Company registration number 06203344 (England and Wales)
HEXA SERVICES (UK) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
PAGES FOR FILING WITH REGISTRAR
HEXA SERVICES (UK) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
HEXA SERVICES (UK) LIMITED
BALANCE SHEET
AS AT 30 JUNE 2023
30 June 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
47,459
58,526
Investments
5
11,200
11,200
58,659
69,726
Current assets
Debtors
6
1,183,031
1,595,049
Cash at bank and in hand
10,015
19,037
1,193,046
1,614,086
Creditors: amounts falling due within one year
7
(718,773)
(1,000,943)
Net current assets
474,273
613,143
Total assets less current liabilities
532,932
682,869
Provisions for liabilities
(5,836)
(8,549)
Net assets
527,096
674,320
Capital and reserves
Called up share capital
8
101
101
Share premium account
11,190
11,190
Profit and loss reserves
515,805
663,029
Total equity
527,096
674,320

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

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

HEXA SERVICES (UK) LIMITED
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2023
30 June 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 15 February 2024 and are signed on its behalf by:
Mr S I Beardsworth
Director
Company registration number 06203344 (England and Wales)
HEXA SERVICES (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 3 -
1
Accounting policies
Company information

Hexa Services (UK) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1 The Cottages, Deva City Office Park, Trinity Way, Manchester, M3 7BE.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents amounts receivable, net of value added tax and trade discounts, in respect of subcontractor agency services provided.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
over the lease term of 10 years
Fixtures and fittings
25% straight line
Office equipment
25% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Fixed asset investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

HEXA SERVICES (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Cash at bank and in hand

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 current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

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.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

HEXA SERVICES (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 5 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.13
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

Government grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.

1.14

Consolidation

In the opinion of the directors the company and its subsidiary undertaking comprise a small group. The company has therefore taken advantage of the exemption provided by Section 398 of the Companies Act 2006 not to prepare group accounts.

HEXA SERVICES (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 6 -
2
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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
12
12
4
Tangible fixed assets
Leasehold improvements
Fixtures and fittings
Office equipment
Total
£
£
£
£
Cost
At 1 July 2022
101,883
19,286
22,596
143,765
Additions
-
0
-
0
1,573
1,573
At 30 June 2023
101,883
19,286
24,169
145,338
Depreciation and impairment
At 1 July 2022
44,819
19,132
21,288
85,239
Depreciation charged in the year
11,309
99
1,232
12,640
At 30 June 2023
56,128
19,231
22,520
97,879
Carrying amount
At 30 June 2023
45,755
55
1,649
47,459
At 30 June 2022
57,064
154
1,308
58,526
5
Fixed asset investments
2023
2022
£
£
Other investments other than loans
11,200
11,200
HEXA SERVICES (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 7 -
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
623,759
1,074,036
Corporation tax recoverable
13,033
-
0
Amounts owed by group undertakings
492,537
465,412
Other debtors
53,702
55,601
1,183,031
1,595,049
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
42,793
36,125
Amounts owed to group undertakings
473,869
303,295
Corporation tax
105
62,707
Other taxation and social security
21,832
30,644
Other creditors
180,174
568,172
718,773
1,000,943

The group has banking facilities and secured creditors with HSBC. The company has provided security in the form of fixed and floating charges over the assets of the company.

 

 

8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
90
90
90
90
Ordinary B shares of £1 each
10
10
10
10
Ordinary C shares of £1 each
1
1
1
1
101
101
101
101
HEXA SERVICES (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
8
Called up share capital
(Continued)
- 8 -

The company's share capital comprises of A ordinary shares, B ordinary shares and C ordinary shares of £1 each.

 

The A shares, B shares and C shares constitute different classes of shares having the following rights:

 

The A shares and B shares shall have equal rights. except where in the event of a distribution on the winding up of the company the total to be distributed amongst shareholders is less than or equal to the distributable reserves then it will be divided only to the A shares in issue. If the distribution exceeds the distributable reserves, an amount equal to the distributable reserves will be divided equally amongst the A shares and the excess shall be divided equally between the A shares and the B shares in issue.

 

The C shares hold no voting rights, they hold the rights to receive dividends as voted by the holders of the A & B shares. On return of assets on liquidation, capital reduction or otherwise, the amounts payable to the holders of the C shares shall be capped to the nominal value of that C share.

9
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
242,250
589,500
10
Directors' transactions

The amounts due by the company in relation to Directors' current accounts was £8,533 (2022 - £4,914) as at 30 June 2023.

Interest on the above loan is accruing and is due as part of the final repayment.

2023-06-302022-07-01false15 February 2024CCH SoftwareCCH Accounts Production 2023.200No description of principal activityMr C SmithMr S I BeardsworthMr R A GoughMr A J HamerMr A M SergentMr G J WolfMr D A Hill062033442022-07-012023-06-30062033442023-06-30062033442022-06-3006203344core:LeaseholdImprovements2023-06-3006203344core:FurnitureFittings2023-06-3006203344core:ComputerEquipment2023-06-3006203344core:LeaseholdImprovements2022-06-3006203344core:FurnitureFittings2022-06-3006203344core:ComputerEquipment2022-06-3006203344core:CurrentFinancialInstrumentscore:WithinOneYear2023-06-3006203344core:CurrentFinancialInstrumentscore:WithinOneYear2022-06-3006203344core:CurrentFinancialInstruments2023-06-3006203344core:CurrentFinancialInstruments2022-06-3006203344core:ShareCapital2023-06-3006203344core:ShareCapital2022-06-3006203344core:SharePremium2023-06-3006203344core:SharePremium2022-06-3006203344core:RetainedEarningsAccumulatedLosses2023-06-3006203344core:RetainedEarningsAccumulatedLosses2022-06-3006203344core:ShareCapitalOrdinaryShares2023-06-3006203344core:ShareCapitalOrdinaryShares2022-06-3006203344bus:Director22022-07-012023-06-3006203344core:LeaseholdImprovementscore:LeasedAssetsHeldAsLessee2022-07-012023-06-3006203344core:FurnitureFittings2022-07-012023-06-3006203344core:ComputerEquipment2022-07-012023-06-30062033442021-07-012022-06-3006203344core:LeaseholdImprovements2022-06-3006203344core:FurnitureFittings2022-06-3006203344core:ComputerEquipment2022-06-30062033442022-06-3006203344core:LeaseholdImprovements2022-07-012023-06-3006203344core:WithinOneYear2023-06-3006203344core:WithinOneYear2022-06-3006203344bus:OrdinaryShareClass12022-07-012023-06-3006203344bus:OrdinaryShareClass22022-07-012023-06-3006203344bus:OrdinaryShareClass32022-07-012023-06-3006203344bus:OrdinaryShareClass12023-06-3006203344bus:OrdinaryShareClass12022-06-3006203344bus:OrdinaryShareClass22023-06-3006203344bus:OrdinaryShareClass22022-06-3006203344bus:OrdinaryShareClass32023-06-3006203344bus:OrdinaryShareClass32022-06-3006203344bus:PrivateLimitedCompanyLtd2022-07-012023-06-3006203344bus:SmallCompaniesRegimeForAccounts2022-07-012023-06-3006203344bus:FRS1022022-07-012023-06-3006203344bus:AuditExemptWithAccountantsReport2022-07-012023-06-3006203344bus:Director12022-07-012023-06-3006203344bus:Director32022-07-012023-06-3006203344bus:Director42022-07-012023-06-3006203344bus:Director52022-07-012023-06-3006203344bus:Director62022-07-012023-06-3006203344bus:Director72022-07-012023-06-3006203344bus:FullAccounts2022-07-012023-06-30xbrli:purexbrli:sharesiso4217:GBP