Registration number: 11099028

Hafnium Research Ltd

Contents

Company Information	1
Balance Sheet	2 to 3
Statement of Changes in Equity	4
Notes to the Unaudited Financial Statements	5 to 9

Hafnium Research Ltd

Company Information

Director

Mr Charles Phan

Registered office

102 Fulham Palace Road London W6 9PL

Accountants

Michaelides Warner & Co 102 Fulham Palace Road London W6 9PL

Hafnium Research Ltd

(Registration number: 11099028)
Balance Sheet as at 31 December 2025

	Note	2025 £	2024 £
Fixed assets
Tangible assets	4	19,879	290
Other financial assets	5	57,642	57,642
		77,521	57,932
Current assets
Debtors	6	146,510	37,637
Other financial assets	5	75,909	35,713
Cash at bank and in hand		7,146	153,375
		229,565	226,725
Creditors: Amounts falling due within one year	7	(29,349)	(51,779)
Net current assets		200,216	174,946
Net assets		277,737	232,878
Capital and reserves
Called up share capital	8	100	100
Retained earnings		277,637	232,778
Shareholders' funds		277,737	232,878

For the financial year ending 31 December 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

Hafnium Research Ltd

(Registration number: 11099028)
Balance Sheet as at 31 December 2025

Approved and authorised by the director on 11 July 2026
 

......................................... Mr Charles Phan Director

Hafnium Research Ltd

Statement of Changes in Equity for the Year Ended 31 December 2025

	Share capital £	Retained earnings £	Total £
At 1 January 2025	100	232,778	232,878
Profit for the year	-	88,559	88,559
Dividends	-	(43,700)	(43,700)
At 31 December 2025	100	277,637	277,737

 

	Share capital £	Retained earnings £	Total £
At 1 January 2024	100	117,925	118,025
Profit for the year	-	114,853	114,853
At 31 December 2024	100	232,778	232,878

Hafnium Research Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2025

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:
102 Fulham Palace Road
London
W6 9PL
England

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 have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Going concern

The financial statements have been prepared on a going concern basis.

Judgements

The director considers that there are no key judgements that management have made in the process of applying the company's accounting policies and that may have had a significant effect on the amounts recognised in the financial statements.

Revenue recognition

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

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Hafnium Research Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2025

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current 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 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 taxable income.

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.

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
Office equipment	25% Straight line
Motor vehicles	25% 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.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Hafnium Research Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2025

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Financial instruments

Classification
The company only enters into basic financial instruments transactions that result in the recognition of financial
assets and liabilities like investments, trade and other receivables, cash and bank balances, trade and other
creditors.

Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are
measured, initially and subsequently, at the undiscounted amount of the cash or cash consolidation expected
to be paid or received.
 

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2024 - 1).

Hafnium Research Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2025

4	Tangible assets

	Furniture, fittings and equipment  £	Motor vehicles  £	Total £
Cost or valuation
At 1 January 2025	11,484	-	11,484
Additions	1,536	24,967	26,503
At 31 December 2025	13,020	24,967	37,987
Depreciation
At 1 January 2025	11,194	-	11,194
Charge for the year	672	6,242	6,914
At 31 December 2025	11,866	6,242	18,108
Carrying amount
At 31 December 2025	1,154	18,725	19,879
At 31 December 2024	290	-	290

5	Other financial assets (current and non-current)

	2025 £	2024 £
Non-current financial assets
Financial assets at cost less impairment	57,642	57,642

	2025 £	2024 £
Current financial assets
Financial assets at cost less impairment	75,909	35,713

6

Debtors

Current	2025 £	2024 £
Trade debtors	-	19,909
Other debtors	146,510	17,728
	146,510	37,637

Hafnium Research Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2025

7

Creditors

Creditors: amounts falling due within one year

	2025 £	2024 £
Due within one year
Trade creditors	378	661
Taxation and social security	27,146	36,870
Accruals and deferred income	1,825	1,825
Other creditors	-	12,423
	29,349	51,779

8	Share capital

Allotted, called up and fully paid shares

	2025		2024
	No.	£	No.	£
Ordinary shares of £1 each	100	100	100	100

9	Related party transactions

Transactions with the director

2025	At 1 January 2025 £	Advances to director £	At 31 December 2025 £
Mr Charles Phan
Amounts owed to/(from) the Director	12,421	(147,577)	(135,156)

2024	At 1 January 2024 £	Repayments by director £	At 31 December 2024 £
Mr Charles Phan
Amounts owed to/(from) the Director	(8,197)	20,618	12,421

Other transactions with the director

Interest was charged at 2.25% on the overdrawn direrctors loan until 5 April 2025, and from 6 April 2025 onwards interest was charged at 3.75%.