Hi Design Limited 07255119 false 2022-07-01 2023-06-30 2023-06-30 The principal activity of the company is interior design and procurement service Digita Accounts Production Advanced 6.30.9574.0 true true 07255119 2022-07-01 2023-06-30 07255119 2023-06-30 07255119 bus:OrdinaryShareClass1 2023-06-30 07255119 core:CurrentFinancialInstruments 2023-06-30 07255119 core:CurrentFinancialInstruments core:WithinOneYear 2023-06-30 07255119 core:FurnitureFittingsToolsEquipment 2023-06-30 07255119 bus:SmallEntities 2022-07-01 2023-06-30 07255119 bus:Audited 2022-07-01 2023-06-30 07255119 bus:FilletedAccounts 2022-07-01 2023-06-30 07255119 bus:SmallCompaniesRegimeForAccounts 2022-07-01 2023-06-30 07255119 bus:RegisteredOffice 2022-07-01 2023-06-30 07255119 bus:CompanySecretary1 2022-07-01 2023-06-30 07255119 bus:Director1 2022-07-01 2023-06-30 07255119 bus:Director6 2022-07-01 2023-06-30 07255119 bus:OrdinaryShareClass1 2022-07-01 2023-06-30 07255119 bus:OrdinaryShareClass1 bus:OtherShareType 2022-07-01 2023-06-30 07255119 bus:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 07255119 core:FurnitureFittingsToolsEquipment 2022-07-01 2023-06-30 07255119 core:MotorVehicles 2022-07-01 2023-06-30 07255119 countries:England 2022-07-01 2023-06-30 07255119 2021-07-01 2022-06-30 07255119 2022-06-30 07255119 bus:OrdinaryShareClass1 2022-06-30 07255119 core:CurrentFinancialInstruments 2022-06-30 07255119 core:CurrentFinancialInstruments core:WithinOneYear 2022-06-30 07255119 bus:OrdinaryShareClass1 bus:OtherShareType 2021-07-01 2022-06-30 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 07255119

Hi Design Limited

Filleted Abridged Financial Statements

for the Year Ended 30 June 2023

 

Hi Design Limited

Contents

Company Information

1

Abridged Balance Sheet

2

Notes to the Abridged Financial Statements

3 to 7

 

Hi Design Limited

Company Information

Directors

SJ Whittle

E H Whittle

Company secretary

AS Jolly

Registered office

Coachmans 42 Linthurst Road
Barnt Green
Birmingham
B45 8JJ

 

Hi Design Limited

(Registration number: 07255119)
Abridged Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

45,000

-

Current assets

 

Debtors

5

31,378

5,161

Cash at bank and in hand

 

27,128

41,548

 

58,506

46,709

Creditors: Amounts falling due within one year

(94,169)

(7,875)

Net current (liabilities)/assets

 

(35,663)

38,834

Total assets less current liabilities

 

9,337

38,834

Accruals and deferred income

 

-

(38,500)

Net assets

 

9,337

334

Capital and reserves

 

Called up share capital

6

1

1

Retained earnings

9,336

333

Shareholders' funds

 

9,337

334

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 Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 6 March 2024 and signed on its behalf by:
 

.........................................
SJ Whittle
Director

 

Hi Design Limited

Notes to the Abridged Financial Statements for the Year Ended 30 June 2023

1

General information

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

The address of its registered office is:
Coachmans 42 Linthurst Road
Barnt Green
Birmingham
B45 8JJ
England

The principal place of business is:
35-38 St Pauls Square
Birmingham
B3 1QX
England

These financial statements were authorised for issue by the Board on 6 March 2024.

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.

 

Hi Design Limited

Notes to the Abridged Financial Statements for the Year Ended 30 June 2023

Audit report

The Independent Auditor's Report was unqualified. . The name of the Senior Statutory Auditor who signed the audit report on 6 March 2024 was Andrew Jolly, who signed for and on behalf of .

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

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 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 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.

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.

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

Motor vehicles

10% pa on reducing balance

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.

 

Hi Design Limited

Notes to the Abridged Financial Statements for the Year Ended 30 June 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.

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

 

Hi Design Limited

Notes to the Abridged Financial Statements for the Year Ended 30 June 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

Additions

45,000

45,000

At 30 June 2023

45,000

45,000

Depreciation

Carrying amount

At 30 June 2023

45,000

45,000

5

Debtors

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

6

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

ordinary of £1 each

1

1

1

1

       

7

Dividends

Interim dividends paid

2023
£

2022
£

Interim dividend of £2,000.00 (2022 - £22,086.45) per each Ordinary

2,000

22,086

 

 

8

Related party transactions

 

Hi Design Limited

Notes to the Abridged Financial Statements for the Year Ended 30 June 2023

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

16,500

16,040

Contributions paid to money purchase schemes

496

763

16,996

16,803