2023-12-012024-11-302024-11-30false11685946HR DATA HUB 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HR DATA HUB LTD

Registered Number
11685946
(England and Wales)

Unaudited Financial Statements for the Year ended
30 November 2024

HR DATA HUB LTD
Company Information
for the year from 1 December 2023 to 30 November 2024

Directors

BLACK, Oliver
GRELLET, Alexandra
WHITFIELD, David
MERCIA FUND MANAGEMENT (NOMINEES) LIMITED

Company Secretary

WHITFIELD, David

Registered Address

Office 1, Izabella House 24-26 Regent Place
City Centre
Birmingham
B1 3NJ

Registered Number

11685946 (England and Wales)
HR DATA HUB LTD
Balance Sheet as at
30 November 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets455761
55761
Current assets
Debtors5238,261270,241
Cash at bank and on hand162,905237,769
401,166508,010
Creditors amounts falling due within one year6(862,305)(657,492)
Net current assets (liabilities)(461,139)(149,482)
Total assets less current liabilities(461,084)(148,721)
Net assets(461,084)(148,721)
Capital and reserves
Called up share capital35,38127,192
Share premium3,415,6742,673,688
Profit and loss account(3,912,139)(2,849,601)
Shareholders' funds(461,084)(148,721)
The financial statements were approved and authorised for issue by the Board of Directors on 18 February 2025, and are signed on its behalf by:
WHITFIELD, David
Director
Registered Company No. 11685946
HR DATA HUB LTD
Notes to the Financial Statements
for the year ended 30 November 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.
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.
Going concern
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the at least 12 months from the date of approval of the financial statements. The company therefore continues to adopt the going concern basis of accounting in preparing its financial statements.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover represents the total revenue generated by the company through its principal activities, which include the research into and development of a platform to provide benchmark data for HR areas. The company generates revenue from customers subscribing to the platform for access to benchmark HR data and from licensing of the platform or data to other parties. Revenue will be recognised on a straight-line basis over the term of the subscription/licensing period, as the service is provided continuously throughout that period.
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.
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.
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)
Office Equipment4
Government grants or assistance
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received. A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2.Average number of employees
including directors and key management personnel

20242023
Average number of employees during the year1714
3.Prior period adjustment
During the year, the company identified errors in the accounting of Equipment Expensed and Subscriptions. As a result of this error, the comparative figures have been restated and the following adjustments have been made to the profit and loss for the year ended 30 November 2023: Equipment Expensed As originally stated: £4,830 Adjustment: £49 As restated: £4,879 Subscriptions As originally stated: £69,626 Adjustment: (£6) As restated: £69,620 Retained Earnings (as at 30 November 2023): (£2,849,559) Adjustment: (£42) As restated (as at 30 November 2023): (£2,849,601)
4.Tangible fixed assets

Total

£
Cost or valuation
At 01 December 233,913
At 30 November 243,913
Depreciation and impairment
At 01 December 233,153
Charge for year705
At 30 November 243,858
Net book value
At 30 November 2455
At 30 November 23761
5.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables181,200222,600
Other debtors40,6409,465
Prepayments and accrued income16,42138,176
Total238,261270,241
6.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables92,11188,211
Taxation and social security291,342185,629
Other creditors23,21130,327
Accrued liabilities and deferred income455,641353,325
Total862,305657,492
7.Operating lease commitments
At 30 November 2024, the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods: Not later than one year: £23,627 (2023: £22,711) Later than one year and not later than five years: £28,167 (2023: £29,083)
8.Directors advances, credits and guarantees

Brought forward

Amount advanced

Amount repaid

Carried forward

££££
WHITFIELD, David4,449004,449
4,449004,449
The director's loan overdrawn balance is an unsecured loan to the director with a zero percent interest rate and repayable on demand. The intention is for the overdrawn director's loan balance to be repaid within nine months of the year-end.
9.Share capital
Shares issued during the period: 81,897 Ordinary 'C' Shares of £0.10 £8,190
10.Related party transactions
During the year the company had the following related party transactions: With Flying Tiger LLP, an entity controlled by Christopher Bruce (a Director), the company incurred advisory fees of £18,750 (2023: £33,333). With Oliver Black (a Director), the company incurred consultancy fees of £20,000 (2023: £13,333). With Mercia Fund Management Ltd and Enterprise Ventures Ltd, entities connected with Mercia Fund Management (Nominees) Limited (a Director), the company incurred fees of £15,863 (2023: £46,149). During the year, Directors and parties connected with them, invested in the share capital of the company a total of £750,177 (2023: £1,074,955).
11.Prior period policy changes
During the year, the company identified errors in the accounting of: Debtors due within one year, Cash at bank and on hand and Creditors due within one year in the prior period. As a result of this error, the comparative figures have been restated and the following adjustments have been made to the balance sheet for the year ended 30 November 2023: Debtors due within one year As originally stated: £264,242 Adjustment: £5,999 As restated: £270,241 Cash at bank and on hand As originally stated: £237,551 Adjustment: £218 As restated: £237,769 Creditors due within one year As originally stated: (£651,233) Adjustment: (£6,259) As restated: (£657,492) Net assets As originally stated: (£148,679) Adjustment: (£42) As restated: (£148,721)