Registered number:
FOR THE YEAR ENDED 31 MARCH 2024
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HAWKINS & ASSOCIATES LIMITED
COMPANY INFORMATION
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HAWKINS & ASSOCIATES LIMITED
CONTENTS
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HAWKINS & ASSOCIATES LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024
The group is owned by its employees and provides forensic engineering and scientific services to support its clients with cause and origin investigation and validation work. Of overriding importance to the group is knowledge retention in order to provide the appropriate skills to service the highly technical work the company is appointed to undertake. To achieve this, the Hawkins Group needs to maintain its historic levels of employee retention and its ISO9001 accreditation.
Employee retention is vital to our strategy and in order to achieve this, the group aims to provide an interesting, rewarding and stable environment in which everyone can work. The result of investing in our staff and working environments, maintaining staff retention and our knowledge culture is that the group is able to continue to build on our high levels of customer service and add further value to our clients’ operations. The Share Incentive Plan is now in its 24th year and owns 73.6% of the equity. The strategy for the share incentive plan to acquire shares from retiring employees has been maintained. These shares will be distributed to existing employees of the Group as part of our strategy to widen and diversify the share ownership among all employees. Core to Hawkins values is to promote a secure sustainable company which has a positive impact on its stakeholders and the communities in which it is present. The development and management of our Environmental, Social and Governance (ESG) strategy supports the underlying business and our continued success. Environmental • Hawkins has committed to reduce direct carbon emissions to zero (or as close to zero as practicably possible) well before the UK Government’s “Net Zero” target of 2050. • Hawkins has assisted its employees in replacing traditional combustion vehicles with newer electric vehicles both improving road safety & our carbon footprint. • We have previously used external carbon offset schemes to mitigate our independently audited carbon emissions. We are now investing in longer term solutions to accelerate our carbon emissions reduction by investing in solar PV panels, EV chargers, and improving the EPC rating of our offices to reduce our impact on the environment. Social • Where possible, we support the local communities we are part of globally, with 5% of our net profits donated to charitable causes each year. • We have consistently been awarded the ROSPA Gold Award and Medal for our Health & Safety practices encompassing not only our employees but also third parties and members of the public who are working on sites that we are responsible for. • We continue to promote diversity in our recruitment, and also the development of diversity through assisting with STEM initiatives within the education system. Governance • Hawkins complies with the QCA Corporate Governance Code 2018. • We are solely employee owned with the majority of the shares owned via a Share Incentive Plan to incentivise long term investment in the Company. The governance of the Company is enhanced by an Employee Trust Board that provides oversight to the main Board of Directors. Hawkins has had no RIDDOR reportable accidents in the year, and we have successfully retained the ROSPA Gold award again this year, in recognition of our robust health and safety culture which safeguard our employees and those affected by our activities. This is a testament to the quality of our health and safety management whilst overseeing a client site.
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HAWKINS & ASSOCIATES LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
During the year, the Group has built on its reputation for technical excellence, and exceptional client service. As a result of this the Group has improved its Turnover by 11.6% to £27.6m with a profit prior to exceptional items of £1.7m.
During the year the Company has continued to invest into it’s freehold properties and laboratories to support the balance sheet strength and to further develop our client service offering. After the year end in May 2024 the Company incorporated two subsidiaries in Ireland, Hawkins Forensics (Europe) Limited and Hawkins Forensics (Ireland) Limited to further support and develop our client base in the European Union. In November 2022 the Company committed to an investment into it’s business systems to replace the out dated Enterprise Resource Planning (ERP) and Document Management System (DMS). The project to implement the DMS solution has progressed well and is planned to be implemented in 2024, with improved and state of the art information lifecycle management and information security provision. The project to replace the ERP solution failed during the year with work on the project ceasing in September 2023. As a result of this an impairment review of the asset under construction was undertaken and £1.3m of project costs were written off and declared as an exceptional item in the profit and loss account. This is a one off item and will not be repeated in future years. In July 2024 the Company re-started the ERP project and the Directors have confidence that the system will be implemented in 2025 delivering process efficiencies and improvements to client service.
The key risks facing the business are primarily operational and economic.
The operational risks centre on our ability to attract and retain the correct number of highly qualified staff and to continue a strong health and safety culture in order to maintain our exemplary record. Economic uncertainty and geopolitical volatility pose a risk as the company has operations globally in Europe, UAE, Singapore and Hong Kong together with a significant number of clients being large financial institutions who themselves are affected by the macroeconomic and geopolitical environment. The business has reviewed its exposure to changes in the political environment under a variety of scenarios and does not forecast any significant material impact to its operations or future performance. The business does foresee, in certain scenarios, a short term impact on both cash flow and turnover. The required actions to mitigate these impacts have been built into our operational and financial plans. A significant asset of the business is the amount recoverable on contracts and outstanding trade debtors. In order to minimise the risk to the business, procedures exist to manage the working capital cycle and to reduce specific risks by undertaking credit reviews. Financial risk management The company has exposure to three main areas of risk - foreign exchange currency, liquidity and customer credit exposure. Foreign exchange transactional currency exposure The company is exposed to currency exchange-rate risk due to some revenue and operating expenses being denominated in non-Sterling currencies. The net exposure of each currency is monitored and active management through the use of forward foreign-currency exchange contracts is undertaken where appropriate. Overall risk is reduced through the natural hedging of offsetting foreign currency receivables against payables.
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HAWKINS & ASSOCIATES LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
Liquidity risk
The objective of the company in managing liquidity risk is to ensure that it can meet its financial obligations as and when they fall due. The company expects to meet its financial obligations through operating cash flows. In the event that the operating cash flows would not cover all the financial obligations, the company would seek to secure additional credit facilities. Customer credit exposure The company offers credit terms to its customers which allow payment of the debt after delivery of the goods or services. The company is at risk to the extent that a customer may be unable to pay the debt on the specified due date. This risk is mitigated by well developed long term client relationships and with the majority of the client base being established financial institutions with strong Standard & Poor’s ratings. Further internal controls are in place when accepting a new client to minimise credit risk and manage the overall commercial exposure. Future Developments The market continues to be buoyant and the company is confident that it will continue to grow in a controlled manner through the development of new markets. The group will continue to develop its employees through training and other means of support to ensure employee retention rates are maintained. Going Concern The group continued to trade profitably during the year and the directors have prepared forecasts for 2024/25 and the trading period beyond this. Based upon this review, coupled with the comments made in the Strategic Report, the directors believe the group will continue to trade profitably and generate sufficient cash to meet the group's liabilities as they fall due for the foreseeable future, being a period of at least 12 months from the date of approval of these financial statements. The directors therefore believe the group continues to be a going concern and have prepared the financial statements on this basis.
The business is accredited to ISO 9001 and we use a set of key performance indicators, financial and non-financial, to monitor the business linked to the principal risks.
2024 2023 Turnover (£'000) 27,586 24,698 Cash (£'000) 2,673 4,381 Debtors (£'000) 12,648 11,275 Headcount 174 160 Health and safety reportable accidents 0 0
This report was approved by the board on 7 August 2024 and signed on its behalf.
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HAWKINS & ASSOCIATES LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
The directors present their report and the financial statements for the year ended 31 March 2024.
The directors who served during the year were:
The profit for the year, after taxation, amounted to £117,149 (2023 - £1,090,369).
During the year dividends of £241,705 were paid (2023: £303,703).
The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 the Group and of the profit or loss of the Group for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group's financial statements 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 Group 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 the Group and to 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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HAWKINS & ASSOCIATES LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
There have been no significant events affecting the Group since the year end.
Under section 487(2) of the Companies Act 2006, Price Bailey LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.
This report was approved by the board on
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HAWKINS & ASSOCIATES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HAWKINS & ASSOCIATES LIMITED
We have audited the financial statements of Hawkins & Associates Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 March 2024, which comprise the Consolidated Profit and Loss Account, the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, 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).
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 Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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.
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 Group's or the parent 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.
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HAWKINS & ASSOCIATES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HAWKINS & ASSOCIATES LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. 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. 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 course of 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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.
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HAWKINS & ASSOCIATES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HAWKINS & ASSOCIATES LIMITED (CONTINUED)
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 an Auditors' Report 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 Group financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks, and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the group and company. Our approach was as follows: • We considered the nature of the commercial activities undertaken and the business performance for the year and held discussions with management. • We obtained an understanding of the legal and regulatory requirements applicable to the group and company and considered that the most significant are the Companies Act 2006, UK financial reporting standards as issued by the Financial Reporting Council, UK taxation legislation and Health and Safety. • We obtained an understanding of how the group and company complies with these requirements by discussions with management and those charged with governance. • We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance. • We inquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations. • We discussed during the audit engagement team briefing regarding how and where fraud might arise in the financial statements and any potential indication of fraud. We remained alert to any indication of fraud or non-compliance with laws and regulations throughout the audit. • Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required.
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 Auditors' Report.
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HAWKINS & ASSOCIATES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HAWKINS & ASSOCIATES LIMITED (CONTINUED)
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 an Auditors' Report 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
Statutory Auditors
Tennyson House
Cambridge Business Park
CB4 0WZ
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HAWKINS & ASSOCIATES LIMITED
CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2024
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HAWKINS & ASSOCIATES LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024
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HAWKINS & ASSOCIATES LIMITED
REGISTERED NUMBER: 03893285
CONSOLIDATED BALANCE SHEET
AS AT 31 MARCH 2024
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HAWKINS & ASSOCIATES LIMITED
REGISTERED NUMBER: 03893285
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 7 August 2024.
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HAWKINS & ASSOCIATES LIMITED
REGISTERED NUMBER: 03893285
COMPANY BALANCE SHEET
AS AT 31 MARCH 2024
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HAWKINS & ASSOCIATES LIMITED
REGISTERED NUMBER: 03893285
COMPANY BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 25 to 51 form part of these financial statements.
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
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COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
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COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023
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HAWKINS & ASSOCIATES LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
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HAWKINS & ASSOCIATES LIMITED
CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 MARCH 2024
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HAWKINS & ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Hawkins & Associates Limited is a private company limited by shares incorporated in England and Wales, United Kingdom. Its registered head office is located at 88 Leadenhall Street, London, EC3A 3BP.
The principal activity of the Group is the provision of services as consulting scientists and engineers to clients who are primarily in the insurance and legal professions.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The financial statements are rounded to the nearest £.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3).
The following principal accounting policies have been applied:
The company has taken advantage of the following disclosure exemptions in preparing the company's individual financial statements, as permitted by the FRS 102:
the requirements of Section 7 Statement of Cash Flows; the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d); the requirements of Section 11 Financial Instruments paragraphs 11.39 to 11.48A; the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.29; the requirements of Section 33 Related Party Disclosures paragraph 33.7. This information is included in the consolidated financial statements. The Company has taken advantage of the exemption contained within section 408 of the Companies Act 2006 not to present its own profit and loss account.
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.
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HAWKINS & ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (continued)
The group continued to trade profitably during the year and the directors have prepared forecasts for 2024/25 and have considered the trading period beyond this. Based upon this review, coupled with the comments made in the Strategic Report, the directors believe the group will continue to trade profitably and generate sufficient cash to meet the group's liabilities as they fall due for the foreseeable future, being a period of at least 12 months from the date of approval of these financial statements.
The directors therefore believe the group continues to be a going concern and have prepared the financial statements on this basis.
Functional and presentation currency
Transactions and balances
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HAWKINS & ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (continued)
Page 27
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HAWKINS & ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (continued)
Page 28
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HAWKINS & ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (continued)
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer's interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Profit and loss account over its useful economic life, considered to be 5 years.
Other 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. At each reporting date the directors assess whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount. Software is still under development so has not been amortised as yet.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Page 29
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HAWKINS & ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
Page 30
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HAWKINS & ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (continued)
The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Basic financial assets
Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
The cost of the company's shares held by the share incentive plan (SIP) that have not been acquired and allocated to employees are deducted from equity in the company and group balance sheets under the heading ESOP reserve. Any cash received by the SIP on disposal of shares it holds is also recognised directly in equity. Other assets and liabilities of the SIP (including borrowings) are recognised as assets and liabilities of the company.
Page 31
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HAWKINS & ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (continued)
Cash settled share based awards are granted to eligible employees in the form of ordinary shares under the company's share incentive plan (SIP). A liability and expense equal to the fair value of the award is recognised over the vesting period, based on the estimate of the awards that will vest. The liability is remeasured to current fair value at each balance sheet date. Changes in fair value are recognised in the profit and loss account. The fair value is measured in accordance with the approved scheme rules.
i. The ability of the company to recover fees on part-complete assignments. The company recognises amounts recoverable on contracts once a contractual entitlement has arisen and in proportion to the stage of completeness of each assignment having shown due regard for all available information relating to the progress of a case. ii. The company operates a bonus scheme with costs in relation to current activity based on both future and past performance of the company. The future performance of the company is estimated based on the historic performance over the previous year. iii. The nature of the industry that the company operates in requires elongated payment terms on outstanding debtors. Bad debt provisions are calculated both on a specific and general basis using all information available to the company at the time. iv. The company holds investments in companies operating within similar niche markets. Impairment reviews on these investments are undertaken periodically utilising the information available to the company and the historic trends pertaining to the markets in which it operates.
Page 32
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HAWKINS & ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Analysis of turnover by country of destination:
Page 33
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HAWKINS & ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Page 34
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HAWKINS & ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Page 35
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HAWKINS & ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Page 36
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HAWKINS & ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
12.Taxation (continued)
Page 37
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HAWKINS & ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Page 38
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HAWKINS & ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
14.Intangible assets (continued)
Page 39
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Page 40
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15.Tangible fixed assets (continued)
Page 41
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15.Tangible fixed assets (continued)
Page 42
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15.Tangible fixed assets (continued)
Page 43
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HAWKINS & ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
15.Tangible fixed assets (continued)
Page 44
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HAWKINS & ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Page 45
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HAWKINS & ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Page 46
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HAWKINS & ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Page 47
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HAWKINS & ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Page 48
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HAWKINS & ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Page 49
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HAWKINS & ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Share premium account
Share based payment reserve
Capital redemption reserve
Foreign exchange reserve
ESOP reserve
Profit and loss account
The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £1,922,317 (2023 - £1,462,546) Contributions totalling £179,448 (2023 - £126,732) were payable to the fund at the balance sheet date and are included in creditors.
Page 50
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HAWKINS & ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Page 51
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