HGC Investments Ltd

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—6

Registered number: 11656088

		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Investments	4		19,055,693		19,181,957

			19,055,693		19,181,957
CURRENT ASSETS
Debtors	5	359,243		541,918
Cash at bank and in hand		1,022,665		593,088

		1,381,908		1,135,006
Creditors: Amounts Falling Due Within One Year	6	(12,652,965 )		(13,280,235 )

NET CURRENT ASSETS (LIABILITIES)			(11,271,057 )		(12,145,229 )

TOTAL ASSETS LESS CURRENT LIABILITIES			7,784,636		7,036,728

PROVISIONS FOR LIABILITIES
Deferred Taxation			(1,045,704 )		(1,221,927 )

NET ASSETS			6,738,932		5,814,801

CAPITAL AND RESERVES
Called up share capital	8		1		1
Fair value reserve	10		3,535,466		3,993,718
Profit and Loss Account			3,203,465		1,821,082

SHAREHOLDERS' FUNDS			6,738,932		5,814,801

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HGC Investments Ltd

Balance Sheet (continued)

As At 30 November 2025

For the year ending 30 November 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.

On behalf of the board

Mr A M Clack

Director

31st July 2026

The notes on pages 3 to 6 form part of these financial statements.

1. General Information

HGC Investments Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 11656088 . The registered office is 100 Boldmere Road, Sutton Coldfield, West Midlands, B73 5UB.

The presentation currency of the financial statements is in the Pound Sterling (£).

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

As at 30 November 2025, the balance sheet reflects net current liabilities amounting to £11,271,057. However, included within creditors due within one year is £2,789,387 due to the parent company and £6,154,500 due to a fellow subsidiary. Both the parent company and the fellow subsidiary have given their assurances that they will continue to support the company and will not request repayment of the balance until other creditors have been settled.

Based on this continued support and the directors’ assessment of the company’s future cash flows and available resources, the directors consider that it remains appropriate to prepare the financial statements on a going concern basis.

2.2. Turnover

Interest income is recognised in the income statement in the period to which it relates. Dividend income is recognised as the company's right to receive payment is established.

2.3. Foreign Currencies

Monetary 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 ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

2.4. Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

...CONTINUED

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HGC Investments Ltd

Notes to the Financial Statements (continued)

For The Year Ended 30 November 2025

2.4. Taxation - continued

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the 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.

2.5. Investments

Investments are recognised initially at cost, which is normally the transaction price including transaction costs. Subsequently, investments are measured at fair value through the income statement if the shares are publicly traded or their fair value can otherwise be measured reliably.

The investment in the Prudential Investment Plan is valued by reference to the unit price at the year end, with the fair value adjustment recognised in the income statement.

The investments in the Barclays Advisory and Discretionary portfolios comprise of a number of investments in cash, short term maturity bonds, developed government bonds, investment grade bonds, high yield and emerging market bonds, developed market equities, emerging market equities, commodities, real estate, alternative trading strategies and multi class and other investments. The cash balances are reflected under cash at bank and are recorded at transaction price. The other classes of investment are reflected under other investments. The portfolio is valued by reference to the market values provided in the investment report at the balance sheet date with the fair value adjustment recognised in the income statement. Deferred tax is reserved accordingly on the Barclays investments fair value gains.

3. Average Number of Employees

Average number of employees, including directors, during the year was: NIL (2024: NIL)

4. Investments

	Listed
	£
Cost or Valuation
As at 1 December 2024	19,181,957
Additions	5,828,267
Disposals	(7,059,046 )
Fair value adjustments	1,104,515

As at 30 November 2025	19,055,693

Provision
As at 1 December 2024	-

As at 30 November 2025	-

Net Book Value
As at 30 November 2025	19,055,693

As at 1 December 2024	19,181,957

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HGC Investments Ltd

Notes to the Financial Statements (continued)

For The Year Ended 30 November 2025

5. Debtors

	2025	2024
	£	£
Due within one year
Prepayments and accrued income	39,243	34,918
Other debtors	200,000	490,000
Directors' loan accounts	120,000	17,000

	359,243	541,918

6. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Trade creditors	-	5,470
Bank loans and overdrafts	1,789,237	2,354,676
Corporation tax	451,049	48,827
Other creditors	1,440,000	1,500,000
Accrued expenses	13,792	2,875
Amounts owed to group undertakings	8,958,887	9,368,387

	12,652,965	13,280,235

7. Secured Creditors

Of the creditors, the following amounts are secured by way of a charge over the company's investment portfolios:

	2025		2024
	£		£
Bank loans and overdrafts	1,789,237		2,354,676

8. Share Capital

	2025	2024
Allotted, called up and fully paid	£	£
1 Ordinary Shares of £ 1.00 each	1	1

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HGC Investments Ltd

Notes to the Financial Statements (continued)

For The Year Ended 30 November 2025

9. Directors Advances, Credits and Guarantees

The following advances and credits to directors subsisted during the year ended 30 November 2025:

	As at 1 December 2024	Amounts advanced	Amounts repaid	Amounts written off	As at 30 November 2025
	£	£	£	£	£
Mr Alexander Clack	17,000	495,000	(392,000 )	-	120,000

No interest is charged on loans from directors. Amounts are repayable on demand.

10. Reserves

	Fair value reserve	Profit and Loss Account
	£	£
As at 1 December 2024	3,993,718	1,821,082
Profit for the year and total comprehensive income	-	924,130

Transfer to/from Fair value reserve	-	458,253
Transfer to/from Profit & Loss Account	(458,252 )	-

As at 30 November 2025	3,535,466	3,203,465

11. Ultimate Parent Undertaking and Controlling Party

AM Clack Limited, a company registered in England & Wales is regarded as the parent company. The registered office address for AM Clack Limited is 100 Boldmere Road, Sutton Coldfield, West Midlands, B73 5UB.

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