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HUK 127 Limited
























Directors' report and financial statements



For the period ended 28 December 2024



Registered number: 14846879

 
HUK 127 Limited
 


Company Information


Directors
Henry Foster 
Paul McGowan 
Matthew Holt 
Brian Shearer 
CSC Directors (No 1) Limited 




Registered number
14846879



Registered office
84 Grosvenor Street

London

W1K 3JZ




Independent auditor
Grant Thornton UK LLP

30 Finsbury Square

London

EC2A 1AG




Solicitors
Wright Hassall LLP
Olympus Avenue

Leamington Spa

Warwickshire

CV34 6BF





 
HUK 127 Limited
 


Contents



Page
Directors' report
 
1 - 2
Independent auditor's report
 
3 - 6
Income statement
 
7
Statement of financial position
 
8
Notes to the financial statements
 
9 - 12


 
HUK 127 Limited
 
 

Directors' report
For the period ended 28 December 2024

The directors present their report and the financial statements for HUK 127 Limited ('the company') for the 52 week period ended 28 December 2024.

Principal activity

The principal activity of the company is that of financial intermediation.

Results and dividends

The profit for the period, after taxation, amounted to £416,359 (2023 - £Nil).

During the period, dividends totalling £125,147 were declared and paid (period ended 30 December 2023 - £Nil).

Directors

The directors who served during the period were:

Henry Foster 
Paul McGowan 
Matthew Holt (appointed 20 February 2024)  
Brian Shearer (appointed 9 August 2024) 
CSC Directors (No 1) Limited (appointed 9 August 2024) 

Directors' responsibilities statement

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.

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

Page 1

 
HUK 127 Limited
 


Directors' report (continued)
For the period ended 28 December 2024

Disclosure of information to auditor

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

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company's auditor is aware of that information.

Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board on 2 May 2025 and signed on its behalf by:
 





Paul McGowan
Director

Page 2

 


 
Independent auditor's report to the members of HUK 127 Limited
For the period ended 28 December 2024

Opinion


We have audited the financial statements of HUK 127 Limited ('the company') for the period from 31 December 2023 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 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 company's affairs as at 28 December 2024 and of its profit for the period then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the 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.


Conclusions relating to going concern


We are responsible for concluding on the appropriateness of the directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify the auditor’s opinion. Our conclusions are based on the audit evidence obtained up to the date of our report. However, future events or conditions may cause the company to cease to continue as a going concern.


In our evaluation of the directors’ conclusions, we considered the inherent risks associated with the company's business model including effects arising from macro-economic uncertainties such as cost of living crisis, we assessed and challenged the reasonableness of estimates made by the directors and the related disclosures and analysed how those risks might affect the company's financial resources or ability to continue operations over the going concern period.
In auditing the financial statements, we have concluded that the directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 3

 

 

Independent auditor's report to the members of HUK 127 Limited (continued)
For the period ended 28 December 2024

Other information


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 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 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.


Matter on which we are required to report under the Companies Act 2006
 

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.


Matters on which we are required to report by exception
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Directors' report and from the requirement to prepare a Strategic report.


Page 4

 

 

Independent auditor's report to the members of HUK 127 Limited (continued)
For the period ended 28 December 2024

Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 1, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.


Auditor's 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 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. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understanding of the 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.

Page 5

 

 

Independent auditor's report to the members of HUK 127 Limited (continued)
For the period ended 28 December 2024

Auditor's responsibilities for the audit of the financial statements (continued)
 
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.


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 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.





Robin Malacrida (Senior statutory auditor)
for and on behalf of
Grant Thornton UK LLP
Statutory Auditor
30 Finsbury Square
London
EC2A 1AG

2 May 2025
Page 6

 
HUK 127 Limited
 


Statement of comprehensive income
For the period ended 28 December 2024

52 week period ended
28 December
2024
34 week period ended
30 December
2023
£
£

  

Revenue: Interest receivable and similar income
  
1,245,365
-

Administrative expenses
  
(11,336)
-

Operating profit
  
1,234,029
-

Finance costs
  
(775,954)
-

Profit before tax
  
458,075
-

Tax on profit
  
(41,716)
-

Profit for the financial period
  
416,359
-

There was no other comprehensive income for the period ended 28 December 2024.
The notes on pages 9 to 12 form part of these financial statements.

Page 7

 
HUK 127 Limited - Registered number:14846879



Statement of financial position
As at 28 December 2024

28 December
30 December
2024
2023
Note
£
£

  

Current assets
  

Debtors
 4 
8,836,305
1

Cash at bank and in hand
  
16
-

  
8,836,321
1

Creditors: amounts falling due within one year
 5 
(8,545,108)
-

  

Net assets
  
291,213
1


Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
  
291,212
-

  
291,213
1


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements were approved and authorised for issue by the board on 2 May 2025. and were signed on its behalf by:




Paul McGowan
Director

The notes on pages 9 to 12 form part of these financial statements.

Page 8

 
HUK 127 Limited
 
 

Notes to the financial statements
For the period ended 28 December 2024

1.


General information

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

 
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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue relates to interest income and financing fees from the provision of Basic Financial Instruments, and is recognised in profit or loss using the effective interest method.
 
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.

 
2.3

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.

 
2.4

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 reporting date in the countries where the company operates and generates income.


 
2.5

Financial instruments

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
Page 9

 
HUK 127 Limited
 


Notes to the financial statements
For the period ended 28 December 2024

2.Accounting policies (continued)


2.5
Financial instruments (continued)

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(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.

Page 10

 
HUK 127 Limited
 


Notes to the financial statements
For the period ended 28 December 2024

2.Accounting policies (continued)


2.5
Financial instruments (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.

 
2.6

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees




The company has no employees other than the directors, who did not receive any remuneration.


4.


Debtors

28 December
30 December
2024
2023
£
£


Amounts owed by connected companies
8,836,305
-

Other debtors
-
1

8,836,305
1


Included within amounts owed by connected companies is deferred arrangement fees totalled £106,667.

Page 11

 
HUK 127 Limited
 
 

Notes to the financial statements
For the period ended 28 December 2024

5.


Creditors: amounts falling due within one year

28 December
30 December
2024
2023
£
£

Amounts owed to group undertakings
8,501,059
-

Corporation tax
41,716
-

Accruals and deferred income
2,333
-

8,545,108
-


Included within amounts owed to group undertakings is accrued interest totalling £78,951. The amounts owed to
group undertakings are secured against fixed and floating charges.


6.


Contingent liabilities

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 U.S. Bank Trust Company, 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 or 30 Decemeber 2023.


7.


Capital commitments

The company had no capital liabilities at 28 December 2024 or 30 Decemeber 2023.


8.


Controlling party

The smallest group of undertakings for which consolidated group accounts, which include the company, have been
drawn up is headed by Hilco London Limited. Hilco London Limited has the same registered office as the company.

Page 12