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Registered number: 12643090









HAUD SYSTEMS UK LTD









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
HAUD SYSTEMS UK LTD
REGISTERED NUMBER: 12643090

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2023
2022
2022
Note
£
£
£
£

Fixed assets
  

Tangible assets
 4 
6,464
6,132

  
6,464
6,132

Current assets
  

Debtors: amounts falling due within one year
 5 
27,662
8,564

Cash at bank and in hand
 6 
28,619
30,554

  
56,281
39,118

Creditors: amounts falling due within one year
 7 
(97,247)
(126,920)

Net current liabilities
  
 
 
(40,966)
 
 
(87,802)

Total assets less current liabilities
  
(34,502)
(81,670)

  

Net liabilities
  
(34,502)
(81,670)


Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
  
(34,503)
(81,671)

  
(34,502)
(81,670)


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 have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 26 November 2024.




E Angelow
Director

The notes on pages 2 to 6 form part of these financial statements.
Page 1

 
HAUD SYSTEMS UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Haud Systems UK Ltd is a private company limited by shares and incorporated in England & Wales. The address of its registered office and principal place of business is 6th Floor One London Wall, London, United Kingdom, EC2Y 5EB. 

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Going concern

At the reporting date the company had net liabilities of £34,502 and meets its day to day working capital requirements through funding from a fellow subsidiary company.
The fellow subsidiary, supported by its parent undertaking, has provided a written undertaking that it will continue to provide financial support to the company where it is required and the directors are satisfied that sufficient resources are available in order for it to do so.
After considering the company's future trading activities and the funding available, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and for a period of at least twelve months from the date of approval of these financial statements.  The directors therefore consider it appropriate to adopt the going concern basis in preparing the company's financial statements.

Page 2

 
HAUD SYSTEMS UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the statement of income and retained earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.4

Revenue

Revenue comprises management fees receivable and are recognised in the period in which the service is performed.

 
2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 3

 
HAUD SYSTEMS UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.6
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment
-
33%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.7

Debtors

Short term debtors are measured at transaction price, less any impairment.

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

 
2.9

Creditors

Short term creditors are measured at the transaction price.

 
2.10

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 and loans to and from related parties.


3.


Employees

The average monthly number of employees, including directors, during the year was 12 (2022 - 10).

Page 4

 
HAUD SYSTEMS UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Tangible fixed assets





Office equipment

£



Cost or valuation


At 1 January 2023
6,738


Additions
3,200



At 31 December 2023

9,938



Depreciation


At 1 January 2023
606


Charge for the year on owned assets
2,868



At 31 December 2023

3,474



Net book value



At 31 December 2023
6,464



At 31 December 2022
6,132


5.


Debtors

2023
2022
£
£


Amounts owed by group undertakings
4,186
-

Prepayments and accrued income
23,476
8,564

27,662
8,564



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
28,619
30,554

28,619
30,554


Page 5

 
HAUD SYSTEMS UK LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
13,461
16,033

Amounts owed to group undertakings
6,211
83,491

Other creditors
6,824
4,606

Accruals and deferred income
70,751
22,790

97,247
126,920



8.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £10,617 (2022 - £11,752). Contributions totalling £Nil (2022 - £3,090) were payable to the fund at the balance sheet date.


9.


Related party transactions

Turnover includes management fees totalling £1,626,960 (2022: £1,221,700) receivable from a fellow subsidiary undertaking.  At the reporting date creditors include £6,211 (2022: £83,491) due to the fellow subsidiary undertaking.


10.


Controlling party

The immediate parent undertaking is Haud Systems AB, a company registered in Sweden, and the ultimate parent undertaking is Polar Day Holdings Limited which is the parent of the smallest and largest groups in which the company is a member and has a registered address at Block 3 Harcourt Centre, Harcourt Road, Dublin 2, D02 A339, Ireland.  The ultimate controlling party is E Angelow.

11.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 3 December 2024 by Paul Taiano (senior statutory auditor) on behalf of Nyman Libson Paul LLP.

 
Page 6