Company registration number 12596498 (England and Wales)
HUDDLED HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
HUDDLED HOLDINGS LIMITED
COMPANY INFORMATION
Directors
Mr D F G Wortley
Mr P Edmondson
(Resigned 16 October 2023)
Mr M J Higginson
Mr S J Higginson
(Resigned 4 July 2023)
Mrs E Stanyon
(Resigned 4 July 2023)
Mr J N Williams
(Resigned 4 July 2023)
Mr A P Haskins
(Resigned 4 July 2023)
Mr O Kenyon
(Resigned 4 July 2023)
Company number
12596498
Registered office
Cumberland Court
80 Mount Street
Nottingham
NG1 6HH
Auditor
Haysmacintyre LLP
10 Queen Street Place
London
EC4R 1AG
HUDDLED HOLDINGS LIMITED
CONTENTS
Page
Directors' report
1 - 2
Independent auditor's report
3 - 5
Statement of comprehensive income
6
Statement of financial position
7
Statement of changes in equity
8
Notes to the financial statements
9 - 20
HUDDLED HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

The directors present their annual report and financial statements for the year ended 31 December 2023.

Principal activities

The principal activity of the company continued to be that of a holding company.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr D F G Wortley
Mr P Edmondson
(Resigned 16 October 2023)
Mr M J Higginson
Mr S J Higginson
(Resigned 4 July 2023)
Mrs E Stanyon
(Resigned 4 July 2023)
Mr J N Williams
(Resigned 4 July 2023)
Mr A P Haskins
(Resigned 4 July 2023)
Mr O Kenyon
(Resigned 4 July 2023)
Auditor

Haysmacintyre LLP were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

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:

 

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.

HUDDLED HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
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.

Small Companies Note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

On behalf of the board
Mr D F G Wortley
Director
15 August 2024
HUDDLED HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF HUDDLED HOLDINGS LIMITED
- 3 -
Opinion

We have audited the financial statements of Huddled Holdings Limited (the 'Company') for the year ended 31 December 2023 which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity and notes to the financial statements, including 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 101 Reduced Disclosure Framework (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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 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.

Other matter - prior period financial statements

In forming our opinion on the financial statements, which is not modified, we note that the prior period financial statements were not subject to audit as the company was exempt from audit under Section 477 of the Companies Act 2006, and audited financial statements were not prepared. Consequently, United Kingdom Accounting Standards require the auditor to state that the corresponding figures contained within these financial statements are unaudited.

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.

HUDDLED HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF HUDDLED HOLDINGS LIMITED
- 4 -

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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:

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 identified material misstatements in the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors’ responsibilities statement set out on page 1, 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.

 

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

HUDDLED HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF HUDDLED HOLDINGS LIMITED
- 5 -

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

Based on our understanding of the company and industry, we have identified the principal risks of noncompliance with laws and regulations, and we have considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, income tax, payroll tax and sales tax.

 

We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to revenue and management bias in accounting estimates. Audit procedures performed by the engagement team included:

 

 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

 

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 auditor's report.

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 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.

Christopher Cork (Senior Statutory Auditor)
For and on behalf of Haysmacintyre LLP
Chartered Accountants
Statutory Auditor
10 Queen Street Place
London
EC4R 1AG
16 August 2024
HUDDLED HOLDINGS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
Unaudited
7 month
Year ended
period ended
31 December
31 December
2023
2022
Notes
£
£
Revenue
3
121
3,780
Cost of sales
417
(4,038)
Gross profit/(loss)
538
(258)
Administrative expenses
(726,271)
(198,679)
Other operating income
-
0
23,958
Operating loss
4
(725,733)
(174,979)
Investment income
8
205
3
Finance costs
9
(58,285)
(300)
Loss before taxation
(783,813)
(175,276)
Tax on loss
10
-
0
-
0
Loss and total comprehensive income for the financial year
19
(783,813)
(175,276)

There was no other comprehensive income for 2023 (2022: £NIL).

 

The income statement has been prepared on the basis that all operations are continuing operations.

The notes on pages 9 to 20 form part of these financial statements.

HUDDLED HOLDINGS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2023
31 December 2023
- 7 -
Unaudited
2023
2022
Notes
£
£
£
£
Non-current assets
Investments
12
300,107
109
Current assets
Trade and other receivables
14
1,294,864
602,590
Cash and cash equivalents
-
0
5,769
1,294,864
608,359
Current liabilities
15
(816,640)
(56,324)
Net current assets
478,224
552,035
Net assets
778,331
552,144
Equity
Called up share capital
17
16,800
8,900
Share premium account
18
1,784,200
782,100
Retained earnings
19
(1,022,669)
(238,856)
Total equity
778,331
552,144

The notes on pages 9 to 20 form part of these financial statements.

The financial statements were approved by the board of directors and authorised for issue on 15 August 2024 and are signed on its behalf by:
Mr D F G Wortley
Director
Company registration number 12596498
HUDDLED HOLDINGS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
Share capital
Share premium account
Retained earnings
Total
Notes
£
£
£
£
Balance at 1 June 2022
1,000
-
(63,580)
(62,580)
Period ended 31 December 2022:
Loss and total comprehensive income for the period
-
-
(175,276)
(175,276)
Transactions with owners in their capacity as owners:
Issue of share capital
17
7,900
782,100
-
790,000
Balance at 31 December 2022
8,900
782,100
(238,856)
552,144
Year ended 31 December 2023:
Loss and total comprehensive income for the year
-
-
(783,813)
(783,813)
Transactions with owners in their capacity as owners:
Issue of share capital
17
7,900
1,002,100
-
1,010,000
Balance at 31 December 2023
16,800
1,784,200
(1,022,669)
778,331

The notes on pages 9 to 20 form part of these financial statements.

HUDDLED HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
1
Accounting policies
Company information

Huddled Holdings Limited is a private company limited by shares incorporated in England and Wales. The registered office is Cumberland Court, 80 Mount Street, Nottingham, NG1 6HH. The principal activity of the company in the period was that of a holding company.

1.1
Reporting period

In the previous period the company change its year end to December 2022 to align with the group, resulting in a seven month period. The current period is the full financial year to 31 December 2023. Therefore the two periods are not entirely comparable.

1.2
Accounting convention

The financial statements have been prepared in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework (FRS 101) and in accordance with applicable accounting standards.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, except for the revaluation of . The principal accounting policies adopted are set out below.

 

The company meets the definition of a qualifying entity under FRS 101 Reduced Disclosure Framework. These financial statements for the year ended 31 December 2023 are the first financial statements of Huddled Holdings Limited prepared in accordance with FRS 101. The company transitioned FRS 102 to FRS 101 for all periods presented and the date of transition to FRS 101 was 1 June 2022.

 

An explanation of how transition to FRS 101 has affected the reported financial position and financial performance is given in note 22.

As permitted by FRS 101, the company has taken advantage of the following disclosure exemptions from the requirements of IFRS:

HUDDLED HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 10 -

The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

 

Huddled Holdings Limited is a wholly owned subsidiary of Huddled Group Plc and the results of Huddled Holdings Limited are included in the consolidated financial statements of Huddled Group Plc which are available from Cumberland Court, 80 Mount Street, Nottingham, NG1 6HH.

1.3
Going concern

The company made a loss after taxation of £783,813 in the year (2022: £175,276) and had net assets of £778,331 at the end of the period (2022: £552,144). The directors of the company's ultimate controlling parent, Huddled Group Plc, have confirmed their intention to provide support to allow the company to pay its liabilities as they fall due throughout the 12 month period from the date of signing. As such, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.4
Revenue

Revenue is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.5
Property, plant and equipment

Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives.

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 recognised in the income statement.

1.6
Non-current investments

Interests in subsidiaries 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.

1.7
Cash and cash equivalents

Cash and cash equivalents include cash in hand and deposits held at call with banks.

1.8
Financial assets

Financial assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. Financial assets are classified into specified categories, depending on the nature and purpose of the financial assets.

 

At initial recognition, financial assets classified as fair value through profit and loss are measured at fair value and any transaction costs are recognised in profit or loss. Financial assets not classified as fair value through profit and loss are initially measured at fair value plus transaction costs.

HUDDLED HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 11 -
Financial assets held at amortised cost

Financial instruments are classified as financial assets measured at amortised cost where the objective is to hold these assets in order to collect contractual cash flows, and the contractual cash flows are solely payments of principal and interest. They arise principally from the provision of goods and services to customers (eg trade receivables). They are initially recognised at fair value plus transaction costs directly attributable to their acquisition or issue, and are subsequently carried at amortised cost using the effective interest rate method, less provision for impairment where necessary.

Impairment of financial assets

Financial assets carried at amortised cost are assessed for indicators of impairment at each reporting end date.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.

1.9
Financial liabilities

The company recognises financial debt when the company becomes a party to the contractual provisions of the instruments. Financial liabilities are classified as either 'financial liabilities at fair value through profit or loss' or 'other financial liabilities'.

Other financial liabilities

Other financial liabilities, including borrowings, trade payables and other short-term monetary liabilities, are initially measured at fair value net of transaction costs directly attributable to the issuance of the financial liability. They are subsequently measured at amortised cost using the effective interest method. For the purposes of each financial liability, interest expense includes initial transaction costs and any premium payable on redemption, as well as any interest or coupon payable while the liability is outstanding.

Derecognition of financial liabilities

Financial liabilities are derecognised when, and only when, the company’s obligations are discharged, cancelled, or they expire.

1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.

1.11
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.

HUDDLED HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 12 -
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. 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.

1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense. 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.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Critical accounting estimates and judgements

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, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

 

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below.

Recovery of inter-company investments and receivables

In its assessment of the carrying value of non-current investments and recoverability the inter-company receivable from its subsidiary, Discount Dragon Limited, the directors assessed the projected performance of that entity. Investments in subsidiaries are measured at cost less accumulated impairment. Where considered appropriate in the context of assessing the recoverable value of fixed asset investments and intercompany receivables, the Directors consider whether the higher of their fair value or value in use exceeds their carrying values, so as to determine whether or not any impairment charge should be recognised. Such assessments require the application of judgment and estimation by the Directors.

HUDDLED HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 13 -
3
Revenue
Unaudited
2023
2022
£
£
Revenue analysed by class of business
Online retail sales
121
3,780
Unaudited
2023
2022
£
£
Revenue analysed by geographical market
United Kingdom
121
3,780
4
Operating loss
Unaudited
2023
2022
Operating loss for the year is stated after charging/(crediting):
£
£
Exchange losses
899
1,859
Depreciation of property, plant and equipment
-
904
Legal costs in relation to company acquisition
44,644
-
Intercompany provision expense
416,004
-
0
HUDDLED HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 14 -
5
Auditor's remuneration

Auditors' remuneration in respect of the Company - £10,000 (2022: £NIL).

6
Employees

The average monthly number of persons (including directors only when remunerated) employed by the company during the year was:

Unaudited
2023
2022
Number
Number
1
1

Their aggregate remuneration comprised:

Unaudited
2023
2022
£
£
Wages and social security costs
94,137
3,878
Pension costs
-
0
49
94,137
3,927
7
Directors' remuneration
Unaudited
2023
2022
£
£
Remuneration and social security costs
39,725
2,358
Company pension contributions to defined contribution schemes
-
49
39,725
2,407

The directors were otherwise remunerated via the parent company Huddled Group Plc.

 

Key management personnel received remuneration of £39,725 (2022: £2,407) in the period.

8
Investment income
Unaudited
2023
2022
£
£
Interest income
Interest on bank deposits
205
3
HUDDLED HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 15 -
9
Finance costs
Unaudited
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
-
300
Interest on other loans
58,285
-
0
58,285
300
HUDDLED HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 16 -
10
Taxation

The charge for the year can be reconciled to the loss per the income statement as follows:

Unaudited
2023
2022
£
£
Loss before taxation
(783,813)
(175,276)
Expected tax credit based on a corporation tax rate of 23.52% (2022: 19.00%)
(184,352)
(33,302)
Effect of expenses not deductible in determining taxable profit
18,851
-
0
Deferred tax not recognised
57,054
33,302
Intercompany balance write offs
108,447
-
Taxation charge for the year
-
-

The standard rate of tax applied to reported profit on ordinary activities is 23.52% (2022: 19%). The Finance Act 2021, which was substantively enacted on 24 May 2021, created a 25% main rate, 19% small profits rate and a marginal rate effective from 1 April 2023.

 

There were unused tax losses of £495,431 at 31 December 2023 (31 December 2022: £252,860). No deferred tax asset has been recognised due to the uncertainty surrounding future profits.

11
Property, plant and equipment
Computer equipment
£
Cost
At 1 January 2023
2,030
Disposals
(2,030)
At 31 December 2023
-
0
Accumulated depreciation and impairment
At 1 January 2023
2,030
Eliminated on disposal
(2,030)
At 31 December 2023
-
0
Carrying amount
At 31 December 2023
-
0
HUDDLED HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 17 -
12
Investments
Non-current
Unaudited
2023
2022
£
£
Investments in subsidiaries
300,107
109
300,107
109
Movements in non-current investments
Shares in subsidiaries
£
Cost or valuation
At 1 January 2023
109
Additions
300,000
Disposals
(2)
At 31 December 2023
300,107
Carrying amount
At 31 December 2023
300,107
At 31 December 2022
109
HUDDLED HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 18 -
13
Subsidiaries

Details of the company's subsidiaries at 31 December 2023 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Beermonster Online Limited
United Kingdom
Ordinary shares
100.00
Discount Dragon Limited
United Kingdom
Ordinary shares
100.00
14
Trade and other receivables
Unaudited
2023
2022
£
£
Trade receivables
288
199,495
VAT recoverable
24,880
-
Amounts owed by fellow group undertakings
1,268,696
390,900
Other receivables
1,000
11,000
Prepayments and accrued income
-
0
1,195
1,294,864
602,590
15
Liabilities
Unaudited
2023
2022
Notes
£
£
Trade and other payables
16
816,640
33,383
Taxation and social security
-
22,941
816,640
56,324
16
Trade and other payables
Unaudited
2023
2022
£
£
Trade payables
140
31,337
Amount owed to parent undertaking
815,000
-
0
Accruals and deferred income
1,500
1,500
Other payables
-
546
816,640
33,383
HUDDLED HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 19 -
17
Share capital
Unaudited
Unaudited
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
16,800
8,900
16,800
8,900

During the year 5,100 £1 ordinary shares were issued for a consideration of £100 per share resulting in a share premium increase of £504,900.

 

During the year 2,800 £1 ordinary shares were issued for a consideration of £178.57 per share resulting in a share premium increase of £497,200.

18
Share premium account
Unaudited
2023
2022
£
£
At the beginning of the year
782,100
-
0
Issue of new shares
1,002,100
782,100
At the end of the year
1,784,200
782,100
19
Retained earnings

Retained earnings includes all current and prior period retained profit and losses.

20
Related party transactions

Martin Higginson is a director and controlling shareholder of M Capital Investment Properties Limited. M Capital Investment Properties Limited charged the company £71,200 during the year. At the end of the year, £nil was owed to M Capital Investment Properties Limited (2022: £30,000).

 

Martin Higginson, a director of the company, advanced loans of £550,000 in the period. Interest accrued on the loans of £33,793. All amounts were repaid during the period.

 

Peter Edmondson, a director of the company, advanced loans of £250,000 in the period. Interest accrued on the loans of £10,975. All amounts were repaid during the period.

Other information

The Company has taken advantage of the exemption provided by FRS 101 from disclosing transactions entered into between group companies.

21
Controlling party

The immediate and ultimate parent company of Huddled Holdings Limited is Huddled Group Plc, a company registered in England & Wales.

 

The largest and smallest group in which the results of the company are consolidated is that of Huddled Group Plc, the parent company. The consolidated financial statements of Huddled Group Plc may be obtained from Cumberland Court, 80 Mount Street, Nottingham, NG1 6HH.

HUDDLED HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 20 -
22
Transition to FRS 101

For the current accounting period the company has elected to transition from FRS102 1A to FRS 101 to align the accounting standards implemented across the group. The date of transition to FRS 101 is 1 June 2022.

 

This transition has not affected the reported financial position, financial performance and cash flows for the comparative period to 31 December 2022, or the opening position of that period at 1 June 2022.

2023-12-312023-01-01Mr D F G WortleyMr P EdmondsonMr M J HigginsonMr S J HigginsonMrs E StanyonMr J N WilliamsMr A P HaskinsMr O KenyonfalseCCH SoftwareiXBRL Review & Tag 2022.2125964982023-01-012023-12-3112596498bus:Director12023-01-012023-12-3112596498bus:Director22023-01-012023-12-3112596498bus:Director32023-01-012023-12-3112596498bus:Director42023-01-012023-12-3112596498bus:Director52023-01-012023-12-3112596498bus:Director62023-01-012023-12-3112596498bus:Director72023-01-012023-12-3112596498bus:Director82023-01-012023-12-3112596498bus:RegisteredOffice2023-01-012023-12-31125964982023-12-31125964982022-06-012022-12-3112596498core:ContinuingOperations2023-01-012023-12-3112596498core:RetainedEarningsAccumulatedLosses2023-01-012023-12-3112596498core:RetainedEarningsAccumulatedLosses2022-06-012022-12-31125964982022-12-3112596498core:ShareCapital2023-12-3112596498core:ShareCapital2022-12-3112596498core:SharePremium2023-12-3112596498core:SharePremium2022-12-3112596498core:RetainedEarningsAccumulatedLosses2023-12-3112596498core:RetainedEarningsAccumulatedLosses2022-12-31125964982022-05-3112596498core:ShareCapital2022-06-012022-12-3112596498core:SharePremium2022-06-012022-12-3112596498core:ShareCapital2023-01-012023-12-3112596498core:SharePremium2023-01-012023-12-3112596498core:Held-to-maturityFinancialAssets2023-01-012023-12-3112596498core:ComputerEquipment2022-12-3112596498core:ComputerEquipment2023-12-3112596498core:ComputerEquipment2023-01-012023-12-3112596498core:Non-currentFinancialInstruments2023-12-3112596498core:Non-currentFinancialInstruments2022-12-3112596498core:CurrentFinancialInstruments2023-12-3112596498core:CurrentFinancialInstruments2022-12-3112596498core:WithinOneYear2023-12-3112596498core:WithinOneYear2022-12-3112596498bus:PrivateLimitedCompanyLtd2023-01-012023-12-3112596498bus:FRS1012023-01-012023-12-3112596498bus:Audited2023-01-012023-12-3112596498bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP