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Company No: 10827661 (England and Wales)

HUMMINGBIRD UK PARTNERS LIMITED

Unaudited Financial Statements
For the financial year ended 30 June 2024
Pages for filing with the registrar

HUMMINGBIRD UK PARTNERS LIMITED

Unaudited Financial Statements

For the financial year ended 30 June 2024

Contents

HUMMINGBIRD UK PARTNERS LIMITED

COMPANY INFORMATION

For the financial year ended 30 June 2024
HUMMINGBIRD UK PARTNERS LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 30 June 2024
DIRECTOR F Ileri
REGISTERED OFFICE Evelyn Partners Llp 14th Floor
103 Colmore Row
Birmingham
B3 3AG
United Kingdom
COMPANY NUMBER 10827661 (England and Wales)
ACCOUNTANT Evelyn Partners LLP
Portwall Place
Portwall Lane
Bristol
BS1 6NA
HUMMINGBIRD UK PARTNERS LIMITED

BALANCE SHEET

As at 30 June 2024
HUMMINGBIRD UK PARTNERS LIMITED

BALANCE SHEET (continued)

As at 30 June 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 13,407 11,523
13,407 11,523
Current assets
Debtors 4 483,985 738,673
Cash at bank and in hand 585,659 115,619
1,069,644 854,292
Creditors: amounts falling due within one year 5 ( 137,325) ( 170,826)
Net current assets 932,319 683,466
Total assets less current liabilities 945,726 694,989
Net assets 945,726 694,989
Capital and reserves
Called-up share capital 100 100
Profit and loss account 945,626 694,889
Total shareholder's funds 945,726 694,989

For the financial year ending 30 June 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Hummingbird UK Partners Limited (registered number: 10827661) were approved and authorised for issue by the Director on 17 March 2025. They were signed on its behalf by:

F Ileri
Director
HUMMINGBIRD UK PARTNERS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
HUMMINGBIRD UK PARTNERS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Hummingbird UK Partners Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Evelyn Partners Llp 14th Floor, 103 Colmore Row, Birmingham, B3 3AG and its company number is 10827661.

The financial statements have been prepared in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

Going concern

The financial statements have been prepared on a going concern basis.

The director has made an assessment in preparing these financial statements as to whether the Company is a going concern and have concluded that there are no material uncertainties that may cast significant doubt on the Company's ability to continue as a going concern for a period of at least 12 months from the date of approval of these financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Income Statement in the period in which they arise on monetary items.

Turnover

Administration services revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Administration services revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

***Rendering of services***

Administration services revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
* the amount of turnover can be measured reliably;
* it is probable that the Company will receive the consideration due under the contract;
* the stage of completion of the contract at the end of the reporting period can be measured reliably; and
* the costs incurred and the costs to complete the contract can be measured reliably.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on enacted or substantively enacted tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax assets are recognised only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements 4 years straight line
Office equipment 4 years straight line
Computer equipment 4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Income Statement as described below.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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 Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 7 6

3. Tangible assets

Leasehold improve-
ments
Office equipment Computer equipment Total
£ £ £ £
Cost
At 01 July 2023 93,121 8,034 20,294 121,449
Additions 0 7,949 1,749 9,698
Disposals 0 0 ( 1,124) ( 1,124)
At 30 June 2024 93,121 15,983 20,919 130,023
Accumulated depreciation
At 01 July 2023 91,335 7,440 11,151 109,926
Charge for the financial year 766 973 5,209 6,948
Disposals 0 0 ( 258) ( 258)
At 30 June 2024 92,101 8,413 16,102 116,616
Net book value
At 30 June 2024 1,020 7,570 4,817 13,407
At 30 June 2023 1,786 594 9,143 11,523

4. Debtors

2024 2023
£ £
Prepayments 100,110 88,592
Deferred tax asset 0 2,305
VAT recoverable 117,415 108,319
Other debtors 266,460 539,457
483,985 738,673

5. Creditors: amounts falling due within one year

2024 2023
£ £
Bank overdrafts 693 4,368
Trade creditors 1,937 82,309
Accruals 47,752 19,602
Corporation tax 83,766 61,545
Deferred tax liability 2,712 0
Other creditors 465 3,002
137,325 170,826

6. Related party transactions

During the year, the Company sold services to and received a loan from a connected company, amounting to £3,693,812 (2023 - £3,095,678) and £4,060,023 (2023 - £3,018,904) respectively. At the year end the Company was owed £129,914 (2023 - £496,126). This amount is included within other debtors and is interest free and repayable on demand.

During the year, management charges of £597,200 (2023 - £489,000) were payable by the Company to a company under common control. At the year end there was no balance outstanding (2023 - £Nil).

7. Ultimate controlling party

The ultimate parent undertaking is Hummingbird Ventures Management NV, a company registered in Belgium.

The largest and smallest group of undertakings for which group accounts for the year ended 30 June 2024 have been drawn up is that headed by Hummingbird Ventures Management NV. Copies of the group accounts are available from Terhulpsesteenweg 185, 1170 Watermaal-Bosvoorde, Belgium.

The ultimate controlling party is Hummingbird Ventures Management NV, by virtue of their shareholding and directorship in the ultimate parent undertaking.