Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-31Company 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.2023-12-3111truetruetrue2023-01-01false66300 - Fund management activities12falseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 11755964 2023-01-01 2023-12-31 11755964 2022-01-01 2022-12-31 11755964 2023-12-31 11755964 2022-12-31 11755964 2022-01-01 11755964 1 2023-01-01 2023-12-31 11755964 d:Director1 2023-01-01 2023-12-31 11755964 d:Director1 2023-12-31 11755964 d:Director2 2023-01-01 2023-12-31 11755964 d:Director3 2023-01-01 2023-12-31 11755964 d:RegisteredOffice 2023-01-01 2023-12-31 11755964 c:FurnitureFittings 2023-01-01 2023-12-31 11755964 c:FurnitureFittings 2023-12-31 11755964 c:FurnitureFittings 2022-12-31 11755964 c:FurnitureFittings c:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 11755964 c:ComputerEquipment 2023-01-01 2023-12-31 11755964 c:ComputerEquipment 2023-12-31 11755964 c:ComputerEquipment 2022-12-31 11755964 c:ComputerEquipment c:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 11755964 c:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 11755964 c:ComputerSoftware 2023-12-31 11755964 c:ComputerSoftware 2022-12-31 11755964 c:CurrentFinancialInstruments 2023-12-31 11755964 c:CurrentFinancialInstruments 2022-12-31 11755964 c:CurrentFinancialInstruments c:WithinOneYear 2023-12-31 11755964 c:CurrentFinancialInstruments c:WithinOneYear 2022-12-31 11755964 c:ShareCapital 2023-01-01 2023-12-31 11755964 c:ShareCapital 2023-12-31 11755964 c:ShareCapital 2022-01-01 2022-12-31 11755964 c:ShareCapital 2022-12-31 11755964 c:ShareCapital 2022-01-01 11755964 c:SharePremium 2023-01-01 2023-12-31 11755964 c:SharePremium 2023-12-31 11755964 c:SharePremium 2022-01-01 2022-12-31 11755964 c:SharePremium 2022-12-31 11755964 c:SharePremium 2022-01-01 11755964 c:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 11755964 c:RetainedEarningsAccumulatedLosses 2023-12-31 11755964 c:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 11755964 c:RetainedEarningsAccumulatedLosses 2022-12-31 11755964 c:RetainedEarningsAccumulatedLosses 2022-01-01 11755964 d:FRS102 2023-01-01 2023-12-31 11755964 d:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 11755964 d:FullAccounts 2023-01-01 2023-12-31 11755964 d:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 11755964 c:ComputerSoftware c:ExternallyAcquiredIntangibleAssets 2023-01-01 2023-12-31 11755964 c:ComputerSoftware c:OwnedIntangibleAssets 2023-01-01 2023-12-31 11755964 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Registered number: 11755964









HILLTOP CREDIT PARTNERS LIMITED







Unaudited

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
HILLTOP CREDIT PARTNERS LIMITED
 
 
COMPANY INFORMATION


Directors
Robert Homan Craft iii (appointed 31 January 2023)
Paul Richard Oberschneider 




Registered number
11755964



Registered office
46a Berwick Street

London

United Kingdom

W1F 8SG




Accountants
Seles Limited

2a Charing Cross Road

London

WC2H 0HF





 
HILLTOP CREDIT PARTNERS LIMITED
 

CONTENTS



Page
Directors' Report
1
Profit and Loss Account
2
Balance Sheet
3 - 4
Statement of Changes in Equity
5
Notes to the Financial Statements
6 - 12

 
HILLTOP CREDIT PARTNERS LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

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

Directors' responsibilities statement

The directors are responsible for preparing the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments 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 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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Directors

The directors who served during the year were:

Paul Richard Oberschneider 
Robert Homan Craft III  (appointed  31 January 2023) 
Kirk Lawrence Lindstrom (resigned 22 September 2023)                                                                       
Joshua Levy (resigned 19 September 2023)
Sarabjeet Singh (appointed 26 June 2023, resigned 22 September 2023)

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.

This report was approved by the board and signed on its behalf.
 





Paul Richard Oberschneider
Director

Date: 23 August 2024

Page 1

 
HILLTOP CREDIT PARTNERS LIMITED
 
 
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
£
£

  

Turnover
  
1,492,064
1,803,005

Gross profit
  
1,492,064
1,803,005

Administrative expenses
  
(2,070,309)
(1,905,545)

Other operating income
  
2,333
24,054

Operating loss
  
(575,912)
(78,486)

Interest payable and similar expenses
  
(20,368)
(9,756)

Loss before tax
  
(596,280)
(88,242)

Loss for the financial year
  
(596,280)
(88,242)

There are no items of other comprehensive income for 2023 or 2022 other than the loss for the yearAs a result, no separate Statement of Comprehensive Income has been presented.

The notes on pages 6 to 12 form part of these financial statements.
Page 2

 
HILLTOP CREDIT PARTNERS LIMITED
REGISTERED NUMBER: 11755964

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
  
6,372
-

Tangible assets
 5 
4,893
2,828

  
11,265
2,828

Current assets
  

Debtors: amounts falling due within one year
 6 
56,365
240,055

Cash at bank and in hand
 7 
185,027
306,963

  
241,392
547,018

Creditors: amounts falling due within one year
 8 
(463,611)
(1,183,960)

Net current liabilities
  
 
 
(222,219)
 
 
(636,942)

Total assets less current liabilities
  
(210,954)
(634,114)

Net liabilities
  
(210,954)
(634,114)


Capital and reserves
  

Called up share capital 
  
3
2

Share premium account
  
2,019,438
999,999

Profit and loss account
  
(2,230,395)
(1,634,115)

  
(210,954)
(634,114)

Page 3

 
HILLTOP CREDIT PARTNERS LIMITED
REGISTERED NUMBER: 11755964
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




Paul Richard Oberschneider
Director

Date: 23 August 2024

The notes on pages 6 to 12 form part of these financial statements.
Page 4

 
HILLTOP CREDIT PARTNERS LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£


At 1 January 2022
2
999,999
(1,545,873)
(545,872)


Comprehensive income for the year

Loss for the year
-
-
(88,242)
(88,242)


Other comprehensive income for the year
-
-
-
-


Total comprehensive income for the year
-
-
(88,242)
(88,242)

Purchase of own shares
-
-
-
-


Total transactions with owners
-
-
-
-



At 1 January 2023
2
999,999
(1,634,115)
(634,114)


Comprehensive income for the year

Loss for the year
-
-
(596,280)
(596,280)


Other comprehensive income for the year
-
-
-
-


Total comprehensive income for the year
-
-
(596,280)
(596,280)


Contributions by and distributions to owners

Shares issued during the year
1
1,019,439
-
1,019,440


Total transactions with owners
1
1,019,439
-
1,019,440


At 31 December 2023
3
2,019,438
(2,230,395)
(210,954)


The notes on pages 6 to 12 form part of these financial statements.
Page 5

 
HILLTOP CREDIT PARTNERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Hilltop Credit Partners Limited ("The Company") is a limited company domiciled and incorporated in  England and Wales, with registration number 11755964. The Company's registered office is provided on the company information page.  The company's principal activity is to  provide financial advisory services to residential property developers.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d).

This information is included in the consolidated financial statements of Round Hill Capital Europe Limited as at 31 December 2023 and these financial statements may be obtained from Companies House Register.

 
2.3

Going concern

The directors have a reasonable expectation that the Company has adequete resources to continue in operational existence for the foreseeable future.  Notwithstanding the current liability position,  the shareholders and the directors have confirmed that they will continue to provide financial support as the Company requires to meet its obligations and liabilities as they fall due for the foreseeable future.   For this, the directors' loans in total amount of £1,019,440 were converted to the equity 26.04.2023 so the company would continue to adopt the going concern basis in preparing the annual statements.

Page 6

 
HILLTOP CREDIT PARTNERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Operating leases: the Company as lessee

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

The Company has taken advantage of the optional exemption available on transition to FRS 102 which allows lease incentives on leases entered into before the date of transition to the standard Saturday, January 1, 2022 to continue to be charged over the period to the first market rent review rather than the term of the lease.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that 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.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 7

 
HILLTOP CREDIT PARTNERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.9

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and fittings
-
Straight line over a 5 years period
Computer equipment
-
Straight line over a 5 years period

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 8

 
HILLTOP CREDIT PARTNERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


3.


Employees

The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Employees
12
11


4.


Intangible assets




Computer software

£



Cost


Additions
7,012



At 31 December 2023

7,012



Amortisation


Charge for the year on owned assets
640



At 31 December 2023

640



Net book value



At 31 December 2023
6,372



At 31 December 2022
-

Page 9

 
HILLTOP CREDIT PARTNERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
           4.Intangible assets (continued)



5.


Tangible fixed assets





Fixtures and fittings
Computer equipment
Total

£
£
£



Cost or valuation


At 1 January 2023
2,064
6,201
8,265


Additions
-
3,839
3,839



At 31 December 2023

2,064
10,040
12,104



Depreciation


At 1 January 2023
1,640
3,797
5,437


Charge for the year on owned assets
415
1,359
1,774



At 31 December 2023

2,055
5,156
7,211



Net book value



At 31 December 2023
9
4,884
4,893



At 31 December 2022
424
2,404
2,828
Page 10

 
HILLTOP CREDIT PARTNERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Debtors: amounts falling due within one year

2023
2022
£
£

Trade debtors
-
24,000

Amounts owed by group undertakings
4,241
3,600

Other debtors
35,293
22,125

Prepayments and accrued income
16,831
190,330

56,365
240,055



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
185,027
306,963

185,027
306,963



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
122
-

Other loans
25,000
35,000

Trade creditors
85,311
216,212

Director loan
-
552,181

Other creditors
335,552
366,011

Accruals and deferred income
17,626
14,556

463,611
1,183,960



9.


Commitments under operating leases

The Company had no commitments under non-cancellable operating leases at the balance sheet date.

Page 11

 
HILLTOP CREDIT PARTNERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Related party transactions

At 31 December 2023,  Hilltop Credit Partners Limited had a receivable balance of £3,600 (2022: £3,600)  to HT Development Capital Limited.
                                                                                                                                                                                                                     Included within amounts due less than one years are loan of £7,500 (2022: £317,500) due to Paul Oberschneider with interest of £1,955 (2022: £1,249), and the loan of £nil (2022: £232,500) due  to Robert Craft with the interest of £ nil (2022: £932).


11.


Post balance sheet events

There have been no other significant events affecting the Company since the year end.


12.


Controlling party

At 31 December 2022 Round Hill Capital Europe Limited was considered to be the immediate controlling party due to having the largest shareholding in the Company. Mr Michael D. Bickford was considered to be the ultimate controlling party due to having the largest shareholding in the Round Hill Capital Europe Limited during the year.
On 26 April 2023 Robert Homan Craft III has acquired 28% of the Company’s shares and became a person with significant control, Paul Oberschneider increased their ownership of the Company to 39% and became a person with significant control.

Page 12