Registered number: 02955271
The Hessel Group Limited
Unaudited
Financial statements
For the Period Ended 15 June 2023
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The Hessel Group Limited
Registered number: 02955271
Balance sheet
As at 15 June 2023
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Page 1
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The Hessel Group Limited
Registered number: 02955271
Balance sheet (continued)
As at 15 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 period 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 21 February 2024.
The notes on pages 3 to 10 form part of these financial statements.
Page 2
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The Hessel Group Limited
Notes to the financial statements
For the Period Ended 15 June 2023
The Hessel Group Limited (the company) is a private limited company incorporated and domiciled in England & Wales. The address of its registered office is Unit 5, Spring Gardens, Park Lane, Crowborough, East Sussex, TN6 2QN and the principal activity is that of employee relocation administration and related services.
The company is the parent undertaking of a small group and as such is not required by the Companies Act 2006 to prepare group accounts. These financial statements therefore present information about the company as an individual undertaking and not about its group.
2.Accounting policies
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Basis of preparation of financial statements
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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 following principal accounting policies have been applied:
Turnover comprises revenue recognised by the company in respect of employee relocation administration services supplied during the year, exclusive of Value Added Tax and trade discounts.
Intellectual property rights are valued at cost less accumulated amortisation. Amortisation is calculated to write off the cost in equal annual instalments over their estimated useful lives.
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.
The estimated useful lives range as follows:
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straight line over 3 years
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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.
Investments in subsidiaries are measured at cost less accumulated impairment.
Page 3
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The Hessel Group Limited
Notes to the financial statements
For the Period Ended 15 June 2023
2.Accounting policies (continued)
Short term debtors are measured at transaction price, less any impairment.
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Cash and cash equivalents
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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.
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Short term creditors are measured at the transaction price.
Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.
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Foreign currency translation
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Functional and presentation currency
The company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
Page 4
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The Hessel Group Limited
Notes to the financial statements
For the Period Ended 15 June 2023
2.Accounting policies (continued)
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.
Interest income is recognised in profit or loss using the effective interest method.
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.
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The average monthly number of employees, including directors, during the period was 10 (2022 - 10).
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Other interest receivable
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Page 5
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The Hessel Group Limited
Notes to the financial statements
For the Period Ended 15 June 2023
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Current tax on profits for the year
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Taxation on profit on ordinary activities
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Factors affecting tax charge for the period/year
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The tax assessed for the period/year is higher than (2022 - lower than) the standard rate of corporation tax in the UK of19% (2022 - 19%). The differences are explained below:
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Profit on ordinary activities before tax
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Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2022 - 19%)
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Expenses not deductible for tax purposes
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Other differences leading to an increase in the tax charge
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Total tax charge for the period/year
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Page 6
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The Hessel Group Limited
Notes to the financial statements
For the Period Ended 15 June 2023
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Charge for the period on owned assets
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Page 7
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The Hessel Group Limited
Notes to the financial statements
For the Period Ended 15 June 2023
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Prepayments and accrued income
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Cash and cash equivalents
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Page 8
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The Hessel Group Limited
Notes to the financial statements
For the Period Ended 15 June 2023
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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Creditors: Amounts falling due after more than one year
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Page 9
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The Hessel Group Limited
Notes to the financial statements
For the Period Ended 15 June 2023
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Analysis of the maturity of loans is given below:
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Amounts falling due within one year
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Amounts falling due 1-2 years
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Amounts falling due 2-5 years
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The company operates a defined contribution pension scheme, for the benefit of its employees, including directors. 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. The cost of the pension to the company for the period was £15,774 (2022: £26,229). Contributions totalling £772 (2022: £Nil) were payable to the fund at the balance sheet date and are included in Creditors.
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Post balance sheet events
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On 15 June 2023, 100% of the isseud share capital of the company was acquired by Jonas Computing (UK) Limited.
For the period under review, the company was controlled by its parent company, Relocation Limited, a company incorporated in England & Wales. The ultimate controlling party were the shareholders of Relocation Limited.
From 15 June 2023, the company is controlled by Jonas Computing (UK) Limited by viture of its acquisition of the company's entire share capital.
Page 10
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