Silverfin false 31/03/2023 17/02/2022 31/03/2023 Andrew Charles Coster 17/02/2022 James Edward Macgregor Drummond 17/02/2022 Steven Leonard Joyce 17/02/2022 06 November 2023 The principal activity of the company during the period was engineering design and consultancy. 13923452 2023-03-31 13923452 bus:Director1 2023-03-31 13923452 bus:Director2 2023-03-31 13923452 bus:Director3 2023-03-31 13923452 core:CurrentFinancialInstruments 2023-03-31 13923452 core:ShareCapital 2023-03-31 13923452 core:RetainedEarningsAccumulatedLosses 2023-03-31 13923452 core:ComputerSoftware 2022-02-16 13923452 2022-02-16 13923452 core:ComputerSoftware 2023-03-31 13923452 core:LeaseholdImprovements 2022-02-16 13923452 core:PlantMachinery 2022-02-16 13923452 core:FurnitureFittings 2022-02-16 13923452 core:ComputerEquipment 2022-02-16 13923452 core:LeaseholdImprovements 2023-03-31 13923452 core:PlantMachinery 2023-03-31 13923452 core:FurnitureFittings 2023-03-31 13923452 core:ComputerEquipment 2023-03-31 13923452 core:DeferredTaxation 2022-02-16 13923452 core:DeferredTaxation 2023-03-31 13923452 core:AcceleratedTaxDepreciationDeferredTax 2023-03-31 13923452 bus:OrdinaryShareClass1 2023-03-31 13923452 core:WithinOneYear 2023-03-31 13923452 core:BetweenOneFiveYears 2023-03-31 13923452 2022-02-17 2023-03-31 13923452 bus:FullAccounts 2022-02-17 2023-03-31 13923452 bus:SmallEntities 2022-02-17 2023-03-31 13923452 bus:AuditExemptWithAccountantsReport 2022-02-17 2023-03-31 13923452 bus:PrivateLimitedCompanyLtd 2022-02-17 2023-03-31 13923452 bus:Director1 2022-02-17 2023-03-31 13923452 bus:Director2 2022-02-17 2023-03-31 13923452 bus:Director3 2022-02-17 2023-03-31 13923452 core:ComputerSoftware core:TopRangeValue 2022-02-17 2023-03-31 13923452 core:LeaseholdImprovements core:TopRangeValue 2022-02-17 2023-03-31 13923452 core:PlantMachinery core:TopRangeValue 2022-02-17 2023-03-31 13923452 core:FurnitureFittings core:TopRangeValue 2022-02-17 2023-03-31 13923452 core:ComputerEquipment core:TopRangeValue 2022-02-17 2023-03-31 13923452 core:ComputerSoftware 2022-02-17 2023-03-31 13923452 core:LeaseholdImprovements 2022-02-17 2023-03-31 13923452 core:PlantMachinery 2022-02-17 2023-03-31 13923452 core:FurnitureFittings 2022-02-17 2023-03-31 13923452 core:ComputerEquipment 2022-02-17 2023-03-31 13923452 core:CurrentFinancialInstruments 2022-02-17 2023-03-31 13923452 core:DeferredTaxation 2022-02-17 2023-03-31 13923452 bus:OrdinaryShareClass1 2022-02-17 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 13923452 (England and Wales)

HAMMERFORCE UK LIMITED

Unaudited Financial Statements
For the financial period from 17 February 2022 to 31 March 2023
Pages for filing with the registrar

HAMMERFORCE UK LIMITED

Unaudited Financial Statements

For the financial period from 17 February 2022 to 31 March 2023

Contents

HAMMERFORCE UK LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 March 2023
HAMMERFORCE UK LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2023
Note 31.03.2023
£
Fixed assets
Intangible assets 3 19,539
Tangible assets 4 27,471
47,010
Current assets
Debtors 5 103,253
Cash at bank and in hand 108,863
212,116
Creditors: amounts falling due within one year 6 ( 212,660)
Net current liabilities (544)
Total assets less current liabilities 46,466
Provision for liabilities 7 ( 11,753)
Net assets 34,713
Capital and reserves
Called-up share capital 8 1,000
Profit and loss account 33,713
Total shareholder's funds 34,713

For the financial period ending 31 March 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Hammerforce UK Limited (registered number: 13923452) were approved and authorised for issue by the Director on 06 November 2023. They were signed on its behalf by:

Andrew Charles Coster
Director
HAMMERFORCE UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 17 February 2022 to 31 March 2023
HAMMERFORCE UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 17 February 2022 to 31 March 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period, unless otherwise stated.

General information and basis of accounting

Hammerforce UK Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 1 Chamberlain Square Cs, Birmingham, B3 3AX, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Reporting period length

The company was incorporated on 17 February 2022. These financial statements cover the period 17 February 2022 to 31 March 2023.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial period. Differences between contributions payable in the financial period and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Computer software 2.5 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Leasehold improvements 15 years straight line
Plant and machinery 3.33 years straight line
Fixtures and fittings 9.5 years straight line
Computer equipment 2.5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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 Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

Period from
17.02.2022 to
31.03.2023
Number
Monthly average number of persons employed by the Company during the period, including directors 4

3. Intangible assets

Computer software Total
£ £
Cost
At 17 February 2022 0 0
Additions 23,567 23,567
At 31 March 2023 23,567 23,567
Accumulated amortisation
At 17 February 2022 0 0
Charge for the financial period 4,028 4,028
At 31 March 2023 4,028 4,028
Net book value
At 31 March 2023 19,539 19,539

4. Tangible assets

Leasehold improve-
ments
Plant and machinery Fixtures and fittings Computer equipment Total
£ £ £ £ £
Cost
At 17 February 2022 0 0 0 0 0
Additions 880 5,796 11,685 13,839 32,200
At 31 March 2023 880 5,796 11,685 13,839 32,200
Accumulated depreciation
At 17 February 2022 0 0 0 0 0
Charge for the financial period 51 356 340 3,982 4,729
At 31 March 2023 51 356 340 3,982 4,729
Net book value
At 31 March 2023 829 5,440 11,345 9,857 27,471

5. Debtors

31.03.2023
£
Prepayments 20,849
VAT recoverable 42,391
Other debtors 40,013
103,253

6. Creditors: amounts falling due within one year

31.03.2023
£
Trade creditors 63,123
Amounts owed to Group undertakings 127,983
Taxation and social security 1,001
Other creditors 20,553
212,660

There are no amounts included above in respect of which any security has been given by the small entity.

7. Provision for liabilities

Deferred taxation Total
£ £
At 17 February 2022 0 0
Charged to the Statement of Income and Retained Earnings 11,753 11,753
At 31 March 2023 11,753 11,753

Deferred tax

31.03.2023
£
Accelerated capital allowances 11,753
Provision for deferred tax 11,753

8. Called-up share capital

31.03.2023
£
Allotted, called-up and fully-paid
1,000 Ordinary shares of £ 1.00 each 1,000

Upon incorporation on 17 February 2022, the company issued 1,000 £1 ordinary shares at par.

9. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

31.03.2023
£
- within one year 83,401
- between one and five years 62,551
145,952

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

10. Related party transactions

As a wholly owned subsidiary undertaking of their parent company, Hammerforce Technology Limited (NZ), the company has taken advantage of the exemption in paragraph 1AC.35 of FRS102 in not disclosing intra group transactions where 100% of the voting rights are controlled within the group.

11. Ultimate controlling party

Parent Company:

Hammerforce Technology Limited (NZ)
Suite 1, 283 Ponsonby Road, Ponsonby, Auckland, 1011, NZ.