Highgate Capital Management (Services) L - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 09415660 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

FOR

HIGHGATE CAPITAL MANAGEMENT (SERVICES)

LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

A Kruglykhin

P Moutchiev

REGISTERED OFFICE:

1 Kings Avenue

London

N21 3NA

REGISTERED NUMBER:

09415660 (England and Wales)

FIXED ASSETS

Investments

4

1,026,770

1,084,014

CURRENT ASSETS

Cash at bank

13,879

25,079

CREDITORS

Amounts falling due within one year

5

2,126,792

1,809,726

NET CURRENT LIABILITIES

(2,112,913

)

(1,784,647

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(1,086,143

)

(700,633

)

CREDITORS

Amounts falling due after more than one year

6

700,846

903,556

NET LIABILITIES

(1,786,989

)

(1,604,189

)

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Retained earnings

(1,787,989

)

(1,605,189

)

SHAREHOLDERS' FUNDS

(1,786,989

)

(1,604,189

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company 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 relating to financial statements, so far as applicable to the company.

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 13 September 2022 and were signed on its behalf by:

P Moutchiev - Director

1.	STATUTORY INFORMATION

Highgate Capital Management (Services) Limited is a limited liability company registered in England. The Registered Office is 1 Kings Avenue, London, N21 3NA.

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

2.	ACCOUNTING POLICIES

Basis of measurement and preparation of accounts

These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Irelands (FRS 102) and the Companies Act 2006.

The financial statements are presented in the functional currency, Sterling, on the basis that this represents the currency of the primary economic environment in which it operates.

Accounting estimates, assumptions and judgements

The preparation of these financial statements necessitates the use of estimates, assumptions and judgements. These estimates, assumptions and judgements affect the reported amounts of assets, liabilities, contingent assets and contingent liabilities at the reporting date as well as the reported income and expenses for the reporting periods. While estimates are based on management's best knowledge and judgement using information and financial data available to them, the actual outcome may differ from these estimates.

There were no judgements or estimates having a significant effect on amounts recognised in the financial statements for the year ended 31 December 2021.

Going Concern

The directors have reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and to continue to adopt the going concern basis of accounting in preparing the financial statements

Financial instruments

Basic financial assets and liabilities, which include debtors, creditors, cash and bank balances, are initially

measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Foreign currencies

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at 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 gains and losses are recognised in the income statement.

Fixed asset investments

Fixed asset investments are stated in the balance sheet at cost less any provision made for impairment in value.

Profit/(loss) allocation from subsidiary

This represents the accounting profit/(loss) that has been allocated to the company in its capacity as the corporate member to Highgate Capital Management LLP ('HCM LLP'), as per the Partnership Accounts of HCM LLP for the relevant period.

Cash and cash equivalents

Cash and cash equivalents in the Balance Sheet comprise cash at banks and in hand, and short term deposits with an original maturity date of less than one month.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2020 - 2 ) .

4.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 January 2021

1,084,014

Additions

10,000

Share of profit/(loss)

(67,244

)

At 31 December 2021

1,026,770

NET BOOK VALUE

At 31 December 2021

1,026,770

At 31 December 2020

1,084,014

This investment represents capital contributions to Highgate Capital Management LLP throughout the year ended 31 December 2021. Highgate Capital Management LLP is a Limited Liability Partnership incorporated in England and Wales. During the period, Highgate Capital Management LLP allocated a loss of £67,244 (2020: profit of £250,577) to the company.

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Other creditors

2,126,792

1,809,726

All deep discount notes issued prior to end of year 2016 have reached their maturity as of the date of these financial statements. The Note holders made no demand of repayment and in accordance with the Agreement the notes remain outstanding and accrue interest from the date they were due to be repaid.

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Other creditors

700,846

903,556

The company did not issue any deep discount notes during 2021, or 2020. All notes outstanding have been issued to an entity which is owned by a family trust in which Andrey Kruglykhin, a director of the company, is a beneficiary.

7.	ULTIMATE CONTROLLING PARTY

Andrey Kruglykhin is considered to be the ultimate controlling party by virtue of his majority shareholding in the company.