ACCOUNTS - Final Accounts

Notes to the financial statements

16 Great Queen Street

Blick Rothenberg Limited

Chartered Accountants

16 Great Queen Street

REGISTERED NUMBER:09481682

Debtors: amounts falling due within one year

Cash at bank and in hand

Creditors: amounts falling due within one year

Net current liabilities

Total assets less current liabilities

Creditors: amounts falling due after more than one year

Provisions for liabilities

Capital and reserves

Called up share capital

Profit and loss account

REGISTERED NUMBER:09481682

Date: 5 October 2026

Basis of preparation of financial statements

Valuation of investments

Financial instruments

The company has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments.

Financial assets and financial liabilities are recognised when the company becomes party to the contractual provisions of the instrument.

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.

The company’s policies for its major classes of financial assets and financial liabilities are set out below.

Financial assets

Basic financial assets, including other debtors, cash and bank balances are initially recognised at transaction price, 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Financial liabilities

Basic financial liabilities, including trade and other creditors, bank loans and preference shares that
are classified as debt, 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

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

Impairment of financial assets

Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the company would receive for the asset if it were to be sold at the reporting date.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets and financial liabilities

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Offsetting of financial assets and financial liabilities

Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an 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.

Cash and cash equivalents

Current and deferred taxation

The average monthly number of employees, including directors, during the year was 0 (2025 - 0).

Fixed asset investments

Unlisted investments

Other fixed asset investments

Other fixed asset investments comprise of USB Global Growth Funds.

The carrying value of other fixed asset investments that would have been recognised if a historic cost model had been adopted would have been £10,000,713 (2025: £10,579,377).

Creditors: amounts falling due within one year

The bank loans are secured by way of a fixed charge over all monies, securities, derivative assets and rights to and interest in any agreement with the same bank.

Creditors: amounts falling due after more than one year

Preference share capital

At beginning of year

Charged to profit or loss

The provision for deferred taxation is made up as follows:

Accelerated gains on investments

Shares classified as equity

Allotted, called up and fully paid

1 (2025 - 1) Ordinary A share of £0.01

100 (2025 - 100) Ordinary B shares of £0.01 each

Shares classified as debt

Allotted, called up and fully paid

7,177,500 (2025 - 8,102,500) Preference shares of £1.00 each

Related party transactions

Included in other debtors is an amount £Nil (2025: £550,000) owed by the son-in-law of the sole director to the company. The loan was provided on an arm's-length basis and was unsecured. The loan, together with interest totaling £10,000, was fully repaid on 3 June 2025.