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HUK 103 Limited
























Directors' report and financial statements



for the period ended 30 December 2023



Registered number: 12763316

 
HUK 103 Limited


Company Information


Directors
Henry Foster 
Paul McGowan 




Registered number
12763316



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 103 Limited


Contents



Page
Directors' report
 
1 - 3
Independent auditor's report
 
4 - 7
Statement of comprehensive income
 
8
Statement of financial position
 
9
Notes to the financial statements
 
10 - 12


 
HUK 103 Limited

 
Directors' report
For the year ended 30 December 2023

The directors present their report and the financial statements for HUK 103 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.

Results and dividends

The profit for the period, after taxation, amounted to £661,472 (period ended 31 December 2022 - £1,037,166).
During the period, the directors declared a dividend of £NIL (period ended 31 December 2022 - £383,110).

Directors

The directors who served during the year were:

Henry Foster 
Paul McGowan 

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.

Page 1

 
HUK 103 Limited
 
Directors' report (continued)
For the year ended 30 December 2023

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 2

 
HUK 103 Limited
 
Directors' report (continued)
For the year 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 16 July 2024 and signed on its behalf by:
 





Henry Foster
Director

Page 3

 
 
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Independent auditor's report to the members of HUK 103 Limited
For the year ended 30 December 2023

Opinion


We have audited the financial statements of HUK 103 Limited ('the company') for the year 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 year 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 4

 
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Independent auditor's report to the members of HUK 103 Limited (continued)
For the year 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 year 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.


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:
Page 5

 
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Independent auditor's report to the members of HUK 103 Limited (continued)
For the year ended 30 December 2023

Auditor's responsibilities for the audit of the financial statements (continued)
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;
tested the occurrence of other operating income and interest receivable by performing a recalculation based on agreements in place.
carried out substantive testing to check the occurrence and cut-off of expenditure.

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.

There are inherent limitations in our audit procedures described above. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error as they may involve deliberate concealment or collusion. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.


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.


Page 6

 
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Independent auditor's report to the members of HUK 103 Limited (continued)
For the year ended 30 December 2023

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

16 July 2024
Page 7

 
HUK 103 Limited


Statement of comprehensive income
For the year ended 30 December 2023

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

  

Administrative expenses
  
-
(2)

Other operating income
  
487,155
563,973

Operating profit
  
487,155
563,971

Interest receivable and similar income
  
389,744
717,638

Interest payable and similar expenses
  
(12,230)
(937)

Profit before tax
  
864,669
1,280,672

Tax on profit
  
(203,197)
(243,506)

Profit for the financial year
  
661,472
1,037,166

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

The notes on pages 10 to 12 form part of these financial statements.

Page 8

 
HUK 103 Limited - Registered number: 12763316

Statement of financial position
As at 30 December 2023

2023
2022
Note
£
£

  

Current assets
  

Debtors
 4 
2,184,763
4,280,199

Cash at bank and in hand
  
315
150

  
2,185,078
4,280,349

Creditors: amounts falling due within one year
 5 
(215,605)
(2,972,348)

Net current assets
  
 
 
1,969,473
 
 
1,308,001

Total assets less current liabilities
  
1,969,473
1,308,001

  

Net assets
  
1,969,473
1,308,001


Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
  
1,969,472
1,308,000

  
1,969,473
1,308,001


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 16 July 2024 and were signed on its behalf by:




Henry Foster
Director

The notes on pages 10 to 12 form part of these financial statements.

Page 9

 
HUK 103 Limited

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

1.


General information

The company is a private company limited by shares and incorporated in England and Wales. The 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 arrangement, monitoring and commitment fees.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

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.

 
2.5

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.

 
2.6

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.

 
2.7

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 10

 
HUK 103 Limited

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

2.Accounting policies (continued)

 
2.8

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

 
2.9

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


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).



4.


Debtors

30 December 2023
31 December 2022
£
£


Amounts owed by group undertakings
2,184,762
-

Amounts due from connected companies
-
4,280,198

Other debtors
1
1

2,184,763
4,280,199



5.


Creditors: amounts falling due within one year

30 December 2023
31 December 2022
£
£

Amounts owed to group undertakings
-
2,673,738

Corporation tax
203,375
243,506

Other creditors
12,230
937

Accruals and deferred income
-
54,167

215,605
2,972,348


Page 11

 
HUK 103 Limited

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

6.


Contingent liabilities

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


7.


Capital commitments

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


8.


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 12