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REGISTERED NUMBER: 03391332 (England and Wales)












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: Dr B M Shaffer





SECRETARY: T S George





REGISTERED OFFICE: 16 Berghem Mews
Blythe Road
London
London
W14 0HN





REGISTERED NUMBER: 03391332 (England and Wales)





ACCOUNTANTS: Acuity Professional Partnership LLP
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 - 787
Investments 5 530,606 450,606
Investment property 6 9,618,881 8,662,776
10,149,487 9,114,169

CURRENT ASSETS
Debtors 7 4,061,854 5,230,408
Cash at bank 1,063,971 1,399,037
5,125,825 6,629,445
CREDITORS
Amounts falling due within one year 8 3,106,902 3,656,651
NET CURRENT ASSETS 2,018,923 2,972,794
TOTAL ASSETS LESS CURRENT
LIABILITIES

12,168,410

12,086,963

CAPITAL AND RESERVES
Called up share capital 10 8,000,100 8,000,100
Share premium 315,513 315,513
Special reserve 3,615,512 3,615,512
Retained earnings 237,285 155,838
SHAREHOLDERS' FUNDS 12,168,410 12,086,963

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2024 in accordance with Section 476 of the Companies Act 2006.

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 have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the director and authorised for issue on 27 March 2025 and were signed by:





Dr B M Shaffer - Director


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
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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 2 (2023 - 2 ) .

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 1,400
Disposals (1,400 )
At 30 June 2024 -
Depreciation
At 1 July 2023 613
Eliminated on disposal (613 )
At 30 June 2024 -
Net book value
At 30 June 2024 -
At 30 June 2023 787

5. FIXED ASSET INVESTMENTS
Investments
in Investment
Subsidiary in Other
Companies associates investments Totals
£    £    £    £   
Cost
At 1 July 2023 100 50 450,456 450,606
Additions - - 80,000 80,000
At 30 June 2024 100 50 530,456 530,606
Net book value
At 30 June 2024 100 50 530,456 530,606
At 30 June 2023 100 50 450,456 450,606

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 8,662,776
Additions 956,105
At 30 June 2024 9,618,881
Net book value
At 30 June 2024 9,618,881
At 30 June 2023 8,662,776

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.24 30.6.23
£    £   
Trade debtors 18,720 2,889
Other debtors 4,043,134 5,227,519
4,061,854 5,230,408

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.24 30.6.23
£    £   
Trade creditors 150 2,709
Taxation and social security 24,101 13,811
Other creditors 3,082,651 3,640,131
3,106,902 3,656,651

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: £    £   
100 Ordinary 1 100 100
16,000,000 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.