Company registration number 2809489 (England and Wales)
Hi-Tech Communications Limited
UNAUDITED Financial Statements
For the year ended 5 April 2024
PAGES FOR FILING WITH REGISTRAR
Hi-Tech Communications Limited
Content
Page
Balance sheet
1
Notes to the financial statements
2 - 4
Hi-Tech Communications Limited
Balance Sheet
As at 5 April 2024
05 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
446
534
Current assets
Debtors
4
10,210
13,701
Cash at bank and in hand
7,551
2,310
17,761
16,011
Creditors: amounts falling due within one year
5
(18,009)
(16,244)
Net current liabilities
(248)
(233)
Net assets
198
301
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
197
300
Total equity
198
301
For the financial year ended 5 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved and signed by the director and authorised for issue on 10 October 2024
Mr S MacLaren
Director
Company registration number 2809489 (England and Wales)
Hi-Tech Communications Limited
Notes to the Financial Statements
For the year ended 5 April 2024
- 2 -
1
Accounting policies
Company information
Hi-Tech Communications Limited is a private company limited by shares incorporated in England and Wales. The registered office is 15 Clifton Street, St Albans, Herts, AL1 3RY.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 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 £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
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 trade discounts.
The website subscriptions are recognised in turnover on the basis of half the fee allocated on receipt and the other half allocated on a straight-line basis over the subscription period, with the balance carried forward as deferred income.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Office equipment
10% straight line
1.4
Financial instruments
The company has elected to apply the provisions of Section 11 and Section 12 of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present fair value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, which include trade and other payables and bank loans, are initially measured at transaction price and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present fair value of the future receipts discounted at a market rate of interest.
Hi-Tech Communications Limited
Notes to the Financial Statements (Continued)
For the year ended 5 April 2024
1
Accounting policies
(Continued)
- 3 -
1.5
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.6
Taxation
The tax expense represents the sum of the tax currently payable.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
1
1
3
Tangible fixed assets
Office equipment
£
Cost
At 6 April 2023 and 5 April 2024
7,622
Depreciation and impairment
At 6 April 2023
7,088
Depreciation charged in the year
88
At 5 April 2024
7,176
Carrying amount
At 5 April 2024
446
At 5 April 2023
534
Hi-Tech Communications Limited
Notes to the Financial Statements (Continued)
For the year ended 5 April 2024
- 4 -
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
508
1,281
Other debtors
9,702
12,420
10,210
13,701
5
Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
4,443
5,235
Other creditors
13,566
11,009
18,009
16,244
6
Directors' transactions
Included in other debtors is £9,702 (2023 - £6,670) owed to the company by the director.