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COMPANY REGISTRATION NUMBER: 06007765
HIASH Limited
Filleted Unaudited Financial Statements
30 November 2023
HIASH Limited
Statement of Financial Position
30 November 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
4
222,154
193,527
Investments
5
2
2
---------
---------
222,156
193,529
Current assets
Debtors
6
39,174
45,681
Cash at bank and in hand
11,705
4,025
--------
--------
50,879
49,706
Creditors: amounts falling due within one year
7
279,859
227,206
---------
---------
Net current liabilities
228,980
177,500
---------
---------
Total assets less current liabilities
( 6,824)
16,029
Provisions
Taxation including deferred tax
18,265
--------
--------
Net assets
11,441
16,029
--------
--------
Capital and reserves
Called up share capital
2
2
Profit and loss account
11,439
16,027
--------
--------
Shareholders funds
11,441
16,029
--------
--------
These 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 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 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 financial statements .
HIASH Limited
Statement of Financial Position (continued)
30 November 2023
These financial statements were approved by the board of directors and authorised for issue on 23 August 2024 , and are signed on behalf of the board by:
Mr R A Jones
Director
Company registration number: 06007765
HIASH Limited
Notes to the 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 1 Picton Lane, Swansea, SA1 4AF.
2. Statement of compliance
These 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. Accounting policies
Basis of preparation
The 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 financial statements are prepared in sterling, which is the functional currency of the entity.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property
-
2% straight line
Plant and machinery
-
20% reducing balance
Fixtures and fittings
-
20% reducing balance
Motor vehicles
-
25% reducing balance
Equipment
-
20% reducing balance
Boat
-
25% reducing balance
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in joint ventures
Investments in joint ventures accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Tangible assets
Freehold property
Plant and machinery
Fixtures, fittings and equipment
Motor vehicles
Boat
Total
£
£
£
£
£
£
Cost
At 1 Dec 2022
119,465
96,264
2,858
76,203
32,406
327,196
Additions
3,224
59,233
62,457
---------
--------
-------
---------
--------
---------
At 30 Nov 2023
119,465
99,488
2,858
135,436
32,406
389,653
---------
--------
-------
---------
--------
---------
Depreciation
At 1 Dec 2022
1,800
75,728
2,113
39,160
14,868
133,669
Charge for the year
300
4,752
148
24,069
4,561
33,830
---------
--------
-------
---------
--------
---------
At 30 Nov 2023
2,100
80,480
2,261
63,229
19,429
167,499
---------
--------
-------
---------
--------
---------
Carrying amount
At 30 Nov 2023
117,365
19,008
597
72,207
12,977
222,154
---------
--------
-------
---------
--------
---------
At 30 Nov 2022
117,665
20,536
745
37,043
17,538
193,527
---------
--------
-------
---------
--------
---------
5. Investments
Shares in group undertakings
£
Cost
At 1 December 2022 and 30 November 2023
2
----
Impairment
At 1 December 2022 and 30 November 2023
----
Carrying amount
At 30 November 2023
2
----
At 30 November 2022
2
----
6. Debtors
2023
2022
£
£
Trade debtors
15,805
1,699
Amounts owed by group undertakings and undertakings in which the company has a participating interest
16,282
36,895
Other debtors
7,087
7,087
--------
--------
39,174
45,681
--------
--------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
49,201
3,165
Social security and other taxes
7,198
11,581
Other creditors
223,460
212,460
---------
---------
279,859
227,206
---------
---------