2022-11-012023-10-312023-10-31false12953990Hux Health 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Hux Health Ltd

Registered Number
12953990
(England and Wales)

Unaudited Financial Statements for the Year ended
31 October 2023

Hux Health Ltd
Company Information
for the year from 1 November 2022 to 31 October 2023

Director

Fadi Shuman

Registered Address

71-75 Shelton Street
Covent Garden
London
WC2H 9JQ

Registered Number

12953990 (England and Wales)
Hux Health Ltd
Statement of Financial Position
31 October 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Intangible assets425,75628,975
Tangible assets52,4381,333
28,19430,308
Current assets
Stocks6120,000125,748
Debtors724,94324,837
Cash at bank and on hand11,366159,804
156,309310,389
Creditors amounts falling due within one year8(303,380)(19,541)
Net current assets (liabilities)(147,071)290,848
Total assets less current liabilities(118,877)321,156
Provisions for liabilities9(609)-
Net assets(119,486)321,156
Capital and reserves
Called up share capital135135
Share premium1,213,000833,000
Profit and loss account(1,332,621)(511,979)
Shareholders' funds(119,486)321,156
The financial statements were approved and authorised for issue by the Board of Directors on 23 October 2024, and are signed on its behalf by:
Fadi Shuman
Director
Registered Company No. 12953990
Hux Health Ltd
Notes to the Financial Statements
for the year ended 31 October 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Revenue from sale of goods
Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.
Employee benefits
Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.
Defined contribution pension plan
The company operates a defined contribution pension plan for the benefit of its employees. Contributions are recognised as expenses as they become payable. Differences between contributions payable in the year and those actually paid are recognised as either prepayments or accruals in the balance sheet. The assets of the defined contribution pension scheme are held separately from those of the company in an independently administered fund.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Current taxation
Current tax is recognised in profit or loss. Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Intangible assets
Intangible assets are stated at cost less accumulated amortisation and accumulated impairment losses. The assets are reviewed for impairment if the above factors indicate that the carrying amount may be impaired. Amortisation is included in 'administrative expenses' in the profit and loss account.
Amortisation
Intangible assets, including the company's website, are amortised over its useful life which is over a period of 10 years.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Straight line (years)
Plant and machinery3
Stocks and work in progress
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. The cost methodology employed by the entity is the first-in first-out method. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss.
Trade and other debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less. Bank overdrafts are disclosed separately. For the purpose of the cash flow statement, bank overdrafts form an integral part of the company's cash management and are included as a component of cash and cash equivalents.
Trade and other creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
2.Average number of employees

20232022
Average number of employees during the year30
3.Deferred tax
Increases in the UK Corporation tax rate from 19% to 25% (19% effective from 1 April 2017, and 25% effective from 1 April 2023) have been substantively enacted. This will impact the company's future tax charge accordingly. The value of the deferred tax assets at the balance sheet date has been calculated using the applicable rate when the asset is expected to be realised.
4.Intangible assets

Other

Total

££
Cost or valuation
At 01 November 2232,19432,194
At 31 October 2332,19432,194
Amortisation and impairment
At 01 November 223,2193,219
Charge for year3,2193,219
At 31 October 236,4386,438
Net book value
At 31 October 2325,75625,756
At 31 October 2228,97528,975
5.Tangible fixed assets

Plant & machinery

Office Equipment

Total

£££
Cost or valuation
At 01 November 222,000-2,000
Additions-2,3782,378
At 31 October 232,0002,3784,378
Depreciation and impairment
At 01 November 22667-667
Charge for year6666071,273
At 31 October 231,3336071,940
Net book value
At 31 October 236671,7712,438
At 31 October 221,333-1,333
6.Stocks

2023

2022

££
Raw materials and consumables3,0003,193
Finished goods117,000122,555
Total120,000125,748
7.Debtors: amounts due within one year

2023

2022

££
Trade debtors / trade receivables15,231743
Other debtors9,53724,094
Prepayments and accrued income175-
Total24,94324,837
8.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables255,4649,036
Other creditors13,7883,895
Accrued liabilities and deferred income34,1286,610
Total303,38019,541
9.Provisions for liabilities

2023

2022

££
Net deferred tax liability (asset)609-
Total609-
10.Related party transactions
There have been no material transactions with related parties that have not been concluded under normal market conditions.
11.Controlling party
The directors consider that there is no ultimate controlling party.