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REGISTERED NUMBER: 09301320 (England and Wales)



















Group Strategic Report, Report of the Directors and

Consolidated Financial Statements

for the Year Ended 31st December 2024

for

HALKIN MANAGEMENT COMPANY LTD

HALKIN MANAGEMENT COMPANY LTD (REGISTERED NUMBER: 09301320)






Contents of the Consolidated Financial Statements
for the year ended 31st December 2024




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Statement of Directors' Responsibilities 6

Report of the Independent Auditors 7

Consolidated Statement of Comprehensive Income 10

Consolidated Statement of Financial Position 11

Company Statement of Financial Position 12

Consolidated Statement of Changes in Equity 13

Company Statement of Changes in Equity 14

Consolidated Statement of Cash Flows 15

Notes to the Consolidated Financial Statements 16


HALKIN MANAGEMENT COMPANY LTD

Company Information
for the year ended 31st December 2024







DIRECTORS: M J Kingshott
J D C Morley
J M Kingshott
J R Matthews





REGISTERED OFFICE: 4th Floor
10 Lower Thames Street
London
EC3R 6AF





REGISTERED NUMBER: 09301320 (England and Wales)





AUDITORS: TC Group
Statutory Auditor
Office: Croydon - TC SWP
3rd Floor, Suffolk House
George Street
Croydon
CR0 0YN

HALKIN MANAGEMENT COMPANY LTD (REGISTERED NUMBER: 09301320)

Group Strategic Report
for the year ended 31st December 2024

The directors present their strategic report of the company and the group for the year ended 31st December 2024.

REVIEW OF BUSINESS
Halkin Management Company Limited (the "Company") is the Topco for a group of companies 100% owned and controlled by the Company (the "Group"). The Group reported a pre-tax profit for the year of £794,441 (2023 loss of £1,961,907) and revenues of £26,565,633 (up from 2023 revenues of £16,215,313). The Group has successfully invested in capital improvements post Covid-19 to improve its revenues through increased occupancy and raise licence fee rates for office spaces. The Group, through the Company, expanded its operations in the year taking on two new leases for properties (2023: Two new lease properties) and renegotiated and expanded four existing leases on new lease terms. The new leases have impacted the company's profitability due to the recognition of non-cash rents per the requirements of FRS-102 Section 20, but the Group and the Company still achieved a profit for the year and its cashflows continued to remain stable. The Group, through the Company, refinanced its existing loan via a new provided in November 2024 to finance its continued expansion into 2025.

The Directors are happy with the underlying improvement in the Group and Company's performance in the financial year and are satisfied that the Group and Company is in a stronger financial position than at the end of the previous financial year and continues to have cash reserves to meet its current commitments.

The Group through the Company continues to aim to become a leading provider of serviced office accommodation in London and the surrounding areas. The Directors have agreed a new lease in 2025 to continue the Group and Company's expansion plans and will continue to pursue lease, management and other options for further expansion in the year.

PRINCIPAL RISKS AND UNCERTAINTIES
The Group's financial instruments comprise third-party loans with fixed interest rates, some cash and liquid resources and various items, such as trade debtors and trade creditors, which arise directly from its operations. There are a number of risks and uncertainties which could have an impact on the Group's long-term performance. The Group via the Company has a risk management structure in place to identify, manage and mitigate business risks.

Credit risk
The risk arises from a general economic downturn in the UK which could adversely affect the Group and Company's revenues. The Group and company seeks to mitigate this risk by constantly monitoring its customer profile to ensure that there is no undue reliance on a particular customer or a particular commercial activity. The Group and company has implemented policies that require appropriate credit checks on potential customers before new accounts are accepted. The Company also has a diversified customer base and the requirement for customer deposits and payments in advance on contracts to further minimise exposure to this risk.

Liquidity risk
The Group has a risk in its exposure to movements in the London property market. The Group's leases contain market rent review clauses. If reviews result in increased rents, there is a possibility that there could be a short-term reduction in profitability until increases can be passed onto clients due to contract renewal dates. The Directors consider the company to have sufficient available funds for operations. Financial opportunities, where considered appropriate in the circumstances, would be subject to approval by the board of directors.

Competition risk
The market in which the Company operate is highly competitive and there is a risk that the Group's customers will look to competitors for those services offered. The Group has mitigated this risk by building a strong reputation for service and quality and has a large and diversified customer base.


HALKIN MANAGEMENT COMPANY LTD (REGISTERED NUMBER: 09301320)

Group Strategic Report
for the year ended 31st December 2024

FINANCIAL KEY PERFORMANCE INDICATORS
The Directors use a number of key performance indicators ("KPI's") to assist in measuring the Group's and Company's performance. These include occupancy levels, rental values per desk and per sq ft and EBITDA (Earnings before interest, taxation, depreciation, amortisation and exceptional non-operating costs). The Company has seen an increase in the year in its occupancy, rental values and EBITDA (decrease in 2023) as new spaces commence trading and new properties exceed occupancy targets. The Directors are satisfied with that performance of the Group having generated a positive cashflow from operations and a pre-tax profit of £794,441.

ON BEHALF OF THE BOARD:





M J Kingshott - Director


24th June 2025

HALKIN MANAGEMENT COMPANY LTD (REGISTERED NUMBER: 09301320)

Report of the Directors
for the year ended 31st December 2024

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

PRINCIPAL ACTIVITY
The principal activity of the company and the group continued to be that of the provision and management of shared workspaces and offices that include the necessary infrastructure, services and technology.

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

EVENTS SINCE THE END OF THE YEAR
Information relating to events since the end of the year is given in the notes to the financial statements.

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

M J Kingshott
J D C Morley
J M Kingshott
J R Matthews

INDEMNITY PROVISION
The Directors who held office at the date of approval of this report of the directors confirm that there was no qualifying indemnity provision made by the Group at any time during the financial year.

GOING CONCERN AND FUTURE DEVELOPMENTS
The Group meets its working capital requirements through bank overdrafts, Bank and finance Loans, shareholder loans and retained profits. The Directors prepare annual budgets and multi-year forecasts in order to ensure that the company has sufficient reserves in order to meet its liabilities as they fall due. Budgets and actual results are reviewed quarterly by the Group's Directors to ensure that decisions can be made should deviations occur from the expectations budgeted.

The Directors have reviewed the current and future trading prospects of the Company and the Group and concluded that the going concern basis is appropriate for the presentation of these accounts. In making this assessment the directors have taken the following into consideration:

The Group has seen growth in its pre-existing and new operations through the year and has signed two new leases and renegotiated, and expanded, four pre-existing leases which has increased the size of the Group's portfolio, improved its efficiency as well as improving its cashflow and profitable, the resurgence in the serviced office market has continued through the financial year and is expected to maintain the current level of demand in 2025 subject to the current UK political situation. The shareholders have reconfirmed their commitment to the Group's expansion and ongoing operations and have agreed to provide further funding should it be required to support the Group.

With the significant improvement in trading and the shareholders willingness to support the Group financially, the Directors believe that it is appropriate to adopt the going concern basis of accounting in preparing the financial statements.

The Group has signed one new lease to commence post the financial year of these accounts but prior to this filing to increase the total square foot of office space by approx. 32,000 sqft. The Directors confirm that they are continuing to consider both lease and management opportunities for further expansion of the Group's operations.

DISCLOSURE IN THE STRATEGIC REPORT
The principal risks and uncertainties facing the group and financial key performance indicators have been considered within the Strategic Report.

HALKIN MANAGEMENT COMPANY LTD (REGISTERED NUMBER: 09301320)

Report of the Directors
for the year ended 31st December 2024


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 group'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 group's auditors are aware of that information.

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

ON BEHALF OF THE BOARD:





M J Kingshott - Director


24th June 2025

HALKIN MANAGEMENT COMPANY LTD (REGISTERED NUMBER: 09301320)

Statement of Directors' Responsibilities
for the year ended 31st December 2024

The directors are responsible for preparing the Group 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 the group and of the profit or loss of the group 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Report of the Independent Auditors to the Members of
Halkin Management Company Ltd

Opinion
We have audited the financial statements of Halkin Management Company Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31st December 2024 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows 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 state of the group's and of the parent company affairs as at 31st December 2024 and of the group's loss for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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.

Material uncertainty related 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 group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

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 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.

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 Group 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 Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Halkin Management Company Ltd


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page six, 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 group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent 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. 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.

Extent to which the audit was considered capable of detecting irregularities, including fraud
The objectives of our audit, in respect to fraud, are: to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and its management.

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 framework applicable to the group and the sector in which it operates, through discussions with management and those charged with governance. We identified the financial reporting framework including but not limited to United Kingdom Generally Accepted Accounting Practice and the Companies Act 2006, Data Protection Act 2018, Bribery Act 2010 and tax legislation as being of significance in the context of the group and its ongoing activities.

- We made enquiries with management and those charged with governance along with reviewing board meeting minutes to confirm our understanding that the group continued to comply with the applicable legal and regulatory frameworks, and also to confirm our understanding of the specific policies and procedures enlisted by the group to ensure ongoing compliance.


Report of the Independent Auditors to the Members of
Halkin Management Company Ltd

- We assessed the susceptibility of the group's financial statements to material misstatement, including how fraud may occur, and gained an understanding of the group's policies and procedures on fraud risks through discussion with the group's management.

- We considered the risk of material misstatement due to fraud as a result of possible management override of controls and improper revenue recognition. In addressing this risk of fraud from the above we have tested the appropriateness of journal entries and other adjustments including a sample of manual journals along with testing revenue recognition and confirming that cut-off is appropriate.

- We communicated those laws and regulations considered relevant to the group, and potential fraud risks to all engagement team members, and consider that the engagement team had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations, and remained alert to any indications of fraud throughout the audit.


Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Where the risk was considered to be higher, we performed audit procedures to address each identified fraud risk. These procedures included: testing manual journals; reviewing the financial statement disclosures and testing to supporting documentation; performing analytical procedures; and enquiring of management, and were designed to provide reasonable assurance that the financial statements were free from fraud or error.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

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.

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.




Tim Lindfield (Senior Statutory Auditor)
For and on behalf of TC Group
Statutory Auditor
Office: Croydon - TC SWP
3rd Floor, Suffolk House
George Street
Croydon
CR0 0YN

24th June 2025

HALKIN MANAGEMENT COMPANY LTD (REGISTERED NUMBER: 09301320)

Consolidated
Statement of Comprehensive
Income
for the year ended 31st December 2024

31.12.24 31.12.23
Notes £    £   

REVENUE 4 26,565,633 16,215,313

Cost of sales (1,651,320 ) (979,982 )
GROSS PROFIT 24,914,313 15,235,331

Administrative expenses (24,126,626 ) (17,856,578 )
787,687 (2,621,247 )

Other operating income 75,857 536,382
OPERATING PROFIT/(LOSS) 6 863,544 (2,084,865 )

Profit/loss on sale of operation 7 - 206,370
863,544 (1,878,495 )

Interest receivable and similar income 27,829 8,154
891,373 (1,870,341 )

Interest payable and similar expenses 8 (96,932 ) (91,566 )
PROFIT/(LOSS) BEFORE TAXATION 794,441 (1,961,907 )

Tax on profit/(loss) 9 (1,014,603 ) (354,070 )
LOSS FOR THE FINANCIAL YEAR (220,162 ) (2,315,977 )

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE
YEAR

(220,162

)

(2,315,977

)

Loss attributable to:
Owners of the parent (220,162 ) (2,315,977 )

Total comprehensive income attributable to:
Owners of the parent (220,162 ) (2,315,977 )

HALKIN MANAGEMENT COMPANY LTD (REGISTERED NUMBER: 09301320)

Consolidated Statement of Financial Position
31st December 2024

31.12.24 31.12.23
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 11 7,457,947 3,472,685
Investments 12 - -
7,457,947 3,472,685

CURRENT ASSETS
Debtors 13 10,830,684 5,960,202
Cash at bank and in hand 278,098 151,892
11,108,782 6,112,094
CREDITORS
Amounts falling due within one year 14 12,564,796 9,183,355
NET CURRENT LIABILITIES (1,456,014 ) (3,071,261 )
TOTAL ASSETS LESS CURRENT LIABILITIES 6,001,933 401,424

CREDITORS
Amounts falling due after more than one
year

15

(8,322,205

)

(3,551,512

)

PROVISIONS FOR LIABILITIES 19 (1,447,548 ) (397,570 )
NET LIABILITIES (3,767,820 ) (3,547,658 )

CAPITAL AND RESERVES
Called up share capital 20 157,538 157,538
Share premium 21 1,314,462 1,314,462
Retained earnings 21 (5,239,820 ) (5,019,658 )
SHAREHOLDERS' FUNDS (3,767,820 ) (3,547,658 )

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





M J Kingshott - Director


HALKIN MANAGEMENT COMPANY LTD (REGISTERED NUMBER: 09301320)

Company Statement of Financial Position
31st December 2024

31.12.24 31.12.23
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 11 7,457,947 3,472,685
Investments 12 3 3
7,457,950 3,472,688

CURRENT ASSETS
Debtors 13 10,832,748 5,975,059
Cash at bank 268,614 148,320
11,101,362 6,123,379
CREDITORS
Amounts falling due within one year 14 12,558,380 9,174,197
NET CURRENT LIABILITIES (1,457,018 ) (3,050,818 )
TOTAL ASSETS LESS CURRENT LIABILITIES 6,000,932 421,870

CREDITORS
Amounts falling due after more than one
year

15

(8,322,205

)

(3,551,512

)

PROVISIONS FOR LIABILITIES 19 (1,447,548 ) (397,570 )
NET LIABILITIES (3,768,821 ) (3,527,212 )

CAPITAL AND RESERVES
Called up share capital 20 157,538 157,538
Share premium 1,314,462 1,314,462
Retained earnings (5,240,821 ) (4,999,212 )
SHAREHOLDERS' FUNDS (3,768,821 ) (3,527,212 )

Company's loss for the financial year (241,609 ) (2,555,560 )

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





M J Kingshott - Director


HALKIN MANAGEMENT COMPANY LTD (REGISTERED NUMBER: 09301320)

Consolidated Statement of Changes in Equity
for the year ended 31st December 2024

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   
Balance at 1st January 2023 157,538 (2,703,681 ) 1,314,462 (1,231,681 )

Changes in equity
Total comprehensive income - (2,315,977 ) - (2,315,977 )
Balance at 31st December 2023 157,538 (5,019,658 ) 1,314,462 (3,547,658 )

Changes in equity
Total comprehensive income - (220,162 ) - (220,162 )
Balance at 31st December 2024 157,538 (5,239,820 ) 1,314,462 (3,767,820 )

HALKIN MANAGEMENT COMPANY LTD (REGISTERED NUMBER: 09301320)

Company Statement of Changes in Equity
for the year ended 31st December 2024

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   
Balance at 1st January 2023 157,538 (2,443,652 ) 1,314,462 (971,652 )

Changes in equity
Total comprehensive income - (2,555,560 ) - (2,555,560 )
Balance at 31st December 2023 157,538 (4,999,212 ) 1,314,462 (3,527,212 )

Changes in equity
Total comprehensive income - (241,609 ) - (241,609 )
Balance at 31st December 2024 157,538 (5,240,821 ) 1,314,462 (3,768,821 )

HALKIN MANAGEMENT COMPANY LTD (REGISTERED NUMBER: 09301320)

Consolidated Statement of Cash Flows
for the year ended 31st December 2024

31.12.24 31.12.23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 26 2,948,768 1,022,768
Interest paid (96,932 ) (91,566 )
Tax paid 35,375 -
Net cash from operating activities 2,887,211 931,202

Cash flows from investing activities
Purchase of tangible fixed assets (4,922,167 ) (1,315,444 )
Sale of tangible fixed assets - 261,476
Sale of fixed asset investments - 2,816
Interest received 27,829 8,154
Net cash from investing activities (4,894,338 ) (1,042,998 )

Cash flows from financing activities
New loans in year 3,200,000 -
Loan repayments in year (1,066,667 ) (400,000 )
Net cash from financing activities 2,133,333 (400,000 )

Increase/(decrease) in cash and cash equivalents 126,206 (511,796 )
Cash and cash equivalents at beginning of
year

27

151,892

663,688

Cash and cash equivalents at end of year 27 278,098 151,892

HALKIN MANAGEMENT COMPANY LTD (REGISTERED NUMBER: 09301320)

Notes to the Consolidated Financial Statements
for the year ended 31st December 2024

1. STATUTORY INFORMATION

The company 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 principal activity of the company and the group continued to be that of the provision and management of shared workspaces and offices that include the necessary infrastructure, services and technology.

The financial statements have been prepared in sterling, the functional currency of the company, and monetary amounts in these financial statements have been rounded to the nearest £.

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.

Going concern
The Group meets its working capital requirements through bank overdrafts, Bank and finance Loans, shareholder loans and retained profits. The Directors prepare annual budgets and multi-year forecasts in order to ensure that the company has sufficient reserves in order to meet its liabilities as they fall due. Budgets and actual results are reviewed quarterly by the Group's Directors to ensure that decisions can be made should deviations occur from the expectations budgeted.

The Directors have reviewed the current and future trading prospects of the Company and the Group and concluded that the going concern basis is appropriate for the presentation of these accounts. In making this assessment the directors have taken the following into consideration:

The Group has seen growth in its pre-existing and new operations through the year and has signed two new leases and renegotiated, and expanded, four pre-existing leases which has increased the size of the Group's portfolio, improved its efficiency as well as improving its cashflow and profitable, the resurgence in the serviced office market has continued through the financial year and is expected to maintain the current level of demand in 2025 subject to the current UK political situation. The shareholders have reconfirmed their commitment to the Group's expansion and ongoing operations and have agreed to provide further funding should it be required to support the Group.

With the significant improvement in trading and the shareholders willingness to support the Group financially, the Directors believe that it is appropriate to adopt the going concern basis of accounting in preparing the financial statements.

The Group has signed one new lease to commence post the financial year of these accounts but prior to this filing to increase the total square foot of office space by approx. 32,000 sqft. The Directors confirm that they are continuing to consider both lease and management opportunities for further expansion of the Group's operations.

HALKIN MANAGEMENT COMPANY LTD (REGISTERED NUMBER: 09301320)

Notes to the Consolidated Financial Statements - continued
for the year ended 31st December 2024

2. ACCOUNTING POLICIES - continued

Basis of consolidation
The consolidated financial statements present the results of Halkin Management Company Limited and all of its subsidiary undertakings up to 31 December each year. Intercompany transactions and balances between group companies are therefore eliminated in full.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

Where a subsidiary has different accounting policies from the group, adjustments are made to those subsidiary financial statements to apply the group's accounting policies when preparing the consolidated financial statements.

Turnover
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Items of income are recognised and included in the accounts when all of the following criteria are met:

a) The group has entitlement to the funds;
b) Any performance conditions attached to the items of income have been met or are fully within the control of the group and
c) There is sufficient certainty that receipt of the income is considered probable and measured reliably.

Specific accounting policies for income recognition are as follows:

Rental income is recognised over the course of the rental term.

Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight line method. Depreciation is charged on the following basis:

Improvements to property - over the length of the lease
Fixtures and fittings - 20% on cost or over the length of the lease
Computer equipment - 33% on cost or over the length of the lease

Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Consolidated Statement of Income and Retained Earnings.

HALKIN MANAGEMENT COMPANY LTD (REGISTERED NUMBER: 09301320)

Notes to the Consolidated Financial Statements - continued
for the year ended 31st December 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
The group only enters into basic financial instruments that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors.

Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Consolidated Statement of Income and Retained Earnings.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate of the recoverable amount, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the balance sheet date.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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.

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.

Operating leases
Rentals paid under operating leases are charged to the Consolidated Statement of Comprehensive Income on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the group pay fixed contributions into a separate entity. Once the contributions have been paid, the group has no further payment obligations. The contributions are recognised as an expense in the Consolidated Statement of Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from those of the group in independently administered funds.

HALKIN MANAGEMENT COMPANY LTD (REGISTERED NUMBER: 09301320)

Notes to the Consolidated Financial Statements - continued
for the year ended 31st December 2024

2. ACCOUNTING POLICIES - continued

Investments
Fixed asset investments include investments in subsidiaries and non-controlling interests. All fixed asset investments are measured at cost less accumulated impairment.

Debtors
Short term debtors are measured at transaction price, less any impairment.

Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on
notice of not more than 24 hours.

Creditors
Short term creditors are measured at the transaction price.

3. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In applying the group's accounting policies, the directors are required to make judgements, estimates and assumptions in determining the carrying value of assets and liabilities. The directors' judgement, estimates and assumptions are based on the best and most reliable evidence at the time when the decisions are made and are based on historical experience and other factors that are considered to be applicable. Due to the inherent sensitivity involved in making judgements, estimates and assumptions, the actual results and outcomes may differ.

The estimates and underlying assumptions are reviewed on an ongoing basis. Any revisions to accounting estimates are recognised prospectively.

In assessing whether there have been any indicators of impairment to assets, the directors consider both external and internal sources of information such as market conditions and experience of recoverability and establishes a provision for receivables that are estimated not to be recoverable.

Determining residual values and useful economic lives of property, plant and equipment
The group depreciates tangible assets over their estimated useful lives. The estimation of the useful lives of assets is based on historic performance as well as expectations about future use and therefore requires estimates and assumptions to be applied by management. The actual lives of these assets can vary depending on a variety of factors, including technical innovation, product life cycles and maintenance programmes.

4. REVENUE

The whole of turnover in the year and in the prior year is attributable to the group's principal activity. All turnover in the year and in the prior year arose within the United Kingdom.

5. EMPLOYEES AND DIRECTORS
31.12.24 31.12.23
£    £   
Wages and salaries 1,957,738 1,760,987
Social security costs 266,704 215,646
Other pension costs 58,354 52,920
2,282,796 2,029,553

HALKIN MANAGEMENT COMPANY LTD (REGISTERED NUMBER: 09301320)

Notes to the Consolidated Financial Statements - continued
for the year ended 31st December 2024

5. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
31.12.24 31.12.23

Directors 2 2
Operations 44 37
46 39

31.12.24 31.12.23
£    £   
Directors' remuneration 278,500 187,467
Directors' pension contributions to money purchase schemes 12,425 8,873

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 2 2

Information regarding the highest paid director for the year ended 31st December 2024 is as follows:
31.12.24
£   
Emoluments etc 145,500
Pension contributions to money purchase schemes 6,275

6. OPERATING PROFIT/(LOSS)

The operating profit (2023 - operating loss) is stated after charging/(crediting):

31.12.24 31.12.23
£    £   
Hire of plant and machinery 66,766 91,439
Other operating leases 11,113,988 8,291,735
Depreciation - owned assets 936,905 672,908
Profit on disposal of fixed assets - (168,940 )
Auditors' remuneration 16,950 12,900
Auditors' remuneration for non-audit work 6,004 3,555

7. EXCEPTIONAL ITEMS
31.12.24 31.12.23
£    £   
Profit/loss on sale of operation - 206,370

The balance in the year ended 2023 relates to the net liabilities included within the group accounts at the point when Hanover Square Offices Limited (a subsidiary company) went into liquidation.

HALKIN MANAGEMENT COMPANY LTD (REGISTERED NUMBER: 09301320)

Notes to the Consolidated Financial Statements - continued
for the year ended 31st December 2024

8. INTEREST PAYABLE AND SIMILAR EXPENSES
31.12.24 31.12.23
£    £   
Loan interest 96,932 91,566

9. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.12.24 31.12.23
£    £   
Current tax:
UK corporation tax (35,375 ) -

Deferred tax 1,049,978 354,070
Tax on profit/(loss) 1,014,603 354,070

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:

31.12.24 31.12.23
£    £   
Profit/(loss) before tax 794,441 (1,961,907 )
Profit/(loss) multiplied by the standard rate of corporation tax in the UK
of 25 % (2023 - 25 %)

198,610

(490,477

)

Effects of:
Expenses not deductible for tax purposes 95,514 40,563
Income not taxable for tax purposes - (42,235 )
Capital allowances in excess of depreciation (847,047 ) (579,947 )
Utilisation of tax losses (4,905 ) (3,233 )
Adjustments to tax charge in respect of previous periods 17,923 -
Unrelieved tax losses carried forward 505,577 1,129,004
Other movements (1,047 ) (53,675 )

Movement on deferred tax 1,049,978 354,070
Total tax charge 1,014,603 354,070

10. INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements.


HALKIN MANAGEMENT COMPANY LTD (REGISTERED NUMBER: 09301320)

Notes to the Consolidated Financial Statements - continued
for the year ended 31st December 2024

11. PROPERTY, PLANT AND EQUIPMENT

Group
Improvements Fixtures
to and Computer
property fittings equipment Totals
£    £    £    £   
COST
At 1st January 2024 3,789,997 2,007,649 724,734 6,522,380
Additions 3,691,116 976,869 254,182 4,922,167
At 31st December 2024 7,481,113 2,984,518 978,916 11,444,547
DEPRECIATION
At 1st January 2024 1,043,710 1,488,682 517,303 3,049,695
Charge for year 682,808 156,296 97,801 936,905
At 31st December 2024 1,726,518 1,644,978 615,104 3,986,600
NET BOOK VALUE
At 31st December 2024 5,754,595 1,339,540 363,812 7,457,947
At 31st December 2023 2,746,287 518,967 207,431 3,472,685

Company
Improvements Fixtures
to and Computer
property fittings equipment Totals
£    £    £    £   
COST
At 1st January 2024 3,789,997 2,007,649 724,734 6,522,380
Additions 3,691,116 976,869 254,182 4,922,167
At 31st December 2024 7,481,113 2,984,518 978,916 11,444,547
DEPRECIATION
At 1st January 2024 1,043,710 1,488,682 517,303 3,049,695
Charge for year 682,808 156,296 97,801 936,905
At 31st December 2024 1,726,518 1,644,978 615,104 3,986,600
NET BOOK VALUE
At 31st December 2024 5,754,595 1,339,540 363,812 7,457,947
At 31st December 2023 2,746,287 518,967 207,431 3,472,685

HALKIN MANAGEMENT COMPANY LTD (REGISTERED NUMBER: 09301320)

Notes to the Consolidated Financial Statements - continued
for the year ended 31st December 2024

12. FIXED ASSET INVESTMENTS

Company
Unlisted
investments
£   
COST
At 1st January 2024
and 31st December 2024 3
NET BOOK VALUE
At 31st December 2024 3
At 31st December 2023 3

The group or the company's investments at the Statement of Financial Position date in the share capital of companies include the following:

Subsidiaries


Name
Country of
Incorporation
Class of
Shares

Holding

Principal Activity
Brook Street Offices Limited England & Wales Ordinary 100% Dormant
Junction Properties Limited England & Wales Ordinary 100% Dormant
Hanover Square Offices Limited England & Wales Ordinary 100% In liquidation
Graphite Square Offices Limited England & Wales Ordinary 100% Dormant
Halkin Virtual Offices Limited England & Wales Ordinary 100% Property management

The registered office of all subsidiary companies is: 4th Floor, 10 Lower Thames Street, London, England, EC3R 6AF.






13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31.12.24 31.12.23 31.12.24 31.12.23
£    £    £    £   
Trade debtors 411,088 458,022 407,655 455,960
Amounts owed by group undertakings - - 6,704 18,411
Other debtors 37,382 7,826 37,072 7,730
Prepayments and accrued income 8,108,497 4,489,235 8,107,600 4,487,839
Rent deposits 2,273,717 1,005,119 2,273,717 1,005,119
10,830,684 5,960,202 10,832,748 5,975,059

HALKIN MANAGEMENT COMPANY LTD (REGISTERED NUMBER: 09301320)

Notes to the Consolidated Financial Statements - continued
for the year ended 31st December 2024

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31.12.24 31.12.23 31.12.24 31.12.23
£    £    £    £   
Bank loans and overdrafts (see note 16) 400,000 400,000 400,000 400,000
Trade creditors 5,533,239 4,252,196 5,530,175 4,252,173
Amounts owed to group undertakings - - 1,001 1,001
Social security and other taxes 83,086 79,767 83,086 79,767
VAT 362,264 161,311 365,261 158,139
Other creditors 5,611,446 3,923,045 5,611,446 3,923,045
Accruals and deferred income 574,761 367,036 567,411 360,072
12,564,796 9,183,355 12,558,380 9,174,197

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group Company
31.12.24 31.12.23 31.12.24 31.12.23
£    £    £    £   
Bank loans (see note 16) 2,800,000 666,667 2,800,000 666,667
Accruals and deferred income 5,522,205 2,884,845 5,522,205 2,884,845
8,322,205 3,551,512 8,322,205 3,551,512

Accruals includes £5,522,205 (2023: £2,884,845) in respect of a rent free period provided to the company on taking up a lease. This will released to the profit and loss account over the length of the lease in line with standard accounting practice.

16. LOANS

An analysis of the maturity of loans is given below:

Group Company
31.12.24 31.12.23 31.12.24 31.12.23
£    £    £    £   
Amounts falling due within one year or on demand:
Bank loans 400,000 400,000 400,000 400,000
Amounts falling due between one and two years:
Bank loans - 1-2 years 400,000 400,000 400,000 400,000
Amounts falling due between two and five years:
Bank loans - 2-5 years 2,400,000 266,667 2,400,000 266,667

The loan is provided by FDC General Partner Limited and is secured by way of a fixed and floating charge over the assets of the company. The loan bears interest at 9% p.a. and is repayable by 31 December 2029.

HALKIN MANAGEMENT COMPANY LTD (REGISTERED NUMBER: 09301320)

Notes to the Consolidated Financial Statements - continued
for the year ended 31st December 2024

17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Non-cancellable operating leases
31.12.24 31.12.23
£    £   
Within one year 13,522,965 7,040,293
Between one and five years 56,024,142 22,623,830
In more than five years 92,125,763 38,093,608
161,672,870 67,757,731

Company
Non-cancellable operating leases
31.12.24 31.12.23
£    £   
Within one year 13,522,965 7,040,293
Between one and five years 56,024,142 22,623,830
In more than five years 92,125,763 38,093,608
161,672,870 67,757,731

HALKIN MANAGEMENT COMPANY LTD (REGISTERED NUMBER: 09301320)

Notes to the Consolidated Financial Statements - continued
for the year ended 31st December 2024

18. FINANCIAL INSTRUMENTS


Group Company
31.12.24 31.12.23 31.12.24 31.12.23
£ £ £ £
Financial assets
Financial assets measured at fair
value through profit or loss

278,098


151,892


268,614


148,320

Financial assets that are debt
instruments measured at
amortised cost


510,167




762,950




513,128




779,203
788,265 914,842 781,742 927,523

Financial liabilities
Financial liabilities measured at
amortised cost

14,623,406


9,328,139


14,615,513


9,329,117

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

Financial assets measured at amortised cost comprise trade debtors, amounts due from related undertakings, other debtors and accrued income.

Financial liabilities measured at amortised cost include bank facilities, trade creditors, other creditors, amounts owed to related undertakings and accruals.

19. PROVISIONS FOR LIABILITIES

Group Company
31.12.24 31.12.23 31.12.24 31.12.23
£    £    £    £   
Deferred tax
Accelerated capital allowances 1,447,548 397,570 1,447,548 397,570

Group
Deferred
tax
£   
Balance at 1st January 2024 397,570
Charge to Statement of Comprehensive Income during year 1,049,978
Balance at 31st December 2024 1,447,548

HALKIN MANAGEMENT COMPANY LTD (REGISTERED NUMBER: 09301320)

Notes to the Consolidated Financial Statements - continued
for the year ended 31st December 2024

19. PROVISIONS FOR LIABILITIES - continued

Company
Deferred
tax
£   
Balance at 1st January 2024 397,570
Charge to Statement of Comprehensive Income during year 1,049,978
Balance at 31st December 2024 1,447,548

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.24 31.12.23
value: £    £   
157,538 Ordinary £1 157,538 157,538

There is a single class of ordinary share. There are no restrictions on the distribution of dividends or the repayment of capital.

21. RESERVES

Group
Retained Share
earnings premium Totals
£    £    £   

At 1st January 2024 (5,019,658 ) 1,314,462 (3,705,196 )
Deficit for the year (220,162 ) (220,162 )
At 31st December 2024 (5,239,820 ) 1,314,462 (3,925,358 )

Company
Retained Share
earnings premium Totals
£    £    £   

At 1st January 2024 (4,999,212 ) 1,314,462 (3,684,750 )
Deficit for the year (241,609 ) (241,609 )
At 31st December 2024 (5,240,821 ) 1,314,462 (3,926,359 )


22. PENSION COMMITMENTS

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independent administered fund. The pension cost charge represents contributions payable by the company to fund and amounted to £58,354 (2023 - £52,920). Contributions totalling £8,296 (2023 - £10,659) were payable to the fund at the balance sheet date and are included within creditors.

HALKIN MANAGEMENT COMPANY LTD (REGISTERED NUMBER: 09301320)

Notes to the Consolidated Financial Statements - continued
for the year ended 31st December 2024

23. RELATED PARTY DISCLOSURES

No disclosure has been made of transactions with the company's wholly owned subsidiaries in accordance with FRS 102 Section 33 Paragraph 33.1A. Detailed of related party transactions are described below:

During the year the group recharged a total of £426,692 for shared staff and general running costs (2023 - £1,025,655) and incurred capital and operating expenditure of £4,343,964 (2023 - £3,773,276) to companies under common control. At the balance sheet date, a total of £37,019 (2023 - £388,698) remained outstanding from these companies to the group and a total of £680,626 (2023 - £597,591) remained outstanding from the group to these companies.

During the year the group incurred operating expenditure of £nil (2023 - £5,000) to entities that provided key management personnel services. At the balance sheet date, a total of £nil (2023 - £nil) remained outstanding from these entities to the group.

24. EVENTS AFTER THE REPORTING PERIOD

The Group has signed one new lease to commence post the financial year of these accounts but prior to this filing to increase the total square foot of office space by approx. 32,000 sqft. The Directors confirm that they are continuing to consider both lease and management opportunities for further expansion of the Group's operations.

25. ULTIMATE CONTROLLING PARTY

At the balance sheet date, in the view of the directors there is no overall controlling party.

26. RECONCILIATION OF PROFIT/(LOSS) BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

31.12.24 31.12.23
£    £   
Profit/(loss) before taxation 794,441 (1,961,907 )
Depreciation charges 936,905 672,908
Profit on disposal of fixed assets - (168,940 )
Finance costs 96,932 91,566
Finance income (27,829 ) (8,154 )
1,800,449 (1,374,527 )
Increase in trade and other debtors (4,870,482 ) (1,246,560 )
Increase in trade and other creditors 6,018,801 3,643,855
Cash generated from operations 2,948,768 1,022,768

HALKIN MANAGEMENT COMPANY LTD (REGISTERED NUMBER: 09301320)

Notes to the Consolidated Financial Statements - continued
for the year ended 31st December 2024

27. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31st December 2024
31.12.24 1.1.24
£    £   
Cash and cash equivalents 278,098 151,892
Year ended 31st December 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 151,892 663,688


28. ANALYSIS OF CHANGES IN NET DEBT

At 1.1.24 Cash flow At 31.12.24
£    £    £   
Net cash
Cash at bank and in hand 151,892 126,206 278,098
151,892 126,206 278,098
Debt
Debts falling due within 1 year (400,000 ) - (400,000 )
Debts falling due after 1 year (666,667 ) (2,133,333 ) (2,800,000 )
(1,066,667 ) (2,133,333 ) (3,200,000 )
Total (914,775 ) (2,007,127 ) (2,921,902 )