REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
FOR |
ANGEL CAPITAL MANAGEMENT UK LIMITED |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
FOR |
ANGEL CAPITAL MANAGEMENT UK LIMITED |
ANGEL CAPITAL MANAGEMENT UK LIMITED (REGISTERED NUMBER: 12231577) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 31 October 2023 |
Page |
Company Information | 1 |
Abridged Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
ANGEL CAPITAL MANAGEMENT UK LIMITED |
COMPANY INFORMATION |
for the year ended 31 October 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
19-20 Bourne Court |
Southend Road |
Woodford Green |
Essex |
IG8 8HD |
ANGEL CAPITAL MANAGEMENT UK LIMITED (REGISTERED NUMBER: 12231577) |
ABRIDGED BALANCE SHEET |
31 October 2023 |
2023 | 2022 |
£ | £ |
CURRENT ASSETS |
Debtors |
Cash at bank |
CREDITORS |
Amounts falling due within one year |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) | ( |
) |
( |
) | ( |
) |
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 |
ANGEL CAPITAL MANAGEMENT UK LIMITED (REGISTERED NUMBER: 12231577) |
NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 31 October 2023 |
1. | STATUTORY INFORMATION |
Angel Capital Management UK Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Assessment of going concern |
The directors have assessed whether the use of the going concern assumption is appropriate in preparing these accounts. The directors have made this assessment in respect to a period of one year from the date of approval of these accounts. |
The directors have concluded that there are no material uncertainties related to events or conditions that may cast significant doubt on the ability of the company to continue as a going concern. The directors are of the opinion that the company will have sufficient resources to meet its liabilities as they fall due as the immediate and ultimate parent company, Octagon Capital S.R.L, has indicated its willingness in writing to provide the necessary support to enable the company to meet its liabilities as they fall due for a period of at least 12 months from the date of signature of these financial statements. |
Turnover |
Turnover comprise company's allocated share of profit/(loss) in Pecten Capital LLP. |
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. |
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. |
Short term debtors and creditors |
Short term debtors and creditors with no stated interest rate are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account. |
ANGEL CAPITAL MANAGEMENT UK LIMITED (REGISTERED NUMBER: 12231577) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 October 2023 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
Basic financial assets, including trade and other receivables and cash and bank balances are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. |
Such assets are subsequently carried at amortised cost using the effective interest method. |
Basic financial liabilities, including trade and other payables, bank loans, that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2022 - NIL). |
4. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
5. | RELATED PARTY DISCLOSURES |
At the balance sheet date, the company owed £528,294 (2022 - £582,294) to Angel Capital Management S.P.A, a company registered in Italy. Angel Capital Management S.P.A,was the 100% shareholder until 1 August 2021 and once again after 12 March 2024. |
At the year end, Pecten Capital LLP, a business of which Angel Capital Management UK Limited is a member, owed £491,838 (2022: £493,751) to the company. |
During the period the share of profit from Pecten Capital LLP amounted to £1,087 (2022 : £4,080). |
6. | AUDITOR LIABILITY LIMITATION AGREEMENT |
The company has entered into a liability limitation agreement with Raffingers, the statutory auditors, in respect of the statutory audit for the year ended 31 October 2023. The proportionate liability agreement follows the standard terms in Appendix B to the Financial Reporting Council's June 2008 Guidance on Auditor Liability Agreements, and was approved by the director on 31 July 2024. |
7. | ULTIMATE CONTROLLING PARTY |
At the year end Octagon Capital S.R.L., a company registered in Italy, was the immediate and ultimate parent company. Octagon Capital S.R.L.'s registered office is Piazza Cavour 2, Milano (MI), Cap20121. |
Since the year end, there have been changes to the ownership structure of the company. Since 12 March 2024 the immediate and ultimate controlling party was Angel Capital Management S.P.A, a company registered in Italy. |