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Registered number: 12515508










HENDERSON PARK HP ADVISORS (HOLDINGS) LTD










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
HENDERSON PARK HP ADVISORS (HOLDINGS) LTD
 

COMPANY INFORMATION


Director
Charles Power 




Company secretary
Aztec Financial Services (Jersey) Limited



Registered number
12515508



Registered office
42-44 Grosvenor Gardens

London

England

SW1W 0EB




Independent auditors
Price Bailey LLP
Chartered Accountants & Statutory Auditors

Tennyson House

Cambridge Business Park

Cambridge

CB4 0WZ





 
HENDERSON PARK HP ADVISORS (HOLDINGS) LTD
 

CONTENTS



Page
Group Strategic Report
 
1
Director's Report
 
2 - 3
Independent Auditors' Report
 
4 - 7
Consolidated Profit and Loss Account
 
8
Consolidated Statement of Comprehensive Income
 
9
Consolidated Balance Sheet
 
10
Company Balance Sheet
 
11
Consolidated Statement of Changes in Equity
 
12
Company Statement of Changes in Equity
 
13
Consolidated Statement of Cash Flows
 
14
Consolidated Analysis of Net Debt
 
15
Notes to the Financial Statements
 
16 - 28


 
HENDERSON PARK HP ADVISORS (HOLDINGS) LTD
 

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
The director presents the group strategic report, the directors report and the financial statements for Henderson Park HP Advisors (Holdings) Ltd, (the ‘company’) and its subsidiaries (collectively “the group”) for the year ended 31 December 2023.

Business review
 
The principal activity of the group is to provide operational and administrative support to Funds.
The results for the year and the financial position at the year-end were considered satisfactory by the directors.
The group has sufficient cash reserves. As it provides operational and administrative support services to the Fund, which has ongoing contracts for the provision of investment advisory services for the foreseeable future. It is envisaged that the advisory services are to be maintained at a level that the related income will continue to exceed costs during the next twelve months. On this basis the director believes that the group will be able to meet its liabilities as they fall due for at least twelve months from the date of approval of these financial statements. Accordingly, the going concern basis has been adopted in preparing the directors report and financial statements.

Principal risks and uncertainties
 
The company acts as a cost centre and recharges costs to the funds.
Continuation of income relies on fund performance. The director believes the business will continue with no significant impact.

Financial key performance indicators
 
Due to the cost-plus nature of the business the director measures costs against budgets and the director has set key performance indicators to manage the business and measure fund performance. Each of these key performance indicators are frequently reviewed and actively managed.
 
The performance of the group is continuously monitored on a monthly basis, to ensure it remains profitable and is a key indicator of the business success. The current year profit before tax for the group of £1,965,306 (2022: £1,627,532) is a measurement that illustrates the success of this KPI.
 
A strong reserve position is a key indicator of the strength of the business. The current year reserves position of the group of £4,661,423 (2022: £2,601,214) is a measurement of the success of this KPI.

 



This report was approved by the board on 17 April 2025 and signed on its behalf.



Charles Power
Director

Page 1

 
HENDERSON PARK HP ADVISORS (HOLDINGS) LTD
 

 
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The director presents his report and the financial statements for the year ended 31 December 2023.

Director's responsibilities statement

The director is responsible for preparing the Group Strategic Report, the Director's Report and the consolidated financial statements in accordance with applicable law and regulations.
 
Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the director is required to:


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

make judgements 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 Group will continue in business.

The director is 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 the Group and to enable him to ensure that the financial statements comply with the Companies Act 2006He is also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Principal activity

The principal activity of the group continued to be the provision of operational and administrative support to Funds.

Results and dividends

The profit for the year, after taxation, amounted to £1,522,494 (2022 - £1,366,351).

The result for the year is in accordance with the director's expectations and are satisfied with the result.

Director

The director who served during the year was:

Charles Power 

Future developments

The director continues to expect the company to return improving results by continuing revenue lines for the foreseeable future.

Page 2

 
HENDERSON PARK HP ADVISORS (HOLDINGS) LTD
 

 
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Disclosure of information to auditors

The director at the time when this Director's Report is approved has confirmed that:
 
so far as he is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

he 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 and the Group's auditors are aware of that information.

Post balance sheet events

On 18th December 2024 Henderson Park Advisors (Ireland) Ltd, a 100% subsidiary of Henderson Park HP Advisors (Holdings) Ltd, declared and paid a dividend of €750,000 to its parent.

Auditors

Under section 487(2) of the Companies Act 2006Price Bailey LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

This report was approved by the board on 17 April 2025 and signed on its behalf.
 





Charles Power
Director

Page 3

 
HENDERSON PARK HP ADVISORS (HOLDINGS) LTD
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HENDERSON PARK HP ADVISORS (HOLDINGS) LTD
 

Opinion


We have audited the financial statements of Henderson Park HP Advisors (Holdings) Ltd (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2023, which comprise the Consolidated Profit and Loss Account, the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe 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:


give a true and fair view of the state of the Group's and of the parent Company's affairs as at 31 December 2023 and of the Group's profit for the year 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 Group 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 director's 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 or the 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 director with respect to going concern are described in the relevant sections of this report.


Page 4

 
HENDERSON PARK HP ADVISORS (HOLDINGS) LTD
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HENDERSON PARK HP ADVISORS (HOLDINGS) 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 director is 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 Group Strategic Report and the Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group Strategic Report and the Director's 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 Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Director's 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 by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of director's 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 Director's Responsibilities Statement set out on page 2, the director is 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 director determines 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 director is responsible for assessing the Group's and 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 director either intends to liquidate the Group or the parent Company or to cease operations, or has no realistic alternative but to do so.


Page 5

 
HENDERSON PARK HP ADVISORS (HOLDINGS) LTD
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HENDERSON PARK HP ADVISORS (HOLDINGS) 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 Group 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 gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates and considered the risk of the company not complying with the applicable laws and regulations including fraud in particular those that could have a material impact on the financial statements. This included those regulations directly related to the financial statements, including financial reporting, tax legislation and distributable profits. In relation to the industry this included GDPR and employment law.
The risks were discussed with the audit team and we remained alert to any indications of non-compliance throughout the audit. We carried out specific procedures to address the risks identified. These included the following:
Reviewing minutes of Board meetings, correspondence with their regulators, agreeing the financial statement disclosures to underlying supporting documentation, enquiries of management including those responsible for the key regulations. To address the risk of management override of controls, we carried out testing of journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business. We also assessed management bias in relation to the accounting policies adopted and in determining significant accounting estimates.


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 6

 
HENDERSON PARK HP ADVISORS (HOLDINGS) LTD
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HENDERSON PARK HP ADVISORS (HOLDINGS) 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.





Paul Cullen (Senior Statutory Auditor)
  
for and on behalf of
Price Bailey LLP
 
Chartered Accountants
Statutory Auditors
  
Tennyson House
Cambridge Business Park
Cambridge
CB4 0WZ

25 April 2025
Page 7

 
HENDERSON PARK HP ADVISORS (HOLDINGS) LTD
 

CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Turnover
 4 
20,980,646
18,701,534

Gross profit
  
20,980,646
18,701,534

Administrative expenses
  
(19,015,340)
(17,074,172)

Operating profit
 5 
1,965,306
1,627,362

Interest receivable and similar income
 8 
-
185

Interest payable and similar expenses
 9 
-
(15)

Profit before tax
  
1,965,306
1,627,532

Tax on profit
 10 
(442,812)
(261,181)

Profit for the financial year
  
1,522,494
1,366,351

Profit for the year attributable to:
  

Owners of the parent
  
1,522,494
1,366,351

  
1,522,494
1,366,351

The notes on pages 16 to 28 form part of these financial statements.

Page 8

 
HENDERSON PARK HP ADVISORS (HOLDINGS) LTD
 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£


Profit for the financial year

  

1,522,494
1,366,351

Other comprehensive income
  


Currency translation differences
  
12,618
64,373

Other comprehensive income for the year
  
12,618
64,373

Total comprehensive income for the year
  
1,535,112
1,430,724

Profit for the year attributable to:
  


Owners of the parent Company
  
1,522,494
1,366,351

  
1,522,494
1,366,351

Total comprehensive income attributable to:
  


Owners of the parent Company
  
1,535,112
1,430,724

  
1,535,112
1,430,724

The notes on pages 16 to 28 form part of these financial statements.

Page 9

 
HENDERSON PARK HP ADVISORS (HOLDINGS) LTD
REGISTERED NUMBER: 12515508

CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 11 
160,399
100,798

  
160,399
100,798

Current assets
  

Debtors: amounts falling due within one year
 13 
12,388,742
5,280,184

Cash at bank and in hand
 14 
1,239,874
6,093,316

  
13,628,616
11,373,500

Creditors: amounts falling due within one year
 15 
(9,127,592)
(8,873,084)

Net current assets
  
 
 
4,501,024
 
 
2,500,416

Total assets less current liabilities
  
4,661,423
2,601,214

Provisions for liabilities
  

Net assets
  
4,661,423
2,601,214


Capital and reserves
  

Called up share capital 
 17 
101
100

Share premium account
 18 
525,096
-

Foreign exchange reserve
 18 
72,947
60,329

Profit and loss account
 18 
4,063,279
2,540,785

Equity attributable to owners of the parent Company
  
4,661,423
2,601,214

  
4,661,423
2,601,214


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 17 April 2025.




Charles Power
Director

The notes on pages 16 to 28 form part of these financial statements.

Page 10

 
HENDERSON PARK HP ADVISORS (HOLDINGS) LTD
REGISTERED NUMBER: 12515508

COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 12 
506,860
35,135

Current assets
  

Debtors: amounts falling due within one year
 13 
93,209
38,209

  
93,209
38,209

Creditors: amounts falling due within one year
 15 
(167,150)
(112,678)

Net current liabilities
  
 
 
(73,941)
 
 
(74,469)

Total assets less current liabilities
  
432,919
(39,334)

  

  

Net assets excluding pension asset
  
432,919
(39,334)

Net assets/(liabilities)
  
432,919
(39,334)


Capital and reserves
  

Called up share capital 
 17 
101
100

Share premium account
 18 
525,096
-

Profit and loss account brought forward
  
(39,434)
(12,031)

Loss for the year
  
(52,844)
(27,403)

Profit and loss account carried forward
  
(92,278)
(39,434)

  
432,919
(39,334)


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 17 April 2025.


Charles Power
Director

The notes on pages 16 to 28 form part of these financial statements.

Page 11

 
HENDERSON PARK HP ADVISORS (HOLDINGS) LTD
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Share premium account
Foreign exchange reserve
Profit and loss account
Total equity

£
£
£
£
£


At 1 January 2022
100
-
(4,044)
1,174,434
1,170,490



Profit for the year
-
-
-
1,366,351
1,366,351

Currency translation differences
-
-
64,373
-
64,373



At 1 January 2023
100
-
60,329
2,540,785
2,601,214



Profit for the year
-
-
-
1,522,494
1,522,494

Currency translation differences
-
-
12,618
-
12,618


Contributions by and distributions to owners

Shares issued during the year
1
525,096
-
-
525,097


At 31 December 2023
101
525,096
72,947
4,063,279
4,661,423


The notes on pages 16 to 28 form part of these financial statements.

Page 12

 
HENDERSON PARK HP ADVISORS (HOLDINGS) LTD
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£


At 1 January 2022
100
-
(12,031)
(11,931)



Loss for the year
-
-
(27,403)
(27,403)



At 1 January 2023
100
-
(39,434)
(39,334)



Loss for the year
-
-
(52,844)
(52,844)


Contributions by and distributions to owners

Shares issued during the year
1
525,096
-
525,097


At 31 December 2023
101
525,096
(92,278)
432,919


The notes on pages 16 to 28 form part of these financial statements.

Page 13

 
HENDERSON PARK HP ADVISORS (HOLDINGS) LTD
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
1,522,494
1,366,351

Adjustments for:

Depreciation of tangible assets
23,456
28,831

Interest paid
-
15

Interest received
-
(185)

Taxation charge
442,812
261,181

(Increase)/decrease in debtors
(7,249,024)
316,111

Increase in creditors
404,302
3,159,777

Corporation tax (paid)
(452,140)
(239,233)

Foreign exchange
12,618
64,373

Net cash generated from operating activities

(5,295,482)
4,957,221


Cash flows from investing activities

Purchase of tangible fixed assets
(83,057)
(104,000)

Interest received
-
185

Net cash from investing activities

(83,057)
(103,815)

Cash flows from financing activities

Issue of ordinary shares
525,097
-

Interest paid
-
(15)

Net cash used in financing activities
525,097
(15)

Net (decrease)/increase in cash and cash equivalents
(4,853,442)
4,853,391

Cash and cash equivalents at beginning of year
6,093,316
1,239,925

Cash and cash equivalents at the end of year
1,239,874
6,093,316


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
1,239,874
6,093,316

1,239,874
6,093,316


The notes on pages 16 to 28 form part of these financial statements.

Page 14

 
HENDERSON PARK HP ADVISORS (HOLDINGS) LTD
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2023




At 1 January 2023
Cash flows
At 31 December 2023
£

£

£

Cash at bank and in hand

6,093,316

(4,853,442)

1,239,874


6,093,316
(4,853,442)
1,239,874

The notes on pages 16 to 28 form part of these financial statements.

Page 15

 
HENDERSON PARK HP ADVISORS (HOLDINGS) LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Henderson Park HP Advisors (Holdings) Limited is a private company, limited by shares, incorporated in England and Wales. The address of the registered office is 42-44 Grosvenor Gardens, London, England, SW1W 0EB.

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 Group management to exercise judgement in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Profit and Loss Account in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Profit and Loss Account from the date on which control is obtained. They are deconsolidated from the date control ceases.

Page 16

 
HENDERSON PARK HP ADVISORS (HOLDINGS) LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

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.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated Profit and Loss Account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating 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.

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 17

 
HENDERSON PARK HP ADVISORS (HOLDINGS) LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

Operating leases: the Group 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.

 
2.6

Interest income

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

 
2.7

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.

 
2.8

Pensions

Defined contribution pension plan

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 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 Group in independently administered funds.

 
2.9

Taxation

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 and the Group operate and generate income.


 
2.10

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.

Page 18

 
HENDERSON PARK HP ADVISORS (HOLDINGS) LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.10
Tangible fixed assets (continued)

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:

Office equipment
-
Between 20 - 33% per annum

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.

 
2.11

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions 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.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.14

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.15

Financial instruments

Financial instruments are recognised in the Group's Balance Sheet when the Group 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 trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are
Page 19

 
HENDERSON PARK HP ADVISORS (HOLDINGS) LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.15
Financial instruments (continued)

subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Basic 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 the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

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

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Page 20

 
HENDERSON PARK HP ADVISORS (HOLDINGS) LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.15
Financial instruments (continued)

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The directors consider there to be no significant judgement in applying accounting policies no key sources of estimation.


4.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£
£

Operational and administrative support to Funds
20,980,646
18,701,534


Analysis of turnover by country of destination:

2023
2022
£
£

Rest of the world
20,980,646
18,701,534

20,980,646
18,701,534


Page 21

 
HENDERSON PARK HP ADVISORS (HOLDINGS) LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Exchange differences
66,521
5,709

Other operating lease rentals
160,050
107,632


6.


Auditors' remuneration

During the year, the Group's auditors remuneration was £28,000 (2022 - £30,500) of which £18,750 (2022 - £22,500) was in respect of the group's financial statements.




7.


Employees

Staff costs were as follows:


Group
Group
2023
2022
£
£


Wages and salaries
13,600,132
11,829,271

Social security costs
1,298,559
1,178,541

Cost of defined contribution scheme
420,943
294,839

15,319,634
13,302,651


The average monthly number of employees, including the director, during the year was as follows:



Group
Group
Company
Company
        2023
        2022
        2023
        2022
            No.
            No.
            No.
            No.









Administration
34
27
-
-



Directors
1
1
1
1

35
28
1
1


8.


Interest receivable

2023
2022
£
£


Other interest receivable
-
185

-
185

Page 22

 
HENDERSON PARK HP ADVISORS (HOLDINGS) LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Interest payable and similar expenses

2023
2022
£
£


Other interest payable
-
15

-
15


10.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
442,812
261,181


Total current tax
442,812
261,181

Deferred tax

Total deferred tax
-
-


Tax on profit
442,812
261,181

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022 - higher than) the standard rate of corporation tax in the UK of 25% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
1,965,306
1,627,532


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2022 - 19%)
491,327
309,231

Effects of:


Other differences leading to an increase (decrease) in the tax charge
(48,515)
(48,050)

Total tax charge for the year
442,812
261,181





Page 23

 
HENDERSON PARK HP ADVISORS (HOLDINGS) LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Tangible fixed assets

Group






Office equipment

£



Cost


At 1 January 2023
130,944


Additions
86,129


Exchange adjustments
(3,072)



At 31 December 2023

214,001



Depreciation


At 1 January 2023
30,146


Charge for the year on owned assets
23,903


Exchange adjustments
(447)



At 31 December 2023

53,602



Net book value



At 31 December 2023
160,399



At 31 December 2022
100,798

Page 24

 
HENDERSON PARK HP ADVISORS (HOLDINGS) LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost


At 1 January 2023
35,135


Additions
471,725



At 31 December 2023
506,860





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Henderson Park HP Advisors Limited
1st Floor 42-44 Grosvenor Gardens, London, United Kingdom, SW1W 0EB
Ordinary
100%
Henderson Park Advisors Ireland Limited
32 Molesworth Street, Dublin 2, D02Y512
Ordinary
100%
Henderson Park Advisors Germany GmbH
Westendstraße 28, 60325, Frankfurt am Main
Ordinary
100%
Henderson Park Advisors (Luxembourg) S. àr.l.
48, Rue de Bragance, L-1255, Luxembourg
Ordinary
100%

The aggregate of the share capital and reserves as at 31 December 2023 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:

Name
Aggregate of share capital and reserves
Profit
£
£

Henderson Park HP Advisors Limited
2,222,830
686,174

Henderson Park Advisors Ireland Limited
981,444
286,969

Henderson Park Advisors Germany GmbH
307,892
211,458

Henderson Park Advisors (Luxembourg) S. àr.l.
663,135
101,923

Page 25

 
HENDERSON PARK HP ADVISORS (HOLDINGS) LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

13.


Debtors

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Trade debtors
1,030,597
649,879
-
-

Amounts owed by group undertakings
1,072,980
30,101
93,209
38,209

Other debtors
4,175,689
2,814,886
-
-

Prepayments and accrued income
6,109,476
1,785,318
-
-

12,388,742
5,280,184
93,209
38,209



14.


Cash and cash equivalents

Group
Group
2023
2022
£
£

Cash at bank and in hand
1,239,874
6,093,316

1,239,874
6,093,316



15.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Trade creditors
238,771
317,980
-
-

Amounts owed to group undertakings
-
344,134
95,882
85,133

Corporation tax
78,971
88,299
-
-

Other taxation and social security
449,076
685,013
-
-

Other creditors
1,500,786
919,538
-
-

Accruals and deferred income
6,859,988
6,518,120
71,268
27,545

9,127,592
8,873,084
167,150
112,678


Page 26

 
HENDERSON PARK HP ADVISORS (HOLDINGS) LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

16.


Financial instruments

Group
Group
2023
2022
£
£

Financial assets

Financial assets measured at fair value through profit or loss
1,239,874
6,093,316




Financial assets measured at fair value through profit or loss comprise cash at bank and in hand.


17.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



101 (2022 - 100) Ordinary shares of £1.00 each
101
100


During the year the company issued one Ordinary shares of £1 for £525,096.


18.


Reserves

Share premium account

The share premium is the excess money received for issued shares above the par value

Foreign exchange reserve

The foreign exchange reserve represents he cumulative translation gains and losses arising on the consiolidation of the company's subsidiaries.

Profit and loss account

The profit and loss accounts represents realised profits and losses to dates less distributions made to shareholders.


19.


Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group  in an independently administered fund. The pension cost charge represents contributions payable by the Group  to the fund and amounted to £420,943 (2022 - £294,839). Contributions totalling £26,794 (2022 - £19,712) were payable to the fund at the balance sheet date and are included in creditors.

Page 27

 
HENDERSON PARK HP ADVISORS (HOLDINGS) LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

20.


Commitments under operating leases

At 31 December 2023 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2023
2022
£
£

Not later than 1 year
595,756
181,019

Later than 1 year and not later than 5 years
2,673,169
724,077

Later than 5 years
1,829,164
362,039

5,098,089
1,267,135


21.


Related party transactions

The company has taken advantage of the exemption afforded by FRS 102 not to disclose transactions or balances with other wholly owned members of the group.


22.


Controlling party

The immediate and ultimate holding company is Henderson Park Global Advisors LLC, a Company incorporated in the United States of America.


Page 28