Company registration number 12681338 (England and Wales)
HP PARTNERS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
HP PARTNERS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
Detailed profit & loss account
-
HP PARTNERS LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
4
3,071,649
592,822
Current assets
Debtors
6
1,228,949
2,541,011
Cash at bank and in hand
65,381
2,447
1,294,330
2,543,458
Creditors: amounts falling due within one year
7
(5,128,442)
(4,355,161)
Net current liabilities
(3,834,112)
(1,811,703)
Net liabilities
(762,463)
(1,218,881)
Capital and reserves
Called up share capital
8
1,000
1,000
Profit and loss reserves
(763,463)
(1,219,881)
Total equity
(762,463)
(1,218,881)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved by the board of directors and authorised for issue on 17 September 2024 and are signed on its behalf by:
Andrew Curle
Director
Company registration number 12681338 (England and Wales)
HP PARTNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

HP Partners Limited is a private company limited by shares incorporated in England and Wales. The registered office is Ground Floor, 13 Charles Ii Street, London, United Kingdom, SW1Y 4QU.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities 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.

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

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.

1.4
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets include debtors and cash and bank balances.

Debtors

Other than loans, debtors do not carry any interest and are stated at their nominal value. Appropriate allowances for estimated irrecoverable amounts are recognised in the Profit and Loss account when there is objective evidence that the asset is impaired.

HP PARTNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
Cash at bank and in hand

Cash at bank and in hand include cash in hand, deposits held at call with banks and other short-term liquid investments with original maturities of three months or less.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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.

Basic financial liabilities

Basic financial liabilities include loan and creditors. Other thank loans, creditors are not interest bearing and are stated at their nominal value.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.5
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.6
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

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.

1.7
Retirement benefits

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

1.8
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

HP PARTNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
2
Judgements and key sources of estimation uncertainty

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

3
Employees

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

2023
2022
Number
Number
Total
2
2
4
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
11,636
592,822
Other investments other than loans
3,060,013
-
0
3,071,649
592,822
Fixed asset investments revalued

Other investments are listed Investments in the ordinary shares of Equals Group PLC which are listed on the London Stock Exchange and are measured at fair value through profit or loss. The quoted market price amounted to £121.5p per share and the total fair value of the shares at the year end was £3,060,013.

 

HP PARTNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
4
Fixed asset investments
(Continued)
- 5 -
Movements in fixed asset investments
Shares in subsidiaries
Other investments
Total
£
£
£
Cost or valuation
At 1 January 2023
592,822
-
592,822
Additions
-
2,041,918
2,041,918
Valuation changes
-
1,018,095
1,018,095
Disposals
(581,186)
-
(581,186)
At 31 December 2023
11,636
3,060,013
3,071,649
Carrying amount
At 31 December 2023
11,636
3,060,013
3,071,649
At 31 December 2022
592,822
-
592,822

The company disposed of it's 51% holding in Greentape BV on 24th March 2023.

5
Subsidiaries

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

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Solace Online Limited
United Kingdom
EMD Agent
Ordinary
92.50
Solace Merchant Services Limited
United Kingdom
Financial intermediation
Ordinary
80.00
HP Advisory Limited
United Kingdom
Financial intermediation
Ordinary
100.00
PaytechConnect Sarl
Luxembourg
Financial intermediation
Ordinary
100.00
-

Solace Online Limited, Solace Merchant Services Limited and HP Advisory Limited are all in the process of being dissolved.

6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
159,328
609,257
Other debtors
1,069,621
1,931,754
1,228,949
2,541,011
HP PARTNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
880,000
-
0
Amounts owed to group undertakings
1,872,156
2,716,601
Taxation and social security
-
0
12,716
Other creditors
2,376,286
1,625,844
5,128,442
4,355,161
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
1,000
1,000
1,000
1,000
HP PARTNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
9
Related party transactions

Included within debtors were the following amounts owed by Greentape BV:

 

a) an amount of £183,543 (2022: £183,543) which was interest free and repayable on demand;

 

b) an amount of £215,087 (2022: £215,087) which was interest free and repayable on demand; and

 

c) an amount of £70,000 (2022: £nil), which was made up of invoices paid by HP Partners Ltd on behalf of the subsidiary in respect of legal & professional invoices. This amount was interest free and repayable on demand.

 

All of the abovementioned balances have been settled in full as part of the disposal of the shares in Greentape BV on 24 March 2023.

 

Included within debtors was an amount of £95,241 (2022: £95,241) owed by the subsidiary, HP Advisory Limited. As the subsidiary is in the process of being dissolved this loan has been written off at the year end after agreement between both parties.

 

Included within debtors is an amount of £159,328 (2022: £110,242) owed by the subsidiary, Paytech Connect Sarl. This amount is interest free and repayable on demand.

 

Included within creditors is an amount of £1,812,049 (2022: £2,633,190) owed to the subsidiary, Solace Online Limited. This amount is interest free and repayable on demand.

 

Included within creditors is an amount of £60,107 (2022: £83,411) owed to the subsidiary, Solace Merchant Services Limited. This amount is interest free and repayable on demand.

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