HUB PLATFORM TECHNOLOGY PARTNERS LTD

Company Registration Number:
13236228 (England and Wales)

Unaudited statutory accounts for the year ended 31 December 2023

Period of accounts

Start date: 1 January 2023

End date: 31 December 2023

HUB PLATFORM TECHNOLOGY PARTNERS LTD

Contents of the Financial Statements

for the Period Ended 31 December 2023

Directors report
Profit and loss
Balance sheet
Additional notes
Balance sheet notes

HUB PLATFORM TECHNOLOGY PARTNERS LTD

Directors' report period ended 31 December 2023

The directors present their report with the financial statements of the company for the period ended 31 December 2023

Principal activities of the company

The Group company's principal activity continues to be that of software development. The company has two subsidiaries; one in Ireland and one in India.

Additional information

Going Concern The Directors have adopted the going concern basis in preparing these Group and Parent financial statements and are satisfied that the Group and Parent company has adequate access to resources to enable it to meet its obligations and to continue in operational existence for at least a year from the date of approval of the financial statements. The Directors have considered the following matters: The Group and Parent company is well capitalised and has sufficient liquidity to meet operating costs and forecasts development costs in the period prior to the commencement of services. Product development is progressing in line with the business plan and revenues are expected to arise as planned. That world events such as the war in Ukraine, high levels of inflation and distress in the world banking system have no material impact on the company's plans



Directors

The directors shown below have held office during the whole of the period from
1 January 2023 to 31 December 2023

Adam Kansler
Douglas Winter Hamilton
Emmanuel Roman


The director shown below has held office during the period of
1 January 2023 to 31 August 2023

Stephen Luke Ellis


The director shown below has held office during the period of
23 May 2023 to 31 December 2023

Paul Tyalor


The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
24 April 2024

And signed on behalf of the board by:
Name: Paul Tyalor
Status: Director

HUB PLATFORM TECHNOLOGY PARTNERS LTD

Profit And Loss Account

for the Period Ended 31 December 2023

2023 6 months to 31 December 2022


£

£
Turnover: 669,277 14,324
Gross profit(or loss): 669,277 14,324
Administrative expenses: ( 16,369,309 ) ( 10,206,088 )
Other operating income: 482,404 770,127
Operating profit(or loss): (15,217,628) (9,421,637)
Interest receivable and similar income: 1,892,737 694,090
Profit(or loss) before tax: (13,324,891) (8,727,547)
Tax: 1,645,980 755,410
Profit(or loss) for the financial year: (11,678,911) (7,972,137)

HUB PLATFORM TECHNOLOGY PARTNERS LTD

Balance sheet

As at 31 December 2023

Notes 2023 6 months to 31 December 2022


£

£
Fixed assets
Intangible assets: 3 2,727,020 3,076,606
Tangible assets: 4 270,897 241,420
Total fixed assets: 2,997,917 3,318,026
Current assets
Debtors: 5 3,073,572 4,208,403
Cash at bank and in hand: 34,547,717 43,560,816
Total current assets: 37,621,289 47,769,219
Creditors: amounts falling due within one year: 6 ( 2,683,562 ) ( 2,071,655 )
Net current assets (liabilities): 34,937,727 45,697,564
Total assets less current liabilities: 37,935,644 49,015,590
Creditors: amounts falling due after more than one year: 7 ( 2,128,729 ) ( 1,529,766 )
Total net assets (liabilities): 35,806,915 47,485,824
Capital and reserves
Called up share capital: 66,764,574 66,764,574
Share premium account: 3,715,371 3,715,371
Profit and loss account: (34,673,030 ) (22,994,121 )
Total Shareholders' funds: 35,806,915 47,485,824

The notes form part of these financial statements

HUB PLATFORM TECHNOLOGY PARTNERS LTD

Balance sheet statements

For the year ending 31 December 2023 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

This report was approved by the board of directors on 24 April 2024
and signed on behalf of the board by:

Name: Paul Tyalor
Status: Director

The notes form part of these financial statements

HUB PLATFORM TECHNOLOGY PARTNERS LTD

Notes to the Financial Statements

for the Period Ended 31 December 2023

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Turnover policy

    Revenue is recognised to the extent that the Group obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, VAT and other sales taxes or duty.

    Tangible fixed assets depreciation policy

    Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases: Computer Software 5 years Fixtures & Fittings 3 years Computer Hardware 3 years Office Equipment 5 years

    Intangible fixed assets amortisation policy

    Intangible assets are Sweat Equity contributed by the Parent company’s joint venture partners in the form of software licenses, domain names and access to other intellectual property, and reflects the value of the company’s access to this infrastructure, networks and expertise under the terms of the Joint Venture Agreement(‘JVA’). The carrying value of Sweat Equity contributed is determined by the company’s JVA and while there is no time limitation placed on its access to the Sweat Equity intangible assets, the company has determined a useful economic life of the Sweat Equity contribution to be 10years, during which time it will be amortised through the company’s profit or loss account. The Group and Parent company monitors the services provided by its joint venture partners and considers the value of such services to the business in relation to their carrying value in the balance sheet as a consideration for indicators of impairment. During the period there were no indicators of impairment identified.

    Other accounting policies

    2.4. Basis of Consolidation The Group financial statements consolidate the financial statements of Hub Platform Technology Partners Ltd and all its subsidiary undertakings drawn upto 31 December each year. Subsidiaries are consolidated from the date of acquisition, being the date when the Group obtains control and are 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. Hub Platform Technology Partners (Ireland) Limited has been included in the Group financial statements using the purchase method of accounting. Accordingly, the Group's income statement and statement of cashflows include the results and cashflows of Hub Platform Technology Partners (Ireland) Limited for the respective period from its acquisition on 27 May 2022. The purchase consideration is allocated to the assets and liabilities on the basis of fair value at the date of acquisition. The Group's income statement and statement of cashflows also include the results and cashflows of Hub Platform Technology Partners (India) Private Limited for the period from its incorporation on 9 September 2022. 2.10. Foreign Currencies The Group and Parent company has chosen US dollars as its functional currency and presentational currency, due to the equity capital investment being dollar denominated. Monetary assets and liabilities in foreign currencies are translated into dollars at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into dollars at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit 2.11. Government grants Government grants are recognised when it is reasonable to expect that the grants will be received and that all related conditions will be met, usually on submission of a valid claim for payment. Grants of a revenue nature are credited to income so as to match them with the expenditure to which they relate. 2.12. Taxation Under the terms of the joint venture agreement, the Parent company is able to surrender some of its tax losses to UK tax resident investors in return for a cash payment under UK consortium relief provisions. The available consortium relief is recognised as a tax credit in the profit and loss account. This is partially offset by a tax charge arising in respect of the Research and Development tax credit recognised within Other Income. 2.13. Share based payments The Parent company issues restricted equity to senior employees as part of their compensation. The fair value of the employee services received in exchange for these restricted shares is recognised as an expense. At each balance sheet date, the entity revises its estimates of the fair value. It recognises the impact of the revision to the original estimates, ifany, in the income statement. The credit entry is recognised in the balance sheet as it is considered probable that the most likely exit event will result in the shares being cash settled. 2.14. Contingent Liabilities Contingent liabilities arise as a result of past events when (i) it is not probable that there will be an outflow of resources or that the amount cannot be reliably measured at the reporting date or(ii) when the existence will be confirmed by the occurrence or non-occurrence of uncertain future events not wholly within the company’s control. Contingent liabilities are disclosed in the financial statements unless the probability of an outflow of resources is remote. 2.15. Investments Investments in subsidiaries are measured at cost less any accumulated impairment. The Parent company evaluated external and internal sources to assess if there is a potential indicator of impairment. During the period there were no indicators of impairment identified. 2.16. Cash & Cash Equivalents Cash and cash equivalents in the balance sheet comprise cash at banks and in hand and short-term deposits with an original maturity date of three months or less. 2.17. Impairment The Group and Parent company assesses at each reporting date whether an asset may be impaired. If any such indication exists the company estimates recoverable amount of the asset. If it is not possible to estimate the recoverable amount of the individual asset, the Group and Parent company estimates the recoverable amount of the cash-generating unit to which the asset belongs. The recoverable amount of an asset or cash-generating unit is the higher of its fair value less costs to sell and its value in use. If the recoverable amount is less than its carryinga mount, the carrying amount of the asset is impaired and it is reduced to its recoverable amount through an impairment in income statement unless the asset is carried at are valued amount where the impairment loss of are valued asset is are valuation decrease. An impairment loss recognised for intangible assets, with the exception of goodwill, is reversed in a subsequent period when the reasons for which the impairment was made have ceased to apply. Impairment relating to goodwill is never reversed. 2.18. Estimates The effect of a change in an accounting estimate shall be recognised prospectively by including it in income statement in: - the period of the change, if the change affects that period only, or - the period of the change and future periods, if the change affects both. However, to the extent that a change in an accounting estimate gives rise to changes in assets and liabilities, or relates to an item of equity, it is recognised by adjusting the carrying amount of the related asset, liability, or equity item in the period of the change.

HUB PLATFORM TECHNOLOGY PARTNERS LTD

Notes to the Financial Statements

for the Period Ended 31 December 2023

  • 2. Employees

    2023 6 months to 31 December 2022
    Average number of employees during the period 99 61

HUB PLATFORM TECHNOLOGY PARTNERS LTD

Notes to the Financial Statements

for the Period Ended 31 December 2023

3. Intangible assets

Goodwill Other Total
Cost £ £ £
At 1 January 2023 3,619,570 3,619,570
Additions 9,712 9,712
Disposals
Revaluations
Transfers
At 31 December 2023 3,629,282 3,629,282
Amortisation
At 1 January 2023 542,964 542,964
Charge for year 359,298 359,298
On disposals
Other adjustments
At 31 December 2023 902,262 902,262
Net book value
At 31 December 2023 2,727,020 2,727,020
At 31 December 2022 3,076,606 3,076,606

Addition of intangible assets of GBP 9,712 are deferred tax assets related to subsidiaries. Since, there is no separate category to disclose it, hence it is clubbed with intangible assets (non-current assets).

HUB PLATFORM TECHNOLOGY PARTNERS LTD

Notes to the Financial Statements

for the Period Ended 31 December 2023

4. Tangible assets

Land & buildings Plant & machinery Fixtures & fittings Office equipment Motor vehicles Total
Cost £ £ £ £ £ £
At 1 January 2023 37,429 289,337 326,766
Additions 20,530 147,005 167,535
Disposals ( 30,155 ) ( 30,155 )
Revaluations
Transfers
At 31 December 2023 57,959 406,187 464,146
Depreciation
At 1 January 2023 7,106 78,240 85,346
Charge for year 16,644 111,329 127,973
On disposals ( 20,070 ) ( 20,070 )
Other adjustments
At 31 December 2023 23,750 169,499 193,249
Net book value
At 31 December 2023 34,209 236,688 270,897
At 31 December 2022 30,323 211,097 241,420

HUB PLATFORM TECHNOLOGY PARTNERS LTD

Notes to the Financial Statements

for the Period Ended 31 December 2023

5. Debtors

2023 6 months to 31 December 2022
£ £
Trade debtors 223,078 134,197
Prepayments and accrued income 722,191 663,103
Other debtors 2,128,303 3,411,103
Total 3,073,572 4,208,403

HUB PLATFORM TECHNOLOGY PARTNERS LTD

Notes to the Financial Statements

for the Period Ended 31 December 2023

6. Creditors: amounts falling due within one year note

2023 6 months to 31 December 2022
£ £
Trade creditors 133,639 77,678
Taxation and social security 325,002 338,533
Accruals and deferred income 2,216,359 1,655,444
Other creditors 8,562
Total 2,683,562 2,071,655

HUB PLATFORM TECHNOLOGY PARTNERS LTD

Notes to the Financial Statements

for the Period Ended 31 December 2023

7. Creditors: amounts falling due after more than one year note

2023 6 months to 31 December 2022
£ £
Other creditors 2,128,729 1,529,766
Total 2,128,729 1,529,766