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REGISTERED NUMBER: 03100655 (England and Wales)



















HITCHIN INITIATIVE LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024






HITCHIN INITIATIVE LIMITED (REGISTERED NUMBER: 03100655)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

Balance Sheet 1

Notes to the Financial Statements 3


HITCHIN INITIATIVE LIMITED (REGISTERED NUMBER: 03100655)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 2,167 2,890
Investments 5 1 1
2,168 2,891

CURRENT ASSETS
Stocks - 8,147
Debtors 6 11,646 10,295
Cash at bank and in hand 5,614 11,826
17,260 30,268
CREDITORS
Amounts falling due within one year 7 4,204 16,851
NET CURRENT ASSETS 13,056 13,417
TOTAL ASSETS LESS CURRENT
LIABILITIES

15,224

16,308

RESERVES
Income and expenditure account 15,224 16,308
15,224 16,308

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

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

The directors acknowledge their 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 surplus or deficit 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.

HITCHIN INITIATIVE LIMITED (REGISTERED NUMBER: 03100655)

BALANCE SHEET - continued
31 MARCH 2024


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

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26 March 2025 and were signed on its behalf by:





Mr J Simmonds - Director


HITCHIN INITIATIVE LIMITED (REGISTERED NUMBER: 03100655)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

Hitchin Initiative Limited is a private company, limited by guarantee , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 03100655

Registered office: 1a Churchyard
Hitchin
Hertfordshire
SG5 1HR

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Going concern
The directors are of the opinion it is appropriate to prepare the accounts on a going concern basis. The company has continued to meet its obligations since the balance sheet date and Hitchin Bid Limited has also pledged its continued support for the foreseeable future.

Preparation of consolidated financial statements
The financial statements contain information about Hitchin Initiative Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Significant judgements and estimates
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. In the Director's opinion, there are no significant judgements or key sources of estimation uncertainty.

Turnover
Turnover represents income received from sponsorship, donations and fundraising activities.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - Straight line over 6 years
Office equipment - 25% on reducing balance
Fixtures & fittings - 25% on reducing balance

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

HITCHIN INITIATIVE LIMITED (REGISTERED NUMBER: 03100655)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

2. ACCOUNTING POLICIES - continued

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

Financial instruments
The company only enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Profit and Loss Account.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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 2 (2023 - 4 ) .

4. TANGIBLE FIXED ASSETS
Improvements
to Office Fixtures
property equipment & fittings Totals
£    £    £    £   
COST
At 1 April 2023
and 31 March 2024 41,434 9,295 22,204 72,933
DEPRECIATION
At 1 April 2023 41,430 8,446 20,167 70,043
Charge for year 4 211 508 723
At 31 March 2024 41,434 8,657 20,675 70,766
NET BOOK VALUE
At 31 March 2024 - 638 1,529 2,167
At 31 March 2023 4 849 2,037 2,890

HITCHIN INITIATIVE LIMITED (REGISTERED NUMBER: 03100655)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

5. FIXED ASSET INVESTMENTS
Shares in
group
undertaking
£   
COST
At 1 April 2023
and 31 March 2024 1
NET BOOK VALUE
At 31 March 2024 1
At 31 March 2023 1

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors - 3,069
Other debtors 11,646 7,226
11,646 10,295

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Taxation and social security - 2,484
Other creditors 4,204 14,367
4,204 16,851

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 18,000 18,000
Between one and five years 63,000 72,000
In more than five years - 9,000
81,000 99,000

HITCHIN INITIATIVE LIMITED (REGISTERED NUMBER: 03100655)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

9. RELATED PARTY DISCLOSURES

Hitchin Bid Limited
A company that has significant influence over Hitchin Initiative Limited.

The balance due from Hitchin Bid Limited at the balance sheet date was £11,848 (2023 - £2,261).

Hitchin Markets Limited
A subsidiary company.

During the year the company entered into the following transactions with Hitchin Initiative Limited.

2024 2023

Management charges to related party £6,188 £8,250

10. LIMITED BY GUARANTEE

The company is limited by guarantee and therefore has no share capital. The liability of each member does not exceed £1.