Company registration number 04738788 (England and Wales)
TRANQUIL CAPITAL LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH REGISTRAR
TRANQUIL CAPITAL LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 6
TRANQUIL CAPITAL LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
30 SEPTEMBER 2024
30 September 2024
- 1 -
2024
2023
Notes
£
£
£
£
Non-current assets
Investments
4
39,750
39,750
Current assets
Trade and other receivables
6
16,619
89,023
Cash and cash equivalents
18,041
3,569
34,660
92,592
Current liabilities
7
(93,200)
(166,158)
Net current liabilities
(58,540)
(73,566)
Total assets less current liabilities
(18,790)
(33,816)
Non-current liabilities
8
-
0
(22,439)
Net liabilities
(18,790)
(56,255)
Equity
Called up share capital
9
1
1
Retained earnings
(18,791)
(56,256)
Total equity
(18,790)
(56,255)

The director of the company has elected not to include a copy of the income statement within the financial statements.true

For the financial period ended 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.

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

The financial statements were approved by the board of directors and authorised for issue on 18 March 2025 and are signed on its behalf by:
E.P Stradling
Director
Company Registration No. 04738788
TRANQUIL CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 2 -
1
Accounting policies
Company information

Tranquil Capital Limited is a private company limited by shares incorporated in England and Wales. The registered office is Scale Space, Imperial College White City Campus, 58 Wood Lane, London, W12 7RZ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in pound sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest pound sterling.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 383 of the Companies Act 2006 ('the Act') not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

 

The company, and group headed by it, qualify as small under the Act.

1.2
Going concern

The financial statements have been prepared on the break up basis which the Board considers to be appropriate since the company has ceased trading and it is intended that the company will be put into liquidation.

1.3
Reporting period

The financial statements in the current period covers an 18 month period to 30 September 2024. The company ceased its trading operations on 30 June 2024, and the director has opted to extend the current reporting period to include the results of all trading activity. Accordingly, the comparative figures within the accounts are not entirely comparable.

1.4
Revenue

Revenue represents amounts receivable for advisory services, provided net of VAT, which are accrued over the period in which the service is provided.

1.5
Property, plant and equipment

Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Office equipment
2 years straight line
1.6
Cash and cash equivalents

Cash and cash equivalents include cash at call with banks.

TRANQUIL CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 3 -
1.7
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.

 

Financial instruments are recognised in the company's statement of financial position 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 and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the statement of comprehensive income.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed.

Classification of financial liabilities

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.

Basic financial liabilities

Basic financial liabilities, including trade and other payables, bank loans and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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

 

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

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

TRANQUIL CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 4 -
1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the period. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other periods and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense. The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Employees

The average monthly number of persons (including directors) employed by the company during the period was 2 (2023: 2).

 

3
Property, plant and equipment
Plant and machinery etc
£
Cost
At 1 April 2023
4,568
Disposals
(4,568)
At 30 September 2024
-
0
Depreciation and impairment
At 1 April 2023
4,568
Eliminated in respect of disposals
(4,568)
At 30 September 2024
-
0
Carrying amount
At 30 September 2024
-
0
At 31 March 2023
-
0
TRANQUIL CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 5 -
4
Fixed asset investments
2024
2023
£
£
Investments in subsidiaries
-
0
-
0
Other investments
39,750
39,750
39,750
39,750

The company holds an interest in a limited liability partnership, from which it earned income depending on the performance of the limited liability partnership. The company does not currently hold any capital in the limited liability partnership, this having been returned in previous years.

 

During the period, the company disposed of its interest in the limited liability partnership and at 30 September 2024, the company did not have any subsidiary undertakings. The interest in the limited liability partnership was sold to an entity under common control for £1.

Movements in non-current investments
Investments other than loans
£
Cost or valuation
At 1 April 2023 & 30 September 2024
39,750
Carrying amount
At 30 September 2024
39,750
At 31 March 2023
39,750
5
Financial instruments
2024
2023
£
£
Carrying amount of financial assets
Instruments measured at fair value through profit or loss
39,750
39,750
6
Trade and other receivables
2024
2023
Amounts falling due within one year:
£
£
Trade receivables
6,160
27,683
Corporation tax recoverable
10,409
9,679
Amounts due from interest in subsidiary undertaking
-
0
48,173
Other receivables
50
3,488
16,619
89,023
TRANQUIL CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 6 -
7
Current liabilities
2024
2023
£
£
Bank loans
-
0
9,949
Trade payables
3,190
1,902
Taxation and social security
-
0
164
Other payables
90,010
154,143
93,200
166,158
8
Non-current liabilities
2024
2023
£
£
Bank loans and overdrafts
-
0
22,439
9
Called up share capital
2024
2023
£
£
Issued and fully paid
100 Ordinary shares of 1p each
1
1
10
Related party transactions

During the period, the company received advisory fees of £129,640 (2023: £nil) from Tranquil Capital Ltd, the parent undertaking based in Jersey, At the period end, £6,160 remained outstanding (2023: £27,683).

 

As at the period end, the company owed a capital loan balance of £38,063 (2023: £126,500) from an entity under common control. The loan accrued interest of 15% per annum, with an interest balance of £47,307 (2023: £23,751) outstanding at the period end. The loan is included in other payables and is repayable on demand.

 

11
Control

The company's ultimate parent company and controlling party is considered to be Vistra (Jersey) Limited, a company incorporated in Jersey.

2024-09-302023-04-01falsefalsefalse18 March 2025CCH SoftwareCCH Accounts Production 2024.310No description of principal activityE.P StradlingC.R Stradling047387882023-04-012024-09-30047387882024-09-30047387882023-03-3104738788core:CurrentFinancialInstrumentscore:WithinOneYear2024-09-3004738788core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3104738788core:Non-currentFinancialInstrumentscore:AfterOneYear2024-09-3004738788core:Non-currentFinancialInstrumentscore:AfterOneYear2023-03-3104738788core:CurrentFinancialInstruments2024-09-3004738788core:CurrentFinancialInstruments2023-03-3104738788core:ShareCapital2024-09-3004738788core:ShareCapital2023-03-3104738788core:RetainedEarningsAccumulatedLosses2024-09-3004738788core:RetainedEarningsAccumulatedLosses2023-03-3104738788bus:Director12023-04-012024-09-3004738788core:ComputerEquipment2023-04-012024-09-30047387882022-04-012023-03-3104738788core:OtherPropertyPlantEquipment2023-03-3104738788core:OtherPropertyPlantEquipment2024-09-3004738788core:OtherPropertyPlantEquipment2023-04-012024-09-3004738788core:OtherPropertyPlantEquipment2023-03-3104738788core:Non-currentFinancialInstruments2024-09-3004738788core:Non-currentFinancialInstruments2023-03-3104738788bus:PrivateLimitedCompanyLtd2023-04-012024-09-3004738788bus:FRS1022023-04-012024-09-3004738788bus:AuditExemptWithAccountantsReport2023-04-012024-09-3004738788bus:Director22023-04-012024-09-3004738788bus:SmallCompaniesRegimeForAccounts2023-04-012024-09-3004738788bus:FullAccounts2023-04-012024-09-30xbrli:purexbrli:sharesiso4217:GBP