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Registration number: 11829010

Hailmax UK Limited

Annual Report and Unaudited Financial Statements

for the Period from 1 March 2023 to 28 February 2024

 

Hailmax UK Limited

Contents

Company Information

1

Director's Report

2

Accountants' Report

3

Income Statement

4

Statement of Comprehensive Income

5

Statement of Financial Position

6

Statement of Changes in Equity

7

Notes to the Unaudited Financial Statements

8 to 12

 

Hailmax UK Limited

Company Information

Director

Mr Richard Philip Gibbs

Registered office

Manor Cottage
Middleton Park
Middleton Stoney, Oxfordshire
OX25 4AQ

Accountants

Sterling Associates
Chartered Certified Accountants
5 Theobald Court
Theobald Street
Elstree
Hertfordshire
WD6 4RN

 

Hailmax UK Limited

Director's Report for the Period from 1 March 2023 to 28 February 2024

The director presents his report and the financial statements for the period from 1 March 2023 to 28 February 2024.

Director of the company

The director who held office during the period was as follows:

Mr Richard Philip Gibbs

Principal activity

The principal activity of the company is that of management consultancy services

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the director on 28 January 2025
 

.........................................
Mr Richard Philip Gibbs
Director

 

Chartered Certified Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Hailmax UK Limited
for the Period Ended 28 February 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Hailmax UK Limited for the period ended 28 February 2024 as set out on pages 4 to 12 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.

This report is made solely to the Board of Directors of Hailmax UK Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Hailmax UK Limited and state those matters that we have agreed to state to the Board of Directors of Hailmax UK Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/
october/factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Hailmax UK Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Hailmax UK Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Hailmax UK Limited. You consider that Hailmax UK Limited is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the accounts of Hailmax UK Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Sterling Associates
Chartered Certified Accountants
5 Theobald Court
Theobald Street
Elstree
Hertfordshire
WD6 4RN

28 January 2025

 

Hailmax UK Limited

Income Statement for the Period from 1 March 2023 to 28 February 2024

Note

2024
£

2023
£

Turnover

 

45,400

35,790

Cost of sales

 

(12,000)

12,000

Gross profit

 

33,400

47,790

Administrative expenses

 

(20,716)

(28,361)

Operating profit

 

12,684

19,429

Interest payable and similar expenses

 

-

(71)

Profit before tax

4

12,684

19,358

Tax on profit

 

(2,433)

(3,708)

Profit for the financial period

 

10,251

15,650

The above results were derived from continuing operations.

The company has no recognised gains or losses for the period other than the results above.

 

Hailmax UK Limited

Statement of Comprehensive Income for the Period from 1 March 2023 to 28 February 2024

2024
£

2023
£

Profit for the period

10,251

15,650

Total comprehensive income for the period

10,251

15,650

 

Hailmax UK Limited

(Registration number: 11829010)
Statement of Financial Position as at 28 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

356

475

Current assets

 

Stocks

6

-

12,000

Debtors

7

16,500

-

Cash at bank and in hand

 

125

-

 

16,625

12,000

Creditors: Amounts falling due within one year

8

(16,737)

(12,482)

Net current liabilities

 

(112)

(482)

Net assets/(liabilities)

 

244

(7)

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

144

(107)

Shareholders' funds/(deficit)

 

244

(7)

For the financial period ending 28 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the director on 28 January 2025
 

.........................................
Mr Richard Philip Gibbs
Director

 

Hailmax UK Limited

Statement of Changes in Equity for the Period from 1 March 2023 to 28 February 2024

Share capital
£

Retained earnings
£

Total
£

At 1 March 2023

100

(107)

(7)

Profit for the period

-

10,251

10,251

Dividends

-

(10,000)

(10,000)

At 28 February 2024

100

144

244

Share capital
£

Retained earnings
£

Total
£

At 1 March 2002

100

(3,757)

(3,657)

Profit for the period

-

15,650

15,650

Dividends

-

(12,000)

(12,000)

At 28 February 2023

100

(107)

(7)

 

Hailmax UK Limited

Notes to the Unaudited Financial Statements for the Period from 1 March 2023 to 28 February 2024

1

General information

The company is a private company limited by share capital, incorporated in United Kinfdom.

The address of its registered office is:
Manor Cottage
Middleton Park
Middleton Stoney, Oxfordshire
OX25 4AQ
United Kingdom

These financial statements were authorised for issue by the director on 28 January 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

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

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Hailmax UK Limited

Notes to the Unaudited Financial Statements for the Period from 1 March 2023 to 28 February 2024

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Office equipment - 25% Reducing Balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Hailmax UK Limited

Notes to the Unaudited Financial Statements for the Period from 1 March 2023 to 28 February 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the period, was 1 (2023 - 1).

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

119

159

 

Hailmax UK Limited

Notes to the Unaudited Financial Statements for the Period from 1 March 2023 to 28 February 2024

5

Tangible assets

Office equipment
£

Total
£

Cost or valuation

At 1 March 2023

1,500

1,500

At 28 February 2024

1,500

1,500

Depreciation

At 1 March 2023

1,025

1,025

Charge for the period

119

119

At 28 February 2024

1,144

1,144

Carrying amount

At 28 February 2024

356

356

At 28 February 2023

475

475

6

Stocks

2024
£

2023
£

Work in progress

-

12,000

7

Debtors

Current

2024
£

2023
£

Trade debtors

16,500

-

 

16,500

-

8

Creditors

Creditors: amounts falling due within one year

 

Hailmax UK Limited

Notes to the Unaudited Financial Statements for the Period from 1 March 2023 to 28 February 2024

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

-

62

Taxation and social security

 

10,644

6,511

Accruals and deferred income

 

5,665

4,465

Other creditors

 

428

1,444

 

16,737

12,482

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each of £1 each

100

100

100

100

       

10

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank overdrafts

-

62

11

Parent and ultimate parent undertaking

The ultimate controlling party is Richard Gibbs.