Company registration number 09710578 (England and Wales)
HCV NETWORK LTD
(A company limited by guarantee)
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
HCV NETWORK LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
HCV NETWORK LTD
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
7,018
2,384
Current assets
Debtors
4
94,833
94,362
Cash at bank and in hand
241,944
202,125
336,777
296,487
Creditors: amounts falling due within one year
5
(292,902)
(156,737)
Net current assets
43,875
139,750
Net assets
50,893
142,134
Reserves
Income and expenditure account
50,893
142,134
Members' funds
50,893
142,134

The directors of the company have elected not to include a copy of the income and expenditure account within the financial statements.true

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

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 26 September 2024 and are signed on its behalf by:
R Taylor
Director
Company Registration No. 09710578
HCV NETWORK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

HCV Network Ltd is a private company limited by guarantee incorporated in England and Wales. The registered office is C/O Critchleys LLP, Beaver House, 23-38 Hythe Bridge Street, Oxford, OX1 2EP.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, in view of the deficit made in 2023 and the budgeted deficit of c£53k in 2024, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Income and expenditure

Income and expenses are included in the financial statements as they become receivable or due.

 

Income comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company's activities. Income is shown net of any VAT, returns, rebates and discounts.

 

Expenses include VAT where applicable.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Office equipment
3 years straight line
1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

HCV NETWORK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

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.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.7
Retirement benefits

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.

 

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

1.8
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

HCV NETWORK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.9
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
14
14
3
Tangible fixed assets
Office equipment
£
Cost
At 1 January 2023
3,295
Additions
7,093
At 31 December 2023
10,388
Depreciation and impairment
At 1 January 2023
911
Depreciation charged in the year
2,459
At 31 December 2023
3,370
Carrying amount
At 31 December 2023
7,018
At 31 December 2022
2,384
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
41,480
69,210
Corporation tax recoverable
3,403
3,241
Other debtors
10,303
-
0
Prepayments and accrued income
39,647
21,911
94,833
94,362
HCV NETWORK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
45,889
16,800
Taxation and social security
29,228
8,017
Deferred income
182,345
123,057
Other creditors
5,827
560
Accruals
29,613
8,303
292,902
156,737

Included in the balance sheet are unpaid pension contributions of £1,366 (2022 - £560).

6
Members' liability

The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.

2023-12-312023-01-01falseCCH SoftwareCCH Accounts Production 2024.100No description of principal activityR TaylorO I Scholtzfalsefalse097105782023-01-012023-12-31097105782023-12-31097105782022-12-3109710578core:ComputerEquipment2023-12-3109710578core:ComputerEquipment2022-12-3109710578core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3109710578core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3109710578core:CurrentFinancialInstruments2023-12-3109710578core:CurrentFinancialInstruments2022-12-3109710578core:RetainedEarningsAccumulatedLosses2023-12-3109710578core:RetainedEarningsAccumulatedLosses2022-12-3109710578bus:Director12023-01-012023-12-3109710578core:ComputerEquipment2023-01-012023-12-31097105782022-01-012022-12-3109710578core:ComputerEquipment2022-12-3109710578bus:CompanyLimitedByGuarantee2023-01-012023-12-3109710578bus:SmallCompaniesRegimeForAccounts2023-01-012023-12-3109710578bus:FRS1022023-01-012023-12-3109710578bus:AuditExemptWithAccountantsReport2023-01-012023-12-3109710578bus:Director22023-01-012023-12-3109710578bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP