Contents of the Financial Statements
for the Period Ended 30 June 2024
Balance sheet
As at
30 June 2024
|
Notes
|
2024
|
2023
|
|
|
£
|
£
|
| Called up share capital not paid: |
|
40
|
40
|
| Fixed assets |
| Intangible assets: |
3 |
61,438
|
52,715
|
| Tangible assets: |
4 |
44,872
|
56,023
|
| Investments: |
5 |
11,325
|
10,500
|
| Total fixed assets: |
|
117,635
|
119,238
|
| Current assets |
| Debtors: |
|
253,987
|
198,522
|
| Cash at bank and in hand: |
|
767,942
|
639,181
|
| Total current assets: |
|
1,021,929
|
837,703
|
| Creditors: amounts falling due within one year: |
|
(157,842)
|
(103,499)
|
| Net current assets (liabilities): |
|
864,087
|
734,204
|
| Total assets less current liabilities: |
|
981,762
|
853,482
|
| Creditors: amounts falling due after more than one year: |
|
(108,417)
|
(151,239)
|
| Provision for liabilities: |
|
(12,368)
|
(10,930)
|
| Total net assets (liabilities): |
|
860,977
|
691,313
|
| Capital and reserves |
| Called up share capital: |
|
100
|
100
|
| Revaluation reserve: | 6 | 6,580 | 6,580 |
| Other reserves: |
|
14,950
|
12,360
|
| Profit and loss account: |
|
839,347
|
672,273
|
| Shareholders funds: |
|
860,977
|
691,313
|
The notes form part of these financial statements
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.
The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The directors have chosen to not file a copy of the company’s profit & loss account.
This report was approved by the board of directors on
02 March 2025
and signed on behalf of the board by:
Name:
HP TECHNOLOGIES GROUP LIMITED
Status: Director
The notes form part of these financial statements
Notes to the Financial Statements
for the Period Ended 30 June 2024
1. Accounting policies
These financial statements have been prepared in accordance with the provisions of Financial Reporting Standard 101Turnover policy
HP TECHNOLOGIES GROUP LIMITED
Accounting Policies
For the Year Ended 31 March 2024
Turnover Policy
Basis of Recognition
Turnover represents the total value of goods and services supplied by the company, net of value added tax (VAT), discounts, and returns, during the financial year. Revenue is recognised in accordance with FRS 102 Section 23 (Revenue) and reflects the transfer of control over goods or completion of performance obligations to customers.
1. Revenue Categories
Turnover includes the following primary revenue streams:
IT Consultancy Services
Revenue is recognised over time as services are delivered. The stage of completion is measured by reference to time spent or contractual milestones, depending on the engagement terms.
Software Development & Licensing
Custom software development income is recognised based on progress towards completion. For licence fees:
Perpetual licences: Recognised at point in time when software is delivered.
Subscription-based licences: Recognised on a straight-line basis over the subscription period.
Hardware and Equipment Sales
Revenue is recognised at the point of delivery, when the customer obtains control of the goods and risks/rewards of ownership are transferred.
Managed Services / Support Contracts
These are recognised over the life of the agreement on a time-apportioned basis, typically monthly.
2. Measurement
Revenue is measured at the fair value of the consideration received or receivable under each contract. Where consideration is deferred or includes variable elements (e.g. performance bonuses), estimates are made and reviewed regularly.
3. Contractual Obligations
Contracts with multiple performance obligations (e.g. a combined software and support package) are assessed for separation. Income is allocated to each obligation using either the relative stand-alone selling prices or cost-plus methods.
4. Deferred Income
Where payments are received in advance of services rendered or products delivered, revenue is deferred and recognised as a liability (deferred income) until earned.
5. Unbilled Revenue / Accrued Income
Where services are delivered but not yet invoiced at year end, revenue is accrued based on reliable estimates of work completed.
6. Bad Debt and Revenue Recognition Risk
Revenue is only recognised where collection of the consideration is probable. Where doubts exist, revenue is not recognised until uncertainties are resolved.
7. Foreign Currency Transactions
Revenue earned in foreign currencies is translated into sterling at the exchange rate prevailing at the transaction date. Any gains or losses from exchange movements are accounted for in the profit and loss.
8. Turnover Disclosure
The analysis of turnover is provided in the notes to the financial statements by activity and geographical area, where material.Tangible fixed assets and depreciation policy
Tangible Fixed Assets and Depreciation Policy
Basis of Valuation
Tangible fixed assets are stated at cost less accumulated depreciation and any accumulated impairment losses. Cost includes the original purchase price of the asset and any costs directly attributable to bringing the asset into working condition for its intended use.
Depreciation
Depreciation is charged to the profit and loss account on a straight-line basis over the estimated useful lives of each asset category, starting from the month the asset is brought into use. The estimated useful lives and depreciation rates are reviewed annually and adjusted if necessary.
The following useful economic lives are currently applied:
Computer equipment and IT infrastructure: 3 to 4 years
Office furniture and fittings: 5 years
Leasehold improvements: Over the shorter of the lease term or 10 years
Motor vehicles (if any): 4 years
Other tangible assets: As appropriate based on the asset’s expected life
Assets below capitalisation threshold
Assets costing less than £500 are generally written off to the profit and loss account in the year of acquisition unless they form part of a group purchase or are considered material in aggregate.
Disposals
Gains or losses on disposal of fixed assets are calculated as the difference between the disposal proceeds and the carrying amount of the asset. These are recognised in the profit and loss account under administrative expenses.
Impairment
The carrying values of tangible fixed assets are reviewed at each reporting date to determine whether there is any indication of impairment. Where indicators exist and the asset’s recoverable amount is lower than its carrying value, an impairment loss is recognised immediately in the profit and loss account.Intangible fixed assets and amortisation policy
Intangible Fixed Assets and Amortisation Policy
Recognition and Measurement
Intangible fixed assets comprise internally developed software, acquired software licences, domain names, trademarks, and other identifiable non-monetary assets without physical substance. These assets are recognised when it is probable that future economic benefits attributable to the asset will flow to the company, and the cost of the asset can be measured reliably.
Intangible assets are initially measured at cost, including all directly attributable costs necessary to prepare the asset for its intended use.
Development Costs
Expenditure on research is expensed as incurred. Development costs are capitalised only where the project is clearly defined, costs are separately identifiable, the outcome is technically feasible, commercial viability is demonstrable, and the company intends and has sufficient resources to complete the development and use or sell the asset. Capitalised development costs are amortised over their estimated useful life once the asset is available for use.
Amortisation
Amortisation is provided on a straight-line basis over the estimated useful lives of the intangible assets, from the point at which the asset is brought into use. Useful lives are reviewed annually.
The following estimated useful lives are applied:
Internally developed software: 3 to 5 years
Acquired software licences: Over the term of the licence or 3 years, whichever is shorter
Trademarks and domain names: 10 years (or in line with legal protection if shorter)
Other intangibles: Case-by-case basis, not exceeding 10 years
Impairment
At each reporting date, the company assesses whether there is any indication that an intangible asset may be impaired. If such indication exists, the recoverable amount is estimated, and any excess of carrying value over recoverable amount is recognised as an impairment loss.
Disposals
Gains or losses arising on the disposal of intangible assets are calculated as the difference between disposal proceeds and the carrying amount of the asset and are recognised in the profit and loss account in the period of disposal.Valuation and information policy
Valuation Information Policy
General Valuation Approach
The company applies the historical cost convention in the preparation of its financial statements, except where otherwise stated below. Assets and liabilities are recognised and measured in accordance with applicable provisions of FRS 102. Estimates and judgments are applied where appropriate to ensure that the carrying values of assets and liabilities reflect a true and fair view of the company's financial position.
Fixed Assets
Tangible and intangible fixed assets are stated at historical cost less accumulated depreciation or amortisation and any impairment losses. Where a tangible asset is subject to a revaluation (e.g. freehold property), the asset is remeasured to fair value at the revaluation date. Revaluation gains are recorded in a separate revaluation reserve unless they reverse a previously recognised loss through the profit and loss account.
Investments
Fixed asset investments are initially recorded at cost, including any directly attributable transaction costs. Where indicators of impairment exist, the carrying amount is reviewed against estimated recoverable value, and any necessary write-down is charged to the profit and loss account. The company does not revalue investments to market value unless required by accounting standards or unless the asset is classified as held for sale.
Current Assets
Debtors are recognised at the amount due, less any provision for expected credit losses. Cash and cash equivalents are stated at nominal value.
Provisions and Liabilities
Provisions are made for obligations arising from past events where the settlement of those obligations is probable and can be reliably estimated. Where the effect of the time value of money is material, the provision is measured on a discounted basis.
Fair Value Considerations
Where fair value measurement is required, the company uses observable market data where available. In the absence of such data, fair values are determined using internal models and valuation techniques that incorporate assumptions consistent with market participant expectations.
Impairment
Assets are reviewed annually for indicators of impairment. Where such indicators exist, the recoverable amount of the asset is estimated. An impairment loss is recognised when the carrying amount of an asset exceeds its recoverable amount.
Key Sources of Estimation Uncertainty
Management exercises judgement in assessing the valuation of intangible assets, expected credit losses on debtors, the useful economic lives of assets, and the need for impairment. These judgements are reviewed annually to reflect current expectations and experience.Other accounting policies
Other Accounting Policies
1. Going Concern
The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the financial statements have been prepared on a going concern basis.
2. Debtors and Creditors
Debtors are recognised at the undiscounted amount expected to be received, less any provision for expected credit losses. A provision is made when recovery of the amount is uncertain or impaired.
Creditors are recognised at the undiscounted amount expected to be paid. Trade creditors are obligations to pay for goods or services received from suppliers in the ordinary course of business.
3. Leasing and Hire Purchase
Operating lease payments are charged to the profit and loss account on a straight-line basis over the term of the lease. The company does not have any finance leases as at the reporting date.
4. Corporation Tax
The tax charge for the period comprises current tax payable and deferred tax.
Current tax is based on taxable profit for the year using tax rates enacted or substantively enacted at 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, where the reversal is probable and the impact is material. Deferred tax assets are only recognised when it is probable that they will be recovered.
5. Research and Development
Expenditure on research is expensed as incurred. Development expenditure is capitalised only if it meets the recognition criteria under FRS 102, including demonstrable technical feasibility, intention to complete and use, and ability to generate probable future economic benefits. Capitalised development costs are amortised over the expected useful life once the asset is available for use.
6. Foreign Currencies
Transactions in foreign currencies are translated into sterling at the exchange rate prevailing on the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are translated at the closing rate. Exchange differences are recognised in the profit and loss account.
7. Cash and Cash Equivalents
Cash and cash equivalents include cash at bank and in hand, and short-term deposits with original maturities of three months or less. Bank overdrafts are presented as a component of creditors: amounts falling due within one year.
Notes to the Financial Statements
for the Period Ended 30 June 2024
2. Employees
|
2024 |
2023 |
| Average number of employees during the period |
26
|
19
|
Notes to the Financial Statements
for the Period Ended 30 June 2024
3. Intangible Assets
|
Total |
| Cost |
£ |
| At 01 July 2023 |
84,712
|
| Additions |
19,386
|
| Disposals |
(5,962)
|
| At 30 June 2024 |
98,136
|
| Amortisation |
|
| At 01 July 2023 |
31,997
|
| Charge for year |
8,042
|
| On disposals |
(3,341)
|
| At 30 June 2024 |
36,698
|
| Net book value |
|
| At 30 June 2024 |
61,438
|
| At 30 June 2023 |
52,715
|
Notes to the Financial Statements
for the Period Ended 30 June 2024
4. Tangible Assets
|
Total |
| Cost |
£ |
| At 01 July 2023 |
89,580
|
| Additions |
7,930
|
| Disposals |
(6,143)
|
| At 30 June 2024 |
91,367
|
| Depreciation |
|
| At 01 July 2023 |
33,557
|
| Charge for year |
18,196
|
| On disposals |
(5,258)
|
| At 30 June 2024 |
46,495
|
| Net book value |
|
| At 30 June 2024 |
44,872
|
| At 30 June 2023 |
56,023
|
Notes to the Financial Statements
for the Period Ended 30 June 2024
5. Fixed investments
Description and Supporting Information:
The company holds a 3% non-controlling equity stake in a UK-based fintech start-up acquired in 2021 for strategic partnership purposes.
No disposals or revaluations were made during the year.
The investment is held at cost less impairment. There were no indicators of impairment as at the reporting date.
The fair value of the investment is not reliably measurable, and therefore, revaluation is not applied in accordance with FRS 102.
Notes to the Financial Statements
for the Period Ended 30 June 2024
6. Revaluation reserve
|
2024 |
|
£ |
| Balance at 01 July 2023 |
6,580 |
| Surplus or deficit after revaluation |
0 |
| Balance at 30 June 2024 |
6,580 |