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Company No: 10172434 (England and Wales)

4ANGELS INVESTMENTS LIMITED

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

4ANGELS INVESTMENTS LIMITED

Unaudited Financial Statements

For the financial year ended 31 May 2024

Contents

4ANGELS INVESTMENTS LIMITED

COMPANY INFORMATION

For the financial year ended 31 May 2024
4ANGELS INVESTMENTS LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 May 2024
DIRECTORS Christina Elizabeth Rix
Jonathan Louis Rix
REGISTERED OFFICE One St Peter's Square
Manchester
M2 3DE
United Kingdom
COMPANY NUMBER 10172434 (England and Wales)
ACCOUNTANT Gravita Business Services Limited
Aldgate Tower
2 Leman Street
London
E1 8FA
United Kingdom
4ANGELS INVESTMENTS LIMITED

BALANCE SHEET

As at 31 May 2024
4ANGELS INVESTMENTS LIMITED

BALANCE SHEET (continued)

As at 31 May 2024
Note 2024 2023
£ £
Fixed assets
Investments 3 7,036,452 7,967,860
7,036,452 7,967,860
Current assets
Debtors 4 274,342 274,421
Investments 5 5,628,387 4,685,420
Cash at bank and in hand 268,037 0
6,170,766 4,959,841
Creditors: amounts falling due within one year 6 ( 295,260) ( 659,946)
Net current assets 5,875,506 4,299,895
Total assets less current liabilities 12,911,958 12,267,755
Net assets 12,911,958 12,267,755
Capital and reserves
Called-up share capital 50 50
Profit and loss account 12,911,908 12,267,705
Total shareholder's funds 12,911,958 12,267,755

For the financial year ending 31 May 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of 4Angels Investments Limited (registered number: 10172434) were approved and authorised for issue by the Board of Directors on 26 February 2025. They were signed on its behalf by:

Jonathan Louis Rix
Director
4ANGELS INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2024
4ANGELS INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 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

4Angels Investments 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 One St Peter's Square, Manchester, M2 3DE, 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

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. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

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 Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account 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.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Dividend income

Dividend income from investments is recognised when the shareholders' rights to receive payment have been established (provided that it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably).

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Finance costs

Finance costs are charged to the Profit and Loss Account over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

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 Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial 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.

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.

Investments
Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through the Profit and Loss Account. Where fair value cannot be measured reliably, investments are measured at cost less impairment.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 3

3. Fixed asset investments

2024 2023
£ £
Participating interests 25,050 25,050
Other investments and loans 7,011,402 7,942,810
7,036,452 7,967,860

Listed investments Investments in associates Other investments Total
£ £ £ £
Cost or valuation before impairment
At 01 June 2023 6,200,797 25,050 1,742,013 7,967,860
Additions 11,730,536 0 47,309 11,777,845
Disposals ( 12,983,981) 0 0 ( 12,983,981)
Movement in fair value 344,596 0 0 344,596
Movement in foreign currency ( 69,868) 0 0 ( 69,868)
At 31 May 2024 5,222,080 25,050 1,789,322 7,036,452
Carrying value at 31 May 2024 5,222,080 25,050 1,789,322 7,036,452
Carrying value at 31 May 2023 6,200,797 25,050 1,742,013 7,967,860

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.

Investments in shares

Name of entity Registered office Principal activity Class of
shares
Ownership
31.05.2024
Ownership
31.05.2023
Held
EGFV Rix Limited 1 City Road East, Manchester, M15 4PN Buying and selling motor vehicles Ordinary shares 50.00% 50.00% Direct
RixProp Ltd 1 City Road East, Manchester, M15 4PN Holding company Ordinary A shares 49.02% 49.02% Direct

4. Debtors

2024 2023
£ £
Deferred tax asset 274,342 0
Other debtors 0 274,421
274,342 274,421

5. Current asset investments

2024 2023
£ £
Listed investments – at fair value 5,628,387 4,685,420

The fair value of listed investments, which are all traded in active markets, was determined with reference to the quoted market price at the reporting date.

Current asset investments relate to investments with a fixed maturity of within 12 months or less.

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank overdrafts 263,265 644,927
Trade creditors 1,200 0
Taxation and social security 0 2,603
Other creditors 30,795 12,416
295,260 659,946

Bank loans and overdrafts are secured by way of a fixed charge over cash and securities held in account with the bank.

7. Related party transactions

Remuneration was paid to the directors of £20,000 (2023: £20,000).

Included within other creditors is an amount owed by the directors to the Company of £23,311 (2023: owed by the directors £274,421). The loan was repaid after the year end.

The Company has used the listed investment portfolio as guarantee for a personal loan taken out by the shareholder of the Company.

8. Ultimate controlling party

J L Rix is the ultimate controlling party by virtue of his shareholding.