend of £1.29 per share. The total distribution of dividends for the year ended 31 March 2023 was £77,254.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 April 2022 to the date of this report.

A Ciravegna
A J Ciravegna
A Rammos

POLITICAL DONATIONS AND EXPENDITURE
In the year ended 31 March 2023, the directors made a charitable donation of £10,250 (2022: £10,000).

UNAUDITED PILLAR 3 DISCLOSURES AND UK STEWARDSHIP CODE
Disclosure of the company's capital, risk exposures and risk assessment process in accordance with the FCA rules on Pillar 3 disclosures is available on the Company's website (www.newcoll.com) together with the Company's policy in relation to the UK stewardship code. These disclosures are unaudited.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.


STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that she ought to have taken as a director in order to make herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

New College Capital Limited (Registered number: 05334497)

Report of the Directors
for the Year Ended 31 March 2023


AUDITORS
The auditors, DSJ Partners (UK) Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





A Ciravegna - Director


16 October 2023

Report of the Independent Auditors to the Members of
New College Capital Limited


Opinion
We have audited the financial statements of New College Capital Limited (the 'company') for the year ended 31 March 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 March 2023 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
New College Capital Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
New College Capital Limited


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, and non-compliance with laws and regulations, our procedures included the following: enquiring of management concerning the company's policies with regards identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance; enquiring of management concerning the company's policies detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; enquiring of management concerning the company's policies in relation to the internal controls established to mitigate risks related to fraud or non­ compliance with laws and regulations; discussing among the engagement team where fraud might occur in the financial statements and any potential indicators of fraud; and obtaining an understanding of the legal and regulatory framework that the company operates in and focusing on those laws and regulations that had a direct effect on the financial statements or that had a fundamental effect on the operations of the company. The key laws and regulations we considered in this context included the UK Companies Act 2006, Financial Reporting Standard 102, the Financial Services and Markets Act 2000 and applicable tax legislation.

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity's controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK). We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
New College Capital Limited


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Bharat Kumar Dhanani (Senior Statutory Auditor)
for and on behalf of DSJ Partners (UK) Limited
2nd Floor
1 Bell Street
London
NW1 5BY

16 October 2023

New College Capital Limited (Registered number: 05334497)

Income Statement
for the Year Ended 31 March 2023

2023 2022
Notes £    £   

TURNOVER 3 1,546,005 1,724,919

Cost of sales (905,483 ) (1,169,949 )
GROSS PROFIT 640,522 554,970

Administrative expenses (446,580 ) (496,057 )
193,942 58,913

Other operating income 8,276 36,304
OPERATING PROFIT and
PROFIT BEFORE TAXATION 202,218 95,217

Tax on profit 7 (39,705 ) (20,102 )
PROFIT FOR THE FINANCIAL YEAR 162,513 75,115

New College Capital Limited (Registered number: 05334497)

Other Comprehensive Income
for the Year Ended 31 March 2023

2023 2022
Notes £    £   

PROFIT FOR THE YEAR 162,513 75,115


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

162,513

75,115

New College Capital Limited (Registered number: 05334497)

Balance Sheet
31 March 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 9 12,150 11,482
Investments 10 117,837 30,556
129,987 42,038

CURRENT ASSETS
Debtors 11 502,228 460,991
Cash at bank 12 147,833 59,062
650,061 520,053
CREDITORS
Amounts falling due within one year 13 (317,222 ) (184,862 )
NET CURRENT ASSETS 332,839 335,191
TOTAL ASSETS LESS CURRENT
LIABILITIES

462,826

377,229

PROVISIONS FOR LIABILITIES 15 (2,260 ) (1,922 )
NET ASSETS 460,566 375,307

CAPITAL AND RESERVES
Called up share capital 16 80,000 80,000
Retained earnings 17 380,566 295,307
SHAREHOLDERS' FUNDS 460,566 375,307

The financial statements were approved by the Board of Directors and authorised for issue on 16 October 2023 and were signed on its behalf by:





A Ciravegna - Director


New College Capital Limited (Registered number: 05334497)

Statement of Changes in Equity
for the Year Ended 31 March 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 April 2021 80,000 280,192 360,192

Changes in equity
Dividends - (60,000 ) (60,000 )
Total comprehensive income - 75,115 75,115
Balance at 31 March 2022 80,000 295,307 375,307

Changes in equity
Dividends - (77,254 ) (77,254 )
Total comprehensive income - 162,513 162,513
Balance at 31 March 2023 80,000 380,566 460,566

New College Capital Limited (Registered number: 05334497)

Cash Flow Statement
for the Year Ended 31 March 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 343,944 39,181
Tax paid (19,725 ) (9,525 )
Net cash from operating activities 324,219 29,656

Cash flows from investing activities
Purchase of tangible fixed assets (2,756 ) (2,193 )
Purchase of fixed asset investments (87,281 ) -
Net cash from investing activities (90,037 ) (2,193 )

Cash flows from financing activities
Amount withdrawn by directors (68,157 ) -
Equity dividends paid (77,254 ) (60,000 )
Net cash from financing activities (145,411 ) (60,000 )

Increase/(decrease) in cash and cash equivalents 88,771 (32,537 )
Cash and cash equivalents at beginning of
year

2

59,062

91,599

Cash and cash equivalents at end of year 2 147,833 59,062

New College Capital Limited (Registered number: 05334497)

Notes to the Cash Flow Statement
for the Year Ended 31 March 2023


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
2023 2022
£    £   
Profit before taxation 202,218 95,217
Depreciation charges 2,088 1,399
204,306 96,616
Decrease in trade and other debtors 26,920 36,145
Increase/(decrease) in trade and other creditors 112,718 (93,580 )
Cash generated from operations 343,944 39,181

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 March 2023
31.3.23 1.4.22
£    £   
Cash and cash equivalents 147,833 59,062
Year ended 31 March 2022
31.3.22 1.4.21
£    £   
Cash and cash equivalents 59,062 91,599


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.22 Cash flow At 31.3.23
£    £    £   
Net cash
Cash at bank 59,062 88,771 147,833
59,062 88,771 147,833
Total 59,062 88,771 147,833

New College Capital Limited (Registered number: 05334497)

Notes to the Financial Statements
for the Year Ended 31 March 2023


1. STATUTORY INFORMATION

New College Capital Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Critical accounting judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the date and the amounts reported for revenue and expenses during the year.

The Company makes estimates and assumptions concerning the future. The resulting accounting estimates may not equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amount of the assets and liabilities within the financial year are addressed below.

Carrying value of investments in associate

The Company considers the carrying value of the investment in associate at each reporting date and assesses whether there has been an impairment of that assessment. Management considers factors including the financial performance of the associate and wider economic considerations. Based on the assessment carried out management have concluded that the investment has not been impaired.

Recoverability of debtors

The Company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of the debtors and historical experience. Note 11 to the accounts contains details of the net carrying amount of the debtors and any associated impairment provision.

Turnover
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due under the contract;
- the stage of completion of the contract at the end of the reporting period can be measured reliably; and
- the costs incurred and the costs to complete the contract can be measured reliably.

Turnover is comprised solely of fees relating to investment management services carried out during the period. These consist of management fees and performance fees.

New College Capital Limited (Registered number: 05334497)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023


2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on cost
Fixtures and fittings - 25% on cost
Artwork - Not Depreciated - 100% residual value

Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

Taxation
Tax is recognised in the Statement of Comprehensive Income, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Foreign currency translation
Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non­ monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of Comprehensive Income except when deferred in other comprehensive income as qualifying cash flow hedges.

New College Capital Limited (Registered number: 05334497)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023


2. ACCOUNTING POLICIES - continued

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.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

2023 2022
£    £   
Management Fees 1,546,005 1,724,919
1,546,005 1,724,919

An analysis of turnover by geographical market is given below:

2023 2022
£    £   
United Kingdom 166,998 56,781
Europe 1,296,194 1,529,489
United States of America - 91,137
Rest of the world 82,813 47,512
1,546,005 1,724,919

4. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 51,905 66,488
Social security costs - 1,260
51,905 67,748

The average number of employees during the year was as follows:
2023 2022

Administration 1 1
IT Support 1 1
Management 2 2
4 4

2023 2022
£    £   
Directors' remuneration 16,100 15,840

New College Capital Limited (Registered number: 05334497)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023


5. OPERATING PROFIT

The operating profit is stated after charging:

2023 2022
£    £   
Other operating leases 81,078 64,572
Depreciation - owned assets 2,088 1,399
Foreign exchange differences 1,328 12,677

6. AUDITORS' REMUNERATION
2023 2022
£    £   
Fees payable to the company's auditors for the audit of the company's
financial statements

9,500

8,250
Taxation compliance services 2,000 -

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 39,367 19,724

Deferred tax 338 378
Tax on profit 39,705 20,102

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
Profit before tax 202,218 95,217
Profit multiplied by the standard rate of corporation tax in the UK of 19%
(2022 - 19%)

38,421

18,091

Effects of:
Expenses not deductible for tax purposes 1,360 1,942
Capital allowances in excess of depreciation (414 ) (309 )
Deferred Tax Charge 338 378

Total tax charge 39,705 20,102

New College Capital Limited (Registered number: 05334497)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023


8. DIVIDENDS
2023 2022
£    £   
Ordinary shares of 1 each
Final 77,254 60,000

9. TANGIBLE FIXED ASSETS
Fixtures
Plant and and
machinery fittings Artwork Totals
£    £    £    £   
COST
At 1 April 2022 42,005 21,936 8,263 72,204
Additions 2,756 - - 2,756
At 31 March 2023 44,761 21,936 8,263 74,960
DEPRECIATION
At 1 April 2022 38,786 21,936 - 60,722
Charge for year 2,088 - - 2,088
At 31 March 2023 40,874 21,936 - 62,810
NET BOOK VALUE
At 31 March 2023 3,887 - 8,263 12,150
At 31 March 2022 3,219 - 8,263 11,482

10. FIXED ASSET INVESTMENTS
Unlisted
investments
£   
COST
At 1 April 2022 30,556
Additions 87,281
At 31 March 2023 117,837
NET BOOK VALUE
At 31 March 2023 117,837
At 31 March 2022 30,556

New College Capital Limited (Registered number: 05334497)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023


10. FIXED ASSET INVESTMENTS - continued

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Associated company

Bayes Investments Limited
Registered office: 39-40 St James's Place, London, SW1A 1NS
Nature of business: Financial advisory
%
Class of shares: holding
Ordinary shares 20.00
31.12.22 31.12.21
£    £   
Aggregate capital and reserves 77,032 127,951
(Loss)/profit for the year (33,669 ) 98,671

During the year, the company has acquired 90% interest in the share capital of NCC Investment Services Parochis Ependytikon Ypiresion Societe Anonyme, incorporated in Greece. The company was dormant during the year ended 31 March 2023. The Directors have assessed whether the investment may have been impaired and remain satisfied that given the net asset position and the level of cash available in the investment companies that the investments have not been impaired.

11. DEBTORS
2023 2022
£    £   
Amounts falling due within one year:
Trade debtors 38,046 -
Other debtors 107,427 117,529
Directors' current accounts 145,411 77,254
Prepayments and accrued income 202,370 230,517
493,254 425,300

Amounts falling due after more than one year:
Other debtors 8,974 35,691

Aggregate amounts 502,228 460,991

12. CASH AT BANK
2023 2022
£    £   
Cash at bank and in hand 147,833 59,062

New College Capital Limited (Registered number: 05334497)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023


13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 43,245 -
Tax 39,367 19,725
Social security and other taxes 635 915
Other creditors 40,207 18,415
Accruals and deferred income 150,490 134,307
Accrued expenses 43,278 11,500
317,222 184,862

14. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 52,500 52,500
Between one and five years 65,625 118,125
118,125 170,625

15. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 2,260 1,922

Deferred
tax
£   
Balance at 1 April 2022 1,922
Charge to Income Statement during year 338
Balance at 31 March 2023 2,260

Deferred tax is provided on excess of depreciation over capital allowance.

16. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
80,000 Ordinary 1 80,000 80,000

17. RESERVES

Reserves of the Group represent the following:

Profit and loss account;
Cumulative profit and loss net of distribution to owners.

New College Capital Limited (Registered number: 05334497)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023


18. RELATED PARTY DISCLOSURES

During the year, total dividends of £50,000 (2022 - £50,000) were paid to the directors .

The company has provided loan to New College Capital International Limited in which Mr A Ciravegna is a director . As at 31 March 2023 , amount receivable from New College Capital International Limited was £87,295 (2022: £87,295) and is included in debtors.

During the year, the company has provided loan to its director Mr A Ciravegna. The balance outstanding at the year end was £145,411 (2022:£77,254). The loan was repaid soon after the year end.

The Directors of the Company are considered to be the key management personnel of the Company. Details of their remuneration is disclosed in note 4 to the financial statements.

19. ULTIMATE CONTROLLING PARTY

The controlling party is A Ciravegna.