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Company No: 03599599 (England and Wales)

HATCHPLAN LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

HATCHPLAN LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

HATCHPLAN LIMITED

COMPANY INFORMATION

For the financial year ended 31 December 2023
HATCHPLAN LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 December 2023
DIRECTORS Ms M Dowell
Mr R L Dowell
SECRETARY Ms R Lannon
REGISTERED OFFICE Sigma House
Oak View Close
Edginswell Park
Torquay
TQ2 7FF
United Kingdom
COMPANY NUMBER 03599599 (England and Wales)
CHARTERED ACCOUNTANTS Francis Clark LLP
Sigma House
Oak View Close
Edginswell Park
Torquay
TQ2 7FF
HATCHPLAN LIMITED

BALANCE SHEET

As at 31 December 2023
HATCHPLAN LIMITED

BALANCE SHEET (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Intangible assets 3 1 1
Tangible assets 4 748,864 689,980
Investments 5 100 100
748,965 690,081
Current assets
Stocks 82,404 63,862
Debtors 6 542,425 499,928
Cash at bank and in hand 155,552 228,758
780,381 792,548
Creditors: amounts falling due within one year 7 ( 514,437) ( 479,673)
Net current assets 265,944 312,875
Total assets less current liabilities 1,014,909 1,002,956
Creditors: amounts falling due after more than one year 8 ( 229,828) ( 210,868)
Provision for liabilities ( 156,302) ( 107,844)
Net assets 628,779 684,244
Capital and reserves
Called-up share capital 9 400 400
Profit and loss account 628,379 683,844
Total shareholder's funds 628,779 684,244

For the financial year ending 31 December 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Hatchplan Limited (registered number: 03599599) were approved and authorised for issue by the Board of Directors on 29 August 2024. They were signed on its behalf by:

Mr R L Dowell
Director
HATCHPLAN LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
HATCHPLAN LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Hatchplan Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Sigma House, Oak View Close, Edginswell Park, Torquay, TQ2 7FF.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption in section 399 of the Companies Act 2006 not to prepare consolidated accounts, because the group it heads qualifies as small. The financial statements present information about the Company as an individual entity only.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company's activities. Turnover is shown net of value added tax. The company recognises revenue based on it's value of the services provided to date.

Employee benefits

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 5 years straight line
Other intangible assets 5 years straight line
Goodwill

Goodwill arises on business combination and represents any excess of consideration given over the fair value of the identifiable assets and liabilities acquired. Goodwill is initially recognised as an intangible asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset over its expected useful life, as follows:

Land and buildings 20 years straight line
Plant and machinery 5 years straight line
Vehicles 25 % reducing balance
Office equipment 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 38 34

3. Intangible assets

Goodwill Other intangible assets Total
£ £ £
Cost
At 01 January 2023 1 25,897 25,898
At 31 December 2023 1 25,897 25,898
Accumulated amortisation
At 01 January 2023 0 25,897 25,897
At 31 December 2023 0 25,897 25,897
Net book value
At 31 December 2023 1 0 1
At 31 December 2022 1 0 1

4. Tangible assets

Land and buildings Plant and machinery Vehicles Office equipment Total
£ £ £ £ £
Cost
At 01 January 2023 208,100 1,247,164 558,037 59,425 2,072,726
Additions 0 141,282 75,382 2,713 219,377
Disposals 0 ( 2,179) ( 31,201) 0 ( 33,380)
At 31 December 2023 208,100 1,386,267 602,218 62,138 2,258,723
Accumulated depreciation
At 01 January 2023 89,105 901,347 345,286 47,008 1,382,746
Charge for the financial year 10,405 74,706 58,138 3,405 146,654
Disposals 0 ( 2,179) ( 17,362) 0 ( 19,541)
At 31 December 2023 99,510 973,874 386,062 50,413 1,509,859
Net book value
At 31 December 2023 108,590 412,393 216,156 11,725 748,864
At 31 December 2022 118,995 345,817 212,751 12,417 689,980

5. Fixed asset investments

Other investments Total
£ £
Cost or valuation before impairment
At 01 January 2023 100 100
At 31 December 2023 100 100
Carrying value at 31 December 2023 100 100
Carrying value at 31 December 2022 100 100

6. Debtors

2023 2022
£ £
Trade debtors 288,550 330,958
Amounts owed by Group undertakings 14,917 0
Other debtors 238,958 168,970
542,425 499,928

7. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 19,621 14,631
Trade creditors 215,127 164,107
Corporation tax 0 2,491
Other taxation and social security 99,921 136,470
Obligations under finance leases and hire purchase contracts 119,720 96,695
Other creditors 60,048 65,279
514,437 479,673

8. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 50,700 85,310
Obligations under finance leases and hire purchase contracts 179,128 125,558
229,828 210,868

Hire purchase liabilities are secured on the individual assets taken out on hire purchase.

9. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
400 Ordinary shares of £ 1.00 each 400 400

10. Financial commitments

Commitments

Capital commitments are as follows:

2023 2022
£ £
Contracted for but not provided for:
Finance leases entered into 4,333 30,333

Total future minimum lease payments under non-cancellable operating leases are as follows:

2023 2022
£ £
within one year 4,333 26,000
between one and five years 0 4,333
4,333 30,333

11. Related party transactions

Transactions with entities in which the entity itself has a participating interest

2023 2022
£ £
Amounts owed (to)/from Hatchplan (Holdings) Limited (13,098) (8,018)

Hatchplan Limited operates a loan account with Hatchplan (Holdings) Limited. There is no fixed date of repayment and the loan bears no interest.

12. Ultimate controlling party

Parent Company:

Hatchplan (Holdings) Limited
Sigma House
Oak View Close
Edginswell Park
Torquay
Devon
TQ2 7FF