Company registration number 12316702 (England and Wales)
HC GROUP GLOBAL HOLDINGS LIMITED GROUP OF COMPANIES
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
HC GROUP GLOBAL HOLDINGS LIMITED GROUP OF COMPANIES
COMPANY INFORMATION
Directors
Mr D C Stewart
Mr P D Chapman
Mr S M Collins
(Appointed 26 January 2023)
Company number
12316702
Registered office
N2 Bressenden Place
LONDON
SW1E 5BY
Auditor
Craufurd Hale Audit Services Limited
C/O Craufurd Hale Group
Ground Floor, Arena Court
Crown Lane
MAIDENHEAD
SL6 8QZ
HC GROUP GLOBAL HOLDINGS LIMITED GROUP OF COMPANIES
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Profit and loss account
8
Group statement of comprehensive income
9
Group balance sheet
10
Company balance sheet
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Company statement of cash flows
15
Notes to the financial statements
16 - 30
HC GROUP GLOBAL HOLDINGS LIMITED GROUP OF COMPANIES
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

The directors present the strategic report for the year ended 31 December 2023.

Review of the business

HC Group Global Holdings Limited is a specialist executive search firm focused on the commodities sector. As a medium-sized enterprise, we provide tailored recruitment solutions to leading commodity trading, energy, and natural resource companies. Over the past year, we have strengthened our market position, expanded our global reach, and enhanced our service offerings to support the evolving talent needs of our clients.

Principal risks and uncertainties

The principal risks and uncertainties facing our business include:

Analysis of Development and Uncertanities

Throughout the year, HC Group Global Holdings Limited has focused on strategic initiatives to drive growth and mitigate uncertainties, including:

Despite ongoing market uncertainties, we remain confident in our ability to adapt and capitalize on emerging opportunities within the commodities sector.

Key performance indicators

To measure our performance and ensure sustainable growth, we track the following KPIs:

Other information and explanations

Looking ahead, HC Group Global Holdings Limited aims to further strengthen its market position by:

We remain committed to delivering outstanding recruitment solutions, adapting to industry dynamics, and ensuring long-term value creation for our stakeholders.

HC GROUP GLOBAL HOLDINGS LIMITED GROUP OF COMPANIES
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -

On behalf of the board

Mr D C Stewart
Director
10 March 2025
HC GROUP GLOBAL HOLDINGS LIMITED GROUP OF COMPANIES
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -

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

Principal activities

The principal activity of the company and group continued to be that of personnel recruitment.

Results and dividends

The results for the year are set out on page 8.

Ordinary dividends were paid amounting to £1,250,000. The directors do not recommend payment of a further dividend.

Directors

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

Mr D C Stewart
Mr P D Chapman
Mr S M Collins
(Appointed 26 January 2023)
Statement of 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

HC GROUP GLOBAL HOLDINGS LIMITED GROUP OF COMPANIES
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
On behalf of the board
Mr D C Stewart
Director
10 March 2025
HC GROUP GLOBAL HOLDINGS LIMITED GROUP OF COMPANIES
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF HC GROUP GLOBAL HOLDINGS LIMITED GROUP OF COMPANIES
- 5 -
Opinion

We have audited the financial statements of HC Group Global Holdings Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including significant accounting policies. The 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:

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’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 directors' 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 and 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 directors 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 auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

HC GROUP GLOBAL HOLDINGS LIMITED GROUP OF COMPANIES
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF HC GROUP GLOBAL HOLDINGS LIMITED GROUP OF COMPANIES
- 6 -
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 their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' 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:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are 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 directors determine 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 directors are responsible for assessing 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 directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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 auditor's 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 financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

 

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including non- compliance with laws and regulations, was as follows:

HC GROUP GLOBAL HOLDINGS LIMITED GROUP OF COMPANIES
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF HC GROUP GLOBAL HOLDINGS LIMITED GROUP OF COMPANIES
- 7 -

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

 

 

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of management and inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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 2006. Our 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 auditor's 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.

Christopher Rayner FCA (Senior Statutory Auditor)
For and on behalf of Craufurd Hale Audit Services Limited
10 March 2025
Chartered Accountants
Statutory Auditor
C/O Craufurd Hale Group
Ground Floor, Arena Court
Crown Lane
MAIDENHEAD
SL6 8QZ
HC GROUP GLOBAL HOLDINGS LIMITED GROUP OF COMPANIES
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
2023
2022
Notes
£
£
Turnover
3
12,875,172
11,900,265
Cost of sales
(45,386)
(33,674)
Gross profit
12,829,786
11,866,591
Administrative expenses
(10,798,999)
(8,685,083)
Other operating income
51,111
15,136
Operating profit
4
2,081,898
3,196,644
Interest receivable and similar income
7
8,601
5,557
Interest payable and similar expenses
8
(2,397)
(12)
Amounts written off investments
9
-
(389,042)
Profit before taxation
2,088,102
2,813,147
Tax on profit
10
(333,251)
(640,563)
Profit for the financial year
1,754,851
2,172,584
Profit for the financial year is attributable to:
- Owners of the parent company
1,825,815
2,166,911
- Non-controlling interests
(70,964)
5,673
1,754,851
2,172,584
HC GROUP GLOBAL HOLDINGS LIMITED GROUP OF COMPANIES
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
2023
2022
£
£
Profit for the year
1,754,851
2,172,584
Other comprehensive income
Currency translation (loss)/gain taken to retained earnings
(309,016)
983,647
Total comprehensive income for the year
1,445,835
3,156,231
Total comprehensive income for the year is attributable to:
- Owners of the parent company
1,445,839
3,150,564
- Non-controlling interests
(4)
5,667
1,445,835
3,156,231
HC GROUP GLOBAL HOLDINGS LIMITED GROUP OF COMPANIES
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 10 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
12
66,131
47,467
Investments
13
60,000
60,000
126,131
107,467
Current assets
Debtors
16
4,588,083
4,997,343
Cash at bank and in hand
2,679,771
2,475,928
7,267,854
7,473,271
Creditors: amounts falling due within one year
17
(2,222,256)
(2,537,928)
Net current assets
5,045,598
4,935,343
Total assets less current liabilities
5,171,729
5,042,810
Creditors: amounts falling due after more than one year
18
(26,042)
(88,542)
Net assets
5,145,687
4,954,268
Capital and reserves
Called up share capital
21
238
238
Capital redemption reserve
26
26
Other reserves
11,313
11,313
Profit and loss reserves
5,180,172
4,984,332
Equity attributable to owners of the parent company
5,191,749
4,995,909
Non-controlling interests
(46,062)
(41,641)
5,145,687
4,954,268

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved by the board of directors and authorised for issue on 10 March 2025 and are signed on its behalf by:
10 March 2025
Mr D C Stewart
Director
Company registration number 12316702 (England and Wales)
HC GROUP GLOBAL HOLDINGS LIMITED GROUP OF COMPANIES
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 11 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
13
1,890,648
1,950,721
Current assets
Debtors
16
1,770,073
460,000
Creditors: amounts falling due within one year
17
(3,660,483)
(2,410,483)
Net current liabilities
(1,890,410)
(1,950,483)
Net assets
238
238
Capital and reserves
Called up share capital
21
238
238

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £1,250,000 (2022 - £775,000 profit).

These financial statements have been prepared 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 10 March 2025 and are signed on its behalf by:
10 March 2025
Mr D C Stewart
Director
Company registration number 12316702 (England and Wales)
HC GROUP GLOBAL HOLDINGS LIMITED GROUP OF COMPANIES
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
Notes
£
£
£
£
£
£
£
Balance at 1 January 2022
238
26
11,313
2,608,768
2,620,345
18,336
2,638,681
Year ended 31 December 2022:
Profit for the year
-
-
-
2,166,911
2,166,911
5,673
2,172,584
Other comprehensive income:
Currency translation differences
-
-
-
983,647
983,647
-
983,647
Amounts attributable to non-controlling interests
-
-
-
6
6
(6)
-
Total comprehensive income
-
-
-
3,150,564
3,150,564
5,667
3,156,231
Dividends
11
-
-
-
(775,000)
(775,000)
(65,644)
(840,644)
Balance at 31 December 2022
238
26
11,313
4,984,332
4,995,909
(41,641)
4,954,268
Year ended 31 December 2023:
Profit for the year
-
-
-
1,825,815
1,825,815
(70,964)
1,754,851
Other comprehensive income:
Currency translation differences
-
-
-
(309,016)
(309,016)
-
(309,016)
Amounts attributable to non-controlling interests
-
-
-
(70,960)
(70,960)
70,960
-
Total comprehensive income
-
-
-
1,445,839
1,445,839
(4)
1,445,835
Dividends
11
-
-
-
(1,249,999)
(1,249,999)
(4,417)
(1,254,416)
Balance at 31 December 2023
238
26
11,313
5,180,172
5,191,749
(46,062)
5,145,687
HC GROUP GLOBAL HOLDINGS LIMITED GROUP OF COMPANIES
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 13 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2022
238
-
0
238
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
775,000
775,000
Dividends
11
-
(775,000)
(775,000)
Balance at 31 December 2022
238
-
0
238
Year ended 31 December 2023:
Profit and total comprehensive income
-
1,250,000
1,250,000
Dividends
11
-
(1,250,000)
(1,250,000)
Balance at 31 December 2023
238
-
0
238
HC GROUP GLOBAL HOLDINGS LIMITED GROUP OF COMPANIES
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 14 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
27
2,414,414
979,868
Interest paid
(2,397)
(12)
Income taxes paid
(402,572)
(656,231)
Net cash inflow from operating activities
2,009,445
323,625
Investing activities
Purchase of tangible fixed assets
(56,733)
(36,789)
Proceeds from disposal of subsidiaries, net of cash disposed
-
(389,042)
Repayment of loans
(4)
-
Interest received
818
(767)
Net cash used in investing activities
(55,919)
(426,598)
Financing activities
Repayment of bank loans
(186,251)
(205,547)
Dividends paid to equity shareholders
(1,249,999)
(775,000)
Dividends paid to non-controlling interests
(4,417)
(65,644)
Net cash used in financing activities
(1,440,667)
(1,046,191)
Net increase/(decrease) in cash and cash equivalents
512,859
(1,149,164)
Cash and cash equivalents at beginning of year
2,475,928
2,641,445
Effect of foreign exchange rates
(309,016)
983,647
Cash and cash equivalents at end of year
2,679,771
2,475,928
HC GROUP GLOBAL HOLDINGS LIMITED GROUP OF COMPANIES
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 15 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
28
(60,073)
-
0
Investing activities
Proceeds from disposal of subsidiaries
73
-
0
Proceeds from disposal of investments
60,000
-
0
Dividends received
1,250,000
775,000
Net cash generated from investing activities
1,310,073
775,000
Financing activities
Dividends paid to equity shareholders
(1,250,000)
(775,000)
Net cash used in financing activities
(1,250,000)
(775,000)
Net increase in cash and cash equivalents
-
-
Cash and cash equivalents at beginning of year
-
0
-
0
Cash and cash equivalents at end of year
-
0
-
0
HC GROUP GLOBAL HOLDINGS LIMITED GROUP OF COMPANIES
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 16 -
1
Accounting policies
Company information

HC Group Global Holdings Ltd (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is N2 Bressenden Place, LONDON, SW1E 5BY.

 

The group consists of HC Group Global Holdings Ltd and all of its subsidiaries. HC Group Global Holdings Limited has no business line activities and is purely an investment holding company.

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.

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
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company HC Group Global Holdings Ltd together with all entities controlled by the parent company (its subsidiaries).

 

All financial statements are made up to 31 December 2023.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

 

The subsidiaries Freshname No. 412 Limited, registered number 10550749, Freshname No. 411 Limited, registered number 09010488, Freshname No. 410 Limited, registered number 07269782, HC Group Search Holdings Limited, registered number 04477179, HC Group Search Limited, registered number 04477127, HC Group Venture Holdings Limited, registered number 14596849, Enco Insights Limited, registered number 14944505 and 3C Advisors Limited, registered number 14801835, are exempt from the audit of financial statements in the United Kingdom under section 479A of the Companies Act 2006 (United Kingdom).

The exemption means that HC Group Global Holdings Limited, registered number 12316702, guarantees for all subsidiaries Freshname No. 412 Limited, Freshname No. 411 Limited, Freshname No. 410 Limited, HC Group Search Holdings Limited, HC Group Search Limited, HC Group Venture Holdings Limited, Enco Insights Limited and 3C Advisors Limited debts as at 31 December 2023 until paid in full.

1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. The directors believe that the company is well placed to manage its business risks in the current economic outlook. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

HC GROUP GLOBAL HOLDINGS LIMITED GROUP OF COMPANIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 17 -
1.5
Turnover

Turnover is recognised on the accruals basis when it is probable (more likely than not) that future economic benefits will flow to the enterprise and revenue and attributable costs can be measured reliably. Revenue is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT. Turnover is recognised when the outcome of the transaction involving the rendering of the service can be estimated reliably and includes the provision of recruitment and advisory services.

Interest income

Interest income is recognised in profit or loss using the effective interest method.

1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Plant and equipment
3 years 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.

 

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 recognised in the profit and loss account.

1.7
Fixed asset investments

Equity investments are recognised at cost.

 

In the parent company financial statements, investments in subsidiaries are measured at cost.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.8
Impairment of fixed assets

Financial assets are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

1.9
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include deposits held at call with banks 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.

HC GROUP GLOBAL HOLDINGS LIMITED GROUP OF COMPANIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 18 -
1.10
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs.

Other financial assets

Debtors

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

Classification of financial liabilities

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 group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans and loans from fellow group companies, are recognised at transaction price including transaction costs.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities.

Other financial liabilities

Creditors

Short-term creditors are measured at the transaction price.

1.11
Equity instruments

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

1.12
Taxation

The tax expense represents the sum of the tax currently payable.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

1.13
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

HC GROUP GLOBAL HOLDINGS LIMITED GROUP OF COMPANIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 19 -
1.14
Retirement benefits

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

 

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of of the plan are held separately from the group in independently administered funds.

1.15
Leases

Rentals payable under operating leases are charged to profit or loss on a straight line basis over the term of the relevant lease.

1.16
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received. A grant is not recognised until there is reasonable assurance that the entity will comply with the conditions attaching to it; and the grant will be received. Measurement is at the fair value of the asset received or receivable.

1.17
Foreign exchange

Transactions in currencies other than pounds sterling 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.

 

Financial statements of foreign subsidiaries

The assets and liabilities of foreign subsidiaries are translated from the foreign subsidiary's functional currency to the group's reporting currency, sterling, at the foreign exchange rates prevailing at the balance sheet date.

 

Revenues and expenses of foreign subsidiaries are translated to sterling 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.

 

On consolidation, the results of overseas operations are translated into sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

1.18

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.

HC GROUP GLOBAL HOLDINGS LIMITED GROUP OF COMPANIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 20 -
2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by class of business
Recruitment and professional services
12,875,172
11,900,264
2023
2022
£
£
Turnover analysed by geographical market
UK
4,721,399
3,852,569
USA
3,609,386
3,724,423
Europe
1,072,661
1,083,259
Rest of the World
3,471,726
3,240,013
12,875,172
11,900,264
2023
2022
£
£
Other revenue
Interest income
8,601
5,557
Grants received
541
11,033
4
Operating profit
2023
2022
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange (gains)/losses
(218,825)
360,328
Government grants
(541)
(11,033)
Fees payable to the group's auditor for the audit of the group's financial statements
77,500
-
Depreciation of owned tangible fixed assets
38,069
20,031
Operating lease charges
635,934
408,004
HC GROUP GLOBAL HOLDINGS LIMITED GROUP OF COMPANIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 21 -
5
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2023
2022
2023
2022
Number
Number
Number
Number
75
53
3
2

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
6,875,130
5,871,404
-
0
-
0
Social security costs
661,411
558,757
-
-
Pension costs
109,677
73,732
-
0
-
0
7,646,218
6,503,893
-
0
-
0
6
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
489,599
479,862
Company pension contributions to defined contribution schemes
3,332
3,322
492,931
483,184
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
248,568
294,598
Company pension contributions to defined contribution schemes
2,011
2,001
7
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
1,771
-
0
Other interest income
6,830
5,557
Total income
8,601
5,557
HC GROUP GLOBAL HOLDINGS LIMITED GROUP OF COMPANIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
7
Interest receivable and similar income
(Continued)
- 22 -
2023
2022
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
1,771
-
8
Interest payable and similar expenses
2023
2022
£
£
Other finance costs:
Other interest
2,397
12
9
Amounts written off investments
2023
2022
£
£
Other gains and losses
-
(389,042)
10
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
-
0
181,680
Foreign current tax on profits for the current period
333,251
458,883
Total current tax
333,251
640,563
HC GROUP GLOBAL HOLDINGS LIMITED GROUP OF COMPANIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
10
Taxation
(Continued)
- 23 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
Profit before taxation
2,088,102
2,813,147
Expected tax charge based on the standard rate of corporation tax in the UK of 23.52% (2022: 19.00%)
491,133
534,498
Tax effect of expenses that are not deductible in determining taxable profit
113,899
14,811
Tax effect of income not taxable in determining taxable profit
(39,841)
127,887
Unutilised tax losses carried forward
115,028
-
0
Permanent capital allowances in excess of depreciation
(11,644)
(23,565)
Other permanent differences
1,175
(2,287)
Effect of overseas tax rates
(167,780)
(177,013)
Foreign exchange differences
(190,460)
-
0
(Under)/over provided in current year
21,741
166,232
Taxation charge
333,251
640,563
11
Dividends
2023
2022
Recognised as distributions to equity holders:
£
£
Interim paid
1,250,000
775,000
HC GROUP GLOBAL HOLDINGS LIMITED GROUP OF COMPANIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 24 -
12
Tangible fixed assets
Group
Plant and equipment
£
Cost
At 1 January 2023
282,019
Additions
56,733
Disposals
(62,428)
At 31 December 2023
276,324
Depreciation and impairment
At 1 January 2023
234,552
Depreciation charged in the year
38,069
Eliminated in respect of disposals
(62,428)
At 31 December 2023
210,193
Carrying amount
At 31 December 2023
66,131
At 31 December 2022
47,467
The company had no tangible fixed assets at 31 December 2023 or 31 December 2022.
13
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
14
-
0
-
0
1,890,648
1,890,721
Unlisted investments
60,000
60,000
-
0
60,000
60,000
60,000
1,890,648
1,950,721
HC GROUP GLOBAL HOLDINGS LIMITED GROUP OF COMPANIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
13
Fixed asset investments
(Continued)
- 25 -
Movements in fixed asset investments
Group
Investments
£
Cost or valuation
At 1 January 2023 and 31 December 2023
60,000
Carrying amount
At 31 December 2023
60,000
At 31 December 2022
60,000
Movements in fixed asset investments
Company
Shares in subsidiaries
Other investments
Total
£
£
£
Cost or valuation
At 1 January 2023
1,890,721
60,000
1,950,721
Disposals
(73)
(60,000)
(60,073)
At 31 December 2023
1,890,648
-
1,890,648
Carrying amount
At 31 December 2023
1,890,648
-
1,890,648
At 31 December 2022
1,890,721
60,000
1,950,721
HC GROUP GLOBAL HOLDINGS LIMITED GROUP OF COMPANIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 26 -
14
Subsidiaries

Subsidiaries are entities over which the parent company has a controlling influence. Controlling influence exists if the parent company has the power over the investee, meaning the investor has existing rights that give it the ability to direct the relevant activities, is exposed to or has the rights to a variable return from its involvement in the investee and can, through its influence, affect the return from the involvement in the investee.

 

The financial statements of subsidiaries are included in the consolidated financial statements until the date that control ceases.

 

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

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Freshname No.412 Limited
C/O Fladgate LLP, 16 Great Queen Street, London, England, WC2B 5DG
Ordinary
100.00
-
Freshname No.411 Limited
Spaces - Victoria Suite 451-452, 25 Wilton Road, London, England, SW1V 1LW
Ordinary
-
100.00
Freshname No.410 Limited
Spaces - Victoria Suite 451-452, 25 Wilton Road, London, England, SW1V 1LW
Ordinary
-
100.00
HC Group Search Holdings Limited
N2 Bressenden Place, 3rd Floor, London, England, SW1E 5BY
Class A, B and C
-
100.00
HC Group Search Limited
N2 Bressenden Place, 3rd Floor, London, England, SW1E 5BY
Ordinary
-
100.00
HC Group Venture Holdings Limited
16 Great Queen Street, London, England, WC2B 5DG
Ordinary
-
100.00
Enco Insights Limited
N2 Bressenden Place, 3rd Floor, London, England, SW1E 5BY
Class A
-
83.33
3C Advisors Limited
16 Great Queen Street, London, England, WC2B 5DG
Class A
-
86.11
Human Capital Search Inc
1111 Bagby Street, Suite 1910, Houston, Texas, USA, 77002
Ordinary
-
100.00
HC Group Search Pte Ltd
Level 58, Republic Plaza, 9 Raffles Place, Singapore, 048619
Ordinary
-
100.00
HC Group Middle East Ltd
Floor 15, Suite 510, Al Sarab Tower, Al Maryah Island, ADGM Square, Abu Dhabi, UAE
Ordinary
-
100.00
HC Group Search Sarl
Place de la Fustiere 12, 1204 Geneva, Switzerland
Ordinary
-
100.00
HC Group Search Ltda
Rua Gomes de Carvalho 911, sala 305, Sao Paulo, 04547-003, Brazil
Ordinary
-
99.90

The subsidiaries Freshname No. 412 Limited, registered number 10550749, Freshname No. 411 Limited, registered number 09010488, Freshname No. 410 Limited, registered number 07269782, HC Group Search Holdings Limited, registered number 04477179, HC Group Search Limited, registered number 04477127, HC Group Venture Holdings Limited, registered number 14596849, Enco Insights Limited registered number 14944505 and 3C Advisors Limited, registered number 14801835, are exempt from the audit of financial statements in the United Kingdom under section 479A of the Companies Act 2006.

 

The exemption means that HC Group Global Holdings Limited, registered number 12316702, guarantees for all United Kingdom subsidiaries named above all outstanding liabilities to which the subsidiary companies are subject as at 31 December 2023 until they are satisfied in full. The guarantee is enforceable against the parent undertaking by any person to whom the subsidiary is liable in respect of those liabilities.

HC GROUP GLOBAL HOLDINGS LIMITED GROUP OF COMPANIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 27 -
16
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
2,363,895
2,565,291
-
0
-
0
Corporation tax recoverable
43,407
40,058
-
0
-
0
Amounts owed by group undertakings
-
-
1,770,073
400,000
Other debtors
1,218,684
1,300,217
-
0
60,000
Prepayments and accrued income
962,097
1,091,777
-
0
-
0
4,588,083
4,997,343
1,770,073
460,000
17
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans
19
62,500
186,251
-
0
-
0
Trade creditors
196,229
224,674
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
3,660,483
2,410,483
Corporation tax payable
150,436
216,408
-
0
-
0
Other taxation and social security
323,382
270,317
-
-
Other creditors
296,370
319,290
-
0
-
0
Accruals and deferred income
1,193,339
1,320,988
-
0
-
0
2,222,256
2,537,928
3,660,483
2,410,483
18
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans and overdrafts
19
26,042
88,542
-
0
-
0
19
Loans and overdrafts
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank loans
88,542
274,793
-
0
-
0
Payable within one year
62,500
186,251
-
0
-
0
Payable after one year
26,042
88,542
-
0
-
0

As at 31 December 2023 and 31 December 2022 the group has outstanding loans, including government guaranteed borrowings.

HC GROUP GLOBAL HOLDINGS LIMITED GROUP OF COMPANIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 28 -
20
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
109,677
73,732

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

21
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
-
23,800
-
238
Ordinary P shares of 1p each
11,900
-
119
-
Ordinary D shares of 1p each
11,900
-
119
-
23,800
23,800
238
238

During the year ended 31 December 2023 11,900 ordinary shares of £0.01 each were redesignated as 11,900 P ordinary shares of £0.01 each and 11,900 ordinary shares of £0.01 each were redesignated as 11,900 D ordinary shares of £0.01 each.

 

The shares rank pari passu in all respects, including rights to vote at a general meeting, rights to receive dividends and return of capital on exit.

22
Operating lease commitments
Lessee

Non-cancellable operating leases relate to properties from which group companies trade. £110,299 (2022 - £90,960) is included in other debtors to reflect the deposit held by the property landlords.

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2023
2022
2023
2022
£
£
£
£
Within one year
309,406
419,171
-
-
Between two and five years
327,533
505,367
-
-
In over five years
21,056
98,594
-
-
657,995
1,023,132
-
-
HC GROUP GLOBAL HOLDINGS LIMITED GROUP OF COMPANIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 29 -
23
Share capital transfer between Freshname No. 410 Limited and HC Group Global Holdings Limited

Freshname No. 412 Limited is a wholly-owned subsidiary of HC Group Global Holdings Limited. Freshname No. 411 Limited is a wholly-owned subsidiary of Freshname No. 412 Limited. Freshname No. 410 Limited is a wholly-owned subsidiary of Freshname No. 411 Limited. HC Group Search Holdings Limited is a wholly-owned subsidiary of Freshname No. 410 Limited.

 

During the year ownership of 100% of the share capital of HC Group Search Holdings Limited was transferred from Freshname No. 410 Limited to HC Group Global Holdings Limited.

 

However, this transaction has not been reflected in the group financial statements for the year ended 31 December 2023. The transfer occurred prior to the completion of the group’s restructuring process, which was finalised in 2024.

 

As the share capital transfer took place early in the year, it was not in alignment with the finalised group restructuring plan, and therefore, has not been incorporated into the group’s consolidated financials.

 

The transaction will be reflected in the financial statements in the subsequent period, once the impact of the restructuring is fully-integrated into the group’s financial reporting.

24
Events after the reporting date

On 24 June 2024, subsequent to the balance sheet date, HC Group Search Limited a subsidiary company entered into a lease agreement for office premises located at Part 3rd Floor, N2 Bressenden Place, Victoria SW1. The lease term is 3 years, commencing from 24 June 2024. The total minimum lease payments over the lease term are expected to be £708,886.

25
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2023
2022
£
£
Aggregate compensation
971,087
1,010,614
26
Directors' transactions

Dividends totalling £1,250,000 (2022 - £775,000) were paid in the year in respect of shares held by the company's directors.

HC GROUP GLOBAL HOLDINGS LIMITED GROUP OF COMPANIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 30 -
27
Cash generated from group operations
2023
2022
£
£
Profit for the year after tax
1,754,851
2,172,584
Adjustments for:
Taxation charged
333,251
640,563
Finance costs
2,397
12
Investment income
(8,601)
(5,557)
Depreciation and impairment of tangible fixed assets
38,069
20,031
Other gains and losses
-
389,042
Movements in working capital:
Decrease/(increase) in debtors
420,396
(1,886,405)
Decrease in creditors
(125,949)
(339,318)
Decrease in deferred income
-
(11,084)
Cash generated from operations
2,414,414
979,868
28
Cash absorbed by operations - company
2023
2022
£
£
Profit for the year after tax
1,250,000
775,000
Adjustments for:
Investment income
(1,250,000)
(775,000)
Movements in working capital:
Increase in debtors
(1,310,073)
-
Increase in creditors
1,250,000
-
Cash absorbed by operations
(60,073)
-
29
Analysis of changes in net funds - group
1 January 2023
Cash flows
Exchange rate movements
31 December 2023
£
£
£
£
Cash at bank and in hand
2,475,928
512,859
(309,016)
2,679,771
Borrowings excluding overdrafts
(274,793)
186,251
-
(88,542)
2,201,135
699,110
(309,016)
2,591,229
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