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Registration number: 09224466

Grafton Capital Limited

Financial Statements

for the Year Ended 31 December 2023

Brebners
Chartered Accountants & Statutory Auditor
130 Shaftesbury Avenue
London
W1D 5AR

 

Grafton Capital Limited

Contents

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3 to 7

 

Grafton Capital Limited

Company Information

Directors

E Barroll Brown

T F R Morrell

Registered office

Michelin House
81 Fulham Road
London
SW3 6RD

Auditor

Brebners
Chartered Accountants & Statutory Auditor
130 Shaftesbury Avenue
London
W1D 5AR

 

Grafton Capital Limited

Statement of Financial Position as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

6

9,076

9,004

Investments

7

1,226,336

1,525,686

 

1,235,412

1,534,690

Current assets

 

Debtors

8

375,644

403,342

Cash at bank and in hand

 

535,926

688,561

 

911,570

1,091,903

Creditors: Amounts falling due within one year

9

(357,894)

(812,364)

Net current assets

 

553,676

279,539

Total assets less current liabilities

 

1,789,088

1,814,229

Provisions for liabilities

(1,735)

(2,071)

Net assets

 

1,787,353

1,812,158

Capital and reserves

 

Called up share capital

2

2

Share premium reserve

828,947

828,947

Profit and loss account

958,404

983,209

Shareholders' funds

 

1,787,353

1,812,158

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 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Statement of Income and Retained Earnings has been taken.

Approved and authorised by the Board on 12 April 2024 and signed on its behalf by:
 

.........................................

E Barroll Brown

Director

Company registration number: 09224466

 

Grafton Capital Limited

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

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Michelin House
81 Fulham Road
London
SW3 6RD

The principal activity of the company is that of the provision of investment advisory services.

2

Audit Report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 13 April 2024 was Martin Widdowson, who signed for and on behalf of Brebners.

3

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.

Summary of significant accounting policies

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.

Group accounts not prepared

In the opinion of the directors, the company and its subsidiary undertaking comprise a small group. The company has therefore taken advantage of the exemption provided by Section 399 of the Companies Act 2006 not to prepare group accounts. The financial statements therefore include details about the company as an individual undertaking, and not its group.

Going concern

The company had net assets at 31 December 2023 of £1,787,353 including cash at bank of £535,926.

After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. These enquiries include regular review of cashflow forecasts and ensuring that recourse to sufficient working capital is available to enable the company to continue to meet its obligations as they fall due.

Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements.

 

Grafton Capital Limited

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

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

Turnover is recognised evenly over the period in which the consultancy services are delivered.

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 charge 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.

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 statement of financial position 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:

Asset class

Depreciation method and rate

Furniture, fittings and equipment

25% straight line

 

Grafton Capital Limited

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

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

4

Staff numbers

The average number of persons employed by the company during the year, was 5 (2022: 5).

5

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Exceptional item

Impairment of investments

350,000

-

 

Grafton Capital Limited

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

6

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2023

21,545

21,545

Additions

6,737

6,737

Disposals

(2,145)

(2,145)

At 31 December 2023

26,137

26,137

Depreciation

At 1 January 2023

12,541

12,541

Charge for the year

5,621

5,621

Eliminated on disposal

(1,101)

(1,101)

At 31 December 2023

17,061

17,061

Carrying amount

At 31 December 2023

9,076

9,076

At 31 December 2022

9,004

9,004

7

Investments

Subsidiary Undertakings
£

Other Investments
£

Total
£

Cost

At 1 January 2023

3

1,525,683

1,525,686

Additions

-

111,832

111,832

Disposals

-

(61,182)

(61,182)

At 31 December 2023

3

1,576,333

1,576,336

Provision

At 1 January 2023

-

-

-

Impairment

-

350,000

350,000

At 31 December 2023

-

350,000

350,000

Carrying amount

At 31 December 2023

3

1,226,333

1,226,336

At 31 December 2022

3

1,525,683

1,525,686

 

Grafton Capital Limited

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

8

Debtors

2023
£

2022
£

Trade debtors

 

-

60,000

Amounts owed by group undertakings

23,029

-

Other debtors

 

352,615

343,342

 

375,644

403,342

Other debtors includes an amount of £10,700 (2022: £3,500) due after more than one year.

9

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Trade creditors

19,902

37,136

Amounts owed to group undertakings

127,146

241,066

Taxation and social security

37,658

71,143

Other creditors

173,188

463,019

357,894

812,364

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the statement of financial position

The total amount of financial commitments not included in the statement of financial position is £10,700 (2022: £7,000).

11

Related party transactions

Exemption is taken under FRS102 paragraph 1AC.35 not to disclose transactions or amounts falling due with companies wholly owned within the group.