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Registered number: 10475063


 







HCING LTD









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024

 
HCING LTD
 
 
COMPANY INFORMATION


Director
Mrs B Harree 




Company secretary
Kingsley Secretaries Limited



Registered number
10475063



Registered office
Unit 11
25 Mollison Avenue

Enfield

EN3 7LW




Independent auditor
Barnes Roffe Audit Limited
Chartered Accountants  
Statutory Auditor

Leytonstone House

3 Hanbury Drive

London

E11 1GA





 
HCING LTD
 

CONTENTS



Page
Group strategic report
 
1 - 3
Director's report
 
4 - 5
Independent auditor's report
 
6 - 9
Consolidated statement of comprehensive income
 
10
Consolidated balance sheet
 
11
Company balance sheet
 
12
Consolidated statement of changes in equity
 
13
Company statement of changes in equity
 
14
Consolidated statement of cash flows
 
15
Consolidated analysis of net debt
 
16
Notes to the financial statements
 
17 - 34


 
HCING LTD
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

Introduction
 
The directors present their strategic report of the activities of HCING Limited for the year ended 30 September 2024.
Business review
HCING Ltd acts as a holding company. HCING Ltd directly holds 100% of Finafive SAS. Finafive SAS in turn holds 100% of the following commercial companies:

AXEAU
ADEN France
Hydro Montage Service

AXEAU
AXEAU, founded in 2002, specialises in the design, installation and maintenance of screening and winnowing equipment.
At the year end, AXEAU had 11 employees, based at the Conflans Sainte Honorine site in the Yvelines department.
The company operates mainly in France, predominantly in the Paris region, under the supervision of a new managing director, Mr. Barbaroux.
AXEAU's customers include major public-sector sanitation contractors in the Paris region, such as SIAAP (the Paris public-sector sanitation authority), SAP (the Paris sanitation authority), the sanitation departments of the inner suburbs, the unions of the outer suburbs and many others, including local authorities and EPTs (Etablissements Publics Territoriaux).
AXEAU's strengths lie in the service it offers its customers, the expertise of its teams and the quality of its equipment.
AXEAU designs tailor-made gates and bar screens to perfectly meet our customers' requirements and the associated challenges..
To achieve this, AXEAU incorporates the following concepts into the design of its equipment:

The notion of equipment availability
The concepts of robustness and durability
Easy, safe access to the equipment for maintenance and servicing by our teams and/or our customers' teams. 

It should also be noted that the installation of the equipment can take place in very restrictive conditions:

Structures in water, without stopping the flow
Confined spaces
Corrosive environment

PERRIER SOREM 
Perrier Sorem took over the activities of ADEN France by way of merger on 1st of March 2024 with retroactive effect from 1 October 2023. In doing so, Perrier Sorem can now provide services such as the design, installation and maintenance of screening and winnowing equipment but also the design, installation and maintenance of access hatches, particularly for the large-scale equipment.
HCING LTD acquired PERRIER SOREM on 1 January 2023. The company, is a well established French specialist in bar screening and sieving.  The acquistion should enable the Group to address markets in France as well as abroad in the field of cable bar screening, arm bar screening and rotary filtering grids.
The company's activities are located mainly in France, divided between the Paris region and Toulon in south of France. 
PERRIER SOREM  France's customers are always major public-sector clients in the Paris region, such as SIAAP (the Paris region's public-sector wastewater authority), SAP (the Paris wastewater authority), the wastewater departments of the inner suburbs, the unions of the outer suburbs and many others, including local authorities and EPTs (Etablissements Publics Territoriaux) and civil engineering companies for access hatches as well as major contractors such as EDF in nuclear plant and CNR in dams  or for export.
The chairman of Perrier SOREM is Mr. ZADOROZNYJ.
 
Page 1

 
HCING LTD
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024

AXEAU and Perrier SOREM 
AXEAU and Perrier SOREM have broadly the same activities and the same scope of action. The main differences relate to :

Equipment dimensions: AXEAU focuses on medium dimensions / Perrier SOREM on small to medium dimensions and now large-scale dimensions 
The hatches activity, which is solely carried out by ADEN France. 

Business review
 
HMS
HMS is AXEAU's assembly company. Its activity is 100% linked to AXEAU.

Business review

AXEAU
The financial year ending 30 September 2024 is a twelve-month exercise.
°Sales for the year : €14,822,807 
°Net profit : €986,542

Business outlook to 30/09/2024 :
°Consolidation of AXEAU's positions with legacy customers (SIAAP, DEA93, Ville de Paris, DSEA 94)
°Positioning on significant contracts in the Ile-de-France region and in France, outside our historical customers (e.g. SEDIF, Canal Seine Nord Europe, etc.).
°The aim is to stabilise AXEAU's turnover above €13m and to maintain good profitability.

PERRIER SOREM
The financial year ending 30 September 2024 is a twelve-month exercise.
Sales for the year : €9,288,938  
Net profit : €71,418 

Economic outlook for the closing of accounts on 30th September 2025: 
Recovering profitability in the standard trapping business 
The aim is to stabilise PERRIER SOREM turnover at €10m and to work on profitability, especially the economic model of large screens.

Principal risks and uncertainties
 
AXEAU 
The main risks to AXEAU's business are:
The global slow down in business
The completion of major operations on the Clichy renovation project (SIAAP) - Operations that are not usual for AXEAU.

PERRIER SOREM 
The main risks to ADEN France's business are:
The general slowdown in activity
Developing the ‘trap door’ business in the Paris region and elsewhere in France.

Page 2

 
HCING LTD
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024

Financial key performance indicators
 
It should be noted that during the 2022 financial year, we rolled out an ERP to the major subsidiaries, AXEAU and PERRIER SOREM, in line with the FAYAT Group's financial rules.

The key performance indicators are:
Turnover
Profitability 
Order intake 
Cash flow

AXEAU
Sales, which had risen over the previous two financial years, stabilised at over €13million. Sales to 30 September 2024 are still considered exceptional. Forecasts for 2024/2025 should confirm this level of sales. 

Profitability remains stable compared with the previous financial year. The objective of maintaining a net profit of more than 8% over the coming financial years should be achieved.

The order book is good and corresponds to 2 years of activity.

Cash-flow is good. This situation should continue over the next financial year. 

PERRIER SOREM 
Sales on 30 September 2024 are increasing. The objective is to stabilize sales above €10m over the next financial year.
 
Sales have been rising for 2 years. Sales on 30 September 2024 are still considered exceptional but should be confirmed at least for the next financial year.

The result is improving but is still far from professional standards. Work is needed to improve competitiveness in PERRIER SOREM’s historic business and in the standardization of the company.

The order book is good and corresponds to 2 years of activity.

Cash-flow is good. This situation should continue over the next financial year.

Other key performance indicators
 
The other performance indicators are Percentage of orders taken vs bids.

AXEAU

The percentage of orders taken compared with bids is very good: around 85%.

PERRIER SOREM 

The percentage of orders taken compared with bids is average: around 60%.


This report was approved by the board on 24 June 2025 and signed on its behalf.



Mrs B Harree
Director

Page 3

 
HCING LTD
 
 
 
DIRECTOR'S REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

The director presents her report and the financial statements for the year ended 30 September 2024.

Director's responsibilities statement

The director is responsible for preparing the Group strategic report, the Director's report and the consolidated financial statements in accordance with applicable law and regulations.
 
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless she is satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the director is required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

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

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

Principal activity
The Company's principal activity continued to be that of a holding company.
The Group's principal activity was that of renewable energy and water treatment.

Results and dividends

The profit for the year, after taxation, amounted to 921,972 (2023 - 1,339,763).

Director

The director who served during the year was:

Mrs B Harree 

Future developments

The Group's objective is to consolidate and secure the development of our companies in the world of hydromechanical equipment in bar screening and vantellerie (clear water, dam, irrigation) through PERRIER SOREM and AXEAU. The Group plans to consolidate its footprint in the Greater Paris markets, with a promising order book for 2024/2025. The Group also plan to expand its range of services, particularly for the large-scale equipment required by major contractors such as EDF in the nuclear plant and CNR in dams or for export.

The objective for 2024/2025 is to simplify the Group structure.

Page 4

 
HCING LTD
 
 
 
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024

Disclosure of information to auditor

The director at the time when this Director's report is approved has confirmed that:
 
so far as she is aware, there is no relevant audit information of which the Company and the Group's auditor is unaware, and

she has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditor is aware of that information.

Auditor

After the year end Barnes Roffe LLP resigned as auditors due to the transfer of its audit business and its successor Barnes Roffe Audit Limited was appointed by the directors under s485 Companies Act 2006. 
The auditor, Barnes Roffe Audit Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 24 June 2025 and signed on its behalf.
 





Mrs B Harree
Director

Page 5

 
HCING LTD
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HCING LTD
 

Opinion


We have audited the financial statements of HCING Ltd (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 30 September 2024, which comprise the Consolidated statement of comprehensive income, the Consolidated balance sheet, the Company balance sheet, the Consolidated statement of cash flows, the Consolidated statement of changes in equity, the Company statement of changes in equity and the related notes, including a summary of significant accounting policiesThe 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 of 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's 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 United Kingdom, including the Financial Reporting Council'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's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


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


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's report thereon. The director is responsible for the other information contained within the Annual ReportOur 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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.


Page 6

 
HCING LTD
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HCING LTD (CONTINUED)


Opinion on other matters 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 Group strategic report and the Director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group strategic report and the Director's report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Director's report.


We have nothing to report in respect of the following matters in relation to which 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 director's 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 Director's responsibilities statement set out on page 4, the director is 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 director determines 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 director is 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 director either intends to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 7

 
HCING LTD
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HCING LTD (CONTINUED)


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 Group 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:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with law and regulations, was as follows:

The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
We identified the laws and regulations applicable to the Company through discussion with directors and other management, and from our commercial knowledge and experience of the relevant sector;
The specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Company, are as follows;
°Companies Act 2006.
°FRS102.
°Health and Safety legislation.
We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management, reviewing board minutes and inspecting legal correspondence; and
Laws and regulations were communicated within the audit team at the planning meeting, and during the audit as any further laws and regulation were identified.

We assessed the susceptibility of the Company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur by:

Making enquires of management as to where they consider there was susceptibility to fraud, their knowledge of actual suspected and alleged fraud;
Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations;
Reviewing the financial statements and testing the disclosures against supporting documentation;
Performing analytical procedures to identify any unusual or unexpected trends or anomalies;
Inspecting and testing journal entries to identify unusual or unexpected transactions;
Assessing whether judgements and assumptions made in determining significant accounting estimates, including stock obsolescence, depreciation and bad debt provision were indicative of management bias; and
Investigating the rationale behind significant transactions, or transactions that are unusual or outside the Company’s usual course of business.

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 or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's report.


Page 8

 
HCING LTD
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HCING LTD (CONTINUED)


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 2006Our 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.





Selven Iyaroo (Senior statutory auditor)
for and on behalf of
Barnes Roffe Audit Limited
Chartered Accountants
Statutory Auditor
Leytonstone House
3 Hanbury Drive
London
E11 1GA

25 June 2025
Page 9

 
HCING LTD
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2024
2023
Note

  

Turnover
 4 
24,285,125
27,202,489

Cost of sales
  
(23,055,573)
(25,021,284)

Gross profit
  
1,229,552
2,181,205

Administrative expenses
  
(357,821)
(271,527)

Other operating income
 5 
174,422
65,821

Other operating charges
  
(12,423)
(156,300)

Operating profit
 6 
1,033,730
1,819,199

Interest receivable and similar income
 9 
193,158
115,449

Interest payable and similar expenses
 10 
(13,974)
(18,553)

Profit before taxation
  
1,212,914
1,916,095

Tax on profit
 11 
(290,942)
(576,332)

Profit for the financial year
  
921,972
1,339,763

Profit for the year attributable to:
  

Owners of the parent Company
  
921,972
1,339,763

There were no recognised gains and losses for 2024 or 2023 other than those included in the consolidated statement of comprehensive income.

There was no other comprehensive income for 2024 (2023:NIL).

The notes on pages 17 to 34 form part of these financial statements.

Page 10

 
HCING LTD
REGISTERED NUMBER: 10475063

CONSOLIDATED BALANCE SHEET
AS AT 30 SEPTEMBER 2024

2024
2023
Note

Fixed assets
  

Intangible assets
 12 
721,438
1,011,750

Tangible assets
 13 
1,223,571
1,304,319

Investments
 14 
116,936
111,879

  
2,061,945
2,427,948

Current assets
  

Stocks
 15 
4,156,510
2,750,201

Debtors: amounts falling due within one year
 16 
10,593,157
13,959,123

Cash at bank and in hand
 17 
3,071,795
2,731,428

  
17,821,462
19,440,752

Creditors: amounts falling due within one year
 18 
(13,393,919)
(16,228,694)

Net current assets
  
 
 
4,427,543
 
 
3,212,058

Total assets less current liabilities
  
6,489,488
5,640,006

Creditors: amounts falling due after more than one year
 19 
(396,134)
(633,263)

Provisions for liabilities
  

Other provisions
 22 
(702,505)
(537,866)

Net assets
  
5,390,849
4,468,877


Capital and reserves
  

Called up share capital 
 23 
15,397
15,397

Share premium account
  
1,496,221
1,496,221

Profit and loss account
  
3,879,231
2,957,259

  
5,390,849
4,468,877


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 24 June 2025.



Mrs B Harree
Director

The notes on pages 17 to 34 form part of these financial statements.

Page 11

 
HCING LTD
REGISTERED NUMBER: 10475063

COMPANY BALANCE SHEET
AS AT 30 SEPTEMBER 2024

2024
2023
Note

Fixed assets
  

Investments
 14 
1,619,166
1,849,166

  
1,619,166
1,849,166

Current assets
  

Debtors: amounts falling due within one year
 16 
5,062
45,150

Cash at bank and in hand
 17 
425,668
454,391

  
430,730
499,541

Creditors: amounts falling due within one year
 18 
(331,769)
(574,387)

Net current assets/(liabilities)
  
 
 
98,961
 
 
(74,846)

Total assets less current liabilities
  
1,718,127
1,774,320

  

  

Net assets excluding pension asset
  
1,718,127
1,774,320

Net assets
  
1,718,127
1,774,320


Capital and reserves
  

Called up share capital 
 23 
15,397
15,397

Share premium account
  
1,496,221
1,496,221

Profit and loss account brought forward
  
262,702
212,853

Loss/(profit) for the year
  
(56,193)
49,849

Profit and loss account carried forward
  
206,509
262,702

  
1,718,127
1,774,320


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 24 June 2025.


Mrs B Harree
Director

The notes on pages 17 to 34 form part of these financial statements.

Page 12

 
HCING LTD
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024


Called up share capital
Share premium account
Profit and loss account
Total equity



At 1 October 2022
15,397
1,496,221
1,617,496
3,129,114



Profit for the year
-
-
1,339,763
1,339,763



At 1 October 2023
15,397
1,496,221
2,957,259
4,468,877



Profit for the year
-
-
921,972
921,972


At 30 September 2024
15,397
1,496,221
3,879,231
5,390,849


The notes on pages 17 to 34 form part of these financial statements.

Page 13

 
HCING LTD
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024


Called up share capital
Share premium account
Profit and loss account
Total equity



At 1 October 2022
15,397
1,496,221
212,853
1,724,471



Profit for the year
-
-
49,849
49,849



At 1 October 2023
15,397
1,496,221
262,702
1,774,320



Loss for the year
-
-
(56,193)
(56,193)


At 30 September 2024
15,397
1,496,221
206,509
1,718,127


The notes on pages 17 to 34 form part of these financial statements.

Page 14

 
HCING LTD
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2024
2023

Cash flows from operating activities

Profit for the financial year
921,972
1,339,763

Adjustments for:

Amortisation of intangible assets
297,053
228,709

Depreciation of tangible assets
173,858
178,299

Interest paid
13,974
18,553

Interest received
(193,158)
(115,449)

Taxation charge
357,485
576,332

(Increase) in stocks
(1,406,309)
(2,507,136)

Decrease/(increase) in debtors
3,297,622
(1,266,257)

(Decrease)/increase in creditors
(2,025,620)
1,424,071

Increase in provisions
164,639
254,668

Corporation tax (paid)
(982,640)
(607,537)

Net cash generated from operating activities

618,876
(475,984)


Cash flows from investing activities

Purchase of intangible fixed assets
(6,741)
-

Purchase of tangible fixed assets
(93,110)
(199,321)

Sale of tangible fixed assets
-
13,909

Purchase of unlisted and other investments
(5,057)
-

Interest received
193,158
115,449

Net cash from investing activities

88,250
(69,963)

Cash flows from financing activities

Repayment of loans
(233,574)
(450,397)

Repayment of other loans
(102,233)
-

Repayment of/new finance leases
(16,978)
-

Interest paid
(13,974)
(18,553)

Net cash used in financing activities
(366,759)
(468,950)

Net increase/(decrease) in cash and cash equivalents
340,367
(1,014,897)

Cash and cash equivalents at beginning of year
2,731,428
3,746,325

Cash and cash equivalents at the end of year
3,071,795
2,731,428


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
3,071,795
2,731,428

3,071,795
2,731,428


Page 15

 
HCING LTD
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 SEPTEMBER 2024




At 1 October 2023
Cash flows
At 30 September 2024



Cash at bank and in hand

2,731,428

340,367

3,071,795

Debt due after 1 year

(633,263)

237,129

(396,134)

Debt due within 1 year

(344,545)

98,678

(245,867)

Finance leases

(21,871)

16,978

(4,893)


1,731,749
693,152
2,424,901

The notes on pages 17 to 34 form part of these financial statements.

Page 16

 
HCING LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1.


General information

The Company is a private company, limited by shares and incorporated in England and Wales. The address of the registered office is Unit 11, 25 Mollison Avenue, Enfield, England, EN3 7LW.
Details of the principal activities of the Company and the Group are disclosed in the Directors' Report.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

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 Balance sheet, 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.

  
2.3

Going concern

The Group continues to adopt the going concern basis in preparing its financial statements.

Page 17

 
HCING LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is Euros.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

On consolidation, the results of overseas operations are translated into Euros at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

Page 18

 
HCING LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.5

Revenue

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

Sale of goods

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

Rendering of services

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

 
2.6

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.9

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 19

 
HCING LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.10

Current and deferred taxation

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

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

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

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


 
2.11

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated statement of comprehensive income over its useful economic life, which is 10 years.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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

 
2.12

Tangible fixed assets

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

Page 20

 
HCING LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)


2.12
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following annual bases:

Freehold property
-
2 to 47 years
Plant and machinery
-
2 to 10 years
Office equipment
-
2 to 5 years
Other fixed assets
-
1 to 10 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.13

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Group shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Consolidated statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.14

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.15

Debtors

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

 
2.16

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

Page 21

 
HCING LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.17

Creditors

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

 
2.18

Provisions for liabilities

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

Page 22

 
HCING LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.19

Financial instruments

The Group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade debtors and creditors, loans from banks and other third parties, loans to and from related parties and investements in ordinary shares.
Debt instruments (other than wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initally measured at present value of future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are receivable or payable within one year, typically trade debtors and creditors, are measured initially and subsequently, at the undiscounted amount of cash or other consideration expected to be received or paid.



3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
a) Critical judgments in applying the entity's accounting policies
No significant judgments have had to be made by management in preparing these financial statements.
b) Critical accounting estimates and assumptions
The Group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial year are addressed below.
(i) Useful economic lives of tangible assets
The annual depreciation cahrge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. The are amened when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 13 for the carrying amount of the property, pland and equipment, and note 2.13 for theuseful economic lives for each class of assets.


4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023

Sale of goods and services
24,285,125
27,202,489


All turnover arose within the European Union.

Page 23

 
HCING LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

5.


Other operating income

2024
2023

Other operating income
174,422
65,821



6.


Operating profit

The operating profit is stated after charging:

2024
2023

Exchange differences
9,855
(4,932)

Other operating lease rentals
6,513
6,090


7.


Auditor's remuneration

During the year, the Group obtained the following services from the Company's auditor:


2024
2023

Fees payable to the Company's auditor for the audit of the consolidated and parent Company's financial statements
21,000
21,000


8.


Employees

Staff costs, including director's remuneration, were as follows:


Group
Group
Company
Company
2024
2023
2024
2023


Wages and salaries
4,205,559
4,157,423
7,868
7,728

Social security costs
2,074,829
1,828,840
-
-

6,280,388
5,986,263
7,868
7,728


The average monthly number of employees, including the director, during the year was as follows:



Group
Group
Company
Company
        2024
        2023
        2024
        2023
            No.
            No.
            No.
            No.









Sales department
69
73
1
1

Page 24

 
HCING LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

9.


Interest receivable

2024
2023


Other interest receivable
193,158
115,449


10.


Interest payable and similar expenses

2024
2023


Other loan interest payable
13,672
18,553

Other interest payable
302
-


11.


Taxation


2024
2023

Corporation tax


Current tax on profits for the year
357,485
607,537

Total current tax
357,485
607,537

Deferred tax


Origination and reversal of timing differences
(66,543)
(31,205)

Total deferred tax
(66,543)
(31,205)


Tax on profit
290,942
576,332
Page 25

 
HCING LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
 
11.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - higher than) the standard rate of corporation tax in the UK of25% (2023 - 19%). The differences are explained below:

2024
2023


Profit on ordinary activities before tax
1,212,914
1,916,095


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)
303,229
364,058

Effects of:


Non-tax deductible amortisation of goodwill and impairment
74,263
43,455

Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
-
7,453

Higher rate taxes on overseas earnings
-
174,914

Unrelieved tax losses carried forward
-
17,657

Other differences leading to an increase (decrease) in the tax charge
(20,007)
-

Deferred tax
(66,543)
(31,205)

Total tax charge for the year
290,942
576,332


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 26

 
HCING LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

12.


Intangible assets

Group and Company





Patents
Goodwill
Negative goodwill
Total




Cost


At 1 October 2023
396,060
3,340,900
(292,930)
3,444,030


Additions
6,741
-
-
6,741



At 30 September 2024

402,801
3,340,900
(292,930)
3,450,771



Amortisation


At 1 October 2023
225,911
2,250,309
(43,940)
2,432,280


Charge for the year on owned assets
66,856
272,648
(42,451)
297,053



At 30 September 2024

292,767
2,522,957
(86,391)
2,729,333



Net book value



At 30 September 2024
110,034
817,943
(206,539)
721,438



At 30 September 2023
170,149
1,090,591
(248,990)
1,011,750



Page 27

 
HCING LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

13.


Tangible fixed assets

Group






Freehold property
Plant and machinery
Other fixed assets
Total




Cost or valuation


At 1 October 2023
1,504,261
478,263
1,345,043
3,327,567


Additions
-
5,401
87,709
93,110


Disposals
-
(1,274)
-
(1,274)


Transfers between classes
(86,313)
(133,408)
219,721
-



At 30 September 2024

1,417,948
348,982
1,652,473
3,419,403



Depreciation


At 1 October 2023
760,203
347,454
915,591
2,023,248


Charge for the year on owned assets
41,470
10,656
121,732
173,858


Disposals
-
(1,274)
-
(1,274)


Transfers between classes
(63,006)
(63,517)
126,523
-



At 30 September 2024

738,667
293,319
1,163,846
2,195,832



Net book value



At 30 September 2024
679,281
55,663
488,627
1,223,571



At 30 September 2023
744,058
130,809
429,452
1,304,319




The net book value of land and buildings may be further analysed as follows:


2024
2023

Freehold
679,281
744,058


Page 28

 
HCING LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

           13.Tangible fixed assets (continued)


Company






Office equipment



At 1 October 2023
1,274


Disposals
(1,274)



At 30 September 2024

-





At 1 October 2023
1,274


Disposals
(1,274)



At 30 September 2024

-



Net book value



At 30 September 2024
-



At 30 September 2023
-





The net book value of land and buildings may be further analysed as follows:





14.


Fixed asset investments

Group





Investments in subsidiary companies
Unlisted investments
Other fixed asset investments
Total




Cost or valuation


At 1 October 2023
1,138
3,167
107,574
111,879


Additions
-
-
5,057
5,057



At 30 September 2024
1,138
3,167
112,631
116,936




Page 29

 
HCING LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
Company





Investments in subsidiary companies




Cost or valuation


At 1 October 2023
1,849,166


Disposals
(230,000)



At 30 September 2024
1,619,166





Direct subsidiary undertaking


The following was a direct subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

Finafive SAS
Campus Saint-Christophe, Bât Galilée
3-10 Avenue de
l'Entreprise 95863, Cergy
Cedex
Ordinary
100%







Indirect subsidiary undertakings


The following were indirect subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Finaden SAS
46 Avenue de Frères
Lumière, 78190 Trappes
Ordinary
100%
Axeau SAS
8 Allée du point du jour,
78700 Conflans Ste Honorin
Ordinary
100%
Five Services SAS
Campus Saint-Christophe, Bât Galilée
3-10 Avenue del
'Entreprise 95863, Cergy
Cedex
Ordinary
100%
Hydro Montage Services SAS
10 Allée du point du jour,
 
78700 Conflans Ste 
Honorin
Ordinary
100%
Perrier Sorem SAS
290 Rue Docteur
Laennee zi Toulon Est,
83088 Toulon
Ordinary
100%

Page 30

 
HCING LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
Indirect subsidiary undertakings (continued)





15.


Stocks

Group
Group
2024
2023

Raw materials and consumables
208,614
294,571

Work in progress (goods to be sold)
3,947,896
2,455,630

4,156,510
2,750,201


The difference between purchase price or production cost of stocks and their replacement cost is not material.

Page 31

 
HCING LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

16.


Debtors

Group
Group
Company
Company
2024
2023
2024
2023

Due within one year

Trade debtors
6,010,366
7,652,967
-
40,000

Other debtors
4,450,089
6,131,455
3,174
2,655

Prepayments and accrued income
132,702
106,357
1,888
2,495

Deferred taxation
-
68,344
-
-

10,593,157
13,959,123
5,062
45,150



17.


Cash and cash equivalents

Group
Group
Company
Company
2024
2023
2024
2023

Cash at bank and in hand
3,071,795
2,731,428
425,668
454,391



18.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023

Bank loans
8,737
5,182
638
613

Other loans
237,130
339,363
-
-

Trade creditors
3,759,827
3,100,167
30,318
125,313

Corporation tax
860,878
1,554,377
29,003
36,810

Other taxation and social security
1,083,043
1,067,026
2
519

Obligations under finance lease and hire purchase contracts
4,893
21,871
-
-

Other creditors
701,010
708,092
164,999
394,998

Accruals and deferred income
6,738,401
9,432,616
106,809
16,134

13,393,919
16,228,694
331,769
574,387



19.


Creditors: Amounts falling due after more than one year

Group
Group
2024
2023

Bank loans
396,134
633,263




Page 32

 
HCING LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

20.


Loans


Analysis of the maturity of loans is given below:


Group
Group
Company
Company
2024
2023
2024
2023

Amounts falling due within one year

Bank loans
8,737
5,182
638
613

Other loans
237,130
339,363
-
-


245,867
344,545
638
613


Amounts falling due 1-5 years

Bank loans
374,634
609,072
-
-

Amounts falling due after more than 5 years

Bank loans
21,500
24,191
-
-

642,001
977,808
638
613



21.


Deferred taxation


Group



2024








At beginning of year
68,344


Utilised in year
(68,344)



At end of year
-

Group
Group
2024
2023

Accelerated capital allowances
-
68,344

Page 33

 
HCING LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

22.


Provisions


Group



Provision for litigation
Other provisions
Total






At 1 October 2023
234,079
303,787
537,866


Charged to profit or loss
(2,803)
167,442
164,639



At 30 September 2024
231,276
471,229
702,505



           22.Provisions (continued)


23.


Share capital

2024
2023
Allotted, called up and fully paid



1,332 (2023 - 1,332) Ordinary shares of £10.00 each
15,397
15,397



24.


Related party transactions

The Group has taken advantage of the exemption, under FRS 102 paragraph 1.12 and paragraph 33.1A, from disclosing transactions with key management and from disclosing other related party transactions as they are with other companies that are wholly owned within the Group.


25.


Controlling party

The immediate controlling party is S.A.M. Trafiparc, a company domiciled in France.
The Company's ultimate controlling party is Fayat SAS, a company domiciled in France. Copies of the Company's consolidated financial statements can be obtained at the Company's registered address, 137 rue du Palais Gallien, BP 90028 Bordeaux-Cedex, France.

 
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