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REGISTERED NUMBER: 12902478 (England and Wales)













Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 31 December 2024

for

Haven Cove Capital Management Limited

Haven Cove Capital Management Limited (Registered number: 12902478)






Contents of the Financial Statements
for the Year Ended 31 December 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 5

Report of the Independent Auditors 6

Statement of Comprehensive Income 9

Balance Sheet 10

Statement of Changes in Equity 11

Cash Flow Statement 12

Notes to the Cash Flow Statement 13

Notes to the Financial Statements 14


Haven Cove Capital Management Limited

Company Information
for the Year Ended 31 December 2024







DIRECTORS: N J Greenwood
A D Hudd





REGISTERED OFFICE: 23 Berkeley Square
London
W1J 6HE





REGISTERED NUMBER: 12902478 (England and Wales)





AUDITORS: Anderson Barrowcliff Limited
Statutory Auditors
Chartered Accountants
3 Kingfisher Court
Bowesfield Park
Stockton on Tees
TS18 3EX

Haven Cove Capital Management Limited (Registered number: 12902478)

Strategic Report
for the Year Ended 31 December 2024

Haven Cove Capital Management Limited ('HCCM' or 'the company') was incorporated under the laws of England and Wales on 24th September 2020 ('Incorporation') as a private limited company with company number 12902478. HCCM was authorised on 4th May 2021 by the FCA as a full scope Alternative Investment Fund Manager ('AIFM') with MiFID top up permissions as a Collective Portfolio Management Investment firm ('CPMI'). HCCM is a specialist in relative value, liquid credit and equity strategies.

REVIEW OF BUSINESS
Since incorporation, HCCM is continuing its business activities under FCA permissions as an AIFM and CPMI firm. Since 1st October 2021, HCCM has been appointed as the AIFM to Haven Cove Absolute Return Fund ("HCARF"), a Cayman Islands Alternative Investment Fund. In 2024 HCCM continued to run an existing Investment Advisory Agreement ("IAA") mandate, and added two additional IAA mandates during the year.

In 2024 the company was employing a number of staff within portfolio management, middle office/operations, and finance and compliance. During 2024 the company had 4 full time employees (2 on the investment side, and 2 on the non-investment side) and 4 consultants taking on compliance, administration and risk analytics roles for the company. HCCM's team represents highly skilled and qualified individuals across the investment and non-investment side of the business with sophisticated and integrated trading and risk management infrastructure.

The continued focus for HCCM is to meet the goals and objectives of its clients, to excel in the strategies it specialises in, and to target increased funds under management and additional IAA mandates.

The directors of the company are satisfied with the results for the period, and expect continued positive performance and growth of the business in the future.

PRINCIPAL RISKS AND UNCERTAINTIES
Foreign Currency risk
The company receives management fees in USD, EUR and GBP making it susceptible to foreign currency risk. The company manages and accepts the risk of currency movement and the impact this has on earnings volatility.

Credit risk
In 2024 the company received management fees (monthly) from HCARF, and advisory fees from the IAA mandates. The company will continue to receive fees from HCARF and any IAA clients and is comfortable with this credit risk. Over time the company intends to grow its fee income with additional clients.

Business/Operational risk
It will be essential that HCCM continues to invest in the team which manages the investment and risk management side of the business, particularly given the complexity of the underlying asset class and investment strategies. The Directors recognise this requirement and the risk it brings and continue to invest where necessary to ensure that this risk is managed effectively.

HCCM runs Credit Derivative strategies using Credit Default Swaps ("CDS") as well as an overlay of equity strategies. These are executed through bulge bracket Prime Brokers and ISDA counterparties. The strategies require significant operational infrastructure and integration with risk management analytics and reporting. During 2024 HCCM set up infrastructure enabling it to trade CDS Index products via the Swap Execution Facility (SEF) and Multilateral Trading Facility (MTF), providing it with access to brokers across the street.

Additionally, the Directors continue to make the necessary investment in personnel and risk analytic systems/tools to ensure this risk is well governed.

Financial key performance indicators
Given the nature of the business, the directors are of the opinion that analysis using KPIs is not necessary for an understanding of the development, performance or position of the business.
In managing the business, the directors review the following aspects of the business on a regular basis:

Financial
Senior management present to the directors various reports, namely: (i) on a monthly basis a report outlining the budget versus cash expenditure, along with variance analysis; (ii) on a quarterly basis a financial reporting pack including the balance sheet, income statement, debtors and creditors analysis, prepayments and accruals and FCA capital resources requirements report.

AUM & Client Mandate Development
The team present on a weekly basis developments in the new business (i.e. new client investment management mandates, or AUM investments into HCARF).

Haven Cove Capital Management Limited (Registered number: 12902478)

Strategic Report
for the Year Ended 31 December 2024


Investment Management
The portfolio managers and investment team operate within a defined mandate, providing investment management and advisory services in the credit and equity derivative strategies asset class. Since inception, the company continues to invest in (i) personnel, research and risk analytics to ensure that the strategy set continues to capture alpha, and (ii) trading infrastructure and Prime Brokers/ISDA's to ensure access to best pricing and liquidity for CDS and execution for systematic derivative strategies.

Operational & Risk Management
The company operates within a detailed set of policies which govern operational and risk management such as risk management policy, valuation policy, allocation policy, best execution policy, operations and cash management manuals and its compliance monitoring programme. This provides the business with a rigorous operational risk framework.

The company enhances this through support from third party tier 1 Compliance consultants who provide an independent review of these polices/framework and conducts ongoing training programmes for continual staff development. The company also uses the services of specialist middle office and back office service providers to supplement its internal capabilities.

STATEMENT OF COMPLIANCE WITH DUTY TO PROMOTE THE SUCCESS OF THE COMPANY
HCCM is in the investment management and advisory business, running a suite of hedge fund strategies specialising in liquid credit derivative strategies. In what is an extremely competitive environment the key attributes for success are a talented, motivated, high performing team, access to the market through trading and risk management infrastructure and finally seeking to maintain stable assets under management and where market conditions allow, targeting the growth of those assets under management. The Directors have acted, both solely and collectively, in a way that they consider in good faith would be the most likely to promote the success of the company.

In 2024 the company has been successfully continuing its activity under FCA mandate with highly trained, professional, market leading team on both the investment and non-investment side of the business and continue to improve a trading platform with access to bulge bracket US, European and Asian Prime Brokers/ISDA counterparties. The company also continues its mandate as AIFM to HCARF, as well as providing services to clients under the IAA mandates.

Through building the business, the Directors consider that they have acted in a way which we consider to be fair to all persons, be they individuals, or companies who have a direct, or indirect interest in how the company works and the services that it provides.

The Directors recognise their responsibility under section 172 of the UK Companies Act 2006 and the intention of the Directors in making this statement, is to provide some insights into how, as a Board, we think and as a company we seek to interact with stakeholders.

Underpinning all that the Directors do is the philosophy that if they deliver value through the investment strategies designed and executed, then investors/clients will continue to reward HCCM's services. This in turn will enable HCCM to invest in and create a positive environment for its team, which also benefits the Prime Brokers/ISDA counterparties that support the company's trading strategies, and the service providers who contribute to the business.

The conviction of the Directors is that over the long term this will build a sustainable and market leading investment firm.

The Directors would like to highlight the following specific attributes:

Engagement with Employees and Consultants
Investment management within the hedge fund strategy space continues to be a highly competitive environment. Attracting and retaining talent is crucial and HCCM ensures that it offers competitive remuneration packages (in accordance with the IFPR regime, as the company is a CPMI firm), and as an entrepreneurial business fosters a culture where personnel (employees and consultants who work closely with the company) are encouraged to participate and contribute in management decisions and business development.

In the Directors' view, the business would not perform without the interest of employees and consultants being aligned, so this approach is consistent with creating a culture where all staff are seen as stakeholders in the business and treated fairly.

The company follows best employment practice and provides employment opportunities to all genders, abilities and nationalities, adhering to current laws and regulations. The company continues to run a comprehensive training, development and education programme and encourages and supports employees to pursue qualifications and other development opportunities.

Haven Cove Capital Management Limited (Registered number: 12902478)

Strategic Report
for the Year Ended 31 December 2024


Engagement with clients/investors
Clients and the investors in Clients are the lifeblood of HCCM and engagement is always a top priority for the company.

Investors in HCARF receive a monthly newsletter which provides detailed narrative on the underlying strategies, their performance and important risk analytics. This is designed to provide the client with a transparent and comprehensive monthly update which can form the basis for follow up queries/data requests. This is also supplemented by a quarterly updates and investor letters including macro observations and periodic reviews in a form of short presentations outlining current portfolio and changes in market conditions and its impact on their investments as well as a dedicated client login to a HCCM website which contains a data cache including HCCM's DDQ, Financial statements and underlying strategy trading and performance data.

Clients under IAA mandates receive weekly summaries providing performance and risk metrics on the underlying investments strategies, as well as periodic updates at the initiation of HCCM or the Client.

Engagement with suppliers
The company relies on third parties for, amongst other items, order management and position management systems, research and risk analytics, IT infrastructure and cyber security protection and compliance support services.
The Directors recognise the importance and significance of these services, which enhance the investment management and advisory offer of the company to existing and potential clients.

HCCM seeks to work with all suppliers in a collaborative and constructive manner to build close relationships and foster a detailed understanding of each other's businesses.

Maintaining high standards and business conduct
HCCM is continuing maintaining high standards, in accordance with its regulatory requirements and also to ensure that it builds a strong reputation, as the Directors feel this will help business growth and trajectory in a fiercely competitive market.

These standards and approach has enabled the company to build up a franchise including market leading service providers for both it and the fund it manages.

The company is continuing to follow its ESG policy as part of its engagement with the community and the Directors recognise the importance of this.

Engagement with our shareholders
Our shareholders are immensely important to the business and are huge supporters in the investment and development of the business.

The Directors are open in all our communications with our shareholders and endeavour to keep them informed in all that the company does.

ON BEHALF OF THE BOARD:





N J Greenwood - Director


24 March 2025

Haven Cove Capital Management Limited (Registered number: 12902478)

Report of the Directors
for the Year Ended 31 December 2024

The directors present their report with the financial statements of the company for the year ended 31 December 2024.

DIVIDENDS
No dividends will be distributed for the year ended 31 December 2024.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

N J Greenwood
A D Hudd

DISCLOSURE IN THE STRATEGIC REPORT
The company has chosen in accordance with S.414C(11) Companies Act 2006 to set out in the company's Strategic Report information required by Schedule 7 of the Large and Medium-sized Companies and Group (Accounts and Reports) Regulations 2008 to be contained in the Directors' Report. It has done so in respect of future developments and the company's financial risk management policies and objectives.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 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 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 enable them to ensure that the financial statements comply with the Companies Act 2006. They 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:





N J Greenwood - Director


24 March 2025

Report of the Independent Auditors to the Members of
Haven Cove Capital Management Limited

Opinion
We have audited the financial statements of Haven Cove Capital Management Limited (the 'company') for the year ended 31 December 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The 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 company's affairs as at 31 December 2024 and of its 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 company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'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.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our 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.

In connection with our audit of the financial statements, 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 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.

Opinions 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors 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 Report of the Directors.

We have nothing to report in respect of the following matters where 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.

Report of the Independent Auditors to the Members of
Haven Cove Capital Management Limited


Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page five, 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 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.

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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

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.

Based on our understanding of the industry, we have considered applicable laws and regulations which may be fundamental to the company's ability to operate or to avoid a material penalty, and we considered the extent to which non-compliance might have a material effect on the financial statements. We considered management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to the posting of inappropriate manual journal entries to manipulate financial performance, management bias and any significant one-off or unusual transactions.

We discussed among the audit engagement team the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.
Audit procedures performed by the engagement team included:
- Enquiry of management and those charged with governance around actual and potential litigation and claims.
- Enquiry of entity staff to identify any instances of non-compliance with laws and regulations.
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with
applicable laws and regulations.
- Auditing the risk of management override of controls, including through testing journal entries and other
adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the
normal course of business.
- Revenue recognition; agreeing a sample of revenue transactions to gain assurance over the occurrence and
accuracy of revenue and also to ensure revenue has been recognised in the correct period.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. The risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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 Report of the Auditors.

Report of the Independent Auditors to the Members of
Haven Cove Capital Management Limited


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 2006. Our 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 a Report of the Auditors 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.




David Shawcross FCA (Senior Statutory Auditor)
for and on behalf of Anderson Barrowcliff Limited
Statutory Auditors
Chartered Accountants
3 Kingfisher Court
Bowesfield Park
Stockton on Tees
TS18 3EX

31 March 2025

Haven Cove Capital Management Limited (Registered number: 12902478)

Statement of Comprehensive
Income
for the Year Ended 31 December 2024

2024 2023
Notes £    £   

TURNOVER 3 880,821 1,623,710

Cost of sales 458,892 1,087,505
GROSS PROFIT 421,929 536,205

Administrative expenses 432,891 466,460
(10,962 ) 69,745

Other operating income 13,355 46,799
OPERATING PROFIT 5 2,393 116,544

Interest receivable and similar income 14,646 11,947
PROFIT BEFORE TAXATION 17,039 128,491

Tax on profit 6 4,670 30,903
PROFIT FOR THE FINANCIAL YEAR 12,369 97,588

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

12,369

97,588

Haven Cove Capital Management Limited (Registered number: 12902478)

Balance Sheet
31 December 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 7 1,066 5,430

CURRENT ASSETS
Debtors 8 90,411 158,700
Cash at bank 454,874 539,614
545,285 698,314
CREDITORS
Amounts falling due within one year 9 38,577 208,339
NET CURRENT ASSETS 506,708 489,975
TOTAL ASSETS LESS CURRENT
LIABILITIES

507,774

495,405

CAPITAL AND RESERVES
Called up share capital 11 340,000 340,000
Retained earnings 12 167,774 155,405
SHAREHOLDERS' FUNDS 507,774 495,405

The financial statements were approved by the Board of Directors and authorised for issue on 24 March 2025 and were signed on its behalf by:




N J Greenwood - Director



A D Hudd - Director


Haven Cove Capital Management Limited (Registered number: 12902478)

Statement of Changes in Equity
for the Year Ended 31 December 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 January 2023 340,000 57,817 397,817

Changes in equity
Total comprehensive income - 97,588 97,588
Balance at 31 December 2023 340,000 155,405 495,405

Changes in equity
Total comprehensive income - 12,369 12,369
Balance at 31 December 2024 340,000 167,774 507,774

Haven Cove Capital Management Limited (Registered number: 12902478)

Cash Flow Statement
for the Year Ended 31 December 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 (68,483 ) 234,077
Tax paid (30,903 ) -
Net cash from operating activities (99,386 ) 234,077

Cash flows from investing activities
Purchase of tangible fixed assets - (1,712 )
Interest received 14,646 11,947
Net cash from investing activities 14,646 10,235

(Decrease)/increase in cash and cash equivalents (84,740 ) 244,312
Cash and cash equivalents at beginning
of year

2

539,614

295,302

Cash and cash equivalents at end of year 2 454,874 539,614

Haven Cove Capital Management Limited (Registered number: 12902478)

Notes to the Cash Flow Statement
for the Year Ended 31 December 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2024 2023
£    £   
Profit before taxation 17,039 128,491
Depreciation charges 4,364 4,364
Finance income (14,646 ) (11,947 )
6,757 120,908
Decrease in trade and other debtors 68,289 171,565
Decrease in trade and other creditors (143,529 ) (58,396 )
Cash generated from operations (68,483 ) 234,077

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2024
31.12.24 1.1.24
£    £   
Cash and cash equivalents 454,874 539,614
Year ended 31 December 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 539,614 295,302


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.24 Cash flow At 31.12.24
£    £    £   
Net cash
Cash at bank 539,614 (84,740 ) 454,874
539,614 (84,740 ) 454,874
Total 539,614 (84,740 ) 454,874

Haven Cove Capital Management Limited (Registered number: 12902478)

Notes to the Financial Statements
for the Year Ended 31 December 2024

1. STATUTORY INFORMATION

Haven Cove Capital Management Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents net fees earned on managed funds. Credit is taken for fees in the period to which the fee relates.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Computer equipment - 33% on cost

Taxation
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Debtors and creditors receivable/ payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement in other administrative expenses.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

Haven Cove Capital Management Limited (Registered number: 12902478)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

4. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 358,750 687,404
Social security costs 36,450 84,644
Other pension costs 1,956 5,446
397,156 777,494

The average number of employees during the year was as follows:
2024 2023

Directors 2 2
Cost of sales 2 5
4 7

2024 2023
£    £   
Directors' remuneration 219,289 310,870

Information regarding the highest paid director is as follows:
2024 2023
£    £   
Emoluments etc 109,938 150,000

The directors have waived compensation for their services as directors and are remunerated for work they perform as portfolio managers. These amounts are included above.

5. OPERATING PROFIT

The operating profit is stated after charging:
20242023
£   £   
Depreciation - owned assets4,3644,363
Auditors remuneration (see below)8,10071,925
Operating lease costs - rent39,98971,058
Foreign exchange differences6,07317,893

During the year, the company obtained the following services from the company's auditor and its associates:
20242023
£   £   
The audit of the company's financial statements5,50015,500
Audit-related assurance services 3504,000
Taxation compliance services5005,625
All other services1,75046,800

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 4,670 30,903
Tax on profit 4,670 30,903

Haven Cove Capital Management Limited (Registered number: 12902478)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

6. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 17,039 128,491
Profit multiplied by the standard rate of corporation tax in the UK of 19%
(2023 - 23.521%)

3,237

30,222

Effects of:
Expenses not deductible for tax purposes 678 1,359
Capital allowances in excess of depreciation - (31 )
Adjustments to tax charge in respect of previous periods (74 ) -
Deferred tax not recognised 829 663
Remeasurement of deferred tax - (38 )
Marginal relief - (1,272 )
Total tax charge 4,670 30,903

7. TANGIBLE FIXED ASSETS
Computer
equipment
£   
COST
At 1 January 2024
and 31 December 2024 13,091
DEPRECIATION
At 1 January 2024 7,661
Charge for year 4,364
At 31 December 2024 12,025
NET BOOK VALUE
At 31 December 2024 1,066
At 31 December 2023 5,430

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 27,837 104,693
Other debtors 1,403 17,800
VAT 25,199 17,576
Prepayments 35,972 18,631
90,411 158,700

Haven Cove Capital Management Limited (Registered number: 12902478)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 4,243 14,108
Amounts owed to group undertakings - 1,498
Taxation 4,670 30,903
Social security and other taxes 2,243 -
Other creditors 19,101 105,917
Accrued expenses 8,320 55,913
38,577 208,339

10. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 1,350 54,585

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
340,000 Ordinary £1 340,000 340,000

12. RESERVES
Retained
earnings
£   

At 1 January 2024 155,405
Profit for the year 12,369
At 31 December 2024 167,774

13. RELATED PARTY DISCLOSURES

During the year the company received services from a company under common control of the directors totalling £150,000 (2023 - £Nil). No amounts were outstanding at the year end.

Key management personnel is considered to be the directors. Details of remuneration can be found in note 4 to the financial statements.

14. ULTIMATE CONTROLLING PARTY

There is no controlling party.