Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-312023-12-3102023-01-01falseThe principal trading activities involve working with leading artists and estates across publishing,print-making,digital,film and art research and sale of non fungible token.0falsefalsefalse 11078584 2023-01-01 2023-12-31 11078584 2022-01-01 2022-12-31 11078584 2023-12-31 11078584 2022-12-31 11078584 2022-01-01 11078584 c:Director1 2023-01-01 2023-12-31 11078584 c:RegisteredOffice 2023-01-01 2023-12-31 11078584 d:Buildings 2023-01-01 2023-12-31 11078584 d:Buildings d:LongLeaseholdAssets 2023-01-01 2023-12-31 11078584 d:PlantMachinery 2023-01-01 2023-12-31 11078584 d:MotorVehicles 2023-01-01 2023-12-31 11078584 d:FurnitureFittings 2023-01-01 2023-12-31 11078584 d:ComputerEquipment 2023-01-01 2023-12-31 11078584 d:CurrentFinancialInstruments 2023-12-31 11078584 d:CurrentFinancialInstruments 2022-12-31 11078584 d:Non-currentFinancialInstruments 2023-12-31 11078584 d:Non-currentFinancialInstruments 2022-12-31 11078584 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 11078584 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 11078584 d:ShareCapital 2023-01-01 2023-12-31 11078584 d:ShareCapital 2023-12-31 11078584 d:ShareCapital 2022-01-01 2022-12-31 11078584 d:ShareCapital 2022-12-31 11078584 d:ShareCapital 2022-01-01 11078584 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 11078584 d:RetainedEarningsAccumulatedLosses 2023-12-31 11078584 d:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 11078584 d:RetainedEarningsAccumulatedLosses 2022-12-31 11078584 d:RetainedEarningsAccumulatedLosses 2022-01-01 11078584 c:OrdinaryShareClass1 2023-01-01 2023-12-31 11078584 c:OrdinaryShareClass1 2023-12-31 11078584 c:OrdinaryShareClass1 2022-12-31 11078584 c:EntityHasNeverTraded 2023-01-01 2023-12-31 11078584 c:FRS102 2023-01-01 2023-12-31 11078584 c:Audited 2023-01-01 2023-12-31 11078584 c:FullAccounts 2023-01-01 2023-12-31 11078584 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 11078584 d:Subsidiary1 2023-01-01 2023-12-31 11078584 d:Subsidiary1 1 2023-01-01 2023-12-31 11078584 d:Subsidiary2 2023-01-01 2023-12-31 11078584 d:Subsidiary2 1 2023-01-01 2023-12-31 11078584 d:Subsidiary3 2023-01-01 2023-12-31 11078584 d:Subsidiary3 1 2023-01-01 2023-12-31 11078584 d:Subsidiary4 2023-01-01 2023-12-31 11078584 d:Subsidiary4 1 2023-01-01 2023-12-31 11078584 d:Subsidiary5 2023-01-01 2023-12-31 11078584 d:Subsidiary5 1 2023-01-01 2023-12-31 11078584 d:Subsidiary6 2023-01-01 2023-12-31 11078584 d:Subsidiary6 1 2023-01-01 2023-12-31 11078584 d:Subsidiary8 2023-01-01 2023-12-31 11078584 d:Subsidiary8 1 2023-01-01 2023-12-31 11078584 d:Subsidiary9 2023-01-01 2023-12-31 11078584 d:Subsidiary9 1 2023-01-01 2023-12-31 11078584 d:Subsidiary10 2023-01-01 2023-12-31 11078584 d:Subsidiary10 1 2023-01-01 2023-12-31 11078584 d:Subsidiary11 2023-01-01 2023-12-31 11078584 d:Subsidiary11 1 2023-01-01 2023-12-31 11078584 d:Subsidiary12 2023-01-01 2023-12-31 11078584 d:Subsidiary12 1 2023-01-01 2023-12-31 11078584 c:Consolidated 2023-12-31 11078584 c:ConsolidatedGroupCompanyAccounts 2023-01-01 2023-12-31 11078584 6 2023-01-01 2023-12-31 11078584 3 2023-12-31 11078584 3 2022-12-31 11078584 f:PoundSterling 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure
Company registration number: 11078584







ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2023


HENI HOLDINGS LIMITED






































img5096.png                        

 


HENI HOLDINGS LIMITED
 


 
COMPANY INFORMATION


Director
H M Pierce 




Registered number
11078584



Registered office
3rd Floor
126-134 Baker Street

London

W1U 6UE




Independent auditors
Menzies LLP
Chartered Accountants & Statutory Auditor

Lynton House

7-12 Tavistock Square

London

WC1H 9LT





 


HENI HOLDINGS LIMITED
 



CONTENTS



Page
Group Strategic Report
1 - 2
Director's Report
3 - 4
Independent Auditors' Report
5 - 8
Consolidated Statement of Comprehensive Income
9
Consolidated Balance Sheet
10
Company Balance Sheet
11
Consolidated Statement of Changes in Equity
12 - 13
Company Statement of Changes in Equity
14
Consolidated Statement of Cash Flows
15 - 16
Consolidated Analysis of Net Debt
17
Notes to the Financial Statements
18 - 38


 


HENI HOLDINGS LIMITED
 


 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
The director presents her strategic report of the company and the group for the year ended 31 December 2023.

Business review
 
The company is a non-trading holding company. The group trades as an international art services business. The principal trading activities involve working with leading artists and estates across publishing, print-making, digital, film and art research and sale of non fungible tokens.
Group turnover for the period was £31.4m (2022: £45.5m), gross profit was £16.1m (2022: £25.6m), and the average number of employees was 192 (2022: 181). The group loss of £3.3m (2022: profit of £8.0m) is indicative of the underlying performance of the group.
The group's current ratio for the year was 1.00 a decline from 1.46 in 2023. Primarily due to a deferring of activities to 2024. Debt to equity ratio for the year was 4.68 down from 1.32 in 2023.
The number of employees increased from 181 in 2022 to 192 in 2023 reflecting the group’s continued investment in our people which are key to the success of our business.
The group continues to keep abreast of trends within the art industry as well as changes in the macroeconomic environment, whilst maintaining an understanding of client and customer requirements through regular contact and discussion. The group acknowledges that to achieve its goals, it needs to develop and foster key relationships with its existing artists, as well as new ones where it is a right fit for our business, to build on both the group’s reputation and the artists long term success. The group and its staff work closely with artists in developing their styles and portfolios. Artists and other suppliers are often long standing, have regular reviews with key members of staff and enjoy trading terms and relationships appropriate to both parties.

Principal risks and uncertainties
 
The principal risks and uncertainties faced by the group are:
Foreign Currency Risk
The group's activities expose it to the financial risk of changes in foreign currency, principally the Euro and US dollar. The group manages the risk by using appropriate hedging techniques.
Liquidity Risk
The group monitors cash as part of its day-to-day control procedures. The group does not use derivative financial instruments for speculative purposes.
Credit Risk
The group's credit risk is primarily due to trade receivables.

Future development
 
The directors expect the company to continue as a non-trading holding company, and the group to continue to trade as an international art services business, for the foreseeable future. The group continues to seek improvements in operational efficiency and effective cost management.

Page 1

 


HENI HOLDINGS LIMITED
 



GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Key performance indicators
 
The directors use both financial and non-financial performance indicators to monitor the group's position.
The key financial performance indicators are sales of £31.4m (2022: £45.5m) and gross profit of £16.1m (2022:25.6m).
The key non-financial performance indicators are artist and stakeholder relationships.
The directors are of the belief that the monitoring of the above-mentioned indicators is an effective aspect of business performance review.


This report was approved by the board and signed on its behalf.



H M Pierce
Director

Date: 24 December 2024

Page 2

 


HENI HOLDINGS LIMITED
 


 
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The director presents her report and the financial statements for the year ended 31 December 2023.

Director's responsibilities statement

The director is responsible for preparing the Group Strategic Report, the Director's Report and the consolidated financial statements in accordance with applicable law and regulations.
 
Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless she is satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the director is required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgments 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 Group will continue in business.

The director is 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 the Group and to enable her to ensure that the financial statements comply with the Companies Act 2006She is also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The loss for the year, after taxation, amounted to £3,480,916 (2022 - profit £7,991,269).

Interim dividends of £900,000 were paid in the year. The director recommends that no final dividend be paid.

Director

The director who served during the year was:

H M Pierce 

Future developments

The director expect the group to continue to trade as an international art services business for the foreseeable future. The group continues to seek improvements in operational efficiency and effective cost management.

Research and development activities

During 2023 the group continued to develop new ways of producing artwork. The group produced the Beautiful Paintings a new artwork that blurs the boundaries between digital and physical art creation using generative and machine learning algorithms. The group also completed a feature-length documentary entitled NFT:WTF?, produced by award-winning director David Shulman, which examines the rise of non-fungible tokens (NFTs) and their disruptive force within the contemporary art scene. The rights to show this documentary in the UK were acquired by Netflix in 2024 and it is also available on the groups HENI Talks platform which has a growing catalogue of films aimed at opening art up to the wider public and create a platform through which anyone can learn about and engage with art.

Page 3

 


HENI HOLDINGS LIMITED
 


 
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Disclosure of information to auditors

The director at the time when this Director's Report is approved has confirmed that:
 
so far as she is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

she 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 and the Group's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Group since the year end.

Auditors

Menzies LLP were appointed as auditor to the company in accordance with section 485 of the Companies Act 2006 and they are deemed to be reappointed under section 487(2) of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





H M Pierce
Director

Date: 24 December 2024

Page 4

 


HENI HOLDINGS LIMITED
 

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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HENI HOLDINGS LIMITED

Opinion


We have audited the financial statements of Heni Holdings Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2023, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity 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 Group's and of the parent Company's affairs as at 31 December 2023 and of the Group's loss 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group 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 director's 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 Group's or the parent 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 director 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 Auditors' Report thereon. The director is 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 5

 


HENI HOLDINGS LIMITED


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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HENI HOLDINGS LIMITED (CONTINUED)

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 Group Strategic Report and the Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group Strategic Report and the Director's Report have 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 Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Director's 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 by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of director's remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Director's Responsibilities Statement set out on page 3, the director is 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 director determines 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 director is responsible for assessing the Group's and the parent 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 director either intends to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 6

 


HENI HOLDINGS LIMITED


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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HENI HOLDINGS LIMITED (CONTINUED)

Auditors' 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 Auditors' 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 Group 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:

The Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation. We determined that the following laws and regulations were most significant including:
 
Companies Act 2006;
UK tax legislation; and
Financial Reporting Standard 102

We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

We understood how the Company is complying with those legal and regulatory frameworks by making inquiries to management and those responsible for legal and compliance procedures. We corroborated our inquiries through our review of board minutes.

The engagement partner assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations. No issues were identified in this area.

We assessed the susceptibility of the company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included.
 
Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;
Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;
Challenging assumptions and judgements made by management in the application of accounting estimates; and
Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations.

As a result of the above procedures, we considered the opportunities and incentives that may exist within the organisation
for fraud and identified the greatest potential for fraud in the following areas:
 
The posting of unusual journals and complex transactions; or
The judgement of the accounting estimate relating to intangible assets; or
The use of management override of controls to manipulate results, or to cause the Company to enter into transactions
not in its best interests.

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 Auditors' Report.


Page 7

 


HENI HOLDINGS LIMITED


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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HENI HOLDINGS LIMITED (CONTINUED)

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 Auditors' 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.





Andrew Wooding FCA (Senior Statutory Auditor)
  
for and on behalf of
Menzies LLP
 
Chartered Accountants
Statutory Auditor
  
Lynton House
7-12 Tavistock Square
London
WC1H 9LT

30 December 2024
Page 8

 


HENI HOLDINGS LIMITED
 


 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Turnover
 4 
31,385,310
45,469,949

Cost of sales
  
(15,456,646)
(19,846,364)

Gross profit
  
15,928,664
25,623,585

Administrative expenses
  
(20,041,204)
(17,251,997)

Other operating income
 5 
1,234,869
2,143,596

Operating (loss)/profit
 6 
(2,877,671)
10,515,184

Impairment of fixed asset investments
  
(30,229)
(74,573)

Interest receivable and similar income
  
6,626
8,260

Interest payable and similar expenses
 10 
(609,535)
(267,447)

(Loss)/profit before taxation
  
(3,510,809)
10,181,424

Tax on (loss)/profit
 11 
29,893
(2,190,155)

(Loss)/profit for the financial year
  
(3,480,916)
7,991,269

  

Currency translation differences
  
111,799
666,813

Other comprehensive income for the year
  
111,799
666,813

Total comprehensive income for the year
  
(3,369,117)
8,658,082

(Loss)/profit for the year attributable to:
  

Owners of the parent Company
  
(3,480,916)
7,991,269

  
(3,480,916)
7,991,269

Total comprehensive income for the year attributable to:
  

Owners of the parent Company
  
(3,369,117)
8,658,082

  
(3,369,117)
8,658,082

The notes on pages 18 to 38 form part of these financial statements.

Page 9

 


HENI HOLDINGS LIMITED
REGISTERED NUMBER:11078584



CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 13 
2,710,786
2,883,465

Tangible assets
 14 
2,961,351
2,676,636

Investments
 15 
9,452,697
9,516,568

  
15,124,834
15,076,669

Current assets
  

Stocks
 16 
10,375,485
10,091,891

Debtors: amounts falling due after more than one year
 17 
567,893
472,940

Debtors: amounts falling due within one year
 17 
12,269,672
7,918,462

Cash at bank and in hand
  
6,495,408
7,911,126

  
29,708,458
26,394,419

Creditors: amounts falling due within one year
 18 
(25,846,917)
(17,727,469)

Net current assets
  
 
 
3,861,541
 
 
8,666,950

Total assets less current liabilities
  
18,986,375
23,743,619

Creditors: amounts falling due after more than one year
 19 
(5,335,056)
(5,759,216)

Provisions for liabilities
  

Deferred taxation
 21 
(13,699)
(77,666)

Other provisions
 22 
(60,000)
(60,000)

  
 
 
(73,699)
 
 
(137,666)

Net assets
  
13,577,620
17,846,737


Capital and reserves
  

Called up share capital 
 23 
100
100

Profit and loss account
 24 
13,577,520
17,846,637

Equity attributable to owners of the parent Company
  
13,577,620
17,846,737


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




H M Pierce
Director

Date: 24 December 2024

The notes on pages 18 to 38 form part of these financial statements.

Page 10

 


HENI HOLDINGS LIMITED
REGISTERED NUMBER:11078584



COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 15 
8,833,131
8,863,360

  
8,833,131
8,863,360

Current assets
  

Debtors: amounts falling due within one year
 17 
5
-

Cash at bank and in hand
  
7,077
7,464

  
7,082
7,464

Creditors: amounts falling due within one year
 18 
(8,823,098)
(8,769,214)

Net current liabilities
  
 
 
(8,816,016)
 
 
(8,761,750)

Total assets less current liabilities
  
17,115
101,610

  

  

Net assets
  
17,115
101,610


Capital and reserves
  

Called up share capital 
 23 
100
100

Profit and loss account brought forward
  
101,510
(2,229,657)

Profit for the year
  
815,505
3,931,167

Other changes in the profit and loss account

  

(900,000)
(1,600,000)

Profit and loss account carried forward
  
17,015
101,510

  
17,115
101,610


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


H M Pierce
Director

Date: 24 December 2024

The notes on pages 18 to 38 form part of these financial statements.

Page 11

 


HENI HOLDINGS LIMITED
 



CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Profit and loss account
Equity attributable to owners of parent Company
Total equity

£
£
£
£

At 1 January 2023
100
17,846,637
17,846,737
17,846,737


Comprehensive income for the year

Loss for the year

-
(3,480,916)
(3,480,916)
(3,480,916)

Currency translation differences
-
111,799
111,799
111,799


Other comprehensive income for the year
-
111,799
111,799
111,799


Total comprehensive income for the year
-
(3,369,117)
(3,369,117)
(3,369,117)


Contributions by and distributions to owners

Dividends: Equity capital
-
(900,000)
(900,000)
(900,000)


Total transactions with owners
-
(900,000)
(900,000)
(900,000)


At 31 December 2023
100
13,577,520
13,577,620
13,577,620


The notes on pages 18 to 38 form part of these financial statements.

Page 12

 


HENI HOLDINGS LIMITED
 



CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022


Called up share capital
Other reserves
Profit and loss account
Equity attributable to owners of parent Company
Total equity

£
£
£
£
£

At 1 January 2022
100
95,566
10,692,989
10,788,655
10,788,655


Comprehensive income for the year

Profit for the year

-
-
7,991,269
7,991,269
7,991,269

Currency translation differences
-
-
666,813
666,813
666,813


Other comprehensive income for the year
-
-
666,813
666,813
666,813


Total comprehensive income for the year
-
-
8,658,082
8,658,082
8,658,082


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(1,600,000)
(1,600,000)
(1,600,000)

Transfer to/from profit and loss account
-
(95,566)
95,566
-
-


Total transactions with owners
-
(95,566)
(1,504,434)
(1,600,000)
(1,600,000)


At 31 December 2022
100
-
17,846,637
17,846,737
17,846,737


The notes on pages 18 to 38 form part of these financial statements.

Page 13

 


HENI HOLDINGS LIMITED
 



COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2022
100
(2,229,657)
(2,229,557)


Comprehensive income for the year

Profit for the year
-
3,931,167
3,931,167
Total comprehensive income for the year
-
3,931,167
3,931,167


Contributions by and distributions to owners

Dividends: Equity capital
-
(1,600,000)
(1,600,000)


Total transactions with owners
-
(1,600,000)
(1,600,000)



At 1 January 2023
100
101,510
101,610


Comprehensive income for the year

Profit for the year
-
815,505
815,505
Total comprehensive income for the year
-
815,505
815,505


Contributions by and distributions to owners

Dividends: Equity capital
-
(900,000)
(900,000)


Total transactions with owners
-
(900,000)
(900,000)


At 31 December 2023
100
17,015
17,115


The notes on pages 18 to 38 form part of these financial statements.

Page 14

 


HENI HOLDINGS LIMITED
 



CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
£
£

Cash flows from operating activities

(Loss)/profit for the financial year
(3,480,916)
7,991,269

Adjustments for:

Amortisation of intangible assets
259,590
228,074

Depreciation of tangible assets
636,655
522,547

Impairment of investments
30,229
74,573

Loss on disposal of tangible assets
24,488
(78,528)

Interest paid
609,535
267,447

Interest received
(6,626)
(8,260)

Taxation charge
(29,893)
2,190,155

(Increase) in stocks
(283,594)
(1,136,749)

(Increase) in debtors
(5,355,011)
(1,072,512)

Increase in creditors
8,399,399
4,000,042

Corporation tax received/(paid)
1,097,225
(3,961,440)

Foreign exchange
150,366
524,693

Interest paid
-
(12,830)

Interest received
6,626
-

Net cash generated from operating activities

2,058,073
9,528,481


Cash flows from investing activities

Purchase of intangible fixed assets
(104,510)
(1,188,144)

Sale of intangible assets
-
49,715

Purchase of tangible fixed assets
(966,826)
(1,200,210)

Sale of tangible fixed assets
-
173,509

Purchase of fixed asset investments
-
(661,086)

Sale of fixed asset investments
33,642
78,983

Interest received
-
8,260

Net cash from investing activities

(1,037,694)
(2,738,973)
Page 15

 


HENI HOLDINGS LIMITED
 



CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023


2023
2022

£
£



Cash flows from financing activities

Other new loans
-
(1,499)

Repayment of other loans
(1,536,097)
(2,391,779)

Dividends paid
(900,000)
(1,600,000)

Net cash used in financing activities
(2,436,097)
(3,993,278)

Net (decrease)/increase in cash and cash equivalents
(1,415,718)
2,796,230

Cash and cash equivalents at beginning of year
7,911,126
5,114,896

Cash and cash equivalents at the end of year
6,495,408
7,911,126


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
6,495,408
7,911,126

6,495,408
7,911,126


The notes on pages 18 to 38 form part of these financial statements.

Page 16

 


HENI HOLDINGS LIMITED
 



CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2023




At 1 January 2023
Cash flows
At 31 December 2023
£

£

£

Cash at bank and in hand

7,911,126

(1,415,718)

6,495,408

Debt due after 1 year

(5,704,588)

424,185

(5,280,403)

Debt due within 1 year

(4,855,191)

596,567

(4,258,624)


(2,648,653)
(394,966)
(3,043,619)

The notes on pages 18 to 38 form part of these financial statements.

Page 17

 


HENI HOLDINGS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Heni Holdings Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.
The presentation currency of the financial statements is the Pound Sterling (£).

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The group financial statements consolidate the financial statements of Heni Holdings Limited and all its subsidiary undertakings drawn up to 31 December each year. No profit and loss account is presented for Heni Holdings Limited as permitted by section 408 of the Companies Act 2006.
 
Subsidiaries are consolidated from the date of their acquisition, being the date on which the Group obtains control and continue to be consolidated until the date that such control ceases. Control comprises the power to govern the financial and operating policies of the investee so as to obtain benefit from its activities.
 
Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used in line with those used by other members of the group.
 
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

 
2.3

Going concern

The group made a loss after taxation for the period of £3.3m (2022: profit of £8.0m).
The director considers that the financial resources available to the group are adequate to meet its operational needs for the foreseeable future or at least 12 months from the date of approval of these accounts. Accordingly, the going concern basis has been adopted in preparing the financial statements.

  
2.4

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Page 18

 


HENI HOLDINGS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
 
Turnover is recognised when the group has delivered goods and no other significant obligation remains unfulfilled that may affect the customer's acceptance of the products.

 
2.6

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.
 
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.
 
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

 
2.7

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.

 
2.8

Pension costs and other post-retirement benefits

Defined contribution pension plan

The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.


Page 19

 


HENI HOLDINGS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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 balance sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
 
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 20

 


HENI HOLDINGS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.10

Intangible assets

Goodwill

Goodwill, in one of the UK subsidiary companies, is being amortised evenly over its estimated useful life of ten years.
 
Goodwill, in one of the foreign subsidiary companies, is being amortised evenly over its estimated useful life of fifteen years.
 
Positive goodwill acquired on each business combination is capitalised, classified as an asset on the statement of financial position and amortised on a straight line basis over its useful life.
 
Goodwill acquired in a business combination is, from the acquisition date, allocated to each cash generating unit that is expected to benefit from the synergies of the combination.
 
If a subsidiary, associate or business is subsequently sold or discontinued, any goodwill arising on acquisition that has not been amortised through the profit and loss account is taken into account in determining the profit or loss on sale or discontinuance.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are amortised evenly over their estimated useful life of ten years.
 
Website development costs are being amortised evenly over their useful life of ten years.
 
Film production costs is being amortised evenly over its useful life of three years.
 
No amortisation is provided in respect of patent costs that are still in the process of registration.
 
No amortisation is provided on Non Fungibles Tokens.

 
2.11

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 21

 


HENI HOLDINGS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.11
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:

Freehold property
-
3% on cost
Leasehold improvements
-
Over the lease term
Plant and machinery
-
33.33% and 20% on cost
Motor vehicles
-
25% and 20% on cost
Fixtures and fittings
-
33.33% and 20% on cost
Computer equipment
-
33.33% on cost

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.
Assets under construction are stated at cost. These assets are not depreciated until they are available for use and are reviewed for impairment at each reporting date.

 
2.12

Valuation of investments

Investments in subsidiaries and unlisted investments are measured at cost less accumulated impairment. 
The assets and liabilities of foreign subsidiaries are translated from the foreign subsidiary's functional currency to the Group's reporting currency, GBP, at foreign exchange rates prevailing at the balance sheet date. Revenues and expenses of foreign subsidiaries are translated to GBP at average rates that approximate the foreign exchange rates prevailing at each of the transaction dates. Translation differences arising from the translation of the net investment in foreign subsidiaries are recognised in other comprehensive income.

 
2.13

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
 
Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.


 
2.14

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. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

Page 22

 


HENI HOLDINGS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.15

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.16

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
 
Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Financial costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.
 
Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

 
2.17

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.

  
2.18

Government grants

Government grants are accounted for on an accrual model and are recognised when there is reasonable assurance that the group has complied with the conditions attaching to the grants.
 
During the year the group received grants amounting to £Nil (2022: £57,085), in respect of the Coronavirus Job Retention Scheme, which are disclosed in the accounts as other operating income.

Page 23

 


HENI HOLDINGS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires the directors to make significant judgements and estimates. These estimates and judgements are continually reviewed and are based on experience and other factors including expectations of future events that are believed to be reasonable under the circumstances.
The areas of judgement and estimates applied by the directors are not considered sufficiently significant to require disclosure in these financial statements.
Critical Judgements
Management conducts a quarterly review of receivables to assess their recoverability. This process involves evaluating whether there is evidence of a significant change in the debtor's ability to meet payment obligations or notable shifts in the market conditions affecting the debtor's operations.
Inventory, intangible assets, property, plant and equipment, investments in subsidiaries and unlisted investments are assessed for impairment whenever there is objective evidence or an indication of potential impairment. Management routinely evaluates the value in use of these assets to identify any impairment or changes in their useful lives. Where necessary, management adjusts depreciation charges, makes provisions for impairment or writes off assets as deemed appropriate.


4.


Turnover

The turnover and profit before taxation are attributable to the one principal activity of the group.


An analysis of turnover by class of business is as follows:


2023
2022
£
£

Editions
27,254,671
22,002,505

Artwork mounting
2,315,675
3,443,543

Fine Art Photography/printing
1,121,063
1,114,303

Sale of digital assets - NFTs
-
18,269,600

Publishing
118,490
111,856

Others
575,411
528,142

31,385,310
45,469,949


Analysis of turnover by country of destination:

2023
2022
£
£

United Kingdom
11,722,662
12,443,663

Rest of Europe
6,965,599
7,431,711

Rest of the world
4,670,265
2,192,369

United States of America
8,026,784
23,402,206

31,385,310
45,469,949


Page 24

 


HENI HOLDINGS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Other operating income

2023
2022
£
£

Other operating income
1,014,520
1,737,913

Net rents receivable
220,349
248,544

Insurance claims receivable
-
157,139

1,234,869
2,143,596



6.


Operating loss

The operating loss is stated after charging:

2023
2022
£
£

Foreign exchange differences
678,924
(783,347)

Other operating leases
1,877,954
1,342,256


7.


Auditors' remuneration

2023
2022
£
£

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
19,500
16,400

Page 25

 


HENI HOLDINGS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Employees

Staff costs, including director's remuneration, were as follows:


Group
Group
2023
2022
£
£


Wages and salaries
11,211,067
10,491,439

Social security costs
1,867,603
1,241,679

Cost of defined contribution scheme
354,457
251,823

13,433,127
11,984,941


There are £Nil (2022: £Nil) staff costs in the parent company in the year.

The average monthly number of employees, including the director, during the year was as follows:


        2023
        2022
            No.
            No.







Direct Production
102
89



Administration
90
92

192
181


9.


Director's remuneration

2023
2022
£
£

Director's emoluments
52,875
42,083

Group contributions to defined contribution pension schemes
1,586
1,263

54,461
43,346


During the year retirement benefits were accruing to 1 director (2022 - 1) in respect of defined contribution pension schemes.


10.


Interest payable and similar expenses

2023
2022
£
£


Bank interest
-
5,560

Loan interest
515,345
261,833

Interest on late paid tax
94,190
54

609,535
267,447

Page 26

 


HENI HOLDINGS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
1,428,802
666,290

Adjustments in respect of previous periods
-
(27,852)


1,428,802
638,438

Foreign tax


Foreign tax on income for the year
(1,394,728)
1,513,849

(1,394,728)
1,513,849

Total current tax
34,074
2,152,287

Deferred tax


Origination and reversal of timing differences
(63,967)
37,868

Total deferred tax
(63,967)
37,868


Tax on (loss)/profit
(29,893)
2,190,155
Page 27

 


HENI HOLDINGS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
11.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022 - higher than) the standard rate of corporation tax in the UK of 23.5% (2022 - 19%). The differences are explained below:

2023
2022
£
£


(Loss)/profit on ordinary activities before tax
(3,510,809)
10,181,424


(Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.5% (2022 - 19%)
(825,040)
1,934,471

Effects of:


Expenses not deductible for tax purposes
20,224
82,553

Capital allowances in deficit/(excess) of depreciation
19,172
(13,579)

Utilisation of tax losses
-
(124,663)

Adjustments to tax charge in respect of previous periods
-
(27,852)

Deferred tax charge / (credit)
(63,967)
37,868

Tax at higher / (lower) rates in foreign subsidiaries
(109,175)
131,998

Losses carried forward - UK entities
-
13,037

Losses carried forward - Non UK entities
-
156,322

Deferred tax not recognised
972,904
-

Group relief
18,925
-

Other differences leading to an increase (decrease) in the tax charge
(62,936)
-

Total tax charge for the year
(29,893)
2,190,155


12.


Dividends

2023
2022
£
£


Interim dividends paid
900,000
1,600,000

900,000
1,600,000

Page 28

 


HENI HOLDINGS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

13.


Intangible assets

Group





Patents and licences
Website development and Film production costs
Non Fungible Tokens
Goodwill
Total

£
£
£
£
£



Cost


At 1 January 2023
558,390
1,294,905
458,876
3,846,247
6,158,418


Additions
44,876
59,634
-
-
104,510


Foreign exchange movement
-
-
(22,792)
-
(22,792)



At 31 December 2023

603,266
1,354,539
436,084
3,846,247
6,240,136



Amortisation


At 1 January 2023
223,788
32,890
-
3,018,275
3,274,953


Charge for the year on owned assets
62,297
56,383
-
140,910
259,590


Foreign exchange movement
(5,193)
-
-
-
(5,193)



At 31 December 2023

280,892
89,273
-
3,159,185
3,529,350



Net book value



At 31 December 2023
322,374
1,265,266
436,084
687,062
2,710,786



At 31 December 2022
334,602
1,262,015
458,876
827,972
2,883,465



Page 29


HENI HOLDINGS LIMITED
  
 
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023



14.


Tangible fixed assets


Group







Freehold property
Leasehold improvements
Short leasehold costs
Plant and machinery
Motor vehicles
Fixtures and fittings
Computer equipment
Assets under construction
Total

£
£
£
£
£
£
£
£
£



Cost or valuation


At 1 January 2023
317,443
1,508,743
46,373
924,657
121,208
667,299
925,333
568,877
5,079,933


Additions
101,201
562,063
-
47,693
1,490
63,618
190,761
-
966,826


Disposals
-
(20,000)
-
-
-
(1,884)
(3,785)
-
(25,669)


Transfers between classes
556,599
-
-
-
-
-
-
(556,599)
-


Exchange adjustments
(6,444)
-
-
(10,425)
-
(4,099)
-
-
(20,968)



At 31 December 2023

968,799
2,050,806
46,373
961,925
122,698
724,934
1,112,309
12,278
6,000,122



Depreciation


At 1 January 2023
18,872
734,711
46,373
195,026
59,870
639,223
709,222
-
2,403,297


Charge for the year on owned assets
37,104
229,720
-
129,362
29,380
58,850
139,961
12,278
636,655


Disposals
-
-
-
-
-
-
(1,181)
-
(1,181)



At 31 December 2023

55,976
964,431
46,373
324,388
89,250
698,073
848,002
12,278
3,038,771



Net book value



At 31 December 2023
912,823
1,086,375
-
637,537
33,448
26,861
264,307
-
2,961,351



At 31 December 2022
298,571
774,032
-
729,631
61,338
28,076
216,111
568,877
2,676,636

Page 30

 


HENI HOLDINGS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

15.


Fixed asset investments

Group





Unlisted investments

£



Cost or valuation


At 1 January 2023
9,516,568


Disposals
(33,642)



At 31 December 2023

9,482,926



Impairment


Charge for the period
30,229



At 31 December 2023

30,229



Net book value



At 31 December 2023
9,452,697



At 31 December 2022
9,516,568

Company





Shares in group undertakings
Unlisted investments
Total

£
£
£



Cost or valuation


At 1 January 2023
100
8,863,260
8,863,360



At 31 December 2023
100
8,863,260
8,863,360



Impairment


Charge for the period
-
30,229
30,229



At 31 December 2023

-
30,229
30,229



Net book value



At 31 December 2023
100
8,833,031
8,833,131



At 31 December 2022
100
8,863,260
8,863,360

Page 31

 


HENI HOLDINGS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Principal activity

Class of shares

Holding

Heni Limited
3rd Floor 126-134 Baker 
Street, London, W1U 
6UE, United Kingdom
Non-trading holding company
Ordinary
100%
Prudence Cuming Associates Limited
3rd Floor 126-134 Baker 
Street, London, W1U 6UE, United Kingdom
Supplier of Fine Art photography and printing
Ordinary
100%
Grieger GmbH
Goslarer Str. 10, 40595 
Düsseldorf, Germany
Artwork mounting
Ordinary
100%
Heni GmbH
Goslarer Str. 10, 40595 
Düsseldorf, Germany
Non-trading holding company
Ordinary
100%
Heni Arts Consulting Co Limited
Room 328, Floor 3, Unit 2, 
No.231, Shibocun Road, China Pilot Free Trade Zone 200000 Shanghai China
Sale of Artwork
Ordinary
100%
Pierce Protocols Limited
3rd Floor 126-134 Baker 
Street, London, W1U 
6UE, United Kingdom
Sale of reproduced artworks and books
Ordinary
100%
Heni Tech LLC
381 San Leandro Way, San Francisco, CA 94127
Sales of NFTs
Ordinary
100%
Heni Fab Limited
3rd Floor 126-134 Baker 
Street, London, W1U 
6UE, United Kingdom
Non trading
Ordinary
100%
Heni Tech Inc
381 San Leandro Way, San Francisco, CA 94127
Holding company
Ordinary
100%
Heni Studios LLC
381 San Leandro Way, San Francisco, CA 94127
Issue & Sale of digital arts in form of NFTs
Ordinary
100%
Heni Ventures Limited
190 Elgin Avenue, George 
Town, Grand Cayman, 
KY1-9008
Holding investments in NFT funds
Ordinary
100%

Prudence Cuming Associates Limited is exempt from Companies Act 2006 requirements relating to the audit of their individual accounts by virtue of Section 479A of the Act as Heni Holdings Limited has guaranteed the subsidiary company under section 479C of the Act.


16.


Stocks

Group
Group
2023
2022
£
£

Raw materials
398,505
489,766

Work in progress goods to be sold
1,081,785
78,946

Finished goods and goods for resale
8,709,884
8,931,846

Other inventories
185,311
591,333

10,375,485
10,091,891


Page 32

 


HENI HOLDINGS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

17.


Debtors

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Due after more than one year

Other debtors
567,893
472,940
-
-

567,893
472,940
-
-


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Due within one year

Trade debtors
7,870,271
4,654,286
-
-

Other debtors
561,746
65,677
-
-

Other loans
-
176,273
-
-

Prepayments and accrued income
3,572,548
2,000,469
-
-

VAT
259,090
106,892
5
-

Tax recoverable
6,017
914,865
-
-

12,269,672
7,918,462
5
-


Page 33

 


HENI HOLDINGS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

18.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Other loans (see note 20)
4,258,624
4,855,191
-
-

Trade creditors
5,465,207
5,415,628
-
-

Amounts owed to group undertakings
-
-
8,823,098
8,769,160

Corporation tax
376,742
60,101
-
54

Other taxation and social security
1,164,503
613,796
-
-

Pension liability
50,567
42,630
-
-

Other creditors
463,002
306,420
-
-

Accruals and deferred income
14,068,272
6,433,703
-
-

25,846,917
17,727,469
8,823,098
8,769,214



The following liabilities were secured:
Group
Group
2023
2022
£
£

Other loans
420,980
420,980

420,980
420,980

Details of security provided:

Included in other loans payable at the year end of £9,539,027 (2022: £10,559,779) is a loan of £420,980 (2022: £420,980) which is secured by a first legal charge over some of the Edition stocks held by a group company.


19.


Creditors: Amounts falling due after more than one year

Group
Group
2023
2022
£
£

Other loans (see note 20)
5,280,403
5,704,588

Other creditors
54,653
54,628

5,335,056
5,759,216



Page 34

 


HENI HOLDINGS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

20.


Loans


Analysis of the maturity of loans is given below:


Group
Group
2023
2022
£
£

Amounts falling due within one year

Other loans
4,258,624
4,855,191


4,258,624
4,855,191

Amounts falling due 1-2 years

Other loans
1,583,780
1,033,282


1,583,780
1,033,282

Amounts falling due 2-5 years

Other loans
3,696,623
4,671,306


3,696,623
4,671,306


9,539,027
10,559,779


Interest is accruing on the above other loans at rates of between 5% and EURIBOR + 3% per annum. The loans are repayable within 5 years from the statement of finacial position date.

Page 35

 


HENI HOLDINGS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

21.


Deferred taxation


Group



2023
2022


£

£






At beginning of year
(77,666)
(39,798)


Charged to profit or loss
63,967
(37,868)



At end of year
(13,699)
(77,666)

Company


2023
2022





At beginning of year
-
-



At end of year
-
-
The provision for deferred taxation is made up as follows:

Group
Group
2023
2022
£
£

Accelerated capital allowances
(13,699)
(77,666)

(13,699)
(77,666)


22.


Provisions


Group



Provision for dilapidations

£





At 1 January 2023
60,000



At 31 December 2023
60,000

Page 36

 


HENI HOLDINGS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

23.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 (2022 - 100) Ordinary shares of £1.00 each
100
100



24.


Reserves

Profit and loss account

This reserve records retained earnings and accumulated losses.


25.


Commitments under operating leases - Lessee

At 31 December 2023 the Group had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2023
2022
£
£

Not later than 1 year
1,169,178
1,003,954

Later than 1 year and not later than 5 years
2,368,813
2,823,808

3,537,991
3,827,762

26.


Commitments under operating leases - Lessor

The operating leases represent leases of property to a third party.
At the reporting end date the company had contracted with tenants for the following minimum lease payments:

2023
2022
£
£
Not later than 1 year

181,525

181,525
 
Later than 1 year and not later than 5 years

396,371

577,896
 
Later than 5 years

-

-
 
577,896

759,421
 

Page 37

 


HENI HOLDINGS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

27.


Related party transactions

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.
During the year, purchases were made of £1,465,294 from Joseph Hage Aaronson LLP, a company related by virtue of common control. As at the year end, the company owed Joseph Hage Aaronson LLP £1,465,294 (2022: £1,178,497). This balance is repayable on demand.
Included in trade debtors are amounts due to the group totalling £390,967 (2022: £390,967) from an entity which is controlled by a close family member of the ultimate controlling partly. This balance is repayable on demand.
Included in trade debtors was an amount due to the company totalling £246,965 (2022: £246,553) from a close member of family of the ultimate controlling party. This balance is repayable on demand.
At the statement of financial position date, the company was owed £nil (2022: £126,553) from a community interest company with common directorship. The loan was repayable on demand.
During the year, a total of key management personnel compensation of £665,212 (2022 - £669,222) was paid. 


28.


Controlling party

The ultimate controlling party is Joseph Hage. 

 
Page 38