Company Registration No. 09886928 (England and Wales)
Hanx Limited
Unaudited accounts
for the year ended 31 December 2023
Hanx Limited
Unaudited accounts
Contents
Hanx Limited
Company Information
for the year ended 31 December 2023
Directors
R R Hassan
F Kabir
E S Welsh
T White
S Zussman
Company Number
09886928 (England and Wales)
Registered Office
Office 7
35-37 Ludgate Hill
London
EC4M 7JN
United Kingdom
Hanx Limited
Statement of financial position
as at 31 December 2023
Intangible assets
2,390
2,698
Tangible assets
3,856
3,580
Inventories
153,265
101,617
Cash at bank and in hand
142,982
101,369
Creditors: amounts falling due within one year
(154,408)
(80,270)
Net current assets
348,995
316,318
Total assets less current liabilities
355,242
322,597
Creditors: amounts falling due after more than one year
(25,398)
(26,656)
Net assets
329,844
295,941
Called up share capital
206
191
Share premium
2,345,398
1,844,348
Profit and loss account
(2,015,760)
(1,548,598)
Shareholders' funds
329,844
295,941
For the 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. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 5 September 2024 and were signed on its behalf by
F Kabir
Director
Company Registration No. 09886928
Hanx Limited
Notes to the Accounts
for the year ended 31 December 2023
Hanx Limited is a private company, limited by shares, registered in England and Wales, registration number 09886928. The registered office is Office 7, 35-37 Ludgate Hill, London, EC4M 7JN, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The Directors consider that the resources available to the company will be sufficient for the company to continue trading for at least 12 months following the date of these financial statements. As at 31 December 2023 the company had net assets of £329,844 (2022: £295,941) which included a cash balance of £142,982 (2022: £101,369), as such the accounts are prepared on a going concern basis. The financial statements do not contain any adjustments that would be required if the company were not able to continue as a going concern.
The accounts are presented in £ sterling which is also the functional currency of the entity.
Turnover 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. Turnover 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 turnover is recognised:
Sale of goods:
Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
• the company has transferred the significant risks and rewards of ownership to the buyer;
• the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
• the amount of revenue can be measured reliably;
• it is probable that the company will receive the consideration due under the transaction; and
• the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Hanx Limited
Notes to the Accounts
for the year ended 31 December 2023
Foreign currency translation
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 Profit and Loss Account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
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.
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.
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the income statement, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
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 amortised at a rate of 10%, which is considered to be the useful life of the asset.
Hanx Limited
Notes to the Accounts
for the year ended 31 December 2023
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Computer equipment
25% reducing balance
Investments in subsidiaries are measured at cost less accumulated impairment.
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss.
Judgements in applying accounting policies and key sources of estimation uncertainty
The preparation of financial statements in compliance with FRS 102 Section 1A requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies. In preparing these financial statements, the directors have made the following judgements:
- Determine whether there are indicators of impairment of the company's inventories, intangible fixed assets and tangible fixed assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and where it is a component of a larger cash-generating unit, the viability and expected future performance of that unit.
- Determine whether leases are entered into by the company as a lessee are operating or finance leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis.
Other key sources of estimation uncertainty:
Tangible fixed assets (note 5)
Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.
Hanx Limited
Notes to the Accounts
for the year ended 31 December 2023
4
Intangible fixed assets
Other
5
Tangible fixed assets
Computer equipment
6
Investments
Subsidiary undertakings
Valuation at 1 January 2023
1
Valuation at 31 December 2023
1
The company holds 100% of the Ordinary share capital of Hanx USA, Inc, a company registered in the USA, whose registered office address is 251 Little Falls Drive, Wilmington, DE 19808.
Hanx Limited
Notes to the Accounts
for the year ended 31 December 2023
Amounts falling due within one year
Trade debtors
32,260
26,950
Amounts due from group undertakings etc.
131,648
84,312
Accrued income and prepayments
17,515
17,499
Other debtors
25,733
62,845
8
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
6,920
6,920
Trade creditors
86,768
55,261
Taxes and social security
9,791
8,810
Other creditors
43,109
955
Loans from directors
402
-
The company has entered into a coronavirus bounce back loan agreement for a facility of £34,600 which was fully drawn down on 6 May 2020. The loan bears interest at 2.5% pa. The loan is unsecured and repayable in monthly instalments from 6 June 2021, with the final instalment due in May 2026.
9
Creditors: amounts falling due after more than one year
2023
2022
Allotted, called up and fully paid:
206,323 Ordinary shares of £0.001 each
206.32
191.30
Shares issued during the period:
15,015 Ordinary shares of £0.001 each
15.01
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 £5,350 (2022 - £5,106). Contributions totalling £740 (2022 - £954) were payable to the fund at the balance sheet date and are included in creditors.
12
Transactions with related parties
The company has taken advantage of the exemption available in Section 33.1A of FRS 102 not to disclose transactions with the ultimate parent company or any wholly owned subsidiary undertaking of the group.
Hanx Limited
Notes to the Accounts
for the year ended 31 December 2023
13
Average number of employees
During the year the average number of employees was 6 (2022: 5).