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Company No: 02786374 (England and Wales)

HIFI CINEMA LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2024
Pages for filing with the registrar

HIFI CINEMA LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2024

Contents

HIFI CINEMA LIMITED

COMPANY INFORMATION

For the financial year ended 31 December 2024
HIFI CINEMA LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 December 2024
DIRECTORS A P Gornall
W M White
SECRETARY W M White
REGISTERED OFFICE 22 Wycombe End
Beaconsfield
Buckinghamshire
HP9 1NB
United Kingdom
COMPANY NUMBER 02786374 (England and Wales)
ACCOUNTANT S&W Partners (Thames Valley) Limited
22 Wycombe End
Beaconsfield
Buckinghamshire
HP9 1NB
HIFI CINEMA LIMITED

BALANCE SHEET

As at 31 December 2024
HIFI CINEMA LIMITED

BALANCE SHEET (continued)

As at 31 December 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 283,220 291,912
283,220 291,912
Current assets
Stocks 7,998 33,000
Debtors 4 13,458 15,401
Cash at bank and in hand 127,748 118,202
149,204 166,603
Creditors: amounts falling due within one year 5 ( 136,831) ( 156,415)
Net current assets 12,373 10,188
Total assets less current liabilities 295,593 302,100
Provision for liabilities ( 70,805) ( 72,976)
Net assets 224,788 229,124
Capital and reserves
Called-up share capital 6 125 125
Share premium account 1,225 1,225
Profit and loss account 223,438 227,774
Total shareholders' funds 224,788 229,124

For the financial year ending 31 December 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of HIFI Cinema Limited (registered number: 02786374) were approved and authorised for issue by the Board of Directors on 04 June 2025. They were signed on its behalf by:

A P Gornall
Director
HIFI CINEMA LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
HIFI CINEMA LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

HIFI Cinema Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 22 Wycombe End, Beaconsfield, Buckinghamshire, HP9 1NB, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with ‘The Financial Reporting Standard applicable in the UK and the Republic of Ireland’ issued by the Financial Reporting Council, including Section 1A of Financial Reporting Standard 102 (FRS102), and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The functional currency of HIFI Cinema Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.

These financial statements are separate financial statements.

Going concern

The financial statements have been prepared on a going concern basis.

The directors have made an assessment in preparing these financial statements as to whether the Company is a going concern and have concluded that there are no material uncertainties that may cast significant doubt on the Company's ability to continue as a going concern for a period of at least 12 months from the date of approval of these financial statements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for the sale of goods and the rendering of services in the normal course of business, and is shown net of discounts and
VAT.

Revenue arises from the sale of audio and visual equipment.
Revenue is recognised when the customer accepts delivery of the goods.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on enacted or substantively enacted tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax assets are recognised only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 5 years straight line
Plant and machinery 10 years straight line
Vehicles 25 % reducing balance
Fixtures and fittings 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Tangible assets

Land and buildings Plant and machinery Vehicles Fixtures and fittings Total
£ £ £ £ £
Cost
At 01 January 2024 14,285 286,405 91,345 12,234 404,269
Additions 0 105,607 0 0 105,607
Disposals 0 ( 80,265) 0 0 ( 80,265)
At 31 December 2024 14,285 311,747 91,345 12,234 429,611
Accumulated depreciation
At 01 January 2024 14,285 63,519 22,319 12,234 112,357
Charge for the financial year 0 30,615 17,256 0 47,871
Disposals 0 ( 13,837) 0 0 ( 13,837)
At 31 December 2024 14,285 80,297 39,575 12,234 146,391
Net book value
At 31 December 2024 0 231,450 51,770 0 283,220
At 31 December 2023 0 222,886 69,026 0 291,912

4. Debtors

2024 2023
£ £
Trade debtors 0 7,068
Other debtors 13,458 8,333
13,458 15,401

5. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 292 4,628
Taxation and social security 26,007 54,120
Other creditors 110,532 97,667
136,831 156,415

6. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
100 Ordinary A shares shares of £ 1.00 each 100 100
25 Ordinary B shares shares of £ 1.00 each 25 25
125 125