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REGISTERED NUMBER: 07545819 (England and Wales)















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: Mr Angus John Richard Bruce
Ms Elizabeth Marnie Westgarth
Mr Brenden John Kelly



Registered office: Level 1
6-14 Underwood Street
London
N1 7JQ



Registered number: 07545819 (England and Wales)



Auditors: Haines Watts Wales LLP, Statutory Auditors
7 Neptune Court
Vanguard Way
Cardiff
CF24 5PJ



Bankers: Royal Bank of Scotland
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 2 2
282,643 282,469

Current assets
Debtors 6 3,218,224 1,730,138
Cash at bank and in hand 224,012 304,714
3,442,236 2,034,852
Creditors
Amounts falling due within one year 7 (2,303,304 ) (1,522,138 )
Net current assets 1,138,932 512,714
Total assets less current liabilities 1,421,575 795,183

Creditors
Amounts falling due after more than one
year

8

(2,395,234

)

(1,641,398

)
Net liabilities (973,659 ) (846,215 )

Capital and reserves
Called up share capital 9 1 1
Retained earnings 10 (973,660 ) (846,216 )
Shareholders' funds (973,659 ) (846,215 )

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

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 30 January 2024 and were signed on its behalf by:




Mr Brenden John Kelly - Director



Ms Elizabeth Marnie Westgarth - Director


Hassell Ltd (Registered number: 07545819)

Notes to the Financial Statements
for the Year Ended 30 June 2023

1. Statutory information

Hassell Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. Accounting policies

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Leasehold buildings - Straight line over the lease term
Fixtures and fittings - 25% on cost
Computer equipment - 25% on cost

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 56 (2022 - 47 ) .

4. Tangible fixed assets
Fixtures
Leasehold and Computer
buildings fittings equipment Totals
£    £    £    £   
Cost
At 1 July 2022 646,143 157,347 206,913 1,010,403
Additions - 890 43,877 44,767
At 30 June 2023 646,143 158,237 250,790 1,055,170
Depreciation
At 1 July 2022 398,691 148,103 181,141 727,935
Charge for year 26,691 3,293 14,610 44,594
At 30 June 2023 425,382 151,396 195,751 772,529
Net book value
At 30 June 2023 220,761 6,841 55,039 282,641
At 30 June 2022 247,452 9,244 25,772 282,468

5. Fixed asset investments
Shares in
group
undertaking
£   
Cost
At 1 July 2022
and 30 June 2023 2
Net book value
At 30 June 2023 2
At 30 June 2022 2

6. Debtors: amounts falling due within one year
2023 2022
£    £   
Trade debtors 1,526,729 869,888
Amounts owed by group undertakings 89,838 266,482
Amounts recoverable on contract 1,225,660 454,874
Other debtors 80,710 -
Prepayments 295,287 138,894
3,218,224 1,730,138

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 50,000 50,000
Payments on account 251,095 -
Trade creditors 628,949 153,253
Amounts owed to group undertakings 374,020 468,040
VAT 226,646 61,147
Other creditors 28,150 33,508
Accrued employee benefits and PAYE/NIC 478,727 434,224
Accrued expenses 265,717 321,966
2,303,304 1,522,138

8. Creditors: amounts falling due after more than one year
2023 2022
£    £   
Bank loans 105,431 152,496
Amounts owed to group undertakings 2,289,803 1,488,902
2,395,234 1,641,398

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: £    £   
1 Ordinary £1 1 1

10. Reserves
Retained
earnings
£   

At 1 July 2022 (846,216 )
Deficit for the year (127,444 )
At 30 June 2023 (973,660 )

11. Disclosure under Section 444(5B) of the Companies Act 2006

The Report of the Auditors was unqualified.

Stephen Lucey (Senior Statutory Auditor)
for and on behalf of Haines Watts Wales LLP, Statutory Auditors

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.