Company registration number 12535604 (England and Wales)
HASIGYN LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
HASIGYN LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
HASIGYN LIMITED
BALANCE SHEET
AS AT
30 JUNE 2024
30 June 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
1,666,579
1,776,860
Current assets
Debtors
5
23,858
254,441
Cash at bank and in hand
20,871
62,548
44,729
316,989
Creditors: amounts falling due within one year
6
(3,718,242)
(3,622,379)
Net current liabilities
(3,673,513)
(3,305,390)
Total assets less current liabilities
(2,006,934)
(1,528,530)
Provisions for liabilities
-
0
(31,353)
Net liabilities
(2,006,934)
(1,559,883)
Capital and reserves
Called up share capital
7
200
200
Profit and loss reserves
(2,007,134)
(1,560,083)
Total equity
(2,006,934)
(1,559,883)

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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 8 April 2025 and are signed on its behalf by:
M Keely
Director
Company registration number 12535604 (England and Wales)
HASIGYN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -
1
Accounting policies
Company information

Hasigyn Limited is a private company limited by shares incorporated in England and Wales. The registered office is Bollin House Riverside Park, Bollin Link, Wilmslow, Cheshire, SK9 1DP.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The company has made a loss during the period and has net current liabilities at the balance sheet date.

 

The Peele unit closed in June 2023 and has remained closed throughout the current year after the decision was taken not to renew commercial contracts. Staff members were redeployed to other units within the wider Equilibrium Healthcare Limited Group, mitigating any risks of redundancies. The refurbishment of the Peele unit is a key objective and strategy of the Equilibrium Healthcare Group and it is committed to developing the unit into a quality provider of care services in the future.

 

These financial statements are prepared on the going concern basis after due consideration of the cashflow requirements and business forecasts for the next 12 months as well as additional support available from other related companies and shareholders if required. On this basis, the directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided for

patients and service users. It is shown net of VAT and other sales related taxes.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is

the present value of the future receipts. The difference between the fair value of the consideration and the

nominal amount received is recognised as interest income.

 

There is no turnover in the 2024 period due to the closure for refurbishment.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
2% straight line (land not depreciated)
Capital
refurbishment
25% reducing balance and 33% straight line
HASIGYN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 3 -

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
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.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

HASIGYN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 4 -
1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

HASIGYN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 5 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised 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.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Impairment if tangible fixed assets

Determination of whether there are indicators of impairment in the company's tangible fixed assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Tangible fixed assets

Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually. The depreciation charge of the year and total accumulated depreciation are disclosed in the tangible assets note.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
-
0
28
HASIGYN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 6 -
4
Tangible fixed assets
Land and buildings
Capital
refurbishment
Total
£
£
£
Cost
At 1 July 2023 and 30 June 2024
1,544,245
582,094
2,126,339
Depreciation and impairment
At 1 July 2023
84,970
264,509
349,479
Depreciation charged in the year
30,885
79,396
110,281
At 30 June 2024
115,855
343,905
459,760
Carrying amount
At 30 June 2024
1,428,390
238,189
1,666,579
At 30 June 2023
1,459,275
317,585
1,776,860
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
15,901
245,033
Other debtors
7,957
9,408
23,858
254,441
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
28,864
70,290
Amounts owed to group undertakings
2,999,485
2,863,188
Other creditors
689,893
688,901
3,718,242
3,622,379

Other creditors include balances with companies under common control as disclosed within the related party transactions note.

7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
200
200
200
200

Each share has full voting rights and entitlement to profit and capital distribution.

HASIGYN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 7 -
8
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Ryan Wear BSc ACA
Statutory Auditor:
Cooper Parry Group Limited
Date of audit report:
9 April 2025
9
Related party transactions

The company is an 87.5% subsidiary of Equilibrium Healthcare Limited, the consolidated accounts of which are publicly available.

 

The company was under the control of PJ Keely throughout the current period and previous year due to his majority shareholding of Equilibrium Healthcare Limited. In addition PJ Keely owns the majority of the issued share capital of Equilibrium Healthcare Group Limited (of which Eleanor EHC and EHC Oakland House Limited are wholly owned subsidiaries) and Leap29 Holdings Limited (of which Leap29 Limited is a wholly owned subsidiary). Each of these companies and groups also have common directorships.

 

Included within amounts owed to group companies is £2,830,538 (2023 - £2,746,941) owed to Equilibrium Healthcare Limited and £168,947 (2023 - £116,247) owed to EHC Moston Grange Limited.

 

Included within other creditors is £569,215 (2023 - £617,196) owed to Eleanor EHC Limited, £21,602 (2023 - £21,602) owed to EHC Oakland House Limited and £2,602 (2023 - £2,602) owed to Leap29 Limited.

 

No director fees or emoluments have been recharged to the company during the period. These have been borne by other members of the Equilibrium Healthcare Limited and Equilibrium Healthcare Group Limited groups.

10
Parent company

The immediate and ultimate parent company, by virtue of owning 87.5% of the issued share capital is Equilibrium Healthcare Limited, a company incorporated in England and Wales.

 

In the opinion of the directors the parent company is controlled by Mr P J Keely by virtue of owning a majority of the issued share capital.

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