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Company No: 13667544 (England and Wales)

RIX CAPITAL LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

RIX CAPITAL LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

RIX CAPITAL LIMITED

COMPANY INFORMATION

For the financial year ended 31 December 2023
RIX CAPITAL LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 December 2023
DIRECTORS William James Carter (Appointed 05 December 2023)
Mayank Kanani (Appointed 05 December 2023)
Alexander Zinin (Resigned 05 December 2023)
REGISTERED OFFICE 10 Norwich Street
London
EC4A 1BD
United Kingdom
COMPANY NUMBER 13667544 (England and Wales)
RIX CAPITAL LIMITED

BALANCE SHEET

As at 31 December 2023
RIX CAPITAL LIMITED

BALANCE SHEET (continued)

As at 31 December 2023
Note 31.12.2023 31.12.2022
£ £
Fixed assets
Intangible assets 3 186,883 208,446
Tangible assets 4 947,949 6,399
1,134,832 214,845
Current assets
Debtors 5 718,624 575,112
Cash at bank and in hand 671,136 247,135
1,389,760 822,247
Creditors: amounts falling due within one year 6 ( 2,005,889) ( 961,199)
Net current liabilities (616,129) (138,952)
Total assets less current liabilities 518,703 75,893
Provision for liabilities 7 ( 109,863) ( 1,600)
Net assets 408,840 74,293
Capital and reserves
Called-up share capital 1 1
Profit and loss account 408,839 74,292
Total shareholder's funds 408,840 74,293

For the financial year ending 31 December 2023 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 Rix Capital Limited (registered number: 13667544) were approved and authorised for issue by the Board of Directors on 19 September 2024. They were signed on its behalf by:

Mayank Kanani
Director
RIX CAPITAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
RIX CAPITAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
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 period, unless otherwise stated.

General information and basis of accounting

Rix Capital 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 10 Norwich Street, London, EC4A 1BD, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include 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. Based on the assurances received from the company's parent, 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.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise.

Turnover

Turnover comprises the amounts chargeable for the provision of investment advisory and operational services. Turnover is recognised in the period in which services are provided.

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 current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Other intangible assets 10 years straight line
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, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements 5 years straight line
Computer equipment 3 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.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

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.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of 30-days or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

Year ended
31.12.2023
Period from
07.10.2021 to
31.12.2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 6 4

3. Intangible assets

Other intangible assets Total
£ £
Cost
At 01 January 2023 215,634 215,634
At 31 December 2023 215,634 215,634
Accumulated amortisation
At 01 January 2023 7,188 7,188
Charge for the financial year 21,563 21,563
At 31 December 2023 28,751 28,751
Net book value
At 31 December 2023 186,883 186,883
At 31 December 2022 208,446 208,446

4. Tangible assets

Leasehold improve-
ments
Computer equipment Total
£ £ £
Cost
At 01 January 2023 0 6,981 6,981
Additions 1,021,577 47,977 1,069,554
At 31 December 2023 1,021,577 54,958 1,076,535
Accumulated depreciation
At 01 January 2023 0 582 582
Charge for the financial year 120,986 7,018 128,004
At 31 December 2023 120,986 7,600 128,586
Net book value
At 31 December 2023 900,591 47,358 947,949
At 31 December 2022 0 6,399 6,399

5. Debtors

31.12.2023 31.12.2022
£ £
Other debtors 718,624 575,112

6. Creditors: amounts falling due within one year

31.12.2023 31.12.2022
£ £
Trade creditors 68,808 21,185
Amounts owed to related parties 1,748,035 848,342
Taxation and social security 601 38,016
Other creditors 188,445 53,656
2,005,889 961,199

7. Provision for liabilities

31.12.2023 31.12.2022
£ £
Deferred tax 109,863 1,600

8. Financial commitments

Other financial commitments

31.12.2023 31.12.2022
£ £
Total future minimum lease payments under non-cancellable operating leases due within one year 394,344 437,575
Total future minimum lease payments under non-cancellable operating leases due between one and five years 1,023,571 1,531,513
1,417,915 1,969,088

9. Ultimate controlling party

Parent Company:

Midgard Limited
PO Box 83 Ordnance House
31 Pier Road
St Helier
Jersey
JE4 8PW