Company Registration No. 12374346 (England and Wales)
Mogador Capital Ltd
Unaudited accounts
for the year ended 31 December 2023
Mogador Capital Ltd
Unaudited accounts
Contents
Mogador Capital Ltd
Company Information
for the year ended 31 December 2023
Company Number
12374346 (England and Wales)
Registered Office
106 BROMPTON ROAD
4TH FLOOR
LONDON
SW3 1JJ
UNITED KINGDOM
Accountants
Auxilium Tax Limited
41 Monks Drive
London
W3 0EB
Mogador Capital Ltd
Statement of financial position
as at 31 December 2023
Investments
295,426
562,877
Cash at bank and in hand
488,184
923,291
Creditors: amounts falling due within one year
(606,797)
(1,339,700)
Net current liabilities
(97,990)
(349,123)
Net assets
197,436
213,754
Called up share capital
150,000
150,000
Profit and loss account
47,436
63,754
Shareholders' funds
197,436
213,754
For the 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. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 11 September 2024 and were signed on its behalf by
Mr Philippe Isvy
Director
Company Registration No. 12374346
Mogador Capital Ltd
Notes to the Accounts
for the year ended 31 December 2023
Mogador Capital Ltd is a private company, limited by shares, registered in England and Wales, registration number 12374346. The registered office is 106 BROMPTON ROAD, 4TH FLOOR, LONDON, SW3 1JJ, UNITED KINGDOM.
2
Compliance with accounting standards
The financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies House Act 2006.
The financial statements are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Investments which are publicly traded in active markets for which a reliable fair value can be measured are initially measured at the transaction price including transaction costs and are subsequently measured at fair value through profit and loss.
Investments which are not publicly traded in active markets and for which market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the profit and loss account for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.
Income from fixed asset investments
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other other sales taxes.
Interest income is recognised using the effective interest method.
Finance costs are charged to profit and 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.
Mogador Capital Ltd
Notes to the Accounts
for the year ended 31 December 2023
The company has elected to apply Section 11 and 12 of FRS 102 in respect of financial instruments.
Financial assets and financial liabilities are recognised when the company becomes party to the contractual provisions of the instruments.
The company's policies for its major classes of financial assets and financial liabilities are set out below.
Financial assets
Basic financial assets, including other debtors and cash and bank balances, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.
Financial liabilities
Basic financial liabilities, including other creditors, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Impairment of financial assets
Financial assets 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 cost less impairment, the impairment loss is measured at the difference between the asset's carrying amount and the best estimate of the amount the company would receive for the asset if it were to be sold at the reporting date.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss its the current effective interest rate determined under the contract.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. the reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not been previously recognised. The impairment reversal is recognised in profit or loss.
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 the 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.
Mogador Capital Ltd
Notes to the Accounts
for the year ended 31 December 2023
Current and Deferred taxation
The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, 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.
Current tax is the amount of income tax payable in respect of taxable profit for the period or prior periods.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.
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 accounts. 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.
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Investments
Other investments
Valuation at 1 January 2023
562,877
Fair value adjustments
(10,784)
Valuation at 31 December 2023
295,426
Amounts falling due within one year
Deferred tax asset
13,042
37,300
Accrued income and prepayments
1,189
28,212
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Creditors: amounts falling due within one year
2023
2022
Taxes and social security
-
3,300
Loans from directors
606,797
1,330,847
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Average number of employees
During the year the average number of employees was 1 (2022: 1).