REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 5 April 2024 |
for |
Chrysalis Capital Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 5 April 2024 |
for |
Chrysalis Capital Limited |
Chrysalis Capital Limited (Registered number: 08090507) |
Contents of the Financial Statements |
for the Year Ended 5 April 2024 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 4 |
Chartered Accountants' Report | 6 |
Chrysalis Capital Limited |
Company Information |
for the Year Ended 5 April 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Delta House |
16 Bridge Road |
Haywards Heath |
West Sussex |
RH16 1UA |
Chrysalis Capital Limited (Registered number: 08090507) |
Statement of Financial Position |
5 April 2024 |
5.4.24 | 5.4.23 |
Notes | £ | £ |
CURRENT ASSETS |
Debtors: amounts falling due within one year |
4 |
Investments | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Chrysalis Capital Limited (Registered number: 08090507) |
Statement of Financial Position - continued |
5 April 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
Chrysalis Capital Limited (Registered number: 08090507) |
Notes to the Financial Statements |
for the Year Ended 5 April 2024 |
1. | STATUTORY INFORMATION |
Chrysalis Capital Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents interest received from lending, in the form of invoice discounting and loans (secured and unsecured) together with income received from investments. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 statement of financial position date. |
Going concern |
The accounts have been prepared on the assumption that the company is able to carry on business as a going concern, the directors consider this as appropriate and have agreed to fund the company as required and only draw down on this funding when profits and cash flow permits, always ensuring that the company has adequate working capital to continue and expand its activities. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
5.4.24 | 5.4.23 |
£ | £ |
Unsecured loans to customers | 25,000 | 25,000 |
Secured loans to customers | 3,932,401 | 4,098,981 |
5. | CURRENT ASSET INVESTMENTS |
Investments represent shares in listed companies held by a broker and these are bought and sold on instruction of the directors of the company. |
These investments are carried at the lower of cost or net realisable value. |
Chrysalis Capital Limited (Registered number: 08090507) |
Notes to the Financial Statements - continued |
for the Year Ended 5 April 2024 |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
5.4.24 | 5.4.23 |
£ | £ |
Other loans |
Tax |
Directors' current accounts | 1,045,643 | 1,210,545 |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
5.4.24 | 5.4.23 |
£ | £ |
Other loans - 1-2 years | 64,220 | 118,777 |
Other loans - 2-5 years | - | 73,014 |
8. | RELATED PARTY DISCLOSURES |
M W Strange |
A director and shareholder of the company |
M W Strange has lent the company an amount of £1,045,643 (2023 - £1,210,545) which was outstanding at the end of the year. |
Those money have been used to allow the company to carry out its principal activity of providing finance to customers. |
There is no interest charged to the company in respect of this loan. |
Funding 365 Limited |
A company in which Chrysalis Capital Limited and M W Strange hold shares. |
The company has lent Funding 365 Limited group an amount of £3,932,401 (2023 - £4,098,981) to enable them to have funds to provide secured bridging loans to clients. Monies are lent under the terms of specific Participation Agreements. |
Chrysalis Capital Pension Scheme |
The Trustees of the Chrysalis Capital Pension Scheme have made loans to the company totalling amounts of £462,000, which is secured on the assets of the company and is repayable over 5 equal annual instalments. |
Interest is charged on the loan at the rate of 9% per annum. |
Chartered Accountants' Report to the Board of Directors |
on the Unaudited Financial Statements of |
Chrysalis Capital Limited |
The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Statement of Comprehensive Income and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Chrysalis Capital Limited for the year ended 5 April 2024 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us. |
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
This report is made solely to the Board of Directors of Chrysalis Capital Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Chrysalis Capital Limited and state those matters that we have agreed to state to the Board of Directors of Chrysalis Capital Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Chrysalis Capital Limited and its Board of Directors, as a body, for our work or for this report. |
It is your duty to ensure that Chrysalis Capital Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Chrysalis Capital Limited. You consider that Chrysalis Capital Limited is exempt from the statutory audit requirement for the year. |
We have not been instructed to carry out an audit or a review of the financial statements of Chrysalis Capital Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
Delta House |
16 Bridge Road |
Haywards Heath |
West Sussex |
RH16 1UA |