Company Registration No. 09266023 (England and Wales)
Houssemayne Forum Limited
Unaudited financial statements
for the year ended 31 March 2024
Pages for filing with the registrar
Houssemayne Forum Limited
Contents
Page
Statement of financial position
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 8
Houssemayne Forum Limited
Statement of financial position
As at 31 March 2024
1
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
3
81,436,383
79,336,177
Current assets
Debtors
4
22,521
5,694
Cash at bank and in hand
2,570,593
1,499,478
2,593,114
1,505,172
Creditors: amounts falling due within one year
5
(43,557)
(56,848)
Net current assets
2,549,557
1,448,324
Total assets less current liabilities
83,985,940
80,784,501
Provisions for liabilities
(263,344)
-
0
Net assets
83,722,596
80,784,501
Reserves
Other reserves
82,092,891
80,214,829
Income and expenditure reserve
1,629,705
569,672
Members' funds
83,722,596
80,784,501

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

For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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.

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.

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

Houssemayne Forum Limited
Statement of financial position (continued)
As at 31 March 2024
2
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:
G Du Boulay Villax
Director
Company Registration No. 09266023
Houssemayne Forum Limited
Statement of changes in equity
For the year ended 31 March 2024
3
Other reserves
Income and expenditure
Total
£
£
£
Balance at 1 April 2022
-
-
0
-
Year ended 31 March 2023:
Surplus and total comprehensive income
-
824,994
824,994
Distributions
-
(255,322)
(255,322)
Fixed asset investments received as gift
80,214,829
-
80,214,829
Balance at 31 March 2023
80,214,829
569,672
80,784,501
Year ended 31 March 2024:
Surplus and total comprehensive income
-
1,411,246
1,411,246
Distributions
-
(351,213)
(351,213)
Fixed asset investments received as gift
356,783
-
356,783
Other gifts received
1,521,279
-
1,521,279
Balance at 31 March 2024
82,092,891
1,629,705
83,722,596
Houssemayne Forum Limited
Notes to the financial statements
For the year ended 31 March 2024
4
1
Accounting policies
Company information

Houssemayne Forum Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is 167-169 Great Portland Street, 5th Floor, London, England, W1W 5PF.

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 £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in surplus or deficit.

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

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

Other investments are initially measured at transaction price and are subsequently measured at fair value at each reporting date, based on the investment reports provided by the portfolio manager, confirming the market value of the investments at the reporting date. Changes in fair value are recognised in the profit and loss account.

1.3
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.

Houssemayne Forum Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
1
Accounting policies (continued)
5
1.4
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 statement of financial position 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, 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.

1.5
Taxation

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

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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 company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Houssemayne Forum Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
1
Accounting policies (continued)
6
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.6
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

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.

2
Employees

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

2024
2023
Number
Number
Total
9
7
Houssemayne Forum Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
7
3
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
66,225,387
65,865,000
Other investments other than loans
15,210,996
13,471,177
81,436,383
79,336,177
Movements in fixed asset investments
Shares in associates and joint ventures
Other investments
Total
£
£
£
Cost or valuation
At 1 April 2023
65,865,000
13,471,177
79,336,177
Additions
360,387
2,508,374
2,868,761
Valuation changes
-
1,099,633
1,099,633
Disposals
-
(1,868,188)
(1,868,188)
At 31 March 2024
66,225,387
15,210,996
81,436,383
Carrying amount
At 31 March 2024
66,225,387
15,210,996
81,436,383
At 31 March 2023
65,865,000
13,471,177
79,336,177

Other investments of £15,210,996 (2023 - £13,471,177) are held at fair value. The value of these investments at historical cost is £14,227,718 (2023 - £13,573,177).

4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
22,521
5,694
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
-
0
9,884
Corporation tax
13,513
-
0
Other creditors
30,044
46,964
43,557
56,848
Houssemayne Forum Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
8
6
Members' liability

The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £10.

7
Related party transactions

During the year, the company received shares in Hovione Ventures Ltd from Houssemayne Foundation. The market value of the shares at the date of the transfer was €416,219 (translated to £356,783).

 

The company also received a further distribution of €1,800,000 (translated to £1,521,279) from Houssemayne Foundation for no consideration during the year.

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