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COMPANY REGISTRATION NUMBER: 05271440

Hemisphere West Europe Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Hemisphere West Europe Ltd

Statement of Financial Position as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

8,190

8,118

Investments

5

794,290

711,708

 

802,480

719,826

Current assets

 

Stocks

6

875,062

684,514

Debtors

7

206,061

738,630

Cash at bank and in hand

 

738,387

765,571

 

1,819,510

2,188,715

Creditors: Amounts falling due within one year

8

(694,946)

(989,462)

Net current assets

 

1,124,564

1,199,253

Total assets less current liabilities

 

1,927,044

1,919,079

Creditors: Amounts falling due after more than one year

8

(26,042)

(88,542)

Provisions for liabilities

(752)

(1,222)

Net assets

 

1,900,250

1,829,315

Capital and reserves

 

Called up share capital

9

2

2

Retained earnings

1,900,248

1,829,313

Shareholders' funds

 

1,900,250

1,829,315

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 members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

 

Hemisphere West Europe Ltd

Statement of Financial Position as at 31 December 2023

Approved and authorised by the Board on 23 August 2024 and signed on its behalf by:
 

.........................................
Mr P Janeway
Director

.........................................
Mrs L Janeway
Director

 
     

Company registration number: :05271440

 

Hemisphere West Europe Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 85-87
Shrivenham Hundred Business Park
Majors Road
Watchfield
Oxon
SN6 8TY

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).The financial statements have been prepared under the historical cost convention and in accordance with FRS 105 'The Financial Reporting Standard applicable to the Micro-entities Regime'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

 

Hemisphere West Europe Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

2

Accounting policies (continued)

Key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures & Fittings

Reducing balance 25%

Office Equipment

Reducing balance 25%

 

Hemisphere West Europe Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

2

Accounting policies (continued)

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the statement of comprehensive income over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Hemisphere West Europe Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

2

Accounting policies (continued)

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 10 (2022 - 9).

 

Hemisphere West Europe Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Tangible assets

Fixtures and fittings
£

Office equipment
£

Total
£

Cost or valuation

At 1 January 2023

10,375

25,900

36,275

Additions

-

2,802

2,802

At 31 December 2023

10,375

28,702

39,077

Depreciation

At 1 January 2023

9,037

19,120

28,157

Charge for the year

334

2,396

2,730

At 31 December 2023

9,371

21,516

30,887

Carrying amount

At 31 December 2023

1,004

7,186

8,190

At 31 December 2022

1,338

6,780

8,118

5

Investments

2023
£

2022
£

Investments in subsidiaries

794,290

711,708

Subsidiaries

£

Cost or valuation

At 1 January 2023

711,708

Additions

82,582

At 31 December 2023

794,290

Provision

Carrying amount

At 31 December 2023

794,290

At 31 December 2022

711,708

 

Hemisphere West Europe Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

5

Investments (continued)

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2023

2022

Subsidiary undertakings

Unattended Card Payments Inc

6655 S Tenaya Way Suite 180 Las Vegas NV 89113

USA

Common shares

80%

80%

Subsidiary undertakings

Unattended Card Payments Inc

The principal activity of Unattended Card Payments Inc is reselling of electronic payment devices. The loss for the financial period of Unattended Card Payments Inc was £576,400 and the aggregate amount of capital and reserves at the end of the period was £4,385,559.

6

Stocks

2023
£

2022
£

Other inventories

875,062

684,514

7

Debtors

Current

2023
£

2022
£

Trade debtors

182,288

701,104

Prepayments

23,772

37,526

Other debtors

1

-

 

206,061

738,630

 

Hemisphere West Europe Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

62,500

62,500

Trade creditors

 

342,373

348,647

Taxation and social security

 

47,308

210,127

Accruals and deferred income

 

204,733

198,262

Other creditors

 

38,032

169,926

 

694,946

989,462

Current loans and borrowings

2023
£

2022
£

Bank borrowings

62,500

62,500

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

26,042

88,542

9

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary of £1 each

2

2

2

2

       

10

Loans and borrowings

Non-current loans and borrowings

 

Hemisphere West Europe Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

10

Loans and borrowings (continued)

2023
£

2022
£

Bank borrowings

26,042

88,542

Current loans and borrowings

2023
£

2022
£

Bank borrowings

62,500

62,500

11

Related party transactions

No transactions with related parties were undertaken such as are required to be disclosed under FRS102 1A

 

Hemisphere West Europe Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

11

Related party transactions (continued)

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

24,000

23,000

Contributions paid to money purchase schemes

80,000

100,000

104,000

123,000

Summary of transactions with subsidiaries

Unattended Card Payments Inc
 During the year goods to the value of £690 (2022 - £609) and management charges of £Nil (2022 - £205,000) were invoiced to the subsidiary in addition interest of £73,214 (2022 - £63,711) was charged. In addition goods were purchased from the subsidiary for the total sum of £947 (2022 - £56). The balance outstanding at the end of the year was £Nil (2022 - £Nil).
 

Loans to related parties

2023

Subsidiary
£

Total
£

At start of period

710,485

710,485

Advanced

103,009

103,009

At end of period

813,494

813,494

2022

Subsidiary
£

Total
£

At start of period

600,153

600,153

Advanced

110,332

110,332

At end of period

710,485

710,485

12

Parent and ultimate parent undertaking

The company's immediate parent is HWE Holdings Limited, incorporated in England.