REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements |
for the Year Ended 31 December 2023 |
for |
Hanson Regan Limited |
REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements |
for the Year Ended 31 December 2023 |
for |
Hanson Regan Limited |
Hanson Regan Limited (Registered number: 05879575) |
Contents of the Financial Statements |
for the Year Ended 31 December 2023 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 5 |
Report of the Independent Auditors | 7 |
Income Statement | 11 |
Other Comprehensive Income | 12 |
Balance Sheet | 13 |
Statement of Changes in Equity | 14 |
Cash Flow Statement | 15 |
Notes to the Cash Flow Statement | 16 |
Notes to the Financial Statements | 17 |
Hanson Regan Limited |
Company Information |
for the Year Ended 31 December 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
and Statutory Auditors |
Unit 7 |
Mulberry Place |
Pinnell Road |
Eltham |
London |
SE9 6AR |
Hanson Regan Limited (Registered number: 05879575) |
Strategic Report |
for the Year Ended 31 December 2023 |
The directors present their strategic report for the year ended 31 December 2023. |
The purpose of the strategic report is to provide shareholders with information to assess how the directors (registered at companies house) have performed their duties to promote the success of the company, for the benefit of the shareholders as a whole and in doing so having regard, amongst other matters listed below: |
a) the likely consequences for any decision in the long term; |
b) the interests of the company's employees; |
c) the need to foster the company's business relationships, with suppliers, customers and others; |
d) the impact of the company's operations on the community and the environment; |
e) the desirability of the company maintaining a reputation for high standards of business conduct; and |
f) the need to act fairly as between members of the company, where members are the shareholders of the company. |
Directors duty should be consistent with the principle of enlightened shareholder value, recognising that companies are run for the benefit of shareholders, but that the long-term success of a business is dependent on maintaining relationships with stakeholders and considering the external impact of the company's activities. This report should explain how the board has had regard to the broader matters in our actions, behaviors and decisions. |
REVIEW OF BUSINESS - BUSINESS PLANNING |
As we wrote last year, we are continuing to press with our Value Growth & Management Transition Programme, initiated in 2019 with a December 2025 horizon. Circumstances have changed significantly in 2023 such that we are going to have to restructure the business and replace our 2025 end date. |
2023 has been a pivotal, learning year ; the year of the paradox. |
Since we started the company, we have been aware of the dangers of concentration. It is key that no one client generates more than 10% of our revenues. |
We have the need for senior recruitment sales people and we are looking forward to attracting the right calibre people. Our hope was to have attracted the right leaders in 2023. We anticipate that we will be more successful in 2024 and look forward to reporting our successes. |
We need to make radical changes to restructure how we conduct our business, including the processes we follow, the partnerships we build, the leadership, training and competencies we introduce and build on. We need to become a learning company: continuously improving and adopting LEAN philosophies that are used by our clients. |
PERFORMANCE |
Pre-tax profits in 2023 have decreased considerably from £883k in 2022 to £75k in 2023. The lower pre-tax profits figure in 2023 is due mainly to the reduction in turnover and contractor placements in the year. |
Turnover has decreased from £37m in 2022 to £23m in 2023. |
The net shareholders' fund has also decreased slightly from £2.3m in 2022 to £2.1m in 2023. |
Hanson Regan Limited (Registered number: 05879575) |
Strategic Report |
for the Year Ended 31 December 2023 |
PREVIOUS DEVELOPMENTS |
We have clarified the following guiding principles since 2022, which remained the same in 2023 and we will be revisiting in 2024. |
1. Our purpose is to make a difference and to support those making a positive difference on the planet. |
2. Our priority must go to serving our clients, the business, and people. Our bottom line is serving people. |
3. Our values are Team, Delivery, Truth. |
4. Through operational excellence, with a mission to always send the perfect CV and to delight and never disappoint. |
5. Globally and precisely source and supply contractor enterprise applications expertise to multinational projects with enterprise level SAP at the core of their business systems. |
6. People come first and we strive to surprise and delight, to energise with growth mindsets in order to lead with sustainable operational excellence. |
We are working on the following programmes: |
- HR, Remuneration, and Coaching baseline within our Talent Management framework |
- Sales, Marketing, PR and ESG capabilities |
- Board Constitution. |
Restructuring plans are being drawn up in 2024, they are dependent on having the right competent person on board to lead the revamping of our sales process. As we write in May 2024, we are well on our way to make the necessary changes and confidently say that we are close to building a new 3-5 year growth plan. |
ACHIEVEMENTS IN 2023 |
Our greatest work was invested by our new board of directors, which met regularly to establish clarity and understanding amongst our leadership. |
Additional investment in HR, enabled improved management training and team building, and was successful in helping refocus our leadership members. Coaching also helped significantly improve and bring on our aspiring managers as well as form a critical service in helping us develop what we call our "cocktail partnerships". Humanities, Empathy, Equality, Diversity, Inclusion and Belonging. as well as our neurodiversity-friendly status continue to grow our capabilities and to attract the right people to Hanson Regan; which in turn help us to connect better with our client and contractor communities. |
We continued to improve and build on our new CRM System, as well as our Accounts system which is now fully upgraded, thereby improving our processing efficiencies that were manually operated from our inception. This a major breakthrough, for which we are very proud of our team for achieving. They delivered quietly, on time and within budget without great fanfare. |
ISO standards have been maintained; 9001 (Quality Management Systems), 14001 (Environmental Management), 27001 (Information Security Management) and 45001 (Health & Safety) and achieving a clear audit in January 2023. |
Hanson Regan Limited (Registered number: 05879575) |
Strategic Report |
for the Year Ended 31 December 2023 |
MARKETS |
Client investment in their business systems has remained globally low in 2023. Some commentators feel it might be a few years before we'll see a reversal. Nonetheless we are seeing pent up demand for SAP clients to roll out the new technologies the company is offering, as well as legislation changes, which will impact business processes and the need for systems upgrades. We are gearing up to be ready for this demand, by having key partnerships and relationships in place, but also to be able to add considerable help to clients with the "non technical" aspects holding them back. |
The one thing that Hanson Regan provides our clients and partners is a unique perspective, which is valued by our clients. We look forward to leveraging this diverse approach and to enabling our clients with that, which they are likely to be overlooking in their systems journeys. |
ON BEHALF OF THE BOARD OF DIRECTORS: |
23 September 2024 |
Hanson Regan Limited (Registered number: 05879575) |
Report of the Directors |
for the Year Ended 31 December 2023 |
The directors present their report with the financial statements of the company for the year ended 31 December 2023. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of Recruitment Consultancy. |
DIVIDENDS |
Interim dividends totalling £ |
The total distribution of dividends for the year ended 31 December 2023 will be £ |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report. |
POLITICAL DONATIONS AND EXPENDITURE |
The company made donations of £2,880 (2022 - £6,547) in the year to various charitable foundations, not of a political nature. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
Hanson Regan Limited (Registered number: 05879575) |
Report of the Directors |
for the Year Ended 31 December 2023 |
AUDITORS |
The auditors, Nichols & Co ( Accountancy ) Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Hanson Regan Limited |
Opinion |
We have audited the financial statements of Hanson Regan Limited (the 'company') for the year ended 31 December 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
Hanson Regan Limited |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page five, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
Report of the Independent Auditors to the Members of |
Hanson Regan Limited |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
- The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations. |
- Enquiring of management of whether they are aware of any non-compliance with laws and regulations. |
- Enquiring of management whether they have any knowledge of any actual, suspected or alleged fraud. |
- Enquiring of management their internal controls established to mitigate risk related to fraud or non-compliance with laws and regulations. |
- Discussions amongst engagement team on how and where fraud might occur in the financial statements and any potential indicators of fraud. As part of this discussion, we identified potential for fraud in posting of unusual journals. |
- Obtaining understanding of the legal and regulatory framework the company operates in focusing on those laws and regulations that had a direct effect on the financial statements or had a fundamental effect on the operations. The key laws and regulations we considered in this context included UK Companies Act, tax legislation and employment law. |
To address the risk of fraud through management bias and override of controls we: |
- Performed analytical procedures to identify any unusual or unexpected relationships. |
- Audited the risk of management override of controls, including through testing journals entries for appropriateness. |
In response to the risk of irregularities and non compliance with laws and regulations, we designed procedures which included, but are not limited to: |
- Agreeing financial statements disclosures to underlying supporting documentation. |
- Enquiring of management as to actual and potential litigation claims. |
The test nature and other inherent limitations of an audit, together with the inherent limitations of any accounting and |
internal control system, mean that there is an unavoidable risk that even some material misstatements in respect of |
irregularities may remain undiscovered even though the audit is properly planned and performed in accordance with ISAs (UK). Furthermore, the more removed that laws and regulations are from financial transactions, the less likely that we would become aware of non-compliance. Our examination should therefore not be relied upon to disclose all such material misstatements or frauds, errors or instances of non-compliance that might exist. The responsibility for safeguarding the assets of the company and for the prevention and detection of fraud, error and non-compliance with law or regulations rests with the directors. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Report of the Independent Auditors to the Members of |
Hanson Regan Limited |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Chartered Accountants |
and Statutory Auditors |
Unit 7 |
Mulberry Place |
Pinnell Road |
Eltham |
London |
SE9 6AR |
Hanson Regan Limited (Registered number: 05879575) |
Income Statement |
for the Year Ended 31 December 2023 |
31.12.23 | 31.12.22 |
Notes | £ | £ |
TURNOVER | 3 |
Cost of sales | ( |
) | ( |
) |
GROSS PROFIT |
Administrative expenses | ( |
) | ( |
) |
59,116 | 883,314 |
Other operating income |
OPERATING PROFIT | 5 |
Interest receivable and similar income |
75,816 | 883,808 |
Interest payable and similar expenses | 6 | ( |
) |
PROFIT BEFORE TAXATION |
Tax on profit | 7 | ( |
) | ( |
) |
PROFIT FOR THE FINANCIAL YEAR |
Hanson Regan Limited (Registered number: 05879575) |
Other Comprehensive Income |
for the Year Ended 31 December 2023 |
31.12.23 | 31.12.22 |
Notes | £ | £ |
PROFIT FOR THE YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
Hanson Regan Limited (Registered number: 05879575) |
Balance Sheet |
31 December 2023 |
31.12.23 | 31.12.22 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 9 |
Investment property | 10 |
CURRENT ASSETS |
Debtors | 11 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 12 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 15 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 16 |
Retained earnings | 17 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
Hanson Regan Limited (Registered number: 05879575) |
Statement of Changes in Equity |
for the Year Ended 31 December 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 January 2022 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 December 2022 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 December 2023 |
Hanson Regan Limited (Registered number: 05879575) |
Cash Flow Statement |
for the Year Ended 31 December 2023 |
31.12.23 | 31.12.22 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
Interest paid | ( |
) |
Tax paid | ( |
) | ( |
) |
Net cash from operating activities |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Interest received |
Net cash from investing activities | ( |
) | ( |
) |
Cash flows from financing activities |
Amount withdrawn by directors | 22,123 | (12,784 | ) |
Equity dividends paid | ( |
) | ( |
) |
Net cash from financing activities | ( |
) | ( |
) |
Increase in cash and cash equivalents |
Cash and cash equivalents at beginning of year |
2 |
1,420,220 |
794,269 |
Cash and cash equivalents at end of year | 2 |
Hanson Regan Limited (Registered number: 05879575) |
Notes to the Cash Flow Statement |
for the Year Ended 31 December 2023 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
31.12.23 | 31.12.22 |
£ | £ |
Profit before taxation |
Depreciation charges |
Finance costs | - | 276 |
Finance income | (13,700 | ) | (494 | ) |
120,756 | 969,016 |
Decrease in trade and other debtors |
Decrease in trade and other creditors | ( |
) | ( |
) |
Cash generated from operations |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31 December 2023 |
31.12.23 | 1.1.23 |
£ | £ |
Cash and cash equivalents | 1,958,827 | 2,212,803 |
Bank overdrafts | ( |
) | ( |
) |
1,516,002 | 1,420,220 |
Year ended 31 December 2022 |
31.12.22 | 1.1.22 |
£ | £ |
Cash and cash equivalents | 2,212,803 | 970,581 |
Bank overdrafts | ( |
) | ( |
) |
1,420,220 | 794,269 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.1.23 | Cash flow | At 31.12.23 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 2,212,803 | (253,976 | ) | 1,958,827 |
Bank overdrafts | (792,583 | ) | 349,758 | (442,825 | ) |
1,420,220 | 1,516,002 |
Total | 1,420,220 | 95,782 | 1,516,002 |
Hanson Regan Limited (Registered number: 05879575) |
Notes to the Financial Statements |
for the Year Ended 31 December 2023 |
1. | STATUTORY INFORMATION |
Hanson Regan Limited is a |
2. | ACCOUNTING POLICIES |
BASIS OF PREPARING THE FINANCIAL STATEMENTS |
TURNOVER |
Turnover represents net invoiced services excluding value added tax. |
TANGIBLE FIXED ASSETS |
Improvements to property | - |
Fixtures and fittings | - |
Computer equipment | - |
INVESTMENT PROPERTY |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
TAXATION |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
DEFERRED TAX |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
FOREIGN CURRENCIES |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Hanson Regan Limited (Registered number: 05879575) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the company. |
An analysis of turnover by geographical market for the year ended 31 December 2022 is given below: |
£ |
United Kingdom |
Europe |
Rest of the world | 308,110 |
This analysis is not considered to be applicable to the year ended 31 December 2023. |
4. | EMPLOYEES AND DIRECTORS |
31.12.23 | 31.12.22 |
£ | £ |
Wages and salaries |
Social security costs |
The average number of employees during the year was as follows: |
31.12.23 | 31.12.22 |
Directors | 2 | 2 |
Sales | 14 | 6 |
Back Office | 11 | 9 |
31.12.23 | 31.12.22 |
£ | £ |
Directors' remuneration |
5. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
31.12.23 | 31.12.22 |
£ | £ |
Depreciation - owned assets |
Auditors remuneration |
Foreign exchange differences | ( |
) |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
31.12.23 | 31.12.22 |
£ | £ |
Corporation tax interest |
Hanson Regan Limited (Registered number: 05879575) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
7. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
31.12.23 | 31.12.22 |
£ | £ |
Current tax: |
UK corporation tax |
Deferred tax |
Tax on profit |
RECONCILIATION OF TOTAL TAX CHARGE INCLUDED IN PROFIT AND LOSS |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
31.12.23 | 31.12.22 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of |
Effects of: |
Expenses not deductible for tax purposes |
Capital allowances in excess of depreciation | - | ( |
) |
Depreciation in excess of capital allowances | - |
Deferred Tax | 39,310 | 25,651 |
Total tax charge | 62,031 | 130,870 |
8. | DIVIDENDS |
31.12.23 | 31.12.22 |
£ | £ |
Interim |
Hanson Regan Limited (Registered number: 05879575) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
9. | TANGIBLE FIXED ASSETS |
Fixtures |
Improvements | and | Computer |
to property | fittings | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 January 2023 |
Additions |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
10. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 January 2023 |
and 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
Fair value at 31 December 2023 is represented by: |
£ |
Valuation in 2015 | 22,777 |
If the Investment Property had not been revalued it would have been included at the following historical cost: |
31.12.23 | 31.12.22 |
£ | £ |
Cost | 22,777 | 22,777 |
The Investment Property was valued on an open market basis on 31 December 2023 by the Directors . |
Hanson Regan Limited (Registered number: 05879575) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Trade debtors |
Other debtors |
VAT |
Prepayments and accrued income |
Included within other debtors is an investment in Kate Matthews Solutions Ltd of £4,000 (2022 - £4,000) This represents 20% of the issued ordinary share capital of Kate Matthews Solutions Ltd. |
12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Bank loans and overdrafts (see note 13) |
Trade creditors |
Corporation tax |
Social security and other taxes |
Other creditors |
Credit card | (824 | ) | 7,406 |
Directors' current accounts | 132,137 | 110,014 |
Accrued expenses |
Included within bank loans and overdrafts is £442,825 (2022 - £792,583) which is the advance from the company's invoice discounting facility. This advance is secured on certain of the company's book debts. |
13. | LOANS |
An analysis of the maturity of loans is given below: |
31.12.23 | 31.12.22 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank overdrafts |
14. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
31.12.23 | 31.12.22 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
15. | PROVISIONS FOR LIABILITIES |
31.12.23 | 31.12.22 |
£ | £ |
Deferred tax | 70,363 | 31,053 |
Hanson Regan Limited (Registered number: 05879575) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
15. | PROVISIONS FOR LIABILITIES - continued |
Deferred tax |
£ |
Balance at 1 January 2023 |
Provided during year |
Balance at 31 December 2023 |
16. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.23 | 31.12.22 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
17. | RESERVES |
Retained |
earnings |
£ |
At 1 January 2023 |
Profit for the year |
Dividends | ( |
) |
At 31 December 2023 |
18. | SECURITIES |
Natwest Bank has a Debenture charge on all the assets of the company since 15/10/2008. |
Hanson Regan Limited (Registered number: 05879575) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
19. | RELATED PARTY DISCLOSURES |
Tee Time Tours Limited is a company in which Mr J T Kelly, a director of the company, has a material interest. |
At the balance sheet date, the company owed Tee Time Tours Limited £Nil (2022 - £Nil). Interest of 1.84% per annum was to be charged on any loan outstanding during the year. Interest charged this year totalled £Nil (2022 - £205). |
At the balance sheet date, the company owed Mr G Kelly, a director of the company £Nil (2022 - £Nil). Interest of 1.84% per annum was to be charged on any loan outstanding during the year. Interest charged this year totalled £Nil (2022 - £205). |
During the year, the company was invoiced £57,878 (2022 - £288,828) for services provided by Kate Matthews Solutions Ltd, a company in which Hanson Regan Limited has a material interest. |
During the year the company recharged costs of £Nil (2022 - £Nil) to Kate Matthews Solutions Ltd. |
At the balance sheet date, Kate Matthews Solutions Ltd owed the company £Nil (2022 - £Nil). The company owed Kate Matthews Solutions Ltd £Nil (2022 - £58,541) |
Hanson Regan Ireland, is an Irish company owned by Hanson Regan Limited. At the balance sheet date, Hanson Regan Ireland owed the company £4,335 (2022 - £4,335). |
Hanson Regan GmbH, is a German company in which both directors Mr J T Kelly and Mr G Kelly have a material interest. At the balance sheet date, Hanson Regan GmbH owed the company £27,358 (2022 - £31,901). |
At the balance sheet date, the company owed J T Kelly £121,358 (2022 - £99,516). |
At the balance sheet date, the company owed G Kelly £10,779 (2022 - £10,498). |
During the year J T Kelly drew £40,878 (2022 - £61,911) and G Kelly drew £30,780 (2022 - £43,822) against capital previously introduced. |
During the year J T Kelly introduced capital into the business of £62,721 (2022 - £61,950). G Kelly introduced capital into the business of £31,060 (2022 - £31,000). |
During the year, the company paid dividend to J Kelly of £97,000 (2022 - £97,000) and G Kelly of |
£97,000 (2022 - £97,000). |
20. | ULTIMATE CONTROLLING PARTY |
Mr J T Kelly and Mr G Kelly are directors of the company and control the company by virtue of their shareholding. |