3 false false false false false false false false false true false false false false false false No description of principal activity 2022-04-01 Sage Accounts Production Advanced 2021 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP 11130214 2022-04-01 2023-03-31 11130214 2023-03-31 11130214 2021-04-01 2022-03-31 11130214 2022-03-31 11130214 bus:Director2 2022-04-01 2023-03-31 11130214 core:AfterOneYear 2023-03-31 11130214 core:AfterOneYear 2022-03-31 11130214 core:WithinOneYear 2023-03-31 11130214 core:WithinOneYear 2022-03-31 11130214 core:ShareCapital 2023-03-31 11130214 core:ShareCapital 2022-03-31 11130214 core:RetainedEarningsAccumulatedLosses 2023-03-31 11130214 core:RetainedEarningsAccumulatedLosses 2022-03-31 11130214 bus:SmallEntities 2022-04-01 2023-03-31 11130214 bus:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 11130214 bus:FullAccounts 2022-04-01 2023-03-31 11130214 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 11130214 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 11130214 core:AllAssociates 2022-04-01 2023-03-31
COMPANY REGISTRATION NUMBER: 11130214
Hojona Mind Limited
Filleted Unaudited Financial Statements
31 March 2023
Hojona Mind Limited
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
Current assets
Debtors
5
472,057
413,372
Cash at bank and in hand
35,814
7,699
---------
---------
507,871
421,071
Creditors: amounts falling due within one year
6
350,094
277,864
---------
---------
Net current assets
157,777
143,207
---------
---------
Total assets less current liabilities
157,777
143,207
Creditors: amounts falling due after more than one year
7
133,000
134,369
---------
---------
Net assets
24,777
8,838
---------
---------
Capital and reserves
Called up share capital
1
1
Profit and loss account
24,776
8,837
--------
-------
Shareholders funds
24,777
8,838
--------
-------
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 income and retained earnings has not been delivered.
For the year ending 31 March 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 .
Hojona Mind Limited
Statement of Financial Position (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 24 January 2024 , and are signed on behalf of the board by:
Mr S Boyce
Director
Company registration number: 11130214
Hojona Mind Limited
Notes to the Financial Statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Stansted Centre, Parsonage Road, LTakeley, Essex, CM22 6PU.
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 the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The Directors have made an assessment and satisfied themselves of the Company's ability to continue as a going concern. The Directors have a reasonable expectation that the company has adequate resources to continue in operational existence for at least twelve months from the date of this report. Accordingly, they continue to adopt the going concern basis of accounting in preparing the annual financial statements. The key elements of this assessment were that, based upon the Company's forecasts, the company receives sufficient liquidity from its asset based lending agreements and the continuing loan facility from its parent company.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2022: 3 ).
5. Debtors
2023
2022
£
£
Trade debtors
400,108
290,435
Amounts owed by group undertakings and undertakings in which the company has a participating interest
70,142
97,327
Other debtors
1,807
25,610
---------
---------
472,057
413,372
---------
---------
Trade debtors of £400,108 are secured by debenture as part of the companies invoice financing arrangements.
6. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
224,875
237,243
Trade creditors
90,291
13,584
Corporation tax
19,689
17,396
Social security and other taxes
15,239
5,199
Other creditors
4,442
---------
---------
350,094
277,864
---------
---------
7. Creditors: amounts falling due after more than one year
2023
2022
£
£
Amounts owed to group undertakings and undertakings in which the company has a participating interest
133,000
134,369
---------
---------
8. Related party transactions
During the period the company received loans from its parent company, Hojona Holdings Limited. The balance at reporting date including accrued interest charges was £70,142 and 2022 - (£134,369). The company also received loans from a fellow group company, Hojona Limited. The balance at reporting date including accrued interest charges was £133,000 and 2022 - £97,327