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COMPANY REGISTRATION NUMBER: 04793622
Hexagon Developments Limited
Filleted Unaudited Financial Statements
30 June 2023
Hexagon Developments Limited
Balance Sheet
30 June 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
8,582
8,736
Current assets
Debtors
6
539,463
718,383
Cash at bank and in hand
598,223
308,005
------------
------------
1,137,686
1,026,388
Creditors: amounts falling due within one year
7
507,527
491,270
------------
------------
Net current assets
630,159
535,118
---------
---------
Total assets less current liabilities
638,741
543,854
Creditors: amounts falling due after more than one year
8
4,198
6,996
---------
---------
Net assets
634,543
536,858
---------
---------
Capital and reserves
Called up share capital
100,000
100,000
Profit and loss account
534,543
436,858
---------
---------
Shareholders funds
634,543
536,858
---------
---------
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 profit and loss account has not been delivered.
For the year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Hexagon Developments Limited
Balance Sheet (continued)
30 June 2023
These financial statements were approved by the board of directors and authorised for issue on 25 September 2023 , and are signed on behalf of the board by:
Mr K J O'Brien
Miss K M O'Brien
Director
Director
Company registration number: 04793622
Hexagon Developments Limited
Notes to the Financial Statements
Year ended 30 June 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is A3 Broomsleigh Business Park, Worsley Bridge Road, London, SE26 5BN.
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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Furniture and fixtures
-
33% straight line
Motor vehicles
-
33% straight line
Office equipment
-
33% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the balance sheet as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 19 (2022: 18 ).
5. Tangible assets
Fixtures and fittings
Motor vehicles
Office equipment
Total
£
£
£
£
Cost
At 1 July 2022
10,225
24,428
918
35,571
Additions
9,375
9,375
Disposals
( 10,434)
( 10,434)
--------
--------
----
--------
At 30 June 2023
19,600
13,994
918
34,512
--------
--------
----
--------
Depreciation
At 1 July 2022
10,225
15,692
918
26,835
Charge for the year
3,125
4,665
7,790
Disposals
( 8,695)
( 8,695)
--------
--------
----
--------
At 30 June 2023
13,350
11,662
918
25,930
--------
--------
----
--------
Carrying amount
At 30 June 2023
6,250
2,332
8,582
--------
--------
----
--------
At 30 June 2022
8,736
8,736
--------
--------
----
--------
6. Debtors
2023
2022
£
£
Trade debtors
195,303
530,306
Other debtors
344,160
188,077
---------
---------
539,463
718,383
---------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
202,329
197,509
Corporation tax
28,602
35,407
Social security and other taxes
159,540
155,624
Other creditors
117,056
102,730
---------
---------
507,527
491,270
---------
---------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
4,198
6,996
-------
-------
9. Financial instruments
The carrying amount for each category of financial instrument is as follows:
2023
2022
£
£
Financial assets measured at fair value through profit or loss
Financial assets measured at fair value through profit or loss
1,137,686
1,026,388
------------
------------
Financial liabilities measured at fair value through profit or loss
Financial liabilities measured at fair value through profit or loss
423,584
407,235
---------
---------
10. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
35,779
17,411
Later than 1 year and not later than 5 years
67,848
38,611
---------
--------
103,627
56,022
---------
--------
11. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr K J O'Brien
( 371)
21,630
21,259
Miss K M O'Brien
( 463)
( 463)
----
--------
--------
( 834)
21,630
20,796
----
--------
--------
2022
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr K J O'Brien
( 402)
31
( 371)
Miss K M O'Brien
( 463)
( 463)
----
----
----
( 865)
31
( 834)
----
----
----
The balance owed by Mr O'Brien was cleared within 9 months of the year end.
12. Related party transactions
The company has made a loan of £25,000 to O'Brien Properties, a partnership in which both Mr O'Brien and Miss O'Brien are both partners. The balance of the loan outstanding at the balance sheet date was £12,500 (2022 - £25,000). The company has also made a loan of £164,077 to Hexagon Developments (Wimbledon) Limited, a company in which Mr O'Brien and Miss O'Brien are both directors and shareholders. The balance of the loan outstanding at the balance sheet date was £157,077 (2022 - £163,077). During the year the company also made a loan of £148,523 to Cooo Limited, a company in which Mr O'Brien and Miss O'Brien are directors and shareholders. The balance of the loan outstanding at the balance sheet date was £148,523 (2022 - £nil).