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COMPANY REGISTRATION NUMBER: 07250100
Scala Capital Partners Limited
Filleted Unaudited Financial Statements
31 May 2024
Scala Capital Partners Limited
Statement of Financial Position
31 May 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
7,098
8,791
Current assets
Debtors
7
2,549
10,394
Cash at bank and in hand
181,829
146,213
---------
---------
184,378
156,607
Creditors: amounts falling due within one year
8
3,295
9,261
---------
---------
Net current assets
181,083
147,346
---------
---------
Total assets less current liabilities
188,181
156,137
---------
---------
Net assets
188,181
156,137
---------
---------
Capital and reserves
Called up share capital
63,200
63,200
Profit and loss account
124,981
92,937
---------
---------
Shareholders funds
188,181
156,137
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Scala Capital Partners Limited
Statement of Financial Position (continued)
31 May 2024
These financial statements were approved by the board of directors and authorised for issue on 17 September 2024 , and are signed on behalf of the board by:
R Metta
Director
Company registration number: 07250100
Scala Capital Partners Limited
Notes to the Financial Statements
Year ended 31 May 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is C/O Leaman Mattei, Suite 1, First Floor, 1 Duchess Street, London, W1W 6AN.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover comprises investment management and performance fees and is recognised in the period in which the related services are provided.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Office equipment
-
20% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2023: 1 ).
5. Tangible assets
Equipment
£
Cost
At 1 June 2023
10,923
Additions
504
--------
At 31 May 2024
11,427
--------
Depreciation
At 1 June 2023
2,132
Charge for the year
2,197
--------
At 31 May 2024
4,329
--------
Carrying amount
At 31 May 2024
7,098
--------
At 31 May 2023
8,791
--------
6. Investments
Other investments other than loans
£
Cost
At 1 June 2023
Additions
16,389
Disposals
( 16,389)
--------
At 31 May 2024
--------
Impairment
At 1 June 2023 and 31 May 2024
--------
Carrying amount
At 31 May 2024
--------
At 31 May 2023
--------
7. Debtors
2024
2023
£
£
Other debtors
2,549
10,394
-------
--------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Social security and other taxes
294
Other creditors
3,001
9,261
-------
-------
3,295
9,261
-------
-------
9. Director's advances, credits and guarantees
Mr R Metta is a director of the company. The amount owed from Mr Metta at the balance sheet date was £2,444 (2023: £6,260 owed to).
10. Controlling party
Melro Enterprises Ltd owns 100% of the share capital in Scala Capital Partners Limited .