ACCOUNTS - Final Accounts preparation

Registered number: 14598231

HAX FINANCE LIMITED

UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED
31 DECEMBER 2024

HAX FINANCE LIMITED

REGISTERED NUMBER: 14598231

STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2024

		2024		2023
Note		£		£


Current assets
Debtors: amounts falling due within one year	4	31,292,637		25,329,452
Cash at bank and in hand	5	439		-
		31,293,076		25,329,452
Current liabilities
Creditors: amounts falling due within one year	6	(664,190)		(25,070,578)
Net current assets			30,628,886		258,874
Total assets less current liabilities			30,628,886		258,874

Net assets			30,628,886		258,874

Capital and reserves
Called up share capital	7	21,600	10,000
Share premium account	8	29,363,400	-
Profit and loss account	8	1,243,886	248,874
Shareholders' funds		30,628,886	258,874

The Directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The Directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

Mr J M Benkert

Director

Date: 30 September 2025

The notes on pages 2 to 4 form part of these financial statements.

Page 1

HAX FINANCE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1.	General information

HAX Finance Limited is a private company, limited by shares and incorporated in England and Wales, registration number 14598231. The registered office address is Dover House, 34 Dover Street, London, W1S 4NG.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies.

The financial statements are presented in sterling, which is the functional currency of the Company and rounded to the nearest £.

The following principal accounting policies have been applied:

2.2

Compliance with accounting standards

The financial statements have been prepared in accordance with the provisions of FRS102. There have been no material departures from the standard.

2.3

Interest income

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

2.4

Taxation

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 reporting date in the countries where the Company operates and generates income.

2.5

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.

2.6

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.

Page 2

HAX FINANCE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.7

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.

Employees

The Company has no employees other than the Directors, who did not receive any remuneration (2023 - £NIL).

Debtors

					2024	2023
					£	£


Other debtors	29,632,631	25,000,000
Prepayments and accrued income	1,660,006	329,452
	31,292,637	25,329,452

5.	Cash and cash equivalents
		2024	2023
		£	£

	Cash at bank and in hand	439	-

6.	Creditors: Amounts falling due within one year
		2024	2023
		£	£

Corporation tax	331,671	77,423
Other creditors	329,209	24,990,000
Accruals and deferred income	3,310	3,155
	664,190	25,070,578

Page 3

HAX FINANCE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

7.	Share capital
		2024	2023
		£	£

Allotted, called up and fully paid

21,600 (2023 - 10,000) Ordinary-A shares of £1.00 each	21,600	10,000

In the current year, the Company issued 11,600 £1 Ordinary-A shares at par.

Reserves

Share premium account

The share premium account includes any premiums received on issue of share capital. Transaction costs associated with the issuing of shares are deducted from share premium.

Profit and loss account

The profit and loss account represents cumulative profits and losses net of dividends and other adjustments.

9.	Transactions with Directors

During the year, the a Director provided loans to the Company of £4,710,423. The Company issued 11,600 shares to the director at a premium which was settled by the loans provided. At the year end £325,423 (2023 - £24,990,000) was owed to the Director. This balance is interest free, repayable on demand and included in other creditors.

10.

Related party transactions

At the year the Company was owed amounts from companies under common control of £29,632,000 (2023 - £25,000,000). These amounts accrue interest at 5% per annum, are repayable on demand and recognised in other debtors. At the year end, the Company accrued interest receivable was £1,660,006 (2023 - £329,452).
At the year end the Company owed amounts to a company under common control of £3,786 (2023 - £NIL). This amount is interest free, repayable on demand and recognised in other creditors.

Page 4