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REGISTERED NUMBER: 11078584 (England and Wales)















Group Strategic Report, Report of the Director and

Consolidated Financial Statements for the Year Ended 31 December 2022

for

HENI HOLDINGS LIMITED

HENI HOLDINGS LIMITED (REGISTERED NUMBER: 11078584)






Contents of the Consolidated Financial Statements
FOR THE YEAR ENDED 31 DECEMBER 2022




Page

Company Information 1

Group Strategic Report 2

Report of the Director 3

Report of the Independent Auditors 5

Consolidated Income Statement 8

Consolidated Other Comprehensive Income 9

Consolidated Balance Sheet 10

Company Balance Sheet 11

Consolidated Statement of Changes in Equity 12

Company Statement of Changes in Equity 13

Consolidated Cash Flow Statement 14

Notes to the Consolidated Financial Statements 15


HENI HOLDINGS LIMITED

Company Information
FOR THE YEAR ENDED 31 DECEMBER 2022







DIRECTOR: Ms H M Pierce





REGISTERED OFFICE: 3rd Floor
126-134 Baker Street
London
W1U 6UE





REGISTERED NUMBER: 11078584 (England and Wales)





AUDITORS: Butler & Co LLP
Chartered Accountants
& Statutory Auditor
Third Floor
126-134 Baker Street
London
W1U 6UE

HENI HOLDINGS LIMITED (REGISTERED NUMBER: 11078584)

Group Strategic Report
FOR THE YEAR ENDED 31 DECEMBER 2022

The director presents her strategic report of the company and the group for the year ended 31 December 2022.

REVIEW OF BUSINESS
The company is a non-trading holding company. The group trades as an international art services business. The principal trading activities involve working with leading artists and estates across publishing, print-making, digital, film and art research and sale of non fungible tokens.
.
Group turnover for the period was £45.5m (2021: £38.6m), gross profit was £25.6m (2021: £25.8m), and the average number of employees was 181 (2021: 130). The group profit of £8.0m (2021: £16.3m) is indicative of the underlying performance of the group.

PRINCIPAL RISKS AND UNCERTAINTIES
The principal risks and uncertainties faced by the group are:

Foreign Currency Risk
The group's activities expose it to the financial risk of changes in foreign currency, principally the Euro and US dollar. The group manages the risk by using appropriate hedging techniques.

Liquidity Risk
The group monitors cash as part of its day-to-day control procedures. The group does not use derivative financial instruments for speculative purposes.

Credit Risk
The group's credit risk is primarily due to trade receivables.

FUTURE DEVELOPMENT
The directors expect the company to continue as a non-trading holding company, and the group to continue to trade as an international art services business, for the foreseeable future. The group continues to seek improvements in operational efficiency and effective cost management.

KEY PERFORMANCE INDICATORS
The directors use both financial and non-financial performance indicators to monitor the group's position.

The key financial performance indicators are sales of £45.5m (2021: £38.6m) and gross profit of £25.6m (2021: 25.8m).

The key non-financial performance indicators are artist and stakeholder relationships.

The directors are of the belief that the monitoring of the above-mentioned indicators is an effective aspect of business performance review.

ON BEHALF OF THE BOARD:





Ms H M Pierce - Director


30 September 2023

HENI HOLDINGS LIMITED (REGISTERED NUMBER: 11078584)

Report of the Director
FOR THE YEAR ENDED 31 DECEMBER 2022

The director presents her report with the financial statements of the company and the group for the year ended 31 December 2022.

DIVIDENDS
An interim dividend of 16000 per share was paid on 31 December 2022. The director recommends that no final dividend be paid.

The total distribution of dividends for the year ended 31 December 2022 will be £ 1,600,000 .

DIRECTORS
Ms H M Pierce has held office during the whole of the period from 1 January 2022 to the date of this report.

Other changes in directors holding office are as follows:

R Hare - resigned 4 May 2022

DISCLOSURE IN THE STRATEGIC REPORT
The principal risks and uncertainties that the company is exposed to in respect of foreign currency risk, liquidity risk and credit risk have been disclosed in the strategic report.

DIRECTOR'S RESPONSIBILITIES STATEMENT
The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless she is satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable her to ensure that the financial statements comply with the Companies Act 2006. She is also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and she has taken all the steps that she ought to have taken as a director in order to make herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

HENI HOLDINGS LIMITED (REGISTERED NUMBER: 11078584)

Report of the Director
FOR THE YEAR ENDED 31 DECEMBER 2022


AUDITORS
The auditors, Butler & Co LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:



Ms H M Pierce - Director


30 September 2023

Report of the Independent Auditors to the Members of
Heni Holdings Limited

Opinion
We have audited the financial statements of Heni Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2022 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement 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 Financial Reporting Standard 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 group's and of the parent company affairs as at 31 December 2022 and of the group's profit 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.

Basis for opinion
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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 director's 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 group's and the parent 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 director with respect to going concern are described in the relevant sections of this report.

Other information
The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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 the audit:
- the information given in the Group Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Heni Holdings Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Director.

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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of director
As explained more fully in the Director's Responsibilities Statement set out on page three, the director is 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 director determines 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 director is responsible for assessing the group's and the parent 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 director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Heni Holdings Limited


Auditors' 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 a Report of the Auditors 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:

- Enquiries of management, concerning the company's policies and procedures relating to:

o Identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance
o Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud.

- Discussions among the engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

- Performed analytical review procedures to identify any unusual transactions or relationships
- Tested journal entries to identify any unusual transactions
- Reviewed and tested material accounting estimates for reasonableness
- Reviewed for appropriateness and reasonableness of accounting policies used.

We also obtained an understanding of the legal and regulatory frameworks that the company operates in.

As a result of performing the above, we did not identify any key audit matters related to the potential risk of fraud or non-compliance.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our 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 a Report of the Auditors 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.




Mr Rajesh Patel (Senior Statutory Auditor)
for and on behalf of Butler & Co LLP
Chartered Accountants
& Statutory Auditor
Third Floor
126-134 Baker Street
London
W1U 6UE

30 September 2023

HENI HOLDINGS LIMITED (REGISTERED NUMBER: 11078584)

Consolidated
Income Statement
FOR THE YEAR ENDED 31 DECEMBER 2022

2022 2021
Notes £    £    £    £   

TURNOVER 3 45,469,949 38,613,846

Cost of sales 19,846,364 12,861,396
GROSS PROFIT 25,623,585 25,752,450

Distribution costs - 255,905
Administrative expenses 17,251,997 10,337,944
17,251,997 10,593,849
8,371,588 15,158,601

Other operating income 2,143,596 2,416,369
OPERATING PROFIT 5 10,515,184 17,574,970

Interest receivable and similar income 8,260 609
10,523,444 17,575,579
Impairment of fixed asset
investments 7 74,573 -
10,448,871 17,575,579

Interest payable and similar expenses 8 267,447 379,022
PROFIT BEFORE TAXATION 10,181,424 17,196,557

Tax on profit 9 2,190,155 930,992
PROFIT FOR THE FINANCIAL YEAR 7,991,269 16,265,565
Profit attributable to:
Owners of the parent 7,991,269 16,265,565

HENI HOLDINGS LIMITED (REGISTERED NUMBER: 11078584)

Consolidated
Other Comprehensive Income
FOR THE YEAR ENDED 31 DECEMBER 2022

2022 2021
Notes £    £   

PROFIT FOR THE YEAR 7,991,269 16,265,565


OTHER COMPREHENSIVE INCOME
Exchange rate movements 666,813 232,978
Income tax relating to other
comprehensive income

-

-

OTHER COMPREHENSIVE INCOME
FOR THE YEAR, NET OF INCOME TAX

666,813

232,978
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

8,658,082

16,498,543

Total comprehensive income attributable to:
Owners of the parent 8,658,082 16,498,543

HENI HOLDINGS LIMITED (REGISTERED NUMBER: 11078584)

Consolidated Balance Sheet
31 DECEMBER 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 12 2,883,465 1,907,969
Tangible assets 13 2,676,636 2,095,715
Investments 14 9,516,568 8,930,302
15,076,669 12,933,986

CURRENT ASSETS
Stocks 15 10,091,891 8,955,142
Debtors 16 8,391,402 6,404,025
Cash at bank and in hand 7,911,126 5,114,896
26,394,419 20,474,063
CREDITORS
Amounts falling due within one year 17 17,727,469 9,802,253
NET CURRENT ASSETS 8,666,950 10,671,810
TOTAL ASSETS LESS CURRENT
LIABILITIES

23,743,619

23,605,796

CREDITORS
Amounts falling due after more than one
year

18

(5,759,216

)

(12,717,343

)

PROVISIONS FOR LIABILITIES 22 (137,666 ) (99,798 )
NET ASSETS 17,846,737 10,788,655

CAPITAL AND RESERVES
Called up share capital 23 100 100
Other reserves 24 - 95,566
Retained earnings 24 17,846,637 10,692,989
SHAREHOLDERS' FUNDS 17,846,737 10,788,655

The financial statements were authorised for issue by the director and authorised for issue on 30 September 2023 and were signed by:





Ms H M Pierce - Director


HENI HOLDINGS LIMITED (REGISTERED NUMBER: 11078584)

Company Balance Sheet
31 DECEMBER 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 12 - -
Tangible assets 13 - -
Investments 14 8,863,360 8,930,402
8,863,360 8,930,402

CURRENT ASSETS
Cash at bank 7,464 -

CREDITORS
Amounts falling due within one year 17 8,769,214 11,159,959
NET CURRENT LIABILITIES (8,761,750 ) (11,159,959 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

101,610

(2,229,557

)

CAPITAL AND RESERVES
Called up share capital 23 100 100
Retained earnings 24 101,510 (2,229,657 )
SHAREHOLDERS' FUNDS 101,610 (2,229,557 )

Company's profit for the financial year 3,931,167 12,969

The financial statements were authorised for issue by the director and authorised for issue on 30 September 2023 and were signed by:





Ms H M Pierce - Director


HENI HOLDINGS LIMITED (REGISTERED NUMBER: 11078584)

Consolidated Statement of Changes in Equity
FOR THE YEAR ENDED 31 DECEMBER 2022

Called up
share Retained Other
capital earnings reserves
£    £    £   

Balance at 1 January 2021 100 (5,805,554 ) 95,566

Changes in equity
Total comprehensive income - 16,498,543 -
Balance at 31 December 2021 100 10,692,989 95,566

Changes in equity
Dividends - (1,600,000 ) -
Total comprehensive income - 8,753,648 (95,566 )
Balance at 31 December 2022 100 17,846,637 -
Non-controlling Total
Total interests equity
£    £    £   

Balance at 1 January 2021 (5,709,888 ) - (5,709,888 )

Changes in equity
Total comprehensive income 16,498,543 - 16,498,543
Balance at 31 December 2021 10,788,655 - 10,788,655

Changes in equity
Dividends (1,600,000 ) - (1,600,000 )
Total comprehensive income 8,658,082 - 8,658,082
Balance at 31 December 2022 17,846,737 - 17,846,737

HENI HOLDINGS LIMITED (REGISTERED NUMBER: 11078584)

Company Statement of Changes in Equity
FOR THE YEAR ENDED 31 DECEMBER 2022

Called up
share Retained Total
capital earnings equity
£    £    £   

Balance at 1 January 2021 100 (2,242,626 ) (2,242,526 )

Changes in equity
Total comprehensive income - 12,969 12,969
Balance at 31 December 2021 100 (2,229,657 ) (2,229,557 )

Changes in equity
Dividends - (1,600,000 ) (1,600,000 )
Total comprehensive income - 3,931,167 3,931,167
Balance at 31 December 2022 100 101,510 101,610

HENI HOLDINGS LIMITED (REGISTERED NUMBER: 11078584)

Consolidated Cash Flow Statement
FOR THE YEAR ENDED 31 DECEMBER 2022

2022 2021
Notes £    £   
Cash flows from operating activities
Cash generated from operations 26 12,978,058 15,461,991
Interest paid (12,830 ) (3,437 )
Interest element of hire purchase
payments paid

-

(540

)
Tax paid (3,961,440 ) 3,263
Net cash from operating activities 9,003,788 15,461,277

Cash flows from investing activities
Purchase of intangible fixed assets (1,188,144 ) (743,954 )
Purchase of tangible fixed assets (1,200,210 ) (1,517,706 )
Purchase of fixed asset investments (661,086 ) (8,930,302 )
Sale of intangible fixed assets 49,715 -
Sale of tangible fixed assets 173,509 63,655
Sale of fixed asset investments 78,983 -
Interest received 8,260 609
Net cash from investing activities (2,738,973 ) (11,127,698 )

Cash flows from financing activities
Loan repayments in year (2,391,779 ) (3,238,101 )
Capital repayments in year (1,499 ) (4,496 )
Equity dividends paid (1,600,000 ) -
Net cash from financing activities (3,993,278 ) (3,242,597 )

Increase in cash and cash equivalents 2,271,537 1,090,982
Cash and cash equivalents at
beginning of year

27

5,114,896

3,714,941
Effect of foreign exchange rate changes 524,693 308,973
Cash and cash equivalents at end of
year

27

7,911,126

5,114,896

HENI HOLDINGS LIMITED (REGISTERED NUMBER: 11078584)

Notes to the Consolidated Financial Statements
FOR THE YEAR ENDED 31 DECEMBER 2022

1. STATUTORY INFORMATION

Heni Holdings 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 General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going Concern
The group made a profit after taxation for the period of £8.0m (2021: £16.3m).

The director considers that the financial resources available to the group are adequate to meet its operational needs for the foreseeable future or at least 12 months from the date of approval of these accounts. Accordingly, the going concern basis has been adopted in preparing the financial statements.

Basis of consolidation
The group financial statements consolidate the financial statements of Heni Holdings Limited and all its subsidiary undertakings drawn up to 31 December each year. No profit and loss account is presented for Heni Holdings Limited as permitted by section 408 of the Companies Act 2006.

Subsidiaries are consolidated from the date of their acquisition, being the date on which the Group obtains control and continue to be consolidated until the date that such control ceases. Control comprises the power to govern the financial and operating policies of the investee so as to obtain benefit from its activities.

Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used in line with those used by other members of the group.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Critical accounting judgements and key sources of estimation uncertainty
The preparation of the financial statements requires the directors to make significant judgements and estimates. These estimates and judgements are continually reviewed and are based on experience and other factors including expectations of future events that are believed to be reasonable under the circumstances.

The areas of judgement and estimates applied by the directors are not considered sufficiently significant to require disclosure in these financial statements.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover is recognised when the group has delivered goods and no other significant obligation remains unfulfilled that may affect the customer's acceptance of the products.

HENI HOLDINGS LIMITED (REGISTERED NUMBER: 11078584)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2022

2. ACCOUNTING POLICIES - continued

Goodwill
Goodwill, in one of the UK subsidiary companies, is being amortised evenly over its estimated useful life of ten years.

Goodwill, in one of the foreign subsidiary companies, is being amortised evenly over its estimated useful life of fifteen years.

Positive goodwill acquired on each business combination is capitalised, classified as an asset on the statement of financial position and amortised on a straight line basis over its useful life.

Goodwill acquired in a business combination is, from the acquisition date, allocated to each cash generating unit that is expected to benefit from the synergies of the combination.

If a subsidiary, associate or business is subsequently sold or discontinued, any goodwill arising on acquisition that has not been amortised through the profit and loss account is taken into account in determining the profit or loss on sale or discontinuance.

Intangible assets
Intangibles assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are amortised evenly over their estimated useful life of ten years.

Website development costs are being amortised evenly over their useful life of ten years.

Film production costs is being amortised evenly over its useful life of three years.

No amortisation is provided in respect of patent costs that are still in the process of registration.

No amortisation has been provided, in the year, in respect of film production costs as it was still under production at the year end.

No amortisation is provided on Non Fungibles Tokens.

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

Freehold property3% on cost
Leasehold improvementsover the lease term
Plant and machinery33.33% and 20% on cost
Fixtures and fittings33.33% and 20% on cost
Motor vehicles25% and 20% on cost
Computer equipment33.33% on cost

Assets under construction are stated at cost. These assets are not depreciated until they are available for use and are reviewed for impairment at each reporting date.

Stocks
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 items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

HENI HOLDINGS LIMITED (REGISTERED NUMBER: 11078584)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2022

2. ACCOUNTING POLICIES - continued

Financial instruments
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 entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Financial costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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 the 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.

Foreign currencies
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 of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

HENI HOLDINGS LIMITED (REGISTERED NUMBER: 11078584)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2022

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Financial statement of foreign subsidiaries
The assets and liabilities of foreign subsidiaries are translated from the foreign subsidiary's functional currency to the Group's reporting currency, GBP, at foreign exchange rates prevailing at the balance sheet date. Revenues and expenses of foreign subsidiaries are translated to GBP at average rates that approximate the foreign exchange rates prevailing at each of the transaction dates. Translation differences arising from the translation of the net investment in foreign subsidiaries are recognised in other comprehensive income.

Government grants
Government grants are accounted for on an accrual model and are recognised when there is reasonable assurance that the group has complied with the conditions attaching to the grants.

During the year the group received grants amounting to £57,085 (2021: £73,441), in respect of the Coronavirus Job Retention Scheme, which are disclosed in the accounts as other income.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the group.

An analysis of turnover by class of business is given below:

2022 2021
£    £   
Editions 22,002,505 17,528,469
Artwork mounting 3,443,543 1,829,384
Fine Art Photography/printing 1,114,303 1,756,792
Sale of digital assets - NFTs 18,269,600 14,827,285
Publishing 111,856 182,219
Others 528,142 2,489,697
45,469,949 38,613,846

An analysis of turnover by geographical market is given below:

2022 2021
£    £   
United Kingdom 12,443,663 8,861,377
Europe 7,431,711 5,234,371
United States of America 23,402,206 18,765,984
Rest of the world 2,192,369 5,752,114
45,469,949 38,613,846

HENI HOLDINGS LIMITED (REGISTERED NUMBER: 11078584)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2022

4. EMPLOYEES AND DIRECTORS
2022 2021
£    £   
Wages and salaries 10,491,439 5,168,826
Social security costs 1,241,679 734,892
Other pension costs 251,823 98,141
11,984,941 6,001,859

The average number of employees during the year was as follows:
2022 2021

Direct Production 89 65
Administration 92 65
181 130

2022 2021
£    £   
Directors' remuneration 42,083 51,975
Directors' pension contributions to money purchase schemes 1,263 2,625

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 1 2

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2022 2021
£    £   
Hire of plant and machinery 90,381 111,142
Other operating leases 1,342,256 1,340,880
Depreciation - owned assets 518,428 344,419
Depreciation - assets on hire purchase contracts 4,123 4,123
Profit on disposal of fixed assets (78,528 ) (18,295 )
Goodwill amortisation 132,565 133,161
Patents and licences amortisation 62,619 59,342
Website development and Film production costs amort 32,890 -
Foreign exchange differences (783,347 ) 442,315
Auditors remuneration - Non audit services 20,373 29,089

6. AUDITORS' REMUNERATION
2022 2021
£    £   
Fees payable to the company's auditors for the audit of the
company's financial statements

100,353

56,000

Auditor's remuneration for the group as a whole is £100,353 (2021: £56,000), of which £34,353 (2021; £nil) related to audit fees of Non UK subsidiaries.

HENI HOLDINGS LIMITED (REGISTERED NUMBER: 11078584)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2022

7. IMPAIRMENT OF FIXED ASSET
INVESTMENTS
2022 2021
£    £   
Impairment of investments 74,573 -

8. INTEREST PAYABLE AND SIMILAR EXPENSES
2022 2021
£    £   
Bank interest 5,560 -
Bank loan interest 7,216 3,256
Interest on late paid tax 54 -
Loan interest 254,617 375,226
Hire purchase interest - 540
267,447 379,022

9. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2022 2021
£    £   
Current tax:
UK corporation tax 666,290 904,350
Adjustment in respect of prior years (27,852 ) -
Foreign tax 1,513,849 405
Total current tax 2,152,287 904,755

Deferred tax 37,868 26,237
Tax on profit 2,190,155 930,992

UK corporation tax has been charged at 19 % (2021 - 19 %).

HENI HOLDINGS LIMITED (REGISTERED NUMBER: 11078584)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2022

9. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2022 2021
£    £   
Profit before tax 10,181,424 17,196,557
Profit multiplied by the standard rate of corporation tax in the UK of
19 % (2021 - 19 %)

1,934,471

3,267,346

Effects of:
Expenses not deductible for tax purposes 82,553 27,511
Income not taxable for tax purposes - (2,391,126 )
Capital allowances in excess of depreciation (13,579 ) (11,730 )
Utilisation of tax losses (124,663 ) (16,338 )
Adjustments to tax charge in respect of previous periods (27,852 ) -
Deferred tax charge / (credit) 37,868 26,237
Tax at higher / (lower) rates in foreign subsidiaries 131,998 (2,673 )
Losses carried forward - UK entities 13,037 -
Losses carried forward - Non UK entities 156,322 31,765
Total tax charge 2,190,155 930,992

Tax effects relating to effects of other comprehensive income

2022
Gross Tax Net
£    £    £   
Exchange rate movements 666,813 - 666,813

2021
Gross Tax Net
£    £    £   
Exchange rate movements 232,978 - 232,978
Pre acquisition loss
Other reserves transferred on disposal
Reserve on consolidation
232,978 - 232,978

10. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements.


11. DIVIDENDS
2022 2021
£    £   
Ordinary shares of £1.00 each
Interim 1,600,000 -

HENI HOLDINGS LIMITED (REGISTERED NUMBER: 11078584)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2022

12. INTANGIBLE FIXED ASSETS

Group
Website
development
Patents and Film Non
and production Fungible
Goodwill licences costs Tokens Totals
£    £    £    £    £   
COST
At 1 January 2022 3,815,635 449,567 334,263 335,942 4,935,407
Additions - 99,824 960,642 127,678 1,188,144
Disposals - (9,776 ) - (43,381 ) (53,157 )
Exchange differences 30,612 18,775 - 38,637 88,024
At 31 December 2022 3,846,247 558,390 1,294,905 458,876 6,158,418
AMORTISATION
At 1 January 2022 2,874,038 153,400 - - 3,027,438
Amortisation for year 132,565 62,619 32,890 - 228,074
Eliminated on disposal - (3,442 ) - - (3,442 )
Exchange differences 11,672 11,211 - - 22,883
At 31 December 2022 3,018,275 223,788 32,890 - 3,274,953
NET BOOK VALUE
At 31 December 2022 827,972 334,602 1,262,015 458,876 2,883,465
At 31 December 2021 941,597 296,167 334,263 335,942 1,907,969

13. TANGIBLE FIXED ASSETS

Group
Assets Short
Freehold Leasehold under leasehold
property improvements construction costs
£    £    £    £   
COST
At 1 January 2022 140,420 1,269,774 538,706 46,373
Additions 161,970 238,969 - -
Disposals - - - -
Exchange differences 15,053 - 30,171 -
At 31 December 2022 317,443 1,508,743 568,877 46,373
DEPRECIATION
At 1 January 2022 4,412 559,223 - 30,915
Charge for year 13,609 175,488 - 15,458
Eliminated on disposal - - - -
Exchange differences 851 - - -
At 31 December 2022 18,872 734,711 - 46,373
NET BOOK VALUE
At 31 December 2022 298,571 774,032 568,877 -
At 31 December 2021 136,008 710,551 538,706 15,458

HENI HOLDINGS LIMITED (REGISTERED NUMBER: 11078584)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2022

13. TANGIBLE FIXED ASSETS - continued

Group

Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 January 2022 1,059,651 742,822 42,145 766,901 4,606,792
Additions 416,920 110,775 110,787 160,789 1,200,210
Disposals (591,691 ) (202,792 ) (31,724 ) (2,357 ) (828,564 )
Exchange differences 39,777 16,494 - - 101,495
At 31 December 2022 924,657 667,299 121,208 925,333 5,079,933
DEPRECIATION
At 1 January 2022 704,920 558,350 34,726 618,531 2,511,077
Charge for year 128,290 73,216 25,144 91,346 522,551
Eliminated on disposal (653,945 ) - - (655 ) (654,600 )
Exchange differences 15,761 7,657 - - 24,269
At 31 December 2022 195,026 639,223 59,870 709,222 2,403,297
NET BOOK VALUE
At 31 December 2022 729,631 28,076 61,338 216,111 2,676,636
At 31 December 2021 354,731 184,472 7,419 148,370 2,095,715

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 January 2022
and 31 December 2022 16,491
DEPRECIATION
At 1 January 2022 11,337
Charge for year 4,123
At 31 December 2022 15,460
NET BOOK VALUE
At 31 December 2022 1,031
At 31 December 2021 5,154

HENI HOLDINGS LIMITED (REGISTERED NUMBER: 11078584)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2022

14. FIXED ASSET INVESTMENTS

Group
Unlisted
investments
£   
COST
At 1 January 2022 8,930,302
Additions 661,086
Impairments (74,820 )
At 31 December 2022 9,516,568
NET BOOK VALUE
At 31 December 2022 9,516,568
At 31 December 2021 8,930,302
Company
Shares in
group Unlisted
undertakings investments Totals
£    £    £   
COST
At 1 January 2022 100 8,930,302 8,930,402
Impairments - (67,042 ) (67,042 )
At 31 December 2022 100 8,863,260 8,863,360
NET BOOK VALUE
At 31 December 2022 100 8,863,260 8,863,360
At 31 December 2021 100 8,930,302 8,930,402

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries


Heni Limited
Registered office: United Kingdom
Nature of business: Non-trading holding company
%
Class of shares: holding
Ordinary 100.00
2022 2021
£    £   
Aggregate capital and reserves 9,168 (260 )
Profit/(loss) for the year 4,059,428 (60 )

HENI HOLDINGS LIMITED (REGISTERED NUMBER: 11078584)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2022

14. FIXED ASSET INVESTMENTS - continued

Prudence Cuming Associates Limited
Registered office: United Kingdom
Nature of business: Supplier of Fine Art photography and printing
%
Class of shares: holding
Ordinary 100.00
2022 2021
£    £   
Aggregate capital and reserves 148,953 (45,779 )
Profit for the year 194,732 33,801

Grieger GmbH
Registered office: Germany
Nature of business: Artwork mounting
%
Class of shares: holding
Ordinary 100.00
2022 2021
£    £   
Aggregate capital and reserves 193,836 (467,826 )
Profit for the year 661,662 121,680

Heni GmbH
Registered office: Germany
Nature of business: Non-trading holding company
%
Class of shares: holding
Ordinary 100.00
2022 2021
£    £   
Aggregate capital and reserves (412,532 ) (343,752 )
(Loss)/profit for the year (68,780 ) 31,472

Heni Arts Consulting Co Limited
Registered office: China
Nature of business: Sale of Artwork
%
Class of shares: holding
Ordinary 100.00
2022 2021
£    £   
Aggregate capital and reserves (79,698 ) 54,929
(Loss)/profit for the year (134,627 ) 16,397

HENI HOLDINGS LIMITED (REGISTERED NUMBER: 11078584)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2022

14. FIXED ASSET INVESTMENTS - continued

Pierce Protocols Limited
Registered office: United Kingdom
Nature of business: Sale of reproduced artworks and books
%
Class of shares: holding
Ordinary 100.00
2022 2021
£    £   
Aggregate capital and reserves 1,443,014 2,816,058
Profit for the year 2,702,956 3,795,026

HSL Fachlabor GmbH
Registered office: Germany
Nature of business: Image Production for Photo and Art
%
Class of shares: holding
Ordinary 100.00
2022 2021
£    £   
Aggregate capital and reserves - (78,983 )
Loss for the year - (170,137 )

The above subsidiary was disposed on 1st January 2022.

Heni Tech LLC
Registered office: State of Delaware
Nature of business: Sales of NFTs
%
Class of shares: holding
Ordinary 100.00
2022 2021
£    £   
Aggregate capital and reserves 20,103,226 12,851,727
Profit for the year 7,251,499 12,851,726

Heni Fab Limited (formerly Heni Tech Limited)
Registered office: United Kingdom
Nature of business: Non trading
%
Class of shares: holding
Ordinary 100.00
2022 2021
£    £   
Aggregate capital and reserves (140 ) 100
Loss for the year (240 ) -

HENI HOLDINGS LIMITED (REGISTERED NUMBER: 11078584)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2022

14. FIXED ASSET INVESTMENTS - continued

Heni Tech Inc
Registered office: State of Delaware
Nature of business: Holding company
%
Class of shares: holding
Ordinary 100.00
2022
£   
Aggregate capital and reserves (555,201 )
Loss for the year (555,284 )

Heni Studios LLC
Registered office: State of Delaware
Nature of business: Issue & Sale of digital arts in form of NFTs
%
Class of shares: holding
Ordinary 100.00
2022
£   
Aggregate capital and reserves (48,241 )
Loss for the year (48,242 )

Heni Ventures LImited
Registered office: Cayman Islands
Nature of business: Holding investments in NFT funds
%
Class of shares: holding
Ordinary 100.00
2022
£   
Aggregate capital and reserves 29,190
Loss for the year (392,374 )


.

15. STOCKS

Group
2022 2021
£    £   
Raw materials 489,766 519,899
Work-in-progress 78,946 252,399
Finished goods 8,931,846 5,467,703
Other inventories 591,333 2,715,141
10,091,891 8,955,142

HENI HOLDINGS LIMITED (REGISTERED NUMBER: 11078584)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2022

16. DEBTORS

Group
2022 2021
£    £   
Amounts falling due within one year:
Trade debtors 4,654,286 3,349,181
Other debtors 65,677 266,892
Other loans 176,273 174,016
Tax 914,865 -
VAT 106,892 123,170
Prepayments and accrued income 2,000,469 2,096,557
7,918,462 6,009,816

Amounts falling due after more than one year:
Other debtors 472,940 394,209

Aggregate amounts 8,391,402 6,404,025

17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2022 2021 2022 2021
£    £    £    £   
Bank loans and overdrafts (see note 19) - 34,158 - -
Other loans (see note 19) 4,855,191 - - -
Hire purchase contracts (see note 20) - 1,499 - -
Trade creditors 5,415,628 3,831,016 - -
Amounts owed to group undertakings - - 8,769,160 10,803,283
Tax 60,101 954,389 54 5,026
Social security and other taxes 613,796 174,406 - -
Other creditors 306,420 1,433,913 - 351,650
Pension liability 42,630 27,131 - -
Accruals and deferred income 6,433,703 3,345,741 - -
17,727,469 9,802,253 8,769,214 11,159,959

18. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group
2022 2021
£    £   
Bank loans (see note 19) - 122,241
Other loans (see note 19) 5,704,588 12,540,542
Other creditors 54,628 54,560
5,759,216 12,717,343

HENI HOLDINGS LIMITED (REGISTERED NUMBER: 11078584)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2022

19. LOANS

An analysis of the maturity of loans is given below:

Group
2022 2021
£    £   
Amounts falling due within one year or on demand:
Bank loans - 34,158
Other loans 4,855,191 -
4,855,191 34,158
Amounts falling due between one and two years:
Bank loans - 1-2 years - 32,015
Other loans - 1-2 years 1,033,282 -
1,033,282 32,015
Amounts falling due between two and five years:
Bank loans - 2-5 years - 90,226
Other loans - 2-5 years 4,671,306 4,522,316
4,671,306 4,612,542
Amounts falling due in more than five years:
Repayable otherwise than by instalments
Other loans more 5yrs non-inst - 8,018,226

The others loans of £10,559,779 (2021: £12,540,542) bear annual interest rates of Libor + 3%, Euribor + 3% and 5%. The loans are repayable within 5 years from the balance sheet date.

20. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2022 2021
£    £   
Gross obligations repayable:
Within one year - 1,679

Finance charges repayable:
Within one year - 180

Net obligations repayable:
Within one year - 1,499

HENI HOLDINGS LIMITED (REGISTERED NUMBER: 11078584)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2022

20. LEASING AGREEMENTS - continued

Group
Non-cancellable operating leases
2022 2021
£    £   
Within one year 1,003,954 990,996
Between one and five years 2,823,808 3,714,592
In more than five years - 110,842
3,827,762 4,816,430

21. SECURED DEBTS

Included in other loans of £10,559,779 (2021 : £12,540,542) is a loan of £420,980 (2021 : £2,652,193) which is secured over some of the stocks held by a group company.

22. PROVISIONS FOR LIABILITIES

Group
2022 2021
£    £   
Deferred tax
Accelerated capital allowances 77,666 39,798
Other provisions
Provision for dilapidations 60,000 60,000

Aggregate amounts 137,666 99,798

Group
Deferred Other
tax provisions
£    £   
Balance at 1 January 2022 39,798 60,000
Charge to Income Statement during year 37,868 -
Balance at 31 December 2022 77,666 60,000

23. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2022 2021
value: £    £   
100 Ordinary £1.00 100 100

HENI HOLDINGS LIMITED (REGISTERED NUMBER: 11078584)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2022

24. RESERVES

Group
Retained Other
earnings reserves Totals
£    £    £   

At 1 January 2022 10,692,989 95,566 10,788,555
Profit for the year 7,991,269 7,991,269
Dividends (1,600,000 ) (1,600,000 )
Exchange rate movements 666,813 - 666,813
Other reserves transferred on
disposal 95,566 (95,566 ) -
At 31 December 2022 17,846,637 - 17,846,637

Company
Retained
earnings
£   

At 1 January 2022 (2,229,657 )
Profit for the year 3,931,167
Dividends (1,600,000 )
At 31 December 2022 101,510


25. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

During the year, a total of key management personnel compensation of £ 669,222 (2021 - £ 397,188 ) was paid.

HENI HOLDINGS LIMITED (REGISTERED NUMBER: 11078584)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2022

26. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
2022 2021
£    £   
Profit before taxation 10,181,424 17,196,557
Depreciation charges 750,621 541,046
Profit on disposal of fixed assets (78,528 ) (18,295 )
Impairment of investments 74,573 -
Finance costs 267,447 379,022
Finance income (8,260 ) (609 )
11,187,277 18,097,721
Increase in stocks (1,136,749 ) (4,702,227 )
Increase in trade and other debtors (1,072,512 ) (1,613,423 )
Increase in trade and other creditors 4,000,042 3,679,920
Cash generated from operations 12,978,058 15,461,991

27. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2022
31/12/22 1/1/22
£    £   
Cash and cash equivalents 7,911,126 5,114,896
Year ended 31 December 2021
31/12/21 1/1/21
£    £   
Cash and cash equivalents 5,114,896 3,714,941


28. ANALYSIS OF CHANGES IN NET DEBT

Exchange Other
rates non-cash
At 1/1/22 Cash flow movements changes At 31/12/22
£    £    £    £    £   
Net cash
Cash at bank
and in hand 5,114,896 2,271,537 524,693 7,911,126
5,114,896 2,271,537 524,693 7,911,126
Debt
Finance leases (1,499 ) 1,499 - - -
Debts falling due
within 1 year (34,158 ) (4,821,033 ) - - (4,855,191 )
Debts falling due
after 1 year (12,662,783 ) 7,212,812 - (254,617 ) (5,704,588 )
(12,698,440 ) 2,393,278 - (254,617 ) (10,559,779 )
Total (7,583,544 ) 4,664,815 524,693 (254,617 ) (2,648,653 )

HENI HOLDINGS LIMITED (REGISTERED NUMBER: 11078584)

Notes to the Consolidated Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2022

29. DISPOSAL OF BUSINESS

Disposal of HSL Fachlabor GmbH on 01-01-2022
£

Sales proceeds -

Net Assets / (liabilities) value at disposal

Intangible fixed assets 2,890
Tangible fixed assets 47,254
Stock 74,285
Debtors 60,328
Cash at bank 44,959
Creditors (305,041 )
Bank loan (3,658 )

(78,983 )

Profit on disposal of subsidiary (78,983 )