Company registration number 03364739 (England and Wales)
SANTON CAPITAL PLC
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
SANTON CAPITAL PLC
COMPANY INFORMATION
Directors
B S Sandhu
R Patel
Secretary
R Patel
Company number
03364739
Registered office
Santon House
53/55 Uxbridge Road
Ealing
London
W5 5SA
Auditors
Gerald Edelman LLP
73 Cornhill
London
EC3V 3QQ
SANTON CAPITAL PLC
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 6
Income statement
7
Statement of comprehensive income
8
Statement of financial position
9
Statement of changes in equity
10
Notes to the financial statements
11 - 20
SANTON CAPITAL PLC
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2022
- 1 -
The directors present the strategic report for the year ended 31 March 2022.
Fair review of the business
Please refer to the strategic report within the consolidated financial statements.
B S Sandhu
Director
16 December 2022
SANTON CAPITAL PLC
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2022
- 2 -
The directors present their annual report and financial statements for the year ended 31 March 2022.
Principal activities
The principal activity of the company continued to be that of investment.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
B S Sandhu
R Patel
Results and dividends
The results for the year are set out on page 7.
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
Auditors
The auditor, Gerald Edelman LLP, are deemed to be reappointed under section 487(2) of the Companies Act 2006.
Statement of directors' responsibilities
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
-
select suitable accounting policies and then apply them consistently;
-
make judgements and accounting estimates that are reasonable and prudent;
-
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s
auditor
is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s
auditor
is aware of that information.
SANTON CAPITAL PLC
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 3 -
Going concern
Having reviewed the company's financial forecasts, expected future cash flows and the continued financial support from the holding company, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis in preparing the financial statements for the year ended 31 March 2022.
On behalf of the board
B S Sandhu
Director
16 December 2022
SANTON CAPITAL PLC
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SANTON CAPITAL PLC
- 4 -
Opinion
We have audited the financial statements of Santon
Capital PLC
(the 'company')
for the year ended 31 March 2018 which comprise
The Income Statement, the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity
and
notes to the financial statements, including a summary of significant accounting policies
. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102
The Financial Reporting Standard applicable in the UK and Republic of Ireland
(United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
-
give a true and fair view of the state of the company's affairs as at 31 March 2022 and of its loss for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the
Auditor's
responsibilities for the audit of the
financial statements
section of our report. We are independent of the
company
in accordance with the ethical requirements that are relevant to our audit of the
financial statements
in the UK, including the FRC’s Ethical Standard
, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit
:
-
the information given in the strategic report and the directors'
r
eport for the financial year for which the financial statements are prepared is consistent with the financial statements
; and
-
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
SANTON CAPITAL PLC
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SANTON CAPITAL PLC
- 5 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie
d
material misstatements in the Strategic Report and the Directors' Report
.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
-
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
-
the financial statements are not in agreement with the accounting records and returns; or
-
certain disclosures of
remuneration specified by law are not made; or
-
we have not received all the information and explanations we require for our audit.
-
the directors were not entitled to prepare the financial statements in accordance with the small companies regime.
Responsibilities of directors
As explained more fully in the directors'
r
esponsibilities
s
tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of
financial statements
that are free from material misstatement, whether due to fraud or error. In preparing the
financial statements
, the
directors are
responsible for assessing the company
'
s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have
no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the
financial statements
as a whole are free from material misstatement, whether due to fraud or error, and to issue an
auditor's
report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with
ISAs (UK)
will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these
financial statements
.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below
.
[
The auditor’s assessment of the susceptibility of the entity’s financial statements to material misstatement, including how fraud might occur.
] ICAEW guidance relating to reporting on irregularities, November 2020, based on ISA 700 A39-1 to A39-5
[Which laws and regulations the auditor identified as being of significance in the context of the entity.] ICAEW guidance relating to reporting on irregularities, November 2020, based on ISA 700 A39-1 t
o
A39-5
[The auditor’s explanation of its audit response will depend on the risks identified but may include:
- Enquiry of management, those charged with governance and the entity’s solicitors (or in-house legal team) around actual and potential litigation and claims.
- Enquiry of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations.
- Reviewing minutes of meetings of those charged with governance.
- Reviewing internal audit reports.
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
- Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.]
ICAEW guidance relating to reporting on irregularities, November 2020, based on ISA 700 A39-1 to A39-5
SANTON CAPITAL PLC
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SANTON CAPITAL PLC
- 6 -
[The auditor’s explanation of its audit response will depend on the risks identified but may include:
- Enquiry of management, those charged with governance and the entity’s solicitors (or in-house legal team) around actual and potential litigation and claims.
- Enquiry of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations.
- Reviewing minutes of meetings of those charged with governance.
- Reviewing internal audit reports.
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
- Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.]
ICAEW guidance relating to reporting on irregularities, November 2020, based on ISA 700 A39-1 to A39-5
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Hiten Patel FCCA (Senior Statutory Auditor)
For and on behalf of Gerald Edelman LLP
16 December 2022
Chartered Accountants
Statutory Auditor
73 Cornhill
London
EC3V 3QQ
SANTON CAPITAL PLC
INCOME STATEMENT
FOR THE YEAR ENDED 31 MARCH 2022
- 7 -
2022
2021
Notes
£
£
Administrative expenses
(528,960)
(303,103)
Intercompany loan written off
3
(219,875)
Operating loss
6
(748,835)
(303,101)
Dividend income and interest from investments
8
1,073,836
574,324
Interest payable and similar expenses
7
(400,791)
(61,345)
Fair value gains/(losses) on investments
9
(2,548,800)
840,718
(Loss)/profit before taxation
(2,624,590)
1,050,594
Taxation
11
909,443
(171,052)
(Loss)/profit for the financial year
(1,715,147)
879,542
The income statement has been prepared on the basis that all operations are continuing operations.
SANTON CAPITAL PLC
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2022
- 8 -
2022
2021
£
£
(Loss)/profit for the year
(1,715,147)
879,542
Other comprehensive income
-
-
Total comprehensive income/(loss) for the year
(1,715,147)
879,542
SANTON CAPITAL PLC
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2022
31 March 2022
- 9 -
2022
2021
Notes
£
£
£
£
Fixed assets
Investments
10
5,652,425
5,705,551
Current assets
Debtors
15
15,825,151
14,097,661
Investments
14
1,252,850
986,975
Cash at bank and in hand
4,494,143
2,610,033
21,572,144
17,694,669
Creditors: amounts falling due within one year
16
(8,215,881)
(2,676,385)
Net current assets
13,356,264
15,018,285
Total assets less current liabilities
19,008,689
20,723,836
Capital and reserves
Called up share capital
18
124,002
124,002
Capital redemption reserve
92,000
92,000
Profit and loss reserves
18,792,687
20,507,834
Total equity
19,008,689
20,723,836
The financial statements were approved by the board of directors and authorised for issue on 16 December 2022 and are signed on its behalf by:
B S Sandhu
Director
Company Registration No. 03364739
SANTON CAPITAL PLC
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2022
- 10 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 April 2020
124,002
92,000
19,628,292
19,844,294
Year ended 31 March 2021:
Profit Total comprehensive loss for the year
-
-
879,542
879,542
Balance at 31 March 2021
124,002
92,000
20,507,834
20,723,836
Year ended 31 March 2022:
Total comprehensive income for the period
-
-
(1,715,147)
(1,715,147)
Balance at 31 March 2022
124,002
92,000
18,792,687
19,008,689
SANTON CAPITAL PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
- 11 -
1
Accounting policies
Company information
Santon Capital PLC is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
Santon House, 53/55 Uxbridge Road, Ealing, London, W5 5SA.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Going concern
A
true
t the time of approving the financial statements
,
t
he directors have a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in
profit
or
loss
.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities
.
1.4
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.
1.5
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 statement of financial position 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.
SANTON CAPITAL PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 12 -
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 a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in
profit
or
loss
, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Impairment of financial assets
Financial assets, other than those
held
at
fair value through profit and loss
, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected.
If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
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
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when
the company
transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
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
, bank loans
and
loans from
fellow group companies 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
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts 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.
SANTON CAPITAL PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 13 -
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts,
are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are
s
ubsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in
profit
or
loss
in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as
being measured at
fair value th
r
ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations
expire or are discharged or cancelled.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
Derivatives
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in
profit
or
loss
immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in
profit
or
loss
depends on the nature of the hedge relationship.
A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
income statement
because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
SANTON CAPITAL PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 14 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the
income statement
, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or
fixed assets
.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.10
Foreign exchange
Transactions in currencies other than
pounds sterling
are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation
in the period
are included in profit or loss.
1.11
The cost of investment was included within debtors for the year ended 30 April 2016 which was considered to meet the criteria of a fixed asset investments as contained in FRS102 'Investments'. In the period to 31 March 2017, the cost of the assets have been corrected by way of prior period adjustment. This has had the effect of increasing investments in 2016 by £302,500 and a corresponding decrease in the debtors for the year then ended.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
SANTON CAPITAL PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 15 -
3
Exceptional item
2022
2021
£
£
Expenditure
Intercompany loan writeback
219,875
-
4
Turnover and other revenue
Other significant revenue
Interest income
930,972
417,499
Dividends received from group undertakings and other investments
104,058
112,309
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
6
Operating loss
2022
2021
Operating loss for the year is stated after charging:
£
£
Exchange gains
(4,492)
7
Interest payable and similar expenses
2022
2021
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
4,363
Interest on convertible loan notes
42,140
45,319
Other interest on financial liabilities
339,462
381,602
49,682
Other finance costs:
Finance costs for financial instruments measured at fair value through profit or loss
19,189
11,663
400,791
61,345
SANTON CAPITAL PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 16 -
8
Interest receivable and similar income
2022
2021
£
£
Interest income
Interest on bank deposits
1,258
340
Interest receivable from group companies
384,702
13,385
Other interest income
545,012
403,774
Total interest income
930,972
417,499
Other income from investments
Dividends received
104,058
112,309
1,035,030
529,808
Income from fixed asset investments
Income from other fixed asset investments
38,806
44,516
Total income
1,073,836
574,324
Investment income includes the following:
Interest on financial assets not measured at fair value through profit or loss
1,258
340
Dividends from financial assets measured at fair value through profit or loss
104,058
112,309
9
Amounts written off investments
2022
2021
£
£
Fair value gains/(losses) on investments
Amounts (written off)/written back to fair value through profit or loss
(2,836,721)
521,688
Other gains/(losses)
Gain on disposal of financial assets held at fair value
287,921
319,030
(2,548,800)
840,718
10
Fixed asset investments
2022
2021
Notes
£
£
Investments in subsidiaries
12
366,121
366,119
Investments in joint ventures
2
2
Listed investments
2,298,727
4,915,157
Unlisted investments
2,987,575
424,273
5,652,425
5,705,551
SANTON CAPITAL PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
10
Fixed asset investments
(Continued)
- 17 -
Movements in fixed asset investments
Shares in subsidiaries and joint ventures
Other investments
Total
£
£
£
Cost or valuation
At 1 April 2021
366,121
5,339,430
5,705,551
Additions
2
2,936,831
2,936,833
Valuation changes
-
(2,602,597)
(2,602,597)
Repayment of capital
-
(2,814)
(2,814)
Disposals
-
(384,548)
(384,548)
At 31 March 2022
366,123
5,286,302
5,652,425
Carrying amount
At 31 March 2022
366,123
5,286,302
5,652,425
At 31 March 2021
366,121
5,339,430
5,705,551
11
Taxation
2022
2021
£
£
Deferred tax
Origination and reversal of timing differences
(909,443)
171,052
The actual (credit)/charge for the year can be reconciled to the expected (credit)/charge for the year based on the profit or loss and the standard rate of tax as follows:
2022
2021
£
£
(Loss)/profit before taxation
(2,624,590)
1,050,594
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2021: 19.00%)
(498,672)
199,613
Non deductible expenses
41,544
5,700
Non taxable income
(27,144)
(29,797)
Group relief
(15,780)
Effect of revaluations of investments
484,272
(159,736)
Deferred tax
(909,443)
171,052
Tax expense for the year
(909,443)
171,052
SANTON CAPITAL PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 18 -
12
Subsidiaries
These financial statements are separate company financial statements for XXX.
Details of the company's subsidiaries at 31 March 2022 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Santon Close Nominees Limited
Scotland
Ordinary
100.00
-
Santon Commercial Properties Plc
Scotland
Ordinary
100.00
-
Santon Contracting Limited
England & Wales
Ordinary
0
100.00
Santon Developments Plc
England & Wales
Ordinary
100.00
-
Santon Estates Limited
England & Wales
Ordinary
100.00
-
Santon Group Developments Limited
Scotland
Ordinary
100.00
-
Santon Highlands Limited
Scotland
Ordinary
0
100.00
Santon Homes Plc
Scotland
Ordinary
100.00
-
Santon Industrial Properties Limited
England & Wales
Ordinary
100.00
-
Santon Investments Limited
England & Wales
Ordinary
100.00
-
Santon Management Limited
England & Wales
Ordinary
100.00
-
Santon Property Company Limited
England & Wales
Ordinary
100.00
-
Santon Retail Limited
England & Wales
Ordinary
0
100.00
Santon UK Limited
England & Wales
Ordinary
100.00
-
Santon Loch Ness Limited
England & Wales
Ordinary
100.00
-
13
Financial instruments
2022
2021
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
14,441,962
13,623,915
Equity instruments measured at cost less impairment
5,286,302
5,339,430
Instruments measured at fair value through profit or loss
1,252,850
986,975
Carrying amount of financial liabilities
Measured at amortised cost
8,213,860
2,674,625
14
Current asset investments
2022
2021
£
£
Unlisted investments
1,252,850
986,975
SANTON CAPITAL PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 19 -
15
Debtors
2022
2021
Amounts falling due within one year:
£
£
Amount due from parent undertaking
8,645,152
8,658,758
Other debtors
5,796,810
566,974
14,441,962
9,225,732
Amounts falling due after one year:
Deferred tax asset (note 17)
1,383,189
473,746
Total debtors
15,825,151
9,699,478
16
Creditors: amounts falling due within one year
2022
2021
£
£
Amounts due to group undertakings
1,278,325
2,047,497
Corporation tax
192
192
Other taxation and social security
1,828
1,567
Other creditors
6,585,934
614,001
Accruals and deferred income
349,602
13,128
8,215,881
2,676,385
Included in other creditors are amounts of £6,170,933 due to B Sandhu, who is a director and shareholder of the company. The loan is interest free and repayable on demand.
17
Deferred taxation
Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
Assets
Assets
2022
2021
Balances:
£
£
Investments
1,383,189
473,746
SANTON CAPITAL PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
17
Deferred taxation
(Continued)
- 20 -
2022
Movements in the year:
£
Asset at 1 April 2021
(473,746)
Effect of change in tax rate - profit or loss
(909,443)
Asset at 31 March 2022
(1,383,189)
The deferred tax asset
set out above r
elates to
revaluation on fixed asset investments reflected through the income statement.
18
Share capital
2022
2021
£
£
Ordinary share capital
Issued and fully paid
248,004 Ordinary shares of 50p each
124,002
124,002
19
Related party transactions
a) Included in other creditors are amounts of £
nil
(20
20
: £
81,100
) due to B. S. Sandhu and £
nil
(20
20
: £
6,519
) due to P Sandhu, the wife of the director B S Sandhu. Interest of £
nil
(20
20
: £
2,590
) was incurred by the company in respect of these balances.
b) Included in other debtors are amounts of £
3,077,000
(20
20
: £
2,722,000
) due from B&P Investments Limited, a company which B. S. Sandhu is a director and shareholder. Interest of £
218,260
(20
20
: £
196
,
235
) was payable by the company in respect of this loan.
c
) The Santon Capital plc group provides offices, staff and administrative support to The Sandhu Charitable Foundation without charge. The director B. S. Sandhu is the founder and Trustee of the Foundation, which is the major conduit for the Sandhu family and Santon Group charitable activities.
d
) During the year an interest free loan of £
35
0,000 (20
20
: £
250,000
) was made to The Sandhu Charitable Foundation
during the year
and £200,000 was repaid after the year end.
20
Controlling party
At
31 March 20
22
the company was controlled by B.S
.
Sandhu.
21
Analysis of changes in net funds
1 April 2021
Cash flows
Market value movements
31 March 2022
£
£
£
£
Cash at bank and in hand
2,610,033
1,884,110
-
4,494,143
Borrowings excluding overdrafts
-
19,189
(19,189)
-
2,610,033
1,903,299
(19,189)
4,494,143
2022-03-31
2021-04-01
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