2022-09-012023-08-312023-08-31false12596673HARTEC INNOVATIONS 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HARTEC INNOVATIONS LIMITED

Registered Number
12596673
(England and Wales)

Unaudited Financial Statements for the Year ended
31 August 2023

HARTEC INNOVATIONS LIMITED
Company Information
for the year from 1 September 2022 to 31 August 2023

Director

HARFORD, Gerard Thomas

Registered Address

C/O Greystone Swan
Royal Quays Business Centre
Newcastle Upon Tyne
NE29 6DE

Registered Number

12596673 (England and Wales)
HARTEC INNOVATIONS LIMITED
Statement of Financial Position
31 August 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Intangible assets77,81248,564
Tangible assets1,381478
79,19349,042
Current assets
Debtors22,05224,737
Cash at bank and on hand3,6362,779
25,68827,516
Creditors amounts falling due within one year(15,294)(10,340)
Net current assets (liabilities)10,39417,176
Total assets less current liabilities89,58766,218
Provisions for liabilities(11,105)(11,105)
Net assets78,48255,113
Capital and reserves
Called up share capital100100
Profit and loss account78,38255,013
Shareholders' funds78,48255,113
The financial statements were approved and authorised for issue by the Director on 31 August 2024, and are signed on its behalf by:
HARFORD, Gerard Thomas
Director
Registered Company No. 12596673
HARTEC INNOVATIONS LIMITED
Notes to the Financial Statements
for the year ended 31 August 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Going concern
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis of accounting in preparing its financial statements.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.
Revenue from sale of goods
Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Intangible assets
Intangible assets are stated at cost less accumulated amortisation and accumulated impairment losses. The assets are reviewed for impairment if the above factors indicate that the carrying amount may be impaired. Amortisation is included in 'administrative expenses' in the profit and loss account.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:
2.Average number of employees

20232022
Average number of employees during the year10