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Registered number: 06519793
Hex Digital Ltd
Financial Statements
For The Year Ended 31 August 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 06519793
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 27,817 42,855
27,817 42,855
CURRENT ASSETS
Debtors 6 527,727 477,684
Cash at bank and in hand 37,475 385,382
565,202 863,066
Creditors: Amounts Falling Due Within One Year 7 (404,006 ) (366,751 )
NET CURRENT ASSETS (LIABILITIES) 161,196 496,315
TOTAL ASSETS LESS CURRENT LIABILITIES 189,013 539,170
Creditors: Amounts Falling Due After More Than One Year 8 (164,218 ) (421,383 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (4,683 ) (7,541 )
NET ASSETS 20,112 110,246
CAPITAL AND RESERVES
Called up share capital 9 1,050 1,050
Share premium account 17,700 17,700
Capital redemption reserve 650 650
Profit and Loss Account 712 90,846
SHAREHOLDERS' FUNDS 20,112 110,246
Page 1
Page 2
For the year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Matthew Rogers
Director
17/01/2025
The notes on pages 3 to 6 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
Hex Digital Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 06519793 . The registered office is First Floor, 12 Greenhill Rents, London, EC1M 6BN.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Fixtures & Fittings 20% straight line or no depreciation
Computer Equipment 33% straight line
Some of the assets within the Fixtures & Fittings category have an indeterminable useful life. Therefore, no depreciation is being applied under FRS 102 Section 17 Property, Plant and Equipment.
2.4. Leasing and Hire Purchase Contracts
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.5. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
...CONTINUED
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2.6. Taxation - continued
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.7. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 22 (2023: 31)
22 31
4. Intangible Assets
Development Costs
£
Cost
As at 1 September 2023 203,343
As at 31 August 2024 203,343
Amortisation
As at 1 September 2023 203,343
As at 31 August 2024 203,343
Net Book Value
As at 31 August 2024 -
As at 1 September 2023 -
5. Tangible Assets
Fixtures & Fittings Computer Equipment Total
£ £ £
Cost
As at 1 September 2023 85,505 69,169 154,674
Additions 3,505 4,059 7,564
Disposals (12,136 ) (387 ) (12,523 )
As at 31 August 2024 76,874 72,841 149,715
Depreciation
As at 1 September 2023 68,874 42,945 111,819
Provided during the period 5,528 14,793 20,321
Disposals (10,001 ) (241 ) (10,242 )
As at 31 August 2024 64,401 57,497 121,898
Net Book Value
As at 31 August 2024 12,473 15,344 27,817
As at 1 September 2023 16,631 26,224 42,855
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Page 5
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 425,042 235,272
Prepayments and accrued income 20,005 45,986
Other debtors 31,579 60,425
Other taxes and social security - 3,188
Directors' loan accounts 51,101 132,813
527,727 477,684
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 3,353 3,471
Bank loans and overdrafts 296,774 276,571
Other taxes and social security 72,151 -
Other creditors 30,392 62,806
Accruals and deferred income 1,336 23,903
404,006 366,751
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 164,218 421,383
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1,050 1,050
10. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2024 2023
£ £
Not later than one year 22,511 116,472
Later than one year and not later than five years 748 56,050
23,259 172,522
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11. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 September 2023 Amounts advanced Amounts repaid Amounts written off As at 31 August 2024
£ £ £ £ £
Mr Stefan Ferguson 51,419 26,673 12,748 48,250 17,094
Mr Benjamin Moore 31,893 46,561 12,950 48,250 17,254
Mr Matthew Rogers 49,502 25,315 9,814 48,250 16,753
The above loan is unsecured, interest free and repayable on demand.
12. Ultimate Controlling Party
The company is controlled by the three directors, who each hold an equal shareholding.
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