20 9 June 2025 false false false false false false false false false false true false false false false false false No description of principal activity 2024-01-01 Sage Accounts Production Advanced 2024 - FRS102_2024 337,097 337,097 13,633 13,633 13,633 xbrli:pure xbrli:shares iso4217:GBP 01869458 2024-01-01 2024-12-31 01869458 2024-12-31 01869458 2023-12-31 01869458 2023-01-01 2023-12-31 01869458 2023-12-31 01869458 2022-12-31 01869458 bus:Director1 2024-01-01 2024-12-31 01869458 bus:Director3 2024-01-01 2024-12-31 01869458 core:PlantMachinery 2023-12-31 01869458 core:FurnitureFittings 2023-12-31 01869458 core:PlantMachinery 2024-12-31 01869458 core:FurnitureFittings 2024-12-31 01869458 core:PlantMachinery 2024-01-01 2024-12-31 01869458 core:FurnitureFittings 2024-01-01 2024-12-31 01869458 core:WithinOneYear 2024-12-31 01869458 core:WithinOneYear 2023-12-31 01869458 core:ShareCapital 2024-12-31 01869458 core:ShareCapital 2023-12-31 01869458 core:RetainedEarningsAccumulatedLosses 2024-12-31 01869458 core:RetainedEarningsAccumulatedLosses 2023-12-31 01869458 core:BetweenOneFiveYears 2024-12-31 01869458 core:BetweenOneFiveYears 2023-12-31 01869458 core:MoreThanFiveYears 2024-12-31 01869458 core:MoreThanFiveYears 2023-12-31 01869458 core:CostValuation core:Non-currentFinancialInstruments 2024-12-31 01869458 core:Non-currentFinancialInstruments 2024-12-31 01869458 core:Non-currentFinancialInstruments 2023-12-31 01869458 core:PlantMachinery 2023-12-31 01869458 core:FurnitureFittings 2023-12-31 01869458 bus:Director2 2024-01-01 2024-12-31 01869458 bus:SmallEntities 2024-01-01 2024-12-31 01869458 bus:Audited 2024-01-01 2024-12-31 01869458 bus:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 01869458 bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 01869458 bus:FullAccounts 2024-01-01 2024-12-31 01869458 core:ComputerSoftware 2024-12-31
COMPANY REGISTRATION NUMBER: 01869458
HiFi Industrial Film Limited
Filleted Financial Statements
For the year ended
31 December 2024
HiFi Industrial Film Limited
Statement of Financial Position
31 December 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
6
455,324
514,497
Investments
7
13,633
13,633
---------
---------
468,957
528,130
Current assets
Stocks
1,290,881
1,229,620
Debtors
8
1,066,475
444,002
Cash at bank and in hand
410,138
943,577
------------
------------
2,767,494
2,617,199
Creditors: amounts falling due within one year
9
859,142
598,094
------------
------------
Net current assets
1,908,352
2,019,105
------------
------------
Total assets less current liabilities
2,377,309
2,547,235
Provisions
Taxation including deferred tax
138,795
124,017
------------
------------
Net assets
2,238,514
2,423,218
------------
------------
HiFi Industrial Film Limited
Statement of Financial Position (continued)
31 December 2024
2024
2023
Note
£
£
£
Capital and reserves
Called up share capital
100,000
100,000
Profit and loss account
2,138,514
2,323,218
------------
------------
Shareholders funds
2,238,514
2,423,218
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements were approved by the board of directors and authorised for issue on 9 June 2025 , and are signed on behalf of the board by:
L W Edwards
R J Winter
Director
Director
Company registration number: 01869458
HiFi Industrial Film Limited
Notes to the Financial Statements
Year ended 31 December 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Hifi Polyester Film, Wedgwood Way, Pin Green, Stevenage, Hertfordshire, SG1 4SX.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.
Judgements and key sources of estimation uncertainty
Key sources of estimation uncertainty Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: 1) Depreciation and amortisation charge The annual depreciation charge for each class of tangible fixed asset is based on an estimate of the useful economic life of the respective assets. This is reviewed periodically by the directors to ensure that they reflect both the external and internal factors. 2) Dilapidation provision A dilapidation provision has been included based on the directors best estimate of the likely costs to return the rented premises back to it's original state as required from the lease agreement. 3) Stock provision The stock provision is based on the directors knowledge of slow moving stock items and the ability to sell these. This is reviewed periodically by the directors to ensure that they reflect both the external and internal factors.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Software
-
5 years straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
10% or 20% straight line
Fixtures and fittings
-
10% to 33% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
The company holds basic financial instruments as defined in FRS102. The financial assets and financial liabilities of the company and their measurement basis are as follows: Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments. Cash at bank is classified as a basic financial instrument and is measured at amortised cost. Financial liabilities - trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost. Taxation and social security are not included in the financial instruments disclosure definition.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 20 (2023: 22 ).
5. Intangible assets
Software
£
Cost
At 1 January 2024 and 31 December 2024
337,097
---------
Amortisation
At 1 January 2024 and 31 December 2024
337,097
---------
Carrying amount
At 31 December 2024
---------
At 31 December 2023
---------
6. Tangible assets
Plant and machinery
Fixtures and fittings
Total
£
£
£
Cost
At 1 January 2024
2,711,468
390,562
3,102,030
Additions
37,975
12,315
50,290
Disposals
( 11,110)
( 11,110)
------------
---------
------------
At 31 December 2024
2,738,333
402,877
3,141,210
------------
---------
------------
Depreciation
At 1 January 2024
2,218,782
368,751
2,587,533
Charge for the year
98,031
11,432
109,463
Disposals
( 11,110)
( 11,110)
------------
---------
------------
At 31 December 2024
2,305,703
380,183
2,685,886
------------
---------
------------
Carrying amount
At 31 December 2024
432,630
22,694
455,324
------------
---------
------------
At 31 December 2023
492,686
21,811
514,497
------------
---------
------------
7. Investments
Shares in group undertakings
£
Cost
At 1 January 2024 and 31 December 2024
13,633
--------
Impairment
At 1 January 2024 and 31 December 2024
--------
Carrying amount
At 31 December 2024
13,633
--------
At 31 December 2023
13,633
--------
8. Debtors
2024
2023
£
£
Trade debtors
900,978
277,732
Amounts owed by group undertakings and undertakings in which the company has a participating interest
17,723
Other debtors
165,497
148,547
------------
---------
1,066,475
444,002
------------
---------
9. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
89,668
157,272
Amounts owed to group undertakings and undertakings in which the company has a participating interest
52,646
6,834
Social security and other taxes
152,545
43,470
Other creditors
564,283
390,518
---------
---------
859,142
598,094
---------
---------
10. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
281,604
286,024
Later than 1 year and not later than 5 years
1,071,264
1,087,868
Later than 5 years
1,060,000
1,325,000
------------
------------
2,412,868
2,698,892
------------
------------
11. Summary audit opinion
The auditor's report dated 9 June 2025 was unqualified .
The senior statutory auditor was Jonathan Day , for and on behalf of Streets Audit LLP .
12. Related party transactions
The company has taken exemption under the terms of paragraph 33.1a of FRS102 from disclosing related party transactions with it's parent company and subsidiary.
13. Controlling party
The directors consider HiFi Holding BV, which is incorporated in the Netherlands, as the ultimate parent of HiFi Industrial Film Limited .