2022-07-012023-06-302023-06-30false07662151HASSAN EXCHANGE 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HASSAN EXCHANGE LIMITED

Registered Number
07662151
(England and Wales)

Unaudited Financial Statements for the Year ended
30 June 2023

HASSAN EXCHANGE LIMITED
Company Information
for the year from 1 July 2022 to 30 June 2023

Director

HASSAN, Fasih

Registered Address

2nd Floor Grove House
55 Lowlands Road
Harrow
HA1 3AW

Registered Number

07662151 (England and Wales)
HASSAN EXCHANGE LIMITED
Balance Sheet as at
30 June 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets3108,657121,303
108,657121,303
Current assets
Stocks4222,028191,600
Debtors55,35546,683
Cash at bank and on hand29,13439,083
306,517277,366
Creditors amounts falling due within one year6(292,826)(282,994)
Net current assets (liabilities)13,691(5,628)
Total assets less current liabilities122,348115,675
Creditors amounts falling due after one year7(32,811)(40,519)
Provisions for liabilities9(16,363)(13,649)
Net assets73,17461,507
Capital and reserves
Called up share capital1,0001,000
Profit and loss account72,17460,507
Shareholders' funds73,17461,507
The financial statements were approved and authorised for issue by the Director on 28 March 2024, and are signed on its behalf by:
HASSAN, Fasih
Director
Registered Company No. 07662151
HASSAN EXCHANGE LIMITED
Notes to the Financial Statements
for the year ended 30 June 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes and trade discounts.
Current taxation
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
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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 reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)Straight line (years)
Plant and machinery-10
Fixtures and fittings10-
Office Equipment25-
Finance leases and hire purchase contracts
Rentals paid under operating lease, including any lease incentive received, are charged to income on a stright line basis over the term of the relevant lease except where another more systematic basis is more representative time pattern in which economic benefits from the lease asset are consumed.
Stocks and work in progress
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).
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 ontractual 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 amortized 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 amortized. 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, loans from fellow group companies are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the resent value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortized. 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 amortized cost using the effective interest method.
Share capital
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 no longer at the discretion of the company.
2.Average number of employees

20232022
Average number of employees during the year3833
3.Tangible fixed assets

Plant & machinery

Fixtures & fittings

Office Equipment

Total

££££
Cost or valuation
At 01 July 2218,035254,20318,554290,792
Additions-1,7251081,833
At 30 June 2318,035255,92818,662292,625
Depreciation and impairment
At 01 July 2214,381142,13412,974169,489
Charge for year1,80311,2671,40914,479
At 30 June 2316,184153,40114,383183,968
Net book value
At 30 June 231,851102,5274,279108,657
At 30 June 223,654112,0695,580121,303
4.Stocks

2023

2022

££
Finished goods222,028191,600
Total222,028191,600
5.Debtors: amounts due within one year

2023

2022

££
Trade debtors / trade receivables82549
Other debtors20,48110,000
Prepayments and accrued income34,79236,134
Total55,35546,683
Included in other debtors is an amount of £20,481 (2022 : £10,000) due from FSWS Enterprises Ltd, a company connected to the director.
6.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables3,8682,270
Bank borrowings and overdrafts9,78827,044
Taxation and social security29,88332,609
Other creditors249,162221,071
Accrued liabilities and deferred income125-
Total292,826282,994
Included in other creditors is an amount of £14,580 (2022 : £15,000) due to QIX Solutions Ltd, a company connected to the director. Included in other creditors is an amount of £8,086 (2022 : £7,306) due to the director.
7.Creditors: amounts due after one year

2023

2022

££
Bank borrowings and overdrafts32,81140,519
Total32,81140,519
Included in bank borrowings less than one year are bank loans of £3,947 (2022 : £23,582) secured by assets of this company. Also included in bank borrowings less than one year and more than one year is bounceback loan of £38,652 (2022 : £43,982).
8.Obligations under finance leases
At the reporting end date the company had a total outstanding committments for future minimum lease payments under non-cancellable operating leases of £129,863 (2022 : £127,532).
9.Provisions for liabilities

2023

2022

££
Net deferred tax liability (asset)16,36313,649
Total16,36313,649