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HUK 89 Limited
























Directors' report and financial statements



for the period ended 30 December 2023



Registered number: 11771762

 
HUK 89 Limited
 


Company Information


Directors
Christopher Emmott 
Henry Foster 




Registered number
11771762



Registered office
84 Grosvenor Street

London

W1K 3JZ




Independent auditor
Buzzacott LLP

130 Wood Street

London

EC2V 6DL




Solicitors
Wright Hassall LLP
Olympus Avenue

Leamington Spa

Warwickshire

CV34 6BF





 
HUK 89 Limited
 


Contents



Page
Directors' report
 
1 - 2
Independent auditor's report
 
3 - 6
Statement of comprehensive income
 
7
Statement of financial position
 
8
Notes to the financial statements
 
9 - 11


 
HUK 89 Limited
 
 

Directors' report
For the period ended 30 December 2023

The directors present their report and the financial statements for HUK 89 Limited ('the company') for the 52 week   period ended 30 December 2023.

Principal activity

The principal activity of the company is that of financial intermediation.

Directors

The directors who served during the period were:

Christopher Emmott 
Henry Foster 

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 judgements 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.

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the company's auditor is unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company's auditor is aware of that information.

Page 1

 
HUK 89 Limited
 

Directors' report (continued)
For the period ended 30 December 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 on 30 April 2024 and signed on its behalf by:
 





Christopher Emmott
Director

Page 2

 
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Independent auditor's report to the members of HUK 89 Limited
 For the period ended 30 December 2023

Opinion


We have audited the financial statements of HUK 89 Limited ('the company') for the period ended 30 December 2023, which comprise the Statement of comprehensive income, the Statement of financial position and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the company's affairs as at 30 December 2023 and of its profit for the period then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


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 United Kingdom, including the Financial Reporting Council'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.


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.


Other information


The other information comprises the information included in the Annual Report other than the financial statements and  our Auditor's report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.


Page 3

 
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Independent auditor's report to the members of HUK 89 Limited (continued)
For the period ended 30 December 2023

Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Directors' report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
the Directors' report has been prepared in accordance with applicable legal requirements.


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:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Directors' report and from the requirement to prepare a Strategic report.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement, 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.


Page 4

 
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Independent auditor's report to the members of HUK 89 Limited (continued)
For the period ended 30 December 2023

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:

How the audit was considered capable of detecting irregularities including fraud

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud
and non-compliance with laws and regulations, was as follows:

the Senior Statutory Auditor ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
we made enquiries of management as to where they considered there was susceptibility to fraud, and their knowledge of actual, suspected and alleged fraud;
we identified the laws and regulations that could reasonably be expected to have a material effect on the financial statements of the company through discussions with directors and other management at the planning stage;
the audit team held a discussion to identify any particular areas that were considered to be susceptible to misstatement, including with respect to fraud and non-compliance with laws and regulations; and
we focused our planned audit work on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company including the Companies Act 2006 and taxation legislation.

We assessed the extent of compliance with the laws and regulations identified above through:

making enquiries of management;
inspecting legal expenditure and correspondence throughout the period for any potential litigation or claims; and
considering the internal controls in place that are designed to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

determined the susceptibility of the company to management override of controls by checking the implementation of controls and enquiring of individuals involved in the financial reporting process during the period;
reviewed journal entries to identify unusual transactions;
performed analytical procedures to identify any large, unusual or unexpected transactions;
reviewed accounting estimates and evaluated where judgements or decisions made by management indicated bias on the part of the company's management;
tested the occurrence of other operating income and interest receivable by performing a recalculation based on agreements in place; and
carried out substantive testing to check the occurrence and cut-off of expenditure.
Page 5

 
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Independent auditor's report to the members of HUK 89 Limited (continued)
For the period ended 30 December 2023

Auditor's responsibilities for the audit of the financial statements (continued)

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included:

agreeing financial statement disclosures to underlying supporting documentation; and
enquiring of management as to actual and potential litigation and claims.

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 2006Our 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.





Peter Chapman (Senior statutory auditor)
for and on behalf of
Buzzacott LLP
Statutory Auditor
130 Wood Street
London
EC2V 6DL

30 April 2024
Page 6

 
HUK 89 Limited
 


Statement of comprehensive income
For the period ended 30 December 2023

52 week period ended 30 December
52 week period ended
31 December
2023
2022
£
£

  

Administrative expenses
  
(84,418)
840,808

Other operating income
  
35,824
633,159

Operating (loss)/profit
  
(48,594)
1,473,967

Interest receivable and similar income
  
249,527
220,895

Profit before tax
  
200,933
1,694,862

Tax on profit
  
(46,703)
(113,910)

Profit for the financial period
  
154,230
1,580,952

There was no other comprehensive income for the periods ended 30 December 2023 or 31 December 2022.

The notes on pages 9 to 11 form part of these financial statements.

Page 7

 
HUK 89 Limited - Registered number:11771762


Statement of financial position
As at 30 December 2023

As restated
30 December 2023
31 December
2022
Note
£
£

  

Current assets
  

Debtors
 5 
3,300,436
4,336,798

Cash at bank and in hand
  
566
77

  
3,301,002
4,336,875

Creditors: amounts falling due within one year
 6 
(1,317,112)
(2,507,216)

Net current assets
  
1,983,890
1,829,659

Creditors: amounts falling due after more than one year
  
(156,515)
(156,515)

  

Net assets
  
1,827,375
1,673,144


Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
  
1,827,374
1,673,143

  
1,827,375
1,673,144


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements were approved and authorised for issue by the board on 30 April 2024 and were signed on its behalf by:




Christopher Emmott
Director

The notes on pages 9 to 11 form part of these financial statements.

Page 8

 
HUK 89 Limited
 
 

Notes to the financial statements
For the period ended 30 December 2023

1.


General information

The company is a private company limited by shares and incorporated in England and Wales. Its registered office is 84 Grosvenor Street, London, W1K 3JZ.

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 Section 1A of Financial Reporting Standard 102, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' ('FRS 102') and the Companies Act 2006.
The following principal accounting policies have been applied:

  
2.2

Other operating income

Other operating income relates to monthly monitoring fees.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method, when it is probable that economic benefits will flow to the company.

 
2.4

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates income.

 
2.5

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.

 
2.6

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.

Page 9

 
HUK 89 Limited
 

Notes to the financial statements
For the period ended 30 December 2023

2.Accounting policies (continued)

 
2.7

Redeemable preference shares

Redeemable preference shares are recognised as financial liabilities upon issuance and measured at fair value.

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires the directors to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the reporting date and the amounts reported for revenues and expenses during the year.
In preparing these financial statements, the main judgements and areas of estimation uncertainty relate to:
Recoverability of amounts owed by connected undertakings
Included in amounts owed by connected undertakings are balances that have estimation uncertainty. The directors
have performed their assessment based on information available to them at the reporting date, including financial
reporting information, comparable transactions, and net orderly liquidation valuations. The directors have used
their extensive knowledge and experience to determine the recoverability of these balances, and third party
evidence where available.


4.


Employees

The company had no employees other than the directors (period ended 31 December 2022 - no employees), who
did not receive any remuneration (period ended 31 December 2022 - £nil).



5.


Debtors

2023
2022
£
£


Amounts owed by connected companies
3,298,449
4,335,409

Other debtors
1,987
1,389

3,300,436
4,336,798



6.


Creditors: amounts falling due within one year

As restated
2023
2022
£
£

Amounts owed to group undertakings
1,264,706
2,384,230

Corporation tax
52,406
122,986

1,317,112
2,507,216


Page 10

 
HUK 89 Limited
 
 

Notes to the financial statements
For the period ended 30 December 2023

7.


Creditors: amounts falling due after more than one year

As restated
2023
2022
£
£

Other creditors
156,515
156,515

156,515
156,515


Other creditors relates to 2% redeemable preference shares of £156,515. The shares are redeemable 20 October 2026. The shares have no voting rights and rank first in the payment of dividends. The comparatives have been restated to recognise the balance in amounts due in more than one year.


8.


Contingent liabilities

The company had no contingent liabilities at 30 December 2023 or 31 December 2022.


9.


Capital commitments

The company had no capital commitments at 30 December 2023 or 31 December 2022.


10.


Controlling party

The smallest group of undertakings for which consolidated group accounts, which include the company, have been drawn up is headed by Hilco London Limited. Hilco London Limited has the same registered office as the company.

Page 11