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Registered number: 04971234














BALTHAZAR CAPITAL PARTNERS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED  31 DECEMBER 2024

 
BALTHAZAR CAPITAL PARTNERS LIMITED
 
 
COMPANY INFORMATION


Directors
B Billarant 
T Drewry 




Company secretary
B Billarant



Registered number
04971234



Registered office
2nd Floor Connaught House
1-3 Mount Street

London

W1K 3NB




Trading Address
7-8 Stratford Place

London

W1C 1AY






Independent auditors
Sopher + Co LLP
Chartered Accountants & Statutory Auditors

5 Elstree Gate

Elstree Way

Borehamwood

Hertfordshire

WD6 1JD





 
BALTHAZAR CAPITAL PARTNERS LIMITED
 

CONTENTS



Page
Strategic report
 
1 - 2
Directors' report
 
3 - 4
Independent auditors' report
 
5 - 8
Statement of comprehensive income
 
9
Statement of financial position
 
10
Statement of changes in equity
 
11
Statement of cash flows
 
12
Notes to the financial statements
 
13 - 21


 
BALTHAZAR CAPITAL PARTNERS LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

Introduction
 
Balthazar Capital Partner Limited is an independent investment firm specialised in providing advisory and management services to financial institutions. The Company is authorised and regulated by the Financial Conduct Authority (FCA).

Business review
 
The results and the financial position of the Company at the year end were considered satisfactory by the Directors in light of the continued market difficulties given the economic crisis. The Directors expect growth in the
foreseeable future.

Principal risks and uncertainties
 
Regulatory Risk
The main risk facing the Company remains regulatory risk. The Company mitigates this risk by employing external regulatory consultants to periodically review its regulatory compliance and provide regulatory advice where necessary.
Operational risk
Operational risk includes compliance, risk management and transaction risk. The Company has strict operational
procedures in these areas. A third party compliance consultant is appointed to provide regulatory updates,
advice and support.
Financial Risk
The Company seeks to manage financial risk by ensuring sufficient liquidity is available to meet the requirements set out by the Financial Conduct Authority.  It has sufficient liquidity and retained reserves at the year end for its working capital needs.
In accordance with the rules of the Financial Conduct Authority, the company has made available information on its risk management objectives and policies and on its regulatory capital requirements and resources. This information is available on application to the Company's address.

Financial key performance indicators
 
The Company's key performance indicator (KPI) is turnover.   

Other key performance indicators
 
Given the straightforward nature of the business, the Company's directors are of the opinion that analysis using any other KPIs is not necessary for an understanding of the development, performance and position of the business. 

Remuneration Code
In accordance with the rules of the Financial Conduct Authority, the Company has made available information on its Remuneration Code. This information is available on request of the Company.

Page 1

 
BALTHAZAR CAPITAL PARTNERS LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Directors' statement of compliance with duty to promote the success of the Company
 
The board of directors of Balthazar Capital Partners Limited consider that they have acted in the way they consider, in good faith, would be most likely to promote the success of the Company for the benefit of its members as a whole (having regard to the stakeholders and matters set out in S172(1)(a-f) of the Act) in the decisions taken during the financial year ended 31 December 2024.
Consideration of long-term consequences are an inherent part of the Company's decision-making processes. As a privately-owned company, the Board considers that the interests of the Company and its shareholder are aligned in seeking sustainable value creation over the longer term through the Company's operations, promoting long term strategic decision-making. These factors also drive a continuing focus on the maintenance of durable relationships with stakeholders, built on the Company's reputation with clients and suppliers.
The Company is regulated by the Financial Conduct Authority in the conduct of its investment business and must do so in good faith and with due diligence.
The Company operates in a sector characterised by long term relationships with stakeholders. Maintaining a reputation for high standards of business conduct is vital and the Company expects all members of the supply chain to always act with integrity, acting openly, honestly and ethically. The Company has zero tolerance to fraud and consistently maintains effective oversight and scrutiny processes, executed with independence and impartiality. Integrity is underpinned with policies in relation to bribery and corruption, data protection, equality, diversity and inclusion, modern slavery, fraud and whistleblowing, each of which is reinforced through appropriate measures.


This report was approved by the board on 25 April 2025 and signed on its behalf.



B Billarant
Director

Page 2

 
BALTHAZAR CAPITAL PARTNERS LIMITED
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

The Directors present their report and the financial statements for the year ended 31 December 2024.

Directors

The Directors who served during the year were:

B Billarant 
T Drewry 

Results and dividends

The profit for the year, after taxation, amounted to £21,527 (2023 - £5,410).

The Directors do not recommend a dividend.

Directors' responsibilities statement

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.

Future developments

There are no plans which significantly change the activities or risks of the Company.

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 3

 
BALTHAZAR CAPITAL PARTNERS LIMITED
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

Under section 487(2) of the Companies Act 2006Sopher + Co LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

This report was approved by the board on 25 April 2025 and signed on its behalf.
 





B Billarant
Director

Page 4

 
BALTHAZAR CAPITAL PARTNERS LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BALTHAZAR CAPITAL PARTNERS LIMITED
 

Opinion


We have audited the financial statements of Balthazar Capital Partners Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of comprehensive income, the Statement of financial position, 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 31 December 2024 and of its profit 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.


Page 5

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

Other information


The Directors are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Auditors' report thereon. Our 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.


In connection with our audit of the financial statementsour 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.


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 3, 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

 
BALTHAZAR CAPITAL PARTNERS LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BALTHAZAR CAPITAL PARTNERS 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; 
we identified the laws and regulations applicable to the Company through discussions with directors and other management, and from our commercial knowledge and experience of similar businesses; 
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation;
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; 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; 
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and 
understanding the design of the Company’s remuneration policies. 

To address the risk of fraud through management bias and override of controls, we: 
 
performed analytical procedures to identify any unusual or unexpected relationships; 
tested journal entries to identify unusual transactions; 
assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and 
investigated the rationale behind significant or unusual transactions. 

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; 
reading the minutes of meetings of those charged with governance; 
enquiring of management as to actual and potential litigation and claims; and 
reviewing correspondence with HMRC, relevant regulators and the Company’s legal advisors. 
Page 7

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


There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. 
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.


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.





Sean Brennan FCCA (Senior statutory auditor)
  
for and on behalf of
Sopher + Co LLP
 
Chartered Accountants
Statutory Auditors
  
5 Elstree Gate
Elstree Way
Borehamwood
Hertfordshire
WD6 1JD

25 April 2025
Page 8

 
BALTHAZAR CAPITAL PARTNERS LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
Note
£
£

  

Turnover
 4 
126,442
91,486

Cost of sales
  
(13,998)
(14,589)

Gross profit
  
112,444
76,897

Administrative expenses
  
(85,878)
(101,686)

Operating profit/(loss)
 5 
26,566
(24,789)

Interest receivable and similar income
  
-
265

Interest payable and similar expenses
 10 
-
(138)

Profit/(loss) before tax
  
26,566
(24,662)

Tax on profit/(loss)
 11 
(5,039)
30,072

Profit for the financial year
  
21,527
5,410

The notes on pages 13 to 21 form part of these financial statements.

Page 9

 
BALTHAZAR CAPITAL PARTNERS LIMITED
REGISTERED NUMBER:04971234

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 12 
9
9

Current assets
  

Debtors: amounts falling due within one year
 13 
64,136
43,281

Cash at bank and in hand
  
164,839
139,644

  
228,975
182,925

Current liabilities
  

Creditors: amounts falling due within one year
 14 
(5,354)
(10,831)

Net current assets
  
 
 
223,621
 
 
172,094

  

Net assets
  
223,630
172,103


Capital and reserves
  

Called up share capital 
 16 
112,000
82,000

Share premium account
 17 
21,478
21,478

Capital redemption reserve
 17 
127,900
127,900

Profit and loss account
 17 
(37,748)
(59,275)

  
223,630
172,103


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 25 April 2025.




B Billarant
Director

The notes on pages 13 to 21 form part of these financial statements.

Page 10

 
BALTHAZAR CAPITAL PARTNERS LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024


Share capital
Share Premium
Capital redemption reserve
Retained earnings
Total equity

£
£
£
£
£

At 1 January 2024
82,000
21,478
127,900
(59,275)
172,103



Profit for the year
-
-
-
21,527
21,527

Shares issued during the year
30,000
-
-
-
30,000


At 31 December 2024
112,000
21,478
127,900
(37,748)
223,630



STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Share capital
Share premium
Capital redemption reserve
Retained Earnings
Total equity

£
£
£
£
£

At 1 January 2023
82,000
21,478
127,900
(64,685)
166,693



Profit for the year
-
-
-
5,410
5,410


At 31 December 2023
82,000
21,478
127,900
(59,275)
172,103


The notes on pages 13 to 21 form part of these financial statements.

Page 11

 
BALTHAZAR CAPITAL PARTNERS LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
£
£

Cash flows from operating activities

Profit/(loss) for the financial year
21,527
5,410

Adjustments for:

Depreciation of tangible assets
-
152

Loss on disposal of tangible assets
-
(9)

Taxation charge
5,039
(30,072)

(Increase)/decrease in debtors
(25,897)
39,261

(Decrease)/increase in creditors
(5,474)
516

Corporation tax received
-
20,955

Net cash generated from operating activities

(4,805)
36,213



Cash flows from financing activities

Issue of ordinary shares
30,000
-

Net cash used in financing activities
30,000
-

Net increase in cash and cash equivalents
25,195
36,213

Cash and cash equivalents at beginning of year
139,644
103,431

Cash and cash equivalents at the end of year
164,839
139,644


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
164,839
139,644

164,839
139,644


The notes on pages 13 to 21 form part of these financial statements.

Page 12

 
BALTHAZAR CAPITAL PARTNERS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

Balthazar Capital Partners Limited is a limited liability company registered in England and Wales. Its registered office address is at 2nd Floor Connaught House, 1-3 Mount Street, London, W1K 3NB. It's principal place of business is at 7-8 Stratford Place, London, W1C 1AY.
The principal activity of the Company during the year was that of the provision of investment advisory and investment management services.

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 (see note 3).

The following principal accounting policies have been applied:

 
2.2

Turnover

Turnover comprises revenue recognised by the Company in respect of services supplied, exclusive of Value Added Tax.
Income is derived from two sources:
Management and advisory fees are recognised in the period in which services are provided.
Performance related fees are recognised in the period in which they become payable.

 
2.3

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
The Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to Statement of Comprehensive Income during the period in which they are incurred.

Page 13

 
BALTHAZAR CAPITAL PARTNERS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.3
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment
-
33%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.4

Basic financial instruments

The Company only enters into transactions that result in basic financial instruments such as trade and other debtors, trade and other creditors, cash at bank and in hand, loans to/from related parties.
Trade debtors, other debtors and loans to related parties are recognised initially at the transaction price less attributable transaction costs. Trade creditors, other creditors and loans from related parties are recognised initially at transaction price plus attributable transaction costs. Subsequently they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade and other debtors, and loans to related parties.
Cash and cash equivalents comprise cash balances and call deposits. 

 
2.5

Foreign currency translation

The Company's functional and presentational currency is £ sterling.
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 the Statement of comprehensive income.

 
2.6

Finance costs

Finance costs are charged to the Statement of comprehensive income over the term of the debt using the effective interest method.

Page 14

 
BALTHAZAR CAPITAL PARTNERS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


Page 15

 
BALTHAZAR CAPITAL PARTNERS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the Company’s accounting policies described above, management are required to make judgments, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may be different.
These estimates are reviewed on an ongoing basis. Revisions to these estimates are recognised in the period in which the estimate is revised if the revision only affects that period, or in the period of revision and future periods if the revision affects both future and current periods.
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows:
Depreciation
Depreciation has been calculated on the fixed assets; the residual value and life of the asset has been estimated by the Directors.
Accruals
Directors review the expected expenses based on their knowledge of the business and provide for these accordingly.


4.


Turnover

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


2024
2023
£
£

Management fees
38,234
91,486

Performance fees
74,971
-

Recharged expenses
13,237
-

126,442
91,486


Analysis of turnover by country of destination:

2024
2023
£
£

Rest of the world
126,442
91,486


Page 16

 
BALTHAZAR CAPITAL PARTNERS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

5.


Operating profit/(loss)

The operating profit/(loss) is stated after charging:

2024
2023
£
£

Depreciation
-
151

Exchange differences
(715)
7,332

Pensions
-
833


6.


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
8,415
8,415

Fees payable to the Company's auditors in respect of:

All other services
4,757
4,094

7.


Employees

Staff costs, including Directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
34,000
34,000

Social security costs
3,436
3,056

Cost of defined contribution scheme
833
833

38,269
37,889


The average monthly number of employees, including the Directors, during the year was as follows:


        2024
        2023
            No.
            No.







Management
2
2

Page 17

 
BALTHAZAR CAPITAL PARTNERS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

8.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
34,000
34,000

Company contributions to defined contribution pension schemes
833
833

34,833
34,833



9.


Key management compensation

Key management is made up of solely the Director and compensation paid to them during the year totaled £34,833 (2023 - £34,833).


10.


Interest payable and similar expenses

2024
2023
£
£


Other interest payable
-
138

Page 18

 
BALTHAZAR CAPITAL PARTNERS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

11.


Taxation


2024
2023
£
£



Deferred tax


Origination and reversal of timing differences
5,039
(30,072)

Total deferred tax
5,039
(30,072)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - lower than) the standard rate of corporation tax in the UK of 19% (2023 - 19%). The differences are explained below:

2024
2023
£
£


Profit/(loss) on ordinary activities before tax
26,566
(24,662)


Profit/(loss) on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2023 - 19%)
5,048
(4,686)

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
29
95

Capital allowances for year in excess of depreciation
(15)
11

Utilisation of tax losses
(5,062)
-

Unrelieved tax losses carried forward
-
4,580

Deferred tax movement
5,039
(30,072)

Total tax charge for the year
5,039
(30,072)


Factors that may affect future tax charges

The Company has trade losses of £131,752 (2023 - £158,392) available to carry forward against future taxable profits of the same trade.

Page 19

 
BALTHAZAR CAPITAL PARTNERS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

12.


Tangible fixed assets





Office equipment

£



Cost or valuation


At 1 January 2024
2,728



At 31 December 2024

2,728



Depreciation


At 1 January 2024
2,719



At 31 December 2024

2,719



Net book value



At 31 December 2024
9



At 31 December 2023
9


13.


Debtors

2024
2023
£
£


Trade debtors
3,144
6,461

Other debtors
31,535
2,185

Prepayments and accrued income
4,424
4,563

Deferred taxation
25,033
30,072

64,136
43,281



14.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
90
1,885

Other taxation and social security
840
858

Other creditors
4,259
4,423

Accruals and deferred income
165
3,665

5,354
10,831


Page 20

 
BALTHAZAR CAPITAL PARTNERS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

15.


Deferred taxation




2024
2023


£

£






At 1 January 2016
30,072
-


Charged to profit or loss
(5,039)
30,072



At end of year
25,033
30,072

The deferred tax asset is made up as follows:

2024
2023
£
£


Tax losses carried forward
25,033
30,072


16.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



112,000 (2023 - 82,000) Ordinary shares of £1 each
112,000
82,000


During the year, the Company issued 30,000 Ordinary shares at par value.


17.


Reserves

Share premium account

The share premium includes the premiums received on the issue of share capital.

Capital redemption reserve

The capital redemption reserve arose as a result of the share buy back in 2014.

Profit and loss account

The profit and loss account contains the cumulative retained profit and losses since trading commenced. This is a distributable reserve.


18.


Pension commitments

The Company contributed into a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £833 (2023 - 833).

 
Page 21