Caseware UK (AP4) 2023.0.135 2023.0.135 2024-02-290000Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.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. 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.The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2023-03-01false65truetrue 10233388 2023-03-01 2024-02-29 10233388 2022-03-01 2023-02-28 10233388 2024-02-29 10233388 2023-02-28 10233388 c:Director2 2023-03-01 2024-02-29 10233388 c:Director3 2023-03-01 2024-02-29 10233388 d:MotorVehicles 2023-03-01 2024-02-29 10233388 d:MotorVehicles 2024-02-29 10233388 d:MotorVehicles 2023-02-28 10233388 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 10233388 d:OfficeEquipment 2023-03-01 2024-02-29 10233388 d:OfficeEquipment 2024-02-29 10233388 d:OfficeEquipment 2023-02-28 10233388 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 10233388 d:ComputerEquipment 2023-03-01 2024-02-29 10233388 d:ComputerEquipment 2024-02-29 10233388 d:ComputerEquipment 2023-02-28 10233388 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 10233388 d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 10233388 d:PatentsTrademarksLicencesConcessionsSimilar 2023-03-01 2024-02-29 10233388 d:PatentsTrademarksLicencesConcessionsSimilar 2024-02-29 10233388 d:PatentsTrademarksLicencesConcessionsSimilar 2023-02-28 10233388 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-03-01 2024-02-29 10233388 d:Goodwill 2023-03-01 2024-02-29 10233388 d:Goodwill 2024-02-29 10233388 d:Goodwill 2023-02-28 10233388 d:CopyrightsPatentsTrademarksServiceOperatingRights 2023-03-01 2024-02-29 10233388 d:CopyrightsPatentsTrademarksServiceOperatingRights 2024-02-29 10233388 d:CopyrightsPatentsTrademarksServiceOperatingRights 2023-02-28 10233388 d:ComputerSoftware 2023-03-01 2024-02-29 10233388 d:ComputerSoftware 2024-02-29 10233388 d:ComputerSoftware 2023-02-28 10233388 d:CurrentFinancialInstruments 2024-02-29 10233388 d:CurrentFinancialInstruments 2023-02-28 10233388 d:Non-currentFinancialInstruments 2024-02-29 10233388 d:Non-currentFinancialInstruments 2023-02-28 10233388 d:CurrentFinancialInstruments d:WithinOneYear 2024-02-29 10233388 d:CurrentFinancialInstruments d:WithinOneYear 2023-02-28 10233388 d:Non-currentFinancialInstruments d:AfterOneYear 2024-02-29 10233388 d:Non-currentFinancialInstruments d:AfterOneYear 2023-02-28 10233388 d:ShareCapital 2024-02-29 10233388 d:ShareCapital 2023-02-28 10233388 d:RetainedEarningsAccumulatedLosses 2023-03-01 2024-02-29 10233388 d:RetainedEarningsAccumulatedLosses 2024-02-29 10233388 d:RetainedEarningsAccumulatedLosses 2023-02-28 10233388 c:OrdinaryShareClass1 2023-03-01 2024-02-29 10233388 c:OrdinaryShareClass1 2024-02-29 10233388 c:OrdinaryShareClass1 2023-02-28 10233388 c:FRS102 2023-03-01 2024-02-29 10233388 c:AuditExempt-NoAccountantsReport 2023-03-01 2024-02-29 10233388 c:FullAccounts 2023-03-01 2024-02-29 10233388 c:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 10233388 d:PatentsTrademarksLicencesConcessionsSimilar d:ExternallyAcquiredIntangibleAssets 2023-03-01 2024-02-29 10233388 d:Goodwill d:ExternallyAcquiredIntangibleAssets 2023-03-01 2024-02-29 10233388 d:CopyrightsPatentsTrademarksServiceOperatingRights d:ExternallyAcquiredIntangibleAssets 2023-03-01 2024-02-29 10233388 d:ComputerSoftware d:ExternallyAcquiredIntangibleAssets 2023-03-01 2024-02-29 10233388 2 2023-03-01 2024-02-29 10233388 d:ExternallyAcquiredIntangibleAssets 2023-03-01 2024-02-29 10233388 d:Goodwill d:OwnedIntangibleAssets 2023-03-01 2024-02-29 10233388 d:PatentsTrademarksLicencesConcessionsSimilar d:OwnedIntangibleAssets 2023-03-01 2024-02-29 10233388 d:CopyrightsPatentsTrademarksServiceOperatingRights d:OwnedIntangibleAssets 2023-03-01 2024-02-29 10233388 d:ComputerSoftware d:OwnedIntangibleAssets 2023-03-01 2024-02-29 10233388 e:PoundSterling 2023-03-01 2024-02-29 xbrli:shares iso4217:GBP xbrli:pure











                                                    img3d02.png





Hex Innovate (UK) Limited
Registered number: 10233388
Directors' report and unaudited financial statements

For the year ended 29 February 2024

 
HEX INNOVATE (UK) LIMITED
REGISTERED NUMBER: 10233388

BALANCE SHEET
AS AT 29 FEBRUARY 2024

29 February
28 February
2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 4 
94,820
97,255

Tangible assets
 5 
20,780
612

  
115,600
97,867

Current assets
  

Debtors: amounts falling due after more than one year
 7 
-
147

Stocks
 6 
152,459
156,240

Debtors: amounts falling due within one year
 7 
617,769
342,568

Cash at bank and in hand
 8 
314,236
821,794

  
1,084,464
1,320,749

Creditors: amounts falling due within one year
 9 
(216,391)
(59,725)

Net current assets
  
 
 
868,073
 
 
1,261,024

Total assets less current liabilities
  
983,673
1,358,891

Creditors: amounts falling due after more than one year
 10 
(122,738)
(305,016)

  

Net assets
  
860,935
1,053,875


Capital and reserves
  

Called up share capital 
 11 
100
100

Profit and loss account
 12 
860,835
1,053,775

  
860,935
1,053,875


Page 1

 
HEX INNOVATE (UK) LIMITED
REGISTERED NUMBER: 10233388
    
BALANCE SHEET (CONTINUED)
AS AT 29 FEBRUARY 2024

The Directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
J Hartwig
................................................
S Thiel
Director
Director


Date: 25 November 2024
Date:25 November 2024

The notes on pages 3 to 12 form part of these financial statements.

Page 2

 
HEX INNOVATE (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1.


General information

Hex Innovate (UK) Limited is a private company, limited by shares, domiciled and incorporated in England and Wales. The address of its registered office of business is 30 Old Bailey, London, EC4M 7AU. The Company's trading address is Wesley House, Bull Hill, Leatherhead, Surrey, KT22 7AH. Company number 10233388.
The principal activity of the Company is the development of exclusive electronic systems and software for the sale, by the business.
The financial statements are prepared in Pounds Sterling as this is the functional currency of the economic environment in which the Company operates.
Monetary amounts in these financial statements are rounded to the nearest £.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Going concern

The Directors have considered the budgets and cash flow forecasts for the Company and confirmed that the Company will be able to meet its liabilities as they fall due and so the financial statements have been prepared on a going concern basis.

Page 3

 
HEX INNOVATE (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP ("£").

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the profit and loss account except when deferred in other comprehensive income as qualifying cash flow hedges.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the profit and loss account within 'administration costs'.

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Page 4

 
HEX INNOVATE (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.6

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.9

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 5

 
HEX INNOVATE (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.10

Current and Deferred Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Company can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 6

 
HEX INNOVATE (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.11

Intangible assets

Goodwill

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 Statement of Comprehensive Income over its useful economic life.

Other intangible assets

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.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Patents
-
Over 5 years
Computer software
-
Over 3 years
Website
-
Over 3 years
Trademarks
-
Over 5 years

 
2.12

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

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 annual basis:

Motor vehicles
-
Over 5 years
Office equipment
-
Over 3 years
Computer equipment
-
Over 3 years

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 7

 
HEX INNOVATE (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.13

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.14

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.15

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.16

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.17

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Page 8

 
HEX INNOVATE (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

3.


Employees

The average monthly number of employees, including the Directors, during the year was as follows:


        2024
        2023
            No.
            No.







6
5


4.


Intangible assets






Patents
Trademarks
Computer software
Website
Total

£
£
£
£
£



Cost


At 1 March 2023
36,917
153,356
2,841
36,160
229,274


Additions
8,695
27,534
-
6,766
42,995


Disposals
-
(4,660)
-
-
(4,660)



At 29 February 2024

45,612
176,230
2,841
42,926
267,609



Amortisation


At 1 March 2023
23,711
77,071
2,841
28,395
132,018


Charge for the year on owned assets
5,591
30,690
-
4,956
41,237


On disposals
-
(466)
-
-
(466)



At 29 February 2024

29,302
107,295
2,841
33,351
172,789



Net book value



At 29 February 2024
16,310
68,935
-
9,575
94,820



At 28 February 2023
13,206
76,285
-
7,765
97,256



Page 9

 
HEX INNOVATE (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

5.


Tangible fixed assets







Motor vehicles
Office equipment
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 March 2023
-
3,532
11,373
14,905


Additions
18,826
-
3,913
22,739



At 29 February 2024

18,826
3,532
15,286
37,644



Depreciation


At 1 March 2023
-
3,531
10,762
14,293


Charge for the year on owned assets
1,255
1
1,315
2,571



At 29 February 2024

1,255
3,532
12,077
16,864



Net book value



At 29 February 2024
17,571
-
3,209
20,780



At 28 February 2023
-
1
611
612


6.


Stocks

29 February
28 February
2024
2023
£
£

Raw materials and consumables
135,782
135,783

Finished goods and goods for resale
16,677
20,457

152,459
156,240


Page 10

 
HEX INNOVATE (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

7.


Debtors

29 February
28 February
2024
2023
£
£

Due after more than one year

Other debtors
-
147


29 February
28 February
2024
2023
£
£

Due within one year

Trade debtors
452,144
310,874

Amounts owed by group undertakings
134,715
-

Other debtors
3,822
9,677

Prepayments and accrued income
27,088
22,017

617,769
342,568



8.


Cash and cash equivalents

29 February
28 February
2024
2023
£
£

Cash at bank and in hand
314,236
821,794



9.


Creditors: Amounts falling due within one year

29 February
28 February
2024
2023
£
£

Trade creditors
3,083
4,256

Due to participating interests
150,000
-

EU VAT
121
-

Other taxation and social security
46,425
41,485

Other creditors
7,727
5,893

Accruals and deferred income
9,035
8,091

216,391
59,725


Page 11

 
HEX INNOVATE (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

10.


Creditors: Amounts falling due after more than one year

29 February
28 February
2024
2023
£
£

Due to participating interests
122,738
305,016

122,738
305,016



11.


Share capital

29 February
28 February
2024
2023
£
£
Authorised, allotted, called up and fully paid



100 (2023 - 100) Ordinary shares of £1.00 each
100
100

The shares have attached to them full voting, dividend and capital distribution (including on winding up) rights; they do not confer any rights of redemption.



12.


Reserves

Profit and loss account

The profit and loss account reserve represents cumulative profits and losses of the Company less dividends paid.

13.


Related party transactions

At the year end, there was £134,715 (2023: £Nil) owed to Hex Innovate (UK) Limited from Hex Microsystems (Pty) Limited, a company in which one of the directors (Stephan Thiel) has a financial interest, and is repayable on demand. 


14.


Immediate and ultimate parent undertaking and controlling party

The immediate and ultimate parent undertaking is Hex Offshore Limited a company registered in Jersey.
The Company is controlled by the Directors.

 
Page 12