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Company No: 10740906 (England and Wales)

STEMAR CAPITAL PARTNERS LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

STEMAR CAPITAL PARTNERS LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

STEMAR CAPITAL PARTNERS LIMITED

COMPANY INFORMATION

For the financial year ended 31 March 2024
STEMAR CAPITAL PARTNERS LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 March 2024
DIRECTOR Philippe Costeletos
REGISTERED OFFICE 22 Chancery Lane
London
WC2A 1LS
United Kingdom
COMPANY NUMBER 10740906 (England and Wales)
STEMAR CAPITAL PARTNERS LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 March 2024
STEMAR CAPITAL PARTNERS LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2024
Note 2024 2023
£ £
Restated - note 2
Fixed assets
Tangible assets 5 986 2,024
Investments 6 15,399,006 12,403,210
15,399,992 12,405,234
Current assets
Debtors
- due within one year 7 125,303 128,132
- due after more than one year 7 943,285 2,303,715
Cash at bank and in hand 9,066,959 1,648,390
10,135,547 4,080,237
Creditors: amounts falling due within one year 8 ( 15,659,355) ( 15,871,913)
Net current liabilities (5,523,808) (11,791,676)
Total assets less current liabilities 9,876,184 613,558
Net assets 9,876,184 613,558
Capital and reserves
Called-up share capital 1 1
Profit and loss account 9,876,183 613,557
Total shareholder's funds 9,876,184 613,558

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.

Director's responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Stemar Capital Partners Limited (registered number: 10740906) were approved and authorised for issue by the Director on 06 February 2025. They were signed on its behalf by:

Philippe Costeletos
Director
STEMAR CAPITAL PARTNERS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
STEMAR CAPITAL PARTNERS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Stemar Capital Partners Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the company's registered office is 22 Chancery Lane, London, WC2A 1LS, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

These financial statements are prepared on the going concern basis. The directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future through their continued support for at least the next year from the date of signing.

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.

Prior year adjustment

[Disclose the nature of the prior period adjustment, and (if practicable);
(i) for each prior period presented, the amount of the correction for each financial statement line item affected; and
(ii) the amount of the correction at the beginning of the earliest prior period presented; or an explanation if it is not practicable to disclose these amounts for (i) and (ii).]

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Statement of Financial Position date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Statement of Financial Position date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Computer equipment 3 years straight line
Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Fixed asset investments

Investments in subsidiaries and associates are recognised initially at fair value which us normally the transaction price excluding transactions costs. Subsequently, they measured at cost less impairment.

Other 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. If fair value cannot be measured reliable, they are measured at cost less impairment.

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.

2. Prior year adjustment

The following comparative balances have been restated to reflect that in the filed version of the 2023 accounts income and directors loan balance were incorrectly stated by £156,795, tax on profit and corporation tax creditor were incorrectly stated by £56,941, which differed from the signed and approved accounts.

These adjustments affect the 2023 comparatives only.

As previously reported Adjustment As restated
Year ended 31 March 2023 £ £ £
Turnover 267,942 277,918 545,860
Directors loan account 14,809,500 (277,918) 14,531,582
Tax on profit 27,275 56,941 84,216
Corporation Tax creditor 27,403 56,941 84,344

3. Employees

2024 2023
Number Number
Monthly average number of persons employed by the company during the year, including the director 1 1

4. Exceptional item

2024 2023
£ £
Donations 830,144 0

An exception item has been included a £830,144 charitable donation to the UK Friends of Yale University Limited (Charity number: 1119399) by Stemar Capital Partners Limited.

5. Tangible assets

Computer equipment Total
£ £
Cost
At 01 April 2023 3,502 3,502
At 31 March 2024 3,502 3,502
Accumulated depreciation
At 01 April 2023 1,478 1,478
Charge for the financial year 1,038 1,038
At 31 March 2024 2,516 2,516
Net book value
At 31 March 2024 986 986
At 31 March 2023 2,024 2,024

6. Fixed asset investments

Investments in subsidiaries

2024
£
Cost
At 01 April 2023 7,394,276
At 31 March 2024 7,394,276
Carrying value at 31 March 2024 7,394,276
Carrying value at 31 March 2023 7,394,276

Investments in associates Other investments Total
£ £ £
Cost or valuation before impairment
At 01 April 2023 457,563 4,551,371 5,008,934
Additions 0 3,341,047 3,341,047
Disposals ( 285,579) ( 59,672) ( 345,251)
At 31 March 2024 171,984 7,832,746 8,004,730
Carrying value at 31 March 2024 171,984 7,832,746 8,004,730
Carrying value at 31 March 2023 457,563 4,551,371 5,008,934

Investments in shares

Name of entity Registered office Principal activity Class of
shares
Ownership
31.03.2024
Ownership
31.03.2023
Stemar Capital Partners S.L. CALLE VELAZQUEZ, 76 - PISO 1 28001, Madrid Spain Investment Management Ordinary 100.00% 100.00%
Janus Fertility S.L. Calle Tambre, 8, 28002 Madrid, Spain Holding Company Class A 80.64% 0.00%
Mistral Fertility S.L. Calle Tambre, 8, 28002 Madrid, Spain Fertility Clinics Ordinary 0.00% 26.30%
Lynx Communications PTE. LTD. 20 Collyer Quay, 09-01, 049319 Singapore Telecoms Advisory Ordinary 50.00% 50.00%
Mazovia DCI Limited MALONE & CO INNISCARRA, MAIN STREET RATHCOOLE, D24 E029 Ireland Investment Management Ordinary 0.00% 25.80%
Poniente Capital Ventures S.L. CALLE VELAZQUEZ, 76, 28001, Madrid, Spain Investment Management Ordinary 26.13% 26.13%
0.00% 0.00%

7. Debtors

2024 2023
£ £
Debtors: amounts falling due within one year
Other debtors 125,303 128,132
Debtors: amounts falling due after more than one year
Amounts owed by group undertakings (note 9) 691,367 2,303,715
Other debtors 251,918 0
943,285 2,303,715

8. Creditors: amounts falling due within one year

2024 2023
£ £
Amounts owed to group undertakings (note 9) 1,076,843 1,229,529
Corporation tax 250,301 84,344
Other taxation and social security 13,341 5,000
Other creditors 14,318,870 14,553,040
15,659,355 15,871,913

9. Related party transactions

Transactions with the entity's director

2024 2023
£ £
Loans payable to the Director 14,137,080 14,531,582
0 0

During the year, the company received a loan from the director. The amount advanced was £3,861 and the amount repaid was £398,363. The loan is interest free and repayable on demand. At the balance sheet date the loan outstanding was £14,137,080 (2023: £14,531,582) and is presented with other creditors

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.