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Registered number: 11276314














SYSTEMIQ CAPITAL LIMITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 DECEMBER 2023

 
SYSTEMIQ CAPITAL LIMITED
 

CONTENTS



Page
Statement of Financial Position
 
 
1 - 2
Notes to the Financial Statements
 
 
3 - 8


 
SYSTEMIQ CAPITAL LIMITED
REGISTERED NUMBER:11276314

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
5,140
5,385

Current assets
  

Debtors: amounts falling due within one year
 5 
599,221
587,252

Cash at bank and in hand
  
1,694,145
865,090


  
2,293,366
1,452,342

Current liabilities
  

Creditors: amounts falling due within one year
 6 
(591,653)
(412,316)

Net current assets
  
 
 
1,701,713
 
 
1,040,026

Total assets less current liabilities
  
1,706,853
1,045,411

Creditors: amounts falling due after more than one year
 7 
(1,005,342)
(986,265)

Provisions for liabilities
  

Deferred tax
 8 
(1,285)
-

  
 
 
(1,285)
 
 
-

Net assets
  
700,226
59,146


Capital and reserves
  

Called up share capital 
 9 
77,995
61,755

Share premium account
  
386,882
301,007

Capital redemption reserve
  
1,030
-

Profit and loss account
  
234,319
(303,616)

  
700,226
59,146

Page 1

 
SYSTEMIQ CAPITAL LIMITED
REGISTERED NUMBER:11276314
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 12 September 2024.



I Spazzapan
Director

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
SYSTEMIQ CAPITAL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Systemiq Capital Limited is a limited liability company registered in England and Wales. Its registered office and principal business address is at  8th Floor, 110 High Holborn. London WC1V 6JS.
The principal activity of the company continued to be that of an advisory and climate-tech venture capital fund focussed on accelerating the achievement of the UN Global Goals and the Paris Climate Agreement.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is £ Sterling.

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 profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

 
2.3

Turnover

Turnover comprises advisory income and operating income, both of which are recognised in the accounting period during which the respective services are rendered.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 3

 
SYSTEMIQ CAPITAL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss 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 balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 4

 
SYSTEMIQ CAPITAL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.8
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Computer equipment
-
33%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.12

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 and other third parties, loans
to related parties and investments in ordinary shares.


3.


Employees

The average monthly number of employees, including directors, during the year was 13 (2022 - 12).

Page 5

 
SYSTEMIQ CAPITAL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Tangible fixed assets





Computer equipment

£



Cost


At 1 January 2023
6,197


Additions
2,520



At 31 December 2023

8,717



Depreciation


At 1 January 2023
812


Charge for the year on owned assets
2,765



At 31 December 2023

3,577



Net book value



At 31 December 2023
5,140



At 31 December 2022
5,385


5.


Debtors

2023
2022
£
£


Trade debtors
378,392
453,730

Other debtors
77,533
103,559

Prepayments and accrued income
143,296
29,963

599,221
587,252


Page 6

 
SYSTEMIQ CAPITAL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
99,073
267,044

Corporation tax
80,981
-

Other taxation and social security
55,014
-

Other creditors
46,828
49,931

Accruals and deferred income
309,757
95,341

591,653
412,316



7.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Other loans
1,005,342
986,265


Other loans consist of fixed rate unsecured loan notes on which interest is paid at a rate of 2%.


8.


Deferred taxation




2023


£






Charged to profit or loss
(1,285)



At end of year
(1,285)

The deferred taxation balance is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(1,285)
-

Page 7

 
SYSTEMIQ CAPITAL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



389,950 (2022 -227,550) A Ordinary shares of £0.10 each
38,995
22,755
390,000 (2022 - 390,000) B Ordinary shares of £0.10 each
39,000
39,000

77,995

61,755


During the year, the company issued 172,700 Ordinary A shares of £0.10 each at a premium, for total consideration of £101,448.
On 14 April 2023, the Company repurchased 10,303 Ordinary A shares for a premium of £3,949. The shares repurchased were subsequently cancelled bringing the total Ordinary A shares to 389,950.
The A Ordinary shares and B Ordinary shares rank pari passu in all respects.


10.


Pension commitments

The company contributes to a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £137,252 (2022 - £50,980). At the balance sheet date the company owed £10,453 (2022 - £16,858) to the pension fund.


11.


Controlling party

The company has no ultimate controlling party.

12.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 12 September 2024 by Martyn Atkinson FCA (Senior Statutory Auditor) on behalf of Sopher + Co LLP.

 
Page 8