Registered number
11177355
HIT Energy Services Limited
Filleted Accounts
31 January 2023
HIT Energy Services Limited
Registered number: 11177355
Balance Sheet
as at 31 January 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 6,000 12,000
Tangible assets 4 76,527 39,836
Investments 5 2 -
82,529 51,836
Current assets
Stocks 60,000 40,000
Debtors 6 126,602 122,376
Cash at bank and in hand 2,183 15,703
188,785 178,079
Creditors: amounts falling due within one year 7 (182,217) (109,099)
Net current assets 6,568 68,980
Total assets less current liabilities 89,097 120,816
Creditors: amounts falling due after more than one year 8 (81,380) (58,422)
Net assets 7,717 62,394
Capital and reserves
Called up share capital 100 100
Profit and loss account 7,617 62,294
Shareholders' funds 7,717 62,394
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Simon Hopkins
Director
Approved by the board on 18 May 2023
HIT Energy Services Limited
Notes to the Accounts
for the year ended 31 January 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Government grants
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Profit and Loss Account in the same period as the related expenditure.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% - 33.33%
Motor vehicles 33.33%
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 8 7
3 Intangible fixed assets £
Goodwill:
Cost
At 1 February 2022 30,000
At 31 January 2023 30,000
Amortisation
At 1 February 2022 18,000
Provided during the year 6,000
At 31 January 2023 24,000
Net book value
At 31 January 2023 6,000
At 31 January 2022 12,000
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 February 2022 21,987 54,450 76,437
Additions 11,867 58,797 70,664
Disposals - (26,050) (26,050)
At 31 January 2023 33,854 87,197 121,051
Depreciation
At 1 February 2022 17,293 19,308 36,601
Charge for the year 3,638 21,150 24,788
On disposals - (16,865) (16,865)
At 31 January 2023 20,931 23,593 44,524
Net book value
At 31 January 2023 12,923 63,604 76,527
At 31 January 2022 4,694 35,142 39,836
5 Investments
Investments in
subsidiary
undertakings
£
Cost
Additions 2
At 31 January 2023 2
6 Debtors 2023 2022
£ £
Trade debtors 93,570 90,771
Corporation tax 27,380 15,571
Other debtors 5,652 16,034
126,602 122,376
7 Creditors: amounts falling due within one year 2023 2022
£ £
Other loans 31,930 20,880
Bank loans and overdrafts 5,000 5,000
Obligations under finance lease and hire purchase contracts 19,458 16,410
Trade creditors 71,089 33,724
Amounts owed to group undertakings 2 -
Taxation and social security costs 48,481 30,105
Other creditors 6,257 2,980
182,217 109,099
8 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 36,250 41,250
Obligations under finance lease and hire purchase contracts 45,130 17,172
81,380 58,422
9 Loans 2023 2022
£ £
Creditors include:
Instalments falling due for payment after more than five years 16,250 21,250
Secured bank loans 41,250 46,250
Bank loans represent a Bounce Back Loan facility of £50,000. This is a government backed facility and is interest bearing at a rate of 2.5%. The loan was subject to a repayment and interest holiday of 12 months and repayments began in June 2021.
10 Other information
HIT Energy Services Limited is a private company limited by shares and incorporated in England. Its registered office is:
Office 3 Enterprise House
The Quarry Business Park
Grantham Road
Waddington, Lincoln
LN5 9NT
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