REGISTERED NUMBER: 13181589 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

HOLBORN ASSETS CORPORATE SERVICES

LIMITED

Page

Balance Sheet

1

Notes to the Financial Statements

2

FIXED ASSETS

Tangible assets

4

13,718

14,101

CURRENT ASSETS

Debtors

5

27,253

15,358

Cash at bank

1,255

2,193

28,508

17,551

CREDITORS

Amounts falling due within one year

6

3,590,595

2,465,206

NET CURRENT LIABILITIES

(3,562,087

)

(2,447,655

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(3,548,369

)

(2,433,554

)

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

(3,548,469

)

(2,433,654

)

(3,548,369

)

(2,433,554

)

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 23 July 2025 and were signed by:

Mr S R Parker - Director

1.	STATUTORY INFORMATION

Holborn Assets Corporate Services Limited is a private company limited by shares, incorporated in England and Wales. The company's registered number is 13181589 and its registered office is 5 Brooklands Place, Sale, Cheshire, M33 3SD.

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The results are for the company as a single entity. The presentation and functional currency of the financial statements is the pound sterling (£).

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 wholly owned subsidiaries within the group.

Critical accounting judgements and key sources of estimation uncertainty

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Accrued costs

Accrued expenditure is estimated by the director at each year end, to ensure that all known liabilities are accounted for in the financial statements.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Computer equipment -33% straight line.

Fixtures & fittings -20% straight line.

All fixed assets are initially recorded at cost. Assets are not depreciated until they are brought into use.

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

At each balance sheet date, the company reviews the carrying amounts of its furniture and equipment to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any.

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. Impairment loss is recognised as an expense immediately.

Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, to the extent that the increased carrying amount does not exceed the carrying amount that would have been determined (net of depreciation) had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised as income immediately.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' of FRS 102 to all of its financial instruments.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets, which include cash and bank balances and other debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method. Financial assets classified as receivable within one year are not amortised.

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 deducting all of its liabilities.

Basic financial liabilities, including other creditors and amounts owed to group undertakings, that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

Financial liabilities are derecognised when, and only when, the company's contractual obligations are discharged, cancelled, or they expire.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Hire purchase and leasing commitments

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

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern

At the balance sheet date, the company made a loss for the period of £1,122,535 (2023: loss £1,143,029), and had net liabilities at that date of £3,556,089 (2023: net liabilities £2,433,554). The company, which provides support services to other group companies, is entirely supported by the parent company, Holborn Assets Limited, Bahamas. Holborn Assets Limited, Bahamas provides the company with sufficient working capital to cover the payment of its expenses. Due to this ongoing support from the parent company, the director considers that the company has access to sufficient working capital to enable it to continue to trade and meet its liabilities as they fall due for at least the next twelve months from the date of approval of the financial statements.

The director is confident that the parent company will continue to fund the company's activities and it is on this basis the going concern basis has been adopted in preparing the financial statements for the year ended 31 December 2024.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 24 (2023 - 25 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 January 2024

14,682

3,554

18,236

Additions

-

3,774

3,774

At 31 December 2024

14,682

7,328

22,010

DEPRECIATION

At 1 January 2024

2,842

1,293

4,135

Charge for year

2,936

1,221

4,157

At 31 December 2024

5,778

2,514

8,292

NET BOOK VALUE

At 31 December 2024

8,904

4,814

13,718

At 31 December 2023

11,840

2,261

14,101

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Other debtors

27,253

15,358

Included within other debtors are prepayments of £12,903 (2023: £1,008).

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade creditors

10,657

-

Amounts owed to group undertakings

3,530,145

2,414,045

Taxation and social security

28,161

24,032

Other creditors

21,632

27,129

3,590,595

2,465,206

Amounts owed to group undertakings are interest free and repayable on demand.

Included within other creditors are accruals of £17,940 (2023: £23,847).

7.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2024

2023

£

£

Within one year

27,300

27,300

Between one and five years

3,413

32,760

30,713

60,060

8.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Karen Dent (Senior Statutory Auditor)

for and on behalf of Harold Sharp Limited

9.	PENSION COMMITMENTS

The company uses NEST to provide retirement benefits for its employees. During the year the company contributed to NEST, a defined contribution pension scheme. At 31 December 2024 outstanding contributions of £3,692 (2023: £3,282) are included within other creditors.

10.	RELATED PARTY DISCLOSURES

During the year the company's parent company, Holborn Assets Limited, transferred £1,116,100 (2023: £1,152,300) to the company to enable the company to pay its employees who work on group activities.

At 31 December 2024 the company owed its parent company, Holborn Assets Limited, £3,530,145 (2023: £2,414,045 ).

11.	ULTIMATE CONTROLLING PARTY

The ultimate parent company is Holborn Assets Limited, a company incorporated in the Bahamas, whose registered office is Suite 205B, Safferey Square, Bank Lane & Bay Street, Nassau, Bahamas.

The ultimate controlling party is Robert Parker, director of Holborn Assets Limited (Bahamas).