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Registration number: 13164292

Capsule Ventures Limited

Unaudited Filleted Abridged Financial Statements

for the Year Ended 31 March 2024

 

Capsule Ventures Limited

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 8

 

Capsule Ventures Limited

Company Information

Directors

Mr Lawrence James Bleach

Miss Sarah Louise Hennessy

Registered office

Flat 8, 21 First Avenue
Hove
BN3 2FH

Accountants

Franklin, Chartered Accountants
320 Garratt Lane
London
SW18 4EJ

 

Capsule Ventures Limited

(Registration number: 13164292)
Abridged Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

806,553

813,032

Current assets

 

Debtors

5

30

1,530

Cash at bank and in hand

 

24,768

52,698

 

24,798

54,228

Creditors: Amounts falling due within one year

(822,458)

(871,789)

Net current liabilities

 

(797,660)

(817,561)

Total assets less current liabilities

 

8,893

(4,529)

Provisions for liabilities

(1,245)

(2,476)

Net assets/(liabilities)

 

7,648

(7,005)

Capital and reserves

 

Called up share capital

6

10

10

Retained earnings

7,638

(7,015)

Shareholders' funds/(deficit)

 

7,648

(7,005)

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge 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.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 28 October 2024 and signed on its behalf by:
 

 

Capsule Ventures Limited

(Registration number: 13164292)
Abridged Balance Sheet as at 31 March 2024

.........................................
Mr Lawrence James Bleach
Director

.........................................
Miss Sarah Louise Hennessy
Director

 

Capsule Ventures Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

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:
Flat 8, 21 First Avenue
Hove
BN3 2FH

The principal place of business is:
37 Western Road
Hove
BN3 1AF

These financial statements were authorised for issue by the Board on 28 October 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 abridged 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 abridged 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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

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.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Capsule Ventures Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

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 taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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

Fixtures and Fittings

25% Straight Line

Freehold Property

0% Straight Line

Investment property

The investment property will be valued at least every 5 years by a professional valuer. The next valuation date will be 2026.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Capsule Ventures Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Financial instruments

Classification
The Company has chosen to adopt sections 11 and 12 of FRS 102 in respect of financial instruments.

 Recognition and measurement
Financial instruments 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.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate.

 Impairment
Financial instruments 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.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate.

 

Capsule Ventures Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2023 - 0).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2023

800,000

25,914

825,914

At 31 March 2024

800,000

25,914

825,914

Depreciation

At 1 April 2023

-

12,882

12,882

Charge for the year

-

6,479

6,479

At 31 March 2024

-

19,361

19,361

Carrying amount

At 31 March 2024

800,000

6,553

806,553

At 31 March 2023

800,000

13,032

813,032

Included within the net book value of land and buildings above is £800,000 (2023 - £800,000) in respect of freehold land and buildings.
 

5

Debtors

Debtors includes £Nil (2023 - £Nil) due after more than one year.

6

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary Shares of £0.01 each

1,000

10

1,000

10

       
 

Capsule Ventures Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

7

Financial commitments, guarantees and contingencies

Amounts disclosed in the balance sheet

Included in the balance sheet are financial commitments of £820,000 (2023 - £870,000). This was a loan agreement provided to the company from Mr Lawrence James Bleach and Miss Sarah Louise Hennessy who are directors of the company. The loan incurs no interest unless the lenders demand the loan and the loan is not paid within 3 months of receiving the written request and the interest will be 2% above the Bank of England's base rate. The current facility available to the company is £1,000,000 the company current borrowings are £820,000

8

Related party transactions

Summary of transactions with entities with joint control or significant interest

Capsule Records Limited
 These were items for Capsule Records Limited, that were paid by Capsule Ventures Limited
 At the year end the company was owed £30 by Capsule Records Limited
 

Loans to related parties

2024

Entities with joint control or significant influence
£

Total
£

At start of period

30

30

At end of period

30

30

2023

Entities with joint control or significant influence
£

Total
£

At start of period

6,052

6,052

Advanced

11,032

11,032

Repaid

(17,054)

(17,054)

At end of period

30

30