REGISTERED NUMBER: |
Southpaw Capital Ltd |
Unaudited Financial Statements |
for the Year Ended 30 November 2024 |
REGISTERED NUMBER: |
Southpaw Capital Ltd |
Unaudited Financial Statements |
for the Year Ended 30 November 2024 |
Southpaw Capital Ltd (Registered number: 09321073) |
Contents of the Financial Statements |
for the year ended 30 November 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Southpaw Capital Ltd |
Company Information |
for the year ended 30 November 2024 |
Directors: |
Registered office: |
Registered number: |
Southpaw Capital Ltd (Registered number: 09321073) |
Balance Sheet |
30 November 2024 |
2024 | 2023 |
Notes | £ | £ |
Current assets |
Debtors | 3 |
Cash at bank |
Creditors |
Amounts falling due within one year | 4 |
Net current assets |
Total assets less current liabilities |
Capital and reserves |
Called up share capital | 5 |
Retained earnings | 6 |
Shareholders' funds |
The directors acknowledge their 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. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Southpaw Capital Ltd (Registered number: 09321073) |
Notes to the Financial Statements |
for the year ended 30 November 2024 |
1. | Accounting policies |
Basis of preparing the financial statements |
Significant judgements and estimates |
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
(a) Critical judgements in applying the firm's accounting policies |
The company makes a number of assessments which require judgement in preparing the accounts and can have a significant effect upon the financial statements. However due to the straight forward nature of the firm's business, management does not believe that there are any judgements that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. |
(b) Key accounting estimates and assumptions |
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. However due to the straight forward nature of the firm's business, management does not believe that there are any estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 balance sheet date. |
Provisions |
Provisions are recognised when there is a present obligation (legal or constructive) as a result of a past event, it is probable that the obligation will be required to be settled, 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 end of the reporting period taking into account the risks and uncertainties surrounding the obligation. Provisions are discounted when the time value of money is material. |
Southpaw Capital Ltd (Registered number: 09321073) |
Notes to the Financial Statements - continued |
for the year ended 30 November 2024 |
1. | Accounting policies - continued |
Financial instruments |
Financial assets and liabilities are recognised when the company becomes party to the contractual provisions of the financial instrument. The company holds basic financial instruments which comprise cash at bank, trade and other receivables, and trade and other payables. The company has chosen to apply the provisions of Section 11 Basic Financial Instruments in full. |
Financial assets - classified as basic financial instruments |
(i) Cash at bank and in hand |
Cash at bank and in hand include cash in hand, deposits held with banks, and other short-term highly liquid investments with original maturities of three months or less. |
(ii) Trade and other receivables |
Trade and other receivables are initially recognised at the transaction price, including any transaction costs. Amounts that are receivable within one year are measured at the undiscounted amount of the cash expected to be received, net of any impairment. |
At the end of each reporting period, the company assesses whether there is objective evidence that an receivable amount may be impaired. A provision for impairment is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables. The amount of the provision is the difference between the asset's carrying amount and the present value of the estimated future cash flows, discounted at the effective interest rate. The amount of the provision is recognised immediately in profit or loss. |
Financial liabilities - classified as basic financial instruments |
(iii) Trade and other payables and loans and borrowings |
Trade and other payables and loans and borrowings are initially measured at the transaction price, including any transaction costs, and subsequently measured at amortised cost using the effective interest method. Amounts that are payable within one year are measured at the undiscounted amount of the cash expected to be paid. |
2. | Employees and directors |
The average number of employees during the year was NIL (2023 - NIL). |
3. | Debtors: amounts falling due within one year |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
4. | Creditors: amounts falling due within one year |
2024 | 2023 |
£ | £ |
Tax |
Directors' current accounts | 5,637 | 5,637 |
Accrued expenses |
Southpaw Capital Ltd (Registered number: 09321073) |
Notes to the Financial Statements - continued |
for the year ended 30 November 2024 |
5. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 2 | 2 |
Ordinary A | £1 | 1 | 1 |
Ordinary B | £1 | 1 | 1 |
4 | 4 |
6. | Reserves |
Retained |
earnings |
£ |
At 1 December 2023 |
Profit for the year |
At 30 November 2024 |