2023-01-012023-12-312023-12-31false08225079HEWITECH UK 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HEWITECH UK LIMITED

Registered Number
08225079
(England and Wales)

Unaudited Financial Statements for the Year ended
31 December 2023

HEWITECH UK LIMITED
Company Information
for the year from 1 January 2023 to 31 December 2023

Directors

David Fozzard
Fiona Fozzard

Registered Address

The Old Smithy Stocktons Courtyard
Overbury
Tewkesbury
GL20 7NT

Registered Number

08225079 (England and Wales)
HEWITECH UK LIMITED
Balance Sheet as at
31 December 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets4148,53948,633
148,53948,633
Current assets
Stocks157,116142,412
Debtors515,419581,813
Cash at bank and on hand63,794170,572
736,329894,797
Creditors amounts falling due within one year(593,258)(820,927)
Net current assets (liabilities)143,07173,870
Total assets less current liabilities291,610122,503
Creditors amounts falling due after one year(86,722)(12,873)
Net assets204,888109,630
Capital and reserves
Profit and loss account204,888109,630
Shareholders' funds204,888109,630
The financial statements were approved and authorised for issue by the Board of Directors on 5 September 2024, and are signed on its behalf by:
David Fozzard
Director
Registered Company No. 08225079
HEWITECH UK LIMITED
Notes to the Financial Statements
for the year ended 31 December 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.
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.
Revenue from rendering of services
Revenue 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.
Employee benefits
Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.
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.
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:
Finance leases and hire purchase contracts
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease.
Stocks and work in progress
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. The cost methodology employed by the entity is the first-in first-out method. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss. Work in progress is valued using the percentage of completion method and values are calculated using the lower of cost and estimated selling price less costs to complete and sell. When stocks are sold, the carrying amount of those stocks is recognised as an expense within cost of sales. This takes place in the same period that the associated revenue is recognised.
2.Average number of employees

20232022
Average number of employees during the year68
3.Prior period adjustment
It came to light in 2023 that the Directors pension contributions had been under paid for the passed 2 years, therefore there is an adjustment of £8,082 in this years figures to provide for the underpayment. Directors pension costs for 2023 alone were £16,427.
4.Tangible fixed assets

Total

£
Cost or valuation
At 01 January 23196,916
Additions127,470
At 31 December 23324,386
Depreciation and impairment
At 01 January 23148,283
Charge for year27,564
At 31 December 23175,847
Net book value
At 31 December 23148,539
At 31 December 2248,633
5.Obligations under finance leases

2023

2022

££
Finance lease and HP contracts86,72212,873
6.Directors advances, credits and guarantees

Brought forward

Amount advanced

Amount repaid

Carried forward

££££
FOZZARD, David Andrew05,73005,730
05,73005,730