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Registration number: 12324943

Symphony Asset Management Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

 

Symphony Asset Management Ltd

Company Information

Directors

Dr Shehnaz Hatim Suterwalla

Mrs Asma Hatim Suterwalla

Mr Hatim Taherally Suterwalla

Registered office

9 Harman Drive
London
NW2 2EB

Accountants

Mehta & Tengra
9 Berners Place
London
W1T 3AD

 

Symphony Asset Management Ltd

(Registration number: 12324943)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

21,729

28,973

Other financial assets

5

7,568,661

5,432,170

 

7,590,390

5,461,143

Current assets

 

Cash at bank and in hand

 

1,214

2,038,841

Creditors: Amounts falling due within one year

6

(65,796)

(47,856)

Net current (liabilities)/assets

 

(64,582)

1,990,985

Total assets less current liabilities

 

7,525,808

7,452,128

Provisions for liabilities

(5,432)

-

Net assets

 

7,520,376

7,452,128

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

7,520,276

7,452,028

Shareholders' funds

 

7,520,376

7,452,128

For the financial year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 20 December 2023 and signed on its behalf by:
 

.........................................
Dr Shehnaz Hatim Suterwalla
Director

 

Symphony Asset Management Ltd

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

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
9 Harman Drive
London
NW2 2EB

These financial statements were authorised for issue by the Board on 20 December 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises of rental income, interest & dividends and gain or loss on sale of securities.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 taxable income.

 

Symphony Asset Management Ltd

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2022 - 3).

 

Symphony Asset Management Ltd

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

4

Tangible assets

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2022

38,631

38,631

At 31 March 2023

38,631

38,631

Depreciation

At 1 April 2022

9,658

9,658

Charge for the year

7,244

7,244

At 31 March 2023

16,902

16,902

Carrying amount

At 31 March 2023

21,729

21,729

At 31 March 2022

28,973

28,973

5

Other financial assets (current and non-current)

Investments held with financial institutions

Unlisted investments

Total
£

Non-current financial assets

Cost or valuation

At 1 April 2022

4,669,454

762,716

5,432,170

Additions

6,709,464

96,481

6,805,945

Disposals

(4,669,454)

-

(4,669,454)

At 31 March 2023

6,709,464

859,197

7,568,661

Impairment

Carrying amount

At 31 March 2023

6,709,464

859,197

7,568,661

 

Symphony Asset Management Ltd

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

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Corporation tax

57,380

44,527

Accruals and deferred income

6,659

3,329

Director's current account

1,757

-

65,796

47,856

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100