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Registration number: 07673575

Hilton Textiles Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Hilton Textiles Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Hilton Textiles Ltd

Company Information

Director

Mr David Lee Joseph

Company secretary

Mrs Denise Joseph

Registered office

3rd Floor
166 College Road
Harrow
Middlesex
HA1 1BH

Accountants

MG Group (Professional Services) Limited
Chartered Accountants
166 College Road
Harrow
Middlesex
HA1 1BH

 

Hilton Textiles Ltd

(Registration number: 07673575)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

6,221

4,553

Current assets

 

Stocks

5

526,618

699,004

Debtors

6

72,459

64,375

Cash at bank and in hand

 

129,188

189,714

 

728,265

953,093

Creditors: Amounts falling due within one year

7

(103,929)

(160,401)

Net current assets

 

624,336

792,692

Total assets less current liabilities

 

630,557

797,245

Provisions for liabilities

(1,434)

(865)

Net assets

 

629,123

796,380

Capital and reserves

 

Called up share capital

10

1,000

1,000

Retained earnings

628,123

795,380

Shareholders' funds

 

629,123

796,380

For the financial year ending 31 December 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 5 September 2024
 

 

Hilton Textiles Ltd

(Registration number: 07673575)
Balance Sheet as at 31 December 2023

.........................................
Mr David Lee Joseph
Director

 

Hilton Textiles Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
3rd Floor
166 College Road
Harrow
Middlesex
HA1 1BH
United Kingdom

These financial statements were authorised for issue by the director on 5 September 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Going concern
The Director has carefully considered the impact of existing trading conditions on the company's financial position, liquidity and future performance and irrespective of the problems that may have been caused by the
existing trading conditions, as set out in the Directors' Report, the Director believes that it is well placed to manage its business risks successfully.Where further resources are required the Director is prepared to provide these.

Accordingly at the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continue to adopt the going concern basis of accounting in preparing the financial statements.

 

Hilton Textiles Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Revenue recognition

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when goods are delivered and legal title has passed.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured. Gains and losses arising on translation are included in the profit and loss account for the period.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

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

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25 % per annum strainght line basis

 

Hilton Textiles Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets and investments to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Hilton Textiles Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

The company operates two money purchase (defined contribution) pension schemes. The pension charge represents the amounts payable by the company to the funds in respect of the year. These contributions are invested separately from the company's assets.

Leases
Rentals payable under operating leases, including any lease incentives received, where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit or loss on a straight line basis over the term of the relevant lease.

Judgements and key sources of estimation uncertainty
In application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 17 (2022 - 16).

 

Hilton Textiles Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Tangible assets

Other tangible assets
 £

Total
£

Cost or valuation

At 1 January 2023

46,379

46,379

Additions

4,063

4,063

At 31 December 2023

50,442

50,442

Depreciation

At 1 January 2023

41,826

41,826

Charge for the year

2,395

2,395

At 31 December 2023

44,221

44,221

Carrying amount

At 31 December 2023

6,221

6,221

At 31 December 2022

4,553

4,553

5

Stocks

2023
£

2022
£

Stocks available for sales

526,618

699,004

There is no material difference between the replacement cost of stocks and their balance sheet amounts.

6

Debtors

Current

2023
£

2022
£

Trade debtors

22,050

2,050

Prepayments

28,909

40,825

Other debtors

21,500

21,500

 

72,459

64,375

 

Hilton Textiles Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

-

18,010

Taxation and social security

70,190

107,980

Accruals and deferred income

29,427

30,099

Director current account

4,312

4,312

103,929

160,401

8

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

87,500

87,500

Later than one year and not later than five years

199,958

287,458

287,458

374,958

The amount of non-cancellable operating lease payments recognised as an expense during the year was £90,294 (2022 - £74,518).

9

Related party transactions

 

Hilton Textiles Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

During the year, the company made the following related party transactions:

Director
During the year, the director has not received any loans and there is no repayment. At the balance sheet date, the amount owed by the company to director was £4,312 (2022: £4,312).

The director of the company had no other material transactions with the company during the year other than directors' emoluments.

10

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary shares of £1 each

1,000

1,000

1,000

1,000