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HP TECHNOLOGIES LIMITED

Registered Number
13108305
(England and Wales)

Unaudited Financial Statements for the Year ended
31 January 2024

HP TECHNOLOGIES LIMITED
Company Information
for the year from 1 February 2023 to 31 January 2024

Director

PATEL, Huzaifa Iqbal

Registered Address

The Watermark Studios
Ribbleton Lane
Preston
PR1 5EZ

Registered Number

13108305 (England and Wales)
HP TECHNOLOGIES LIMITED
Balance Sheet as at
31 January 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Intangible assets419,100-
Tangible assets544,7422,044
63,8422,044
Current assets
Stocks6676,02582,480
Debtors77,63270,351
Cash at bank and on hand8,34133,388
761,998186,219
Creditors amounts falling due within one year7(811,374)(211,299)
Net current assets (liabilities)(49,376)(25,080)
Total assets less current liabilities14,466(23,036)
Provisions for liabilities9(3,043)(388)
Net assets11,423(23,424)
Capital and reserves
Called up share capital11
Profit and loss account11,422(23,425)
Shareholders' funds11,423(23,424)
The financial statements were approved and authorised for issue by the Director on 31 January 2025, and are signed on its behalf by:
PATEL, Huzaifa Iqbal
Director
Registered Company No. 13108305
HP TECHNOLOGIES LIMITED
Notes to the Financial Statements
for the year ended 31 January 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
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).
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
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.
Revenue from sale of goods
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.
Employee benefits
Contributions to defined contribution plans are expensed in the period to which they relate.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Current taxation
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax
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.
Intangible assets
Intangible assets are stated at cost less accumulated amortisation and accumulated impairment losses. The assets are reviewed for impairment if the above factors indicate that the carrying amount may be impaired. Amortisation is included in 'administrative expenses' in the profit and loss account.
Amortisation
Web development cost is being amortise over the term of five years.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)
Plant and machinery20
Fixtures and fittings15
Vehicles25
Office Equipment20
Finance leases and hire purchase contracts
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease.
Stocks and work in progress
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).
2.Average number of employees

20242023
Average number of employees during the year22
3.Deferred tax
Increases in the UK Corporation tax rate from 19% to 25% (19% effective from 1 April 2017, and 25% effective from 1 April 2023) have been substantively enacted. This will impact the company's future tax charge accordingly. The value of the deferred tax assets at the balance sheet date has been calculated using the applicable rate when the asset is expected to be realised.
4.Intangible assets
Web development cost is being amortise over the term of five years.

Other

Total

££
Cost or valuation
Additions23,87523,875
At 31 January 2423,87523,875
Amortisation and impairment
Charge for year4,7754,775
At 31 January 244,7754,775
Net book value
At 31 January 2419,10019,100
At 31 January 23--
5.Tangible fixed assets

Plant & machinery

Fixtures & fittings

Office Equipment

Total

££££
Cost or valuation
At 01 February 23--3,0743,074
Additions4,10735,02912,55851,694
At 31 January 244,10735,02915,63254,768
Depreciation and impairment
At 01 February 23--1,0301,030
Charge for year8215,2542,9218,996
At 31 January 248215,2543,95110,026
Net book value
At 31 January 243,28629,77511,68144,742
At 31 January 23--2,0442,044
6.Stocks

2024

2023

££
Finished goods676,02582,480
Total676,02582,480
7.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables454,84723,738
Bank borrowings and overdrafts29,58577,813
Taxation and social security6,877-
Other creditors320,052102,603
Accrued liabilities and deferred income137,145
Total811,374211,299
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.
8.Obligations under finance leases
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
9.Provisions for liabilities
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.

2024

2023

££
Net deferred tax liability (asset)3,043388
Total3,043388