10
false
false
false
false
false
false
false
false
false
true
false
false
false
false
false
false
No description of principal activity
2022-10-31
Sage Accounts Production Advanced 2021 - FRS102_2021
690,000
30,000
101,250
66,000
30,000
588,750
12,890
3,527
16,417
11,798
378
12,176
4,241
1,092
xbrli:pure
xbrli:shares
iso4217:GBP
04503414
2022-10-31
2023-10-30
04503414
2023-10-30
04503414
2022-10-30
04503414
2021-10-31
2022-10-30
04503414
2022-10-30
04503414
core:NetGoodwill
2022-10-31
2023-10-30
04503414
bus:RegisteredOffice
2022-10-31
2023-10-30
04503414
bus:OrdinaryShareClass1
2022-10-31
2023-10-30
04503414
bus:LeadAgentIfApplicable
2022-10-31
2023-10-30
04503414
bus:Director1
2022-10-31
2023-10-30
04503414
bus:Director2
2022-10-31
2023-10-30
04503414
core:NetGoodwill
2022-10-30
04503414
core:NetGoodwill
2023-10-30
04503414
core:WithinOneYear
2023-10-30
04503414
core:WithinOneYear
2022-10-30
04503414
core:AfterOneYear
2023-10-30
04503414
core:AfterOneYear
2022-10-30
04503414
core:ShareCapital
2023-10-30
04503414
core:ShareCapital
2022-10-30
04503414
core:RetainedEarningsAccumulatedLosses
2023-10-30
04503414
core:RetainedEarningsAccumulatedLosses
2022-10-30
04503414
core:NetGoodwill
2022-10-30
04503414
bus:SmallEntities
2022-10-31
2023-10-30
04503414
bus:AuditExemptWithAccountantsReport
2022-10-31
2023-10-30
04503414
bus:FullAccounts
2022-10-31
2023-10-30
04503414
bus:SmallCompaniesRegimeForAccounts
2022-10-31
2023-10-30
04503414
bus:PrivateLimitedCompanyLtd
2022-10-31
2023-10-30
04503414
bus:OrdinaryShareClass1
2023-10-30
04503414
bus:OrdinaryShareClass1
2022-10-30
04503414
core:OfficeEquipment
2022-10-31
2023-10-30
04503414
core:OfficeEquipment
2022-10-30
04503414
core:OfficeEquipment
2023-10-30
COMPANY REGISTRATION NUMBER:
04503414
Filleted Unaudited Financial Statements |
|
Year ended 30 October 2023
Officers and professional advisers |
1 |
|
|
Statement of financial position |
2 |
|
|
Notes to the financial statements |
4 |
|
|
Officers and Professional Advisers |
|
The board of directors |
Mr G Waite |
|
Mr A Morgan |
|
|
Registered office |
4 Tawe Business Village |
|
Phoenix Way |
|
Enterprise Park |
|
Swansea |
|
Wales |
|
SA7 9LA |
|
|
Accountants |
James & Uzzell Ltd |
|
Chartered Certified Accountants |
|
Axis 15, Axis Court |
|
Mallard Way |
|
Riverside Business Park |
|
Swansea |
|
SA7 0AJ |
|
|
Statement of Financial Position |
|
30 October 2023
FIXED ASSETS
Intangible assets |
5 |
– |
588,750 |
Tangible assets |
6 |
4,241 |
1,092 |
|
------ |
--------- |
|
4,241 |
589,842 |
|
|
|
|
CURRENT ASSETS
Debtors |
7 |
549,355 |
51,648 |
Cash at bank and in hand |
79,341 |
74,088 |
|
--------- |
--------- |
|
628,696 |
125,736 |
|
|
|
|
CREDITORS: amounts falling due within one year |
8 |
340,751 |
442,782 |
|
--------- |
--------- |
NET CURRENT ASSETS/(LIABILITIES) |
287,945 |
(
317,046) |
|
--------- |
--------- |
TOTAL ASSETS LESS CURRENT LIABILITIES |
292,186 |
272,796 |
|
|
|
|
CREDITORS: amounts falling due after more than one year |
9 |
217,418 |
206,740 |
|
--------- |
--------- |
NET ASSETS |
74,768 |
66,056 |
|
--------- |
--------- |
|
|
|
|
CAPITAL AND RESERVES
Called up share capital |
10 |
100 |
100 |
Profit and loss account |
74,668 |
65,956 |
|
-------- |
-------- |
SHAREHOLDERS FUNDS |
74,768 |
66,056 |
|
-------- |
-------- |
|
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 30 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' 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
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
Statement of Financial Position (continued) |
|
30 October 2023
These financial statements were approved by the
board of directors
and authorised for issue on
21 February 2024
, and are signed on behalf of the board by:
Mr G Waite
Director
Company registration number:
04503414
Notes to the Financial Statements |
|
Year ended 30 October 2023
1.
GENERAL INFORMATION
Hexagon Wealth Limited
is a private company limited by shares incorporated in England & Wales, United Kingdom. The address of the registered office is given in the company information on page 1 of these financial statements.
2.
STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1. The reporting period of these financial statements and its comparative period is 12 months. These financial statements only include the results of the individual entity made up to 30 October 2023. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
Going concern
The director has considered the future trading position of the company and is confident that the going concern principle can be applied to the financial statements.
Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
Provisions
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.
Critical accounting estimates and assumptions
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below
(i) Useful economic lives of tangible assets
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 9 for the carrying amount of the property plant and equipment, and the depreciation accounting policy for the useful economic lives for each class of assets.
(ii) Impairment of debtors
The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. See note 10 for the net carrying amount of the debtors and associated impairment provision.
(iii) Goodwill and intangible fixed assets
Accounting standards require the recognition of intangible assets as part of a business combination. The methods used to value such intangible assets require the use of estimates. Future results are impacted by the amortisation periods adopted and changes to the estimated useful lives would result in different effects on the profit and loss account and balance sheet. Goodwill is amortised and tested at least annually for impairment along with finite lives of intangible assets and other assets. Tests for impairment are based on subjective assumptions.
Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
Research & development
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts. i) Rendering of services When the outcome of a transaction can be estimated reliably, turnover from investment portfolios is recognised by reference to the stage of completion at the balance sheet date. Where the outcome cannot be measured reliably, turnover is recognised only to the extent of the expenses recognised that are recoverable. ii) Interest and dividends receivable Interest income is recognised using the effective interest method.
Exceptional items
Exceptional items are disclosed separately in the financial statements in order to provide further understanding of the financial performance of the entity. They are material items of income or expense that have been shown separately because of their nature or amount.
Tax
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.
Leases
Rentals payable and receivable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.
Goodwill
Goodwill arising on business combinations is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful life. The period chosen for writing off goodwill is 10 years. Provision is made for any impairment.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Provision is made for any impairment.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Equipment |
- |
20% straight line |
|
|
|
|
Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset’s cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.
Employee benefits
When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service. The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.
4.
EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to
10
(2022:
6
).
5.
INTANGIBLE ASSETS
|
Goodwill |
|
£ |
Cost |
|
At 31 October 2022 |
690,000 |
Additions |
– |
Transfers |
(
660,000)
|
|
--------- |
At 30 October 2023 |
30,000 |
|
--------- |
Amortisation |
|
At 31 October 2022 |
101,250 |
Charge for the year |
66,000 |
Transfers |
(
137,250)
|
|
--------- |
At 30 October 2023 |
30,000 |
|
--------- |
Carrying amount |
|
At 30 October 2023 |
– |
|
--------- |
At 30 October 2022 |
588,750 |
|
--------- |
|
|
6.
TANGIBLE ASSETS
|
Equipment |
|
£ |
Cost |
|
At 31 October 2022 |
12,890 |
Additions |
3,527 |
|
-------- |
At 30 October 2023 |
16,417 |
|
-------- |
Depreciation |
|
At 31 October 2022 |
11,798 |
Charge for the year |
378 |
|
-------- |
At 30 October 2023 |
12,176 |
|
-------- |
Carrying amount |
|
At 30 October 2023 |
4,241 |
|
-------- |
At 30 October 2022 |
1,092 |
|
-------- |
|
|
7.
DEBTORS
|
2023 |
2022 |
|
£ |
£ |
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
481,750 |
– |
Other debtors |
67,605 |
51,648 |
|
--------- |
-------- |
|
549,355 |
51,648 |
|
--------- |
-------- |
|
|
|
8.
CREDITORS:
amounts falling due within one year
|
2023 |
2022 |
|
£ |
£ |
Bank loans and overdrafts |
40,987 |
28,768 |
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
– |
136,346 |
Corporation tax |
– |
7,021 |
Other creditors |
299,764 |
270,647 |
|
--------- |
--------- |
|
340,751 |
442,782 |
|
--------- |
--------- |
|
|
|
9.
CREDITORS:
amounts falling due after more than one year
|
2023 |
2022 |
|
£ |
£ |
Bank loans and overdrafts |
217,418 |
206,740 |
|
--------- |
--------- |
|
|
|
10.
CALLED UP SHARE CAPITAL
Issued, called up and fully paid
|
2023 |
2022 |
|
No. |
£ |
No. |
£ |
Ordinary shares of £ 1 each |
100 |
100 |
100 |
100 |
|
---- |
---- |
---- |
---- |
|
|
|
|
|
11.
OTHER FINANCIAL COMMITMENTS
Total financial commitments, guarantees and contingencies which are not included in the balance sheet amount to £55,470 (2022: £76,062).
12.
DIRECTORS' ADVANCES, CREDITS AND GUARANTEES
The directors have a personal guarantee against the company bank loans.
13.
RELATED PARTY TRANSACTIONS
The related party transactions during the year are outlined below: Key Management Personnel The balance due to key management personnel at the year end amounted to £90,000 (2022: £nil). Other Related Parties
|
|
2023 |
2022 |
|
|
£ |
£ |
|
Balance due (to) other related parties |
(1,310) |
(1,520) |
|
Balance due from other related parties |
372 |
– |
|
|
|
|
Exemption under Section 33.1A has been claimed to not disclose transactions for 100% group companies. No interest has been charged on these balances.
14.
PARENT COMPANY
The ultimate parent company is Cambria Financial Ltd, a company incorporated in England & Wales. Its registered office is 4 Tawe Business Village, Phoenix Way, Enterprise Park, Swansea, Wales, SA7 9LA.