Company Registration No. 05543924 (England and Wales)
HERAX PARTNERS SPV 1 LIMITED
ANNUAL REPORT AND UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 AUGUST 2024
PAGES FOR FILING WITH REGISTRAR
TWP Accounting LLP
Chartered Accountants
The Old Rectory
Church Street
Weybridge
Surrey
KT13 8DE
HERAX PARTNERS SPV 1 LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
HERAX PARTNERS SPV 1 LIMITED
Company Registration No. 05543924
BALANCE SHEET
AS AT 31 AUGUST 2024
31 August 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
3
167,500
167,500
Current assets
Debtors
4
2
2
Creditors: amounts falling due within one year
5
(188,898)
(185,208)
Net current liabilities
(188,896)
(185,206)
Net liabilities
(21,396)
(17,706)
Capital and reserves
Called up share capital
6
6
6
Profit and loss reserves
(21,402)
(17,712)
Total equity
(21,396)
(17,706)
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 August 2024 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 22 October 2024 and are signed on its behalf by:
A MacPherson
Director
HERAX PARTNERS SPV 1 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
- 2 -
1
Accounting policies
Company information
Herax Partners SPV 1 Limited is a private company limited by shares incorporated in England and Wales. The registered office is 86-87 Wimpole Street, London, W1G 9RL.
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
At the balance sheet date the company had net liabilities of £21,402. The company is dependent on the support of the directors and shareholders who are the major creditors, having lent £150,000 to fund the company's investment. At the time of approving the financial statements, the directors have confirmed that they will continue to support the company for the foreseeable future. Therefore the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Fixed asset investments
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as fixed asset investments.
1.4
Financial instruments
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
HERAX PARTNERS SPV 1 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 3 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
2
3
Fixed asset investments
2024
2023
£
£
Other investments other than loans
167,500
167,500
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
2
2
5
Creditors: amounts falling due within one year
2024
2023
£
£
Other creditors
188,898
185,208
188,898
185,208
6
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and not fully paid
Ordinary A Shares of £1 each
4
4
4
4
Ordinary B Shares of £1 each
2
2
2
2
6
6
6
6
HERAX PARTNERS SPV 1 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 4 -
7
Related party transactions
At the balance sheet date the company owed £100,000 (2023 - £100,000) to the directors, This loan is unsecured and repayable on demand.
At the balance sheet date the company owed £50,000 (2023 - £50,000) to one of the shareholders. This loan is unsecured and repayable on demand.
Interest has been charged at 1.5% per annum, and is rolled up and included in creditors.
At the balance sheet date the company owed £24,520 (2023 - £23,200) to Herax Partners LLP, This loan is unsecured and repayable on demand.