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REGISTERED NUMBER: 11331095 (England and Wales)















Unaudited Financial Statements

for the Year Ended 31 December 2023

for

Flywheel Capital Ltd

Flywheel Capital Ltd (Registered number: 11331095)






Contents of the Financial Statements
for the Year Ended 31 DECEMBER 2023




Page

Balance Sheet 1

Notes to the Financial Statements 3


Flywheel Capital Ltd (Registered number: 11331095)

Balance Sheet
31 DECEMBER 2023

31.12.23 31.12.22
Notes £    £   
FIXED ASSETS
Tangible assets 4 2,587 4,507
Investments 5 100 -
2,687 4,507

CURRENT ASSETS
Debtors 6 346,383 609
Investments 7 3,576,675 2,932,169
Cash at bank 351,148 138,147
4,274,206 3,070,925
CREDITORS
Amounts falling due within one year 8 (5,132 ) (4,501 )
NET CURRENT ASSETS 4,269,074 3,066,424
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,271,761

3,070,931

CREDITORS
Amounts falling due after more than one
year

9

(5,226,103

)

(4,018,288

)

PROVISIONS FOR LIABILITIES (647 ) (1,127 )
NET LIABILITIES (954,989 ) (948,484 )

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings (954,990 ) (948,485 )
SHAREHOLDERS' FUNDS (954,989 ) (948,484 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Flywheel Capital Ltd (Registered number: 11331095)

Balance Sheet - continued
31 DECEMBER 2023


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

In accordance with Section 444 of the Companies Act 2006, the profit and loss account has not been delivered.

The financial statements were approved by the director and authorised for issue on 13 September 2024 and were signed by:





T Hylott - Director


Flywheel Capital Ltd (Registered number: 11331095)

Notes to the Financial Statements
for the Year Ended 31 DECEMBER 2023

1. STATUTORY INFORMATION

Flywheel Capital Ltd is a private company, limited by shares, registered in England and Wales, registration number 11331095. The registered office is Solar House, PF 915 High Road, North Finchley, London N12 8QJ.

The presentation currency of the financial statements is pound sterling (£) and the level of rounding is the nearest £1.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Revenue recognition
Revenue comprises realised and unrealised gains during the year from investments made by the company, using the fair value method. Realised and unrealised gains on investments are recognised daily on the assumption that all open positions and transactions are settled at the end of each day and new positions are opened the next day.

Dividend income
Dividend income is recognised when the right to receive payment is established.

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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a straight line and reducing balance basis.

Depreciation is provided on the following basis:
Computer equipment - 20% on cost

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 the Profit and loss account.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Flywheel Capital Ltd (Registered number: 11331095)

Notes to the Financial Statements - continued
for the Year Ended 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Profit and loss account.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Investments
Investments are stated at cost less any provision for reduction in value.

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.

Cash
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

Flywheel Capital Ltd (Registered number: 11331095)

Notes to the Financial Statements - continued
for the Year Ended 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued

Finance costs
Finance costs are charged to the Profit and loss account 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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

4. TANGIBLE FIXED ASSETS
Computer
equipment
£   
COST
At 1 January 2023 11,756
Additions 540
At 31 December 2023 12,296
DEPRECIATION
At 1 January 2023 7,249
Charge for year 2,460
At 31 December 2023 9,709
NET BOOK VALUE
At 31 December 2023 2,587
At 31 December 2022 4,507

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
Additions 100
At 31 December 2023 100
NET BOOK VALUE
At 31 December 2023 100

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Covent Garden Investment Properties Limited
Registered office: 3 Castlegate, Grantham, Lincolnshire, United Kingdom, NG31 6SF
Nature of business: Letting and operating of own or leased real estate
%
Class of shares: holding
Ordinary 100.00

The company was incorporated on dated 14 July 2023 and the first set of accounts have not been
prepared.

Flywheel Capital Ltd holds 100% ordinary shares in Covent Garden Investment Porperties Limited.

Flywheel Capital Ltd (Registered number: 11331095)

Notes to the Financial Statements - continued
for the Year Ended 31 DECEMBER 2023

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Other debtors 346,383 609

7. CURRENT ASSET INVESTMENTS

31.12.23 31.12.22
£ £
Listed investments 4,818,018 3,797,96
Change in market value of investment (895,628 ) (865,807 )
3,922,390 2,932,169

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade creditors 732 690
Amounts owed to group undertakings 100 -
Other creditors 4,300 3,811
5,132 4,501

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.12.23 31.12.22
£    £   
Other creditors 5,226,103 4,018,288