REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
AUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
NEGENTROPY CAPITAL PARTNERS LIMITED |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
5th Floor |
North Side |
7-10 Chandos Street |
London |
W1G 9DQ |
ACCOUNTANTS: |
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: |
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. |
Other changes in directors holding office are as follows: |
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: |
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. |
for and on behalf of |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
NEGENTROPY CAPITAL PARTNERS LIMITED |
5th Floor |
North Side |
7-10 Chandos Street |
London |
W1G 9DQ |
NEGENTROPY CAPITAL PARTNERS LIMITED (REGISTERED NUMBER: 06838462) |
PROFIT AND LOSS ACCOUNT |
for the Year Ended 31 March 2024 |
2024 | 2023 |
Notes | £ | £ |
TURNOVER |
Administrative expenses | ( |
) | ( |
) |
OPERATING PROFIT | 4 |
Interest payable and similar expenses | 5 | ( |
) | ( |
) |
PROFIT BEFORE TAXATION |
Tax on profit | 6 | ( |
) |
PROFIT FOR THE FINANCIAL YEAR |
NEGENTROPY CAPITAL PARTNERS LIMITED (REGISTERED NUMBER: 06838462) |
OTHER COMPREHENSIVE INCOME |
for the Year Ended 31 March 2024 |
2024 | 2023 |
Notes | £ | £ |
PROFIT FOR THE YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
NEGENTROPY CAPITAL PARTNERS LIMITED (REGISTERED NUMBER: 06838462) |
BALANCE SHEET |
31 March 2024 |
2024 | 2023 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 7 |
Investments | 8 |
CURRENT ASSETS |
Debtors | 9 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 10 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
11 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 14 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 15 |
Share premium | 16 |
Retained earnings | 16 | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
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 | ( |
) | ( |
) |
Changes in equity |
Total comprehensive income | - | - |
Balance at 31 March 2023 | ( |
) |
Changes in equity |
Total comprehensive income | - | - |
Balance at 31 March 2024 | ( |
) |
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 |
Interest paid | ( |
) | ( |
) |
Foreign Exchange Gain/Loss | ( |
) | ( |
) |
Net cash from operating activities |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) |
Net cash from investing activities | ( |
) |
Cash flows from financing activities |
Loan repayments in year | ( |
) |
Amount repaid to directors | (948,999 | ) | - |
Net cash from financing activities | ( |
) | ( |
) |
(Decrease)/increase in cash and cash equivalents | ( |
) |
Cash and cash equivalents at beginning of year |
2 |
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 |
Depreciation charges |
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 | ( |
) |
Increase/(decrease) in trade and other creditors | ( |
) |
Cash generated from operations |
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 | ( |
) | 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 |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Computer equipment | - |
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 |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
2024 | 2023 |
Directors | 4 | 4 |
Administrative | 2 | 2 |
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 |
Depreciation - owned assets |
Auditing of accounts |
Foreign exchange differences |
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 |
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 | ( |
) |
Tax on profit | ( |
) |
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 |
Profit multiplied by the standard rate of corporation tax in the UK of (2023 - |
Effects of: |
Expenses not deductible for tax purposes |
Capital allowances in excess of depreciation | - | ( |
) |
Utilisation of tax losses | ( |
) | ( |
) |
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 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
8. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 April 2023 |
and 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
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: |
Registered office: 2, Avenue Gaston Diderich, L-1420, Luxembourg |
Nature of business: |
% |
Class of shares: | holding |
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 |
Registered office: Corso Di Porta Nuova 16, 20121, Milano (MI), Italy |
Nature of business: |
% |
Class of shares: | holding |
Registered office: 2, Avenue Gaston Diderich, L-1420, Luxembourg |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Corso Di Porta Nuova 16, 20121, Milano (MI), Italy |
Nature of business: |
% |
Class of shares: | holding |
Registered office: 51, Boulevard Grande Duchesse Charlotte, L-1331, Luxembourg |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Via Venti Settembre 98/G, 00187, Roma (RM), Italia |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Via Venti Settembre 98/G, 00187, Roma (RM), Italia |
Nature of business: |
% |
Class of shares: | holding |
9. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Amounts owed by group undertakings |
Other debtors |
VAT |
Prepayments and accrued income |
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 |
Social security and other taxes |
Accruals and deferred income |
11. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Other loans (see note 12) |
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 |
13. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2024 | 2023 |
£ | £ |
Within one year |
Between one and five years |
14. | PROVISIONS FOR LIABILITIES |
2024 | 2023 |
£ | £ |
Deferred tax | 304 | 602 |
Deferred |
tax |
£ |
Balance at 1 April 2023 |
Provided during year | ( |
) |
Balance at 31 March 2024 |
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: | £ | £ |
Ordinary | £1 | 517,858 | 517,858 |
16. | RESERVES |
Retained | Share |
earnings | premium | Totals |
£ | £ | £ |
At 1 April 2023 | ( |
) | (256,999 | ) |
Profit for the year | - |
At 31 March 2024 | ( |
) | (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. |