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Unaudited Financial Statements
Hansa Enterprises Ltd
For the Year Ended 30 June 2023





































Registered number: NI037558

 
Hansa Enterprises Ltd
 

Company Information


Directors
David McConkey 
Nicola McConkey 




Company secretary
David McConkey



Registered number
NI037558



Registered office
6 Gowan Meadows
Dunmurry

Belfast

County Antrim

BT17 9JF




Accountants
Grant Thornton (NI) LLP
Chartered Accountants

12-15 Donegall Square West

Belfast

BT1 6JH




Bankers
Danske Bank
Donegall Square West

Belfast

BT1 6JS





 
Hansa Enterprises Ltd
 

Contents



Page
Accountants' report
1
Balance sheet
2 - 3
Statement of changes in equity
4
Notes to the financial statements
5 - 11


  
img62a0.png
Independent Accountant's Report to the directors of the unaudited financial statements of Hansa Enterprises Ltd for the Year Ended 30 June 2023

In order to assist you fulfil your duties under the Companies Act 2006, we have compiled the financial statements of Hansa Enterprises Ltd for the year ended 30 June 2023, which comprise  the Balance sheet, the Statement of changes in equity and the related notes to the financial statements, including a summary of significant accounting policies, from the company's accounting records and from information and explanations you have given to us.

The financial statements have been prepared on the basis set out in the notes to the financial statements.

This report is made solely to the directors of Hansa Enterprises Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely that we might compile the financial statements that we have been engaged to compile, report to the company's directors that we have done so and state those matters that we have agreed to state to the directors of Hansa Enterprises Ltd, as a body, in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Hansa Enterprises Ltd and its directors, as a body, for our work or for this report.


We have carried out this engagement in accordance with the technical guidance issued by Chartered Accountants Ireland ("the Institute") and have complied with the ethical guidance laid down by the Institute relating to members undertaking the compilation of financial statements.

You have approved the financial statements for the year ended 30 June 2023 and you have acknowledged on the Balance sheet as at 30 June 2023 your duty to ensure that Hansa Enterprises Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view in accordance with the Companies Act 2006. You consider that Hansa Enterprises Ltd is exempt from the statutory audit requirement for the year ended 30 June 2023.

We have not been instructed to carry out an audit or review the financial statements of Hansa Enterprises 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 financial statements. 




  


Grant Thornton (NI) LLP

Chartered Accountants
12-15 Donegall Square West
Belfast
BT1 6JH







Date:   22 January 2024
Page 1

 
Hansa Enterprises Ltd
Registered number:NI037558

Balance sheet
As at 30 June 2023

As restated
2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
-
68,912

Investments
 6 
3,940,254
-

  
3,940,254
68,912

Current assets
  

Debtors: amounts falling due after more than one year
 7 
-
984,439

Debtors: amounts falling due within one year
 7 
2,003,555
1,664,780

Cash at bank and in hand
 8 
189,918
3,043,240

  
2,193,473
5,692,459

Creditors: amounts falling due within one year
 9 
(272,523)
(20,190)

Net current assets
  
 
 
1,920,950
 
 
5,672,269

Total assets less current liabilities
  
5,861,204
5,741,181

Provisions for liabilities
  

Deferred tax
  
-
(17,228)

  
 
 
-
 
 
(17,228)

Net assets
  
5,861,204
5,723,953


Capital and reserves
  

Called up share capital 
 10 
1,000
1,000

Profit and loss account
 11 
5,860,204
5,722,953

  
5,861,204
5,723,953


Page 2

 
Hansa Enterprises Ltd
Registered number:NI037558

Balance sheet (continued)
As at 30 June 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 22 January 2024.




David McConkey
Director

The notes on pages 5 to 11 form part of these financial statements.

Page 3

 
Hansa Enterprises Ltd
 

Statement of changes in equity
For the Year Ended 30 June 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 July 2022 (as previously stated)
1,000
5,381,206
5,382,206

Prior year adjustment
-
341,747
341,747

At 1 July 2022 (as restated)
1,000
5,722,953
5,723,953


Comprehensive income for the year

Profit for the year
-
137,251
137,251
Total comprehensive income for the year
-
137,251
137,251


At 30 June 2023
1,000
5,860,204
5,861,204



Statement of changes in equity
For the Year Ended 30 June 2022


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 July 2021
1,000
651,969
652,969


Comprehensive income for the year

Profit for the year
-
5,070,984
5,070,984
Total comprehensive income for the year
-
5,070,984
5,070,984


At 30 June 2022
1,000
5,722,953
5,723,953


The notes on pages 5 to 11 form part of these financial statements.

Page 4

 
Hansa Enterprises Ltd
 
 
Notes to the financial statements
For the Year Ended 30 June 2023

1.


General information

Hansa Enterprises Ltd is a company limited by shares and incorporated in Northern Ireland. The registered office is 6 Gowan Meadows, Dunmurry, Belfast, BT17 9JF. The principal activity of the company is the  provision of consultancy services.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
The financial statements are presented in Sterling (£).

  
2.2

Going concern

The directors have assessed that there are adequate resources to meet the ongoing costs of the business for a minimum of 12 months from the date of signing the financial statements. For this reason the financial statements have been prepared on a going concern basis which presumes the realisation of assets and liabilities in the normal course of business.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 5

 
Hansa Enterprises Ltd
 

Notes to the financial statements
For the Year Ended 30 June 2023

2.Accounting policies (continued)

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Motor vehicles
-
20%
Straight line method

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.5

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 6

 
Hansa Enterprises Ltd
 

Notes to the financial statements
For the Year Ended 30 June 2023

2.Accounting policies (continued)

 
2.9

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.10

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.11

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.

Page 7

 
Hansa Enterprises Ltd
 

Notes to the financial statements
For the Year Ended 30 June 2023

2.Accounting policies (continued)

 
2.12

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.13

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

Estimates and judgements are required when applying accounting policies. These are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The company makes estimates and assumptions concerning the future, which can involve a high degree of judgement or complexity. 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:
Carrying value of investments
Investment in subsidiary undertakings is measured at cost less accumulated impairment. Where there is an indication of impairment the recoverable amount is estimated and compared with the carrying amount. The estimate of recoverable amount is considered in light of the trading and balance sheet strength of the subsidiary together with the director's best estimate of future performance of the subsidiary.

Page 8

 
Hansa Enterprises Ltd
 
 
Notes to the financial statements
For the Year Ended 30 June 2023

4.


Employees

The average monthly number of employees, including directors, during the year was 2 (2022 - 2).


5.


Tangible fixed assets





Motor vehicles

£



Cost or valuation


At 1 July 2022
70,080


Disposals
(70,080)



At 30 June 2023

-



Depreciation


At 1 July 2022
1,168


Charge for the year on owned assets
8,176


Disposals
(9,344)



At 30 June 2023

-



Net book value



At 30 June 2023
-



At 30 June 2022
68,912


6.


Fixed asset investments





Listed investments
Total

£
£



Cost or valuation


Additions
6,379,000
6,379,000


Disposals
(2,550,000)
(2,550,000)


Revaluations
111,254
111,254



At 30 June 2023
3,940,254
3,940,254




During the year the Company opened and contributed £3.8m to an investment portfolio.
 

Page 9

 
Hansa Enterprises Ltd
 
 
Notes to the financial statements
For the Year Ended 30 June 2023

7.


Debtors

2023
2022
£
£

Due after more than one year

Deferred consideration
-
984,439

-
984,439


As restated
2023
2022
£
£

Due within one year

Trade debtors
9,254
17,696

Other debtors
1,007,551
332,852

Deferred consideration
984,439
1,310,289

Prepayments and accrued income
2,311
3,943

2,003,555
1,664,780



8.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
189,917
3,043,239

189,917
3,043,239



9.


Creditors: Amounts falling due within one year

As restated
2023
2022
£
£

Corporation tax
263,286
12,959

Other taxation and social security
3,516
3,411

Accruals and deferred income
5,721
3,820

272,523
20,190


Page 10

 
Hansa Enterprises Ltd
 
 
Notes to the financial statements
For the Year Ended 30 June 2023

10.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1,000 (2022 - 1,000) Ordinary shares of £1.00 each
1,000
1,000



11.


Reserves

Profit and loss account

Includes all current and prior period retained profits and losses.


12.


Related party transactions

The company had the following related party transactions in the year:
In the year the directors were advanced net funds of £425,211 by the company. At the balance sheet date the amount owed by the directors was £753,308 (2022: £328,097) and is included in other debtors. The loan is unsecured, interest free and repayable upon demand.


13.


Prior year adjustment

During the year, the Directors became aware that dividends and directors loan account balance had not been recognised correctly in the financial statements. As a result, a prior year adjustment was posted to reflect the correct directors loan account balance and dividends declared in the comparative figures. This increased net assets and profit and loss reserves by £341,747.


Page 11