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Company registration number: 05292497
Hi-Gear Limited
Unaudited filleted financial statements
31 March 2023
Hi-Gear Limited
Contents
Statement of financial position
Notes to the financial statements
Hi-Gear Limited
Statement of financial position
31 March 2023
2023 2022
Note £ £ £ £
Fixed assets
Intangible assets 5 - 45,000
Tangible assets 6 - 344,744
_______ _______
- 389,744
Current assets
Stocks - 10,000
Debtors 7 328,081 210,018
Cash at bank and in hand 34,845 74,928
_______ _______
362,926 294,946
Creditors: amounts falling due
within one year 8 ( 117,997) ( 438,763)
_______ _______
Net current assets/(liabilities) 244,929 ( 143,817)
_______ _______
Total assets less current liabilities 244,929 245,927
Creditors: amounts falling due
after more than one year 9 - ( 24,540)
_______ _______
Net assets 244,929 221,387
_______ _______
Capital and reserves
Called up share capital 10 170,000 170,000
Profit and loss account 74,929 51,387
_______ _______
Shareholders funds 244,929 221,387
_______ _______
For the 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.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 24 August 2023 , and are signed on behalf of the board by:
Mr I C Ralston Mrs S E Ralston
Director Director
Company registration number: 05292497
Hi-Gear Limited
Notes to the financial statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office and business is 21 Brindley Road, Dodwells Bridge Industrial Estate, Hinckley, LE10 3BY.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.The financial statements are prepared in sterling, which is the functional currency of the entity and have been rounded to the nearest £1.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill - 20 years
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Long leasehold property - Not depreciated
Fittings fixtures and equipment - 15 % reducing balance
Motor vehicles - 25 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.
Government grants are recognised using the accrual model.
Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Debtors and creditors due within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other adminsitrative expenses.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a financing transaction it is measured at present value.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 10 (2022: 13 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 April 2022 300,000 300,000
Transfers ( 300,000) ( 300,000)
_______ _______
At 31 March 2023 - -
_______ _______
Amortisation
At 1 April 2022 255,000 255,000
Charge for the year 15,000 15,000
Transfers ( 270,000) ( 270,000)
_______ _______
At 31 March 2023 - -
_______ _______
Carrying amount
At 31 March 2023 - -
_______ _______
At 31 March 2022 45,000 45,000
_______ _______
6. Tangible assets
Short leasehold property Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 April 2022 75,235 418,392 211,698 705,325
Additions - 30,528 - 30,528
Disposals - ( 74,100) ( 53,138) ( 127,238)
Transfers ( 75,235) ( 374,820) ( 158,560) ( 608,615)
_______ _______ _______ _______
At 31 March 2023 - - - -
_______ _______ _______ _______
Depreciation
At 1 April 2022 - 166,639 193,942 360,581
Charge for the year - 37,257 15,923 53,180
Disposals - ( 34,771) ( 53,138) ( 87,909)
Transfers - ( 169,125) ( 156,727) ( 325,852)
_______ _______ _______ _______
At 31 March 2023 - - - -
_______ _______ _______ _______
Carrying amount
At 31 March 2023 - - - -
_______ _______ _______ _______
At 31 March 2022 75,235 251,753 17,756 344,744
_______ _______ _______ _______
7. Debtors
2023 2022
£ £
Trade debtors 25,744 89,009
Amounts owed by group undertakings and undertakings in which the company has a participating interest 299,122 83,327
Other debtors 3,215 37,682
_______ _______
328,081 210,018
_______ _______
8. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 1,093 57,943
Amounts owed to group undertakings and undertakings in which the company has a participating interest 65,000 184,425
Corporation tax - 22,221
Social security and other taxes 18,107 77,649
Other creditors 33,797 96,525
_______ _______
117,997 438,763
_______ _______
Included within other creditors are hire purchase liabilities totalling £Nil (2022: £56,496) which are secured on various assets of the company.
9. Creditors: amounts falling due after more than one year
2023 2022
£ £
Other creditors - 24,540
_______ _______
Included within other creditors are hire purchase liabilities of £Nil (2022: £24,450) which are secured on various assets of the company.
10. Called up share capital
Issued, called up and fully paid
2023 2022
No £ No £
Ordinary shares of £ 1.00 each 170,000 170,000 170,000 170,000
_______ _______ _______ _______
11. Controlling party
The company is a wholly owned subsidiary of Ralston Holdings Limited, a company incorporated in England and Wales. The registered office of Ralston Holdings Limited is 21 Brindley Road, Dodwells Bridge Industrial Estate, Hinckley, LE10 3BY.