Company registration number 11401612 (England and Wales)
HEIM Partners Limited
Financial Statements
For the year ended
31 December 2023
HEIM Partners Limited
Contents
Page
Company information
1
Directors' report
2
Accountants' report
3
Statement of comprehensive income
4
Statement of financial position
5
Statement of changes in equity
6
Statement of cash flows
7
Notes to the financial statements
8 - 13
HEIM Partners Limited
Company Information
- 1 -
Directors
P.A. Robertson
L. Binge
Secretary
L. Binge
Company number
11401612
Registered office
Dixcart House
Addlestone Road
Bourne Business Park
Addlestone
Surrey
KT15 2LE
Accountants
Dixcart International Limited
Chartered Accountants
Dixcart House
Addlestone Road
Bourne Business Park
Addlestone
Surrey
KT15 2LE
HEIM Partners Limited
Directors' Report
For the year ended 31 December 2023
- 2 -

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

Principal activities

The principal activity of the company continued to be that of an investment holding company.

Results and dividends

The results for the year are set out on page 4.

Ordinary dividends were paid amounting to €3,800,000. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

P.A. Robertson
L. Binge
Directors' responsibilities

The directors are responsible for preparing the annual 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 International Financial Reporting Standards (IFRSs) as adopted by the European Union. 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, International Accounting Standard 1 requires that directors:

 

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

 

Small company provisions

The directors have taken advantage of the small company exemptions provided by sections 414B and 415A of the Companies Act 2006 from the requirement to prepare a strategic report and in preparing the directors' report on the grounds that the company is entitled to prepare its financial statements for the period in accordance with the small companies' regime.

On behalf of the board
L. Binge
Director
29 August 2024
HEIM Partners Limited
Chartered Accountants' Report To The Board Of Directors On The Preparation Of The Unaudited Statutory Financial Statements Of HEIM Partners Limited For The Year Ended 31 December 2023
- 3 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of HEIM Partners Limited for the year ended 31 December 2023 which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity, the statement of cash flows and the related notes from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.

This report is made solely to the board of directors of HEIM Partners Limited, as a body, in accordance with the terms of our engagement letter dated 30 August 2019. Our work has been undertaken solely to prepare for your approval the financial statements of HEIM Partners Limited and state those matters that we have agreed to state to the board of directors of HEIM Partners Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than HEIM Partners Limited and its board of directors as a body, for our work or for this report.

It is your duty to ensure that HEIM Partners Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of HEIM Partners Limited. You consider that HEIM Partners Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of HEIM Partners Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Dixcart International Limited
29 August 2024
Chartered Accountants
Dixcart House
Addlestone Road
Bourne Business Park
Addlestone
Surrey
KT15 2LE
HEIM Partners Limited
Statement Of Comprehensive Income
For the year ended 31 December 2023
- 4 -
2023
2022
Notes
Administrative expenses
(55,318)
(59,656)
Operating loss
4
(55,318)
(59,656)
Investment revenues
6
26,297,061
22,762,282
Finance costs
7
(1)
-
0
Profit before taxation
26,241,742
22,702,626
Income tax expense
-
-
Profit for the year
16
26,241,742
22,702,626
Other comprehensive income:
Items that will not be reclassified to profit or loss
Currency translation differences
9,547,491
(1,605,515)
Other comprehensive income of associates and joint ventures
2,097,434
734,997
Total items that will not be reclassified to profit or loss
11,644,925
(870,518)
Total other comprehensive income for the year
11,644,925
(870,518)
Total comprehensive income for the year
37,886,667
21,832,108

The notes on pages 8 to 13 form part of these financial statements.

HEIM Partners Limited
Statement Of Financial Position
As at 31 December 2023
- 5 -
2023
2022
Non-current assets
Investments
10
167,899,031
133,792,639
Current assets
Trade and other receivables
11
9,896
9,242
Cash and cash equivalents
132,220
151,020
142,116
160,262
Current liabilities
Trade and other payables
13
38,189
36,610
Net current assets
103,927
123,652
Net assets
168,002,958
133,916,291
Equity
Called up share capital
14
2,928
2,928
Share premium account
15
23,557,185
23,557,185
Retained earnings
16
144,442,845
110,356,178
Total equity
168,002,958
133,916,291
The notes on pages 8 to 12 form part of these financial statements.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
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 member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
The financial statements were approved by the board of directors and authorised for issue on 29 August 2024 and are signed on its behalf by:
L. Binge
Director
Company Registration No. 11401612
HEIM Partners Limited
Statement Of Changes In Equity
For the year ended 31 December 2023
- 6 -
Share capital
Share premium account
Retained earnings
Total
Notes
Balance at 1 January 2022
2,928
23,557,185
88,524,070
112,084,183
Year ended 31 December 2022:
Profit
-
-
22,702,626
22,702,626
Other comprehensive income:
Currency translation differences
-
-
(1,605,515)
(1,605,515)
Other comprehensive income of associates and jointly controlled entities
-
-
734,997
734,997
Total comprehensive income
-
-
21,832,108
21,832,108
Balance at 31 December 2022
2,928
23,557,185
110,356,178
133,916,291
Year ended 31 December 2023:
Profit
-
-
26,241,742
26,241,742
Other comprehensive income:
Currency translation differences
-
-
9,547,491
9,547,491
Other comprehensive income of associates and jointly controlled entities
-
-
2,097,434
2,097,434
Total comprehensive income
-
-
37,886,667
37,886,667
Transactions with owners:
Dividends
8
-
-
(3,800,000)
(3,800,000)
Balance at 31 December 2023
2,928
23,557,185
144,442,845
168,002,958

The notes on pages 8 to 13 form part of these financial statements.

HEIM Partners Limited
Statement Of Cash Flows
For the year ended 31 December 2023
- 7 -
2023
2022
Notes
Cash flows from operating activities
Cash absorbed by operations
19
(54,393)
(88,689)
Interest paid
(1)
-
Net cash outflow from operating activities
(54,394)
(88,689)
Investing activities
Dividends received
3,835,594
-
Net cash generated from/(used in) investing activities
3,835,594
-
Financing activities
Dividends paid
(3,800,000)
-
Net cash used in financing activities
(3,800,000)
-
Net decrease in cash and cash equivalents
(18,800)
(88,689)
Cash and cash equivalents at beginning of year
151,020
239,709
Cash and cash equivalents at end of year
132,220
151,020
HEIM Partners Limited
Notes To The Financial Statements
For the year ended 31 December 2023
- 8 -
1
General information

HEIM Partners Limited is a private company limited by shares incorporated in England and Wales. The registered office is Dixcart House, Addlestone Road, Bourne Business Park, Addlestone, Surrey, KT15 2LE. The company's principal activities and nature of its operations are disclosed in the directors' report.

2
Accounting policies
2.1
Accounting convention

The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted for use in the United Kingdom and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS, except as otherwise stated.

The financial statements are prepared in euros which is the functional currency of the company.

The financial statements have been prepared under the historical cost convention as modified by the revaluation of financial instruments and in accordance with the accounting policies set out below.

2.2
Going concern

The directors have at the time of approving the financial statements, a reasonable expectation that the truecompany 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.

2.3
Non-current investments

Associates are all entities over which the company has significant influence but not control or joint control. This is generally the case where the company holds between 20% and 50% of the voting rights. Investments in associates are accounted for using the equity method of accounting, after initially being recognised at cost.

 

Under the equity method of accounting, the investments are initially recognised at cost and adjusted thereafter to recognise the company’s share of the post-acquisition profits or losses of the investee in profit or loss, and the company’s share of movements in other comprehensive income of the investee in other comprehensive income. Dividends received or receivable from associates are recognised as a reduction in the carrying amount of the investment.

 

When the company’s share of losses in an equity-accounted investment equals or exceeds its interest in the entity, including any other unsecured long-term receivables, the company does not recognise further losses, unless it has incurred obligations or made payments on behalf of the other entity.

2.4
Cash and cash equivalents

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

2.5
Financial assets

Financial assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. Financial assets are classified into specified categories, depending on the nature and purpose of the financial assets.

 

At initial recognition, financial assets classified as fair value through profit and loss are measured at fair value and any transaction costs are recognised in profit or loss. Financial assets not classified as fair value through profit and loss are initially measured at fair value plus transaction costs.

HEIM Partners Limited
Notes To The Financial Statements (Continued)
For the year ended 31 December 2023
2
Accounting policies
(Continued)
- 9 -
2.6
Financial liabilities

The company recognises financial debt when the company becomes a party to the contractual provisions of the instruments. Financial liabilities are classified as either 'financial liabilities at fair value through profit or loss' or 'other financial liabilities'.

Other financial liabilities

Other financial liabilities, including borrowings, trade payables and other short-term monetary liabilities, are initially measured at fair value net of transaction costs directly attributable to the issuance of the financial liability. They are subsequently measured at amortised cost using the effective interest method. For the purposes of each financial liability, interest expense includes initial transaction costs and any premium payable on redemption, as well as any interest or coupon payable while the liability is outstanding.

Derecognition of financial liabilities

Financial liabilities are derecognised when, and only when, the company’s obligations are discharged, cancelled, or they expire.

2.7
Equity instruments

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

2.8
Foreign exchange

Transactions in currencies other than Euros 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.

HEIM Partners Limited
Notes To The Financial Statements (Continued)
For the year ended 31 December 2023
- 10 -
3
Adoption of new and revised standards and changes in accounting policies

A brief outline of the IFRSs which were issued by the IASB effective for financial periods beginning on or after 1 January 2023 and which were adopted by the company in the financial statements is as follows:

 

Insurance contracts (IFRS 17)

 

IFRS 17 establishes the principles for the recognition, measurement, presentation and disclosure of insurance contracts and supersedes IFRS 4 Insurance Contracts.

 

IFRS 17 outlines a general model, which is modified for insurance contracts with direct participation features, described as the variable fee approach. The general model is simplified if certain criteria are met by measuring the liability for remaining coverage using the premium allocation approach. The general model uses current assumptions to estimate the amount, timing and uncertainty of future cash flows and it explicitly measures the cost of that uncertainty. It takes into account market interest rates and the impact of policyholders’ options and guarantees.

The company does not have any contracts that meet the definition of an insurance contract under IFRS 17.

 

Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments to IAS 12)

 

The company has adopted the amendments to IAS 12 for the first time in the current year. The amendments introduce a further exception from the initial recognition exemption. Under the amendments, an entity does not apply the initial recognition exemption for transactions that give rise to equal taxable and deductible temporary differences. Depending on the applicable tax law, equal taxable and deductible temporary differences may arise on initial recognition of an asset and liability in a transaction that is not a business combination and affects neither accounting profit nor taxable profit.

 

Following the amendments to IAS 12, an entity is required to recognise the related deferred tax asset and liability, with the recognition of any deferred tax asset being subject to the recoverability criteria in IAS 12.

 

International Tax Reform—Pillar Two Model Rules (Amendments to IAS 12 and IFRS for SMEs)

 

The scope of IAS 12 is amended to clarify that the Standard applies to income taxes arising from tax law enacted or substantively enacted to implement the Pillar Two model rules published by the OECD, including tax law that implements qualified domestic minimum top-up taxes described in those rules.

 

The amendments introduce a temporary exception to the accounting requirements for deferred taxes in IAS 12, so that an entity would neither recognise nor disclose information about deferred tax assets and liabilities related to Pillar Two income taxes.

 

The Pillar Two rules are not applicable for the company.

 

Definition of Accounting estimates (Amendments to IAS 8)

 

The company has adopted the amendments to IAS 8 for the first time in the current year. The amendments replace the definition of a change in accounting estimates with a definition of accounting estimates. Under the new definition, accounting estimates are “monetary amounts in financial statements that are subject to measurement uncertainty”. The definition of a change in accounting estimates was deleted. There is no impact on the accounting estimation reporting of the company.

4
Operating loss
2023
2022
Operating loss for the year is stated after charging/(crediting):
Exchange (gains)/losses
(4,691)
1,424
HEIM Partners Limited
Notes To The Financial Statements (Continued)
For the year ended 31 December 2023
- 11 -
5
Employees

There were no employees in the current and preceding years.

6
Investment income
2023
2022
Income from associates
26,297,061
22,762,282
Income above relates to assets held at amortised cost, unless stated otherwise.
7
Finance costs
2023
2022
Interest on bank overdrafts and loans
1
-
8
Dividends
2023
2022
2023
2022
Amounts recognised as distributions:
per share
per share
Total
Total
Ordinary shares
Final dividend paid
1,297.81
-
3,800,000
-
0
9
Associates

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

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
BC Moldova-Agroindbank S.A.
9/1 Constantin Tanase Str., Chisinau republic of Modova, MD2005
Ordinary
41.09
41.09

Associates are accounted for using the equity method in these financial statements as set out in the company’s accounting policies in note 2.

 

(i) Pursuant to a shareholder agreement, the company has the right to cast 49% of the votes at shareholder meetings of BC Moldova-Agroindbank S.A. (MAIB).

 

(ii) The financial year end date of MAIB is 31 December. For the purposes of applying the equity method of accounting, the financial statements of MAIB for the year ended 31 December 2023 have been used. As at 31 December 2023, the carry value of the company’s interest in MAIB was €167,899,031 (2022: €133,792,639).

 

(iii) The company's 41.09% share of the profit of the associate of €69,103,177 (2022: €57,184,911) was €28,394,495 (2022: €23,497,280).

 

HEIM Partners Limited
Notes To The Financial Statements (Continued)
For the year ended 31 December 2023
- 12 -
10
Investments
Current
Non-current
2023
2022
2023
2022
Investments in associates
-
0
-
0
167,899,031
133,792,639
11
Trade and other receivables
2023
2022
Prepayments
9,896
9,242
12
Trade receivables - credit risk
Fair value of trade receivables

The directors consider that the carrying amount of trade and other receivables is approximately equal to their fair value.

No significant receivable balances are impaired at the reporting end date.

13
Trade and other payables
2023
2022
Trade payables
16,651
15,509
Accruals
21,538
21,101
38,189
36,610
14
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
Issued and fully paid
Ordinary shares of €1 each
2,928
2,928
2,928
2,928
15
Share premium account
2023
2022
At the beginning and end of the year
23,557,185
23,557,185
HEIM Partners Limited
Notes To The Financial Statements (Continued)
For the year ended 31 December 2023
- 13 -
16
Retained earnings

Share premium account - this reserve records the amount above nominal value received for shares sold, less transaction costs.

 

Profit and loss account - this reserve records retained earnings and accumulated losses.

17
Capital risk management

The company is not subject to any externally imposed capital requirements.

18
Related party transactions

During the year the company paid fees of €20,300 (2022 €19,551) to Dixcart International Limited in relation to key management personnel services.

19
Cash absorbed by operations
2023
2022
Profit for the year before income tax
26,241,742
22,702,626
Adjustments for:
Finance costs
1
-
Investment income
(26,297,061)
(22,762,282)
Movements in working capital:
(Increase)/decrease in trade and other receivables
(654)
38
Increase/(decrease) in trade and other payables
1,579
(29,071)
Cash absorbed by operations
(54,393)
(88,689)
20
Analysis of changes in net funds
1 January 2023
Cash flows
31 December 2023
Cash at bank and in hand
151,020
(18,800)
132,220
1 January 2022
Cash flows
31 December 2022
Prior year:
Cash at bank and in hand
239,709
(88,689)
151,020
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