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Registration number: 10393744

South Molton Street Capital Limited

Annual Report and Unaudited Filleted Financial Statements

for the Year Ended 30 September 2023

 

South Molton Street Capital Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

South Molton Street Capital Limited

Company Information

Director

E Grigg

Registered office

7 South Molton Street
2nd Floor
London
W1K 5QG

Accountants

Burton Sweet Limited
Chartered Accountants and Business Advisors
Spencer House
Morston Court
Aisecome Way
Weston-super-Mare
Somerset
BS22 8NG

 

South Molton Street Capital Limited

(Registration number: 10393744)
Balance Sheet
30 September 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

3,214

4,284

Investments

6

100

100

Other financial assets

7

249,167

249,167

 

252,481

253,551

Current assets

 

Debtors

8

14,220

6,390

Cash at bank and in hand

 

118,743

6,507

 

132,963

12,897

Creditors: Amounts falling due within one year

9

(565,595)

(614,766)

Net current liabilities

 

(432,632)

(601,869)

Net liabilities

 

(180,151)

(348,318)

Capital and reserves

 

Called up share capital

145,100

145,100

Retained earnings

(325,251)

(493,418)

Shareholders' deficit

 

(180,151)

(348,318)

 

South Molton Street Capital Limited

(Registration number: 10393744)
Balance Sheet
30 September 2023

For the financial year ending 30 September 2023 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 accounts for the year in question in accordance with section 476; and

The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 17 September 2024
 

.........................................
E Grigg
Director

 

South Molton Street Capital Limited

Notes to the Unaudited Financial Statements
Year Ended 30 September 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
7 South Molton Street
2nd Floor
London
W1K 5QG

These financial statements were authorised for issue by the director on 17 September 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis in the light of the ongoing financial support by the director

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

South Molton Street Capital Limited

Notes to the Unaudited Financial Statements
Year Ended 30 September 2023

Tax

The current corporation 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 taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

10%/33.3% straight line

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Intellectual property

20% straight line

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

 

South Molton Street Capital Limited

Notes to the Unaudited Financial Statements
Year Ended 30 September 2023

Defined contribution pension obligation

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 3).

 

South Molton Street Capital Limited

Notes to the Unaudited Financial Statements
Year Ended 30 September 2023

4

Intangible assets

Other intangible assets
 £

Cost or valuation

At 1 October 2022

12,240

At 30 September 2023

12,240

Amortisation

At 1 October 2022

12,240

At 30 September 2023

12,240

Carrying amount

At 30 September 2023

-

5

Tangible assets

Office equipment
£

Cost or valuation

At 1 October 2022

15,490

At 30 September 2023

15,490

Depreciation

At 1 October 2022

11,206

Charge for the year

1,070

At 30 September 2023

12,276

Carrying amount

At 30 September 2023

3,214

At 30 September 2022

4,284

 

South Molton Street Capital Limited

Notes to the Unaudited Financial Statements
Year Ended 30 September 2023

6

Investments

2023
£

2022
£

Investments in subsidiaries

100

100

7

Other financial assets (current and non-current)

Financial assets at fair value through profit and loss
£

Non-current financial assets

Cost or valuation

At 1 October 2022

249,167

At 30 September 2023

249,167

Impairment

Carrying amount

At 30 September 2023

249,167

8

Debtors

2023
£

2022
£

Other debtors

11,785

5,074

Prepayments

2,435

1,316

14,220

6,390

 

South Molton Street Capital Limited

Notes to the Unaudited Financial Statements
Year Ended 30 September 2023

9

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

3,042

-

Taxation and social security

50,611

1,417

Other creditors

511,942

613,349

565,595

614,766