Company Registration No. 11787213 (England and Wales)
Hammock Financial Services Ltd
Unaudited accounts
for the year ended 31 October 2023
Hammock Financial Services Ltd
Unaudited accounts
Contents
Hammock Financial Services Ltd
Company Information
for the year ended 31 October 2023
Directors
Mr Manoj Ravji Varsani
Mr Oliver Nicholas Hammond
Mr Marco Ferrari
Mr Simon James Draper
Company Number
11787213 (England and Wales)
Registered Office
C/O Accounts And Legal
81 King Street
Manchester
Greater Manchester
M2 4AH
England
Accountants
Accounts and Legal Consultants Ltd
Suite 1-3
The Hop Exchange
24 Southwark Street
London
SE1 1TY
Hammock Financial Services Ltd
Accountants' report
Accountants' report to the board of directors of Hammock Financial Services Ltd on the preparation of the unaudited statutory accounts for the year ended 31 October 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of
Hammock Financial Services Ltd for the year ended
31 October 2023 as set out on pages
5 -
7 from the company's accounting records and from information and explanations you have given us.
This report is made solely to the Board of Directors of Hammock Financial Services Ltd, as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the accounts of Hammock Financial Services Ltd and state those matters that we have agreed to state to them, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Hammock Financial Services Ltd and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Hammock Financial Services Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Hammock Financial Services Ltd. You consider that Hammock Financial Services Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Hammock Financial Services Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
Accounts and Legal Consultants Ltd
Suite 1-3
The Hop Exchange
24 Southwark Street
London
SE1 1TY
11 January 2024
Hammock Financial Services Ltd
Statement of financial position
as at 31 October 2023
Tangible assets
15,984
25,579
Cash at bank and in hand
1,163,932
2,884,536
Creditors: amounts falling due within one year
(62,053)
(148,881)
Net current assets
1,120,582
3,031,839
Net assets
1,136,566
3,057,418
Called up share capital
3
3
Share premium
5,826,146
5,826,146
Profit and loss account
(4,689,583)
(2,768,731)
Shareholders' funds
1,136,566
3,057,418
For the year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 18 January 2024 and were signed on its behalf by
Mr Marco Ferrari
Director
Company Registration No. 11787213
Hammock Financial Services Ltd
Notes to the Accounts
for the year ended 31 October 2023
Hammock Financial Services Ltd is a private company, limited by shares, registered in England and Wales, registration number 11787213. The registered office is C/O Accounts And Legal, 81 King Street, Manchester, Greater Manchester, M2 4AH, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Computer equipment
Straight Line 33.33%
The Board of Directors confirms their assumption that the Group is a going concern and no significant uncertainty exists in this respect.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Revenue from a contract to provide services is recognised in the period in which the services are provided.
Expenditure on research and development is written off in the year in which it is incurred.
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
Hammock Financial Services Ltd
Notes to the Accounts
for the year ended 31 October 2023
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
4
Tangible fixed assets
Computer equipment
Charge for the year
10,988
Amounts falling due within one year
Trade debtors
1,200
284,609
Accrued income and prepayments
88
-
6
Creditors: amounts falling due within one year
2023
2022
Trade creditors
10,084
148,881
Taxes and social security
29,834
-
7
Average number of employees
During the year the average number of employees was 16 (2022: 15).