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Registration number: 06755511

Hemnit Ltd

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 31 March 2023

 

Hemnit Ltd

Contents

Company Information

1

Director's Report

2

Accountants' Report

3

Abridged Profit and Loss Account

4

Statement of Comprehensive Income

5

Abridged Balance Sheet

6 to 7

Statement of Changes in Equity

8

Notes to the Unaudited Abridged Financial Statements

9 to 16

 

Hemnit Ltd

Company Information

Director

V. Trivedi

Registered office

C/o Kishens Limited
13 Montpelier Avenue
Bexley
Kent
DA5 3AP

Accountants

Kishens Limited
Chartered Accountants
13 Montpelier Avenue
Bexley
Kent
DA5 3AP

 

Hemnit Ltd

Director's Report for the Year Ended 31 March 2023

The director presents her report and the abridged financial statements for the year ended 31 March 2023.

Director of the company

The director who held office during the year was as follows:

V. Trivedi

Principal activity

The principal activity of the company is retail grocery and food stores.

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the director on 6 July 2023
 

.........................................
V. Trivedi
Director

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Hemnit Ltd
for the Year Ended 31 March 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Hemnit Ltd for the year ended 31 March 2023 as set out on pages 4 to 16 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Hemnit Ltd, as a body, in accordance with the terms of our engagement letter dated 16 November 2012. Our work has been undertaken solely to prepare for your approval the accounts of Hemnit Ltd and state those matters that we have agreed to state to the Board of Directors of Hemnit Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Hemnit Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Hemnit Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Hemnit Ltd. You consider that Hemnit Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Hemnit Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Kishens Limited
Chartered Accountants
13 Montpelier Avenue
Bexley
Kent
DA5 3AP

6 July 2023

 

Hemnit Ltd

Abridged Profit and Loss Account for the Year Ended 31 March 2023

Note

2023
£

2022
£

Gross profit

 

257,316

133,584

Administrative expenses

 

(87,265)

(75,760)

Profit before tax

4

170,051

57,824

Tax on profit

 

(32,310)

(10,987)

Profit for the financial year

 

137,741

46,837

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Hemnit Ltd

Statement of Comprehensive Income for the Year Ended 31 March 2023

2023
£

2022
£

Profit for the year

137,741

46,837

Total comprehensive income for the year

137,741

46,837

 

Hemnit Ltd

(Registration number: 06755511)
Abridged Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed Assets

 

Intangible assets

5

1

1

Tangible Assets

6

2,081

2,775

 

2,082

2,776

Current assets

 

Stocks

7

25,000

30,000

Debtors

8

660

660

Cash at bank and in hand

 

355,413

247,815

 

381,073

278,475

Prepayments and accrued income

 

-

700

Creditors: Amounts falling due within one year

(134,742)

(114,006)

Net current assets

 

246,331

165,169

Total assets less current liabilities

 

248,413

167,945

Provisions for liabilities

(292)

(401)

Accruals and deferred income

 

-

(12,164)

Net assets

 

248,121

155,380

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

248,021

155,280

Shareholders' funds

 

248,121

155,380

For the financial year ending 31 March 2023 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 her 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 special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

All of the company’s members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

 

Hemnit Ltd

(Registration number: 06755511)
Abridged Balance Sheet as at 31 March 2023

Approved and authorised by the director on 6 July 2023
 

.........................................
V. Trivedi
Director

 

Hemnit Ltd

Statement of Changes in Equity for the Year Ended 31 March 2023

Share capital
£

Retained earnings
£

Total
£

At 1 April 2022

100

155,280

155,380

Profit for the year

-

137,741

137,741

Dividends

-

(45,000)

(45,000)

At 31 March 2023

100

248,021

248,121

Share capital
£

Retained earnings
£

Total
£

At 1 April 2021

100

138,443

138,543

Profit for the year

-

46,837

46,837

Dividends

-

(30,000)

(30,000)

At 31 March 2022

100

155,280

155,380

 

Hemnit Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
C/o Kishens Limited
13 Montpelier Avenue
Bexley
Kent
DA5 3AP
England

These financial statements were authorised for issue by the director on 6 July 2023.

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 abridged 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 abridged 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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and 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 significant risks and rewards of ownership have transferred to the buyer:
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.

Tax

The tax expense for the period comprises current and deferred 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.

 

Hemnit Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023

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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

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

Furniture, fitting and equipments

25% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

over the period of 10 years

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.

 

Hemnit Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 3 (2022 - 3).

4

Profit before tax

Arrived at after charging/(crediting)

 

Hemnit Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023

2023
£

2022
£

Depreciation expense

694

925

 

Hemnit Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023

5

Intangible assets

Total
£

Cost or valuation

At 1 April 2022

135,000

At 31 March 2023

135,000

Amortisation

At 1 April 2022

134,999

At 31 March 2023

134,999

Carrying amount

At 31 March 2023

1

At 31 March 2022

1

6

Tangible Assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2022

23,670

23,670

At 31 March 2023

23,670

23,670

Depreciation

At 1 April 2022

20,895

20,895

Charge for the year

694

694

At 31 March 2023

21,589

21,589

Carrying amount

At 31 March 2023

2,081

2,081

At 31 March 2022

2,775

2,775

7

Stocks

2023
£

2022
£

Finished goods and goods for resale

25,000

30,000

 

Hemnit Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023

8

Debtors

Debtors includes £Nil (2022 - £Nil) due after more than one year.

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary Shares of £1 each

100

100

100

100

         

10

Dividends

Final dividends paid

Interim dividends paid

   

2023
£

 

2022
£

Interim dividend of 450.00 (2022 - 300.00) per each ordinary shares

 

45,000

 

30,000

         

Interim dividends paid

   

2023
£

 

2022
£

Interim dividend of 450 (2022 - 300) per each ordinary shares

 

45,000

 

30,000

         

Recommended final dividends paid and not recognised in the accounts

The director is recommending the following final dividends:

These dividends have not been accrued in the balance sheet.

11

Related party transactions

 

Hemnit Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023

Transactions with the director

2023

At 1 April 2022
£

Advances to director
£

At 31 March 2023
£

V. Trivedi

(21,013)

2,694

(18,319)

       
     

 

2022

At 1 April 2021
£

Advances to director
£

At 31 March 2022
£

V. Trivedi

(49,483)

28,470

(21,013)

       
     

 

 

Hemnit Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023

Dividends paid to the director

   

2023
£

 

2022
£

V. Trivedi

       

Dividend

 

45,000

 

30,000

         

12

Parent and ultimate parent undertaking

The ultimate controlling party is the director V. Trivedi and shareholder R. Trivedi.