Company No:
Contents
DIRECTOR | Philippe Costeletos |
REGISTERED OFFICE | 22 Chancery Lane |
London | |
WC2A 1LS | |
United Kingdom |
COMPANY NUMBER | 10740906 (England and Wales) |
Note | 2024 | 2023 | ||
£ | £ | |||
Restated - note 2 | ||||
Fixed assets | ||||
Tangible assets | 5 |
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Investments | 6 |
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15,399,992 | 12,405,234 | |||
Current assets | ||||
Debtors | ||||
- due within one year | 7 |
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- due after more than one year | 7 |
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Cash at bank and in hand |
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10,135,547 | 4,080,237 | |||
Creditors: amounts falling due within one year | 8 | (
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Net current liabilities | (5,523,808) | (11,791,676) | ||
Total assets less current liabilities | 9,876,184 | 613,558 | ||
Net assets |
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Capital and reserves | ||||
Called-up share capital |
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Profit and loss account |
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Total shareholder's funds |
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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:
Philippe Costeletos
Director |
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.
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 £.
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 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.
[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).]
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.
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.
Computer equipment |
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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.
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 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.
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 |
2024 | 2023 | ||
Number | Number | ||
Monthly average number of persons employed by the company during the year, including the director |
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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.
Computer equipment | Total | ||
£ | £ | ||
Cost | |||
At 01 April 2023 |
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At 31 March 2024 |
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Accumulated depreciation | |||
At 01 April 2023 |
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Charge for the financial year |
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At 31 March 2024 |
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Net book value | |||
At 31 March 2024 |
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At 31 March 2023 |
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Investments in subsidiaries
2024 | |
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Cost | |
At 01 April 2023 |
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At 31 March 2024 |
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Carrying value at 31 March 2024 |
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Carrying value at 31 March 2023 |
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Investments in associates | Other investments | Total | |||
£ | £ | £ | |||
Cost or valuation before impairment | |||||
At 01 April 2023 |
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Additions |
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Disposals | (
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At 31 March 2024 |
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Carrying value at 31 March 2024 |
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Carrying value at 31 March 2023 |
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Investments in shares
Name of entity | Registered office | Principal activity | Class of shares |
Ownership 31.03.2024 |
Ownership 31.03.2023 |
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CALLE VELAZQUEZ, 76 - PISO 1 28001, Madrid Spain | Investment Management |
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Calle Tambre, 8, 28002 Madrid, Spain | Holding Company |
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Calle Tambre, 8, 28002 Madrid, Spain | Fertility Clinics |
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20 Collyer Quay, 09-01, 049319 Singapore | Telecoms Advisory |
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Mazovia DCI Limited | MALONE & CO INNISCARRA, MAIN STREET RATHCOOLE, D24 E029 Ireland | Investment Management | Ordinary | 0.00% | 25.80% |
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CALLE VELAZQUEZ, 76, 28001, Madrid, Spain | Investment Management |
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2024 | 2023 | ||
£ | £ | ||
Debtors: amounts falling due within one year | |||
Other debtors |
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Debtors: amounts falling due after more than one year | |||
Amounts owed by group undertakings (note 9) |
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Other debtors |
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2024 | 2023 | ||
£ | £ | ||
Amounts owed to group undertakings (note 9) |
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Corporation tax |
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Other taxation and social security |
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Other creditors |
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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.