REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2024 |
FOR |
BLACKCAP LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2024 |
FOR |
BLACKCAP LIMITED |
BLACKCAP LIMITED (REGISTERED NUMBER: 03391332) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2024 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 4 |
BLACKCAP LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 JUNE 2024 |
DIRECTOR: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Unit 2.02 High Weald House |
Glovers End |
Bexhill |
East Sussex |
TN39 5ES |
BLACKCAP LIMITED (REGISTERED NUMBER: 03391332) |
STATEMENT OF FINANCIAL POSITION |
30 JUNE 2024 |
30.6.24 | 30.6.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
Investment property | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Share premium |
Special reserve |
Retained earnings | 237,285 | 155,838 |
SHAREHOLDERS' FUNDS |
The director acknowledges his 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. |
BLACKCAP LIMITED (REGISTERED NUMBER: 03391332) |
STATEMENT OF FINANCIAL POSITION - continued |
30 JUNE 2024 |
The financial statements were approved by the director and authorised for issue on |
BLACKCAP LIMITED (REGISTERED NUMBER: 03391332) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2024 |
1. | GENERAL INFORMATION |
Blackcap Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page. |
The presentation currency of the financial statements is the Pound Sterling (£) |
2. | ACCOUNTING POLICIES |
BASIS OF PREPARING THE FINANCIAL STATEMENTS |
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006, except with regards to investment properties (see note 2.3) |
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies. |
The following principal accounting policies have been applied: |
2.1 Exemption from preparing consolidated financial statements |
The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts |
. |
2.2 Revenue |
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Revenue comprises revenue recognised by the company in respect of rent receivable. |
2.3 Investment property |
Investment properties are included in the Statement of Financial Position at cost. Investment properties are not revalued annually at their open market value as required by FRS 102. The directors consider that no useful purpose would be served in incurring the expense of a professional valuation. In the absence of a professional valuation, it is not possible for the directors to estimate with reasonable accuracy the open market value of the properties. |
BLACKCAP LIMITED (REGISTERED NUMBER: 03391332) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
2.4 Valuation of investments |
Investments in subsidiaries are measured at cost less accumulated impairment. |
Investments in unlisted company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment. |
2.5 Debtors |
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. |
2.6 Cash and cash equivalents |
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. |
BLACKCAP LIMITED (REGISTERED NUMBER: 03391332) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
2.7 Financial instruments |
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares. |
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan. |
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income. |
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. |
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date. |
Financial assets and liabilities are offset and the net amount reported in the Statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
2.8 Creditors |
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. |
2.9 Finance costs |
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that 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. |
BLACKCAP LIMITED (REGISTERED NUMBER: 03391332) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
2.10 Dividends |
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. |
2.11 Interest income |
Interest income is recognised in profit or loss using the effective interest method. |
2.12 Taxation |
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. |
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income. |
2.13 Exceptional items |
Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence. |
TANGIBLE FIXED ASSETS |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter. |
Motor vehicles - 25% on reducing balance |
TAXATION |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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. |
DEFERRED TAX |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
BLACKCAP LIMITED (REGISTERED NUMBER: 03391332) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
Cost |
At 1 July 2023 |
Disposals | ( |
) |
At 30 June 2024 |
Depreciation |
At 1 July 2023 |
Eliminated on disposal | ( |
) |
At 30 June 2024 |
Net book value |
At 30 June 2024 |
At 30 June 2023 |
5. | FIXED ASSET INVESTMENTS |
Investments |
in | Investment |
Subsidiary | in | Other |
Companies | associates | investments | Totals |
£ | £ | £ | £ |
Cost |
At 1 July 2023 | 450,606 |
Additions | 80,000 |
At 30 June 2024 | 530,606 |
Net book value |
At 30 June 2024 | 530,606 |
At 30 June 2023 | 450,606 |
BLACKCAP LIMITED (REGISTERED NUMBER: 03391332) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
6. | INVESTMENT PROPERTY |
Total |
£ |
Cost |
At 1 July 2023 |
Additions |
At 30 June 2024 |
Net book value |
At 30 June 2024 |
At 30 June 2023 |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.24 | 30.6.23 |
£ | £ |
Trade debtors |
Other debtors |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.24 | 30.6.23 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
9. | LEASING AGREEMENTS |
Lessees' account |
The Company operates a lessees' service charges account. The Company can only use it for the designated purposes. The interest earned on this account is paid to the lessees. |
10. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.6.24 | 30.6.23 |
value: | £ | £ |
Ordinary | 1 | 100 | 100 |
Redeemable Preference Shares | .50 | 8,000,000 | 8,000,000 |
8,000,100 | 8,000,100 |
BLACKCAP LIMITED (REGISTERED NUMBER: 03391332) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
10. | CALLED UP SHARE CAPITAL - continued |
The Redeemable Preference shares are entitled to a dividend of 2% over Bank of England base rate per share, payable quarterly to be paid only if the company has sufficient profits available for distribution. |
Shareholders may by written notice redeem their shares at any time on or after nine months from the date of issue of such shares, but not earlier than 28 days from the date of the notice. The company may by written notice redeem the shares at any time, but not earlier than 28 days from the date of the notice. The shares can be redeemed at a premium. There are no voting rights attached to these shares. The Redeemable Preference shares are treated as equity as neither the shareholders nor the company intend to redeem the shares in the near future. |
11. | CONTINGENT LIABILITIES |
The Company is part of a Group for VAT purposes. All companies within the group are jointly and severally liable in the event of non payment of VAT by any company within the group. The amount outstanding at the year end was approximately £Nil (2023 - £Nil). |
12. | RELATED PARTY TRANSACTIONS |
2024 | 2023 |
£ | £ |
Entities over which the company has control |
Amounts due from subsidiaries | - | - |
Amounts due to subsidiaries | 152,806 | 972,204 |
Amounts owed by associates | 2,349,012 | 2,374,582 |
Entities with common directors or controlling parties |
Amounts due to related parties | 2,588,332 | 2,390,947 |
Amounts due from related parties | 1,618,530 | 2,845,437 |
Amounts received in interest to related parties during the year | 124,559 | 93.289 |
Amounts paid in interest to related parties during the year | 167,228 | 126,303 |
Interest free advance due to/from controlling party with no fixed repayment date |
R Shaffer Discretionary Settlement | 32,196 | 59,335 |
M Shaffer, a trustee of the trust that owns 100% of the ordinary shares of Blackcap Limited, transferred property of a value of £nil (2023 - £nil) to the company during the year. |
13. | CONTROLLING PARTY |
The Company is controlled by R Shaffer Discretionary Settlement, where B M Shaffer is a potential beneficiary. |