2023-03-012024-08-312024-08-31false14697967HYFACOL 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HYFACOL LIMITED

Registered Number
14697967
(England and Wales)

Unaudited Financial Statements for the Period ended
31 August 2024

HYFACOL LIMITED
Company Information
for the period from 1 March 2023 to 31 August 2024

Directors

MORGAN, Alyn Denis, Dr
RUSSELL, Stephen John, Professor
TRONCI, Giuseppe, Dr
WATSON, Luke, Dr
WOOD, David John, Professor

Registered Address

Nexus
Discovery Way
Leeds
LS2 3AA

Registered Number

14697967 (England and Wales)
HYFACOL LIMITED
Statement of Financial Position
31 August 2024

Notes

2024

£

£

Fixed assets
Tangible assets3936
936
Current assets
Debtors44,353
Cash at bank and on hand430,735
435,088
Creditors amounts falling due within one year5(22,548)
Net current assets (liabilities)412,540
Total assets less current liabilities413,476
Net assets413,476
Capital and reserves
Called up share capital13
Share premium499,977
Profit and loss account(86,514)
Shareholders' funds413,476
The financial statements were approved and authorised for issue by the Board of Directors on 29 November 2024, and are signed on its behalf by:
MORGAN, Alyn Denis, Dr
Director
Registered Company No. 14697967
HYFACOL LIMITED
Notes to the Financial Statements
for the period ended 31 August 2024

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.
Basis of preparation
The financial statements have been prepared under the historical cost convention on a going concern basis unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Going concern
The directors believe that the company has adequate resources to continue in operational existence for the foreseeable future. The company continues to have the support of the directors, shareholders and creditors and therefore continue to adopt the going concern basis of accounting in preparing the financial statements.
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 obligation. Contributions to defined contribution plans are expensed in the period to which they relate. Amounts not paid are shown in other creditors in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.
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 the Income Statement
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. 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 disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement Depreciation is provided on all tangible fixed assets as follows:

Straight line (years)
Office Equipment5
Financial instruments
The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
2.Average number of employees

2024
Average number of employees during the year6
3.Tangible fixed assets

Office Equipment

Total

££
Cost or valuation
Additions1,1701,170
At 31 August 241,1701,170
Depreciation and impairment
Charge for year234234
At 31 August 24234234
Net book value
At 31 August 24936936
At 28 February 23--
4.Debtors: amounts due within one year

2024

£
Other debtors4,353
Total4,353
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.
5.Creditors: amounts due within one year

2024

£
Trade creditors / trade payables8,255
Taxation and social security1,280
Other creditors222
Accrued liabilities and deferred income12,791
Total22,548
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.