| REGISTERED NUMBER: 09658948 (England and Wales) |
| Report of the Directors and |
| Unaudited Consolidated Financial Statements for the Year Ended 30 June 2024 |
| for |
| The Happy Consultancy Group Limited |
| REGISTERED NUMBER: 09658948 (England and Wales) |
| Report of the Directors and |
| Unaudited Consolidated Financial Statements for the Year Ended 30 June 2024 |
| for |
| The Happy Consultancy Group Limited |
| The Happy Consultancy Group Limited (Registered number: 09658948) |
| Contents of the Consolidated Financial Statements |
| for the Year Ended 30 June 2024 |
| Page |
| Company Information | 1 |
| Report of the Directors | 2 |
| Consolidated Income Statement | 3 |
| Consolidated Balance Sheet | 4 |
| Company Balance Sheet | 6 |
| Consolidated Statement of Changes in Equity | 8 |
| Company Statement of Changes in Equity | 9 |
| Notes to the Consolidated Financial Statements | 10 |
| The Happy Consultancy Group Limited |
| Company Information |
| for the Year Ended 30 June 2024 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Swift House, Ground Floor |
| 18 Hoffmanns Way |
| Chelmsford |
| Essex |
| CM1 1GU |
| The Happy Consultancy Group Limited (Registered number: 09658948) |
| Report of the Directors |
| for the Year Ended 30 June 2024 |
| The directors present their report with the financial statements of the company and the group for the year ended 30 June 2024. |
| REVIEW OF BUSINESS |
| As a result of the Directors' ambitious international growth plans, to achieve revenues in excess of £1million, and take advantage of increased business opportunity in SE Asia, (following a large-scale 5-year contract, secured with Malaysia's National Postal Service), the Directors' decided to set up a new subsidiary company. The subsidiary company is The Happy Consultancy Group Sdn Bhd in Malaysia and was incorporated on 15 July 2022. |
| As a result, significant set up costs were incurred as the Group revenues increased. The Group has built a thriving overseas team, supported by the UK business. During the year, investment was made to support the set-up of the new Group infrastructure, including the recruitment of additional staff, to support the business growth. The Directors' believe that by incurring these significant additional costs now, the business will be able to achieve the revenue growth that is anticipated and result in a more profitable Group going forward |
| EVENTS SINCE THE END OF THE YEAR |
| Information relating to events since the end of the year is given in the notes to the financial statements. |
| DIRECTORS |
| The directors shown below have held office during the whole of the period from 1 July 2023 to the date of this report. |
| This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
| ON BEHALF OF THE BOARD: |
| The Happy Consultancy Group Limited (Registered number: 09658948) |
| Consolidated |
| Income Statement |
| for the Year Ended 30 June 2024 |
| 30.6.23 | 30.6.24 |
| £ | Notes | £ |
| 1,232,031 | TURNOVER | 992,554 |
| 454,523 | Cost of sales | 316,126 |
| 777,508 | GROSS PROFIT | 676,428 |
| 643,399 | Administrative expenses | 794,130 |
| 134,109 | (117,702 | ) |
| 341 | Other operating income | 101 |
| 134,450 | OPERATING (LOSS)/PROFIT | 4 | (117,601 | ) |
| 107 | Interest receivable and similar income | 10 |
| 134,557 | (117,591 | ) |
| 247 | Interest payable and similar expenses | 1,715 |
| 134,310 | (LOSS)/PROFIT BEFORE TAXATION | (119,306 | ) |
| 20,441 | Tax on (loss)/profit | (184 | ) |
| (LOSS)/PROFIT FOR THE FINANCIAL YEAR |
( |
) |
| (Loss)/profit attributable to: |
| 113,869 | Owners of the parent | (119,122 | ) |
| The Happy Consultancy Group Limited (Registered number: 09658948) |
| Consolidated Balance Sheet |
| 30 June 2024 |
| 30.6.23 | 30.6.24 |
| £ | £ | Notes | £ | £ |
| FIXED ASSETS |
| 3,684 | Tangible assets | 7 | 3,320 |
| - | Investments | 8 | - |
| 3,684 | 3,320 |
| CURRENT ASSETS |
| - | Stocks | 28,462 |
| 311,555 | Debtors | 9 | 140,687 |
| 1,992 | Cash at bank | 1,395 |
| 313,547 | 170,544 |
| CREDITORS |
| 264,164 | Amounts falling due within one year | 10 | 257,149 |
| 49,383 | NET CURRENT (LIABILITIES)/ASSETS | (86,605 | ) |
| 53,067 | TOTAL ASSETS LESS CURRENT LIABILITIES |
(83,285 |
) |
| CREDITORS |
| - | Amounts falling due after more than one year |
11 |
(31,954 |
) |
| (751 | ) | PROVISIONS FOR LIABILITIES | (567 | ) |
| 52,316 | NET (LIABILITIES)/ASSETS | (115,806 | ) |
| CAPITAL AND RESERVES |
| 2 | Called up share capital | 2 |
| 52,314 | Retained earnings | (115,808 | ) |
| 52,316 | SHAREHOLDERS' FUNDS | (115,806 | ) |
| The company and the group are entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024. |
| The members have not required the company and the group to obtain an audit of its financial statements for the year ended 30 June 2024 in accordance with Section 476 of the Companies Act 2006. |
| The directors acknowledge their responsibilities for: |
| (a) | ensuring that the group keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company and the group as at the end of each financial year and of the group's profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company and the group. |
| The Happy Consultancy Group Limited (Registered number: 09658948) |
| Consolidated Balance Sheet - continued |
| 30 June 2024 |
| The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. |
| The financial statements were approved by the Board of Directors and authorised for issue on 2 June 2025 and were signed on its behalf by: |
| Mrs H J Lawrence - Director |
| The Happy Consultancy Group Limited (Registered number: 09658948) |
| Company Balance Sheet |
| 30 June 2024 |
| 30.6.23 | 30.6.24 |
| £ | £ | Notes | £ | £ |
| FIXED ASSETS |
| Tangible assets | 7 |
| Investments | 8 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 9 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 10 |
| ( |
) | NET CURRENT LIABILITIES | ( |
) |
| ( |
) | TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
| CREDITORS |
| Amounts falling due after more than one year |
11 |
( |
) |
| ( |
) | PROVISIONS FOR LIABILITIES | ( |
) |
| ( |
) | NET LIABILITIES | ( |
) |
| CAPITAL AND RESERVES |
| Called up share capital |
| ( |
) | Retained earnings | ( |
) |
| ( |
) | SHAREHOLDERS' FUNDS | ( |
) |
| 20,845 | Company's (loss)/profit for the financial year | (88,681 | ) |
| The directors acknowledge their responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| The Happy Consultancy Group Limited (Registered number: 09658948) |
| Company Balance Sheet - continued |
| 30 June 2024 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| The Happy Consultancy Group Limited (Registered number: 09658948) |
| Consolidated Statement of Changes in Equity |
| for the Year Ended 30 June 2024 |
| Called up |
| share | Retained | Total |
| capital | earnings | equity |
| £ | £ | £ |
| Balance at 1 July 2022 | 2 | 144,945 | 144,947 |
| Changes in equity |
| Dividends | - | (206,500 | ) | (206,500 | ) |
| Total comprehensive income | - | 113,869 | 113,869 |
| Balance at 30 June 2023 | 2 | 52,314 | 52,316 |
| Changes in equity |
| Dividends | - | (49,000 | ) | (49,000 | ) |
| Total comprehensive income | - | (119,122 | ) | (119,122 | ) |
| Balance at 30 June 2024 | 2 | (115,808 | ) | (115,806 | ) |
| The Happy Consultancy Group Limited (Registered number: 09658948) |
| Company Statement of Changes in Equity |
| for the Year Ended 30 June 2024 |
| Called up |
| share | Retained | Total |
| capital | earnings | equity |
| £ | £ | £ |
| Balance at 1 July 2022 |
| Changes in equity |
| Dividends | - | ( |
) | ( |
) |
| Total comprehensive income | - |
| Balance at 30 June 2023 | ( |
) | ( |
) |
| Changes in equity |
| Dividends | - | ( |
) | ( |
) |
| Total comprehensive income | - | ( |
) | ( |
) |
| Balance at 30 June 2024 | ( |
) | ( |
) |
| The Happy Consultancy Group Limited (Registered number: 09658948) |
| Notes to the Consolidated Financial Statements |
| for the Year Ended 30 June 2024 |
| 1. | STATUTORY INFORMATION |
| The Happy Consultancy Group Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Basis of consolidation |
| The consolidated financial statements present the results of the Company and its own subsidiaries ('the Group') as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full. |
| The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases. |
| Related party exemption |
| 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. |
| Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Tangible fixed assets |
| Plant and machinery etc | - |
| Stocks |
| Work in progress is valued at the lower of cost and net realisable value. |
| Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. |
| The Happy Consultancy Group Limited (Registered number: 09658948) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 30 June 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| 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 |
| 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. |
| Foreign currencies |
| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. 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. |
| Hire purchase and leasing commitments |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
| Pension costs and other post-retirement benefits |
| The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| The average number of employees by undertakings that were proportionately consolidated during the year was 8 (2023 - 3 ) . |
| 4. | OPERATING (LOSS)/PROFIT |
| The operating loss (2023 - operating profit) is stated after charging: |
| 30.6.24 | 30.6.23 |
| £ | £ |
| Depreciation - owned assets | 3,084 | 2,014 |
| 5. | INDIVIDUAL INCOME STATEMENT |
| As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
| The Happy Consultancy Group Limited (Registered number: 09658948) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 30 June 2024 |
| 6. | DIVIDENDS |
| 30.6.24 | 30.6.23 |
| £ | £ |
| Ordinary shares of £1 each |
| Interim | 49,000 | 206,500 |
| 7. | TANGIBLE FIXED ASSETS |
| Group |
| Plant and |
| machinery |
| etc |
| £ |
| COST |
| At 1 July 2023 | 9,110 |
| Additions | 2,720 |
| At 30 June 2024 | 11,830 |
| DEPRECIATION |
| At 1 July 2023 | 5,426 |
| Charge for year | 3,084 |
| At 30 June 2024 | 8,510 |
| NET BOOK VALUE |
| At 30 June 2024 | 3,320 |
| At 30 June 2023 | 3,684 |
| Company |
| Plant and |
| machinery |
| etc |
| £ |
| COST |
| At 1 July 2023 |
| Additions |
| At 30 June 2024 |
| DEPRECIATION |
| At 1 July 2023 |
| Charge for year |
| At 30 June 2024 |
| NET BOOK VALUE |
| At 30 June 2024 |
| At 30 June 2023 |
| The Happy Consultancy Group Limited (Registered number: 09658948) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 30 June 2024 |
| 8. | FIXED ASSET INVESTMENTS |
| Company |
| Shares in |
| group |
| undertakings |
| £ |
| COST |
| At 1 July 2023 |
| and 30 June 2024 |
| NET BOOK VALUE |
| At 30 June 2024 |
| At 30 June 2023 |
| The investment represents a 100% shareholding in The Happy Consultancy Group SDN.BHD. |
| 9. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group | Company |
| 30.6.24 | 30.6.23 | 30.6.24 | 30.6.23 |
| £ | £ | £ | £ |
| Trade debtors | 100,731 | 283,131 |
| Other debtors | 39,956 | 28,424 |
| 140,687 | 311,555 |
| 10. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group | Company |
| 30.6.24 | 30.6.23 | 30.6.24 | 30.6.23 |
| £ | £ | £ | £ |
| Bank loans and overdrafts | 92,870 | 5,261 |
| Trade creditors | 19,648 | 11,003 |
| Amounts owed to group undertakings | - | - |
| Taxation and social security | 61,784 | 61,474 |
| Other creditors | 82,847 | 186,426 |
| 257,149 | 264,164 |
| 11. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| Group | Company |
| 30.6.24 | 30.6.23 | 30.6.24 | 30.6.23 |
| £ | £ | £ | £ |
| Bank loans | 31,954 | - |
| The Happy Consultancy Group Limited (Registered number: 09658948) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 30 June 2024 |
| 12. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to directors subsisted during the years ended 30 June 2024 and 30 June 2023: |
| 30.6.24 | 30.6.23 |
| £ | £ |
| Mrs H J Lawrence |
| Balance outstanding at start of year | 944 | 903 |
| Amounts advanced | (23,337 | ) | 41 |
| Amounts repaid | - | - |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year | (22,393 | ) | 944 |
| A D Fisher |
| Balance outstanding at start of year | 116 | 430 |
| Amounts advanced | (13,417 | ) | (314 | ) |
| Amounts repaid | - | - |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year | (13,301 | ) | 116 |
| 13. | POST BALANCE SHEET EVENTS |
| There were no post balance sheet events that require being brought to the attention of the shareholders or creditors. |
| 14. | GOING CONCERN |
| At the 30 June 2024 the group had a net deficiency of assets of £115,806 The directors have undertaken to support the group financially until the situation has been fully redressed. It is therefore deemed appropriate to prepare the financial statements on the going concern basis. |