REGISTERED NUMBER: |
Hassell Ltd |
Audited Financial Statements for the Year Ended 30 June 2023 |
REGISTERED NUMBER: |
Hassell Ltd |
Audited Financial Statements for the Year Ended 30 June 2023 |
Hassell Ltd (Registered number: 07545819) |
Contents of the Financial Statements |
for the Year Ended 30 June 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Hassell Ltd |
Company Information |
for the Year Ended 30 June 2023 |
Directors: |
Registered office: |
Registered number: |
Auditors: |
7 Neptune Court |
Vanguard Way |
Cardiff |
CF24 5PJ |
Bankers: |
London Threadneedle St. Branch |
PO Box 412 |
62-63 Threadneedle Street |
London |
EC2R 8LA |
Hassell Ltd (Registered number: 07545819) |
Balance Sheet |
30 June 2023 |
2023 | 2022 |
Notes | £ | £ |
Fixed assets |
Tangible assets | 4 | 282,641 | 282,467 |
Investments | 5 |
Current assets |
Debtors | 6 |
Cash at bank and in hand |
Creditors |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
Net current assets |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
Net liabilities | ( |
) | ( |
) |
Capital and reserves |
Called up share capital | 9 |
Retained earnings | 10 | ( |
) | ( |
) |
Shareholders' funds | ( |
) | ( |
) |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Hassell Ltd (Registered number: 07545819) |
Notes to the Financial Statements |
for the Year Ended 30 June 2023 |
1. | Statutory information |
Hassell Ltd is a |
2. | Accounting policies |
Basis of preparing the financial statements |
Going Concern |
As at 30 June 2023 the company is reporting negative shareholders’ funds of (£973,659) (2022: £846,215). |
Included within creditors due after more than one year is £2,289,803 (2022: £1,488,902) due to related companies.The group company, Hassell Australia Limited, has confirmed to continue to provide support to the company for the foreseeable future. No amounts will be sought for repayment by Hassell Australia Limited for a period of at least 12 months from the date of approving the accounts unless the company otherwise has sufficient reserves to meet its current liabilities. |
The directors are confident that the company has sufficient funds to meet all other current liabilities and anticipate that profits will be reported in future periods. |
Based on the above, the accounts have been prepared on a going concern basis |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Critical accounting judgements and key sources of estimation uncertainty |
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. |
Turnover |
Turnover represents amounts chargeable, exclusive of Value Added Tax, in respect of the supply of architectural and design services to the private and public sector. |
Tangible fixed assets |
Leasehold buildings | - |
Fixtures and fittings | - |
Computer equipment | - |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Hassell Ltd (Registered number: 07545819) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2023 |
2. | Accounting policies - continued |
Financial instruments |
Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument. |
Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due. |
Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank overdrafts which are an integral part of the company's cash management. |
Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Foreign currencies |
Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rates at the balance sheet date. All exchange differences are included in the profit and loss account. |
Hire purchase and leasing commitments |
Leases are classified as operating leases where substantially all the benefits of ownerships remain with the lessor. Rentals payable under operating leases are charged to the profit and loss account on a straight-line basis over the lease term. |
Pensions |
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £110,805 (2022: £95,191). |
Long term contracts |
Revenue from long term contracts is recognised by stage of completion. Stage of completion is measured by reference to progress through deliverables as a percentage of total estimated costs for each contract. Where the contact outcome cannot be measured reliably, revenue is measured only to the extent of the expenses in which they are first foreseen. |
Deferred income |
Deferred income represents fees that have been received by Hassell Limited for contracts that have not been substantially completed or started. The deferred income calculation is a complex accounting estimate, dependent upon numerous business and administrative processes, workloads and work in progress. |
Hassell Ltd (Registered number: 07545819) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2023 |
3. | Employees and directors |
The average number of employees during the year was |
4. | Tangible fixed assets |
Fixtures |
Leasehold | and | Computer |
buildings | fittings | equipment | Totals |
£ | £ | £ | £ |
Cost |
At 1 July 2022 |
Additions |
At 30 June 2023 |
Depreciation |
At 1 July 2022 |
Charge for year |
At 30 June 2023 |
Net book value |
At 30 June 2023 |
At 30 June 2022 |
5. | Fixed asset investments |
Shares in |
group |
undertaking |
£ |
Cost |
At 1 July 2022 |
and 30 June 2023 |
Net book value |
At 30 June 2023 |
At 30 June 2022 |
6. | Debtors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Amounts recoverable on contract |
Other debtors |
Prepayments |
Hassell Ltd (Registered number: 07545819) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2023 |
7. | Creditors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Payments on account |
Trade creditors |
Amounts owed to group undertakings |
VAT | 226,646 | 61,147 |
Other creditors |
Accrued employee benefits and PAYE/NIC |
Accrued expenses |
8. | Creditors: amounts falling due after more than one year |
2023 | 2022 |
£ | £ |
Bank loans | 105,431 | 152,496 |
Amounts owed to group undertakings |
The ‘amounts due to related parties’ totalling £2,289,803 (2022: £1,488,902) is interest bearing and secured by way of a fixed charge. |
Current and non-current amounts disclosed as ‘Bank loans and overdrafts’ are secured by way of bank guarantee |
9. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 1 | 1 |
10. | Reserves |
Retained |
earnings |
£ |
At 1 July 2022 | ( |
) |
Deficit for the year | ( |
) |
At 30 June 2023 | ( |
) |
11. | Disclosure under Section 444(5B) of the Companies Act 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
12. | Financial commitments |
The company had total commitments at the balance sheet date of £606,334 (2022: £870,148). |
13. | Ultimate controlling party |
The company is controlled by Hassell International Limited (a company registered in Australia) which owns 100% of the issued share capital. The address where the audited financial statements are held for the parent entity is 61 Little Collins Street, Melbourne, Victoria, Australia. |