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Registration number: 11682154

Hanson Assured Ltd

Filleted Annual Report and Unaudited Financial Statements

for the Year Ended 30 April 2023

 

Hanson Assured Ltd

Contents

Company Information

1

Statement of Financial Position

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Hanson Assured Ltd

Company Information

Director

C T Kelly

Registered office

11 Witney Way
Boldon Business Park
Boldon Colliery
NE35 9PE

Accountants

Azets
Bulman House
Regent Centre
Gosforth
Newcastle upon Tyne
NE3 3LS

 

Hanson Assured Ltd

(Registration number: 11682154)
Statement of Financial Position as at 30 April 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

533,507

538,078

Tangible assets

5

14,513

16,708

 

548,020

554,786

Current assets

 

Debtors

6

11,338

12,960

Cash at bank and in hand

 

53,390

84,514

 

64,728

97,474

Creditors: Amounts falling due within one year

7

(195,748)

(138,482)

Net current liabilities

 

(131,020)

(41,008)

Total assets less current liabilities

 

417,000

513,778

Creditors: Amounts falling due after more than one year

7

(351,405)

(407,193)

Provisions for liabilities

(406)

(548)

Net assets

 

65,189

106,037

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

65,089

105,937

Total equity

 

65,189

106,037

For the financial year ending 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

 

Hanson Assured Ltd

(Registration number: 11682154)
Statement of Financial Position as at 30 April 2023 (continued)

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Income Statement.

Approved and authorised for issue by the director on 21 November 2023
 

.........................................
C T Kelly
Director

   
     
 

Hanson Assured Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is 11 Witney Way, Boldon Business Park, Boldon Colliery, NE35 9PE,

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention.

These financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis. The company meets its day to day working capital requirements through cash generated from operations, shareholder borrowings and external borrowings. The company’s forecasts and projections for the next twelve months show that the company should be able to continue in operational existence for that period, taking into account reasonable possible changes in trading performance.

Based on the factors set out above the directors believe that it remains appropriate to prepare the financial statements on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Hanson Assured Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023 (continued)

2

Accounting policies (continued)

Government grants

Government grants are recognised based on the accruals model and are measured at the fair value of the asset received or receivable. Grants are classified as related either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of the grant relating to an asset is deferred, it is recognised as deferred income.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

 

Asset class

Depreciation method and rate

 

Fixtures and fittings

25% reducing balance

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

 

Hanson Assured Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023 (continued)

2

Accounting policies (continued)

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Contractual customer relationships

10% straight line

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Hanson Assured Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023 (continued)

2

Accounting policies (continued)

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 8 (2022 - 8).

4

Intangible assets

Contractual customer relationships
 £

Total
£

Cost or valuation

At 1 May 2022

597,865

597,865

Additions acquired separately

61,350

61,350

At 30 April 2023

659,215

659,215

Amortisation

At 1 May 2022

59,787

59,787

Amortisation charge

65,921

65,921

At 30 April 2023

125,708

125,708

Carrying amount

At 30 April 2023

533,507

533,507

At 30 April 2022

538,078

538,078

 

Hanson Assured Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023 (continued)

5

Tangible assets

Fixtures and fittings
£

Total
£

Cost or valuation

At 1 May 2022

22,636

22,636

Additions

2,254

2,254

At 30 April 2023

24,890

24,890

Depreciation

At 1 May 2022

5,928

5,928

Charge for the year

4,449

4,449

At 30 April 2023

10,377

10,377

Carrying amount

At 30 April 2023

14,513

14,513

At 30 April 2022

16,708

16,708

6

Debtors

2023
£

2022
£

Directors loan accounts

-

3,245

Prepayments

11,338

9,715

11,338

12,960

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

8

107,206

87,307

Trade creditors

 

19

338

Taxation and social security

 

1,804

3,751

Accruals and deferred income

 

35,611

3,210

Other creditors

 

51,029

39,782

Corporation tax liability

 

21

4,094

Director's loan account

 

58

-

 

195,748

138,482

Included within other creditors falling due within 1 year are shareholder loans of £49,610 (2023) £31,700 (2022)

 

Hanson Assured Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023 (continued)

7

Creditors (continued)

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

351,405

407,193

8

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

20,000

20,000

Other borrowings

87,206

67,307

107,206

87,307

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

41,667

61,667

Other borrowings

309,738

345,526

351,405

407,193

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the statement of financial position

The total amount of financial commitments not included in the statement of financial position is £90,908 (2022 - £Nil).

Amounts disclosed in the statement of financial position

Included in the statement of financial position are unpaid pension contributions of £1,349 (2022 - £1,068).

 

Hanson Assured Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023 (continued)

10

Related party transactions

Transactions with the director

2023

At 1 May 2022
£

Repayments by director
£

At 30 April 2023
£

C T Kelly

3,245

(3,303)

(58)

       
     

 

2022

At 1 May 2021
£

Advances to director
£

At 30 April 2022
£

C T Kelly

-

3,245

3,245