Company No:
Contents
DIRECTOR | Y Valler |
SECRETARY | Dentons Secretaries Limited |
REGISTERED OFFICE | 7th Floor Wingate House |
93-107 Shaftesbury Avenue | |
London | |
W1D 5DY | |
United Kingdom |
COMPANY NUMBER | 11031601 (England and Wales) |
AUDITOR | MHA |
910 The Crescent | |
Colchester Business Park | |
Colchester | |
CO4 9YQ | |
United Kingdom |
Note | 2022 | 2021 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 3 |
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Investments | 4 |
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484,423 | 91,331 | |||
Current assets | ||||
Debtors | ||||
- due within one year | 5 |
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- due after more than one year | 5 |
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Cash at bank and in hand |
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3,990,931 | 3,656,117 | |||
Creditors: amounts falling due within one year | 6 | (
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Net current assets | 151,605 | 481,222 | ||
Total assets less current liabilities | 636,028 | 572,553 | ||
Provision for liabilities | 7 | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital |
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Share premium account |
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Profit and loss account | (
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Total shareholder's funds |
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The financial statements of Hyde Park Special Opportunities Limited (registered number:
Y Valler
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Hyde Park Special Opportunities Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 7th Floor Wingate House, 93-107 Shaftesbury Avenue, London, W1D 5DY, United Kingdom.
The financial statements have been prepared under the historical cost convention and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council.
The functional currency of Hyde Park Special Opportunities Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.
The company incurred losses during the year, resulting in accumulated retained losses. This gives rise to a material uncertainty which may cast significant doubt on the entity’s ability to continue as a going concern. However, the director is confident in the company’s ability to address this concern, given the robust financial health of the Group and the substantial assets held by the Parent (Target Global Holding Ltd). Target Global Holding Ltd has indicated its willingness to provide ongoing support to the company with the expectation that this will allow it to trade for the foreseeable future. Moreover, the losses incurred were primarily due to one-time exceptional items due to re-structuring and capital investment, which concluded in 2023. Subsequently, the company anticipates profitability for the foreseeable future.
The director has assessed the balance sheet and likely future cash flows as of the date of approval of these financial statements. Additional share capital was allocated and remunerated at the fiscal year-end (see note 10) by the company's parent, Target Global Holding Ltd, which remains poised to extend further financial support if necessary. The parent company has provided a letter of support, indicating an intention to provide any additional funding required by the company, if needed. Moreover, the company sustains a steady revenue stream originating from the management fees charged to Target Global Growth Fund II, SCSp-RAIF (GFII), which are projected to endure over the ensuing 5-7 years.
In addition, the company and the group have strategically shifted their focus of business, placing renewed emphasis on its existing growth stage and the early-stage portfolio. This strategic shift is poised to unlock value within our portfolio companies while facilitating the realisation of additional capital through secondary opportunity exits and asset disposals. By implementing this new avenue for value creation, the company anticipates the prompt generation of supplementary service income alongside the prospect of future revenue streams stemming from disposals.
For the above reasons, the director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, the director continues to adopt the going concern basis in preparing the financial statements.
Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.
Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.
Finance costs are charged to the Profit and Loss Account over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Leasehold improvements | depreciated over the life of the lease |
Fixtures and fittings |
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Office equipment |
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The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.
Non-financial assets
If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Financial assets
Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
For financial assets carried at amortised cost, the amount of impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.
For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.
Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either 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 a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. 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. 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.
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
Investments
Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through the Profit and Loss Account. Where fair value cannot be measured reliably, investments are measured at cost less impairment.
2022 | 2021 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including the director |
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Leasehold improve- ments |
Fixtures and fittings | Office equipment | Total | ||||
£ | £ | £ | £ | ||||
Cost | |||||||
At 01 January 2022 |
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Additions |
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At 31 December 2022 |
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Accumulated depreciation | |||||||
At 01 January 2022 |
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Charge for the financial year |
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At 31 December 2022 |
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Net book value | |||||||
At 31 December 2022 |
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At 31 December 2021 |
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2022 | 2021 | ||
£ | £ | ||
Subsidiary undertakings |
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Other investments and loans |
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38,831 | 26,434 |
Investments in subsidiaries
2022 | |
£ | |
Cost | |
At 01 January 2022 |
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Additions |
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Transfer from other investments | 21,801 |
At 31 December 2022 |
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Provisions for impairment | |
At 01 January 2022 |
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Impairment |
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At 31 December 2022 |
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Carrying value at 31 December 2022 |
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Carrying value at 31 December 2021 |
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Additions relate to additional equity investment in Target Germanium GMBH. An impairment of £553,877 has been recognised in the year against the investment in Target Germanium GMBH.
Other investments | Total | ||
£ | £ | ||
Cost or valuation before impairment | |||
At 01 January 2022 |
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Transfer to investments in subsidiaries | (
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At 31 December 2022 |
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Carrying value at 31 December 2022 |
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Carrying value at 31 December 2021 |
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Other investments relate to unlisted investments.
Investments in shares
Name of entity | Registered office | Principal activity | Class of shares |
Ownership 31.12.2022 |
Ownership 31.12.2021 |
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13 Rothschild Blvd. Tel Aviv-Yafo 6688116 | Financial and investment advisory services |
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Schinkelplatz 5 · 10117 Berlin | Financial and investment advisory services |
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2022 | 2021 | ||
£ | £ | ||
Debtors: amounts falling due within one year | |||
Trade debtors |
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Amounts owed by Group undertakings |
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Prepayments |
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Other taxation and social security |
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Other debtors |
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Debtors: amounts falling due after more than one year | |||
Other debtors |
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2022 | 2021 | ||
£ | £ | ||
Trade creditors |
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Amounts owed to Group undertakings |
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Amounts owed to related parties |
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Amounts owed to director |
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Accruals and deferred income |
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Corporation tax |
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Other taxation and social security |
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Other creditors |
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2022 | 2021 | ||
£ | £ | ||
Deferred tax |
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Other provisions |
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Other provisions relates to a dilapidations provision.
Commitments
Total future minimum lease payments under non-cancellable operating leases are as follows:
2022 | 2021 | ||
£ | £ | ||
within one year |
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between one and five years |
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after five years |
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Pensions
The Company operates a defined contribution pension scheme for the director and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.
2022 | 2021 | ||
£ | £ | ||
Unpaid contributions due to the fund (inc. in other creditors) |
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The total aggregate director salaries and other short-term benefits for the year was £18,630 (2021: £12,000). The director was the only key management personnel of the Company during the year.
During the year, advisory fees of £7,957,953 were received from Target Global Growth Fund II and included in turnover. Included within trade debtors are amounts of £2,284,971 (2021: Nil) owed by Target Global Growth Fund II, SCSp-RAIF. The amount is interest free and is repayable on demand.
The Company has taken advantage of provisions available under FRS 102 not to disclose details of transactions with the parent company, or with other wholly owned members of the group.
As at the year end, £1,232 (2021: £106,060) was payable to the director. The amount incurs interest at 3.5% p.a. and is repayable on demand.
The audit report was signed by Ryan Swann BA FCA (Senior Statutory Auditor) on behalf of MHA.
MHA is the trading name of MacIntyre Hudson LLP, a limited liability partnership in England and Wales (registered number OC312313)
The immediate and ultimate parent undertaking of the Company is Target Global Holding Ltd, a company registered in Cyprus at 5 Themistokli Dervi, 1060, Nicosia, Cyprus.
The smallest group in which the Company results are included is the consolidated financial statements of the immeidate and ultimate parent company, Target Global Holding Ltd, registered at 5 Themistokli Dervi, 1060, Nicosia, Cyprus.