IRIS Accounts Production v24.3.0.553 07166337 director 1.3.23 29.2.24 29.2.24 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh071663372023-02-28071663372024-02-29071663372023-03-012024-02-29071663372022-02-28071663372022-03-012023-02-28071663372023-02-2807166337ns15:EnglandWales2023-03-012024-02-2907166337ns14:PoundSterling2023-03-012024-02-2907166337ns10:Director12023-03-012024-02-2907166337ns10:PrivateLimitedCompanyLtd2023-03-012024-02-2907166337ns10:SmallEntities2023-03-012024-02-2907166337ns10:AuditExempt-NoAccountantsReport2023-03-012024-02-2907166337ns10:SmallCompaniesRegimeForDirectorsReport2023-03-012024-02-2907166337ns10:SmallCompaniesRegimeForAccounts2023-03-012024-02-2907166337ns10:AbridgedAccounts2023-03-012024-02-2907166337ns10:CompanySecretary12023-03-012024-02-2907166337ns10:RegisteredOffice2023-03-012024-02-2907166337ns5:CurrentFinancialInstruments2024-02-2907166337ns5:CurrentFinancialInstruments2023-02-2807166337ns5:Non-currentFinancialInstruments2024-02-2907166337ns5:Non-currentFinancialInstruments2023-02-2807166337ns5:ShareCapital2024-02-2907166337ns5:ShareCapital2023-02-2807166337ns5:RetainedEarningsAccumulatedLosses2024-02-2907166337ns5:RetainedEarningsAccumulatedLosses2023-02-2807166337ns5:PlantMachinery2023-03-012024-02-2907166337ns5:FurnitureFittings2023-03-012024-02-2907166337ns5:MotorVehicles2023-03-012024-02-2907166337ns5:ComputerEquipment2023-03-012024-02-2907166337ns5:Secured2024-02-2907166337ns5:Secured2023-02-28
REGISTERED NUMBER: 07166337 (England and Wales)











IAN HILLS ELECTRONICS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2024






IAN HILLS ELECTRONICS LIMITED (REGISTERED NUMBER: 07166337)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024










Page

Company Information 1

Abridged Balance Sheet 2 to 3

Notes to the Financial Statements 4 to 6


IAN HILLS ELECTRONICS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 29 FEBRUARY 2024







DIRECTOR: Mr I D Hills





SECRETARY: Miss A Fergusson





REGISTERED OFFICE: Heritage House
Murton Way
Osbaldwick
York
North Yorkshire
YO19 5UW





REGISTERED NUMBER: 07166337 (England and Wales)





ACCOUNTANTS: UHY Calvert Smith
Chartered Accountants
Heritage House
Murton Way
Osbaldwick
York
North Yorkshire
YO19 5UW

IAN HILLS ELECTRONICS LIMITED (REGISTERED NUMBER: 07166337)

ABRIDGED BALANCE SHEET
29 FEBRUARY 2024

2024 2023
as restated
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 529,007 435,166

CURRENT ASSETS
Debtors 67,358 48,215
Cash at bank and in hand 413,444 264,654
480,802 312,869
CREDITORS
Amounts falling due within one year 176,079 127,015
NET CURRENT ASSETS 304,723 185,854
TOTAL ASSETS LESS CURRENT LIABILITIES 833,730 621,020

CREDITORS
Amounts falling due after more than one
year

(47,797

)

(23,996

)

PROVISIONS FOR LIABILITIES (132,252 ) (108,791 )
NET ASSETS 653,681 488,233

CAPITAL AND RESERVES
Called up share capital 200 200
Retained earnings 653,481 488,033
SHAREHOLDERS' FUNDS 653,681 488,233

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

IAN HILLS ELECTRONICS LIMITED (REGISTERED NUMBER: 07166337)

ABRIDGED BALANCE SHEET - continued
29 FEBRUARY 2024


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 29 February 2024 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 15 November 2024 and were signed by:





Mr I D Hills - Director


IAN HILLS ELECTRONICS LIMITED (REGISTERED NUMBER: 07166337)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024


1. STATUTORY INFORMATION

Ian Hills Electronics 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

These are the first financial statements prepared under FRS102 Section 1A, with the company previously reporting under the micro-entity provisions set out in FRS 105. Following the transition to FRS 102 Section 1A, transitional adjustments have been reflected in the company's financial statements.

Turnover
Turnover represents amounts receivable for the sale of goods and hire of equipment, excluding value added tax and trade discounts.

Sales of goods are recognised at the point of despatch. Sales relating to the lease of equipment are recognised on the first day hire commences. The general period of hire is one day.

Deposits received in advance are deferred in creditors until such time that the goods are despatched or hire commences.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and equipment - 20% on reducing balance
Fixtures and fittings - 10% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


IAN HILLS ELECTRONICS LIMITED (REGISTERED NUMBER: 07166337)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

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 profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2023 - 5 ) .

4. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 March 2023 815,475
Additions 221,058
Disposals (29,598 )
At 29 February 2024 1,006,935
DEPRECIATION
At 1 March 2023 380,309
Charge for year 114,606
Eliminated on disposal (16,987 )
At 29 February 2024 477,928
NET BOOK VALUE
At 29 February 2024 529,007
At 28 February 2023 435,166

IAN HILLS ELECTRONICS LIMITED (REGISTERED NUMBER: 07166337)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024


5. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
as restated
£    £   
Bank loans 24,116 33,946
Hire purchase contracts 40,393 4,124
64,509 38,070

Amounts due under hire purchase agreements are secured against the assets financed.

The bank loan is provided through the Bounce Back Loan Scheme. Under the terms of the Scheme, the Secretary of State for Business, Energy and Industrial Strategy has agreed to provide the company's lenders with a Partial Guarantee. The lender's ability to provide this loan is dependent upon the lenders receiving the Partial Guarantee.

6. OTHER FINANCIAL COMMITMENTS

The company were committed to paying £36,800 (2023 : £36,800) in lease payments at the year end.