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REGISTERED NUMBER: OC396154 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

HUY (LONDON) LLP
Vistra Trust Company Limited
First Floor, Templeback
10 Temple back
Bristol
BS1 6FL








HUY (LONDON) LLP (REGISTERED NUMBER: OC396154)






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




Page

General information 1

Balance sheet 2

Notes to the financial statements 4


HUY (LONDON) LLP

GENERAL INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2024







Designated members: Raggi Underwriters S.A.
Harmony Risk Advisors Inc.





Registered office: 7th Floor, 50 Broadway
London
SW1H 0BL





Registered number: OC396154 (England and Wales)





Accountants: Vistra Trust Company Limited
First Floor, Templeback
10 Temple back
Bristol
BS1 6FL
Page 1
HUY (LONDON) LLP (REGISTERED NUMBER: OC396154)

BALANCE SHEET
31 DECEMBER 2024

31/12/24 31/12/23
Notes $ $
FIXED ASSETS
Intangible assets 4 240,758 280,472
Investments 5 5,870,950 6,586,741
6,111,708 6,867,213

CURRENT ASSETS
Debtors 6 7,209,302 5,488,070
Cash at bank 26,502 1,027,792
7,235,804 6,515,862
CREDITORS
Amounts falling due within one year 7 (12 ) (53 )
NET CURRENT ASSETS 7,235,792 6,515,809
TOTAL ASSETS LESS CURRENT LIABILITIES
and
NET ASSETS ATTRIBUTABLE TO MEMBERS 13,347,500 13,383,022

LOANS AND OTHER DEBTS DUE TO
MEMBERS
9
5,840,000
5,875,522

MEMBERS' OTHER INTERESTS
Capital accounts 7,507,500 7,507,500
13,347,500 13,383,022

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 9 5,840,000 5,875,522
Members' other interests 7,507,500 7,507,500
Amounts due from members 6 (6,590,846 ) (4,819,614 )
6,756,654 8,563,408

The LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the year ended 31 December 2024.

The members acknowledge their responsibilities for:
(a)ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the LLP as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP.

The notes form part of these financial statements

Page 2 continued...
HUY (LONDON) LLP (REGISTERED NUMBER: OC396154)

BALANCE SHEET - continued
31 DECEMBER 2024


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

In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Income statement has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 31 December 2025 and were signed by:





Harmony Risk Advisors Inc. - Designated member

The notes form part of these financial statements

Page 3
HUY (LONDON) LLP (REGISTERED NUMBER: OC396154)

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

1. STATUTORY INFORMATION

Huy (London) LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page.

The Company’s functional and presentational currency is US dollars ($) and the financial statements have been rounded to the nearest US dollar ($).

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 requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Preparation of consolidated financial statements
The financial statements contain information about Huy (London) LLP as an individual LLP and do not contain consolidated financial information as the parent of a group. The LLP has taken the option under Section 398 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 not to prepare consolidated financial statements.

Related party exemption
The LLP 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.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Software is being amortised evenly over its estimated useful life of fifteen years.

Investments in subsidiaries
Investments in subsidiaries are held at fair value with increases recognised in other comprehensive income.

A decrease in revaluation is recognised in other comprehensive income to the extent of any previous recognised revaluation increase. If a revaluation decrease exceeds the accumulated revaluation gains recognised in other comprehensive income, the excess shall be recognised in profit and loss.

A revaluation of subsidiaries is carried out annually using the equity values of the investments they hold to determine their values.

Page 4 continued...
HUY (LONDON) LLP (REGISTERED NUMBER: OC396154)

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

2. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet 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.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into.

Basic financial liabilities
Basic financial liabilities, including creditors, and loans from fellow group companies are initially recognised at transaction price.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are initially recognised at transaction price.

Foreign currencies
Assets and liabilities in foreign currencies are translated into US dollar at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into US dollar at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Taxation
Income tax payable on the profits of the LLP is solely the personal liability of the individual members and consequently is not dealt with in theses financial statements.

3. EMPLOYEE INFORMATION

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

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
$
Cost
At 1 January 2024
and 31 December 2024 595,705
Amortisation
At 1 January 2024 315,233
Charge for year 39,714
At 31 December 2024 354,947
Net book value
At 31 December 2024 240,758
At 31 December 2023 280,472

Page 5 continued...
HUY (LONDON) LLP (REGISTERED NUMBER: OC396154)

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

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
$
Cost or valuation
At 1 January 2024 6,586,741
Additions 1,000,000
Revaluations (1,528,096 )
Exchange differences (187,695 )
At 31 December 2024 5,870,950
Net book value
At 31 December 2024 5,870,950
At 31 December 2023 6,586,741


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/12/24 31/12/23
$ $
Amounts due from members 6,590,846 4,819,614
Other debtors 618,456 668,456
7,209,302 5,488,070

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/12/24 31/12/23
$ $
Bank loans and overdrafts (see note 8) 12 53

8. LOANS

An analysis of the maturity of loans is given below:

31/12/24 31/12/23
$ $
Amounts falling due within one year or on demand:
Bank overdrafts 12 53

9. LOANS AND OTHER DEBTS DUE TO MEMBERS

Loans and other debts due to the members rank equally with debts due to ordinary creditors in the event of a winding up.

10. ULTIMATE CONTROLLING PARTY

The immediate and ultimate parent company company is considered to be Harmony Risk Advisors Inc., an entity incorporated in Panama.

Page 6