REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 27 AUGUST 2023 |
FOR |
HUDDERSFIELD HI-FI LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 27 AUGUST 2023 |
FOR |
HUDDERSFIELD HI-FI LIMITED |
HUDDERSFIELD HI-FI LIMITED (REGISTERED NUMBER: 06505042) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 27 AUGUST 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
HUDDERSFIELD HI-FI LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 27 AUGUST 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
HUDDERSFIELD HI-FI LIMITED (REGISTERED NUMBER: 06505042) |
BALANCE SHEET |
27 AUGUST 2023 |
27.8.23 | 27.8.22 |
Notes | £ | £ |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES | ( |
) | ( |
) |
CREDITORS |
Amounts falling due after more than one year |
7 |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
HUDDERSFIELD HI-FI LIMITED (REGISTERED NUMBER: 06505042) |
BALANCE SHEET - continued |
27 AUGUST 2023 |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
The financial statements were approved by the Board of Directors and authorised for issue on |
HUDDERSFIELD HI-FI LIMITED (REGISTERED NUMBER: 06505042) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 27 AUGUST 2023 |
1. | STATUTORY INFORMATION |
Huddersfield Hi-Fi Limited is a |
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest pound. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Significant judgements and estimates |
No judgements have been made in the process of applying the below accounting policies that have had the most significant effect on amounts recognised in the financial statements. |
There are no key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date that have a significant risk of causing material adjustment to the carrying amounts of assets and liabilities within the next financial year. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. |
Turnover from the sale of audio systems is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover 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 transaction can be measured reliably. |
Tangible fixed assets |
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. |
Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows: |
Fixtures and fittings | - 10% on cost |
Computer equipment | - 33% reducing balance |
HUDDERSFIELD HI-FI LIMITED (REGISTERED NUMBER: 06505042) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 27 AUGUST 2023 |
2. | ACCOUNTING POLICIES - continued |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving stock. |
Cost is calculated using the first-in, first-out method and includes all purchase, transport and handling costs in bringing stocks to their present location and condition. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Going concern |
The directors have indicated a willingness to support the company financially for the foreseeable future. |
As such, the directors are of the opinion that the company will be able to finance its operations and other obligations for a period of at least twelve months from the date of approval of the financial statements and are of the opinion that it is correct to prepare these financial statements on a going concern basis. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
HUDDERSFIELD HI-FI LIMITED (REGISTERED NUMBER: 06505042) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 27 AUGUST 2023 |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Computer |
fittings | equipment | Totals |
£ | £ | £ |
COST |
At 28 August 2022 |
and 27 August 2023 |
DEPRECIATION |
At 28 August 2022 |
and 27 August 2023 |
NET BOOK VALUE |
At 27 August 2023 |
At 27 August 2022 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
27.8.23 | 27.8.22 |
£ | £ |
Trade debtors |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
27.8.23 | 27.8.22 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Amounts owed to group undertakings |
Social security and other taxes |
VAT | 10,531 | 21,992 |
Directors' current accounts | 101,318 | 112,546 |
Accruals and deferred income |
HUDDERSFIELD HI-FI LIMITED (REGISTERED NUMBER: 06505042) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 27 AUGUST 2023 |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
27.8.23 | 27.8.22 |
£ | £ |
Bank loans - 1-2 years |
Bank loans - 2-5 years |
8. | SECURED DEBTS |
The following secured debts are included within creditors: |
27.8.23 | 27.8.22 |
£ | £ |
Bank loans |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 27.8.23 | 27.8.22 |
value: | £ | £ |
A Ordinary | £1 | 38 | 38 |
B Ordinary | £1 | 37 | 37 |
C Ordinary | £1 | 10 | 10 |
D Ordinary | £1 | 5 | 5 |
E Ordinary | £1 | 10 | 10 |
100 | 100 |