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REGISTERED NUMBER: 01954091 (England and Wales)







REPORT OF THE DIRECTOR AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

HARPS GLOBAL UK LIMITED

HARPS GLOBAL UK LIMITED (REGISTERED NUMBER: 01954091)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024










Page

Company Information 1

Report of the Director 2

Statement of Director's Responsibilities 3

Report of the Independent Auditors 4

Statement of Comprehensive Income 8

Statement of Financial Position 9

Statement of Changes in Equity 10

Notes to the Financial Statements 11


HARPS GLOBAL UK LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2024







DIRECTOR: Haziq Bin Zairel Oh





REGISTERED OFFICE: Charter House
161 Newhall Street
Birmingham
West Midlands
B3 1SW





REGISTERED NUMBER: 01954091 (England and Wales)





AUDITORS: Prime
Chartered Accountants
Statutory Auditor
161 Newhall Street
Birmingham
B3 1SW

HARPS GLOBAL UK LIMITED (REGISTERED NUMBER: 01954091)

REPORT OF THE DIRECTOR
FOR THE YEAR ENDED 31 DECEMBER 2024


The director presents his report with the financial statements of the company for the year ended 31 December 2024.

DIVIDENDS
During the year the company made a dividend payment of £nil (2023: £200,000).

DIRECTORS
The directors who have held office during the period from 1 January 2024 to the date of this report are as follows:

A Woess - resigned 29 November 2024
Bernhard Walker - resigned 1 July 2024
Haziq Bin Zairel Oh - appointed 29 November 2024
Greg William Metcalf - appointed 1 July 2024 - resigned 29 November 2024

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information, being information needed by the auditor in connection with preparing its report, of which the auditor is unaware. Having made enquiries of the group's directors and the group's auditor, the directors have taken all the steps that they are obliged to take as directors in order to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information.

AUDITORS
The auditors, Prime will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Haziq Bin Zairel Oh - Director


12 June 2025

HARPS GLOBAL UK LIMITED (REGISTERED NUMBER: 01954091)

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
FOR THE YEAR ENDED 31 DECEMBER 2024


The directors are responsible for preparing the annual report and the financial statements in accordance with applicable United Kingdom 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 Financial Reporting Standard FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland ("FRS 102"). 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 with section 10 of FRS 102 and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- present information, including accounting policies, in a manner that provides relevant, reliable, comparable and understandable information;
- state whether applicable UK Accounting Standards, including FRS 102, have been followed, subject to any material departures disclosed and explained in the financial statements;
- provide additional disclosures when compliance with the specific requirements in FRS 102 is insufficient to enable users to understand the impact of particular transactions, other events and conditions on the company financial position and financial performance; and
- prepare the financial statements on the going concern basis unless it is appropriate to presume that the company will not 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 company 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.

Under applicable law and regulations, the directors are also responsible for preparing a strategic report, directors' report, that comply with that law and those regulations. The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
HARPS GLOBAL UK LIMITED


Opinion
We have audited the financial statements of HARPS Global UK Limited (the 'company') for the year ended 31 December 2024 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity and 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 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 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 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.

Other information
The director is responsible for the other information. The other information comprises the information in the Report of the Director and the Statement of Director's Responsibilities, 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
HARPS GLOBAL UK LIMITED


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 Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Report of the Director has 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 Report of the Director.

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.
- the directors were not entitled to take advantage of the small companies exemptions in preparing the directors' report and from the requirement to prepare a strategic report.

Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page three, 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 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 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 company or to cease operations, or has no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
HARPS GLOBAL UK LIMITED


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:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the industry sector;
- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation;
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence;

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:
- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions;
- assessed whether judgements and assumptions made in determining accounting estimates were indicative of potential bias; and
- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- agreeing financial statement disclosures to underlying supporting documentation;
- enquiring of management as to actual and potential litigation and claims; and
- reviewing correspondence with HMRC and other relevant parties.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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
HARPS GLOBAL UK 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.




Jeremy Kitson BA FCA (Senior Statutory Auditor)
for and on behalf of Prime
Chartered Accountants
Statutory Auditor
161 Newhall Street
Birmingham
B3 1SW

13 June 2025

HARPS GLOBAL UK LIMITED (REGISTERED NUMBER: 01954091)

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024

Period
1.9.23
Year ended to
31.12.24 31.12.23
Notes £    £   

TURNOVER 589,380 798,398

Administrative expenses 576,124 660,851
OPERATING PROFIT 13,256 137,547


Interest payable and similar expenses 4 - 735
PROFIT BEFORE TAXATION 5 13,256 136,812

Tax on profit 6 2,810 31,932
PROFIT FOR THE FINANCIAL YEAR 10,446 104,880

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

10,446

104,880

HARPS GLOBAL UK LIMITED (REGISTERED NUMBER: 01954091)

STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 8 6,976 3,946

CURRENT ASSETS
Debtors 9 288,838 19,198
Cash at bank 38,823 443,923
327,661 463,121
CREDITORS
Amounts falling due within one year 10 50,687 193,563
NET CURRENT ASSETS 276,974 269,558
TOTAL ASSETS LESS CURRENT
LIABILITIES

283,950

273,504

CAPITAL AND RESERVES
Called up share capital 12 150,000 150,000
Retained earnings 13 133,950 123,504
SHAREHOLDERS' FUNDS 283,950 273,504

The financial statements were approved by the director and authorised for issue on 12 June 2025 and were signed by:





Haziq Bin Zairel Oh - Director


HARPS GLOBAL UK LIMITED (REGISTERED NUMBER: 01954091)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 September 2023 150,000 218,624 368,624

Changes in equity
Dividends - (200,000 ) (200,000 )
Total comprehensive income - 104,880 104,880
Balance at 31 December 2023 150,000 123,504 273,504

Changes in equity
Total comprehensive income - 10,446 10,446
Balance at 31 December 2024 150,000 133,950 283,950

HARPS GLOBAL UK LIMITED (REGISTERED NUMBER: 01954091)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024


1. STATUTORY INFORMATION

HARPS Global UK 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows;
the requirement of paragraph 3.17(d);
the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and
11.48(c);
the requirements of paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirement of paragraph 33.7.

The functional currency of the company is considered to be pounds sterling because that is the currency of the primary economic environment in which the company operates.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with fellow wholly owned subsidiaries.

Turnover
All the revenue is generated in the United Kingdom and primarily represents fees, excluding value added tax, from the Group for arranging sales contracts. The level of fees received from the Group is dependent on the cost of sales support services provided. Revenue is recognised when services are performed on a monthly basis.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Office fixtures, fittings and equipment - 15% on cost

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.


HARPS GLOBAL UK LIMITED (REGISTERED NUMBER: 01954091)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position 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/(received) under operating leases are charged/(credited) to the profit and loss account 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.

3. EMPLOYEES AND DIRECTORS
Period
1.9.23
Year ended to
31.12.24 31.12.23
£    £   
Wages and salaries 308,909 344,255
Social security costs 39,196 40,000
Other pension costs 6,904 11,685
355,009 395,940

The average number of employees during the year was as follows:
Period
1.9.23
Year ended to
31.12.24 31.12.23

Sales 5 6

Period
1.9.23
Year ended to
31.12.24 31.12.23
£    £   
Directors' remuneration - -

HARPS GLOBAL UK LIMITED (REGISTERED NUMBER: 01954091)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


3. EMPLOYEES AND DIRECTORS - continued

The directors during the year did not receive any remuneration for their services as directors of the Company, as these services are considered incidental to their other Group roles.

4. INTEREST PAYABLE AND SIMILAR EXPENSES
Period
1.9.23
Year ended to
31.12.24 31.12.23
£    £   
HMRC interest charged - 735

5. PROFIT BEFORE TAXATION

The profit is stated after charging:

Period
1.9.23
Year ended to
31.12.24 31.12.23
£    £   
Hire of plant and machinery 18,043 23,572
Depreciation - owned assets 1,691 1,440
Auditors' remuneration 16,300 13,179

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
Period
1.9.23
Year ended to
31.12.24 31.12.23
£    £   
Current tax:
UK corporation tax 2,687 32,353
Under provision in prior years 123 (421 )

Tax on profit 2,810 31,932

HARPS GLOBAL UK LIMITED (REGISTERED NUMBER: 01954091)

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 lower than the standard rate of corporation tax in the UK. The difference is explained below:

Period
1.9.23
Year ended to
31.12.24 31.12.23
£    £   
Profit before tax 13,256 136,812
Profit multiplied by the standard rate of corporation tax in the UK of
25% (2023 - 23.520%)

3,314

32,178

Effects of:
Expenses not deductible for tax purposes 995 751
Capital allowances in excess of depreciation (1,621 ) (577 )
Tax under provision in prior years 122 (420 )

Total tax charge 2,810 31,932

7. DIVIDENDS
Period
1.9.23
Year ended to
31.12.24 31.12.23
£    £   
Ordinary shares of £1 each
Interim - 200,000

HARPS GLOBAL UK LIMITED (REGISTERED NUMBER: 01954091)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


8. TANGIBLE FIXED ASSETS
Office
fixtures,
fittings
and
equipment
£   
COST
At 1 January 2024 30,678
Additions 4,721
At 31 December 2024 35,399
DEPRECIATION
At 1 January 2024 26,732
Charge for year 1,691
At 31 December 2024 28,423
NET BOOK VALUE
At 31 December 2024 6,976
At 31 December 2023 3,946

9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Amounts owed by group undertakings 265,790 -
Other debtors 2,795 9,761
Deferred tax asset 5,590 5,590
VAT 11,299 -
Prepayments and accrued income 3,364 3,847
288,838 19,198

The deferred tax asset at the year end relates to timing differences in the claim of capital allowances and is expected to be recoverable on future taxable profits.

10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 651 7,395
Amounts owed to group undertakings - 130,629
Corporation tax 2,687 32,353
Social security and other taxes 6,274 622
Other creditors - 1,797
Accruals 41,075 20,767
50,687 193,563

HARPS GLOBAL UK LIMITED (REGISTERED NUMBER: 01954091)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


11. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 409 17,239
Between one and five years - 409
409 17,648

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
150,000 Ordinary £1 150,000 150,000

13. RESERVES
Retained
earnings
£   

At 1 January 2024 123,504
Profit for the year 10,446
At 31 December 2024 133,950

14. ULTIMATE PARENT COMPANY

The ultimate parent undertaking and controlling party is HARPS Global Pte. Limited which is incorporated in Singapore. No single individual has control of the company. The immediate holding company at the year end was HARPS Investment Asia Pte. Ltd, incorporated in Singapore.

HARPS Global Pte. Limited is the only undertaking of which the company is a member for which group accounts are prepared. Copies of group accounts can be obtained from:

9 Straits View
08-10A Marina One West Tower
018937
Singapore