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REGISTERED NUMBER: 03175198 (England and Wales)















Financial Statements

for the Year Ended 31 March 2024

for

Hi-Tech Automation Limited

Hi-Tech Automation Limited (Registered number: 03175198)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Hi-Tech Automation Limited

Company Information
for the Year Ended 31 March 2024







DIRECTORS: G Probert
R B Thompson





REGISTERED OFFICE: Carlton House
High Street
Higham Ferrers
Northamptonshire
NN10 8BW





REGISTERED NUMBER: 03175198 (England and Wales)





ACCOUNTANTS: Willsons
Chartered Accountants
Carlton House
High Street
Higham Ferrers
Northamptonshire
NN10 8BW

Hi-Tech Automation Limited (Registered number: 03175198)

Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 207,651 46,322

CURRENT ASSETS
Stocks 204,967 156,500
Debtors 5 924,923 397,174
Cash at bank 1,025,727 968,851
2,155,617 1,522,525
CREDITORS
Amounts falling due within one year 6 1,741,424 747,185
NET CURRENT ASSETS 414,193 775,340
TOTAL ASSETS LESS CURRENT
LIABILITIES

621,844

821,662

CREDITORS
Amounts falling due after more than one year 7 (124,704 ) (11,629 )

PROVISIONS FOR LIABILITIES (16,272 ) (11,580 )
NET ASSETS 480,868 798,453

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 480,768 798,353
SHAREHOLDERS' FUNDS 480,868 798,453

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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-Tech Automation Limited (Registered number: 03175198)

Balance Sheet - continued
31 March 2024


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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22 July 2024 and were signed on its behalf by:





G Probert - Director


Hi-Tech Automation Limited (Registered number: 03175198)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Hi-Tech Automation 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.

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 represents the total invoice value, excluding value added tax, of sales made during the period. This figure is then adjusted to reflect the value of work carried out but not invoiced at the start and end of the year.

When the outcome of work can be estimated reliably, turnover from the work done is recognised by reference to the stage of completion at the balance sheet date. Stage of completion is measured by reference to percentage of job completed. Where the outcome cannot be measured reliably, turnover is recognised only to the extent of the expenses recognised that are recoverable.

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.
Short leasehold - Straight line over the life of the lease
Plant and machinery - 30% on reducing balance
Fixtures and fittings - 30% on reducing balance
Motor vehicles - 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 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.

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-Tech Automation Limited (Registered number: 03175198)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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 16 (2023 - 16 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Short Plant and and Motor
leasehold machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 April 2023 1,625 101,243 61,891 25,200 189,959
Additions - 24,305 1,361 170,212 195,878
At 31 March 2024 1,625 125,548 63,252 195,412 385,837
DEPRECIATION
At 1 April 2023 1,625 88,754 42,233 11,025 143,637
Charge for year - 4,454 6,309 23,786 34,549
At 31 March 2024 1,625 93,208 48,542 34,811 178,186
NET BOOK VALUE
At 31 March 2024 - 32,340 14,710 160,601 207,651
At 31 March 2023 - 12,489 19,658 14,175 46,322

The net book value of assets under hire purchase agreements at the balance sheet date was £159,697 (2023 £14,175).

Hi-Tech Automation Limited (Registered number: 03175198)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 570,947 104,051
Amounts recoverable on
contracts 239,688 234,790
Other debtors - 600
Directors' current accounts - 11,155
Tax - 46,578
VAT 102,413 -
Prepayments 11,875 -
924,923 397,174

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Hire purchase contracts (see note 8) 28,410 5,001
Payments on account 350,185 -
Trade creditors 1,098,932 396,404
Corporation Tax 129,286 215,725
Social security and other taxes 120,321 19,390
Pension 11,242 -
VAT - 106,965
Wages control 48 -
Accrued expenses 3,000 3,700
1,741,424 747,185

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.3.24 31.3.23
£    £   
Hire purchase contracts (see note 8) 124,704 11,629

8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31.3.24 31.3.23
£    £   
Net obligations repayable:
Within one year 28,410 5,001
Between one and five years 124,704 11,629
153,114 16,630

Hi-Tech Automation Limited (Registered number: 03175198)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

8. LEASING AGREEMENTS - continued

Non-cancellable operating leases
31.3.24 31.3.23
£    £   
Within one year 28,123 38,419
Between one and five years 42,184 70,307
70,307 108,726

9. SECURED DEBTS

The following secured debts are included within creditors:

31.3.24 31.3.23
£    £   
Hire purchase contracts 153,114 16,630

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2024 and 31 March 2023:

31.3.24 31.3.23
£    £   
G Probert
Balance outstanding at start of year 5,510 31,904
Amounts advanced - 5,510
Amounts repaid (5,510 ) (31,904 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 5,510

R B Thompson
Balance outstanding at start of year 5,645 31,313
Amounts advanced - 5,645
Amounts repaid (5,645 ) (31,313 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 5,645