Shaptor Capital Ltd

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—7

1. General Information

Shaptor Capital Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 09936071 . The registered office is Shaptor Studio, 35 Tranquil Vale, London, SE3 0BU.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

2.2. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

2.3. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Fixtures & Fittings	5 years straight line
Computer Equipment	4 years straight line

2.4. Investment Properties

All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.

2.5. Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are

initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity

shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less

impairment.

2.6. Stocks and Work in Progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

2.7. Cash and Cash Equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

2.8. Interest Receivable

Interest income is recognised in the profit and loss account using the effective interest method.

Page 3

Page 4

Shaptor Capital Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

2.9. Foreign Currencies

Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

2.10. Taxation

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

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 4 (2024: 5)

4. Tangible Assets

	Fixtures & Fittings	Computer Equipment	Total
	£	£	£
Cost or Valuation
As at 1 April 2024	15,710	18,245	33,955

As at 31 March 2025	15,710	18,245	33,955

Depreciation
As at 1 April 2024	8,055	17,870	25,925
Provided during the period	3,142	1,572	4,714

As at 31 March 2025	11,197	19,442	30,639

Net Book Value
As at 31 March 2025	4,513	(1,197 )	3,316

As at 1 April 2024	7,655	375	8,030

Page 4

Page 5

Shaptor Capital Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

5. Investment Property

	2025
	£
Fair Value
As at 1 April 2024	5,919,771
Disposals	(2,200,000 )
Revaluations	(640,284)

As at 31 March 2025	3,079,487

The valuation of investment property was undertaken by the directors based on market based evidence. There

was no material difference in the valuation at the year-end.

6. Investments

	Subsidiaries	Associates	Total
	£	£	£
Cost
As at 1 April 2024	2,114,784	2,113,552	4,228,336
Additions	-	59,027	59,027

As at 31 March 2025	2,114,784	2,172,579	4,287,363

Provision
As at 1 April 2024	-	-	-

As at 31 March 2025	-	-	-

Net Book Value
As at 31 March 2025	2,114,784	2,172,579	4,287,363

As at 1 April 2024	2,114,784	2,113,552	4,228,336

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the

company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking	Registered office	Holding	Proportion of voting rights and shares held
Subsidiary undertakings			2025	2024
Butcher Curnow & Company Limited	Shaptor Studio 35 Tranquil Vale London SE3 0BU England	Ordinary	100%	100%
Elwick Studios Management Ashford Limited	1-2 Rhodium Point Spindle Close Hawkinge Folkestone Kent CT18 7TQ England	Ordinary	100%	100%
Winterbourne Fields Limited	Shaptor Studio 35 Tranquil Vale London SE3 0BU England	Ordinary	100%	100%

...CONTINUED

Page 5

Page 6

Shaptor Capital Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

Associates
Mauro Developments LLP	Shaptor Studio 35 Tranquil Vale London SE3 0BU England	Partnership share	50%	50%
Shaptor Dilara Puglia S.p.A.	Italy	Shares	25%	0%

Subsidiary undertakings

Butcher Curnow & Company Limited

The principal activity of Butcher Curnow & Company Limited is property management.

Elwick Studios Management Ashford Limited

The principal activity of Elwick Studios Management Ashford Limited is property development.

Winterbourne Fields Limited

The principal activity of Winterbourne Fields Limited is property construction.

Associates

Mauro Developments LLP

The principal activity of Mauro Developments LLP is property development.

Shaptor Dilara Puglia S.p.A.

The principal activity of Shaptor Dilara Puglia S.p.A. is property development.

7. Stocks

	2025	2024
	£	£
Work in progress	7,613,976	6,639,452

8. Debtors

	2025	2024
	£	£
Due within one year
Trade debtors	43,346	15,871
Prepayments and accrued income	2,954	8,847
Other debtors	3,906,473	3,521,869
Deferred tax current asset	148,336	-
VAT	46,170	27,904
Amounts owed by group undertakings	826,773	773,700

	4,974,052	4,348,191

9. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Trade creditors	100,783	229,016
Other taxes and social security	2,164	10,271
Other creditors	80,057	70,664
Pension due	493	-
Credit cards	2,146	3,793
Accruals and deferred income	23,098	32,701
Amounts owed to related parties	20,911,204	20,261,201

	21,119,945	20,607,646

Page 6

Page 7

Shaptor Capital Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

10. Creditors: Amounts Falling Due After More Than One Year

	2025	2024
	£	£
Amounts owed to group undertakings	302,005	200,528

11. Provisions for Liabilities


	Deferred Tax	Total
	£	£
As at 1 April 2024	69,964	69,964
Reversals	(218,300 )	(218,300)

Balance at 31 March 2025	(148,336 )	(148,336)

12. Share Capital

	2025	2024
	£	£
Allotted, Called up and fully paid	100	100

Page 7

		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		3,316		8,030
Investment Properties	5		3,079,487		5,919,771
Investments	6		4,287,363		4,228,336

			7,370,166		10,156,137
CURRENT ASSETS
Stocks	7	7,613,976		6,639,452
Debtors	8	4,974,052		4,348,191
Cash at bank and in hand		1,145,279		101,647

		13,733,307		11,089,290
Creditors: Amounts Falling Due Within One Year	9	(21,119,945 )		(20,607,646 )

NET CURRENT ASSETS (LIABILITIES)			(7,386,638 )		(9,518,356 )

TOTAL ASSETS LESS CURRENT LIABILITIES			(16,472 )		637,781

Creditors: Amounts Falling Due After More Than One Year	10		(302,005 )		(200,528 )

PROVISIONS FOR LIABILITIES
Deferred Taxation			-		(69,964 )

NET (LIABILITIES)/ASSETS			(318,477 )		367,289

CAPITAL AND RESERVES
Called up share capital	12		100		100
Profit and Loss Account			(318,577 )		367,189

SHAREHOLDERS' FUNDS			(318,477)		367,289