ACCOUNTS - Final Accounts preparation

DELCAP ASSET MANAGEMENT LIMITED - Company Information

Caseware UK (AP4) 2022.0.179 2022.0.179 2022-12-312022-12-312022-01-01false2No description of principal activity1falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 03280320 2022-01-01 2022-12-31 03280320 2021-01-01 2021-12-31 03280320 2022-12-31 03280320 2021-12-31 03280320 c:Director1 2022-01-01 2022-12-31 03280320 d:Buildings d:LongLeaseholdAssets 2022-01-01 2022-12-31 03280320 d:MotorVehicles 2022-01-01 2022-12-31 03280320 d:FurnitureFittings 2022-01-01 2022-12-31 03280320 d:CurrentFinancialInstruments 2022-12-31 03280320 d:CurrentFinancialInstruments 2021-12-31 03280320 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 03280320 d:CurrentFinancialInstruments d:WithinOneYear 2021-12-31 03280320 d:ShareCapital 2022-12-31 03280320 d:ShareCapital 2021-12-31 03280320 d:RetainedEarningsAccumulatedLosses 2022-12-31 03280320 d:RetainedEarningsAccumulatedLosses 2021-12-31 03280320 c:OrdinaryShareClass1 2022-01-01 2022-12-31 03280320 c:OrdinaryShareClass1 2022-12-31 03280320 c:OrdinaryShareClass1 2021-12-31 03280320 c:OrdinaryShareClass2 2022-01-01 2022-12-31 03280320 c:OrdinaryShareClass2 2022-12-31 03280320 c:OrdinaryShareClass2 2021-12-31 03280320 c:OrdinaryShareClass3 2022-01-01 2022-12-31 03280320 c:OrdinaryShareClass3 2022-12-31 03280320 c:OrdinaryShareClass3 2021-12-31 03280320 c:OrdinaryShareClass4 2022-01-01 2022-12-31 03280320 c:OrdinaryShareClass4 2022-12-31 03280320 c:OrdinaryShareClass4 2021-12-31 03280320 c:OrdinaryShareClass5 2022-01-01 2022-12-31 03280320 c:OrdinaryShareClass5 2022-12-31 03280320 c:OrdinaryShareClass5 2021-12-31 03280320 c:FRS102 2022-01-01 2022-12-31 03280320 c:AuditExempt-NoAccountantsReport 2022-01-01 2022-12-31 03280320 c:FullAccounts 2022-01-01 2022-12-31 03280320 c:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 03280320 6 2022-01-01 2022-12-31 03280320 1 2022-12-31 03280320 1 2021-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 03280320

DELCAP ASSET MANAGEMENT LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022


DELCAP ASSET MANAGEMENT LIMITED

CONTENTS

	Page
Statement of Financial Position	1 - 2
Notes to the Financial Statements	3 - 6


DELCAP ASSET MANAGEMENT LIMITED REGISTERED NUMBER:03280320

STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2022

		2022		2021
Note		£		£

Fixed assets
Investments	4		-		24,850
Current assets
Debtors: amounts falling due within one year	5	49,041		40,012
Cash at bank and in hand		189,183		406,865
		238,224		446,877
Current liabilities
Creditors: amounts falling due within one year	6	(19,477)		(27,052)
Net current assets			218,747		419,825

Net assets			218,747		444,675

Capital and reserves
Called up share capital	8	113,802	113,802
Profit and loss account		104,945	330,873
		218,747	444,675

Page 1


DELCAP ASSET MANAGEMENT LIMITED REGISTERED NUMBER:03280320

STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 31 DECEMBER 2022

The Director considers 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 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 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 on 19 June 2023.

J B C Delori

Director

The notes on pages 3 to 6 form part of these financial statements.

Page 2


DELCAP ASSET MANAGEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

1.	General information

Delcap Asset Management Limited is a limited liability company incorporated in England and Wales, with its registered office address at 5 Elstree Gate, Elstree Way, Borehamwood, Hertfordshire, WD6 1JD.
The principal activity of the Company is discretionary fund and portfolio management, and investment advisory.

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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

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. Exchange gains and losses are recognised in the Statement of Comprehensive income.

2.3

Turnover

Turnover comprises revenue recognised by the company in respect of services supplied during the year, exclusive of Value Added Tax.
Income derives from:
Management fees - management fee income is included in the accounts based on the calculated fee earned.
Performance fees - for each fund, performance fee income is included in the accounts based on the date of the invoice to the customer. This reflects the uncertainty in earning the performance fee, which is dependant upon the fund's performance at the specific period.
Negotiation fees - this income is included in the accounts based on the terms of each agreement.
Monitoring fees - this income is included in the accounts based on the terms of each agreement..

2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 3


DELCAP ASSET MANAGEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

2.6

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 reporting date in the countries where the Company operates and generates income.

2.7

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:

Long-term leasehold property	-	over the remaining life of the lease
Motor vehicles	-	33% - 50% straight line
Fixtures and fittings	-	10% - 33% straight line

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.

2.8

Valuation of investments

Investments in listed company shares are remeasured to market value at the end of each reporting period, except where the movement is immaterial. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period.

2.9

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Employees

The average monthly number of employees, including directors, during the year was 1 (2021 - 2).

Page 4


DELCAP ASSET MANAGEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

4.	Fixed asset investments

		Listed investments
		£

	At 1 January 2022	24,850
	Disposals	(24,850)
	At 31 December 2022	-

	Net book value
	At 31 December 2022	-
	At 31 December 2021	24,850

Debtors

					2022	2021
					£	£


Trade debtors	10,830	-
Amounts owed by group undertakings	31,653	21,675
Other debtors	6,558	4,661
Prepayments and accrued income	-	13,676
	49,041	40,012

6.	Creditors: Amounts falling due within one year
		2022	2021
		£	£

Trade creditors	149	2,999
Other taxation and social security	-	8,381
Other creditors	11,553	11,591
Accruals and deferred income	7,775	4,081
	19,477	27,052

7.	Financial instruments

The Company only enters into transactions that result in the recognition of basic financial instruments and basic financial liabilities. It does not have financial assets and liabilities measured at fair value.

Page 5


DELCAP ASSET MANAGEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

8.	Share capital
		2022	2021
		£	£

Allotted, called up and fully paid

1 (2021 - 1) Ordinary A share of £1	1	1
1 (2021 - 1) Ordinary B share of £1	1	1
113,798 (2021 - 113,798) Ordinary C shares of £1 each	113,798	113,798
1 (2021 - 1) Ordinary D share of £1	1	1
1 (2021 - 1) Ordinary E share of £1	1	1

	113,802	113,802

The Ordinary shares rank pari passu in all respects except that the Ordinary 'D' and 'E' shares have no right to participate in a winding up.

Page 6