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REGISTERED NUMBER: 05629352 (England and Wales)












UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2024

FOR

HI-TECH AEROSPACE COMPONENTS LIMITED

HI-TECH AEROSPACE COMPONENTS LIMITED (REGISTERED NUMBER: 05629352)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 August 2024




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


HI-TECH AEROSPACE COMPONENTS LIMITED

COMPANY INFORMATION
for the year ended 31 August 2024







DIRECTOR: R J Duffin



SECRETARY: M Neale



REGISTERED OFFICE: 18 Bayton Road
Exhall
Coventry
CV7 9EJ



REGISTERED NUMBER: 05629352 (England and Wales)



BANKERS: Barclays Bank Plc
PO Box 2
25 High Street
Coventry
West Midlands
CV1 5QZ

HI-TECH AEROSPACE COMPONENTS LIMITED (REGISTERED NUMBER: 05629352)

ABRIDGED BALANCE SHEET
31 August 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 247,816 306,770

CURRENT ASSETS
Stocks 5,000 5,000
Debtors 108,940 106,513
Cash at bank 183,603 177,854
297,543 289,367
CREDITORS
Amounts falling due within one year 163,376 120,919
NET CURRENT ASSETS 134,167 168,448
TOTAL ASSETS LESS CURRENT
LIABILITIES

381,983

475,218

CREDITORS
Amounts falling due after more than one
year

(33,713

)

(80,719

)

PROVISIONS FOR LIABILITIES (74,467 ) (45,902 )
NET ASSETS 273,803 348,597

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 273,802 348,596
SHAREHOLDERS' FUNDS 273,803 348,597

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

HI-TECH AEROSPACE COMPONENTS LIMITED (REGISTERED NUMBER: 05629352)

ABRIDGED BALANCE SHEET - continued
31 August 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 August 2024 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 12 March 2025 and were signed by:





R J Duffin - Director


HI-TECH AEROSPACE COMPONENTS LIMITED (REGISTERED NUMBER: 05629352)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 August 2024

1. STATUTORY INFORMATION

Hi-Tech Aerospace Components Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The accounts have been prepared in accordance with applicable accounting standards. The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year.

Turnover
Turnover comprises the value of sales (net of value added tax) of goods and services provided in the normal course of business. Revenue is recognised in respect of service contracts when the company obtains the right to consideration.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant & machinery - 20% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

HI-TECH AEROSPACE COMPONENTS LIMITED (REGISTERED NUMBER: 05629352)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 August 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2023 - 10 ) .

4. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 September 2023 1,221,382
Additions 2,873
At 31 August 2024 1,224,255
DEPRECIATION
At 1 September 2023 914,612
Charge for year 61,827
At 31 August 2024 976,439
NET BOOK VALUE
At 31 August 2024 247,816
At 31 August 2023 306,770

HI-TECH AEROSPACE COMPONENTS LIMITED (REGISTERED NUMBER: 05629352)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 August 2024

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Totals
£   
COST
At 1 September 2023
and 31 August 2024 186,250
DEPRECIATION
At 1 September 2023 31,504
Charge for year 30,949
At 31 August 2024 62,453
NET BOOK VALUE
At 31 August 2024 123,797
At 31 August 2023 154,746

5. PENSION CONTRIBUTIONS

The company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the company to the fund in respect of the year. The amount outstanding at the year end was £737 (2023: £629).