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HI-LINE INDUSTRIES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2023






HI-LINE INDUSTRIES LIMITED (REGISTERED NUMBER: 04106573)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


HI-LINE INDUSTRIES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JULY 2023







DIRECTOR: S D Smith





REGISTERED OFFICE: Green Street
Burton-Upon-Trent
Staffordshire
DE14 3RT





REGISTERED NUMBER: 04106573 (England and Wales)





ACCOUNTANTS: Sibbalds Limited
Chartered Accountants and Business Advisers
Oakhurst House
57 Ashbourne Road
Derby
Derbyshire
DE22 3FS

HI-LINE INDUSTRIES LIMITED (REGISTERED NUMBER: 04106573)

BALANCE SHEET
31 JULY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 726,136 582,761

CURRENT ASSETS
Stocks 1,286,082 1,048,933
Debtors 5 1,093,619 1,200,311
Cash at bank and in hand 508,145 325,284
2,887,846 2,574,528
CREDITORS
Amounts falling due within one year 6 1,089,735 1,312,750
NET CURRENT ASSETS 1,798,111 1,261,778
TOTAL ASSETS LESS CURRENT LIABILITIES 2,524,247 1,844,539

CREDITORS
Amounts falling due after more than one
year

7

(778,651

)

(755,871

)

PROVISIONS FOR LIABILITIES 9 (54,100 ) (16,200 )
NET ASSETS 1,691,496 1,072,468

CAPITAL AND RESERVES
Called up share capital 10 300 300
Capital redemption reserve 900 900
Retained earnings 1,690,296 1,071,268
SHAREHOLDERS' FUNDS 1,691,496 1,072,468

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 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-LINE INDUSTRIES LIMITED (REGISTERED NUMBER: 04106573)

BALANCE SHEET - continued
31 JULY 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 Comprehensive Income has not been delivered.

The financial statements were approved by the director and authorised for issue on 17 April 2024 and were signed by:





S D Smith - Director


HI-LINE INDUSTRIES LIMITED (REGISTERED NUMBER: 04106573)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023


1. STATUTORY INFORMATION

Hi-Line Industries 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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 2% on cost
Improvements to property - 10% on cost
Plant and machinery - 20% on cost
Fixtures and fittings - 20% on cost
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

Freehold land is not depreciated.

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 Income Statement, 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.


HI-LINE INDUSTRIES LIMITED (REGISTERED NUMBER: 04106573)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023


2. ACCOUNTING POLICIES - continued
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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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 20 (2022 - 18 ) .

HI-LINE INDUSTRIES LIMITED (REGISTERED NUMBER: 04106573)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023


4. TANGIBLE FIXED ASSETS
Improvements
Freehold to Plant and
property property machinery
£    £    £   
COST
At 1 August 2022 506,048 31,044 56,421
Additions 62,075 8,432 -
Disposals - - -
At 31 July 2023 568,123 39,476 56,421
DEPRECIATION
At 1 August 2022 16,598 29,994 48,161
Charge for year 5,749 829 4,824
Eliminated on disposal - - -
At 31 July 2023 22,347 30,823 52,985
NET BOOK VALUE
At 31 July 2023 545,776 8,653 3,436
At 31 July 2022 489,450 1,050 8,260

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 August 2022 94,353 110,393 75,256 873,515
Additions 1,928 138,609 2,638 213,682
Disposals - (48,468 ) - (48,468 )
At 31 July 2023 96,281 200,534 77,894 1,038,729
DEPRECIATION
At 1 August 2022 67,942 58,953 69,106 290,754
Charge for year 8,789 25,519 3,582 49,292
Eliminated on disposal - (27,453 ) - (27,453 )
At 31 July 2023 76,731 57,019 72,688 312,593
NET BOOK VALUE
At 31 July 2023 19,550 143,515 5,206 726,136
At 31 July 2022 26,411 51,440 6,150 582,761

Included in cost of land and buildings is freehold land of £ 250,000 (2022 - £ 250,000 ) which is not depreciated.

HI-LINE INDUSTRIES LIMITED (REGISTERED NUMBER: 04106573)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023


4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts and finance leases are as follows:
Motor
vehicles
£   
COST
At 1 August 2022 83,770
Additions 26,119
Disposals (48,468 )
At 31 July 2023 61,421
DEPRECIATION
At 1 August 2022 42,051
Charge for year 20,745
Eliminated on disposal (27,453 )
At 31 July 2023 35,343
NET BOOK VALUE
At 31 July 2023 26,078
At 31 July 2022 41,719

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 970,573 1,044,534
Other debtors 123,046 155,777
1,093,619 1,200,311

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 26,771 27,937
Hire purchase contracts and finance leases 8,886 21,241
Trade creditors 521,634 660,632
Taxation and social security 414,573 415,984
Other creditors 117,871 186,956
1,089,735 1,312,750

HI-LINE INDUSTRIES LIMITED (REGISTERED NUMBER: 04106573)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023


7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 705,939 729,833
Hire purchase contracts and finance leases 72,712 26,038
778,651 755,871

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 601,208 616,421

8. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 732,710 757,770
Hire purchase contracts and finance leases 81,598 47,279
814,308 805,049

Net obligations under finance lease and hire purchase contracts are secured by fixed charges on the assets concerned.

Bank loans are secured by way of a fixed and floating charge over the undertaking and all property and assets present and future, including goodwill, book debts, uncalled capital, buildings, fixtures, fixed plant & machinery.

9. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 54,100 16,200

Deferred
tax
£   
Balance at 1 August 2022 16,200
Provided during year 37,900
Balance at 31 July 2023 54,100

HI-LINE INDUSTRIES LIMITED (REGISTERED NUMBER: 04106573)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023


10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
300 Ordinary A £1 300 300

11. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 July 2023 and 31 July 2022:

20232022
££
Balance outstanding at start of year 128,752 323,819
Amounts advanced50,903 89,828
Amounts repaid(83,204 )(284,895 )
Balance outstanding at end of year96,451 128,752

Interest is charged on loans to directors at HMRC approved rates. The amount charged during the year amounted to £2,401 (2022: £5,828). All advances are repayable on demand.