Company registration number 07477716 (England and Wales)
HNH GROUP LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
HNH GROUP LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
HNH GROUP LIMITED
BALANCE SHEET
AS AT
30 JUNE 2024
30 June 2024
- 1 -
2024
2023
Notes
£000
£000
£000
£000
Fixed assets
Investments
4
17,625
17,625
Current assets
Cash at bank and in hand
752
860
Creditors: amounts falling due within one year
5
(13,067)
(12,375)
Net current liabilities
(12,315)
(11,515)
Net assets
5,310
6,110
Capital and reserves
Called up share capital
6
-
0
-
0
Share premium account
66,486
66,486
Profit and loss reserves
(61,176)
(60,376)
Total equity
5,310
6,110

The notes on pages 2 to 5 form part of these financial statements.

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

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 25 March 2025 and are signed on its behalf by:
John Buttrick
Director
Company registration number 07477716 (England and Wales)
HNH GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -
1
Accounting policies
Company information

HNH Group Limited is a private company limited by shares incorporated in England and Wales. The registered office is Cannon Place, 78 Cannon Street, London, EC4N 6AF.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £000.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The financial statements have been prepared on the going concern basis which assumes that the entity will have sufficient funds available to enable it to continue to trade for the foreseeable future.true

 

At the date of signing of these financial statements the company had unpaid loan notes amounting to £13.036m. Repayment of these loan notes can be called by a majority of the noteholders The entity is an investment holding company and has limited administrative expenses to fund but would not be able to settle the outstanding loan notes without being able to realise further proceeds from its remaining investment in Intelligent Apps GmbH.

 

The directors have obtained representations from a majority of the loan note holders that they will not call for repayment of the notes unless there is sufficient proceeds available to do so for a period of at least 18 months from the date of signing of these financial statements. Noting this, and being satisfied that the company has sufficient cash reserves at the time of signing these financial statements to cover its limited administrative expenses for the foreseeable future, the directors have accordingly adopted the going concern basis of accounting in preparing the financial statements.

1.3
Fixed asset investments

Investments in unlisted company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the statement of comprehensive income fro the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

1.4
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

HNH GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 3 -
1.5
Financial instruments

The company 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 company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

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 company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

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 if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.6
Equity instruments

Equity instruments issued by the company 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 company.

1.7
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. Exchange differences are taken into account in arriving at the operating result.

HNH GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 4 -
2
Operating (loss)/profit
2024
2023
Operating (loss)/profit for the year is stated after charging:
£000
£000
Exchange losses/(gains)
70
(537)
3
Employees

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

2024
2023
Number
Number
Total
5
7
4
Fixed asset investments
2024
2023
£000
£000
Other investments other than loans
17,625
17,625

The company's investment represents a shareholding of 3.1% in Intelligent Apps GmbH. The carrying amount after part disposal represents the cost of the investment less impairment.

 

5
Creditors: amounts falling due within one year
2024
2023
£000
£000
Other borrowings
13,036
12,345
Accruals and deferred income
31
30
13,067
12,375

Other borrowings consist of loan notes that attract interest at rates between 2.5% and 5% per annum. The loan notes are unsecured and repayable on demand.

 

HNH GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 5 -
6
Called up share capital
2024
2023
2024
2023
Number
Number
£000
£000
A Ordinary of 0.0001p each
219,071
219,071
-
-
B Ordinary of 0.0001p each
822,652
822,652
-
-
C Ordinary of 0.0001p each
431,696
431,696
-
-
2024
2023
2024
2023
Preference share capital
Number
Number
£000
£000
Issued and fully paid
A Preference of 0.0001p each
424,065
424,065
-
-
B Preference of 0.0001p each
645,265
645,265
1
1
C Preference of 0.0001p each
514,163
514,163
1
1
D Preference of 0.0001p each
985,199
985,199
1
1
Deferred of 0.0001p each
11,266
11,266
-
-
Redeemable of £1 each
1
1
1
1
2,579,959
2,579,959
4
4
Preference shares classified as liabilities
4
4
Total share capital
4,053,378
4,053,378
-
-

All shares attract equal voting rights except C ordinary and deferred shareholders which are not entitled to vote. The nominal value of capital issued at the period end is £5.05 (2021: £5.05).

 

In the event of a winding up of the company any surpluis assets of the company remaining after discharge of liabilities shall be applied in the following order:

 

i) Preference shareholders

ii) A preference, B preference, and C preference shareholders

iii) A ordinary, B ordinary, C ordinary and deferred shareholders

iv) Redeemable Special Share

 

7
Ultimate controlling party

In the opinion of the directors there is no ultimate controlling party.

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