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Registered number: 10193596
Capital v Limited
Unaudited Financial Statements
For the Period 1 June 2023 to 30 June 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 10193596
30 June 2024 31 May 2023
Notes £ £ £ £
FIXED ASSETS
Investment Properties 4 486,000 486,000
Investments 5 10,104,436 10,622,716
10,590,436 11,108,716
CURRENT ASSETS
Debtors 6 3,092,515 2,496,455
3,092,515 2,496,455
Creditors: Amounts Falling Due Within One Year 7 (1,111,555 ) (1,950,270 )
NET CURRENT ASSETS (LIABILITIES) 1,980,960 546,185
TOTAL ASSETS LESS CURRENT LIABILITIES 12,571,396 11,654,901
Creditors: Amounts Falling Due After More Than One Year 8 (121,742 ) (142,941 )
NET ASSETS 12,449,654 11,511,960
CAPITAL AND RESERVES
Called up share capital 50 50
Profit and Loss Account 12,449,604 11,511,910
SHAREHOLDERS' FUNDS 12,449,654 11,511,960
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For the period ending 30 June 2024 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
R R Rix
Director
25/11/2024
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Capital v Limited is a private company, limited by shares, incorporated in England & Wales, registered number 10193596 . The registered office is One St Peter's Square, Manchester, M2 3DE.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.
2.2. Going Concern Disclosure
The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. This assessment is based on the fact that the Company's investments continue to generate income and hold their value. The directors note that the Company has strong cash reserves as a result of the sale of a number of investments during the year. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
2.3. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
2.4. Financial Instruments
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
2.5. Foreign Currencies
Monetary 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 ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.7. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2.8. Fixed asset investments
Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.
2.9. Group accounts exemption
Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.
2.10. Impairment of assets
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.
Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.
If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Financial assets
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.
Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
For financial assets carried at amortised cost, the amount of impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.
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3. Average Number of Employees
Average number of employees, including directors, during the period was: 3 (2023: 3)
3 3
4. Investment Property
30 June 2024
£
Fair Value
As at 1 June 2023 and 30 June 2024 486,000
Investment properties are held at the directors' valuation. If the investment properties had not been revalued they would have been included at cost of £439,272 (2023: £439,272). 
The directors have considered the value of the properties at the year end to be consistent with their fair value, based on latest yields, occupancy rates and lease terms in place.
The Company has a fixed charge on the investment property.
5. Investments
Subsidiaries Associates Listed Other Total
£ £ £ £ £
Cost
As at 1 June 2023 200 25,050 8,223,300 2,374,166 10,622,716
Additions - - 1,014,630 317,467 1,332,097
Disposals - - (1,850,377 ) - (1,850,377 )
As at 30 June 2024 200 25,050 7,387,553 2,691,633 10,104,436
Provision
As at 1 June 2023 - - - - -
As at 30 June 2024 - - - - -
Net Book Value
As at 30 June 2024 200 25,050 7,387,553 2,691,633 10,104,436
As at 1 June 2023 200 25,050 8,223,300 2,374,166 10,622,716
The fair value of listed investments was determined with reference to the quoted market price at the reporting date. Disposals are presented at cost, the cumulative fair value gains and losses recognised to the date of disposal have been included in the movement in fair value.
Other investments are held at cost less impairment because their fair value cannot be measured reliably.
6. Debtors
30 June 2024 31 May 2023
£ £
Due within one year
Other debtors 1,296 -
Deferred tax current asset 58,027 29,173
Directors' loan accounts 329,700 -
Amounts owed by group undertakings 2,703,492 2,467,282
3,092,515 2,496,455
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7. Creditors: Amounts Falling Due Within One Year
30 June 2024 31 May 2023
£ £
Trade creditors 1 -
Bank loans and overdrafts 1,087,269 1,855,620
Other taxes and social security 785 4,582
Other creditors - 80
Shareholder Loan Account - 63,828
Accruals and deferred income 23,400 26,160
Amounts owed to subsidiaries 100 -
1,111,555 1,950,270
Bank loans and overdrafts are secured by way of a fixed charge over the investment property held by the Company.
Bank loans and overdrafts are also secured by way of a fixed charge over cash and securities held in account with the bank.
8. Creditors: Amounts Falling Due After More Than One Year
30 June 2024 31 May 2023
£ £
Bank loans 121,742 142,941
Of the creditors falling due after more than one year the following amounts are due after more than five years.
30 June 2024 31 May 2023
£ £
Other Creditors 33,938 90,957
9. Pension Commitments
The company operates a defined contribution pension scheme for the directors and employee. The assets of the scheme are held separately from those of the company in an independently administered fund. At the balance sheet date unpaid contributions of 2024 £nil (2023 £80) were due to the fund. They are included in Other Creditors.
10. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 June 2023 Amounts advanced Amounts repaid Amounts written off As at 30 June 2024
£ £ £ £ £
Mr Reginald Rix (63,828 ) 393,528 - - 329,700
The above loan is unsecured, interest free and repaid post year-end.
11. Related Party Transactions
Remuneration was paid to the directors of £21,667 (2023: £20,000). The directors are the only key management personnel of this Company.
Included within other creditors is a director's loan of £300 (2023: £63,828) owed by R R J Rix. The loan is interest free and repayable on demand. The Company has used the listed investment portfolio as guarantee for a personal loan taken out by the shareholder of the Company.
The Company has taken advantage of the exemptions available in Section 33 Related Party Transactions of FRS 102 to not disclose transactions with other wholly owned entities in the group.
12. Ultimate Controlling Party
R R J Rix is the ultimate controlling party by virtue of his shareholding.
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