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HITAS PRODUCTS LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024






HITAS PRODUCTS LTD (REGISTERED NUMBER: 11053122)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


HITAS PRODUCTS LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTOR: T D Baldwin





REGISTERED OFFICE: Fairfax House
6a Mill Field Road
Cottingley Business Park
Bingley
West Yorkshire
BD16 1PY





REGISTERED NUMBER: 11053122 (England and Wales)





ACCOUNTANTS: Wilkinson and Partners
Chartered Accountants
Fairfax House
6a Mill Field Road
Cottingley Business Park
Bradford
West Yorkshire
BD16 1PY

HITAS PRODUCTS LTD (REGISTERED NUMBER: 11053122)

BALANCE SHEET
31 MARCH 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 64,663 60,294

CURRENT ASSETS
Stocks 56,479 58,460
Debtors 5 338,038 444,535
Cash at bank 156,946 104,062
551,463 607,057
CREDITORS
Amounts falling due within one year 6 264,610 298,401
NET CURRENT ASSETS 286,853 308,656
TOTAL ASSETS LESS CURRENT LIABILITIES 351,516 368,950

CREDITORS
Amounts falling due after more than one
year

7

(11,667

)

(21,667

)

PROVISIONS FOR LIABILITIES 8 (9,092 ) (6,592 )
NET ASSETS 330,757 340,691

CAPITAL AND RESERVES
Called up share capital 9 100 100
Retained earnings 330,657 340,591
SHAREHOLDERS' FUNDS 330,757 340,691

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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.

HITAS PRODUCTS LTD (REGISTERED NUMBER: 11053122)

BALANCE SHEET - continued
31 MARCH 2024


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

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

The financial statements were approved by the director and authorised for issue on 25 October 2024 and were signed by:





T D Baldwin - Director


HITAS PRODUCTS LTD (REGISTERED NUMBER: 11053122)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024


1. STATUTORY INFORMATION

HITAS Products Ltd 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.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

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

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

Current or deferred taxation assets and liabilities are not discounted.

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.

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.

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

HITAS PRODUCTS LTD (REGISTERED NUMBER: 11053122)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


2. ACCOUNTING POLICIES - continued

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2023 - 4 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 April 2023 33,132 5,700 53,077 8,811 100,720
Additions 23,661 313 - 2,741 26,715
At 31 March 2024 56,793 6,013 53,077 11,552 127,435
DEPRECIATION
At 1 April 2023 15,954 1,467 17,217 5,788 40,426
Charge for year 10,209 682 8,965 2,490 22,346
At 31 March 2024 26,163 2,149 26,182 8,278 62,772
NET BOOK VALUE
At 31 March 2024 30,630 3,864 26,895 3,274 64,663
At 31 March 2023 17,178 4,233 35,860 3,023 60,294

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 290,226 374,478
Other debtors 877 751
VAT 35,984 59,738
Prepayments 10,951 9,568
338,038 444,535

HITAS PRODUCTS LTD (REGISTERED NUMBER: 11053122)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans and overdrafts 10,000 10,000
Trade creditors 218,867 261,568
Tax 31,207 22,274
Social security and other taxes 49 -
Other creditors - 444
Directors' current accounts 2,257 1,945
Accrued expenses 2,230 2,170
264,610 298,401

Loans from directors are interest free and repayable on demand.

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans - 1-2 years 10,000 10,000
Bank loans - 2-5 years 1,667 11,667
11,667 21,667

8. PROVISIONS FOR LIABILITIES
31.3.24 31.3.23
£    £   
Deferred tax 9,092 6,592

Deferred
tax
£   
Balance at 1 April 2023 6,592
Accelerated capital allowances 2,500
Balance at 31 March 2024 9,092

The entire provision for deferred tax relates to accelerated capital allowances.

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.24 31.3.23
value: £    £   
100 Ordinary 1.00 100 100

10. RELATED PARTY DISCLOSURES

At the balance sheet date £420 was owed to the Company from HITAS Formulations Ltd, a company in which T D Baldwin is a director and shareholder.

HITAS PRODUCTS LTD (REGISTERED NUMBER: 11053122)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


11. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is T D Baldwin.