HG Comms Ltd - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 11924462 (England and Wales)

Financial Statements for the Period 1 October 2021 to 31 December 2022

for

HG Comms Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

L F Garcia Iglesias

REGISTERED OFFICE:

Building 7

Hawker Business Park, Melton Road

Burton On The Wolds

Loughborough

Leicestershire

LE12 5TH

REGISTERED NUMBER:

11924462 (England and Wales)

AUDITORS:

Torr Waterfield Limited

Statutory Auditor

Park House

37 Clarence Street

Leicester

Leicestershire

LE1 3RW

FIXED ASSETS

Tangible assets

4

116,604

58,367

CURRENT ASSETS

Debtors

5

273,503

485,931

Cash at bank and in hand

217,317

98,018

490,820

583,949

CREDITORS

Amounts falling due within one year

6

(215,216

)

(529,162

)

NET CURRENT ASSETS

275,604

54,787

TOTAL ASSETS LESS CURRENT LIABILITIES

392,208

113,154

PROVISIONS FOR LIABILITIES

(29,151

)

-

NET ASSETS

363,057

113,154

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

363,055

113,152

363,057

113,154

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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 29 September 2023 and were signed by:

L F Garcia Iglesias - Director

1.	STATUTORY INFORMATION

HG Comms Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

The account year end was changed from 30 September to 31 December in order to bring the financial statement reporting in line with the group. As a result of this the financial statements are being produced for a 15 month period to 31 December 2022 and as such the results are not comparable with the previous year.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover

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 value added tax, returns, rebates and discounts.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

Taxation

Taxation for the period comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

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

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 32 (2021 - 13 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 October 2021

30,573

8,579

10,000

44,697

93,849

Additions

82,784

-

77,072

13,006

172,862

Disposals

-

-

(87,072

)

-

(87,072

)

At 31 December 2022

113,357

8,579

-

57,703

179,639

DEPRECIATION

At 1 October 2021

11,468

3,491

3,750

16,773

35,482

Charge for period

18,845

1,513

18,816

10,945

50,119

Eliminated on disposal

-

-

(22,566

)

-

(22,566

)

At 31 December 2022

30,313

5,004

-

27,718

63,035

NET BOOK VALUE

At 31 December 2022

83,044

3,575

-

29,985

116,604

At 30 September 2021

19,105

5,088

6,250

27,924

58,367

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.22

30.9.21

as

restated

£

£

Trade debtors

157,903

452,033

Other debtors

115,600

33,898

273,503

485,931

Included within other debtors are prepayments and accrued income of £102,850 (2021: £17,478).

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.22

30.9.21

as

restated

£

£

Bank loans and overdrafts

-

15,497

Trade creditors

49,638

409,895

Amounts owed to group undertakings

4,488

1,889

Taxation and social security

133,790

90,229

Other creditors

27,300

11,652

215,216

529,162

Included within other creditors are accruals of £18,714 (2021: £5,795).

7.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.12.22

30.9.21

as

restated

£

£

Within one year

54,104

-

Between one and five years

36,842

-

90,946

-

8.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Mark Andrew Torr FCCA (Senior Statutory Auditor)

for and on behalf of Torr Waterfield Limited

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the periods ended 31 December 2022 and 30 September 2021:

31.12.22

30.9.21

as

restated

£

£

N A Gaze

Balance outstanding at start of period

-

-

Amounts advanced

59,810

-

Amounts repaid

(59,810

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of period

-

-

10.	ULTIMATE CONTROLLING PARTY

The company is a wholly owned subsidiary of Henry Gaze Holdings Limited, of which the ultimate parent company is Vinci S.A.

The parent undertaking of the smallest and largest group for which consolidated accounts are prepared is Vinci S.A. Consolidated accounts are available from Vinci S.A, C/O Vinci S.A, 1973 Avenue De La Défense, 92000 Nanterre, France.