Hi-way Units Limited 01538609 false 2023-08-01 2024-07-31 2024-07-31 The principal activity of the company is that of distributors of commercial vehicle parts Digita Accounts Production Advanced 6.30.9574.0 true 01538609 2023-08-01 2024-07-31 01538609 2024-07-31 01538609 bus:OrdinaryShareClass1 2024-07-31 01538609 core:CapitalRedemptionReserve 2024-07-31 01538609 core:RetainedEarningsAccumulatedLosses 2024-07-31 01538609 core:ShareCapital 2024-07-31 01538609 core:CurrentFinancialInstruments 2024-07-31 01538609 core:CurrentFinancialInstruments core:WithinOneYear 2024-07-31 01538609 core:Goodwill 2024-07-31 01538609 core:FurnitureFittingsToolsEquipment 2024-07-31 01538609 core:LandBuildings 2024-07-31 01538609 core:MotorVehicles 2024-07-31 01538609 bus:SmallEntities 2023-08-01 2024-07-31 01538609 bus:AuditExemptWithAccountantsReport 2023-08-01 2024-07-31 01538609 bus:FullAccounts 2023-08-01 2024-07-31 01538609 bus:SmallCompaniesRegimeForAccounts 2023-08-01 2024-07-31 01538609 bus:RegisteredOffice 2023-08-01 2024-07-31 01538609 bus:Director3 2023-08-01 2024-07-31 01538609 bus:OrdinaryShareClass1 2023-08-01 2024-07-31 01538609 bus:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 01538609 core:Goodwill 2023-08-01 2024-07-31 01538609 core:FurnitureFittings 2023-08-01 2024-07-31 01538609 core:FurnitureFittingsToolsEquipment 2023-08-01 2024-07-31 01538609 core:LandBuildings 2023-08-01 2024-07-31 01538609 core:MotorVehicles 2023-08-01 2024-07-31 01538609 countries:England 2023-08-01 2024-07-31 01538609 2023-07-31 01538609 core:Goodwill 2023-07-31 01538609 core:FurnitureFittingsToolsEquipment 2023-07-31 01538609 core:LandBuildings 2023-07-31 01538609 core:MotorVehicles 2023-07-31 01538609 2022-08-01 2023-07-31 01538609 2023-07-31 01538609 bus:OrdinaryShareClass1 2023-07-31 01538609 core:CapitalRedemptionReserve 2023-07-31 01538609 core:RetainedEarningsAccumulatedLosses 2023-07-31 01538609 core:ShareCapital 2023-07-31 01538609 core:CurrentFinancialInstruments 2023-07-31 01538609 core:CurrentFinancialInstruments core:WithinOneYear 2023-07-31 01538609 core:Goodwill 2023-07-31 01538609 core:FurnitureFittingsToolsEquipment 2023-07-31 01538609 core:LandBuildings 2023-07-31 01538609 core:MotorVehicles 2023-07-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 01538609

Hi-way Units Limited

Filleted Unaudited Financial Statements

for the Year Ended 31 July 2024

 

Hi-way Units Limited

(Registration number: 01538609)
Balance Sheet as at 31 July 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

-

2,000

Tangible assets

5

73,169

90,685

 

73,169

92,685

Current assets

 

Stocks

187,564

175,042

Debtors

6

228,016

341,063

Cash at bank and in hand

 

238,677

207,091

 

654,257

723,196

Creditors: Amounts falling due within one year

7

(170,869)

(256,318)

Net current assets

 

483,388

466,878

Total assets less current liabilities

 

556,557

559,563

Provisions for liabilities

(3,880)

(7,191)

Net assets

 

552,677

552,372

Capital and reserves

 

Called up share capital

8

68

68

Capital redemption reserve

32

32

Retained earnings

552,577

552,272

Shareholders' funds

 

552,677

552,372

 

Hi-way Units Limited

(Registration number: 01538609)
Balance Sheet as at 31 July 2024

For the financial year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

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

The directors acknowledge their 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.

These financial statements have been 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 27 February 2025 and signed on its behalf by:
 


Mr S F Luby
Director

   
 

Hi-way Units Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

1

General information

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

The address of its registered office is:
50 Lansdowne Road
Chadderton
Oldham
OL9 9EF

Registration number: 01538609.

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.

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.

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.

 

Hi-way Units Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

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

Land and buildings

No depreciation is provided on land and buildings as the residual value is equivalent to cost and so any depreciation is immaterial

Furniture, fittings and equipment

15%, 20% or 25% per annum on written down value

Motor vehicles

25% per annum on written down value

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

20% per annum on a straight line basis

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.

 

Hi-way Units Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Trade debtors

Trade debtors are amounts due from customers for merchandise 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.

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 recorded at fair value, net of transaction costs.

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.

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.

 

Hi-way Units Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

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 11 (2023 - 13).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 August 2023

10,000

10,000

At 31 July 2024

10,000

10,000

Amortisation

At 1 August 2023

8,000

8,000

Amortisation charge

2,000

2,000

At 31 July 2024

10,000

10,000

Carrying amount

At 31 July 2024

-

-

At 31 July 2023

2,000

2,000

 

Hi-way Units Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 August 2023

20,000

92,437

102,626

215,063

At 31 July 2024

20,000

92,437

102,626

215,063

Depreciation

At 1 August 2023

-

89,122

35,256

124,378

Charge for the year

-

670

16,846

17,516

At 31 July 2024

-

89,792

52,102

141,894

Carrying amount

At 31 July 2024

20,000

2,645

50,524

73,169

At 31 July 2023

20,000

3,315

67,370

90,685

6

Debtors

Current

2024
£

2023
£

Trade debtors

210,380

325,676

Prepayments

3,458

2,952

Other debtors

14,178

12,435

 

228,016

341,063

7

Creditors

2024
£

2023
£

Due within one year

Trade payables

116,752

184,990

Social security and other taxes

20,051

35,855

Other payables

34,066

35,473

170,869

256,318

 

Hi-way Units Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

2024
£

2023
£

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

68

68

68

68

         

9

Related party transactions

Director's benefits: advances, credits & guarantees
During the period a director received an interest free loan of £10,928. The amount outstanding at the year-end, which is repayable on demand and classified in debtors, is £10,928 (2023: £9,185).