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Registered number: 11482456
Hilltech Ventures Limited
Unaudited Financial Statements
For The Year Ended 31 July 2024
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 11482456
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 3 901,024 419,070
Investments 5 30,059 27,406
931,083 446,476
CURRENT ASSETS
Cash at bank and in hand 2,825 6,121
2,825 6,121
Creditors: Amounts Falling Due Within One Year 6 (236,528 ) (276,040 )
NET CURRENT ASSETS (LIABILITIES) (233,703 ) (269,919 )
TOTAL ASSETS LESS CURRENT LIABILITIES 697,380 176,557
PROVISIONS FOR LIABILITIES
Deferred Taxation (120,525 ) -
NET ASSETS 576,855 176,557
CAPITAL AND RESERVES
Called up share capital 100 100
Profit and Loss Account 576,755 176,457
SHAREHOLDERS' FUNDS 576,855 176,557
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For the 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.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
R Hillier
Director
19th April 2025
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. Accounting Policies
1.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
1.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
1.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 10% straight line
1.4. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
1.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
2. Average Number of Employees
Average number of employees, including directors, during the year was as follows: 2 (2023: 2)
2 2
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3. Tangible Assets
Plant & Machinery
£
Cost or Valuation
As at 1 August 2023 1,462
As at 31 July 2024 1,462
Depreciation
As at 1 August 2023 292
Provided during the period 146
As at 31 July 2024 438
Net Book Value
As at 31 July 2024 1,024
As at 1 August 2023 1,170
5. Investments
Unlisted
£
Cost
As at 1 August 2023 27,406
Additions 35,891
Disposals (34,776 )
Revaluations 1,538
As at 31 July 2024 30,059
Provision
As at 1 August 2023 -
As at 31 July 2024 -
Net Book Value
As at 31 July 2024 30,059
As at 1 August 2023 27,406
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Corporation tax 8,529 8,552
Other creditors 227,999 267,488
236,528 276,040
7. Related Party Transactions
As at 31 July 2024 the company owed the director £218,148 (2023: £257,637).
8. Ultimate Controlling Party
The company's ultimate controlling party is the directors by virtue of their ownership of 100% of the issued share capital in the company.
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9. General Information
Hilltech Ventures Limited is a private company, limited by shares, incorporated in England & Wales, registered number 11482456 . The registered office is Unit 8 Wheatcroft Business Park, Landmere Lane, Edwalton, Nottingham, NG12 4DG.
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