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SURFMIST CAPITAL LIMITED

Registered Number
10480965
(England and Wales)

Unaudited Financial Statements for the Year ended
31 December 2024

SURFMIST CAPITAL LIMITED
Company Information
for the year from 1 January 2024 to 31 December 2024

Director

BUCHANAN, Isaac Jeffery

Registered Address

483 Green Lanes, London, Green Lanes
London
N13 4BS

Registered Number

10480965 (England and Wales)
SURFMIST CAPITAL LIMITED
Balance Sheet as at
31 December 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets3-11,872
Investments4520,125520,125
520,125531,997
Current assets
Debtors772,3771,001,895
Cash at bank and on hand1,148,416531,735
1,920,7931,533,630
Creditors amounts falling due within one year5(26,026)(13,808)
Net current assets (liabilities)1,894,7671,519,822
Total assets less current liabilities2,414,8922,051,819
Net assets2,414,8922,051,819
Capital and reserves
Called up share capital3,332,1623,332,162
Profit and loss account(917,270)(1,280,343)
Shareholders' funds2,414,8922,051,819
The financial statements were approved and authorised for issue by the Director on 4 February 2025, and are signed on its behalf by:
BUCHANAN, Isaac Jeffery
Director
Registered Company No. 10480965
SURFMIST CAPITAL LIMITED
Notes to the Financial Statements
for the year ended 31 December 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. 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.
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
Revenue from sale of goods
Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.
Dividend income
Dividend income is recognised when the right to receive payment is established.
Operating leases
Where, substantially, all the risks and rewards of ownership of the asset do not transfer from the lessor to the company, the lease is treated as an operating lease. Rentals payable under operating leases are charged to the profit and loss account on a straight-line basis over the period of the lease.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Straight line (years)
Plant and machinery5
Impairment of non-financial assets policy
Assets which are not carried at fair value are reviewed for evidence of impairment at each reporting date. Where the asset is showing indicators of impairment, the recoverable amount of the asset, is estimated and then compared to the carrying value in the financial statements. Where the carrying amount is in excess of recoverable amount, an impairment loss is recognised in profit or loss.
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Finance leases and hire purchase contracts
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less. Bank overdrafts are disclosed separately. For the purpose of the cash flow statement, bank overdrafts form an integral part of the company's cash management and are included as a component of cash and cash equivalents.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at transaction price and measured at amortised cost using the effective interest method. Where investments in non-derivative financial instruments are publicly traded, or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value through profit and loss. All other investments are subsequently measured at cost less impairment. Financial assets which are measured at cost or amortised cost are reviewed for objective evidence of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. All equity instruments, regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment. Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.
Related parties
For the purposes of these financial statements, a related party could be a person or an entity. Careful consideration is given to the definition of a related party to ensure that all related party relationships, transactions and balances are identified.
2.Average number of employees

20242023
Average number of employees during the year00
3.Tangible fixed assets

Plant & machinery

Total

££
Cost or valuation
At 01 January 24155,297155,297
At 31 December 24155,297155,297
Depreciation and impairment
At 01 January 24143,425143,425
Charge for year11,87211,872
At 31 December 24155,297155,297
Net book value
At 31 December 24--
At 31 December 2311,87211,872
4.Fixed asset investments

Investments in groups1

Total

££
Cost or valuation
At 01 January 24520,125520,125
At 31 December 24520,125520,125
Net book value
At 31 December 24520,125520,125
At 31 December 23520,125520,125

Notes

1Investments in group undertakings and participating interests
5.Creditors: amounts due within one year

2024

2023

££
Amounts owed to related parties8,66411,308
Taxation and social security17,362-
Accrued liabilities and deferred income-2,500
Total26,02613,808
6.Creditors: amounts due after one year