Registered number:
FOR THE YEAR ENDED 31 JANUARY 2024
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HEXAGON LEASING LIMITED
COMPANY INFORMATION
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HEXAGON LEASING LIMITED
CONTENTS
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HEXAGON LEASING LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JANUARY 2024
The directors present their strategic report for the year ended 31 January 2024.
During the year, the business has continued to build infrastructure by relocating and consolidating all activities to new premises in Alrewas, near Burton-upon-Trent, allowing head office, operations, rental and vehicle storage to be sited in one location. Whilst this increases overheads in the year, the benefits of operating from one site have provided an overall increase in service levels and operational efficiencies for both the company and its clients. Throughout the year, the business has paid particular attention to the utilisation and asset value management of the fleet. Unsettled market conditions within all aspects of the commercial vehicles sector reported in the previous year continue to provide very challenging circumstances during the last twelve months across all asset classes, especially (but not limited to) vehicles bought pre-Covid. To ensure carrying values are aligned with the prevailing depressed market, the Board has applied a rigorous write down policy, which has not only led to additional depreciation charges in excess of £3m on a like-for-like basis in the year compared to the previous year but an impairment provision against off balance sheet finance commitments during the 12 months from the balance sheet date for vehicles funded on undisclosed and disclosed agreements with clients has been established. Trading out of older fleet assets is critical to addressing the impact of this on fleet profile and to guarantee the fleet evolves appropriately during the period, managing maintenance profile and desirability for our client base. These actions have led to vehicle disposal volumes reaching an all-time high in the period, which has generated £6.9m of proceeds from the sale of 647 assets (2023; £3.3m from 224 assets). As a consequence of the prevailing conditions in the used commercial vehicle markets, between the company’s writing down policy of assets, the impairment provision provided for in the period of £1.1m and the values of used vehicles achieved, the combined effect on the trading results, compared to 2023, is an increment of more than £3.2m charged to the P&L in the year. The Board expects the adverse conditions to continue across the sector throughout FY 2024-25 until the cycle of asset availability reaches an equilibrium with market demand across new and used requirements. The cost of maintaining fleet assets has suffered a significant increase during the period. Inflationary pressures have led to higher parts and labour costs, with the former seeing hourly labour rates outstripping the rate of inflation due to reduced availability of qualified technicians. In conjunction with asset age profile of the business’s fleet the requirement to provide for future maintenance spend has prompted the management to increase the provision for maintenance to £1.5m at the year-end; an increase on the previous year of more than £0.9m. The implementation of new accounting software (Certinia), which fully integrates and compliments the business’s fleet management systems will enable improvements of in-service fleet maintenance and deliver cost control, coordination and actual expenditure levels whilst continuing to improve fleet availability for the business’s clients. Further value is expected to be driven from the enhanced IT platform that has been established during the period as capabilities drive process changes and enhancements in management information both internally and to clients. Product and client strategies have remained a long-term key objective for the Board, bringing changes that have resulted in lowering customer default costs and adding diversity both to the profile of the fleet, the client base and funding solutions for fleet assets. The Board is targeting further progress in this area, which will enable the business to readily support its existing client base and enable the company to reach a wider array of high-quality customer.
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HEXAGON LEASING LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
The Board has confidence in the strategies it has employed and implemented during the period. Alongside the management team, the Board believes that the company has built a solid platform to navigate the difficulties facing the sector, whilst building processes and structure that will serve to underline the capabilities of the company as it moves beyond the current uncertainties to ensure the company continues its drive towards sustainable and robust growth.
The year-on-year movement in Profit Before Tax of £1.2m in 2023 to a loss of £4.2m for 2024, sits within the £3.2m of movements in asset valuation, both on- and off-balance sheet and the allowance of £0.9m made within the trading results for future maintenance spend across the fleet as detailed above.
The key business risks and uncertainties that the company considers important relate to the loss of large contracts and potential customer default, particularly in relation to vehicles held on the company's own balance sheet.
The company works hard to maintain a close working relationship with its customers, so that the highest service levels can be attained. Contract prices, both for existing and potential new customers are reviewed on a regular basis to maintain competitiveness. The company attempts to mitigate the risk of customer defaults by the use of advanced monthly payment contracts. The funding structures that the company employs also helps to reduce the risk of customer default as some contracts are handled on a "disclosed" basis and some others are on an "undisclosed agency" (UDA) basis where the default risk is held by the funder. The appropriate accounting policy for such disclosed and undisclosed funding arrangements has been adopted to reflect the contractual arrangements of such arrangements, falling between the end user of the vehicles and the funder, which has resulted in such transactions now being treated as ‘off balance sheet’. Investments in tangible fixed assets are mainly financed through hire purchase and finance lease agreements, using both fixed and variable interest rates, which allows the management of interest rate risks whilst providing a flexible approach to fleet reduction without termination penalties should the need arise. The board continues to apply a rigorous approach to fleet depreciation; writing vehicles down to expected future residual values over the course of the useful life of the assets to reflect the ever changing assessment of future used vehicle markets. Constant monitoring of cash flow and business forecasts provides the information to ensure that sufficient liquidity is available to meet obligations as they fall due.
The company involves its employees in its objectives, plans and performance on a regular basis. The company is an equal-opportunities employer and does not discriminate in the recruitment or promotion of staff.
Hexagon Leasing Limited recognises the importance of its environmental responsibilities and attempts to minimise the environmental impacts of its business processes. One of the key ways in which this is addressed is in choosing fuel-efficient vehicles and ensuring these are maintained to a high standard. The average age of the vehicle fleet is also relatively young which has a beneficial effect on carbon dioxide emissions for our customers. In addition, the company has adopted an electric vehicle policy for all company cars used within the business.
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HEXAGON LEASING LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
No donations were made to political parties during the year.
The company has no requirement to undertake specific research and development activities.
Relocating all activities to new premises during the year has marked a significant milestone in the business’s progress and will facilitate operational excellence across all business disciplines.
The introduction of fully integrated accounting software will provide a platform from which the business can attain greater operational efficiencies and value for the business’s clients. Continuous development of IT infrastructure is an ongoing theme in supporting strategic direction. The board anticipates that the hangover affecting the sector, particularly in supply chain and the used vehicle market will persist during the subsequent trading period but the developments will form part of a strategy that will enable the business to trade through to more 'usual' market conditions.
This report was approved by the board on 31 January 2025 and signed on its behalf.
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HEXAGON LEASING LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JANUARY 2024
The directors present their report and the financial statements for the year ended 31 January 2024.
The directors are responsible for preparing the Strategic Report, the Directors' Report and the 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 of the profit or loss of the Company for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments 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 Company 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 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The loss for the year, after taxation, amounted to £4,499,517 (2023 - profit £1,237,873).
No dividends will be distributed for the year ended 31 January 2024.
The directors who served during the year were:
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HEXAGON LEASING LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
There have been no significant events affecting the Company since the year end.
The auditors, PKF Smith Cooper Audit Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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HEXAGON LEASING LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HEXAGON LEASING LIMITED
We have audited the financial statements of Hexagon Leasing Limited (the 'Company') for the year ended 31 January 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Cash Flows, the 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 Company 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 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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HEXAGON LEASING LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HEXAGON LEASING 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 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 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 Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
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HEXAGON LEASING LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HEXAGON LEASING 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 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:
Based on our understanding of the Company and industry, key laws and regulations that we identified included:
∙Companies Act;
∙Tax Legislation; and
∙Health and Safety and Employment Legislation.
We identified that the principle risk of fraud or non compliance with laws and regulations related to:
∙Management bias in respect of accounting estimates and judgements made;
∙Management override of controls; and
∙Posting of unusual journals or transactions.
We focused on those areas that could give rise to a material misstatement in the Company’s financial statements. Our procedures included, but were not limited to:
∙Enquiry of management and those charged with governance around actual and potential litigation and claims including instances of non compliance with laws and regulations and fraud;
∙Reviewing financial statement disclosures and testing to supporting documentation to assess compliance
with applicable laws and regulations; and
∙Performing audit work over the risk of management override of controls, including testing of journal entries
and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias. In particular, depreciation and residual value of fleet assets.
It is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non compliance with regulations. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements as we will be less likely to become aware of instances of non compliance.
The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission and misrepresentation.
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HEXAGON LEASING LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HEXAGON LEASING LIMITED (CONTINUED)
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.
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
Statutory Auditors
Cornerblock
2 Cornwall St
B3 2DX
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HEXAGON LEASING LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JANUARY 2024
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HEXAGON LEASING LIMITED
REGISTERED NUMBER: 04165918
BALANCE SHEET
AS AT 31 JANUARY 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 15 to 32 form part of these financial statements.
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HEXAGON LEASING LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2024
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HEXAGON LEASING LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JANUARY 2024
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HEXAGON LEASING LIMITED
ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 JANUARY 2024
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HEXAGON LEASING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
Hexagon Leasing Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
The financial statements are prepared in Sterling which is the functional currency of the company. The financial statements level of rounding is to the nearest £1.
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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The directors assess whether the use of going concern is appropriate i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the company to continue as a going concern. The directors make this assessment in respect of a period of at least one year from the date of the financial statements are approved.
At the date of approval, the market is appearing to be cautious until the impact of the recent change in UK government in the summer of 2024 is better understood. Committing to shorter term contractual arrangements are being favoured over longer term deals in excess of 12 months within logistics clients in particular. The company continues to work with asset finance providers to ensure there are sufficient asset funding solutions in place for an array of customer contractual preferences.
The financial statements are prepared on the going concern basis which assumes that the company will continue to trade. If the company is unable to continue to trade, adjustments would be required to reduce the value of assets to their recoverable amounts, to provide for any further liabilities that might arise and to analyse long term liabilities as current liabilities.
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HEXAGON LEASING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
2.Accounting policies (continued)
Vehicle assets owned by the Company, including those financed on finance lease arrangements where the Company is the principal in the funding arrangement, are capitalised in fixed assets and depreciated to estimated residual values. The income arising from the rental of these vehicles is recognised in turnover over the course of the rental agreements with customers, together with income from related services, including fleet management and the maintenance, servicing and repairs of these vehicles. Vehicles provided to customers under the terms of agency agreements with finance companies, where the Company acts as an agent on behalf of the finance company, are not capitalised and turnover on these vehicles comprises of fleet management and the maintenance, servicing and repairs of these vehicles.
The residual values of vehicle assets are reviewed regularly and adjustments made as required through the depreciation charge in the Statement of Comprehensive Income. The Company leases vehicles to customers on terms that oblige the customers to maintain vehicles to agreed standards. The Company makes provision for these costs (net of the value of costs actually incurred) based on its historical experience of actual costs incurred for each type of vehicle within its fleet.
Defined contribution pension plan
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the Statement of Comprehensive Income in the period to which they relate.
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HEXAGON LEASING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
2.Accounting policies (continued)
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.
The interest element of these obligations is charged to the Statement of Comprehensive Income over the relevant period. The capital element of the future payments is treated as a liability.
Rentals paid under operating leases are charged to the Statement of Comprehensive Income on a straight line basis over the period of the lease.
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
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 the Statement of Comprehensive Income.
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HEXAGON LEASING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
2.Accounting policies (continued)
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the Statement of comprehensive income in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance Sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Balance Sheet.
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HEXAGON LEASING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
2.Accounting policies (continued)
Basic financial instruments are recognised at amortised cost with changes recognised in the Statement of Comprehensive Income.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.
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HEXAGON LEASING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
Maintenance provisions The Company’s lease arrangements with some customers include a requirement for the Company to maintain the customers’ vehicles, the cost of which is uncertain. Management make provision for these costs based on its actual experience of costs incurred, which is monitored for all vehicles.
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HEXAGON LEASING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
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HEXAGON LEASING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
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HEXAGON LEASING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
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HEXAGON LEASING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
10.Taxation (continued)
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HEXAGON LEASING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
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HEXAGON LEASING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
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HEXAGON LEASING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
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HEXAGON LEASING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
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HEXAGON LEASING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
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HEXAGON LEASING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
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HEXAGON LEASING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
Other reserves
Profit and loss account
The company has future obligations to buy vehicles from funders who provide asset finance solutions to the company's customers for vehicles sourced by the company. Such situations predominantly arise where a vehicle is funded using a UDA (Undisclosed Agency) agreement.
At 31 January 2024, this commitment amounted to £14,279,177 (2023 - £16,692,575). See note 20 for the expected loss to the company on this commitment.
The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amount to £146,278 (2023: £45,326). Contributions totaling £28,266 (2023: £6,835) were payable to the fund at the balance sheet date.
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HEXAGON LEASING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
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