HASSELL LTD

Company Registration Number:
07545819 (England and Wales)

Unaudited statutory accounts for the year ended 30 June 2024

Period of accounts

Start date: 1 July 2023

End date: 30 June 2024

HASSELL LTD

Contents of the Financial Statements

for the Period Ended 30 June 2024

Directors report
Profit and loss
Balance sheet
Additional notes
Balance sheet notes

HASSELL LTD

Directors' report period ended 30 June 2024

The directors present their report with the financial statements of the company for the period ended 30 June 2024

Principal activities of the company

Architecture and design services



Directors

The director shown below has held office during the whole of the period from
1 July 2023 to 30 June 2024

Angus John Bruce


The directors shown below have held office during the period of
1 July 2023 to 1 August 2023

Robert John Backhouse
Matthew Ian Blain


The directors shown below have held office during the period of
1 August 2023 to 30 June 2024

Brenden John Kelly
Elizabeth Marnie Westgarth


The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
18 December 2024

And signed on behalf of the board by:
Name: Brenden John Kelly
Status: Director

HASSELL LTD

Profit And Loss Account

for the Period Ended 30 June 2024

2024 2023


£

£
Turnover: 7,894,603 7,101,528
Cost of sales: 0 0
Gross profit(or loss): 7,894,603 7,101,528
Distribution costs: 0 0
Administrative expenses: ( 8,234,508 ) ( 7,107,896 )
Other operating income: 0 42,788
Operating profit(or loss): (339,905) 36,420
Interest receivable and similar income: 0 0
Interest payable and similar charges: ( 210,450 ) ( 163,865 )
Profit(or loss) before tax: (550,355) (127,445)
Tax: 0 0
Profit(or loss) for the financial year: (550,355) (127,445)

HASSELL LTD

Balance sheet

As at 30 June 2024

Notes 2024 2023


£

£
Called up share capital not paid: 1 1
Fixed assets
Tangible assets: 3 230,789 282,640
Investments: 4 2 2
Total fixed assets: 230,791 282,642
Current assets
Debtors: 5 3,089,489 3,227,966
Cash at bank and in hand: 612,527 224,013
Total current assets: 3,702,016 3,451,979
Creditors: amounts falling due within one year: 6 ( 2,243,212 ) ( 2,313,047 )
Net current assets (liabilities): 1,458,804 1,138,932
Total assets less current liabilities: 1,689,596 1,421,575
Creditors: amounts falling due after more than one year: 7 ( 3,213,610 ) ( 2,395,234 )
Total net assets (liabilities): (1,524,014) (973,659)
Capital and reserves
Called up share capital: 1 1
Profit and loss account: (1,524,015 ) (973,660 )
Total Shareholders' funds: ( 1,524,014 ) (973,659)

The notes form part of these financial statements

HASSELL LTD

Balance sheet statements

For the year ending 30 June 2024 the company was entitled to exemption 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.

This report was approved by the board of directors on 18 December 2024
and signed on behalf of the board by:

Name: Brenden John Kelly
Status: Director

The notes form part of these financial statements

HASSELL LTD

Notes to the Financial Statements

for the Period Ended 30 June 2024

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Turnover policy

    Turnover represents amounts chargeable, exclusive of Value Added Tax (VAT), in respect of the supply of architectural and design services to the private and public sector.

    Tangible fixed assets depreciation policy

    Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life. Leasehold buildings - over the lease term Fixtures and fittings -25% on cost Computer equipment -25% on cost

    Other accounting policies

    Statutory information Hassell LTD 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. Basis of preparing the financial statements These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. Turnover Turnover represents amounts chargeable, exclusive of Value Added Tax (VAT), in respect of the supply of architectural and design services to the private and public sector. Investments in subsidiaries Investments in subsidiary undertakings are recognised at cost. The Company is exempt by virtue of s401 of the Companies Act 2006 from the requirement to prepare group financial statements. These financial statements present information about the Company as an individual undertaking and not about its group. Tangible fixed assets Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life. Leasehold buildings Fixtures and fittings Computer equipment - over the lease term -25% on cost -25% on cost Foreign currencies Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rates at the balance sheet date. All exchange differences are included in the profit and loss account. Hire purchase and leasing commitments Leases are classified as operating leases where substantially all the benefits of ownerships remain with the lessor. Rentals payable under operating leases are charged to the profit and loss account on a straight-line basis over the lease term. The benefits of lease incentives are recognised in profit and loss account over the lease period. Going Concern In assessing going concern and determining whether there are material uncertainties, the directors have considered the company's business activities, together with factors that are likely to affect its future development and position, including a review of cashflows and liquidity. The company is loss-making due to current tight business environment and is in a net liability position which is predominantly due to significant amounts due to related parties (inter-company loans), therefore the company is reliant upon support from fellow group entity. The company's directors have received confirmation through a letter of support that Hassell will continue to provide the necessary level of support and not seek repayment of amounts owed, to enable the company to continue for a period of 12 months from the date of signing these financial statements. In considering the ability of Hassell to provide this support, the directors have obtained an understanding of cashflow forecasts, the continuing availability of its facilities and its strategic and contingent plans over the going concern assessment period. Based on their assessment of the group's financial position and the support available, the directors are confident that the company has sufficient funds to meet all other liabilities and anticipate that the company will be cash generative and profitable in future periods. Accordingly, the accounts continue to be prepared on a going concern basis. Critical accounting judgements and key sources of estimation uncertainty In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. Critical judgements in applying the company's accounting policies The directors do not consider there to be any critical accounting judgements that must be applied other than those that include an element of uncertainty. Long term contracts Revenue from long term contracts is recognised by stage of completion. Stage of completion is measured by reference to progress through deliverables as a percentage of total estimated costs for each contract. Where the contract outcome cannot be measured reliably, revenue is measured only to the extent of the expenses in which they are first foreseen. Deferred Income Deferred income represents professional fees that have been received by Hassell Limited for contracts that have not been substantially completed or started. The deferred income calculation is a complex accounting estimate, dependent upon numerous business and administrative processes, workloads and work in progress. Cash at bank and in hand Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks and other short-term liquid investments with original maturities of three months or less. Financial instruments Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument. Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due. Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank overdrafts which are an integral part of the company's cash management. Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Financial assets and liabilities are only offset in the balance sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the group intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously. Taxation Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement. Current or deferred taxation assets and liabilities are not discounted. Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. 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. Pensions The company operates a defined contribution 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 amounted to £134,958 (2023 £110,805). Related Party Transactions The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

HASSELL LTD

Notes to the Financial Statements

for the Period Ended 30 June 2024

  • 2. Employees

    2024 2023
    Average number of employees during the period 70 56

HASSELL LTD

Notes to the Financial Statements

for the Period Ended 30 June 2024

3. Tangible assets

Land & buildings Plant & machinery Fixtures & fittings Office equipment Motor vehicles Total
Cost £ £ £ £ £ £
At 1 July 2023 804,380 250,790 1,055,170
Additions 4,800 5,447 10,247
Disposals ( 15,971 ) ( 15,971 )
Revaluations
Transfers
At 30 June 2024 809,180 240,266 1,049,446
Depreciation
At 1 July 2023 576,778 195,752 772,530
Charge for year 30,524 15,603 46,127
On disposals
Other adjustments
At 30 June 2024 607,302 211,355 818,657
Net book value
At 30 June 2024 201,878 28,911 230,789
At 30 June 2023 227,602 55,038 282,640

HASSELL LTD

Notes to the Financial Statements

for the Period Ended 30 June 2024

4. Fixed assets investments note

Shares in group undertakings Cost 2 (2024) Net book value 2 (2024)

HASSELL LTD

Notes to the Financial Statements

for the Period Ended 30 June 2024

5. Debtors

2024 2023
£ £
Trade debtors 1,252,655 1,526,727
Prepayments and accrued income 1,219,742 1,520,947
Other debtors 617,092 180,292
Total 3,089,489 3,227,966

HASSELL LTD

Notes to the Financial Statements

for the Period Ended 30 June 2024

6. Creditors: amounts falling due within one year note

2024 2023
£ £
Bank loans and overdrafts 50,000 50,000
Trade creditors 303,095 628,949
Taxation and social security 511,143 478,727
Accruals and deferred income 326,866 265,717
Other creditors 1,052,108 889,654
Total 2,243,212 2,313,047

HASSELL LTD

Notes to the Financial Statements

for the Period Ended 30 June 2024

7. Creditors: amounts falling due after more than one year note

2024 2023
£ £
Bank loans and overdrafts 57,582 105,431
Other creditors 3,156,028 2,289,803
Total 3,213,610 2,395,234

HASSELL LTD

Notes to the Financial Statements

for the Period Ended 30 June 2024

8. Financial Commitments

During the year the company has committed to make the following operating lease payments: Operating leases Within 1 year: 181,170 (2024) 186,087 (2023) Between two and five years. 120,780 (2024) 301,950 (2023) After five years 301,950 (2024) 488,037 (2023)