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REGISTERED NUMBER: 06838462 (England and Wales)









STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

NEGENTROPY CAPITAL PARTNERS LIMITED

NEGENTROPY CAPITAL PARTNERS LIMITED (REGISTERED NUMBER: 06838462)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 March 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Profit and Loss Account 8

Other Comprehensive Income 9

Balance Sheet 10

Statement of Changes in Equity 11

Cash Flow Statement 12

Notes to the Cash Flow Statement 13

Notes to the Financial Statements 14


NEGENTROPY CAPITAL PARTNERS LIMITED

COMPANY INFORMATION
for the Year Ended 31 March 2024







DIRECTORS: F Ferrara
G Galimberti
P di Filippo
A Caramella


REGISTERED OFFICE: St Georges House
15 Hanover Square
London
W1S 1HS


REGISTERED NUMBER: 06838462 (England and Wales)


SENIOR STATUTORY AUDITOR: John Tiltman


AUDITORS: DTL Auditors Ltd
5th Floor
North Side
7-10 Chandos Street
London
W1G 9DQ


ACCOUNTANTS: Kingscott Dix (Cheltenham) Ltd
Malvern View Business Park
Stella Way
Bishops Cleeve
Cheltenham
Gloucestershire
GL52 7DQ

NEGENTROPY CAPITAL PARTNERS LIMITED (REGISTERED NUMBER: 06838462)

STRATEGIC REPORT
for the Year Ended 31 March 2024

The directors present their strategic report for the year ended 31 March 2024.

REVIEW OF BUSINESS
After a very challenging 2022, global economic growth accelerated in the first half of 2023, hitting 2.8%. In 2023, monetary tightening was effective in curbing global inflation. External shocks such as Covid 19 and Russia's invasion of Ukraine have been absorbed by the market. The continuing war in Ukraine continues to create uncertainty regarding future additional shocks. Since 2022, global policy rates have risen by almost 400 basis points (bps), which is impacting interest-sensitive spending, holding back factory output and impacting loan repayments.

Despite the exogenous market shocks and the rapid move of interest rates, the Company's activity remained solid. After a relatively slower start of the year, the fund took advantage of several opportunities to provide financing and refinancing through attractive transactions. Some larger real estate positions managed by the company were successfully sold after several years in which buyers were more reluctant to invest in bigger and more complex projects.

The Special Situations Fund (under advisory) was put into liquidation having reached the end of its useful life. This created a significant workflow especially on the more illiquid and complex assets held such as Chili SpA.

Finally, following an extensive due diligence process, the Company entered into an agreement with Guber Banca, a leading NPL services and structured credit lender. Under this agreement, Guber has an option to aquire a further shareholding of 30.01% of Negentropy's share capital, subject to approval from FCA and further notification from the Bank of Italy. The initial share purchase and potential subsequent purchase will occur post year end.

PRINCIPAL RISKS AND UNCERTAINTIES
As a result of the sanctions on Russia related to the war in Ukraine, the Company continued to perform all the necessary declarations and checks to confirm no links to Russian entities.

The continued market uncertainty related to the war in Ukraine and other geopolitical shifts pose a continued risk for the Company.

Despite the afore mentioned geopolitical risks, the Company investment strategies remain resilient and de-coupled from liquid markets.

The Company remains well positioned to seek and invest in attractive opportunities created by the higher interest rate environment and the global uncertainties.

KEY PERFORMANCE INDICATORS
Key performance indicators on which management continues to focus remain Assets Under Management Stability, Rates of Return on investments and on the funds in general. Fixed costs control is also monitored with care to ensure business sustainability and profitability. Each of these are reviewed regularly by management against the budget and prior periods. The Company Directors are pleased with the performance of the Company during the year in regard to these indicators.

ON BEHALF OF THE BOARD:





F Ferrara - Director


9 October 2024

NEGENTROPY CAPITAL PARTNERS LIMITED (REGISTERED NUMBER: 06838462)

REPORT OF THE DIRECTORS
for the Year Ended 31 March 2024

The directors present their report with the financial statements of the company for the year ended 31 March 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of portfolio management and investment advice.

DIVIDENDS
No dividends will be distributed for the year ended 31 March 2024.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 April 2023 to the date of this report.

F Ferrara
G Galimberti
P di Filippo

Other changes in directors holding office are as follows:

A de Dietrich - resigned 1 November 2023
A Caramella - appointed 3 November 2023

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

NEGENTROPY CAPITAL PARTNERS LIMITED (REGISTERED NUMBER: 06838462)

REPORT OF THE DIRECTORS
for the Year Ended 31 March 2024


AUDITORS
The auditors, DTL Auditors Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:




F Ferrara - Director


9 October 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
NEGENTROPY CAPITAL PARTNERS LIMITED

Opinion
We have audited the financial statements of Negentropy Capital Partners Limited (the 'company') for the year ended 31 March 2023 which comprise the statement of comprehensive income, statement of financial position, statement of changes in equity, statement of cash flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:
o give a true and fair view of the state of the company's affairs as at 31 March 2023 and of its profit for the year then ended;
o have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
o have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other Information
The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.


Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
o the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
o the strategic report and the directors' report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
NEGENTROPY CAPITAL PARTNERS LIMITED

o adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
o the financial statements are not in agreement with the accounting records and the returns; or
o certain disclosures of directors' remuneration specified by law are not made; or
o we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below:

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

We focussed on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006, FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation, enquiries with management and enquiries of legal counsel. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.

As in all our audits, we also addressed the risk of management override of internal controls by testing journal entries and evaluating whether there was evidence of management bias which represented a risk of material misstatement due to fraud.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditors report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




John Tiltman (Senior Statutory Auditor)
for and on behalf of DTL Auditors Ltd

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
NEGENTROPY CAPITAL PARTNERS LIMITED

5th Floor
North Side
7-10 Chandos Street
London
W1G 9DQ

9 October 2024

NEGENTROPY CAPITAL PARTNERS LIMITED (REGISTERED NUMBER: 06838462)

PROFIT AND LOSS ACCOUNT
for the Year Ended 31 March 2024

2024 2023
Notes £    £   

TURNOVER 691,989 1,727,019

Administrative expenses (676,091 ) (561,716 )
OPERATING PROFIT 4 15,898 1,165,303


Interest payable and similar expenses 5 (4,786 ) (72,041 )
PROFIT BEFORE TAXATION 11,112 1,093,262

Tax on profit 6 298 (161 )
PROFIT FOR THE FINANCIAL YEAR 11,410 1,093,101

NEGENTROPY CAPITAL PARTNERS LIMITED (REGISTERED NUMBER: 06838462)

OTHER COMPREHENSIVE INCOME
for the Year Ended 31 March 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 11,410 1,093,101


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

11,410

1,093,101

NEGENTROPY CAPITAL PARTNERS LIMITED (REGISTERED NUMBER: 06838462)

BALANCE SHEET
31 March 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 7 1,217 2,409
Investments 8 383,394 383,394
384,611 385,803

CURRENT ASSETS
Debtors 9 230,680 183,460
Cash at bank 324,228 1,123,433
554,908 1,306,893
CREDITORS
Amounts falling due within one year 10 (292,148 ) (91,252 )
NET CURRENT ASSETS 262,760 1,215,641
TOTAL ASSETS LESS CURRENT
LIABILITIES

647,371

1,601,444

CREDITORS
Amounts falling due after more than one
year

11

(374,798

)

(1,339,983

)

PROVISIONS FOR LIABILITIES 14 (304 ) (602 )
NET ASSETS 272,269 260,859

CAPITAL AND RESERVES
Called up share capital 15 517,858 517,858
Share premium 16 35,162 35,162
Retained earnings 16 (280,751 ) (292,161 )
SHAREHOLDERS' FUNDS 272,269 260,859

The financial statements were approved by the Board of Directors and authorised for issue on 9 October 2024 and were signed on its behalf by:





F Ferrara - Director


NEGENTROPY CAPITAL PARTNERS LIMITED (REGISTERED NUMBER: 06838462)

STATEMENT OF CHANGES IN EQUITY
for the Year Ended 31 March 2024

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   
Balance at 1 April 2022 517,858 (1,385,262 ) 35,162 (832,242 )

Changes in equity
Total comprehensive income - 1,093,101 - 1,093,101
Balance at 31 March 2023 517,858 (292,161 ) 35,162 260,859

Changes in equity
Total comprehensive income - 11,410 - 11,410
Balance at 31 March 2024 517,858 (280,751 ) 35,162 272,269

NEGENTROPY CAPITAL PARTNERS LIMITED (REGISTERED NUMBER: 06838462)

CASH FLOW STATEMENT
for the Year Ended 31 March 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 161,827 1,263,641
Interest paid (4,786 ) (72,041 )
Foreign Exchange Gain/Loss (7,247 ) (10,073 )
Net cash from operating activities 149,794 1,181,527

Cash flows from investing activities
Purchase of tangible fixed assets - (979 )
Net cash from investing activities - (979 )

Cash flows from financing activities
Loan repayments in year - (125,270 )
Amount repaid to directors (948,999 ) -
Net cash from financing activities (948,999 ) (125,270 )

(Decrease)/increase in cash and cash equivalents (799,205 ) 1,055,278
Cash and cash equivalents at beginning of
year

2

1,123,433

68,155

Cash and cash equivalents at end of year 2 324,228 1,123,433

NEGENTROPY CAPITAL PARTNERS LIMITED (REGISTERED NUMBER: 06838462)

NOTES TO THE CASH FLOW STATEMENT
for the Year Ended 31 March 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
2024 2023
£    £   
Profit before taxation 11,112 1,093,262
Depreciation charges 1,192 892
Foreign Exchange Gain/Loss 7,247 10,073
Finance costs 4,786 72,041
24,337 1,176,268
(Increase)/decrease in trade and other debtors (47,220 ) 274,905
Increase/(decrease) in trade and other creditors 184,710 (187,532 )
Cash generated from operations 161,827 1,263,641

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 March 2024
31.3.24 1.4.23
£    £   
Cash and cash equivalents 324,228 1,123,433
Year ended 31 March 2023
31.3.23 1.4.22
£    £   
Cash and cash equivalents 1,123,433 68,155


3. ANALYSIS OF CHANGES IN NET DEBT

At 1.4.23 Cash flow At 31.3.24
£    £    £   
Net cash
Cash at bank 1,123,433 (799,205 ) 324,228
1,123,433 (799,205 ) 324,228
Debt
Debts falling due after 1 year (1,339,983 ) 965,185 (374,798 )
(1,339,983 ) 965,185 (374,798 )
Total (216,550 ) 165,980 (50,570 )

NEGENTROPY CAPITAL PARTNERS LIMITED (REGISTERED NUMBER: 06838462)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Negentropy Capital Partners Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared using the going concern basis of accounting.

Significant judgements and estimates
No significant judgements or estimations have been used in preparing the financial statements.

Turnover
Turnover is measured at the fair value of the consideration received, excluding value added tax. Revenue is recognised, and a sales invoice raised, when services are completed.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Computer equipment - 33% on cost

Investments in subsidiaries
Investment in subsidiary undertakings are recognised at costs less accumulated impairment.

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.

NEGENTROPY CAPITAL PARTNERS LIMITED (REGISTERED NUMBER: 06838462)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

3. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 413,651 311,291
Social security costs 10,475 -
Other pension costs 2,311 2,963
426,437 314,254

The average number of employees during the year was as follows:
2024 2023

Directors 4 4
Administrative 2 2
6 6

2024 2023
£    £   
Directors' remuneration 86,850 1,850


The remuneration for Mr Caramella relates to his role as COO and not director. This figure is also included in the total wages and salaries figure above.

4. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
£    £   
Other operating leases 49,673 57,030
Depreciation - owned assets 1,192 892
Auditing of accounts 4,600 4,500
Foreign exchange differences 7,247 10,073

NEGENTROPY CAPITAL PARTNERS LIMITED (REGISTERED NUMBER: 06838462)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2024

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank and loan interest 4,786 72,041

6. TAXATION

Analysis of the tax (credit)/charge
The tax (credit)/charge on the profit for the year was as follows:
2024 2023
£    £   
Deferred tax (298 ) 161
Tax on profit (298 ) 161

Reconciliation of total tax (credit)/charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 11,112 1,093,262
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 19%)

2,778

207,720

Effects of:
Expenses not deductible for tax purposes 360 277
Capital allowances in excess of depreciation - (72 )
Utilisation of tax losses (3,138 ) (207,925 )

Deferred Tax (298 ) 161
Total tax (credit)/charge (298 ) 161

Analysis of the tax charge
No liability to UK corporation tax arose for the year ended 31 March 2024 nor for the year ended 31 March 2022.

Factors affecting future tax charges
From 1 April 2023, the main rate of corporation tax in the UK is due to increase to 25% for company profits over £250,000. A small profits rate of 19% will apply to company profits under £50,000, and profits in between will be taxed at a marginal rate. The company continues to carry forward tax losses which will be utilised against subsequent profits.

NEGENTROPY CAPITAL PARTNERS LIMITED (REGISTERED NUMBER: 06838462)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2024

7. TANGIBLE FIXED ASSETS
Computer
equipment
£   
COST
At 1 April 2023
and 31 March 2024 3,575
DEPRECIATION
At 1 April 2023 1,166
Charge for year 1,192
At 31 March 2024 2,358
NET BOOK VALUE
At 31 March 2024 1,217
At 31 March 2023 2,409

8. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 April 2023
and 31 March 2024 383,394
NET BOOK VALUE
At 31 March 2024 383,394
At 31 March 2023 383,394

The company also had investments at the balance sheet date in the share capital of the following companies. These are stated at nil value:

Vera Negentropy Group Ltd
Registered office: 15 Hanover Square, London, W1S 1HS
Nature of business: Property management
%
Class of shares: holding
Ordinary 40.00

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


Syntropy Holdings Luxembourg Sarl
Registered office: 2, Avenue Gaston Diderich, L-1420, Luxembourg
Nature of business: Investment holding company
%
Class of shares: holding
Ordinary 100.00

NEGENTROPY CAPITAL PARTNERS LIMITED (REGISTERED NUMBER: 06838462)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2024

8. FIXED ASSET INVESTMENTS - continued

Negentropy Capital Partners Italia Srl
Registered office: Corso Di Porta Nuova 16, 20121, Milano (MI), Italy
Nature of business: Investment holding company
%
Class of shares: holding
Ordinary 100.00

SHL Marengo Sarl
Registered office: 2, Avenue Gaston Diderich, L-1420, Luxembourg
Nature of business: Investment holding company
%
Class of shares: holding
Ordinary 100.00

Negentropy Agency Italia Srl
Registered office: Corso Di Porta Nuova 16, 20121, Milano (MI), Italy
Nature of business: Investment holding company
%
Class of shares: holding
Ordinary 100.00

Capsicum SCA
Registered office: 51, Boulevard Grande Duchesse Charlotte, L-1331, Luxembourg
Nature of business: Investment holding company
%
Class of shares: holding
Ordinary 100.00

Fenice Holding SpA
Registered office: Via Venti Settembre 98/G, 00187, Roma (RM), Italia
Nature of business: Investment holding company
%
Class of shares: holding
Ordinary 93.22

UNA SpA
Registered office: Via Venti Settembre 98/G, 00187, Roma (RM), Italia
Nature of business: Investment holding company
%
Class of shares: holding
Ordinary 100.00

9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Amounts owed by group undertakings 109,570 102,901
Other debtors 4,085 8,329
VAT 11,020 9,884
Prepayments and accrued income 106,005 62,346
230,680 183,460

NEGENTROPY CAPITAL PARTNERS LIMITED (REGISTERED NUMBER: 06838462)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2024

10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 42,570 17,605
Social security and other taxes 514 -
Accruals and deferred income 249,064 73,647
292,148 91,252

11. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Other loans (see note 12) 374,798 1,339,983

12. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due between two and five years:
Other loans between 2-5 years 374,798 1,339,983

13. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 7,670 44,460
Between one and five years - 7,410
7,670 51,870

14. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 304 602

Deferred
tax
£   
Balance at 1 April 2023 602
Provided during year (298 )
Balance at 31 March 2024 304

NEGENTROPY CAPITAL PARTNERS LIMITED (REGISTERED NUMBER: 06838462)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2024

15. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
517,858 Ordinary £1 517,858 517,858

16. RESERVES
Retained Share
earnings premium Totals
£    £    £   

At 1 April 2023 (292,161 ) 35,162 (256,999 )
Profit for the year 11,410 - 11,410
At 31 March 2024 (280,751 ) 35,162 (245,589 )

The retained earnings reserve is comprised of accumulated total comprehensive income, less dividends.

17. RELATED PARTY DISCLOSURES

During the year the company received no funding from director, Alexis de Dietrich (2023 - £nil) and was paid interest of £53,199 (2023 - £65,457). At the year end £422,663.36 was payable by the company (2023 - £1,339,983). Interest is charged at 5% and repayable within the next 12 months.

During the year the company received no funding from group undertaking, Vera Negentropy Group ((2023 - received £16,035). No interest was charged (2023 - £nil). At the year end £1,747 was due to the company (2022 - £1,747). The company also paid fees to Vera Group Ltd of £31,075 in the year. (2023 - £48,756). The balance is interest free and repayable on demand. In the year £54,360 was paid to Vera Negentropy group.

During the year the company provided management services to another group undertaking, Negentropy RAIF, of £163,540 (2023 - £349,608). At the year end £nil was due to the company (2023 - £nil). The balance is interest free and repayable on demand.

During the year the company received no arrangement fees from the directors, Alexis de Dietrich, £nil (2023 - £145,435) and Ferruccio Ferrara, £nil (2023 - £58,174).

18. ULTIMATE CONTROLLING PARTY

The immediate and ultimate parent company is Negentropy Group Holding S.à.r.l, a company incorporated in
Luxembourg. This company is controlled by Ferruccio Ferrara.