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Registration number: 05554410

Hi-Tech Fabrication Ltd

Filleted Financial Statements

for the Year Ended 31 December 2023

 

Hi-Tech Fabrication Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 9

 

Hi-Tech Fabrication Ltd

Company Information

Director

S J Winter

Registered office

Bretby Business Park
Ashby Road
Burton On Trent
Staffordshire
DE15 0YZ

Auditors

Bissell & Brown Midlands Ltd
Chartered Certified Accountants
Charter House
56 High Street
Sutton Coldfield
West Midlands
B72 1UJ

 

Hi-Tech Fabrication Ltd

(Registration number: 05554410)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

6

159,786

88,196

Current assets

 

Stocks

7

271,939

223,504

Debtors

8

3,159,009

2,891,960

Cash at bank and in hand

 

221,069

88,879

 

3,652,017

3,204,343

Creditors: Amounts falling due within one year

9

(3,430,318)

(2,950,869)

Net current assets

 

221,699

253,474

Total assets less current liabilities

 

381,485

341,670

Creditors: Amounts falling due after more than one year

9

-

(1,380,395)

Provisions for liabilities

943,795

(1,049)

Net assets/(liabilities)

 

1,325,280

(1,039,774)

Capital and reserves

 

Called up share capital

13

2,579,221

2,579,221

Retained earnings

(1,253,941)

(3,618,995)

Shareholders' funds/(deficit)

 

1,325,280

(1,039,774)

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.

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 director has not delivered to the registrar a copy of the directors' report and the Profit and Loss Account.

Approved and authorised by the director on 21 March 2024
 

.........................................
S J Winter
Director

 

Hi-Tech Fabrication Ltd

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

1

General information

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

The address of its registered office is:
Bretby Business Park
Ashby Road
Burton On Trent
Staffordshire
DE15 0YZ

These financial statements were authorised for issue by the director on 21 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 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 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.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

Foreign currency transactions and balances

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

Tax

The tax expense for the period comprises current and deferred 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.

 

Hi-Tech Fabrication Ltd

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

2

Accounting policies (continued)

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Contract revenue recognition

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services under construction contracts

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
• the amount of revenue can be measured reliably;
• it is probable that the Company will receive the consideration due under the contract;
• the stage of completion of the contract at the end of the reporting period can be measured reliably; and
• the costs incurred and the costs to complete the contract can be measured reliably.
• judgements in applying this policy are outlined in note 3.

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
• the amount of revenue can be measured reliably;
• it is probable that the Company will receive the consideration due under the contract;
• the stage of completion of the contract at the end of the reporting period can be measured reliably; and
• the costs incurred and the costs to complete the contract can be measured reliably.

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.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to the profit and loss.

 

Hi-Tech Fabrication Ltd

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

2

Accounting policies (continued)

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

Plant and machinery

7-33% straight line

Fixture and fittings

33% straight line

Computer and office equipment

33% straight line

Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Software

33% straight line

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.

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit and loss. Reversals of impairment losses are also recognised in profit or loss.

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.

 

Hi-Tech Fabrication Ltd

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

2

Accounting policies (continued)

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

Audit report information

Audit report

The Independent Auditor's Report was unqualified. . The name of the Senior Statutory Auditor who signed the audit report on 21 March 2024 was Paul Matthews, who signed for and on behalf of Bissell & Brown Midlands Ltd.

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

4

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 59 (2022 - 57).

5

Intangible assets

Internally generated software development costs
 £

Total
£

Cost or valuation

At 1 January 2023

85,454

85,454

At 31 December 2023

85,454

85,454

Amortisation

At 1 January 2023

85,454

85,454

At 31 December 2023

85,454

85,454

Carrying amount

At 31 December 2023

-

-

 

Hi-Tech Fabrication Ltd

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

6

Tangible assets

Furniture, fittings and equipment
 £

Plant and machinery, etc
£

Total
£

Cost or valuation

At 1 January 2023

146,819

1,257,853

1,404,672

Additions

24,527

90,476

115,003

At 31 December 2023

171,346

1,348,329

1,519,675

Depreciation

At 1 January 2023

146,094

1,170,382

1,316,476

Charge for the year

7,810

35,603

43,413

At 31 December 2023

153,904

1,205,985

1,359,889

Carrying amount

At 31 December 2023

17,442

142,344

159,786

At 31 December 2022

725

87,471

88,196

During the year the company has assessed the depreciation and residual value of tangible fixed assets and has written back the depreciation to align with the residual value.

7

Stocks

2023
£

2022
£

Stock

271,939

223,504

8

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

1,306,093

1,572,018

Amounts owed by related parties

11

1,650,437

949,859

Prepayments

 

59,287

115,880

Other debtors

 

143,192

254,203

   

3,159,009

2,891,960

Details of non-current trade and other debtors

£318,442 (2022 -£318,442) of Amounts owed by related parties is classified as non current.

£54,231 (2022 -£58,654) of Other Debtors is classified as non current.

 

Hi-Tech Fabrication Ltd

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

9

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

721,996

598,034

Amounts owed to group undertakings and undertakings in which the company has a participating interest

11

1,814,399

1,193,996

Taxation and social security

 

77,171

138,071

Accruals and deferred income

 

428,752

192,367

Other creditors

 

388,000

828,401

 

3,430,318

2,950,869

Creditors: amounts falling due after more than one year

2023
£

2022
£

Due after one year

Amounts owed by group undertakings

-

1,380,395

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £8,759,725 (2022 - £9,308,299).

11

Related party transactions

In preparing these financial statements, advantage has been taken under the provision of section 33 of FRS 102 which states that disclosure is not required of transactions with entities that are part of the group as the company is a wholly owned subsidiary.

 

Hi-Tech Fabrication Ltd

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

12

Parent and ultimate parent undertaking

On 7 August 2020 100% of the share capital was transferred to Equitis Gestion.

Equitis Gestion acts as a Fiduciary Corporate director on behalf of the French government.

The shares are held in trust as security against the French funding in the parent company, and will continue to be held until the funding has been fully repaid.

Manoir Industries SAS still has full day to to day operational control.


 The company's immediate parent is Manoir Industries SAS, incorporated in France.

 The ultimate parent is Cam SPC, incorporated in Cayman Islands.

 The most senior parent entity producing publicly available financial statements is Manoir Group SAS. These financial statements are available upon request from 37 Rue de Liege, Paris, 75008, France.

 

13

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary A Shares of £1 each

2,579,221

2,579,221

2,579,221

2,579,221