Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31Merchandising of filtration products2023-01-01false1312truetruefalse 03226779 2023-01-01 2023-12-31 03226779 2022-01-01 2022-12-31 03226779 2023-12-31 03226779 2022-12-31 03226779 c:Director1 2023-01-01 2023-12-31 03226779 d:PlantMachinery 2023-01-01 2023-12-31 03226779 d:PlantMachinery 2023-12-31 03226779 d:PlantMachinery 2022-12-31 03226779 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 03226779 d:MotorVehicles 2023-01-01 2023-12-31 03226779 d:MotorVehicles 2023-12-31 03226779 d:MotorVehicles 2022-12-31 03226779 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 03226779 d:FurnitureFittings 2023-01-01 2023-12-31 03226779 d:FurnitureFittings 2023-12-31 03226779 d:FurnitureFittings 2022-12-31 03226779 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 03226779 d:OfficeEquipment 2023-01-01 2023-12-31 03226779 d:ComputerEquipment 2023-01-01 2023-12-31 03226779 d:ComputerEquipment 2023-12-31 03226779 d:ComputerEquipment 2022-12-31 03226779 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 03226779 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 03226779 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 03226779 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 03226779 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 03226779 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 03226779 d:ShareCapital 2023-12-31 03226779 d:ShareCapital 2022-12-31 03226779 d:RetainedEarningsAccumulatedLosses 2023-12-31 03226779 d:RetainedEarningsAccumulatedLosses 2022-12-31 03226779 c:FRS102 2023-01-01 2023-12-31 03226779 c:Audited 2023-01-01 2023-12-31 03226779 c:AbridgedAccounts 2023-01-01 2023-12-31 03226779 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 03226779 c:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 03226779 2 2023-01-01 2023-12-31 03226779 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure
Registration number: 03226779













 
HIFI FILTER UK LTD
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 DECEMBER 2023




































Page Kirk LLP
Chartered Accountants and Statutory Auditors
Sherwood House
7 Gregory Boulevard
Nottingham
NG7 6LB


 
HIFI FILTER UK LTD
 


CONTENTS



Page
Balance Sheet
1 - 2
Notes to the Financial Statements
3 - 8



 
HIFI FILTER UK LTD
REGISTERED NUMBER:03226779


BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2023
2022
2022
Note
£
£
£
£

Fixed assets
  

Tangible assets
 4 
72,105
79,115

  
72,105
79,115

Current assets
  

Stocks
  
397,419
361,378

Debtors
  
524,778
584,226

Cash at bank and in hand
  
720,865
442,484

  
1,643,062
1,388,088

Creditors: amounts falling due within one year
  
(1,350,716)
(982,022)

Net current assets
  
 
 
292,346
 
 
406,066

Total assets less current liabilities
  
364,451
485,181

Creditors: amounts falling due after more than one year
  
-
(120,670)

Provisions for liabilities
  
-
(14,350)

Net assets
  
364,451
350,161


Capital and reserves
  

Called up share capital 
  
80,250
80,250

Profit and loss account
  
284,201
269,911

  
364,451
350,161


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 30 April 2024.




Mr P Hirschi
Director
Page 1


 
HIFI FILTER UK LTD
REGISTERED NUMBER:03226779

    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023


The notes on pages 3 to 8 form part of these financial statements.

Page 2


 
HIFI FILTER UK 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 and Wales.
The address of its registered office is:
Unit H
Longacre
Willenhall
West Midlands
WV13 2JX
These financial statements were authorised for issue by the Board on 30 April 2024.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A) of the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Profit and Loss Account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.3

Revenue

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
Page 3


 
HIFI FILTER UK LTD
 

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

2.Accounting policies (continued)


2.3
Revenue (continued)

taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

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.

 
2.4

Operating leases: the Company as lessee

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 4


 
HIFI FILTER UK LTD
 

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

2.Accounting policies (continued)

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 5


 
HIFI FILTER UK LTD
 

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

2.Accounting policies (continued)


2.10
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Property, plant and equipment
-
20%
Motor vehicles
-
25%
Furniture, fittings and equipment
-
10%
Office equipment
-
33%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.11

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.14

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 6


 
HIFI FILTER UK LTD
 

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

2.Accounting policies (continued)

 
2.15

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

  
2.16

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.

 
2.17

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 13 (2022 - 12).

Page 7


 
HIFI FILTER UK LTD
 

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

4.


Tangible fixed assets





Plant and machinery
Motor vehicles
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£



Cost or valuation


At 1 January 2023
6,251
19,900
68,961
34,698
129,810


Additions
-
-
286
5,397
5,683


Disposals
-
(11,500)
-
-
(11,500)



At 31 December 2023

6,251
8,400
69,247
40,095
123,993



Depreciation


At 1 January 2023
5,010
16,962
12,470
16,253
50,695


Charge for the year on owned assets
280
757
5,520
5,539
12,096


Disposals
-
(10,903)
-
-
(10,903)



At 31 December 2023

5,290
6,816
17,990
21,792
51,888



Net book value



At 31 December 2023
961
1,584
51,257
18,303
72,105



At 31 December 2022
1,241
2,938
56,491
18,445
79,115


5.


Parent and ultimate parent undertaking

Hifi Group SA is the parent company of the smallest group of companies containing HIFI Filter UK
Limited which prepares consolidated financial statements. Hifi Group SA's registered office address is
Z.I. Comble-Émine - CP 46, 2053 Cernier, Switzerland.


6.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 30 April 2024 by James Haywood ACA (Senior Statutory Auditor) on behalf of Page Kirk LLP.

 
Page 8