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Company No: 09102452 (England and Wales)

RABIN CAPITAL LIMITED

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

RABIN CAPITAL LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

RABIN CAPITAL LIMITED

COMPANY INFORMATION

For the financial year ended 31 March 2024
RABIN CAPITAL LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 March 2024
DIRECTORS Brian Andrew Linden
Clare Linden
REGISTERED OFFICE 2 Leman Street
London
E1W 9US
United Kingdom
COMPANY NUMBER 09102452 (England and Wales)
ACCOUNTANT Gravita Business Services Limited
Aldgate Tower
2 Leman Street
London
E1 8FA
United Kingdom
RABIN CAPITAL LIMITED

BALANCE SHEET

As at 31 March 2024
RABIN CAPITAL LIMITED

BALANCE SHEET (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Investments 3 24,802,521 23,413,309
24,802,521 23,413,309
Current assets
Debtors 4 29,553 26,198
Cash at bank and in hand 1,266,731 721,469
1,296,284 747,667
Creditors: amounts falling due within one year 5 ( 364,763) ( 150,967)
Net current assets 931,521 596,700
Total assets less current liabilities 25,734,042 24,010,009
Creditors: amounts falling due after more than one year 6 ( 14,920,980) ( 14,920,980)
Provision for liabilities ( 916,261) ( 810,093)
Net assets 9,896,801 8,278,936
Capital and reserves
Called-up share capital 4 4
Profit and loss account 9,896,797 8,278,932
Total shareholders' funds 9,896,801 8,278,936

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.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Rabin Capital Limited (registered number: 09102452) were approved and authorised for issue by the Board of Directors on 27 March 2025. They were signed on its behalf by:

Brian Andrew Linden
Director
RABIN CAPITAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
RABIN CAPITAL 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

Rabin Capital 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 2 Leman Street, London, E1W 9US, 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).

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.

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.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Fair value measurement
The best evidence of fair value is a quoted price for an identical asset in an active market. When quoted prices are unavailable, the price of a recent transaction for an identical asset provides evidence of fair value as long as there has not been a significant change in economic circumstances or a significant lapse of time since the transaction took place. If the market is not active and recent transactions of an identical asset on their own are not a good estimate of fair value, the fair value is estimated by using a valuation technique.

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 2

3. Fixed asset investments

Listed investments Other investments Total
£ £ £
Cost or valuation before impairment
At 01 April 2023 19,863,215 3,550,094 23,413,309
Additions 7,035,089 27,740 7,062,829
Disposals ( 7,209,912) 0 ( 7,209,912)
Movement in fair value 1,629,794 0 1,629,794
Movement in foreign exchange ( 41,776) ( 26,614) ( 68,390)
Partnership profit/(loss) share 0 (25,109) (25,109)
At 31 March 2024 21,276,410 3,526,111 24,802,521
Carrying value at 31 March 2024 21,276,410 3,526,111 24,802,521
Carrying value at 31 March 2023 19,863,215 3,550,094 23,413,309

Listed investments represent investments in non-puttable ordinary shares and are measured at fair value through the Profit and Loss Account at 31 March 2024 and 31 March 2023. The cost on acquisition of these investments held at 31 March 2024 was £16,806,841 (2023: £15,934,214). Fair value gains and foreign exchange losses have been recognised in the Profit and Loss account. There were no other fair value gains or losses in the current or prior year.

Other investments consists of unlisted investments and investments in partnerships. Unlisted investments are held at cost less impairment.

4. Debtors

2024 2023
£ £
Accrued income 29,553 26,198

5. Creditors: amounts falling due within one year

2024 2023
£ £
Bank overdrafts 48,110 0
Accruals 29,280 53,160
Corporation tax 287,373 97,807
364,763 150,967

6. Creditors: amounts falling due after more than one year

2024 2023
£ £
Other loans 14,920,980 14,920,980

Other loans include loan notes which bear no interest and for which there is no redemption obligation until 31 January 2034.

7. Related party transactions

At 31 March 2024, Daniel Linden and Jonathan Linden (shareholders in the Company) each held unredeemed loan notes of £7,460,490 (2023: £7,460,490). All loan notes are interest-free.

No remuneration was paid to the directors during the current or prior year.

8. Ultimate controlling party

There is no individual ultimate controlling party.