REGISTERED NUMBER: 07210644 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

HEMERA MANAGEMENT LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

B M W M Soquar

SECRETARY:

C Van Der Westhuyzen

REGISTERED OFFICE:

Ground Floor

Egerton House

68 Baker Street

Weybridge

Surrey

KT13 8AL

REGISTERED NUMBER:

07210644 (England and Wales)

ACCOUNTANTS:

RJP LLP

Ground Floor

Egerton House

68 Baker Street

Weybridge

Surrey

KT13 8AL

FIXED ASSETS

Tangible assets

4

421

1,140

Investments

5

100,000

100,000

100,421

101,140

CURRENT ASSETS

Debtors

6

25,419

68,745

Cash at bank

11,940

26,941

37,359

95,686

CREDITORS

Amounts falling due within one year

7

390,882

652,117

NET CURRENT LIABILITIES

(353,523

)

(556,431

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(253,102

)

(455,291

)

CREDITORS

Amounts falling due after more than one year

8

320,625

-

NET LIABILITIES

(573,727

)

(455,291

)

CAPITAL AND RESERVES

Called up share capital

9

1,755,000

1,755,000

Retained earnings

(2,328,727

)

(2,210,291

)

SHAREHOLDERS' FUNDS

(573,727

)

(455,291

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 3 April 2025 and were signed by:

B M W M Soquar - Director

1.	STATUTORY INFORMATION

Hemera Management Ltd 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 Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The preparation of financial statements in accordance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the entity's accounting policies. The principal estimate applied in preparing the financial statements is the valuation of the company's investment in the unlisted Hemera Capital Management LLP.

Turnover

Turnover comprises revenue recognised by the company in respect of recharged expenses, stated net of value added tax. Revenue is recognised as the expenses are incurred.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to property

-

20% on cost

Computer equipment

-

33.33% on cost

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Financial instruments

The company does not trade in financial instruments and all such instruments arise directly from operations.

All trade and other debtors are initially recognised at transaction value, as none represent in substance a financing transaction. Thereafter trade and other debtors are reviewed for impairment where there is objective evidence based on observable data that the balance may be impaired. The company does not hold collateral against its trade and other receivables so its exposure to credit risk is the net balance of trade and other debtors after allowance for impairment.

The company's cash holdings comprise on demand balances. All cash is held with banks with strong external credit ratings.

Trade and other creditors and accruals are initially recognised at transaction value as none represent a financing transaction. They are only derecognised when they are extinguished.

As the company only has short term receivables and payables, its net current asset position is a reasonable measure of its liquidity at any given time.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Foreign currencies

The company's functional currency and presentational currency is GBP.

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Pension costs and other post-retirement benefits

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

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

Valuation of investments

Investments in unlisted entities, 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 income and retained earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2023

and 31 March 2024

4,170

DEPRECIATION

At 1 April 2023

3,030

Charge for year

719

At 31 March 2024

3,749

NET BOOK VALUE

At 31 March 2024

421

At 31 March 2023

1,140

5.	FIXED ASSET INVESTMENTS

Investment

in

related

undertaking

£

COST

At 1 April 2023

and 31 March 2024

100,000

NET BOOK VALUE

At 31 March 2024

100,000

At 31 March 2023

100,000

The above investment represents the company's share of partnership capital of Hemera Capital Management LLP ("the LLP"). The nature of business of the LLP is the provision of investment advisory services. At the balance sheet date the company held 75% (2023: 75%) of nominal value of the partnership capital. This holding does not constitute a controlling interest in the LLP as the company does not sit on the Executive Committee which is deemed to have substantive control over the LLP.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.24

31.3.23

£

£

Other debtors

16,254

41,262

VAT

8,824

25,643

Prepayments and accrued income

341

1,840

25,419

68,745

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.24

31.3.23

£

£

Other loans

-

318,719

Trade creditors

16,927

37,954

Amounts owed to group undertakings

317,118

99,322

Tax

-

6,339

Social security and other taxes

6,576

6,535

Other creditors

27,635

2,284

Directors' loan accounts

10,037

174,368

Accrued expenses

12,589

6,596

390,882

652,117

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.24

31.3.23

£

£

Other loans - 1-2 years

320,625

-

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.24

31.3.23

value:

£

£

1,755,000

Ordinary

£1.00

1,755,000

1,755,000

10.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2024 and 31 March 2023:

31.3.24

31.3.23

£

£

B M W M Soquar

Balance outstanding at start of year

(174,368

)

(140,368

)

Amounts advanced

249,000

14,000

Amounts repaid

(84,669

)

(48,000

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(10,037

)

(174,368

)

11.	RELATED PARTY DISCLOSURES

During the year the company charged service fees of £269,106 (2023: £434,137) to Hemera Capital Management LLP ("the LLP") of which the company is a corporate member. At the balance sheet date £346,910 (2023: £313,005) was due from the LLP. In addition, the company was allocated losses of £31,571 (2023: Profit of £21,659) by the LLP in respect of the year. The total amount outstanding at the balance sheet date in respect of allocated losses was £427,808 (2023: £396,237).

12.	ULTIMATE CONTROLLING PARTY

The company's immediate parent company undertaking is Hemera Capital Management (Cayman) Limited, a company incorporated in the Cayman Islands.

The ultimate controlling party is B M W M Soquar.

13.	GOING CONCERN

A company under common control and the director have provided written assurance that they will provide such financial support as may be required for the foreseeable future. The director therefore has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future so the company has continued to adopt the going concern basis in preparing the annual financial statements.