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Registered number: 04231933










HML PM LTD

DIRECTORS' REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024


















 
HML PM LTD
 
 
Company Information


Directors
Michael Hehir 
Erica Mason 
Victoria Hough 
Christiana Mouskis 




Company secretary
Amilcar Rodriguez



Registered number
04231933



Registered office
9-11 The Quadrant

Richmond

Surrey

TW9 1BP




Independent auditors
Sayers Butterworth LLP
Chartered Accountants and Statutory Auditor

3rd Floor

12 Gough Square

London

EC4A 3DW





 
HML PM LTD
 

Contents



Page
Strategic report
 
 
1 - 3
Directors' report
 
 
4 - 5
Independent auditors' report
 
 
6 - 9
Statement of income and retained earnings
 
 
10
Balance sheet
 
 
11 - 12
Notes to the financial statements
 
 
13 - 28


 
HML PM LTD
 
 
Strategic report
For the period ended 31 December 2024

Introduction
 
The Directors present their Strategic Report for the period ended 31 December 2024.

Principal activities

The Company's principal activity during the year under review was property management.

Business review
 
The Directors report a loss on ordinary activities after taxation of £141,984 (period ended 31 December 2023 – loss of £263,217.)

During the year, Alec Guthrie and James Howgego both left the Company. The Board would like to thank them for their contributions to the business. Having been appointed CEO, Erica Mason has continued to build her leadership team during the year to position the business well for the future.

During the year, leasehold management fees increased slightly, but the transactional revenue derived from housing transactions fell as the housing market slowed. However, more ancillary services, such as health and safety, fire door inspections, and other income derived from services to leasehold clients improved. Various changes to the cost base were implemented in the final quarter of the year, which the Directors believe will position the business well for 2025. 

During the year, the business has worked more closely with the Management of Odevo UK Limited, which purchased the Company’s parent on 29 September 2023. The Directors remain optimistic that the collaboration with Odevo UK management and other Odevo UK Group companies will improve the performance of the business in the medium term.

Overall, despite the small loss, the Directors were content with the performance of the business and look forward to improvements in profitability as the business grows and matures.


Principal risks and uncertainties
 
The principle risks and uncertainties faced by the Company are set out below:

Cost of living crisis

The Directors are very aware of the continuing impact of the cost of living crisis on clients and employees. To help clients and employees, the Company has:

• Reviewed employee pay level to ensure they are fair and are market rate;
• Offered financial guidance to employees; and
• Been mindful of lessee’s ability to pay service charge demands and chase lessee debtor accordingly.

Acquisitions and investments

Part of the Company’s strategy is to acquire and make investments in complementary businesses as appropriate opportunities arise. The risks the Company may face should it do so include:

• Difficulties with the integration and assimilation of the acquired business;
• Diversion of the attention of the Company’s management team from other business concerns;
• Availability of favourable acquisition or investment financing; and
• Loss of key employees of any acquired business.

 
Page 1

 
HML PM LTD
 

Strategic report (continued)
For the period ended 31 December 2024

To mitigate the risks in respect of acquisitions and investments, the Company carries out detailed due diligence and produces cash flow projections to ensure that any target is a suitable strategic fit and is financially sound.  The Company generally uses experienced employees and advisors to do the acquisition work. During the year, only one small portfolio acquisition was made, with others being rejected for a variety of reasons. The Company continues to seek appropriate opportunities.

Attraction and retention of key employees

The Company depends on its Directors and other key employees and whilst it has entered into contractual arrangements with these individuals, retention of these services cannot be guaranteed.  The Company has attempted to reduce this risk by offering competitive remuneration packages and in some cases equity ownership.  The Company also invests significantly in training and development.

Competition

The large majority of the Company’s work for existing or new clients or on new projects is won competitively.  The Company may face significant competition, including from larger companies which have greater capital and other resources and may result in some margin erosion.  There is no assurance that the Company will be able to compete successfully in such a marketplace in the future, but the Company continually invests in its systems to improve the productivity within the business.

Regulatory Risks

The Company may be affected by an often-changing regulatory and legal environment relating to its business.  
 
Financial Risks

The Company only operates in the UK and is currently not exposed to foreign exchange risk.

The Company is exposed to credit risk, but despite trade receivables being a material number, it comprises of a large number of individual clients, none of which represents in excess of 5% of the total balance.  Receivables in respect of property management fees are considered by management to be low risk, as non-payment of service charges can result in forfeiture of the respective leases. Receivable balances are also monitored on an on-going, regular basis with the result that the Company’s exposure to bad debts is not significant.

All of the Company’s cash and bank balances are held with recognised UK clearing banks.

Liquidity risk is managed through weekly, quarterly and annual cash flow forecasting and monitoring by the finance team, and senior management and the senior finance staff from Odevo UK.

Page 2

 
HML PM LTD
 

Strategic report (continued)
For the period ended 31 December 2024

Financial key performance indicators
 
The Directors use several key performance indicators to monitor and appraise the trading and performance of the businesses. The main key performance indicators are as follows:

Operating margin (before overheads) of Company

The operating margin for the year which is defined as turnover less certain staff costs was 30% compared to a prior year margin of 28%.

Company turnover

Turnover was 7% higher compared to the prior year. This was driven by Management Fees and Essential Services reflecting successful core rate increases and a greater focus on cross-selling opportunities.

Staff turnover

During the period, staff turnover in the Company fell from 20% to 19%.

Post balance sheet events

On 31 March 2025, the Company acquired 100% of the issued share capital of a property management business based in the United Kingdom. The total amount of the consideration paid to purchase the subsidiary will be no more than £350,000.


This report was approved by the board on 7 April 2025 and signed on its behalf.



Erica Mason
Director

Page 3

 
HML PM LTD
 
 
 
Directors' report
For the period ended 31 December 2024

The Directors present their report and the financial statements for the period ended 31 December 2024.

Results and dividends

The loss for the period, after taxation, amounted to £141,984 (2023 - loss £263,217).

The Directors do not recommend the payment of a final dividend (Period ended 31 December 2023: £nil).

Directors

The Directors who served during the period were:

James Howgego (resigned 28 November 2024)
Alec Guthrie (resigned 23 January 2024)
Michael Hehir 
Erica Mason 
Russell O'Connor (resigned 31 December 2024)
Victoria Hough (appointed 2 December 2024)
Christiana Mouskis (appointed 2 December 2024)

Directors' responsibilities statement

The Directors are responsible for preparing the Strategic report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the Directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Engagement with employees

The company places considerable value on the involvements of its employees in the affairs of the Company. Consequently, the Company keeps employees informed of matters affecting them as employees and various factors influencing the performance of the Company. This is achieved through regular formal and informal meetings, the company intranet and the all employee meeting.

Page 4

 
HML PM LTD
 
 
 
Directors' report (continued)
For the period ended 31 December 2024

Qualifying third party indemnity provisions

Qualifying third party indemnity provision was in place for the benefit of the Directors of the Company throughout the year and is still in place at the date of signing the financial statements.

Disclosure of information to auditors

Each of the persons who are Directors at the time when this Directors' report is approved has confirmed that:
 
so far as the Director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the Director has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Auditors

The auditorsSayers Butterworth LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 7 April 2025 and signed on its behalf.
 





Erica Mason
Director

Page 5

 
HML PM LTD
 
 
 
Independent auditors' report to the members of HML PM Ltd
 

Opinion


We have audited the financial statements of HML PM Ltd (the 'Company') for the period ended 31 December 2024, which comprise the Statement of income and retained earnings, the Balance sheet and the notes to the financial statements, including significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law 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:


give a true and fair view of the state of the Company's affairs as at 31 December 2024 and of its loss for the period then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 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.


Page 6

 
HML PM LTD
 
 
 
Independent auditors' report to the members of HML PM Ltd (continued)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The Directors are responsible for the other information contained within the Annual ReportOur 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.


Opinion on other matters prescribed by the Companies Act 2006
 

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


the information given in the Strategic report and the Directors' report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its 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:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of Directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 4, 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 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 Company or to cease operations, or have no realistic alternative but to do so.


Page 7

 
HML PM LTD
 
 
 
Independent auditors' report to the members of HML PM Ltd (continued)


Auditors' 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 Auditors' 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.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understanding of the Company’s legal and regulatory framework through enquiry of management of their understanding of the relevant laws and regulations, the Company’s policies and procedures regarding compliance and how they identify, evaluate and rectify any instances of non-compliance. We also drew on our existing understanding of the Company’s industry and regulation.

We understand the Company complies with requirements of the framework through:

The directors’ close involvement in the day-to-day running of the business, meaning that any litigation or  claims would come to their attention directly; and
The outsourcing of tax compliance to external experts.

In the context of the audit, we considered those laws and regulations which determine the form and content of the financial statements, which are central to the Company’s ability to conduct business and where failure to comply could result in material penalties. We have identified the following laws and regulations as being of significance in the context of the Company;

The Companies Act 2006 and FRS 102 in respect of the preparation and presentation of the financial statements.

The senior statutory auditor led a discussion with senior members of the engagement team regarding the susceptibility of the entity’s financial statements to material misstatement, including how fraud might occur. The key area identified in this discussion was the manipulation of the financial statements through the posting of manual journals.

The procedures carried out to gain evidence in the above areas included:

Testing of manual journal entries, selected based on specific risk assessments applied based on the  Company’s processes and controls surrounding manual journals.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.


Page 8

 
HML PM LTD
 
 
 
Independent auditors' report to the members of HML PM Ltd (continued)


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 2006Our 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 Auditors' 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.





Hannah Clegg (Senior statutory auditor)
  
for and on behalf of
Sayers Butterworth LLP
 
Chartered Accountants and Statutory Auditor
  
3rd Floor
12 Gough Square
London
EC4A 3DW

8 April 2025
Page 9

 
HML PM LTD
 
 
Statement of income and retained earnings
For the period ended 31 December 2024

Year ended
31 December
Period ended
31 December
2024
2023
Note
£
£

  

Turnover
 4 
22,750,781
15,989,006

Gross profit
  
22,750,781
15,989,006

Administrative expenses
  
(22,870,315)
(16,252,223)

Operating loss
 5 
(119,534)
(263,217)

Tax on loss
 8 
(22,450)
-

Loss after tax
  
(141,984)
(263,217)

  

  

Retained earnings at the beginning of the period
  
2,661,172
2,924,389

  
2,661,172
2,924,389

Loss for the period
  
(141,984)
(263,217)

Retained earnings at the end of the period
  
2,519,188
2,661,172

There was no other comprehensive income for 2024 (period ended 31 December 2023: £NIL).

The notes on pages 13 to 28 form part of these financial statements.

Page 10

 
HML PM LTD
Registered number: 04231933

Balance sheet
As at 31 December 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 9 
9,055,498
9,800,400

Tangible assets
 10 
165,595
239,068

Investments
 11 
649,870
919,870

  
9,870,963
10,959,338

Current assets
  

Debtors: amounts falling due after more than one year
 12 
154,363
-

Debtors: amounts falling due within one year
 12 
3,127,711
3,167,658

Cash at bank and in hand
 13 
1,477,966
2,293,765

  
4,760,040
5,461,423

Creditors: amounts falling due within one year
 14 
(11,111,815)
(12,726,854)

Net current liabilities
  
 
 
(6,351,775)
 
 
(7,265,431)

Total assets less current liabilities
  
3,519,188
3,693,907

Provisions for liabilities
  

Deferred tax
 15 
-
(32,735)

  
 
 
-
 
 
(32,735)

Net assets
  
3,519,188
3,661,172


Capital and reserves
  

Called up share capital 
 16 
1,000,000
1,000,000

Profit and loss account
 17 
2,519,188
2,661,172

  
3,519,188
3,661,172


Page 11

 
HML PM LTD
Registered number: 04231933
    
Balance sheet (continued)
As at 31 December 2024

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 7 April 2025.


Erica Mason
Director

The notes on pages 13 to 28 form part of these financial statements.

Page 12

 
HML PM LTD
 
 
 
Notes to the financial statements
For the period ended 31 December 2024

1.


General information

HML PM Ltd ("the Company") is a private company limited by shares incorporated in England and Wales. The address of the registered office is 9-11 The Quadrant, Richmond, Surrey, TW9 1BP. The company registration number is 04231933.

These financial statements are for the year ended 31 December 2024. The comparatives are for the 9 month period from 1 April 2023 to 31 December 2023.

The principal activity of the Company during the year under review was property management.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).


The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Odevo UK Holdco Limited as at 31 December 2024 and these financial statements may be obtained from Companies House.

 
2.3

Exemption from preparing consolidated financial statements

The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.

Accordingly, these financial statements present information about the Company as an entity and not about its group.

Page 13

 
HML PM LTD
 
 
 
Notes to the financial statements
For the period ended 31 December 2024

2.Accounting policies (continued)

 
2.4

Going concern

The Company made a loss of £141,984 (Period ended 31 December 2023: loss of £263,217) and has a net current liability position of £6,351,775 (Period ended 31 December 2023: £7,265,431). Net current liabilities include loans from group entities of £7,054,068 (Period ended 31 December 2023: £8,488,197), the group entities have confirmed they do not intend to request payment of these balances within 12 months of the signing of the financial statements. 
The Company’s forecasts and projections following the signing of these accounts, taking account of possible changes in trading performance from macroeconomic issues and other factors, show that the Company, with the support of the Parent, will be able to meet all liabilities as they fall due.
Consequently, the Directors are confident that the Company has adequate resources to continue in operational existence for the foreseeable future being a period of at least 12 months from the signing of the financial statements. Thus, they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

 
2.5

Revenue

Revenue comprises mainly of fees for property management which are usually levied on a per block basis. Other revenues are derived from supplementary services provided to the properties under management.
Revenue is recognised for services provided during the year. If services have been provided and not invoiced, the revenues are accrued. Where amounts are invoiced in advance of services being provided, revenues are deferred. Revenue from property management is spread over the period in which the services are being provided.
Revenue is measured as the fair value of the consideration received or receivable and represents amounts receivable for services provided in the normal course of business, net of discounts, VAT and other sales related taxes.  

 
2.6

Business combinations

The financial statements include the results of businesses acquired via a trade and asset purchase and the results of subsidiaries acquired where the trade and assets have been transferred to the Company (“hived-up”) on or shortly after acquisition.  On acquisition intangible assets and goodwill are recognised in accordance with the accounting policies set out in note 2.10.  The results of businesses acquired and “hived-up” on acquisition are included in the results of the Company from the date on which control was obtained. 

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its 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 as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 14

 
HML PM LTD
 
 
 
Notes to the financial statements
For the period ended 31 December 2024

2.Accounting policies (continued)

 
2.8

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.

 
2.9

Current and deferred taxation

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.


 
2.10

Client monies

The management of client monies is part of the Company’s residential management activities. This money belongs to clients, but the Company has operational control over the monies in order to perform its management services. As with many property services companies, these monies are not recognised on the Balance Sheet.


 
2.11

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 15

 
HML PM LTD
 
 
 
Notes to the financial statements
For the period ended 31 December 2024

2.Accounting policies (continued)

 
2.12

Intangible assets

Goodwill
Goodwill arising on the acquisition of subsidiary undertakings and businesses, representing any excess of the fair value of the consideration given over the fair value of the identifiable assets and liabilities acquired, is capitalised and written off on a straight-line basis over its useful economic life, which is 20 years. Provision is made for any impairment.

Other
Intangible assets acquired separately are measured on initial recognition at cost. An intangible asset acquired as part of a business combination is recognised separately from goodwill if the asset is separable or arises from contractual or other legal rights and its fair value can be measured reliably.  Following initial recognition, intangible assets are carried at cost less any accumulated amortisation and any accumulated impairment losses. Internally generated intangible assets, excluding capitalised development costs, are not capitalised and expenditure is reflected in profit or loss in the year in which the expenditure is incurred.
Intangible assets are amortised over their useful life and assessed for impairment whenever there is an indication of impairment. The amortisation period and the amortisation method for intangible assets are reviewed at least at each financial year end. The amortisation expense on intangible assets is recognised in the Statement of Income and Retained Earnings in the expense category consistent with the function of the intangible asset. 
Amortisation is provided on a straight-line basis on intangible assets as follows:
Customer Relationships:                 20 years.

 
2.13

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Long-term leasehold property
-
4 years or over the life of the lease
Plant and machinery
-
4 years

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.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 16

 
HML PM LTD
 
 
 
Notes to the financial statements
For the period ended 31 December 2024

2.Accounting policies (continued)

 
2.14

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings, as described below. 
Non-financial assets 
At each Balance Sheet date, the Company reviews the carrying amounts of its property, plant and equipment and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where the asset does not generate cash flows that are independent from other assets, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs. 
If the recoverable amount of a non-financial asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised as an expense immediately, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Where an impairment loss subsequently reverses, the carrying amount of the asset (cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (cash-generating unit) in prior years. A reversal of an impairment loss is recognised as income immediately, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase. 
Financial assets 
Financial assets that are measured at cost or amortised cost are assessed at the end of each reporting period for objective evidence of impairment. The impairment loss is measured as the difference between a financial asset's carrying amount and the present value of the estimated future cash flows, discounted at the asset's original effective interest rate.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the Board's best estimate of its value, with the latter being an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.

Page 17

 
HML PM LTD
 
 
 
Notes to the financial statements
For the period ended 31 December 2024

2.Accounting policies (continued)

 
2.15

Financial instruments

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

Basic financial assets

Trade and other debtors, and creditors are classified as basic financial instruments and measured at initial recognition at their transaction price unless the arrangement constitutes a financing transaction, in which case they are measured at the present value of future payments, discounted at a market rate of interest for a similar debt instrument.  Debtors and creditors due after more than one year are subsequently measured at amortised cost using the effective interest rate method.  Financial assets and liabilities due within one year are measured at their undiscounted carrying value.  A provision is established when there is objective evidence that the Company will not be able to collect all amounts due.
Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank, short-term bank deposits with an original maturity of three months or less and bank overdrafts which are an integral part of the Company’s cash management.
Financial assets are de-recognised when:
  • the contractual rights to the cash flows from the financial asset expire or are settled; or
  • the Company transfers to another party substantially all of the risks and rewards of        ownership of the financial asset; or
  • the Company, despite having retained some but not all significant risks and rewards of       ownership, has transferred control of the asset to another party.
Financial liabilities are de-recognised only when the obligation specified in the contract is discharged, cancelled or expires.
Financial assets and liabilities are only off set and the net amount reported in the Balance Sheet when there is an 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.

 
2.16

Operating leases: the Company as lessee

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Page 18

 
HML PM LTD
 
 
 
Notes to the financial statements
For the period ended 31 December 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of financial statements in conformity with FRS 102 requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. 

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. 

Judgements
 
In the course of preparing the Company financial statements the only judgements that may have a significant effect are those involving estimates as explained below.

Estimates
 
Impairment of investments, goodwill and other intangible assets
Determining whether goodwill and other intangible assets are impaired requires an estimation of the value in use of the cash generating units (CGU) to which goodwill and intangible assets have been allocated. The value in use calculation requires an estimation of future cash flows expected to arise from the CGU and a suitable discount rate in order to calculate the present value. 

Valuation and useful lives of intangible assets
 
In order to determine the value of the separately identifiable intangible assets on the acquisition of a business combination, management are required to make estimates of incremental profits when applying the Company’s valuation methodologies. Estimate and judgement is also required in determining the appropriate amortisation period.  

Remediation provision
 
Contained within accruals is a provision relating to potential financial issues within the service charge accounting section of acquisitions. The accrual is based on management estimate after a detailed year-end review.

Dilapidations provision
 
The company's leases require the properties to be left in specific conditions at the end of the leases. As such the company makes provision for the anticipated works required. The provision is based on managements best estimates, taking into account the size of the floor space and accepted market rates.


4.


Turnover

Revenue, which arises from continuing activities, represents fees receivable from property management and related services. All revenue arises in the UK and is stated net of VAT.

Page 19

 
HML PM LTD
 
 
 
Notes to the financial statements
For the period ended 31 December 2024

5.


Operating loss

The operating loss is stated after charging:

Year ended
31 December
Period ended
31 December
2024
2023
£
£

Amortisation
932,000
695,000

Depreciation
131,424
112,891

Other operating lease rentals
870,469
638,031

Auditor’s remuneration is borne by the parent Company. The audit fee attributable to the statutory audit for this Company is £26,500 (Period ended 31 December 2023: £25,000). 


6.


Employees

Staff costs, including Directors' remuneration, were as follows:


Year ended
31 December
Period ended
31 December
2024
2023
£
£

Wages and salaries
12,735,255
9,359,170

Social security costs
1,384,572
1,007,196

Cost of defined contribution scheme
328,181
241,847

14,448,008
10,608,213


The average monthly number of employees, excluding the directors, during the period was as follows:


      Year ended
     31 December
     Period ended
      31 December
        2024
        2023
            No.
            No.







Management
2
2



Property management
169
173



Administrative and accounts
185
202

356
377

Page 20

 
HML PM LTD
 
 
 
Notes to the financial statements
For the period ended 31 December 2024

7.


Directors' remuneration

Year ended
31 December
Period ended
31 December
2024
2023
£
£

Directors' emoluments
258,893
198,815

Company contributions to defined contribution pension schemes
7,298
9,952

266,191
208,767


During the period retirement benefits were accruing to 4 Directors (Period ended 31 December 2023 - 3) in respect of defined contribution pension schemes.

The highest paid Director received remuneration of £123,089 (Period ended 31 December 2023 - £92,900).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid Director amounted to £3,262 (2023 - £7,152).


8.


Taxation


Year ended
31 December
Period ended
31 December
2024
2023
£
£

Corporation tax


Corporation tax charge for the current year
123,240
-


Total current tax
123,240
-

Deferred tax


Origination and reversal of timing differences
(100,790)
-

Total deferred tax
(100,790)
-


Taxation on profit on ordinary activities
22,450
-
Page 21

 
HML PM LTD
 
 
 
Notes to the financial statements
For the period ended 31 December 2024
 
8.Taxation (continued)


Factors affecting tax charge for the period

The tax assessed for the period is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 25%). The differences are explained below:

Year ended
31 December
Period ended
31 December
2024
2023
£
£


Loss on ordinary activities before tax
(119,534)
(263,217)


Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 25%)
(29,884)
(65,804)

Effects of:


Non-tax deductible amortisation of goodwill and impairment
212,000
107,938

Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
17
1,861

Capital allowances for period in excess of depreciation
(30,095)
(6,808)

Utilisation of tax losses
(66,572)
(37,187)

Loses utilisable in future periods
(63,016)
-

Total tax charge for the period
22,450
-

Page 22

 
HML PM LTD
 
 
 
Notes to the financial statements
For the period ended 31 December 2024

9.


Intangible assets




Client contracts
Goodwill
Total

£
£
£



Cost


At 1 January 2024
5,204,704
14,123,192
19,327,896


Additions
-
187,098
187,098



At 31 December 2024

5,204,704
14,310,290
19,514,994



Amortisation


At 1 January 2024
1,562,950
7,964,546
9,527,496


Charge for the period on owned assets
262,580
669,420
932,000



At 31 December 2024

1,825,530
8,633,966
10,459,496



Net book value



At 31 December 2024
3,379,174
5,676,324
9,055,498



At 31 December 2023
3,641,754
6,158,646
9,800,400



Page 23

 
HML PM LTD
 
 
 
Notes to the financial statements
For the period ended 31 December 2024

10.


Tangible fixed assets





Long-term leasehold property
Plant and machinery
Total

£
£
£



Cost or valuation


At 1 January 2024
627,879
1,071,751
1,699,630


Additions
32,292
25,659
57,951



At 31 December 2024

660,171
1,097,410
1,757,581



Depreciation


At 1 January 2024
627,256
833,306
1,460,562


Charge for the period on owned assets
11,010
120,414
131,424



At 31 December 2024

638,266
953,720
1,591,986



Net book value



At 31 December 2024
21,905
143,690
165,595



At 31 December 2023
623
238,445
239,068

Page 24

 
HML PM LTD
 
 
 
Notes to the financial statements
For the period ended 31 December 2024

11.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2024
919,870



At 31 December 2024

919,870



Impairment


Charge for the period
270,000



At 31 December 2024

270,000



Net book value



At 31 December 2024
649,870



At 31 December 2023
919,870


Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Class of shares

Holding

Dauntons Soar Management Limited
Ordinary
100%
GLF Management Limited
Ordinary
100%
HML Freeholds Limited
Ordinary
100%

All the companies set out above are incorporated in England & Wales. The registered office of the above companies is 9-11 The Quadrant, Richmond, Surrey, TW9 1BP.
Page 25

 
HML PM LTD
 
 
 
Notes to the financial statements
For the period ended 31 December 2024

12.


Debtors

2024
2023
£
£

Due after more than one year

Other debtors
154,363
-

154,363
-


2024
2023
£
£

Due within one year

Trade debtors
749,106
868,568

Amounts owed by group undertakings
805,023
1,312,110

Other debtors
620,508
324,654

Prepayments and accrued income
885,019
662,326

Deferred taxation
68,055
-

3,127,711
3,167,658



13.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
1,477,966
2,293,765

1,477,966
2,293,765



14.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
838,715
407,926

Amounts owed to group undertakings
7,054,068
8,488,197

Other taxation and social security
957,636
905,605

Other creditors
434,166
449,764

Accruals and deferred income
1,827,230
2,475,362

11,111,815
12,726,854


Page 26

 
HML PM LTD
 
 
 
Notes to the financial statements
For the period ended 31 December 2024

15.


Deferred taxation




2024
2023


£

£






At beginning of year
(32,735)
(32,735)


Charged to profit or loss
100,791
-



At end of year
68,056
(32,735)

The deferred taxation balance is made up as follows:

2024
2023
£
£


Deaccelerated/(Accelerated) capital allowances
4,832
(32,735)

Tax losses carried forward
63,017
-

Other short term timing differences
206
-

68,055
(32,735)


16.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



1,000,000 (2023 - 1,000,000) Ordinary shares shares of £1.00 each
1,000,000
1,000,000



17.


Reserves

Retained earnings

Retained earnings represents cumulative profits and losses, after payment of dividends.

Page 27

 
HML PM LTD
 
 
 
Notes to the financial statements
For the period ended 31 December 2024

18.


Commitments under operating leases

At 31 December 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
613,266
698,276

Later than 1 year and not later than 5 years
1,085,187
1,438,744

Later than 5 years
11,616
-

1,710,069
2,137,020


19.


Related party transactions

The Company has taken advantage of the exemption provided under FRS 102 Section 33.1A of FRS 102 and has not disclosed transactions or balances with members of the group which are wholly owned by the ultimate parent company whose financial statements are consolidated and publicly available.

20.


Post balance sheet events

On 31 March 2025, the Company acquired 100% of the issued share capital of a property management business based in the United Kingdom. The total amount of the consideration paid to purchase the subsidiary will be no more than £350,000.


21.


Controlling party

The company’s immediate parent entity is Vegner Group Limited. 
 
The smallest group in which the results of the Company are consolidated, is that headed up by Odevo UK Holdco Limited. Odevo UK Holdco Limited is incorporated in the England & Wales with registered company number 13113041 and registered office address 13b St. George Wharf, London, England, SW8 2LE. The consolidated financial statements can be obtained from Companies House. The largest group in which the results of the Company are consolidated, is that headed up by Odevo MidCo AB. Odevo MidCo AB is incorporated in Sweden with registered company number 559145-1736 and registered office address Nabo, Kabyssgatan 4D, 120 30 Stockholm, Sweden. 
 
The Company’s ultimate controlling party is Mr Gabriel Fitzgerald.
Page 28