HIK Limited
Registered number: 06063153
Balance Sheet
as at 31 January 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 76,916 92,194
Current assets
Stocks 75,560 91,367
Debtors 4 21,397 18,840
Cash at bank and in hand 14,567 15,854
111,524 126,061
Creditors: amounts falling due within one year 5 (57,795) (56,793)
Net current assets 53,729 69,268
Total assets less current liabilities 130,645 161,462
Creditors: amounts falling due after more than one year 6 (29,021) (50,469)
Net assets 101,624 110,993
Capital and reserves
Called up share capital 2 2
Profit and loss account 101,622 110,991
Shareholders' funds 101,624 110,993
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr Kuldeep Bhatt
Director
Approved by the board on 16 October 2024
HIK Limited
Notes to the Accounts
for the year ended 31 January 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Leasehold land and buildings over the lease term
Computer & equipments over 5 years
Furniture & fixture over 5 years
Motor vehicles over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. 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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 16 19
3 Tangible fixed assets
Land and buildings Plant and machinery etc Furniture & fixture Motor vehicles Total
£ £ £ £
Cost
At 1 February 2023 77,000 3,574 133,826 35,925 250,325
Additions - 0 2,025 - 2,025
At 31 January 2024 77,000 3,574 135,851 35,925 252,350
Depreciation
At 1 February 2023 43,631 2,975 104,340 7,185 158,131
Charge for the year 5,133 120 6,302 5,748 17,303
At 31 January 2024 48,764 3,095 110,642 12,933 175,434
Net book value
At 31 January 2024 28,236 479 25,209 22,992 76,916
At 31 January 2023 33,369 599 29,486 28,740 92,194
4 Debtors 2024 2023
£ £
Trade debtors 14,875 12,088
Other debtors 6,522 6,752
21,397 18,840
5 Creditors: amounts falling due within one year 2024 2023
£ £
Accruals - 2,459
Trade creditors 39,399 38,716
Net wages - 6,231
Corporation tax 12,427 16,313
Other taxes and social security 3,211 512
VAT payable 2,667 (7,522)
Nest pension 91 84
57,795 56,793
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 29,021 50,469
7 Other information
HIK Limited is a private company limited by shares and incorporated in England. Its registered office is:
The Court Building
1 Market Street
London
SE18 6FU
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