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REGISTERED NUMBER: 05089025 (England and Wales)












AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2023

FOR

H.B.S. ELECTRONICS LIMITED

H.B.S. ELECTRONICS LIMITED (REGISTERED NUMBER: 05089025)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 October 2023




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 3


H.B.S. ELECTRONICS LIMITED

COMPANY INFORMATION
for the year ended 31 October 2023







DIRECTORS: Mr G W Harvey
Mr N F Smith



REGISTERED OFFICE: Laurence Walter House
Addison Road
Chilton Industrial Estate
Sudbury
Suffolk
CO10 2YW



REGISTERED NUMBER: 05089025 (England and Wales)



SENIOR STATUTORY AUDITOR: Mr Paul Dell FCA



AUDITORS: Raffingers LLP, Statutory Auditor
Chartered Certified Accountants
19-20 Bourne Court
Southend Road
Woodford Green
Essex
IG8 8HD

H.B.S. ELECTRONICS LIMITED (REGISTERED NUMBER: 05089025)

ABRIDGED BALANCE SHEET
31 October 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 12,940 22,750

CURRENT ASSETS
Stocks 408,097 415,889
Debtors 1,243,133 1,117,861
Cash at bank 264,092 186,268
1,915,322 1,720,018
CREDITORS
Amounts falling due within one year 603,456 412,717
NET CURRENT ASSETS 1,311,866 1,307,301
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,324,806

1,330,051

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 1,324,706 1,329,951
SHAREHOLDERS' FUNDS 1,324,806 1,330,051

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

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31 October 2023 in accordance with Section 444(2A) of the Companies Act 2006.

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 25 July 2024 and were signed on its behalf by:





Mr G W Harvey - Director


H.B.S. ELECTRONICS LIMITED (REGISTERED NUMBER: 05089025)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 October 2023

1. STATUTORY INFORMATION

H.B.S. Electronics 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 represents the invoiced value of goods and services supplied to external customers, excluding value added tax. Turnover is recognised and a debtor recorded as accrued income once all obligations under the sales order have been performed.

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 - 25% on cost

Depreciation methods, useful lives and residual values are reviewed if there is an indication of a significant change since last annual reporting date in the pattern by which the company expects to consume an asset's future economic benefits.

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Provision is made for damaged, obsolete and slow moving stock where appropriate.

Financial instruments
Basic financial assets, including trade and other receivables and cash and bank balances are initially recognised at transaction price.

Basic financial liabilities, including trade and other payables, bank loans and loans from fellow Group companies, are initially recognised at transaction price.

Debt instruments are recognised at initial transaction price.

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.


H.B.S. ELECTRONICS LIMITED (REGISTERED NUMBER: 05089025)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 October 2023

2. ACCOUNTING POLICIES - continued
Deferred taxation
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.

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.

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.

Short term debtors and creditors
Short term debtors and creditors with no stated interest rate are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2022 - 8 ) .

4. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 November 2022 110,062
Additions 3,300
At 31 October 2023 113,362
DEPRECIATION
At 1 November 2022 87,312
Charge for year 13,110
At 31 October 2023 100,422
NET BOOK VALUE
At 31 October 2023 12,940
At 31 October 2022 22,750

H.B.S. ELECTRONICS LIMITED (REGISTERED NUMBER: 05089025)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 October 2023

5. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Mr Paul Dell FCA (Senior Statutory Auditor)
for and on behalf of Raffingers LLP, Statutory Auditor

6. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

During the period, the company received goods and services from a company under common control for the sum of £192,440 (2022: £267,548). At the balance sheet date the sum of £3,720 (2022: £47,494) was outstanding.

During the year, rent of £35,480 (2022: £26,789) was paid to a company under common control.

7. FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES

In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.

8. AUDITOR LIABILITY LIMITATION AGREEMENT

The company has entered into a liability limitation agreement with Raffingers, the statutory auditor, in respect of the statutory audit for the year ended 31 October 2023. The proportionate liability agreement follows the standard terms in Appendix B to the Financial Reporting Council's June 2008 Guidance on Auditor Liability Agreements, and was approved by the members on 13 November 2023.

9. ULTIMATE CONTROLLING PARTY

On 31 May 2023, the HBS Group Trustees Ltd (an Employee Ownership Trust) acquired 80% of the share capital of the company's parent company. The Trustees of the Employee Ownership Trust are Mr D J Horbury, Mr K J Vincent and Mr G W Harvey.