Company Registration No. 07565255 (England and Wales)
Melquart Limited
Unaudited accounts
for the year ended 31 December 2023
Melquart Limited
Unaudited accounts
Contents
Melquart Limited
Company Information
for the year ended 31 December 2023
Directors
Simon Andrew Shaw
Razena Shaw
Company Number
07565255 (England and Wales)
Registered Office
Audrey House
16-20 Ely Place
London
England
EC1N 6SN
Accountants
EPIC Administration Limited
Audrey House
16-20 Ely Place
London
EC1N 6SN
Melquart Limited
Statement of financial position
as at 31 December 2023
Investments
26,017,164
33,289,778
Debtors
1,786,625
1,806,133
Cash at bank and in hand
1,361,426
1,013,704
Creditors: amounts falling due within one year
(53,621)
(30,854)
Net current assets
3,094,430
2,788,983
Total assets less current liabilities
29,111,594
36,078,761
Creditors: amounts falling due after more than one year
(3,000,000)
(5,000,000)
Net assets
26,111,594
31,078,761
Called up share capital
284
284
Share premium
9,989,605
9,989,605
Profit and loss account
16,121,705
21,088,872
Shareholders' funds
26,111,594
31,078,761
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 directors acknowledge their 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 of Directors and authorised for issue on 17 September 2024 and were signed on its behalf by
Simon Andrew Shaw
Director
Company Registration No. 07565255
Melquart Limited
Notes to the Accounts
for the year ended 31 December 2023
Melquart Limited is a private company, limited by shares, registered in England and Wales, registration number 07565255. The registered office is Audrey House, 16-20 Ely Place, London, England, EC1N 6SN.
2
Compliance with accounting standards
The accounts 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 costs convention, except listed investments which are carried at market value, and in accordance with Financial Reporting Standard 102 , the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies. The following principal accounting policies have been applied:
The accounts are presented in GBP sterling.
Turnover consists of investment management fees, investment advisory, consultancy fees and performance fees receivable net of value added tax. Fees receivable are credited to the Statement of comprehensive income over the period in which they relate.
All expenses are accounted for on an accrual basis.
Current tax, including UK corporation tax and foreign tax, is recognised in the Statement of comprehensive income, except that a change 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.
The current income 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 income.
Melquart Limited
Notes to the Accounts
for the year ended 31 December 2023
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the Statement of financial position date where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the Statement of financial position date. Timing differences are differences between the taxable profits and its results as stated in the financial statements that arise from the inclusion of gains and losses in tax assessments in periods different from those in which they are recognised in the financial statements.
A deferred tax asset is regarded as recoverable and therefore recognised only to the extent that, on the basis of all available evidence, it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.
Deferred tax is measured at the average tax rates that are expected to apply in the periods in which the timing differences are expected to reverse based on tax rates and laws that have been enacted or substantively enacted by the Statement of financial position date. Deferred tax is measured on a non-discounted basis.
The company makes contributions to the individual pension plans of employees. Contributions are charged to the Statement of comprehensive income in the period to which they relate.
These financial statements have been prepared on a going concern basis.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of comprehensive income except when deferred in other comprehensive income as qualifying cash flow hedges.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in the Statement of comprehensive income within 'other operating income'.
Investments held as fixed assets, other than listed investments, are stated at cost less provision for any permanent diminution in value. Listed investments are stated at the market value at the balance sheet date.
Interest income is recognised in the Statement of comprehensive income using the effective interest method.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable.
Melquart Limited
Notes to the Accounts
for the year ended 31 December 2023
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.
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable and loans with related parties.
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 payables or receivables, 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 Statement of comprehensive income.
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.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the reporting date.
Financial assets and liabilities are offset and the net amount reported in the Statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Exceptional items are transactions that fall within the ordinary activities of the company but are presented separately due to their size or incidence.
4
Investments
Other investments
Valuation at 1 January 2023
33,289,778
Fair value adjustments
(4,045,636)
Valuation at 31 December 2023
26,017,164
Melquart Limited
Notes to the Accounts
for the year ended 31 December 2023
Amounts falling due within one year
Amounts due from group undertakings etc.
-
19,843
Accrued income and prepayments
13,647
13,312
Other debtors
1,772,978
1,772,978
6
Creditors: amounts falling due within one year
2023
2022
Trade creditors
4,930
1,228
Amounts owed to group undertakings and other participating interests
8,457
-
Taxes and social security
14,890
14,726
7
Creditors: amounts falling due after more than one year
2023
2022
Bank loans
3,000,000
5,000,000
Allotted, called up and fully paid:
28,439 A Ordinary shares of £0.01 each
284.39
284.39
9
Transactions with related parties
During the year, no dividend was paid (2022: £0) to the director shareholders.
10
Average number of employees
During the year the average number of employees was 4 (2022: 4).