Company registration number: 11078584
COMPANY INFORMATION
CONTENTS
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
Introduction
The director presents her strategic report of the company and the group for the year ended 31 December 2024.
The director presents her strategic report of the company and the group for the year ended 31 December 2024.
The company is a non-trading holding company. The group trades as an international art services business. The principal trading activities involve working with leading artists and estates across publishing, print-making, digital, film and art research and sale of non fungible tokens.
Group turnover for the period was £34.7m (2023: £31.4m), gross profit was £20.2m (2023: £15.9m), and the average number of employees was 174 (2023: 192). The group loss of £1.3m (2023: loss of £3.4m) is indicative of the underlying performance of the group.
The group's current ratio for the year was 1.27 which is an improvement from 1.15 in 2023. Debt to equity ratio for the year was 2.17 down from 2.3 in 2023.
The number of employees decreased from 192 in 2023 to 174 in 2024 reflecting the group’s continued drive in operational efficiencies.
The group continues to keep abreast of trends within the art industry as well as changes in the macroeconomic environment, whilst maintaining an understanding of client and customer requirements through regular contact and discussion. The group acknowledges that to achieve its goals, it needs to develop and foster key relationships with its existing artists, as well as new ones where it is a right fit for our business, to build on both the group’s reputation and the artists long term success. The group and its staff work closely with artists in developing their styles and portfolios. Artists and other suppliers are often long standing, have regular reviews with key members of staff and enjoy trading terms and relationships appropriate to both parties.
Group turnover for the period was £34.7m (2023: £31.4m), gross profit was £20.2m (2023: £15.9m), and the average number of employees was 174 (2023: 192). The group loss of £1.3m (2023: loss of £3.4m) is indicative of the underlying performance of the group.
The group's current ratio for the year was 1.27 which is an improvement from 1.15 in 2023. Debt to equity ratio for the year was 2.17 down from 2.3 in 2023.
The number of employees decreased from 192 in 2023 to 174 in 2024 reflecting the group’s continued drive in operational efficiencies.
The group continues to keep abreast of trends within the art industry as well as changes in the macroeconomic environment, whilst maintaining an understanding of client and customer requirements through regular contact and discussion. The group acknowledges that to achieve its goals, it needs to develop and foster key relationships with its existing artists, as well as new ones where it is a right fit for our business, to build on both the group’s reputation and the artists long term success. The group and its staff work closely with artists in developing their styles and portfolios. Artists and other suppliers are often long standing, have regular reviews with key members of staff and enjoy trading terms and relationships appropriate to both parties.
The principal risks and uncertainties faced by the group are:
Foreign Currency Risk
The group's activities expose it to the financial risk of changes in foreign currency, principally the US dollar and Euro. The group manages the risk by using appropriate hedging techniques.
Liquidity Risk
The group monitors cash as part of its day-to-day control procedures. The group does not use derivative financial instruments for speculative purposes.
Credit Risk
The group's credit risk is primarily due to trade receivables.
Foreign Currency Risk
The group's activities expose it to the financial risk of changes in foreign currency, principally the US dollar and Euro. The group manages the risk by using appropriate hedging techniques.
Liquidity Risk
The group monitors cash as part of its day-to-day control procedures. The group does not use derivative financial instruments for speculative purposes.
Credit Risk
The group's credit risk is primarily due to trade receivables.
The directors expect the company to continue as a non-trading holding company, and the group to continue to trade as an international art services business, for the foreseeable future. The group continues to seek improvements in operational efficiency and effective cost management.
Page 1
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors use both financial and non-financial performance indicators to monitor the group's position.
The key financial performance indicators are sales of £34.7m (2023: £31.4m) and gross profit of £20.2m (2023: £15.9m).
The key non-financial performance indicators are artist and stakeholder relationships.
The directors are of the belief that the monitoring of the above-mentioned indicators is an effective aspect of business performance review.
The key financial performance indicators are sales of £34.7m (2023: £31.4m) and gross profit of £20.2m (2023: £15.9m).
The key non-financial performance indicators are artist and stakeholder relationships.
The directors are of the belief that the monitoring of the above-mentioned indicators is an effective aspect of business performance review.
This report was approved by the board and signed on its behalf.
Page 2
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The director presents her report and the financial statements for the year ended 31 December 2024.
The director is responsible for preparing the Group Strategic Report, the Director's Report and the consolidated financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the director is required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.
The director is 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 the Group and to enable her to ensure that the financial statements comply with the Companies Act 2006. She is 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.
The loss for the year, after taxation, amounted to £1,270,103 (2023 - loss £3,480,916).
Interim dividends of £1,300,000 were paid in the year (2023: £900,000). The director recommends that no final dividend be paid.
The director who served during the year was:
The director expect the group to continue to trade as an international art services business for the foreseeable future. The group continues to seek improvements in operational efficiency and effective cost management.
There have been no significant events affecting the Group since the year end.
Page 3
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The auditor, Menzies LLP will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
Page 4
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HENI HOLDINGS LIMITED
We have audited the financial statements of Heni Holdings Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2024, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
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 Group's or 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 director with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The director is 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.
Page 5
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HENI HOLDINGS LIMITED (CONTINUED)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group Strategic Report and the Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Group Strategic Report and the Director's Report have been prepared in accordance with applicable legal requirements.
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 Director's Report.
Page 6
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HENI HOLDINGS LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
The Group is subject to laws and regulations that directly affect the financial statements including financial reporting legislation. We determined that the following laws and regulations were most significant including:
∙Companies Act 2006;
∙UK tax legislation; and
∙Financial Reporting Standard 102
We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.
We understood how the Group is complying with those legal and regulatory frameworks by making inquiries to management and those responsible for legal and compliance procedures. We corroborated our inquiries through our review of board minutes.
The engagement partner assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations. No issues were identified in this area.
We assessed the susceptibility of the group's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included.
∙Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;
∙Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;
∙Challenging assumptions and judgements made by management in the application of accounting estimates; and
∙Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations.
As a result of the above procedures, we considered the opportunities and incentives that may exist within the organisation
for fraud and identified the greatest potential for fraud in the following areas:
for fraud and identified the greatest potential for fraud in the following areas:
∙The posting of unusual journals and complex transactions; or
∙The judgement of the accounting estimate relating to intangible assets; or
∙The use of management override of controls to manipulate results, or to cause the Group to enter into transactions
not in its best interests.
not in its best interests.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's Report.
Page 7
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HENI HOLDINGS LIMITED (CONTINUED)
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditor's Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditor
4th Floor
95 Gresham Street
EC2V 7AB
Page 8
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 9
CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 18 to 40 form part of these financial statements.
Page 10
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 18 to 40 form part of these financial statements.
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 12
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
Page 13
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 14
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 15
CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 16
CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 17
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Heni Holdings 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 company's principal place of business address is 29-35 Lexington Street, London, W1F 9AH.
The presentation currency of the financial statements is the Pound Sterling (£).
The presentation currency of the financial statements is the Pound Sterling (£).
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.
The following principal accounting policies have been applied:
The group financial statements consolidate the financial statements of Heni Holdings Limited and all its subsidiary undertakings drawn up to 31 December each year. No profit and loss account is presented for Heni Holdings Limited as permitted by section 408 of the Companies Act 2006.
Subsidiaries are consolidated from the date of their acquisition, being the date on which the Group obtains control and continue to be consolidated until the date that such control ceases. Control comprises the power to govern the financial and operating policies of the investee so as to obtain benefit from its activities.
Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used in line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
The group made a loss after taxation for the year of £1.3m (2023: loss of £3.5m). The group have prepared cashflow projections for a period of twelve months subsequent to the date of signing the financial statements and these show significant cash reserves throughout the period.
Furthermore, the main funder of the group has confirmed that they will continue to fund the group and will not call in any debt in the foreseeable future.
On this basis, the director considers that the financial resources available to the group are adequate to meet its operational needs for the foreseeable future. Accordingly, the going concern basis has been adopted in preparing the financial statements.
Furthermore, the main funder of the group has confirmed that they will continue to fund the group and will not call in any debt in the foreseeable future.
On this basis, the director considers that the financial resources available to the group are adequate to meet its operational needs for the foreseeable future. Accordingly, the going concern basis has been adopted in preparing the financial statements.
Page 18
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet 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.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Page 20
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Goodwill
Goodwill, in one of the UK subsidiary companies, is being amortised evenly over its estimated useful life of ten years.
Goodwill, in one of the foreign subsidiary companies, is being amortised evenly over its estimated useful life of fifteen years.
Positive goodwill acquired on each business combination is capitalised, classified as an asset on the statement of financial position and amortised on a straight line basis over its useful life.
Goodwill acquired in a business combination is, from the acquisition date, allocated to each cash generating unit that is expected to benefit from the synergies of the combination.
If a subsidiary, associate or business is subsequently sold or discontinued, any goodwill arising on acquisition that has not been amortised through the profit and loss account is taken into account in determining the profit or loss on sale or discontinuance.
Other intangible assets
Cryptocurrency is initially recognised at cost. After recognition, under the cost model, cryptocurrency is measured at cost less any accumulated impairment losses.
Patents and licences are amortised evenly over their estimated useful life of ten years.
Website development costs are being amortised evenly over their useful life of ten years.
Film production costs is being amortised evenly over its useful life of three years.
No amortisation is provided in respect of patent costs that are still in the process of registration.
No amortisation is provided on Non Fungibles Tokens and cryptocurrency.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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 provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Assets under construction are stated at cost. These assets are not depreciated until they are available for use and are reviewed for impairment at each reporting date.
Assets under construction are stated at cost. These assets are not depreciated until they are available for use and are reviewed for impairment at each reporting date.
The assets and liabilities of foreign subsidiaries are translated from the foreign subsidiary's functional currency to the Group's reporting currency, GBP, at foreign exchange rates prevailing at the balance sheet date. Revenues and expenses of foreign subsidiaries are translated to GBP at average rates that approximate the foreign exchange rates prevailing at each of the transaction dates. Translation differences arising from the translation of the net investment in foreign subsidiaries are recognised in other comprehensive income.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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 entity after deducting all of its financial liabilities.
Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Financial costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.
Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
Page 23
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The areas of judgement and estimates applied by the directors are not considered sufficiently significant to require disclosure in these financial statements.
Critical Judgements
Management conducts a quarterly review of receivables to assess their recoverability. This process involves evaluating whether there is evidence of a significant change in the debtor's ability to meet payment obligations or notable shifts in the market conditions affecting the debtor's operations.
Inventory, intangible assets, property, plant and equipment, investments in subsidiaries and unlisted investments are assessed for impairment whenever there is objective evidence or an indication of potential impairment. Management routinely evaluates the value in use of these assets to identify any impairment or changes in their useful lives. Where necessary, management adjusts depreciation charges, makes provisions for impairment or writes off assets as deemed appropriate.
Analysis of turnover by country of destination:
Page 24
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 25
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 26
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 27
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 28
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Page 29
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Page 30
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
14.Tangible fixed assets (continued)
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Page 31
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Page 32
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Page 33
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 34
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 35
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Included in other loans payable at the year end of £8,173,442 (2023: £9,539,027) is a loan of £420,980 (2023: £420,980) which is secured by a first legal charge over some of the Edition stocks held by a group company.
Page 36
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 37
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Page 38
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Profit and loss account
Page 39
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 40