2 false false false false false false false false false false true false false false false false false No description of principal activity 2023-03-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 12444995 2023-03-01 2024-02-29 12444995 2024-02-29 12444995 2023-02-28 12444995 2022-03-01 2023-02-28 12444995 2023-02-28 12444995 2022-02-28 12444995 core:MotorVehicles 2023-03-01 2024-02-29 12444995 bus:OrdinaryShareClass1 2023-03-01 2024-02-29 12444995 bus:Director1 2023-03-01 2024-02-29 12444995 core:WithinOneYear 2024-02-29 12444995 core:WithinOneYear 2023-02-28 12444995 core:FurnitureFittings 2024-02-29 12444995 core:MotorVehicles 2024-02-29 12444995 core:FurnitureFittings 2023-03-01 2024-02-29 12444995 core:ShareCapital 2024-02-29 12444995 core:ShareCapital 2023-02-28 12444995 core:RetainedEarningsAccumulatedLosses 2024-02-29 12444995 core:RetainedEarningsAccumulatedLosses 2023-02-28 12444995 bus:Director1 2023-02-28 12444995 bus:Director1 2024-02-29 12444995 bus:Director1 2022-02-28 12444995 bus:Director1 2023-02-28 12444995 bus:SmallEntities 2023-03-01 2024-02-29 12444995 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 12444995 bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 12444995 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 12444995 bus:FullAccounts 2023-03-01 2024-02-29 12444995 bus:OrdinaryShareClass1 2024-02-29 12444995 bus:OrdinaryShareClass1 2023-02-28 12444995 core:OfficeEquipment 2023-03-01 2024-02-29 12444995 core:OfficeEquipment 2023-02-28 12444995 core:OfficeEquipment 2024-02-29
COMPANY REGISTRATION NUMBER: 12444995
HX Private Clients Limited
Filleted Unaudited Financial Statements
29 February 2024
HX Private Clients Limited
Financial Statements
Year ended 29 February 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
HX Private Clients Limited
Statement of Financial Position
29 February 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
5
21,733
4,896
Current assets
Debtors
6
121,510
168,066
Cash at bank and in hand
441,121
421,158
----------
----------
562,631
589,224
Creditors: amounts falling due within one year
7
127,485
238,412
----------
----------
Net current assets
435,146
350,812
----------
----------
Total assets less current liabilities
456,879
355,708
Provisions
2,132
1,224
----------
----------
Net assets
454,747
354,484
----------
----------
Capital and reserves
Called up share capital
8
1
1
Profit and loss account
454,746
354,483
----------
----------
Shareholders funds
454,747
354,484
----------
----------
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 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
HX Private Clients Limited
Statement of Financial Position (continued)
29 February 2024
These financial statements were approved by the board of directors and authorised for issue on 7 August 2024 , and are signed on behalf of the board by:
Mr H Craker
Director
Company registration number: 12444995
HX Private Clients Limited
Notes to the Financial Statements
Year ended 29 February 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 23 Berkeley Square, London, W1J 6HE.
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.
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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Motor vehicles
-
20% straight line
Equipment
-
25% straight line
Fixtures and fittings are not depreciated as the useful life of the assets are indefinite and they are not expected to decrease in value.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity 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 .
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 2 (2023: 2 ).
5. Tangible assets
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 March 2023
7,554
7,554
Additions
13,206
5,168
483
18,857
--------
-------
-------
--------
At 29 February 2024
13,206
5,168
8,037
26,411
--------
-------
-------
--------
Depreciation
At 1 March 2023
2,658
2,658
Charge for the year
86
1,934
2,020
--------
-------
-------
--------
At 29 February 2024
86
4,592
4,678
--------
-------
-------
--------
Carrying amount
At 29 February 2024
13,206
5,082
3,445
21,733
--------
-------
-------
--------
At 28 February 2023
4,896
4,896
--------
-------
-------
--------
6. Debtors
2024
2023
£
£
Trade debtors
( 11,547)
123,303
Prepayments and accrued income
56,016
44,763
Director's loan account
77,041
----------
----------
121,510
168,066
----------
----------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
12,133
12,609
Accruals and deferred income
20,602
116,502
Corporation tax
68,838
81,875
Social security and other taxes
7,747
15,748
Director loan accounts
132
Other creditors
18,165
11,546
----------
----------
127,485
238,412
----------
----------
8. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
1
1
1
1
----
----
----
----
9. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
Mr H Craker
( 132)
77,173
77,041
----
--------
--------
2023
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
Mr H Craker
( 132)
( 132)
----
----
----
The maximum amount outstanding on the directors loan account during the period was £77,041.