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Company No: 03936094 (England and Wales)

BELGRAVE ASSET MANAGEMENT LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

BELGRAVE ASSET MANAGEMENT LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

BELGRAVE ASSET MANAGEMENT LIMITED

COMPANY INFORMATION

For the financial year ended 31 March 2024
BELGRAVE ASSET MANAGEMENT LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 March 2024
DIRECTORS Mr M J A Smith
Mrs G L Watson
SECRETARY Mr M J A Smith
REGISTERED OFFICE 21b Charles Street
Bath
BA1 1HX
England
United Kingdom
COMPANY NUMBER 03936094 (England and Wales)
CHARTERED ACCOUNTANTS Francis Clark LLP
Hitchcock House
Hilltop Park
Devizes Road
Salisbury
Wiltshire SP3 4UF
BELGRAVE ASSET MANAGEMENT LIMITED

BALANCE SHEET

As at 31 March 2024
BELGRAVE ASSET MANAGEMENT LIMITED

BALANCE SHEET (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 76,630 76,344
76,630 76,344
Current assets
Debtors
- due within one year 5 223,229 284,630
Cash at bank and in hand 776,883 570,300
1,000,112 854,930
Creditors: amounts falling due within one year 6 ( 114,199) ( 109,638)
Net current assets 885,913 745,292
Total assets less current liabilities 962,543 821,636
Provision for liabilities ( 521) ( 440)
Net assets 962,022 821,196
Capital and reserves
Called-up share capital 28,750 28,750
Profit and loss account 933,272 792,446
Total shareholder's funds 962,022 821,196

For the financial year ending 31 March 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Belgrave Asset Management Limited (registered number: 03936094) were approved and authorised for issue by the Board of Directors on 07 August 2024. They were signed on its behalf by:

Mr M J A Smith
Director
BELGRAVE ASSET MANAGEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
BELGRAVE ASSET MANAGEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Belgrave Asset Management Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 21b Charles Street, Bath, BA1 1HX, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover represents the fair value of services provided under contracts with customers to the extent that there is a right to consideration. It is measured at the fair value of the consideration due. Where a service is incomplete at the year end, turnover represents the value of the service provided to that date based on an appropriate proportion of the total expected consideration at completion.

Employee benefits

Defined contribution schemes
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.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Land and buildings not depreciated
Fixtures and fittings 4 years straight line
Office equipment 4 years straight line
Computer equipment 2 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 10 12

3. Tangible assets

Land and buildings Fixtures and fittings Office equipment Computer equipment Total
£ £ £ £ £
Cost
At 01 April 2023 75,000 15,129 27,365 44,557 162,051
Additions 0 0 783 1,009 1,792
Disposals 0 ( 3,020) 0 ( 27,305) ( 30,325)
At 31 March 2024 75,000 12,109 28,148 18,261 133,518
Accumulated depreciation
At 01 April 2023 0 15,129 27,365 43,213 85,707
Charge for the financial year 0 0 196 1,310 1,506
Disposals 0 ( 3,020) 0 ( 27,305) ( 30,325)
At 31 March 2024 0 12,109 27,561 17,218 56,888
Net book value
At 31 March 2024 75,000 0 587 1,043 76,630
At 31 March 2023 75,000 0 0 1,344 76,344

Included within the net book value of the land and buildings above is £75,000 (2022 - £75,000) in respect of freehold land and buildings, and within the net book value of computer equipment above is £Nil(2022 - £Nil) in respect of the website.

4. Fixed asset investments

Other investments Total
£ £
Cost or valuation before impairment
At 01 April 2023 675 675
At 31 March 2024 675 675
Provisions for impairment
At 01 April 2023 675 675
At 31 March 2024 675 675
Carrying value at 31 March 2024 0 0
Carrying value at 31 March 2023 0 0

5. Debtors

2024 2023
£ £
Debtors: amounts falling due within one year
Trade debtors 27,134 25,425
Other debtors 196,095 259,205
223,229 284,630

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 21,725 29,938
Corporation tax 63,492 30,210
Other taxation and social security 23,459 43,434
Other creditors 5,523 6,056
114,199 109,638

7. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2024 2023
£ £
within one year 0 35,632

8. Off Balance Sheet arrangements

EMI Scheme

During the previous years, the company had issued share options as part of an EMI scheme to 4 employees of the company. The options grant the employees the right to purchase shares at a fixed price in the event of a sale of the majority of the companies shares to a third party.

As at 31 March 2024 options existed for 18,975 shares.