Honey Badger Capital Ltd Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 09076309

Honey Badger Capital Ltd

Filleted Financial Statements

31 March 2025

Honey Badger Capital Ltd

Financial Statements

Period from 1 January 2024 to 31 March 2025

Contents	Page

Officers and professional advisers	1

Statement of financial position	2

Notes to the financial statements	3

Honey Badger Capital Ltd

Officers and Professional Advisers

The board of directors	F Travella
	L Duhourcau
	R Lavault

Registered office	727 - 729 High Road
	London
	N12 0BP

Auditor	MHA
	Chartered Accountants & statutory auditor
	6th Floor
	2 London Wall Place
	London
	EC2Y 5AU

Honey Badger Capital Ltd

Statement of Financial Position

31 March 2025

	31 Mar 25	31 Dec 23
Note	€	€

Fixed assets

Investments	4	900,390	900,390

Current assets

Debtors	5	20,347	101,723
Cash at bank and in hand		87,367	92,332
		---------	---------
		107,714	194,055

Creditors: amounts falling due within one year	6	14,608,800	14,710,324
		-------------	-------------
Net current liabilities		14,501,086	14,516,269
		-------------	-------------
Total assets less current liabilities		( 13,600,696)	( 13,615,879)
		-------------	-------------
Net liabilities		( 13,600,696)	( 13,615,879)
		-------------	-------------

Capital and reserves

Called up share capital	2	2
Share premium account	2,946,081	2,946,081
Profit and loss account	( 16,546,779)	( 16,561,962)
	-------------	-------------
Shareholders funds	( 13,600,696)	( 13,615,879)
	-------------	-------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements were approved by the board of directors and authorised for issue on 22 December 2025 , and are signed on behalf of the board by:

L Duhourcau	R Lavault
Director	Director

Company registration number: 09076309

Honey Badger Capital Ltd

Notes to the Financial Statements

Period from 1 January 2024 to 31 March 2025

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 727 - 729 High Road, London, N12 0BP.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis. The financial statements are prepared in Euros, which is the functional currency of the entity.

Convertible loan notes

The convertible loan notes issued are considered to be financial liabilities (loans). At the date of issue these are included in the balance sheet as liabilities.

On conversion of the loan notes to equity, the difference between the nominal value of the equity issued and the contracted conversion price is credited to the share premium account.

Going concern

The financial statements have been prepared on a going concern basis, which assumes that the Company is able to meet its liabilities as they fall due. In our opinion, on the basis of information and enquiries that are pertinent to the company's circumstances and which we believe to be adequate, it is appropriate to continue to treat the company as a going concern. In particular we believe that adequate cash resources will be available to cover the company's requirements for working capital for at least twelve months from the date of signing the financial statements.

Cash and cash equivalents

Cash and cash equivalents comprise bank balances including cash pool assets, cash on hand, deposits held at call with banks and other short-term highly liquid investments. There are no restrictions placed upon cash and cash equivalents.

Consolidation

The company and it's subsidiary undertaking comprise a small group and the directors have come to the decision that consolidated accounts will be produced despite being a small group with exemptions available to not produce consolidated accounts.

Revenue recognition

Turnover represents amounts receivable for services net of VAT and trade discounts. Where a service is provided for a fixed or minimum fee, this is recognised on a straight-line basis over the term of the contract. Discount income is calculated daily on the outstanding balance of each Client's account with the Company at receivable level, and is recognised each month when it is charged to the Client's account.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

4. Investments

	Shares in group undertakings
	€
Cost
At 1 January 2024 and 31 March 2025	903,390
	---------
Impairment
At 1 January 2024 and 31 March 2025	3,000
	---------

Carrying amount
At 31 March 2025	900,390
	---------
At 31 December 2023	900,390
	---------

The amounts shown above represent a 100% investment in the subsidiaries NoviCap Limited, registered office 727-729 High Road, London N12 0BP, NoviCap Finance SL, registered office Calle Ramon Farguell, 65 Manresa (Barcelona), 08243, Spain, Novicap Spain SL and Primrose Hill Services SL both with registered offices at Avinguda Diagonal 618, 7F, 08021, Barcelona, Spain. The latter three entities are incorporated in Spain.

5. Debtors

	31 Mar 25	31 Dec 23
	€	€
Trade debtors	232	232
Amounts owed by group undertakings and undertakings in which the company has a participating interest	–	7,673
Other debtors	20,115	93,818
	--------	---------
	20,347	101,723
	--------	---------

6. Creditors: amounts falling due within one year

	31 Mar 25	31 Dec 23
	€	€
Trade creditors	90,324	216,168
Amounts owed to group undertakings and undertakings in which the company has a participating interest	14,513,392	14,304,550
Corporation tax	4,941	–
Social security and other taxes	–	176,656
Other creditors	143	12,950
	-------------	-------------
	14,608,800	14,710,324
	-------------	-------------

7. Summary audit opinion

The auditor's report dated 18 June 2025 was unqualified .

The senior statutory auditor was Rakesh Shaunak FCA , for and on behalf of MHA .