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Hexagon Holdings Limited

Annual Report and Consolidated Financial Statements
Year Ended 30 September 2024

Registration number: 11210932

 

Hexagon Holdings Limited

Contents

Strategic Report

1

Directors' Report

2

Statement of Directors' Responsibilities

3

Independent Auditor's Report

4 to 7

Consolidated Statement of Income and Retained Earnings

8

Consolidated Balance Sheet

9

Balance Sheet

10

Consolidated Statement of Cash Flows

11

Notes to the Financial Statements

12 to 30

 

Hexagon Holdings Limited

Group Strategic Report

Year Ended 30 September 2024

The directors present their strategic report for the year ended 30 September 2024.

Principal activity

The principal activity of the group is that of processing, packaging and sale of premium drinking water and associated products.

Fair review of the business

Turnover has increased on the prior year which was due to an increase in the number of customers the group are providing services to. There were no acquistions in 2024 and the group continues to trade well.

The consolidated balance sheet has strengthened by £1k and remains strong at £3,965k (2023 - £3,963k). The shareholders are satisfied with the financial performance and the financial position of the group.

The group's key financial and other performance indicators during the year were as follows:

 

Unit

2024

2023

Turnover

£'000

9,357

7,633

Principal risks and uncertainties

The group is exposed to a variety of financial risks, the most significant of which are credit and liquidity risk. The policy towards these financial risks is determined by the board, and then adopted and enforced by the management team.

Financial risk management objectives and policies

Liquidity risk
The group's trading activities expose the group to various risks, the most significant of which are linked to liquidity and cash flow. To mitigate these risks the group carefully controls costs and manages cash and stock levels through forecasting and budgeting. The experience of management ensures that the group can quickly adapt strategy as and when required.

Credit risk
The company maintains strong relationships with each of its key customers and has established credit control parameters with them. The company maintains trade indemnity insurance on the majority of its customers to cover the exposure to potential bad debts.

Approved by the Board on 9 June 2025 and signed on its behalf by:

.........................................
Mr A B Vickery
Director

   
     
 

Hexagon Holdings Limited

Group Directors' Report

Year Ended 30 September 2024

The directors present their report and the for the year ended 30 September 2024.

Directors

The directors who held office during the year were as follows:

Mr A B Vickery

Mr M Stimpson

Mr W Vickery (appointed 7 March 2024)

Going concern

The financial statements have been prepared on a going concern basis. The directors acknowledge the company's net current liability position of £303,846 as at the year end (2023 - £711,961). The director's have satisfied themselves on the validity of applying the going concern basis of preparation as assurances have been received from the company's subsidiaries that the amount owed from them totaling £628,355 can be called upon for repayment should it impact the going concern of the company. In addition, the subsidiaries have provided assurances that they will provide financial support to the company to ensure its financial obligations are met as and when they fall due.

Disclosure of information to the auditor

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

Approved by the Board on 9 June 2025 and signed on its behalf by:

.........................................
Mr A B Vickery
Director

   
     
 

Hexagon Holdings Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and the company and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

Hexagon Holdings Limited

Independent Auditor's Report to the Members of Hexagon Holdings Limited

Opinion

We have audited the financial statements of Hexagon Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2024, which comprise the Consolidated Statement of Income and Retained Earnings, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the group's and the parent company's affairs as at 30 September 2024 and of the group's profit for the year then ended;

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group and parent company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

 

Hexagon Holdings Limited

Independent Auditor's Report to the Members of Hexagon Holdings Limited

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matter prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

the parent company financial statements are not in agreement with the accounting records and returns; or

certain disclosures of directors' remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group’s and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

 

Hexagon Holdings Limited

Independent Auditor's Report to the Members of Hexagon Holdings Limited

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

As part of our audit planning we obtained an understanding of the legal and regulatory framework that is applicable to the company. We gained an understanding of the company and the industry in which the company operates as part of this assessment to identify the key laws and regulations affecting the company.

We identified the principal risks of non-compliance with laws and regulations as relating to non compliance with the Health and Safety Act. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements, including, but not limited to the reporting framework (FRS 102 and Companies Act 2006) and the relevant tax compliance regulations in the UK. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements including the risk of override of controls and determined that the principal risks were relating to fraudulent financial reporting in particular the potential overstatement of expenditure.

We discussed with management how the compliance with these laws and regulations is monitored and obtained copies of the key policies and procedures in place. We also identified the individuals who have responsibility for ensuring that the company complies with laws and regulations and deals with reporting any issues if they arise. As part of our planning procedures, we assessed the risk of any non compliance with laws and regulations on the company’s ability to continue trading and the risk of material misstatement to the accounts.

We also addressed the risk of management override of internal controls, including testing of journals and evaluating whether there was evidence of bias by the Directors that represented a risk of material misstatement due to fraud.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate omissions, collusion, forgery, misrepresentations, or the override of internal controls. We are also less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

 

Hexagon Holdings Limited

Independent Auditor's Report to the Members of Hexagon Holdings Limited

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

......................................
James Barrett (Senior Statutory Auditor)
PKF Francis Clark, Statutory Auditor

Melville Building East
Unit 18, 23 Royal William Yard
Plymouth
Devon
PL1 3GW

10 June 2025

 

Hexagon Holdings Limited

Consolidated Statement of Income and Retained Earnings for the Year Ended 30 September 2024

Note

2024
 £

2023
 £

Turnover

3

9,356,818

7,632,615

Cost of sales

 

(3,476,634)

(2,701,396)

Gross profit

 

5,880,184

4,931,219

Administrative expenses

 

(4,770,218)

(4,032,736)

Operating profit

4

1,109,966

898,483

Other interest receivable and similar income

8

3,830

2,583

Interest payable and similar charges

9

(370,132)

(368,174)

Profit before tax

 

743,664

532,892

Taxation

10

(352,580)

60,844

Profit for the financial year

 

391,084

593,736

Loss attributable to:

 

Owners of the company

 

391,084

593,736

Retained earnings brought forward

 

(685,702)

(1,279,438)

Dividends paid

 

(389,270)

-

Retained earnings carried forward

 

(683,888)

(685,702)

 

Hexagon Holdings Limited

Consolidated Balance Sheet

30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

11

6,212,805

6,862,118

Tangible assets

12

3,783,440

2,853,216

 

9,996,245

9,715,334

Current assets

 

Stocks

14

136,447

210,177

Debtors

15

3,868,613

3,557,386

Cash at bank and in hand

 

308,176

821,684

 

4,313,236

4,589,247

Creditors: Amounts falling due within one year

17

(4,023,908)

(4,259,543)

Net current assets

 

289,328

329,704

Total assets less current liabilities

 

10,285,573

10,045,038

Creditors: Amounts falling due after more than one year

17

(5,453,510)

(5,261,399)

Provisions for liabilities

21

(866,938)

(820,328)

Net assets

 

3,965,125

3,963,311

Capital and reserves

 

Called up share capital

23

170

170

Share premium reserve

4,648,843

4,648,843

Profit and loss account

(683,888)

(685,702)

Equity attributable to owners of the company

 

3,965,125

3,963,311

Shareholders' funds

 

3,965,125

3,963,311

Approved and authorised by the Board on 9 June 2025 and signed on its behalf by:
 

.........................................
Mr A B Vickery
Director

.........................................
Mr M Stimpson
Director

.........................................
Mr W Vickery
Director

     

Company Registration Number: 11210932

 

Hexagon Holdings Limited

Balance Sheet

30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

12

760,447

964,203

Investments

13

7,898,267

7,898,267

 

8,658,714

8,862,470

Current assets

 

Debtors

15

628,372

16

Creditors: Amounts falling due within one year

17

(932,218)

(711,977)

Net current liabilities

 

(303,846)

(711,961)

Total assets less current liabilities

 

8,354,868

8,150,509

Creditors: Amounts falling due after more than one year

17

(1,440,233)

(1,352,868)

Net assets

 

6,914,635

6,797,641

Capital and reserves

 

Called up share capital

23

170

170

Share premium reserve

4,648,843

4,648,843

Profit and loss account

2,265,622

2,148,628

Shareholders' funds

 

6,914,635

6,797,641

The company has taken the exemption in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account. The company made a profit after tax for the financial year of £506,264 (2023 - profit of £1,329,648).

Approved and authorised by the Board on 9 June 2025 and signed on its behalf by:
 

.........................................
Mr A B Vickery
Director

.........................................
Mr M Stimpson
Director

.........................................
Mr W Vickery
Director

     

Company Registration Number: 11210932

 

Hexagon Holdings Limited

Consolidated Statement of Cash Flows

Year Ended 30 September 2024

Note

2024
 £

2023
 £

Cash flows from operating activities

Profit for the year

 

391,084

593,736

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

4

1,841,206

1,682,339

Profit on disposal of tangible assets

(26,348)

(12,882)

Finance income

8

(3,830)

(2,583)

Finance costs

9

370,132

368,174

Income tax expense

10

352,580

(60,844)

 

2,924,824

2,567,940

Working capital adjustments

 

Decrease in stocks

14

73,730

39,257

Increase in trade debtors

15

(311,226)

(334,855)

Increase in trade creditors

17

336,240

498,970

Cash generated from operations

 

3,023,568

2,771,312

Income taxes paid

10

(449,871)

(103,028)

Net cash flow from operating activities

 

2,573,697

2,668,284

Cash flows from investing activities

 

Interest received

3,830

2,583

Purchase of tangible assets

(592,052)

(128,150)

Proceeds from sale of tangible assets

 

26,348

24,210

Purchase of intangible assets

11

(450,000)

-

Advances of loans, classified as investing activities

 

-

135,000

Net cash flows from investing activities

 

(1,011,874)

33,643

Cash flows from financing activities

 

Interest paid

9

(249,961)

(284,860)

Proceeds from bank borrowing draw downs

 

1,200,000

-

Repayment of bank borrowing

 

(281,269)

(401,211)

Proceeds from other borrowing draw downs

 

575,000

-

Repayment of other borrowings

 

(2,131,909)

(859,500)

Payments to finance lease creditors

 

(797,922)

(612,933)

Dividends paid

(389,270)

-

Net cash flows from financing activities

 

(2,075,331)

(2,158,504)

Net (decrease)/increase in cash and cash equivalents

 

(513,508)

543,423

Cash and cash equivalents at 1 October

 

821,684

278,261

Cash and cash equivalents at 30 September

16

308,176

821,684

 

Hexagon Holdings Limited

Notes to the Financial Statements

Year Ended 30 September 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
C/O Francis Clark LLP
Melville Building East
Unit 18, 23 Royal William Yard
Plymouth
Devon
PL1 3GW

The principal place of business is:
25-26 Apple Lane
Exeter
Devon
EX2 5GL

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. There are no material departures from FRS102.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Summary of disclosure exemptions

FRS 102 grants a qualifying entity exemptions from the full requirements of FRS 102. The following exemptions have been taken in these financial statements as the company is deemed to be a qualifying entity:

The company has taken advantage of the exemption, under FRS 102 paragraph 1.12(b), from preparing a Statement of Cash Flows on the basis that it is a qualifying entity and its cash flows are included in the consolidated financial statements of the group. The company is also taking exemption from disclosure of key management personnel compensation and exemption from disclosure of related party transactions entered into between the company and other members of the Hexagon Holdings Limited group.

 

Hexagon Holdings Limited

Notes to the Financial Statements

Year Ended 30 September 2024

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 30 September 2024.

As a consolidated profit and loss account is published, a separate profit and loss account for the parent company is omitted from the group financial statements by virtue of section 408 of the Companies Act 2006.

A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.

The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.

Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.

Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.

Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group.

 

Hexagon Holdings Limited

Notes to the Financial Statements

Year Ended 30 September 2024

Judgements and key sources of estimation uncertainty

In the application of the company's accounting policies, which are described in this note, management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historically known factors and experience. Management perceive a key source of estimation uncertainty to be the discounting rate applied to loan notes held by the shareholders. The discount rate applied is applied 8.12% and the carrying amount of loans at the balance sheet date is £1,520,227 (2023 - £1,952,402). Any other estimates and underlying assumptions used by management such as depreciation rates are reviewed on an ongoing basis. Any revision deemed to be required to any accounting estimates would be 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. No such changes or amendments are deemed necessary in either this or the prior period.

The business is required under FRS102 to identify the separable intangibles purchases as part of any business combination as part of a purchase price allocation exercise. This involved valuing contracts acquired, as part of company acquisitions or trade and asset purchases, for their expected future profitability. This is an estimated based on expected returns and is therefore considered to be a key source of estimation uncertainty. Judgement is also involved in deciding which separable intangibles existed to value under this requirement of FRS102. The carrying amount at the year end is £3,212,142.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the group’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the consolidated profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Hexagon Holdings Limited

Notes to the Financial Statements

Year Ended 30 September 2024

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leasehold Improvements

2% - 7% straight line

Furniture, fittings and equipment

20% straight line

Motor vehicles

20% - 33% straight line

Other property, plant and equipment

10% straight line

Leasehold property

2% straight line

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Goodwill

Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Intangible assets

Customer contracts are valued at the present value of future cash flows and amortised over the life of the contract which is assumed on average to be 10 years.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10 years straight line

Website

5 years straight line

Other intangible assets

10 - 20 years straight line

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Stocks

Stocks are stated at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

 

Hexagon Holdings Limited

Notes to the Financial Statements

Year Ended 30 September 2024

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Hexagon Holdings Limited

Notes to the Financial Statements

Year Ended 30 September 2024

Financial instruments


Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Loans from directors who are also shareholders are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Loans that have a zero percent interest that are from non-shareholders or corporate bodies are discounted using the weighted average cost of capital of the company.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.

 Impairment
This disclosure box set not to appear in S1A template - in full FRS102 this will need to deleted if not required
Financial guarantee contracts
This disclosure box set not to appear in S1A template - in full FRS102 this will need to deleted if not required

3

Revenue

The analysis of the group's revenue for the year from continuing operations is as follows:

2024
£

2023
£

Sale of goods and services

9,356,818

7,632,615

The analysis of the group's Turnover for the year by market is as follows:

2024
£

2023
£

UK

9,356,818

7,632,615

 

Hexagon Holdings Limited

Notes to the Financial Statements

Year Ended 30 September 2024

4

Operating profit

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

741,893

583,241

Amortisation expense

1,099,313

1,099,098

Operating lease expense - other

201,422

173,968

Profit on disposal of property, plant and equipment

(26,348)

(12,882)

5

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2024
£

2023
£

Wages and salaries

2,747,017

2,167,638

Social security costs

255,233

199,896

Pension costs, defined contribution scheme

49,537

56,728

3,051,787

2,424,262

The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:

2024
No.

2023
No.

Administration and support

20

12

Sales and marketing

24

14

Distribution

51

55

Management

2

2

97

83

 

Hexagon Holdings Limited

Notes to the Financial Statements

Year Ended 30 September 2024

6

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

94,680

98,991

Contributions paid to money purchase schemes

1,295

1,966

95,975

100,957

During the year the number of directors who were receiving benefits and share incentives was as follows:

2024
No.

2023
No.

Accruing benefits under money purchase pension scheme

1

1

7

Auditor's remuneration

2024
£

2023
£

Audit of the trading company's financial statements

21,350

10,500

Audit of holding company's financial statements

3,000

3,000

24,350

13,500


 

The audit fee is borne by the company's immediate subsidiary company, Thirsty Work Limited.

8

Other interest receivable and similar income

2024
£

2023
£

Interest income on bank deposits

3,830

2,583

9

Interest payable and similar expenses

2024
£

2023
£

Interest on bank overdrafts and borrowings

72,335

31,431

Interest on obligations under finance leases and hire purchase contracts

120,171

83,314

Interest expense on other finance liabilities

177,626

253,429

370,132

368,174

 

Hexagon Holdings Limited

Notes to the Financial Statements

Year Ended 30 September 2024

10

Taxation

Tax charged/(credited) in the profit and loss account

2024
 £

2023
 £

Current taxation

UK corporation tax

295,255

327,226

UK corporation tax adjustment to prior periods

10,715

-

305,970

327,226

Deferred taxation

Arising from origination and reversal of timing differences

46,610

(388,070)

Tax expense/(receipt) in the income statement

352,580

(60,844)

The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2023 - lower than the standard rate of corporation tax in the UK) of 25% (2023 - 22%).

The differences are reconciled below:

2024
£

2023
£

Profit before tax

743,664

532,892

Corporation tax at standard rate

185,916

117,256

Increase in UK and foreign current tax from adjustment for prior periods

10,715

-

Tax decrease from other short-term timing differences

-

(259,158)

Other tax effects for reconcilliation between accounting profit and tax expense/(income)

(173,884)

(153,017)

Effect of expense not deductible in determining taxable profit (tax loss)

329,833

285,301

Deferred tax credit relating to changes in tax rates or laws

-

(46,568)

Decrease from effect of tax incentives

-

(4,658)

Total tax charge/(credit)

352,580

(60,844)


 

 

Hexagon Holdings Limited

Notes to the Financial Statements

Year Ended 30 September 2024

Deferred tax

Group

Deferred tax assets and liabilities

2024

Liability
£

Difference between depreciation and capital allowances

606,430

Short term timing differences

260,508

866,938

2023

Liability
£

Difference between depreciation and capital allowances

341,276

Short term timing differences

479,052

820,328

11

Intangible assets

Group

Goodwill
 £

Trademarks, patents and licenses
 £

Other intangible assets
 £

Total
£

Cost or valuation

At 1 October 2023

9,620,518

6,100

6,955,348

16,581,966

Additions acquired separately

20,000

-

430,000

450,000

At 30 September 2024

9,640,518

6,100

7,385,348

17,031,966

Amortisation

At 1 October 2023

5,888,309

6,100

3,825,439

9,719,848

Amortisation charge

751,546

-

347,767

1,099,313

At 30 September 2024

6,639,855

6,100

4,173,206

10,819,161

Carrying amount

At 30 September 2024

3,000,663

-

3,212,142

6,212,805

At 30 September 2023

3,732,209

-

3,129,909

6,862,118

 

Hexagon Holdings Limited

Notes to the Financial Statements

Year Ended 30 September 2024

12

Tangible assets

Group

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other property, plant and equipment
 £

Total
£

Cost or valuation

At 1 October 2023

465,322

134,268

1,277,651

2,220,909

4,098,150

Additions

156,156

86,166

503,589

926,206

1,672,117

Disposals

-

-

(51,927)

(14,706)

(66,633)

At 30 September 2024

621,478

220,434

1,729,313

3,132,409

5,703,634

Depreciation

At 1 October 2023

12,176

95,710

800,110

336,938

1,244,934

Charge for the year

8,646

16,922

366,400

349,925

741,893

Eliminated on disposal

-

-

(51,927)

(14,706)

(66,633)

At 30 September 2024

20,822

112,632

1,114,583

672,157

1,920,194

Carrying amount

At 30 September 2024

600,656

107,802

614,730

2,460,252

3,783,440

At 30 September 2023

453,146

38,558

477,541

1,883,971

2,853,216

Included within the net book value of land and buildings above is £600,656 (2023 - £453,146) in respect of long leasehold land and buildings.
 

Assets held under finance leases and hire purchase contracts

The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:

2024
£

2023
£

Motor vehicles

599,229

458,079

Plant and machinery

791,678

597,791

1,390,907

1,055,870

 

Hexagon Holdings Limited

Notes to the Financial Statements

Year Ended 30 September 2024

Company

Plant and machinery
£

Cost or valuation

At 1 October 2023

1,177,983

At 30 September 2024

1,177,983

Depreciation

At 1 October 2023

213,780

Charge for the year

203,756

At 30 September 2024

417,536

Carrying amount

At 30 September 2024

760,447

At 30 September 2023

964,203

13

Investments

Group

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the group holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2024

2023

Thirsty Work Limited*

C/O Francis Clark LLP
North Quay House
Sutton Harbour
Plymouth
Devon
PL4 0RA

Ordinary shares

100%

100%

 

England and Wales

     

Thirsty Work Watercoolers Limited

C/O Francis Clark LLP
North Quay House
Sutton Harbour
Plymouth
Devon
PL4 0RA

Ordinary shares

100%

100%

 

England and Wales

     
 

Hexagon Holdings Limited

Notes to the Financial Statements

Year Ended 30 September 2024

* indicates direct investment of the company

Subsidiary undertakings

Thirsty Work Limited

The principal activity of Thirsty Work Limited is of processing, packaging and sale of premium drinking.

Thirsty Work Watercoolers Limited

The principal activity of Thirsty Work Watercoolers Limited is that of a dormant company.

Company

2024
£

2023
£

Investments in subsidiaries

7,898,267

7,898,267

Subsidiaries

£

Cost or valuation

At 1 October 2023

7,898,267

At 30 September 2024

7,898,267

Provision

At 1 October 2023

-

At 30 September 2024

-

Carrying amount

At 30 September 2024

7,898,267

At 30 September 2023

7,898,267

14

Stocks

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Other inventories

136,447

210,177

-

-

 

Hexagon Holdings Limited

Notes to the Financial Statements

Year Ended 30 September 2024

15

Debtors

   

Group

Company

Note

2024
£

2023
£

2024
£

2023
£

Trade debtors

 

1,769,765

1,426,173

-

-

Amounts owed by related parties

25

-

-

628,356

-

Other debtors

 

2,053,748

2,102,954

16

16

Prepayments

 

45,100

28,259

-

-

 

3,868,613

3,557,386

628,372

16

Details of non-current trade and other debtors

Group

£80,000 (2023 - £80,000) of a loan to a connected party is classified as non current.

16

Cash and cash equivalents

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Cash on hand

115

230

-

-

Cash at bank

308,061

821,454

-

-

308,176

821,684

-

-

 

Hexagon Holdings Limited

Notes to the Financial Statements

Year Ended 30 September 2024

17

Creditors

   

Group

Company

Note

2024
£

2023
£

2024
£

2023
£

Due within one year

 

Loans and borrowings

18

1,015,929

1,342,365

318,828

102,056

Trade creditors

 

416,145

210,918

-

-

Corporation tax

10

171,483

315,384

106,916

103,124

Social security and other taxes

 

393,876

390,254

-

-

Other creditors

 

931,483

964,448

503,145

503,145

Accrued expenses

 

1,094,992

1,036,174

3,329

3,652

 

4,023,908

4,259,543

932,218

711,977

Due after one year

 

Loans and borrowings

18

4,579,920

4,489,349

1,440,233

659,084

Other creditors

 

873,590

772,050

-

-

Amounts owed to group

 

-

-

-

693,784

 

5,453,510

5,261,399

1,440,233

1,352,868

18

Loans and borrowings

Non-current loans and borrowings

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Bank borrowings

1,695,656

969,078

1,440,233

659,084

HP and finance lease liabilities

825,037

507,846

-

-

Unsecured debentures

575,000

-

-

-

Other borrowings

1,484,227

1,312,691

-

-

Other loans to connected parties

-

1,699,734

-

-

4,579,920

4,489,349

1,440,233

659,084

 

Hexagon Holdings Limited

Notes to the Financial Statements

Year Ended 30 September 2024

Current loans and borrowings

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Bank borrowings

373,322

181,169

318,828

102,056

HP and finance lease liabilities

606,607

521,485

-

-

Loan notes

36,000

639,711

-

-

1,015,929

1,342,365

318,828

102,056

Group

Bank borrowings

A bank loan is denominated in pounds sterling, £, with a nominal interest rate of 4.87%, and the final instalment is due on 8 July 2030. The carrying amount at year end is £301,097 (2023 - £344,564).

A bank loan is denominated in pounds sterling, £, with a nominal interest rate of 3.86%, and the final instalment is due on 11 June 2030. The carrying amount at year end is £670,183 (2023 - £729,332).

A bank loan is denominated in pounds sterling, £, with a nominal interest rate of base rate plus 1.76%, and the final instalment is due on 7 December 2024. The carrying amount at year end is £8,820 (2023 - £44,543).

A bank loan is denominated in pounds sterling, £, with a nominal interest rate of base rate plus 2.42%, and the final instalment is due on 22 March 2029. The carrying amount at year end is £1,099,620 (2023 - £Nil).

The bank loans are secured by way of a fixed charge over the assets of the company.

Other borrowings

Other loans to connected parties is denominated in pounds sterling, £, with a nominal interest rate of 0%. The carrying amount at year end is £Nil (2023 - £1,566,000).

Another loan is denominated in pounds sterling, £, with a nominal interest rate of 12%, and the final instalment is due on 30 September 2026. The carrying amount at year end is £575,000 (2023 - £Nil).

Loan notes are denominated in pounds sterling, £, with a nominal interest rate of 0%, with no fixed maturity date. The carrying amount at year end is £1,520,227 (2023 - £1,952,402). The present value of these loans has been calculated using a discount rate of 8.12%.

Company

Bank borrowings

A bank loan is denominated in pounds sterling, £, with a nominal interest rate of 3.86%%, and the final instalment is due on 11 June 2030. The carrying amount at year end is £670,183 (2023 - £729,332).

 

Hexagon Holdings Limited

Notes to the Financial Statements

Year Ended 30 September 2024

Included in the loans and borrowings are the following amounts due after more than five years:

2024
£

2023
£

After more than five years by instalments

96,074

219,932

-

-

19

Analysis of cash and cash equivalents and net debt

At 1 October 2023

Cash flow

Non-cash movement

At 30 September 2024

£

£

£

£

Cash at bank and on hand

821,684

(513,508)

-

308,176

Cash and cash equivalents

821,684

(513,508)

-

308,176

Hire purchase contracts

(1,029,331)

677,751

(1,080,065)

(1,431,645)

Loan notes

(1,952,402)

584,086

(151,911)

(1,520,227)

Loans to connected parties

(1,699,734)

1,699,734

-

-

Other loans

(500,000)

(500,000)

Bank loans

(1,150,247)

(918,731)

-

(2,068,978)

(5,831,714)

1,542,840

(1,231,976)

(5,520,850)

Net debt

(5,010,030)

1,029,332

(1,231,976)

(5,212,674)

20

Obligations under leases and hire purchase contracts

Group

Finance leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

606,607

521,485

Later than one year and not later than five years

825,038

461,241

1,431,645

982,726

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

269,450

150,533

Later than one year and not later than five years

804,459

480,000

Later than five years

682,805

612,500

1,756,714

1,243,033

 

Hexagon Holdings Limited

Notes to the Financial Statements

Year Ended 30 September 2024

The amount of non-cancellable operating lease payments recognised as an expense during the year was £201,422 (2023 - £173,968).

21

Deferred tax and other provisions

Group

Deferred tax
£

At 1 October 2023

820,328

Reversal of timing differences

46,609

At 30 September 2024

866,937

22

Pension and other schemes

Defined contribution pension scheme

The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £49,537 (2023 - £56,728).

23

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £0.01 each of £0.01 each

16,950

170

16,950

170

         

24

Commitments

Group

Capital commitments

Deposits have been made for plant and machinery that Thirsty Work Limited are commited to buying.
The total amount contracted for but not provided in the financial statements was £157,572 (2023 - £Nil).

25

Related party transactions

Group

The group has taken advantage of the exemption in FRS 102 "Related Party Disclosures" from disclosing transactions with wholly owned members of the group.

 

Hexagon Holdings Limited

Notes to the Financial Statements

Year Ended 30 September 2024

Key management compensation

2024
£

2023
£

Salaries and other short term employee benefits

97,337

100,957

Summary of transactions with entities with joint control or significant interest

Transactions with an entity under common control:
 In the year rental payments of £192,765 (2023 - £213,106) were paid to entities under common control. At the balance sheet date there is also amounts due from the entities of £1,816,020 (2023 - £1,972,848).
 

Summary of transactions with other related parties

Loans with shareholders and connected parties:
 At the balance sheet date the amounts due to shareholders and non-shareholders totalled £1,520,227 (2023 - £1,952,402). These balances have been discounted over the period in which they relate and an interest charge of 8.12% has been applied.

There were also additional amounts owed to a shareholder of £330,000 (2023 - £1,848,734).