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Company No: 10588150 (England and Wales)

HI-TECH RESOURCING LIMITED

Unaudited Financial Statements
For the financial year ended 30 June 2023
Pages for filing with the registrar

HI-TECH RESOURCING LIMITED

Unaudited Financial Statements

For the financial year ended 30 June 2023

Contents

HI-TECH RESOURCING LIMITED

BALANCE SHEET

As at 30 June 2023
HI-TECH RESOURCING LIMITED

BALANCE SHEET (continued)

As at 30 June 2023
Note 2023 2022
£ £
Fixed assets
Intangible assets 3 17,356 21,352
Tangible assets 4 233,923 108,831
251,279 130,183
Current assets
Stocks 5 1,605,783 1,401,631
Debtors
- due within one year 6 2,053,595 1,174,187
- due after more than one year 6 38,104 49,109
Cash at bank and in hand 4,637 10,710
3,702,119 2,635,637
Creditors: amounts falling due within one year 7 ( 3,291,242) ( 2,283,439)
Net current assets 410,877 352,198
Total assets less current liabilities 662,156 482,381
Creditors: amounts falling due after more than one year 8 ( 469,759) ( 390,000)
Net assets 192,397 92,381
Capital and reserves
Called-up share capital 100 100
Profit and loss account 192,297 92,281
Total shareholders' funds 192,397 92,381

For the financial year ending 30 June 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Hi-Tech Resourcing Limited (registered number: 10588150) were approved and authorised for issue by the Board of Directors on 04 March 2024. They were signed on its behalf by:

I C Gorman
Director
D K Clark
Director
HI-TECH RESOURCING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2023
HI-TECH RESOURCING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Hi-Tech Resourcing Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Unit G Pymore Mills, Pymore, Bridport, DT6 5PJ, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The company meets its day to day working capital requirements with the support of its finance providers, particularly an invoice discounting facility and a company holding a participating interest in the share capital of the company.

The directors have taken into account the nature of future risks and uncertainties in connection with the working capital requirements and are constantly managing the evolving economic situation.

On this basis, the directors consider it appropriate to prepare the financial statements on the going concern basis. The financial statements do not include any adjustments that would result from a withdrawal of the funding facilities.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, 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.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 10 years straight line
Goodwill

Goodwill arises on business combinations and represents any excess of consideration given over the fair value of the identifiable assets and liabilities acquired. Goodwill is initially recognised as an intangible asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 5 years straight line
Plant and machinery 1 - 10 years straight line
Vehicles 5 years straight line
Fixtures and fittings 5 years straight line
Office equipment 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. 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.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

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. Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 30 30

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 July 2022 40,000 40,000
At 30 June 2023 40,000 40,000
Accumulated amortisation
At 01 July 2022 18,648 18,648
Charge for the financial year 3,996 3,996
At 30 June 2023 22,644 22,644
Net book value
At 30 June 2023 17,356 17,356
At 30 June 2022 21,352 21,352

4. Tangible assets

Land and buildings Plant and machinery Vehicles Fixtures and fittings Office equipment Total
£ £ £ £ £ £
Cost
At 01 July 2022 8,712 115,363 43,990 27,200 36,138 231,403
Additions 20,844 146,329 0 0 763 167,936
Disposals 0 0 ( 43,990) 0 0 ( 43,990)
At 30 June 2023 29,556 261,692 0 27,200 36,901 355,349
Accumulated depreciation
At 01 July 2022 6,022 33,137 30,053 24,838 28,522 122,572
Charge for the financial year 1,768 20,172 6,597 2,236 4,731 35,504
Disposals 0 0 ( 36,650) 0 0 ( 36,650)
At 30 June 2023 7,790 53,309 0 27,074 33,253 121,426
Net book value
At 30 June 2023 21,766 208,383 0 126 3,648 233,923
At 30 June 2022 2,690 82,226 13,937 2,362 7,616 108,831

5. Stocks

2023 2022
£ £
Stocks 1,605,783 1,401,631

6. Debtors

2023 2022
£ £
Debtors: amounts falling due within one year
Trade debtors 1,540,623 928,646
Corporation tax 135,000 94,682
Other debtors 377,972 150,859
2,053,595 1,174,187
Debtors: amounts falling due after more than one year
Deferred tax asset 38,104 49,109

7. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 1,415,810 898,626
Other loans (secured £ 1,359,924) 1,749,711 1,227,558
Accruals 5,685 5,000
Other taxation and social security 79,535 123,601
Obligations under finance leases and hire purchase contracts 0 4,980
Other creditors 40,501 23,674
3,291,242 2,283,439

Included in other loans is £1,359,924 (2022 - £788,327) which is secured by a fixed and floating charge over the undertaking and all property of the company.

8. Creditors: amounts falling due after more than one year

2023 2022
£ £
Other creditors 469,759 390,000

There are no amounts included above in respect of which any security has been given by the small entity.

9. Related party transactions

Transactions with owners holding a participating interest in the entity

Included within creditors is £826,995 (2022 - £816,983) due to an owner holding a participating interest in the company. Of this £357,236 (2022 - £426,983) is shown within other loans due within one year and £469,759 (2022 - £390,000) is shown within other creditors due after more than one year.

In addition there is an amount in trade creditors of £929,205 (2022 - £771,774) due to the same owner in respect of transactions incurred through normal trading activities.

Transactions with the entity's directors

Advances

The Directors loan account is repayable on demand and interest is charged on overdrawn balances exceeding £10,000 at the official HMRC rates.

At 1 July 2022, the balance owed by the director was £2,500. During the year, £7,500 was advanced to the director and £nil was repaid by the director. At 30 June 2023, the balance owed by the director was £10,000.

At 1 July 2021, the balance owed by the director was £3,000. During the year, £nil was advanced to the director and £500 was repaid by the director. At 30 June 2022, the balance owed by the director was £2,500.