Caseware UK (AP4) 2022.0.179 2022.0.179 2023-02-2800002023-02-2810233388false2022-03-0155truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 10233388 2022-03-01 2023-02-28 10233388 2021-03-01 2022-02-28 10233388 2023-02-28 10233388 2022-02-28 10233388 c:Director2 2022-03-01 2023-02-28 10233388 c:Director3 2022-03-01 2023-02-28 10233388 d:MotorVehicles 2022-03-01 2023-02-28 10233388 d:MotorVehicles 2023-02-28 10233388 d:MotorVehicles 2022-02-28 10233388 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 10233388 d:OfficeEquipment 2022-03-01 2023-02-28 10233388 d:OfficeEquipment 2023-02-28 10233388 d:OfficeEquipment 2022-02-28 10233388 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 10233388 d:ComputerEquipment 2022-03-01 2023-02-28 10233388 d:ComputerEquipment 2023-02-28 10233388 d:ComputerEquipment 2022-02-28 10233388 d:ComputerEquipment d:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 10233388 d:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 10233388 d:PatentsTrademarksLicencesConcessionsSimilar 2022-03-01 2023-02-28 10233388 d:PatentsTrademarksLicencesConcessionsSimilar 2023-02-28 10233388 d:PatentsTrademarksLicencesConcessionsSimilar 2022-02-28 10233388 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-03-01 2023-02-28 10233388 d:Goodwill 2022-03-01 2023-02-28 10233388 d:CopyrightsPatentsTrademarksServiceOperatingRights 2022-03-01 2023-02-28 10233388 d:CopyrightsPatentsTrademarksServiceOperatingRights 2023-02-28 10233388 d:CopyrightsPatentsTrademarksServiceOperatingRights 2022-02-28 10233388 d:ComputerSoftware 2023-02-28 10233388 d:ComputerSoftware 2022-02-28 10233388 d:OtherResidualIntangibleAssets 2022-03-01 2023-02-28 10233388 d:OtherResidualIntangibleAssets 2023-02-28 10233388 d:OtherResidualIntangibleAssets 2022-02-28 10233388 d:CurrentFinancialInstruments 2023-02-28 10233388 d:CurrentFinancialInstruments 2022-02-28 10233388 d:Non-currentFinancialInstruments 2023-02-28 10233388 d:Non-currentFinancialInstruments 2022-02-28 10233388 d:CurrentFinancialInstruments d:WithinOneYear 2023-02-28 10233388 d:CurrentFinancialInstruments d:WithinOneYear 2022-02-28 10233388 d:Non-currentFinancialInstruments d:AfterOneYear 2023-02-28 10233388 d:Non-currentFinancialInstruments d:AfterOneYear 2022-02-28 10233388 d:ShareCapital 2023-02-28 10233388 d:ShareCapital 2022-02-28 10233388 d:RetainedEarningsAccumulatedLosses 2022-03-01 2023-02-28 10233388 d:RetainedEarningsAccumulatedLosses 2023-02-28 10233388 d:RetainedEarningsAccumulatedLosses 2022-02-28 10233388 c:OrdinaryShareClass1 2022-03-01 2023-02-28 10233388 c:OrdinaryShareClass1 2021-03-01 2022-02-28 10233388 c:OrdinaryShareClass1 2023-02-28 10233388 c:OrdinaryShareClass1 2022-02-28 10233388 c:FRS102 2022-03-01 2023-02-28 10233388 c:AuditExempt-NoAccountantsReport 2022-03-01 2023-02-28 10233388 c:FullAccounts 2022-03-01 2023-02-28 10233388 c:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 10233388 d:PatentsTrademarksLicencesConcessionsSimilar d:ExternallyAcquiredIntangibleAssets 2022-03-01 2023-02-28 10233388 d:CopyrightsPatentsTrademarksServiceOperatingRights d:ExternallyAcquiredIntangibleAssets 2022-03-01 2023-02-28 10233388 d:ComputerSoftware d:ExternallyAcquiredIntangibleAssets 2022-03-01 2023-02-28 10233388 2 2022-03-01 2023-02-28 10233388 d:ExternallyAcquiredIntangibleAssets 2022-03-01 2023-02-28 10233388 d:PatentsTrademarksLicencesConcessionsSimilar d:OwnedIntangibleAssets 2022-03-01 2023-02-28 10233388 d:CopyrightsPatentsTrademarksServiceOperatingRights d:OwnedIntangibleAssets 2022-03-01 2023-02-28 10233388 d:ComputerSoftware d:OwnedIntangibleAssets 2022-03-01 2023-02-28 xbrli:shares iso4217:GBP xbrli:pure











                                                    img0115.png





Hex Innovate (UK) Limited
Registered number: 10233388
Directors' report and unaudited financial statements

For the year ended 28 February 2023

 
HEX INNOVATE (UK) LIMITED
REGISTERED NUMBER: 10233388

BALANCE SHEET
AS AT 28 FEBRUARY 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
97,255
101,830

Tangible assets
 5 
612
1,962

  
97,867
103,792

Current assets
  

Debtors: amounts falling due after more than one year
 7 
147
147

Stocks
 6 
156,240
58,785

Debtors: amounts falling due within one year
 7 
342,568
413,335

Cash at bank and in hand
 8 
821,794
1,005,348

  
1,320,749
1,477,615

Creditors: amounts falling due within one year
 9 
(59,725)
(108,806)

Net current assets
  
 
 
1,261,024
 
 
1,368,809

Total assets less current liabilities
  
1,358,891
1,472,601

Creditors: amounts falling due after more than one year
 10 
(305,016)
(274,146)

  

Net assets
  
1,053,875
1,198,455


Capital and reserves
  

Called up share capital 
 11 
100
100

Profit and loss account
 12 
1,053,775
1,198,355

  
1,053,875
1,198,455


Page 1

 
HEX INNOVATE (UK) LIMITED
REGISTERED NUMBER: 10233388
    
BALANCE SHEET (CONTINUED)
AS AT 28 FEBRUARY 2023

The Directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
J Hartwig
................................................
S Thiel
Director
Director


Date: 31 October 2023
Date:2 November 2023

The notes on pages 3 to 13 form part of these financial statements.

Page 2

 
HEX INNOVATE (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

1.


General information

Hex Innovate (UK) Limited is a private company, limited by shares, domiciled and incorporated in England and Wales. The address of its registered office of business is 30 Old Bailey, London, EC4M 7AU. The Company's trading address is Wesley House, Bull Hill, Leatherhead, Surrey, KT22 7AH. Company number 10233388.
The principal activity of the Company is the development of exclusive electronic systems and software for the sale, by the business.
The financial statements are prepared in Pounds Sterling as this is the functional currency of the economic environment in which the Company operates.
Monetary amounts in these financial statements are rounded to the nearest £.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

The Directors have considered the budgets and cash flow forecasts for the Company and confirmed that the Company will be able to meet its liabilities as they fall due and so the financial statements have been prepared on a going concern basis.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP ("£").

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the profit and loss account except when deferred in other comprehensive income as qualifying cash flow hedges.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the profit and loss account within 'administration costs'.

Page 3

 
HEX INNOVATE (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.5

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 4

 
HEX INNOVATE (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.9

Current and Deferred Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Company can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 5

 
HEX INNOVATE (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)

 
2.10

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of Comprehensive Income over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Patents
-
Over 5 years
Computer software
-
Over 3 years
Website
-
Over 3 years
Trademarks
-
Over 5 years

 
2.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following annual basis:

Motor vehicles
-
Over 5 years
Office equipment
-
Over 3 years
Computer equipment
-
Over 3 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 6

 
HEX INNOVATE (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)

 
2.12

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.13

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.14

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.15

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 7

 
HEX INNOVATE (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)

  
2.16

Financial Instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.


3.


Employees

The average monthly number of employees, including the Directors, during the year was as follows:


        2023
        2022
            No.
            No.







5
5

Page 8

 
HEX INNOVATE (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

4.


Intangible assets




Patents
Trademarks
Computer software
Website
Total

£
£
£
£
£



Cost


At 1 March 2022
29,988
132,093
2,841
30,669
195,591


Additions
6,929
21,263
-
5,491
33,683



At 28 February 2023

36,917
153,356
2,841
36,160
229,274



Amortisation


At 1 March 2022
16,810
48,562
2,841
25,547
93,760


Charge for the year on owned assets
6,901
28,509
-
2,848
38,258



At 28 February 2023

23,711
77,071
2,841
28,395
132,018



Net book value



At 28 February 2023
13,206
76,285
-
7,765
97,256



At 28 February 2022
13,178
83,531
-
5,122
101,831



Page 9

 
HEX INNOVATE (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

5.


Tangible fixed assets





Motor vehicles
Office equipment
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 March 2022
1
3,532
11,373
14,906



At 28 February 2023

1
3,532
11,373
14,906



Depreciation


At 1 March 2022
-
3,413
9,530
12,943


Charge for the year on owned assets
1
118
1,232
1,351



At 28 February 2023

1
3,531
10,762
14,294



Net book value



At 28 February 2023
-
1
611
612



At 28 February 2022
1
119
1,843
1,963


6.


Stocks

2023
2022
£
£

Raw materials and consumables
135,783
31,945

Finished goods and goods for resale
20,457
26,840

156,240
58,785


Page 10

 
HEX INNOVATE (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

7.


Debtors

2023
2022
£
£

Due after more than one year

Other debtors
147
147


2023
2022
£
£

Due within one year

Trade debtors
310,874
386,193

Bad debt provision
-
175

Other debtors
9,677
9,151

Prepayments and accrued income
22,017
17,816

342,568
413,335



8.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
821,794
1,005,348



9.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
4,256
62,533

Corporation tax
-
275

Other taxation and social security
41,485
35,709

Other creditors
5,893
3,310

Accruals and deferred income
8,091
6,979

59,725
108,806


Page 11

 
HEX INNOVATE (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

10.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Due to participating interests > 1 yr
305,016
274,146

305,016
274,146


Amounts owed to associated undertakings are interest bearing, unsecured and repayable in the year ending 28 February 2025.


11.


Share capital

2023
2022
£
£
Authorised, allotted, called up and fully paid



100 (2022 - 100) Ordinary shares of £1.00 each
100
100

The shares have attached to them full voting, dividend and capital distribution (including on winding up) rights; they do not confer any rights of redemption.



12.


Reserves

Profit and loss account

The profit and loss account reserve represents cumulative profits and losses of the Company less dividends paid.
Page 12

 
HEX INNOVATE (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

13.


Related party transactions

At the year end, there was £Nil (2022: £71,279) owed to Hex Innovate (UK) Limited from Hex Microsystems (Pty) Limited, a company in which one of the directors (Stephan Thiel) has a financial interest, and is repayable on demand. At the year end, Hex Innovate (UK) Limited owed £Nil (2022: £56,322) to Hex Microsystems (Pty) Limited.


14.


Immediate and ultimate parent undertaking and controlling party

The immediate and ultimate parent undertaking is Hex Offshore Limited a company registered in Jersey.
The Company is controlled by the Directors.

 
Page 13