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Registered number: 09548275










BLENHEIM CAPITAL LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

 
BLENHEIM CAPITAL LIMITED
REGISTERED NUMBER: 09548275

BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
-
309

Investments
 5 
6,872,476
6,872,476

  
6,872,476
6,872,785

Current assets
  

Debtors: amounts falling due within one year
 6 
3,429,425
3,590,796

Cash at bank and in hand
  
116
250

  
3,429,541
3,591,046

Creditors: amounts falling due within one year
 7 
(9,064,454)
(9,229,470)

Net current liabilities
  
 
 
(5,634,913)
 
 
(5,638,424)

Total assets less current liabilities
  
1,237,563
1,234,361

  

Net assets
  
1,237,563
1,234,361


Capital and reserves
  

Called up share capital 
 8 
1,098,333
1,098,333

Profit and loss account
  
139,230
136,028

  
1,237,563
1,234,361


Page 1

 
BLENHEIM CAPITAL LIMITED
REGISTERED NUMBER: 09548275
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024

The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

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




G Gallazzi
Director

Date: 28 August 2025

The notes on pages 3 to 9 form part of these financial statements.

Page 2

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

1.


General information

Blenheim Capital Limited is a private company, limited by shares, registered in England and Wales, registration number 09548275. The registered office is Erskine House, 59 Davies Street, London, W1K 5JT.
Blenheim Capital is the parent undertaking of a small group and is not required to prepare group accounts. These financial statements present information about the company as an individual undertaking and not about its group. 

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 £ sterling, the functional currency, rounded to the nearest £1. 

The following principal accounting policies have been applied:

 
2.2

Going concern

The company has net current liabilities of £5,634,913 (2023: £5,638,424)  at the balance sheet date.
The Directors have indicated their willingness and ability to support the company for at least 12 months from the date of approval of the financial statements. Therefore, the financial statements have been prepared on a going concern basis.

 
2.3

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is GBP, rounded to the nearest £1.

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.

Page 3

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

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

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.


 
2.6

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.

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:

Computer equipment
-
20%
on cost

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.

Page 4

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

2.Accounting policies (continued)

 
2.7

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.8

Valuatoin of investments in associates

Investments in associates are held at cost less impairment.

 
2.9

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.

 
2.10

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.

Page 5

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

2.Accounting policies (continued)

 
2.11

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 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 debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) 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.

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

Basic 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 the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). 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 creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors 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.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2023 - 2).

Page 6

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

4.


Tangible fixed assets





Computer equipment

£



Cost or valuation


At 1 January 2024
1,549



At 31 December 2024

1,549



Depreciation


At 1 January 2024
1,240


Charge for the year on owned assets
309



At 31 December 2024

1,549



Net book value



At 31 December 2024
-



At 31 December 2023
309


5.


Fixed asset investments





Investments in subsidiary companies
Investments  in associates
Total

£
£
£



Cost or valuation


At 1 January 2024
5,083,194
1,789,282
6,872,476



At 31 December 2024
5,083,194
1,789,282
6,872,476




Page 7

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

Subsidiary undertakings


The following were subsidiary undertakings of the company:

Name

Registered office

Class of shares

Holding

Held directly:
GSVF Srl
Italy
Ordinary
100
SRI Global Limited
UK
Ordinary
51
SRI Capital Advisers Limited
UK
Ordinary
100
Held through GSVF Srl
Project Hi-Tech Srl
Italy
Ordinary
100
Held through SRI Global Limited:
NPV Europe Limited
Italy
Ordinary
100
Fintech Partners Srl
Italy
Ordinary
68
SRI Group Italia Srl
Italy
Ordinary
100
Grafton Capital Ventures Limited
UK
Ordinary
72
Liburna Capital Limited
UK
Ordinary
100
Held through SRI Group Italia Srl:
'
Sitalberghi Srl
Italy
Ordinary
100
Bologna Sport Center Srl
Italy
Ordinary
70
Held through Fintech Partners Srl:
'
Credit ADV Srl
Italy
Ordinary
68

Investments in associates
IInvestments in associates include a 50% shareholding in Bros Real Estate Srl.


6.


Debtors

2024
2023
£
£


Amounts owed by group undertakings
1,404,202
1,568,021

Other debtors
2,025,223
2,022,775

3,429,425
3,590,796


Page 8

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

7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
215
341

Other loans
887,742
1,867,420

Trade creditors
2,298
1,843

Amounts owed to group undertakings
6,724,599
5,901,905

Corporation tax
1,242
5,100

Other taxation and social security
322
329

Other creditors
1,442,036
1,446,532

Accruals and deferred income
6,000
6,000

9,064,454
9,229,470



8.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



1,098,333,000 (2022 : 1,098,333,000) Ordinary shares of £0.0010 each
1,098,333
1,098,333



9.


Transactions with directors

Following net loan movements in the year of £3,797 (2023: £3,797), included within other creditors is an amount of £Nil (2023: £3,797) due to J L J Palmer, a director of the company. The loan is unsecured, interest free and repayable on demand.


10.


Ultimate controlling party

The company was under the control of G Gallazzi throughout the year and the previous year by virtue of majority share ownership of the company. 

 
Page 9