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Company Registration Number 02701742























CLUBB CAPITAL LIMITED





FINANCIAL STATEMENTS





 30 NOVEMBER 2024
























img38af.png

 
CLUBB CAPITAL LIMITED
 

COMPANY INFORMATION


Directors
Dr C A Pittol 
J Gruber 
N A Nicholson 




Company secretary
Dr C A Pittol



Registered number
02701742



Registered office
4th Floor, Rex House
4-12 Regent Street

London

SW1Y 4PE




Independent auditors
Armstrong Watson Audit Limited
Chartered Accountants & Statutory Auditors

James Watson House

Montgomery Way

Rosehill

Carlisle

Cumbria

CA1 2UU





 
CLUBB CAPITAL LIMITED
 

CONTENTS



Page
Strategic report
 
1
Directors' report
 
2 - 3
Directors' responsibilities statement
 
4
Independent auditors' report
 
5 - 8
Statement of comprehensive income
 
9
Balance sheet
 
10
Statement of changes in equity
 
11
Statement of cash flows
 
12
Analysis of net debt
 
13
Notes to the financial statements
 
14 - 23


 
CLUBB CAPITAL LIMITED
 

STRATEGIC REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2024

Introduction
 
The directors present the strategic report for the year ended 30 November 2024.

Business review
 
The results for the year and the financial position at the year end were considered satisfactory by the directors.

Principal risks and uncertainties
 
A comprehensive assessment of the key issues facing the company is continuously reviewed by the directors.
Foreign exchange
The company trades in Sterling, Euros, US Dollars and Swiss Francs. The company's assets, at this time, are mainly denominated in Swiss Francs. Any significant movement in the value of Sterling against the Swiss Franc can impact the profitability of the company. The company has taken steps to manage this risk.
Liquidity
Liquidity risk is managed by ensuring enough resources are available to meet trading cash flows. The company
is supported by the government backed Bounce Back Loan Scheme and external funding arranged by a director.

Financial key performance indicators
 
The key measures that are used to assess the performance of the company are as follows;
• £80,661 of revenue was generated during the year (2023 - Nil). The directors continue to focus on winning   clients.
•  Net asset value per share at the year end was £3.12 (2023 - £4.42), a decrease from the previous year.
• The current assets as a % of current liabilities (quick ratio) was 5.77 (2023 - 8.11), a decrease from the previous year.


This report was approved by the board and signed on its behalf.



Dr C A Pittol
Director

Date: 24 March 2025

Page 1

 
CLUBB CAPITAL LIMITED
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2024

The directors present their report and the financial statements for the year ended 30 November 2024.

Principal activity

The principal activity of the company continued to be that of provision of corporate finance advice.
The company is regulated by the Financial Conduct Authority. The company is primarily involved in advisory services and assistance in the area of corporate finance in Europe.

Results and dividends

The loss for the year, after taxation, amounted to £39,012 (2023 - loss £6,535).

The results for the year and the financial position at the year end were considered satisfactory by the directors who expect renewed growth in the foreseeable future.

Directors

The directors who served during the year were:

Dr C A Pittol 
J Gruber 
N A Nicholson 

Future developments

The directors expect the company's turnover to be at a satisfactory level in the coming year.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Page 2

 
CLUBB CAPITAL LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024


Auditors

The auditorsArmstrong Watson Audit Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





Dr C A Pittol
Director

Date: 24 March 2025

Page 3

 
CLUBB CAPITAL LIMITED
 

DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 NOVEMBER 2024

The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:

select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;


prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 4

 
CLUBB CAPITAL LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CLUBB CAPITAL LIMITED
 

Opinion


We have audited the financial statements of Clubb Capital Limited (the 'Company') for the year ended 30 November 2024, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of cash flows, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 30 November 2024 and of its loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Page 5

 
CLUBB CAPITAL LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CLUBB CAPITAL LIMITED (CONTINUED)


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 6

 
CLUBB CAPITAL LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CLUBB CAPITAL LIMITED (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
• the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations, in particular the requirements under the Investment Firms Regulation and Investment Firms Directive, and anti-money laundering laws and regulations; 
• we identified the laws and regulations applicable to the company through discussions with directors and other management;
• we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management, obtaining and reading relevant filings and documentation; and
• identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the Company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
• making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
• considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
• performed analytical procedures as a risk assessment tool to identify any unusual or unexpected relationships; 
• reviewing cash book entries and tracing a sample to invoices;
• reviewed the application of accounting policies.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
• agreeing financial statement disclosures to underlying supporting documentation; and
• enquiring of management as to actual and potential litigation and claims.

 


Page 7

 
CLUBB CAPITAL LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CLUBB CAPITAL LIMITED (CONTINUED)


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





David Harper (Senior statutory auditor)
for and on behalf of
Armstrong Watson Audit Limited
Chartered Accountants & Statutory Auditors
Carlisle

24 March 2025
Page 8

 
CLUBB CAPITAL LIMITED
 

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 NOVEMBER 2024

2024
2023
Note
£
£

  

Turnover
 4 
80,661
-

Gross profit
  
80,661
-

Administrative expenses
  
(126,558)
(132,781)

Other operating income
 5 
-
80,000

Operating loss
 6 
(45,897)
(52,781)

Gain on disposal of investments
  
7,917
47,157

Interest payable and similar expenses
 8 
(1,032)
(911)

Loss before tax
  
(39,012)
(6,535)

Loss for the financial year
  
(39,012)
(6,535)

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 14 to 23 form part of these financial statements.

Page 9

 
CLUBB CAPITAL LIMITED
REGISTERED NUMBER: 02701742

BALANCE SHEET
AS AT 30 NOVEMBER 2024

 
2024
2023
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 10 
184
184

Current asset investments
 11 
113,761
145,399

Cash at bank and in hand
 12 
7,244
24,727

  
121,189
170,310

Creditors: amounts falling due within one year
 13 
(21,000)
(21,000)

Net current assets
  
 
 
100,189
 
 
149,310

Total assets less current liabilities
  
100,189
149,310

Creditors: amounts falling due after more than one year
 14 
(6,667)
(16,776)

  

Net assets
  
93,522
132,534


Capital and reserves
  

Called up share capital 
 16 
30,000
30,000

Profit and loss account
 17 
63,522
102,534

  
93,522
132,534


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




Dr C A Pittol
Director

Date: 24 March 2025

The notes on pages 14 to 23 form part of these financial statements.

Page 10

 
CLUBB CAPITAL LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2024


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 December 2023
30,000
102,534
132,534


Comprehensive income for the year

Loss for the year
-
(39,012)
(39,012)
Total comprehensive income for the year
-
(39,012)
(39,012)


At 30 November 2024
30,000
63,522
93,522


The notes on pages 14 to 23 form part of these financial statements.


STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 December 2022
30,000
109,069
139,069


Comprehensive income for the year

Loss for the year
-
(6,535)
(6,535)
Total comprehensive income for the year
-
(6,535)
(6,535)


At 30 November 2023
30,000
102,534
132,534


The notes on pages 14 to 23 form part of these financial statements.

Page 11

 
CLUBB CAPITAL LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 NOVEMBER 2024

2024
2023
£
£

Cash flows from operating activities

Loss for the financial year
(39,012)
(6,535)

Adjustments for:

Disposal of investments
(7,917)
(47,157)

Interest paid
1,032
911

Decrease in debtors
-
1,320

Increase/(decrease) in creditors
-
(186,959)

Foreign exchange
-
1,542

Net cash generated from operating activities

(45,897)
(236,878)


Cash flows from investing activities

Sale of unlisted and other investments
39,555
226,151

Net cash from investing activities

39,555
226,151

Cash flows from financing activities

Repayment of loans
(10,110)
(10,000)

Interest paid
(1,032)
(911)

Net cash used in financing activities
(11,142)
(10,911)

Net (decrease) in cash and cash equivalents
(17,484)
(21,638)

Cash and cash equivalents at beginning of year
24,727
46,365

Cash and cash equivalents at the end of year
7,243
24,727


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
7,243
24,727

7,243
24,727


The notes on pages 14 to 23 form part of these financial statements.

Page 12

 
CLUBB CAPITAL LIMITED
 

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 NOVEMBER 2024




At 1 December 2023
Cash flows
At 30 November 2024
£

£

£

Cash at bank and in hand

24,727

(17,484)

7,243

Debt due after 1 year

(16,776)

10,110

(6,666)

Debt due within 1 year

(10,000)

-

(10,000)


(2,049)
(7,374)
(9,423)

The notes on pages 14 to 23 form part of these financial statements.

Page 13

 
CLUBB CAPITAL LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

1.


General information

Clubb Capital Limited is a private company limited by shares incorporated in England and Wales. The registered office is 4th Floor Rex House, 4-12 Regent Street, London, SW1Y 4PE.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

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:

 
2.2

Going concern

At the time of approving the financial statements, the directors have undertaken an assessment of the adequacy of the resources available to the company. The directors are confident of the future operational potential of the company. Given this, and the continued financial support from external sources controlled by a director, the directors continue to adopt the going concern basis in preparing the financial statements.
In reaching their conclusion the directors have considered funding requirements that cover a 12 month period from the date of sign off of these accounts.
After considering the above factors, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and, accordingly, continues to adopt the going concern basis of accounting in preparing the financial statements.

  
2.3

Revenue

Revenue is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Where turnover receivable is in the form of transferable securities, it is recognised at fair value when the shares are issued and are freely tradeable. Shares are only transferred when they are fully paid for.

Page 14

 
CLUBB CAPITAL LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

2.Accounting policies (continued)

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

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.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.8

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 balance sheet date in the countries where the Company operates and generates income.

Page 15

 
CLUBB CAPITAL LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

2.Accounting policies (continued)

 
2.9

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.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.10

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.

 
2.11

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.

In the Statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

 
2.12

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.

 
2.13

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.
Page 16

 
CLUBB CAPITAL LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

2.Accounting policies (continued)


2.13
Financial instruments (continued)


Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.
Page 17

 
CLUBB CAPITAL LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

2.Accounting policies (continued)


2.13
Financial instruments (continued)


Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

  
2.14

Client money

The Company does not hold client money or customer assets.


3.


Judgements and key sources of estimation uncertainty

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Page 18

 
CLUBB CAPITAL LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Service fees
80,661
-


Analysis of turnover by country of destination:

2024
2023
£
£

Rest of the world
80,661
-



5.


Other operating income

2024
2023
£
£

Loans forgiven
-
80,000



6.


Operating loss

The operating loss is stated after charging:

2024
2023
£
£

Exchange differences
1,832
-

Other operating lease rentals
24,324
23,779


7.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
9,200
9,200

8.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
1,032
911

Page 19

 
CLUBB CAPITAL LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

9.


Taxation



Factors affecting tax charge for the year

The tax assessed for the year is the same as (2023 - the same as) the standard rate of corporation tax in the UK of 19% (2023 - 19%) as set out below:

2024
2023
£
£


Loss on ordinary activities before tax
(39,012)
(6,535)


Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2023 - 19%)
(7,412)
(1,242)

Effects of:


Unrelieved tax losses carried forward
7,412
1,242

Total tax charge for the year
-
-


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Deferred Tax

The potential value of deferred tax assets not recognised is £25,038.

Page 20

 
CLUBB CAPITAL LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

10.


Debtors

 
2024
2023
£
£


Prepayments and accrued income
184
184



11.


Current asset investments

2024
2023
£
£

Unlisted investments
113,761
145,399



12.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
7,244
24,727



13.


Creditors: Amounts falling due within one year

 
2024
2023
£
£

Bank loans
10,000
10,000

Accruals and deferred income
11,000
11,000

21,000
21,000



14.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
6,667
16,776


The Bounce Back Loan is amortising for a term of 6 years at 2.50% (2023 - 2.50%) per annum, fixed for the duration of the Loan. 

Page 21

 
CLUBB CAPITAL LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

15.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
10,000
10,000


10,000
10,000

Amounts falling due 1-2 years

Bank loans
6,667
10,000


6,667
10,000

Amounts falling due 2-5 years

Bank loans
-
6,776


-
6,776


16,667
26,776



16.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



30,000 (2023 - 30,000) Ordinary shares of £1.00 each
30,000
30,000



17.


Reserves

Profit and loss account

This reserve reflects cumulative and retained profits and losses. 


18.


Commitments under operating leases

At 30 November 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
10,512
19,524

Page 22

 
CLUBB CAPITAL LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

19.


Related party transactions

During the year, the company paid consultancy fees to a value of £57,000 (2023 - £57,000) and repaid £1,374 (2023 - £1,630) for expenses incurred on  behalf of the company to Tincali Consulting Limited. One of the directors of the company is also a director and shareholder of Tincali Consulting Limited. There were no balances outstanding at the year end (2023 - none).
During the year, the company paid consultancy fees to a value of £18,000 (2023 - £18,000) to MMAD Limited for services received from one of the directors of the company. There were no balances outstanding at the year end (2023 - none).
 
One of the directors of the company is also a director of MetrioPharm AG. The company holds less than
1% of the issued share capital of MetrioPharm as an investment. There were no transactions between
the company and MetrioPharm during the periods presented in these financial statements.
The creditor balance owed to one of the Directors was settled in the year with the transfer of investments used as consideration in the transaction.


20.


Controlling party

The director J Gruber is deemed to have ultimate control of the company by virtue of his connection to Ravoire Foundation.

Page 23