HYMK Limited
Registered number: 05823652
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 3,322 4,492
Current assets
Debtors 4 45,098 38,199
Cash at bank and in hand 62,571 89,308
107,669 127,507
Creditors: amounts falling due within one year 5 (110,578) (131,614)
Net current liabilities (2,909) (4,107)
Net assets 413 385
Capital and reserves
Called up share capital 100 100
Profit and loss account 313 285
Shareholders' funds 413 385
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.
B Kidiwala
Director
Approved by the board on 12 April 2024
HYMK Limited
Notes to the Accounts
for the year ended 31 March 2024
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.
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.
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:
Furniture and equipment over 5 years
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.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 10 11
3 Tangible fixed assets
Furniture & equipment
£
Cost
At 1 April 2023 18,127
Additions 740
At 31 March 2024 18,867
Depreciation
At 1 April 2023 13,635
Charge for the year 1,910
At 31 March 2024 15,545
Net book value
At 31 March 2024 3,322
At 31 March 2023 4,492
4 Debtors 2024 2023
£ £
Trade debtors 29,939 19,040
Other debtors 15,159 19,159
45,098 38,199
5 Creditors: amounts falling due within one year 2024 2023
£ £
Credit Card (695) (347)
Other taxes and social security costs 8,868 8,639
Accrual 27,000 65,000
Director's loan account (9,669) 11,774
Corporation tax 7,787 6,615
Deferred income 77,287 39,933
110,578 131,614
6 Profit and loss account 2024
£
At 1 April 2023 285
Profit/(loss) for the year 32,028
Dividends (32,000)
At 31 March 2024 313
7 Dividends 2024 2023
£ £
Dividends for which the company became liable during the year:
Dividends paid 32,000 32,500
32,000 32,500
8 Related party transactions
Included within the creditors at the year end is £9,669 (2023: (£11,774)) due to the company director. During the period the company paid £173,483 of expenses on behalf of the directors and the directors introduced £152,040.
9 Controlling party
The ultimate controlling party is the sole director and majority shareholder Mr B Kidiwala.
10 Other information
HYMK Limited is a private company limited by shares and incorporated in England. Its registered office is:
Suite 404, Daisyfield Business Centre
Appleby Street
Blackburn
Lancashire
BB1 3BL
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