Seven Dials Fund Management Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 04519655 (England and Wales)

Seven Dials Fund Management Limited

Financial Statements

for the Year Ended 30 September 2022

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Directors:

B L Robinson

M R Wilson

Registered office:

New Derwent House

69-73 Theobalds Road

London

WC1X 8TA

Registered number:

04519655 (England and Wales)

Fixed assets

Tangible assets

4

4,935

5,356

Investments

5

417,702

394,328

422,637

399,684

Current assets

Debtors

6

107,573

68,600

Cash at bank

86,690

94,527

194,263

163,127

Creditors

Amounts falling due within one year

7

279,273

261,970

Net current liabilities

(85,010

)

(98,843

)

Total assets less current liabilities

337,627

300,841

Capital and reserves

Called up share capital

75,100

75,100

Fair value reserve

8

132,979

132,979

Retained earnings

129,548

92,762

337,627

300,841

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 June 2023 and were signed on its behalf by:

B L Robinson - Director

1.	Statutory information

Seven Dials Fund Management Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	Accounting policies

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover 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 turnover is recognised:

Fee income represents revenue earned under a wide variety of contracts to provide professional services. Revenue is recognised as earned when, and to the extent that, the firm obtains the right to consideration in exchange for its performance under these contracts. It is measured at the fair value of the right to consideration, which represents amounts chargeable to clients, including expenses and disbursements but excluding value added tax. For such contracts the amount of revenue reflects the accrual of the right to consideration by reference to the value of work performed.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

25% on reducing balance

Financial instruments

The Company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' 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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at the market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of 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 deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, 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. Financial liabilities classified as payable within one year are not amortised.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Going concern

The current economic conditions present increased risks for all businesses. In response to such conditions, the director has carefully considered these risks including an assessment on uncertainty on future trading projection for a period of at least 12 months from the date of signing the financial statements, and the extent to which they might affect the preparation of the financial statements on a going concern basis.

After making enquiries, the director has a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements.

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment. Investments in unlisted company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

3.	Employees and directors

The average number of employees during the year was 3 (2021 - 3 ) .

4.	Tangible fixed assets

Plant and

machinery

£

Cost

At 1 October 2021

30,350

Additions

979

At 30 September 2022

31,329

Depreciation

At 1 October 2021

24,994

Charge for year

1,400

At 30 September 2022

26,394

Net book value

At 30 September 2022

4,935

At 30 September 2021

5,356

5.	Fixed asset investments

Other

investments

£

Cost or valuation

At 1 October 2021

394,328

Revaluations

23,374

At 30 September 2022

417,702

Net book value

At 30 September 2022

417,702

At 30 September 2021

394,328

Cost or valuation at 30 September 2022 is represented by:

Other

investments

£

Valuation in 2022

417,702

The unlisted investments are revalued at each period end date, with the respective gains or losses on

revaluation recognised in the Statement of Comprehensive Income.

6.

Debtors: amounts falling due within one year

2022

2021

£

£

Trade debtors

772

864

Other debtors

106,801

67,736

107,573

68,600

7.

Creditors: amounts falling due within one year

2022

2021

£

£

Trade creditors

22,203

17,135

Taxation and social security

80,701

78,530

Other creditors

176,369

166,305

279,273

261,970

Including within Other creditors are amounts of £167,567 (2021; £159,642) owed to the company's Directors.

8.

Reserves

Fair value

reserve

£

At 1 October 2021

and 30 September 2022

132,979