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Company Information
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Contents
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Directors' report
For the period ended 28 December 2024
The directors present their report and the financial statements for HUK 133 Limited ('the company') for the 76 week period from incorporation to
The company was incorporated on 12 July 2023 as a private company limited by shares in England and Wales.
The profit for the period, after taxation, amounted to £1,642,425.
During the period, the directors declared a dividend of £1,107,012.
The directors who served during the period were:
The company has ceased trading and the directors intend to wind up the company within the next 12 months from the
date of signing the financial statements. Therefore, the accounts have been prepared on a basis other than going concern.
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Directors' report (continued)
For the period ended 28 December 2024
The directors are responsible for preparing 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 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.
This report was approved by the board on 2 May 2025 and signed on its behalf by:
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Independent auditor's report to the members of HUK 133 Limited
For the period ended 28 December 2024
We have audited the financial statements of HUK 133 Limited ('the company') for the period from 12 July 2024 to 28 December 2024, which comprise the Statement of comprehensive income, the Statement of financial position and the related notes, 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).
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 Auditor's 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.
We draw attention to note 2.2 to the financial statements, which describes the basis of preparation of the financial statements. As described in that note, the company has ceased trading and the directors intend to wind up the company within the next 12 months from the date of signing the financial statements and accordingly, the financial statements have been prepared on a basis other than that of a going concern. Our opinion is not modified in respect of this matter.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's report thereon. The directors are responsible for the other information contained within the Annual Report. 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.
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.
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Independent auditor's report to the members of HUK 133 Limited (continued)
For the period ended 28 December 2024
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Directors' report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
∙the Directors' report has been prepared in accordance with applicable legal requirements.
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 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:
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Independent auditor's report to the members of HUK 133 Limited (continued)
For the period ended 28 December 2024
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 Auditor's 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. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
∙We obtained an understanding of the legal and regulatory frameworks applicable to the company and the industry in which it operates. We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our sector experience and through discussion with the directors and management. We determined that the most significant laws and regulations were those that relate to the financial reporting framework, being United Kingdom Accounting Standards, including FRS 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’, and the Companies Act 2006, together with UK tax legislation;
∙We enquired of the directors and management, to obtain an understanding of how the Company is complying with those legal and regulatory frameworks and whether there were any instances of non-compliance with laws and regulations and whether they had any knowledge of actual or suspected fraud. We corroborated the results of our enquiries by inspecting the minutes of the company’s board meetings and inspection of legal and regulatory correspondence;
∙These audit procedures were designed to provide reasonable assurance that the financial statements were free from fraud or error. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error and detecting irregularities that result from fraud is inherently more difficult than detecting those that result from error, as fraud may involve collusion, deliberate concealment, forgery or intentional misrepresentations. Also, the further removed non-compliance with laws and regulations is from events and transactions reflected in the financial statements, the less likely we would become aware of it;
∙The engagement partner’s assessment of the appropriateness of the collective competence and capabilities of the engagement team included consideration of the engagement team's:
∙understanding of, and practical experience with, audit engagements of a similar nature and complexity, through appropriate training and participation;
∙knowledge of the industry in which the Company operates; and
∙understanding of the legal and regulatory frameworks applicable to the company.
∙We communicated relevant laws and regulations and potential fraud risks to all engagement team members, including internal experts, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit; and
∙In assessing the potential risks of material misstatement, we obtained an understanding of:
∙the company's operations, including the nature of its revenue sources, products and services and of its objectives and strategies to understand the classes of transactions, account balances, expected financial statement disclosures and business risks that may result in risks of material misstatement; and
∙the company's control environment.
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 Auditor's report.
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Independent auditor's report to the members of HUK 133 Limited (continued)
For the period ended 28 December 2024
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 an Auditor's 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.
for and on behalf of
Senior Auditor
Chartered Accountants
30 Finsbury Square
EC2A 1AG
2 May 2025
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Statement of comprehensive income
For the period ended 28 December 2024
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Statement of financial position
As at
The financial statements were approved and authorised for issue by the board on 2 May 2025.and were signed on its behalf by:
The notes on pages 9 to 12 form part of these financial statements.
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Notes to the financial statements
For the period ended 28 December 2024
The company is a private company limited by shares and incorporated in England and Wales. Its registered office is 84 Grosvenor Street, London, W1K 3JZ.
2.Accounting policies
The following principal accounting policies have been applied:
The company has ceased trading and the directors intend to wind up the company within the next 12 months from a date of signing the financial statements. Therefore, the accounts have been prepared on a basis other than going concern.
The effective interest method, which calculates the interest rate necessary to discount estimated future cash payments or receipts through the expected life of the financial instrument, incorporates all fees and charges incurred in relation to the financial instrument. Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured.
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Notes to the financial statements
For the period ended 28 December 2024
2.Accounting policies (continued)
Financial instruments are recognised in the Company's Statement of financial position when the Company becomes party to the contractual provisions of the instrument.
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 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 Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Other financial assets
Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.
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 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 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.
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Notes to the financial statements
For the period ended 28 December 2024
2.Accounting policies (continued)
Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans and other loans 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.
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Notes to the financial statements
For the period ended 28 December 2024
Amounts owed to Group Undertakings are secured by fixed and floating charges over the Financial Instruments due to the company and its other assets. Additionally, the Company has granted fixed and floating charges to Silver Oak Capital, L.L.C. and Hilco Capital Limited as a party to a financing agreement entered into in August 2024.
The company had no other contingent liabilities at 28 December 2024.
The company had no capital commitments at 28 December 2024.
The smallest group of undertakings for which consolidated group accounts, which include the company, have been drawn up is headed by Hilco London Limited.
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