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Registered number: 04168324
Hub Electronics Limited
Unaudited Financial Statements
For The Year Ended 31 May 2024
Tony R Pomfret & Associates
37a High Street
Hoddesdon
EN11 8TA
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 04168324
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 45,477 57,031
45,477 57,031
CURRENT ASSETS
Stocks 5 578,089 542,684
Debtors 6 523,466 494,613
Cash at bank and in hand 1,503,990 1,277,169
2,605,545 2,314,466
Creditors: Amounts Falling Due Within One Year 7 (463,680 ) (440,044 )
NET CURRENT ASSETS (LIABILITIES) 2,141,865 1,874,422
TOTAL ASSETS LESS CURRENT LIABILITIES 2,187,342 1,931,453
Creditors: Amounts Falling Due After More Than One Year 8 - (13,889 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (11,369 ) (14,258 )
NET ASSETS 2,175,973 1,903,306
CAPITAL AND RESERVES
Called up share capital 9 5 5
Other reserves 95 95
Profit and Loss Account 2,175,873 1,903,206
SHAREHOLDERS' FUNDS 2,175,973 1,903,306
Page 1
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For the year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Paul Latter
Director
05/09/2024
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Hub Electronics Limited is a private company, limited by shares, incorporated in England & Wales, registered number 04168324 . The registered office is 37A High Street, Hoddesdon, Herts, EN11 8TA.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
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. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Motor Vehicles 25% Reducing Balance
Fixtures & Fittings 12.5% Straight Line
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Foreign Currencies
Monetary 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 ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 9 (2023: 8)
9 8
4. Tangible Assets
Motor Vehicles Fixtures & Fittings Total
£ £ £
Cost
As at 1 June 2023 55,327 46,892 102,219
Additions - 2,030 2,030
As at 31 May 2024 55,327 48,922 104,249
Depreciation
As at 1 June 2023 13,832 31,356 45,188
Provided during the period 10,374 3,210 13,584
As at 31 May 2024 24,206 34,566 58,772
Net Book Value
As at 31 May 2024 31,121 14,356 45,477
As at 1 June 2023 41,495 15,536 57,031
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5. Stocks
2024 2023
£ £
Stock - materials 578,089 542,684
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 429,525 418,523
Other debtors 93,941 76,090
523,466 494,613
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 238,132 252,816
Bank loans and overdrafts 13,889 33,333
Other creditors 71,599 65,868
Taxation and social security 140,060 88,027
463,680 440,044
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans - 13,889
- 13,889
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 5 5
10. Related Party Transactions
Director's Loan Account

Director's Loan Account

At balance sheet date, the company owed £472 (2023 £565) to Mr P Latter who is a director and shareholder of the company.
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11. Ultimate Controlling Party
The company's ultimate controlling party is Mr P latter by virtue of his ownership of 100% of the issued share capital in the company.
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