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COMPANY REGISTRATION NUMBER: 05845551
Hi-Class Machinery Limited
Filleted Unaudited Abridged Financial Statements
30 November 2023
Hi-Class Machinery Limited
Abridged Statement of Financial Position
30 November 2023
2023
2022
Note
£
£
£
Current Assets
Stocks
26,328
48,848
Debtors
39,420
7,919
Cash at bank and in hand
11,719
36,276
--------
--------
77,467
93,043
Creditors: amounts falling due within one year
72,945
88,272
--------
--------
Net Current Assets
4,522
4,771
-------
-------
Total Assets Less Current Liabilities
4,522
4,771
-------
-------
Capital and Reserves
Called up share capital
2
2
Profit and loss account
4,520
4,769
-------
-------
Shareholders Funds
4,522
4,771
-------
-------
These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings has not been delivered.
For the year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .
All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 30 November 2023 in accordance with Section 444(2A) of the Companies Act 2006.
Hi-Class Machinery Limited
Abridged Statement of Financial Position (continued)
30 November 2023
These abridged financial statements were approved by the board of directors and authorised for issue on 23 May 2024 , and are signed on behalf of the board by:
Mr R Wilson
Director
Company registration number: 05845551
Hi-Class Machinery Limited
Accounting Policies
Year Ended 30 November 2023
Basis of Preparation
The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and Key Sources of Estimation Uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue Recognition
Turnover represents net invoiced sales of machinery and services provided exclusive of value added tax.
Income Tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Foreign Currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Stocks
Stocks are measured 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 the stock to its present location and condition.
Hi-Class Machinery Limited
Notes to the Abridged Financial Statements
Year Ended 30 November 2023
1. General Information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 7 Brindley Close, Rushden Business Park, Rushden, Northants, NN10 6EN.
2. Statement of Compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Related Party Transactions
The ultimate parent company is Hi-Class Machinery Group Limited, a company registered in England and Wales. Dividends paid to shareholders during the year are disclosed in the statement of income and retained earnings on page 4.