Company Registration No. 04771525 (England and Wales)
HiFi Collective Limited
Unaudited accounts
for the year ended 31 May 2024
HiFi Collective Limited
Unaudited accounts
Contents
HiFi Collective Limited
Company Information
for the year ended 31 May 2024
Company Number
04771525 (England and Wales)
Registered Office
Glanyrafon
30 Walters Road
Swansea
SA9 2FH
United Kingdom
Accountants
Accounts and Payroll Ltd
30 Walters Road
Cwmllynfell
Swansea
SA9 2FH
HiFi Collective Limited
Statement of financial position
as at 31 May 2024
Tangible assets
490,205
462,251
Inventories
1,824,328
1,729,602
Cash at bank and in hand
1,141,514
1,072,864
Creditors: amounts falling due within one year
(87,154)
(100,193)
Net current assets
2,905,686
2,736,613
Net assets
3,395,891
3,198,864
Called up share capital
2
2
Profit and loss account
3,395,889
3,198,862
Shareholders' funds
3,395,891
3,198,864
For the year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 17 February 2025 and were signed on its behalf by
N Lucas
Director
Company Registration No. 04771525
HiFi Collective Limited
Notes to the Accounts
for the year ended 31 May 2024
HiFi Collective Limited is a private company, limited by shares, registered in England and Wales, registration number 04771525. The registered office is Glanyrafon, 30 Walters Road, Swansea, SA9 2FH, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
4
Tangible fixed assets
Land & buildings
Plant & machinery
Motor vehicles
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At cost
At cost
At 1 June 2023
441,013
36,075
-
31,448
8,010
516,546
Additions
-
-
42,386
1,964
-
44,350
At 31 May 2024
441,013
36,075
42,386
33,412
8,010
560,896
At 1 June 2023
-
23,871
-
25,524
4,900
54,295
Charge for the year
-
3,051
10,596
2,749
-
16,396
At 31 May 2024
-
26,922
10,596
28,273
4,900
70,691
At 31 May 2024
441,013
9,153
31,790
5,139
3,110
490,205
At 31 May 2023
441,013
12,204
-
5,924
3,110
462,251
Amounts falling due within one year
Trade debtors
7,282
14,704
HiFi Collective Limited
Notes to the Accounts
for the year ended 31 May 2024
6
Creditors: amounts falling due within one year
2024
2023
Trade creditors
8,749
18,147
Taxes and social security
77,426
82,690
Loans from directors
979
-
7
Average number of employees
During the year the average number of employees was 0 (2023: 0).