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REGISTERED NUMBER: 02768255 (England and Wales)














HITEC SHEET METAL LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023






HITEC SHEET METAL LIMITED (REGISTERED NUMBER: 02768255)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 DECEMBER 2023




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


HITEC SHEET METAL LIMITED

COMPANY INFORMATION
for the Year Ended 31 DECEMBER 2023







DIRECTORS: J R Asbury
C Dudley
Mrs L M Dudley
J D Stevenson
J C W Dudley





SECRETARY:





REGISTERED OFFICE: 167 Turners Hill
Cheshunt
Hertfordshire
EN8 9BH





REGISTERED NUMBER: 02768255 (England and Wales)





ACCOUNTANTS: Brindley Jacob
Chartered Accountants
167 Turners Hill
Cheshunt
Hertfordshire
EN8 9BH

HITEC SHEET METAL LIMITED (REGISTERED NUMBER: 02768255)

ABRIDGED BALANCE SHEET
31 DECEMBER 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,667,157 1,676,196
Investments 5 77,500 77,500
1,744,657 1,753,696

CURRENT ASSETS
Stocks 712,006 695,756
Debtors 684,204 728,020
Cash at bank and in hand 690 4,286
1,396,900 1,428,062
CREDITORS
Amounts falling due within one year 1,609,344 1,541,618
NET CURRENT LIABILITIES (212,444 ) (113,556 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,532,213

1,640,140

CREDITORS
Amounts falling due after more than one
year

583,541

752,799
NET ASSETS 948,672 887,341

CAPITAL AND RESERVES
Called up share capital 10,000 10,000
Share premium 87,363 87,363
Capital redemption reserve 1,937 1,937
Retained earnings 849,372 788,041
SHAREHOLDERS' FUNDS 948,672 887,341

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

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.

HITEC SHEET METAL LIMITED (REGISTERED NUMBER: 02768255)

ABRIDGED BALANCE SHEET - continued
31 DECEMBER 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 December 2023 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 11 September 2024 and were signed on its behalf by:





C Dudley - Director


HITEC SHEET METAL LIMITED (REGISTERED NUMBER: 02768255)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 DECEMBER 2023

1. STATUTORY INFORMATION

Hitec Sheet Metal Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 15% on reducing balance and 12% on reducing balance
Motor vehicles - 25% on reducing balance

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to the profit and loss account over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the profit and loss account as incurred.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 31 (2022 - 30 ) .

HITEC SHEET METAL LIMITED (REGISTERED NUMBER: 02768255)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 DECEMBER 2023

4. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 January 2023 2,626,110
Additions 121,684
At 31 December 2023 2,747,794
DEPRECIATION
At 1 January 2023 949,914
Charge for year 130,723
At 31 December 2023 1,080,637
NET BOOK VALUE
At 31 December 2023 1,667,157
At 31 December 2022 1,676,196

Included in cost of land and buildings is freehold land of £ 174,154 (2022 - £ 174,154 ) which is not depreciated.

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 January 2023 948,554 - 948,554
Additions - 57,025 57,025
Transfer to ownership (20,354 ) - (20,354 )
At 31 December 2023 928,200 57,025 985,225
DEPRECIATION
At 1 January 2023 99,268 - 99,268
Charge for year 83,639 4,809 88,448
Transfer to ownership (7,445 ) - (7,445 )
At 31 December 2023 175,462 4,809 180,271
NET BOOK VALUE
At 31 December 2023 752,738 52,216 804,954
At 31 December 2022 849,286 - 849,286

5. FIXED ASSET INVESTMENTS

The investment purchase represents 95% of the issued share capital of Hitec Laser Ltd

HITEC SHEET METAL LIMITED (REGISTERED NUMBER: 02768255)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 DECEMBER 2023

6. SECURED DEBTS

The following secured debts are included within creditors:

31.12.23 31.12.22
£    £   
Bank overdrafts 480,125 503,737
Bank loans 135,242 223,840
Hire purchase contracts 670,314 753,449
1,285,681 1,481,026

7. ULTIMATE CONTROLLING PARTY

In the opinion of the directors the company is controlled by C Dudley and his family who hold 63% of the company's issued ordinary share capital.