Caseware UK (AP4) 2023.0.135 2023.0.135 2023-11-302023-11-30The tax expense for the year comprises current and deferred tax. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.2022-12-01falseMachining1617falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 02756314 2022-12-01 2023-11-30 02756314 2021-12-01 2022-11-30 02756314 2023-11-30 02756314 2022-11-30 02756314 c:Director1 2022-12-01 2023-11-30 02756314 c:Director1 2023-11-30 02756314 c:Director2 2022-12-01 2023-11-30 02756314 c:Director2 2023-11-30 02756314 c:Director3 2022-12-01 2023-11-30 02756314 c:Director3 2023-11-30 02756314 c:RegisteredOffice 2022-12-01 2023-11-30 02756314 d:Buildings d:LongLeaseholdAssets 2022-12-01 2023-11-30 02756314 d:Buildings d:LongLeaseholdAssets 2023-11-30 02756314 d:Buildings d:LongLeaseholdAssets 2022-11-30 02756314 d:PlantMachinery 2022-12-01 2023-11-30 02756314 d:PlantMachinery 2023-11-30 02756314 d:PlantMachinery 2022-11-30 02756314 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 02756314 d:MotorVehicles 2022-12-01 2023-11-30 02756314 d:MotorVehicles 2023-11-30 02756314 d:MotorVehicles 2022-11-30 02756314 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 02756314 d:OfficeEquipment 2022-12-01 2023-11-30 02756314 d:OfficeEquipment 2023-11-30 02756314 d:OfficeEquipment 2022-11-30 02756314 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 02756314 d:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 02756314 d:CurrentFinancialInstruments 2023-11-30 02756314 d:CurrentFinancialInstruments 2022-11-30 02756314 d:CurrentFinancialInstruments d:WithinOneYear 2023-11-30 02756314 d:CurrentFinancialInstruments d:WithinOneYear 2022-11-30 02756314 d:ShareCapital 2023-11-30 02756314 d:ShareCapital 2022-11-30 02756314 d:RetainedEarningsAccumulatedLosses 2023-11-30 02756314 d:RetainedEarningsAccumulatedLosses 2022-11-30 02756314 c:OrdinaryShareClass1 2022-12-01 2023-11-30 02756314 c:OrdinaryShareClass1 2023-11-30 02756314 c:OrdinaryShareClass2 2022-12-01 2023-11-30 02756314 c:OrdinaryShareClass2 2023-11-30 02756314 c:OrdinaryShareClass2 2022-11-30 02756314 c:FRS102 2022-12-01 2023-11-30 02756314 c:AuditExemptWithAccountantsReport 2022-12-01 2023-11-30 02756314 c:FullAccounts 2022-12-01 2023-11-30 02756314 c:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 02756314 2 2022-12-01 2023-11-30 02756314 e:PoundSterling 2022-12-01 2023-11-30 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 02756314










HY-TEK (ENGINEERING SERVICES) LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 NOVEMBER 2023

 
HY-TEK (ENGINEERING SERVICES) LIMITED
 
 
COMPANY INFORMATION


Directors
A J Bacon (appointed 9 April 2024)
Mrs K Bacon (appointed 17 April 2024)
T D Fenn (resigned 9 April 2024)




Registered number
02756314



Registered office
3 Main Cross Road

Great Yarmouth

Norfolk

NR30 3PD




Accountants
MA Partners LLP
Chartered Accountants

7 The Close

Norwich

Norfolk

NR1 4DJ





 
HY-TEK (ENGINEERING SERVICES) LIMITED
 

CONTENTS



Page
Accountants' report
 
 
1
Balance sheet
 
 
2 - 3
Notes to the financial statements
 
 
4 - 9


 
HY-TEK (ENGINEERING SERVICES) LIMITED
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF HY-TEK (ENGINEERING SERVICES) LIMITED
FOR THE YEAR ENDED 30 NOVEMBER 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of HY-TEK (ENGINEERING SERVICES) LIMITED for the year ended 30 November 2023 which comprise  the Balance sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the Board of directors of HY-TEK (ENGINEERING SERVICES) LIMITED, as a body, in accordance with the terms of our engagement letter dated 24 June 2024Our work has been undertaken solely to prepare for your approval the financial statements of HY-TEK (ENGINEERING SERVICES) LIMITED and state those matters that we have agreed to state to the Board of directors of HY-TEK (ENGINEERING SERVICES) LIMITED, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than HY-TEK (ENGINEERING SERVICES) LIMITED and its Board of directors, as a body, for our work or for this report. 

It is your duty to ensure that HY-TEK (ENGINEERING SERVICES) LIMITED has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of HY-TEK (ENGINEERING SERVICES) LIMITED. You consider that HY-TEK (ENGINEERING SERVICES) LIMITED is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of HY-TEK (ENGINEERING SERVICES) LIMITED. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



MA Partners LLP
 
Chartered Accountants
  
7 The Close
Norwich
Norfolk
NR1 4DJ

 
26 September 2024
Page 1

 
HY-TEK (ENGINEERING SERVICES) LIMITED
REGISTERED NUMBER: 02756314

BALANCE SHEET
AS AT 30 NOVEMBER 2023

As restated
2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
16,490
24,364

 
Current assets
  

Stocks
  
150,808
145,464

Debtors: amounts falling due within one year
 5 
965,267
925,181

Cash at bank and in hand
  
196,322
181,391

  
1,312,397
1,252,036

Creditors: amounts falling due within one year
 6 
(174,780)
(123,467)

Net current assets
  
 
 
1,137,617
 
 
1,128,569

Total assets less current liabilities
  
1,154,107
1,152,933

Provisions for liabilities
  

Deferred tax
  
(4,123)
(6,928)

Net assets
  
1,149,984
1,146,005


Capital and reserves
  

Called up share capital 
 7 
35,720
35,720

Profit and loss account
  
1,114,264
1,110,285

  
1,149,984
1,146,005


Page 2

 
HY-TEK (ENGINEERING SERVICES) LIMITED
REGISTERED NUMBER: 02756314
    
BALANCE SHEET (CONTINUED)
AS AT 30 NOVEMBER 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 26 September 2024.




Mrs K Bacon
Director

The notes on pages 4 to 9 form part of these financial statements.

Page 3

 
HY-TEK (ENGINEERING SERVICES) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

1.


General information

Hy-Tek (Engineering Services) Limited is a private company, limited by shares, incorporated and domiciled in England and Wales. The registered office, and principal place of business is Main Cross Road, Great Yarmouth, Norfolk, NR30 3PD.
The Company's principal activity is precision engineering and machining.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 4

 
HY-TEK (ENGINEERING SERVICES) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be
recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax
allowances have been met.

Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance and straight line basis..

Depreciation is provided on the following basis:

Plant and machinery
-
20% reducing balance
Motor vehicles
-
25% reducing balance
Office equipment
-
5 year straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 5

 
HY-TEK (ENGINEERING SERVICES) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.8

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.12

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.13

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors.
Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured at the undiscounted amount of the cash or other consideration expected to be paid or received.

Page 6

 
HY-TEK (ENGINEERING SERVICES) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.14

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 16 (2022 - 17).


4.


Tangible fixed assets





Long-term leasehold property
Plant and machinery
Motor vehicles
Office equipment
Total

£
£
£
£
£



Cost or valuation


At 1 December 2022
47,681
924,793
43,303
75,030
1,090,807


Disposals
(47,681)
(26,293)
(303)
(60,530)
(134,807)



At 30 November 2023

-
898,500
43,000
14,500
956,000



Depreciation


At 1 December 2022
47,681
924,729
21,013
73,020
1,066,443


Charge for the year on owned assets
-
-
5,497
2,900
8,397


Disposals
(47,681)
(26,229)
-
(61,420)
(135,330)



At 30 November 2023

-
898,500
26,510
14,500
939,510



Net book value



At 30 November 2023
-
-
16,490
-
16,490



At 30 November 2022
-
64
22,290
2,010
24,364


5.


Debtors

As restated
2023
2022
£
£

Page 7

 
HY-TEK (ENGINEERING SERVICES) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

5.Debtors (continued)


Trade debtors
316,108
274,624

Amounts owed by group undertakings
624,742
639,952

Other debtors
12,540
343

Prepayments and accrued income
11,877
10,262

965,267
925,181



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
97,486
95,190

Corporation tax
6,573
13,141

Other taxation and social security
61,731
15,136

Accruals and deferred income
8,990
-

174,780
123,467



7.


Share capital

As restated
2023
2022
£
£
Allotted, called up and fully paid



19,000  Ordinary A shares of £1.00 each
19,000
19,000
4,180 Ordinary B shares of £1.00 each
4,180
4,180

23,180

23,180

Allotted, called up and partly paid



12,540 (2022 - 12,540) Ordinary B shares of £1.00 each
12,540
12,540



8.


Prior year adjustment

A prior year adjustment has been made to correct the value of the Company’s share capital which previously only reflected shares that had been allotted and fully paid up.  The impact on the prior year balance sheet is an increase in debtors of £12,540 and an increase in ordinary share capital of £12,540.

Page 8

 
HY-TEK (ENGINEERING SERVICES) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

9.Commitments, guarantees and contingencies

At 30 November 2023, the company had total financial commitments, guarantees and contingencies which are not included in the balance sheet amounting to £162,500.

 
Page 9