Registered number
10878423
Hi-Tech Engineering Ltd
Filleted Accounts
31 July 2024
Hi-Tech Engineering Ltd
Registered number: 10878423
Balance Sheet
as at 31 July 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 40,000 40,000
Tangible assets 4 20,331 23,506
60,331 63,506
Current assets
Stocks 3,000 3,000
Debtors 5 28,047 1,585
Cash at bank and in hand 64,457 63,718
95,504 68,303
Creditors: amounts falling due within one year 6 (76,880) (84,530)
Net current assets/(liabilities) 18,624 (16,227)
Total assets less current liabilities 78,955 47,279
Creditors: amounts falling due after more than one year 7 (2,138) -
Net assets 76,817 47,279
Capital and reserves
Called up share capital 2 1
Profit and loss account 76,815 47,278
Shareholder's funds 76,817 47,279
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mariusz Wlodkowski
Director
Approved by the board on 15.04.25
Hi-Tech Engineering Ltd
Notes to the Accounts
for the year ended 31 July 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 4 years
Fixtures, fittings, tools and equipment over 4 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 7 6
3 Intangible fixed assets £
Goodwill:
Cost
At 1 August 2023 40,000
At 31 July 2024 40,000
Amortisation
At 31 July 2024 -
Net book value
At 31 July 2024 40,000
At 31 July 2023 40,000
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 August 2023 95,763 22,000 117,763
Additions 7,814 - 7,814
At 31 July 2024 103,577 22,000 125,577
Depreciation
At 1 August 2023 88,757 5,500 94,257
Charge for the year 5,489 5,500 10,989
At 31 July 2024 94,246 11,000 105,246
Net book value
At 31 July 2024 9,331 11,000 20,331
At 31 July 2023 7,006 16,500 23,506
5 Debtors 2024 2023
£ £
Other debtors 28,047 1,585
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 5,509 -
Trade creditors 37,414 23,339
Taxation and social security costs 33,956 40,485
Other creditors 1 20,706
76,880 84,530
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 2,138 -
8 Other information
Hi-Tech Engineering Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Unit 108-111 K2 House
Heathfield Way Kings Heath Ind Est
Northampton
NN5 7QP
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