33 38 Hitek Electronic Materials Limited 1926845 false 2023-07-01 2024-06-30 2024-06-30 The principal activity of the company is the supply of materials to the electronics industry Digita Accounts Production Advanced 6.30.9574.0 true false 1926845 2023-07-01 2024-06-30 1926845 2024-06-30 1926845 bus:OrdinaryShareClass1 2024-06-30 1926845 core:CapitalRedemptionReserve 2024-06-30 1926845 core:RetainedEarningsAccumulatedLosses 2024-06-30 1926845 core:ShareCapital 2024-06-30 1926845 core:SharePremium 2024-06-30 1926845 core:HirePurchaseContracts core:CurrentFinancialInstruments 2024-06-30 1926845 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2024-06-30 1926845 core:CurrentFinancialInstruments 2024-06-30 1926845 core:CurrentFinancialInstruments core:WithinOneYear 2024-06-30 1926845 core:Non-currentFinancialInstruments core:AfterOneYear 2024-06-30 1926845 core:CostValuation 2024-06-30 1926845 core:LandBuildings 2024-06-30 1926845 core:MotorVehicles 2024-06-30 1926845 core:OtherPropertyPlantEquipment 2024-06-30 1926845 1 2024-06-30 1926845 bus:SmallEntities 2023-07-01 2024-06-30 1926845 bus:Audited 2023-07-01 2024-06-30 1926845 bus:FilletedAccounts 2023-07-01 2024-06-30 1926845 bus:SmallCompaniesRegimeForAccounts 2023-07-01 2024-06-30 1926845 bus:RegisteredOffice 2023-07-01 2024-06-30 1926845 bus:Director5 2023-07-01 2024-06-30 1926845 bus:OrdinaryShareClass1 2023-07-01 2024-06-30 1926845 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 1926845 core:LandBuildings 2023-07-01 2024-06-30 1926845 core:LeaseholdImprovements 2023-07-01 2024-06-30 1926845 core:MotorVehicles 2023-07-01 2024-06-30 1926845 core:OtherPropertyPlantEquipment 2023-07-01 2024-06-30 1926845 countries:England 2023-07-01 2024-06-30 1926845 1 2023-07-01 2024-06-30 1926845 2023-06-30 1926845 core:LandBuildings 2023-06-30 1926845 core:MotorVehicles 2023-06-30 1926845 core:OtherPropertyPlantEquipment 2023-06-30 1926845 1 2023-06-30 1926845 2022-07-01 2023-06-30 1926845 2023-06-30 1926845 bus:OrdinaryShareClass1 2023-06-30 1926845 core:CapitalRedemptionReserve 2023-06-30 1926845 core:RetainedEarningsAccumulatedLosses 2023-06-30 1926845 core:ShareCapital 2023-06-30 1926845 core:SharePremium 2023-06-30 1926845 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-06-30 1926845 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-06-30 1926845 core:CurrentFinancialInstruments 2023-06-30 1926845 core:CurrentFinancialInstruments core:WithinOneYear 2023-06-30 1926845 core:Non-currentFinancialInstruments core:AfterOneYear 2023-06-30 1926845 core:CostValuation 2023-06-30 1926845 core:LandBuildings 2023-06-30 1926845 core:MotorVehicles 2023-06-30 1926845 core:OtherPropertyPlantEquipment 2023-06-30 1926845 core:PriorPeriodIncreaseDecrease 2023-06-30 1926845 1 2023-06-30 1926845 1 2022-07-01 2023-06-30 1926845 1 2022-06-30 xbrli:pure iso4217:GBP xbrli:shares

Registration number: 1926845

Hitek Electronic Materials Limited

Filleted Financial Statements

for the Year Ended 30 June 2024

 

Hitek Electronic Materials Limited

Registration number: 1926845

Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

1,002,118

1,055,545

Investments

5

5,000

5,000

 

1,007,118

1,060,545

Current assets

 

Stocks

1,266,756

1,129,285

Debtors

6

1,705,699

1,802,278

Cash at bank and in hand

 

1,211,536

685,188

 

4,183,991

3,616,751

Creditors: Amounts falling due within one year

7

(2,434,060)

(1,909,626)

Net current assets

 

1,749,931

1,707,125

Total assets less current liabilities

 

2,757,049

2,767,670

Creditors: Amounts falling due after more than one year

7

(27,755)

(32,775)

Provisions for liabilities

(75,219)

(84,479)

Net assets

 

2,654,075

2,650,416

Capital and reserves

 

Called up share capital

9

32,105

32,105

Share premium reserve

45,296

45,296

Capital redemption reserve

2

2

Retained earnings

2,576,672

2,573,013

Shareholders' funds

 

2,654,075

2,650,416

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 24 February 2025 and signed on its behalf by:
 


Mr J A Lawton
Director

   
 

Hitek Electronic Materials Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

1

General information

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

The address of its registered office is:
15 Wentworth Road
South Park Industrial Estate
Scunthorpe
North Lincolnshire
DN17 2AX

Registration number: 1926845.

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.

Group accounts not prepared

The company has taken advantage of the exemption in section 398 of the Companies Act 2006 from the requirement to prepare consolidated financial statements on the grounds that it is a small sized group.

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 24 February 2025 was Robert Smith BSc FCA, who signed for and on behalf of RNS Chartered Accountants.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company’s activities. Turnover is shown net of 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.

 

Hitek Electronic Materials Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

Tax

The tax expense for the period comprises current and deferred 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.

The current 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.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the balance sheet 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 over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Expenditure on leasehold property

straight line on cost over 20 years

Motor vehicles

straight line on cost over 4 years

Plant and machinery

straight line on cost over 5 years

Freehold land and buildings

No depreciation is provided as residual value is equivalent to cost and so any depreciation is immaterial

Investments

Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

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 goods sold in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured less a 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.

 

Hitek Electronic Materials Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

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.

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.

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 at the transaction price.

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 profit and loss account 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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

 

Hitek Electronic Materials Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 33 (2023 - 38).

4

Tangible assets

Land and buildings
£

Motor vehicles
 £

Plant and machinery
 £

Total
£

Cost or valuation

At 1 July 2023

820,993

363,078

457,587

1,641,658

Additions

10,130

-

97,929

108,059

At 30 June 2024

831,123

363,078

555,516

1,749,717

Depreciation

At 1 July 2023

91,642

153,379

341,092

586,113

Charge for the year

26,311

88,060

47,115

161,486

At 30 June 2024

117,953

241,439

388,207

747,599

Carrying amount

At 30 June 2024

713,170

121,639

167,309

1,002,118

At 30 June 2023

729,351

209,699

116,495

1,055,545

Included within the net book value of land and buildings above is £804,812 (2023 - £800,280) in respect of freehold land and buildings and £(91,642) (2023 - £(70,929)) in respect of long leasehold land and buildings.
 

 

Hitek Electronic Materials Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

5

Investments

2024
£

2023
£

Investments in subsidiaries

5,000

5,000

Subsidiaries

£

Cost or valuation

At 1 July 2023

5,000

At 30 June 2024

5,000

Carrying amount

At 30 June 2024

5,000

At 30 June 2023

5,000

6

Debtors

Current

2024
£

2023
£

Trade debtors

1,462,579

1,554,551

Amounts owed by related parties

166,646

126,646

Other debtors

76,474

121,081

 

1,705,699

1,802,278

 

Hitek Electronic Materials Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

7

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

5,438

5,020

Trade payables

 

718,594

609,473

Amounts due to related parties

10

888,991

631,991

Social security and other taxes

 

505,403

282,323

Other payables

 

315,634

380,819

 

2,434,060

1,909,626

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

27,755

32,775

8

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Hire purchase contracts

5,438

5,020

Non-current loans and borrowings

2024
£

2023
£

Hire purchase contracts

27,755

32,775


Secured liabilities
HP & finance liabilities are secured against the assets to which they relate.

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

32,105

32,105

32,105

32,105

       
 

Hitek Electronic Materials Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

10

Related party transactions

2024

At 1 July 2023
£

Repayments by director
£

At 30 June 2024
£

Director's loan account

80,000

(80,000)

-

 

2023

At 1 July 2022
£

Advances to director
£

At 30 June 2023
£

Director's loan account

-

80,000

80,000