Caseware UK (AP4) 2023.0.135 2023.0.135 2023-10-312023-10-3112truetrueNo description of principal activity122022-11-01falsefalse 02703969 2022-11-01 2023-10-31 02703969 2021-11-01 2022-10-31 02703969 2023-10-31 02703969 2022-10-31 02703969 c:Director2 2022-11-01 2023-10-31 02703969 d:CurrentFinancialInstruments 2023-10-31 02703969 d:CurrentFinancialInstruments 2022-10-31 02703969 d:CurrentFinancialInstruments d:WithinOneYear 2023-10-31 02703969 d:CurrentFinancialInstruments d:WithinOneYear 2022-10-31 02703969 d:ShareCapital 2023-10-31 02703969 d:ShareCapital 2022-10-31 02703969 d:RetainedEarningsAccumulatedLosses 2023-10-31 02703969 d:RetainedEarningsAccumulatedLosses 2022-10-31 02703969 c:FRS102 2022-11-01 2023-10-31 02703969 c:Audited 2022-11-01 2023-10-31 02703969 c:FullAccounts 2022-11-01 2023-10-31 02703969 c:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 02703969 c:SmallCompaniesRegimeForAccounts 2022-11-01 2023-10-31 02703969 e:PoundSterling 2022-11-01 2023-10-31 iso4217:GBP xbrli:pure

Registered number: 02703969









HSM BROKERS LIMITED









FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2023

 
HSM BROKERS LIMITED
REGISTERED NUMBER: 02703969

BALANCE SHEET
AS AT 31 OCTOBER 2023

2023
2023
2022
2022
                                                                     Note
£
£
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 4 
16,576,831
17,726,638

Cash at bank and in hand
  
422,048
232,908

  
16,998,879
17,959,546

Creditors: amounts falling due within one year
 5 
(256,541)
(584,845)

Net current assets
  
 
 
16,742,338
 
 
17,374,701

  

Net assets
  
16,742,338
17,374,701


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
16,742,238
17,374,601

  
16,742,338
17,374,701


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 10 June 2024.




M G Khaku
Director

The notes on pages 2 to 7 form part of these financial statements.

Page 1

 
HSM BROKERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

1.


General information

HSM Brokers Limited is a company limited by shares, incorporated in England and Wales. Its registered office is 61 Charlotte Street, London, W1T 4PF.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional currency is USD. This differs from the presentational currency which is GBP and all values have been rounded to the nearest pound (£).

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.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 2

 
HSM BROKERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
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.

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Finance costs

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.

 
2.6

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.

Page 3

 
HSM BROKERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.7

Taxation

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.

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment.

 
2.9

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.

 
2.10

Creditors

Short term creditors are measured at the transaction price.

 
2.11

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.
 
Page 4

 
HSM BROKERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)


2.11
Financial instruments (continued)


Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.


3.


Employees

The average monthly number of employees, including directors, during the year was 12 (2022 - 12).

Page 5

 
HSM BROKERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

4.


Debtors

2023
2022
£
£


Trade debtors
1,027,817
2,228,867

Amounts owed by group undertakings
15,509,869
15,461,254

Other debtors
32,917
36,517

Prepayments
6,228
-

16,576,831
17,726,638



5.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
-
10,276

Corporation tax
128,374
459,304

Other taxation and social security
17,475
22,284

Other creditors
409
7,421

Accruals
110,283
85,560

256,541
584,845



6.


Pension commitments

The Company operates a defined contributions pension scheme. 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 and amounted to £19,656 (2022 - £ 52,717) . Contributions totalling £Nil (2022 - £Nil) were payable to the fund at the balance sheet date and are included in creditors.


7.Financial commitments, guarantees and contingent liabilities

The Company has given cross guarantees to secure the borrowings of fellow subsidiary undertakings. The amount secured at the year end was £12,847,522 (2022 - £24,922,385).


8.


Related party transactions

Transactions with group companies are not disclosed by virtue of the exemption claimed under FRS 102 Section 1AC.35.

Page 6

 
HSM BROKERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

9.


Controlling party

Holbud Group Limited is the parent of the group for which consolidated financial statements are prepared. The registered office is 61 Charlotte Street, London, W1T 4PF.


10.


Auditor's information

The auditor's report on the financial statements for the year ended 31 October 2023 was unqualified.

The audit report was signed on 17 June 2024 by Andrew May ACCA (Senior statutory auditor) on behalf of Barnes Roffe LLP.

 
Page 7