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REGISTERED NUMBER: 05928172 (England and Wales)








UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2024

FOR

HIFI GEAR LIMITED

HIFI GEAR LIMITED (REGISTERED NUMBER: 05928172)






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




Page

Company information 1

Balance sheet 2

Notes to the financial statements 3


HIFI GEAR LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 May 2024







DIRECTORS: Mr P M Glazzard
Mrs T Glazzard





SECRETARY: Mr P M Glazzard





REGISTERED OFFICE: 11 King Street
Hereford
Herefordshire
HR4 9BW





REGISTERED NUMBER: 05928172 (England and Wales)





ACCOUNTANTS: Mitchell Glanville Limited
41 Rodney Road
Cheltenham
Gloucestershire
GL50 1HX

HIFI GEAR LIMITED (REGISTERED NUMBER: 05928172)

BALANCE SHEET
31 May 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 5,107 6,421
5,107 6,421

CURRENT ASSETS
Stocks 79,115 81,349
Debtors 6 8,774 25,661
Cash at bank and in hand 274,761 289,578
362,650 396,588
CREDITORS
Amounts falling due within one year 7 37,325 68,530
NET CURRENT ASSETS 325,325 328,058
TOTAL ASSETS LESS CURRENT
LIABILITIES

330,432

334,479

PROVISIONS FOR LIABILITIES 1,277 1,603
NET ASSETS 329,155 332,876

CAPITAL AND RESERVES
Called up share capital 110 110
Retained earnings 329,045 332,766
SHAREHOLDERS' FUNDS 329,155 332,876

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

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 Income statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 November 2024 and were signed on its behalf by:



Mr P M Glazzard - Director


HIFI GEAR LIMITED (REGISTERED NUMBER: 05928172)

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

1. STATUTORY INFORMATION

HiFi Gear 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.

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.

INTANGIBLE ASSETS
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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 - 10% on reducing balance
Motor vehicles - 25% on reducing balance

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 Income Statement, 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.

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 ) .

HIFI GEAR LIMITED (REGISTERED NUMBER: 05928172)

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

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 June 2023
and 31 May 2024 43,500
AMORTISATION
At 1 June 2023
and 31 May 2024 43,500
NET BOOK VALUE
At 31 May 2024 -
At 31 May 2023 -

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 June 2023 2,815 6,991 14,000 23,806
Additions - 306 - 306
At 31 May 2024 2,815 7,297 14,000 24,112
DEPRECIATION
At 1 June 2023 2,611 5,573 9,201 17,385
Charge for year 51 369 1,200 1,620
At 31 May 2024 2,662 5,942 10,401 19,005
NET BOOK VALUE
At 31 May 2024 153 1,355 3,599 5,107
At 31 May 2023 204 1,418 4,799 6,421

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 2,455 17,870
Other debtors 4,125 4,224
Prepayments 2,194 3,567
8,774 25,661

HIFI GEAR LIMITED (REGISTERED NUMBER: 05928172)

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

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts - 996
Trade creditors 19,829 37,409
Tax 6,950 13,655
VAT 10,108 10,470
Directors' current accounts 69 6,000
Accrued expenses 369 -
37,325 68,530

8. OTHER FINANCIAL COMMITMENTS

The company had total guarantees and commitments at the balance sheet date of £22,000 (2023: £38,500).

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

Included within creditors is a balance owed to the directors of £69 (2023 £6,000).

This loan has no repayment terms and does not attract interest.