Caseware UK (AP4) 2023.0.135 2023.0.135 2024-06-302024-06-30falsefalse2023-06-01The creation digital assets22trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 13390350 2023-06-01 2024-06-30 13390350 2022-06-01 2023-05-31 13390350 2024-06-30 13390350 2023-05-31 13390350 c:Director1 2023-06-01 2024-06-30 13390350 c:Director2 2023-06-01 2024-06-30 13390350 c:RegisteredOffice 2023-06-01 2024-06-30 13390350 d:OfficeEquipment 2023-06-01 2024-06-30 13390350 d:OfficeEquipment 2024-06-30 13390350 d:OfficeEquipment 2023-05-31 13390350 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-06-01 2024-06-30 13390350 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-06-01 2024-06-30 13390350 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-06-30 13390350 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-05-31 13390350 d:ComputerSoftware 2023-06-01 2024-06-30 13390350 d:ComputerSoftware 2024-06-30 13390350 d:ComputerSoftware 2023-05-31 13390350 d:OtherResidualIntangibleAssets 2023-06-01 2024-06-30 13390350 d:CurrentFinancialInstruments 2024-06-30 13390350 d:CurrentFinancialInstruments 2023-05-31 13390350 d:CurrentFinancialInstruments d:WithinOneYear 2024-06-30 13390350 d:CurrentFinancialInstruments d:WithinOneYear 2023-05-31 13390350 d:ShareCapital 2024-06-30 13390350 d:ShareCapital 2023-05-31 13390350 d:RevaluationReserve 2024-06-30 13390350 d:RevaluationReserve 2023-05-31 13390350 d:RetainedEarningsAccumulatedLosses 2024-06-30 13390350 d:RetainedEarningsAccumulatedLosses 2023-05-31 13390350 d:AcceleratedTaxDepreciationDeferredTax 2024-06-30 13390350 d:AcceleratedTaxDepreciationDeferredTax 2023-05-31 13390350 c:FRS102 2023-06-01 2024-06-30 13390350 c:AuditExempt-NoAccountantsReport 2023-06-01 2024-06-30 13390350 c:FullAccounts 2023-06-01 2024-06-30 13390350 c:PrivateLimitedCompanyLtd 2023-06-01 2024-06-30 13390350 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:InternallyGeneratedIntangibleAssets 2023-06-01 2024-06-30 13390350 d:ComputerSoftware d:InternallyGeneratedIntangibleAssets 2023-06-01 2024-06-30 13390350 5 2023-06-01 2024-06-30 13390350 d:InternallyGeneratedIntangibleAssets 2023-06-01 2024-06-30 13390350 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:OwnedIntangibleAssets 2023-06-01 2024-06-30 13390350 d:ComputerSoftware d:OwnedIntangibleAssets 2023-06-01 2024-06-30 13390350 e:PoundSterling 2023-06-01 2024-06-30 iso4217:GBP xbrli:pure

Registered number: 13390350









HINCHBEX LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 30 JUNE 2024

 
HINCHBEX LIMITED
 
 
COMPANY INFORMATION


Directors
Mr Joseph Carnell 
Mr Dominic Smith 




Registered number
13390350



Registered office
20 Gracechurch Street 11th floor

London

United Kingdom

EC3V 9DH




Accountants
Andersen LLP
Accountants

20 Gracechurch Street, 11th Floor

London

EC3V 9DH





 
HINCHBEX LIMITED
REGISTERED NUMBER: 13390350

BALANCE SHEET
AS AT 30 JUNE 2024

30 June
31 May
2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 5 
942,384
2,903,539

Tangible assets
 6 
2,954
4,409

  
945,338
2,907,948

Current assets
  

Debtors: amounts falling due within one year
 7 
6,684,249
2,675,875

  
6,684,249
2,675,875

Creditors: amounts falling due within one year
 8 
(11,640,116)
(9,377,644)

Net current liabilities
  
 
 
(4,955,867)
 
 
(6,701,769)

Total assets less current liabilities
  
(4,010,529)
(3,793,821)

Provisions for liabilities
  

Deferred tax
  
(9,662)
(54,633)

  
 
 
(9,662)
 
 
(54,633)

Net liabilities
  
(4,020,191)
(3,848,454)


Capital and reserves
  

Called up share capital 
  
100
100

Revaluation reserve
  
81,991
-

Profit and loss account
  
(4,102,282)
(3,848,554)

  
(4,020,191)
(3,848,454)


Page 1

 
HINCHBEX LIMITED
REGISTERED NUMBER: 13390350
    
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




Mr Joseph Carnell
Director

Date: 2 April 2025

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
HINCHBEX LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

1.


General information

The company is a private company limited by shares incorporated in England and Wales. The address of
its registered office is: 20 Gracechurch Street, 11th Floor, London EC3V 9DH. The financial statements
are prepared in GBP ("£") which is the functional and presentational currency of the primary economic
environment in which the company operates.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention 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.

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:

 
2.2

Going concern

The financial statements have been prepared on the going concern basis of accounting. The directors have a reasonable expectation that the Company has adequate means to implement its growth plans, continue in operational existence and meet its liabilities as they fall due for the foreseeable future. In reaching this conclusion the directors have prepared financial forecast extending to June 2025 which shows excess of liquid resources to meet the Company's liabilities as they fall due.

Page 3

 
HINCHBEX LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

Page 4

 
HINCHBEX LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.5

Current and deferred taxation

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.6

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the revaluation model, intangible assets shall be carried at a revalued amount, being its fair value at the date of revaluation less any subsequent accumulated amortisation and subsequent impairment losses - provided that the fair value can be determined by reference to an active market.
Revaluations are made with sufficient regularity to ensure that the carrying amount does not differ materially from that which would be determined using fair value at the end of the balance sheet date.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Development expenditure
-
3
years
Other intangible fixed assets
-
10
years

Page 5

 
HINCHBEX LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Office equipment
-
33%
Reducing balance

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 profit or loss.

 
2.8

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 6

 
HINCHBEX LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.11

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Deferred tax liabilities are also presented within provisions but are measured in accordance with the accounting policy on taxation.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 7

 
HINCHBEX LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.12

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.


3.


Judgments in applying accounting policies 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Intangible assets are carried at fair value less cost to sell, which requires estimation as to the fair value of the intangible asset. Reference to publicly available market data is used to determine the fair value of each class of intangible asset.


4.


Employees

The average monthly number of employees, including directors, during the period was 2 (2023 - 2).

Page 8

 
HINCHBEX LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

5.


Intangible assets






Development expenditure
Other intangible assets
Total

£
£
£



Cost


At 1 June 2023
535,286
4,467,318
5,002,604


Additions - internal
-
36,110,438
36,110,438


Disposals
-
(37,724,153)
(37,724,153)


Revaluation surplus
-
116,349
116,349



At 30 June 2024

535,286
2,969,952
3,505,238



Amortisation


At 1 June 2023
321,164
1,777,901
2,099,065


Charge for the period on owned assets
178,428
4,057,776
4,236,204


On disposals
-
(3,772,415)
(3,772,415)



At 30 June 2024

499,592
2,063,262
2,562,854



Net book value



At 30 June 2024
35,694
906,690
942,384



At 31 May 2023
214,122
2,689,417
2,903,539



Page 9

 
HINCHBEX LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

6.


Tangible fixed assets







Office equipment

£



Cost or valuation


At 1 June 2023
9,822



At 30 June 2024

9,822



Depreciation


At 1 June 2023
5,413


Charge for the period on owned assets
1,455



At 30 June 2024

6,868



Net book value



At 30 June 2024
2,954



At 31 May 2023
4,409


7.


Debtors

30 June
31 May
2024
2023
£
£


Other debtors
6,684,249
2,675,875

6,684,249
2,675,875



8.


Creditors: Amounts falling due within one year

30 June
31 May
2024
2023
£
£

Other creditors
2,498,180
220,708

Accruals and deferred income
9,141,936
9,156,936

11,640,116
9,377,644


Page 10

 
HINCHBEX LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

9.


Deferred taxation






2024


£






At beginning of year
(54,633)


Charged to profit or loss
44,971



At end of year
(9,662)

The provision for deferred taxation is made up as follows:

30 June
31 May
2024
2023
£
£


Accelerated capital allowances
(9,662)
(54,633)

(9,662)
(54,633)


10.


Related party transactions

During the current period intercompany loan accounts existed between Hinchbex Limited and other companies in which the director is a director and shareholder. These loan are interest free and repayable/receivable on demand (see below).


30 June
2024
£

Amounts invoiced to other companies in which the director is a director and shareholder
6,684,248
6,684,248

 
Page 11