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REGISTERED NUMBER: 03102216 (England and Wales)















Unaudited Financial Statements

for the Year Ended 31 December 2023

for

Hi-Spec Corporation Limited

Hi-Spec Corporation Limited (Registered number: 03102216)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Hi-Spec Corporation Limited

Company Information
for the Year Ended 31 December 2023







DIRECTOR: Terence Edward Drake





REGISTERED OFFICE: Unit 4 Fulcrum 4 Solent Way
Whiteley
Fareham
Hampshire
PO15 7FT





REGISTERED NUMBER: 03102216 (England and Wales)





ACCOUNTANTS: Tracey Shaw Limited
1 Teal Close
Horndean
Waterlooville
Hampshire
PO8 9YF

Hi-Spec Corporation Limited (Registered number: 03102216)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 1,000 2,000
Tangible assets 5 2,252 4,244
3,252 6,244

CURRENT ASSETS
Stocks 525,455 724,003
Debtors 6 538,308 708,477
Cash at bank 347,623 10,220
1,411,386 1,442,700
CREDITORS
Amounts falling due within one year 7 237,021 385,925
NET CURRENT ASSETS 1,174,365 1,056,775
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,177,617

1,063,019

CREDITORS
Amounts falling due after more than one
year

8

577,505

633,505
NET ASSETS 600,112 429,514

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 600,012 429,414
SHAREHOLDERS' FUNDS 600,112 429,514

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Hi-Spec Corporation Limited (Registered number: 03102216)

Balance Sheet - continued
31 December 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 20 March 2024 and were signed by:





Terence Edward Drake - Director


Hi-Spec Corporation Limited (Registered number: 03102216)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Hi-Spec Corporation Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2020, is being amortised evenly over its estimated useful life of five years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 33% on cost and 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hi-Spec Corporation Limited (Registered number: 03102216)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2022 - 8 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 5,000
AMORTISATION
At 1 January 2023 3,000
Charge for year 1,000
At 31 December 2023 4,000
NET BOOK VALUE
At 31 December 2023 1,000
At 31 December 2022 2,000

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2023
and 31 December 2023 150,350
DEPRECIATION
At 1 January 2023 146,106
Charge for year 1,992
At 31 December 2023 148,098
NET BOOK VALUE
At 31 December 2023 2,252
At 31 December 2022 4,244

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 503,549 661,848
Other debtors 34,759 46,629
538,308 708,477

Hi-Spec Corporation Limited (Registered number: 03102216)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts - 30,046
Trade creditors 141,474 156,566
Taxation and social security 92,697 157,338
Other creditors 2,850 41,975
237,021 385,925

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Amounts owed to group undertakings 577,505 633,505