Company No:
Contents
| DIRECTORS | N Sangani |
| R Yang |
| SECRETARY | N Sangani |
| REGISTERED OFFICE | Unit 10 Mendip View Business Park Bristol Road |
| Hewish | |
| Weston-Super-Mare | |
| BS24 6RX | |
| United Kingdom |
| COMPANY NUMBER | 07261346 (England and Wales) |
| ACCOUNTANT | S&W Partners LLP |
| Onslow House | |
| Onslow Street | |
| Guildford | |
| GU1 4TL |
| Note | 2024 | 2023 | ||
| £ | £ | |||
| Fixed assets | ||||
| Tangible assets | 4 |
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| 611 | 996 | |||
| Current assets | ||||
| Stocks |
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| Debtors | 5 |
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| Cash at bank and in hand |
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| 2,720,905 | 2,234,940 | |||
| Creditors: amounts falling due within one year | 6 | (
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| Net current assets | 256,616 | 252,676 | ||
| Total assets less current liabilities | 257,227 | 253,672 | ||
| Net assets |
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| Capital and reserves | ||||
| Called-up share capital |
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| Profit and loss account |
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| Total shareholders' funds |
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Directors' responsibilities:
The financial statements of UKHIFU Limited (registered number:
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N Sangani
Director |
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.
UKHIFU 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 Unit 10 Mendip View Business Park Bristol Road, Hewish, Weston-Super-Mare, BS24 6RX, 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 UKHIFU 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.
The directors have carefully reviewed the future prospects of the company and its future cash flows, therefore, having assessed this, the company meets its day to day working capital requirements through continuing financial support of the parent company.
The directors have considered the financial position of the company at 31 May 2024 and on the basis that the loan made to the company will not be repaid until the company has sufficient funds to do so, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future being at least the next 12 months from signing of these financial statements.
For this reason the directors continue to adopt the going concern basis for the preparation of the financial statements. Accordingly, these financial statements do not include any adjustments to the carrying amount or classification of assets and liabilities that would result if the company was unable to continue as a going concern
Exchange differences are recognised in the Statement of Comprehensive Income in the period in which they arise on monetary items.
Revenue arising from the provision of services is recognised by reference to the stage of completion as follows:
Sale of goods
Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
- the company has transferred the significant risks and rewards of ownership to the buyer;
- the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
- the amount of turnover can be measured reliably;
- it is probable that the company will receive the consideration due under the transaction;and
-the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Rendering of services
Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
- the amount of turnover can be measured reliably;
- it is probable that the company will receive the consideration due under the contract;
- the stage of completion of the contract at the end of the reporting period can be measured reliably; and
- the costs incurred and the costs to complete the contract can be measured reliably.
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.
| Land and buildings | depreciated over the life of the lease |
| Plant and machinery etc. |
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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.
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
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.
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
The company only enters into basic financial instrument transactions 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 ordinary shares.
Defined contribution pension plan
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the company in independently administered funds.
| 2024 | 2023 | ||
| Number | Number | ||
| Monthly average number of persons employed by the Company during the year, including directors |
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| Land and buildings | Plant and machinery etc. | Total | |||
| £ | £ | £ | |||
| Cost | |||||
| At 01 June 2023 |
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| At 31 May 2024 |
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| Accumulated depreciation | |||||
| At 01 June 2023 |
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| Charge for the financial year |
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| At 31 May 2024 |
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| Net book value | |||||
| At 31 May 2024 | 0 | 611 | 611 | ||
| At 31 May 2023 | 0 | 996 | 996 |
| 2024 | 2023 | ||
| £ | £ | ||
| Trade debtors |
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| Amounts owed by Group undertakings |
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| Deferred tax asset |
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| 2024 | 2023 | ||
| £ | £ | ||
| Trade creditors |
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| Amounts owed to Group undertakings |
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| Accruals and deferred income |
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| Corporation tax |
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| Other taxation and social security |
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| Other creditors |
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| 2024 | 2023 | ||
| £ | £ | ||
| At the beginning of financial year |
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| Credited to the Profit and Loss Account |
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| At the end of financial year |
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The deferred taxation balance is made up as follows:
| 2024 | 2023 | ||
| £ | £ | ||
| Other timing differences |
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Commitments
| 2024 | 2023 | ||
| £ | £ | ||
| Total future minimum lease payments under non-cancellable operating lease |
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Pensions
The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.
| 2024 | 2023 | ||
| £ | £ | ||
| Unpaid contributions due to the fund (inc. in other creditors) | 10,217 | 0 | |
| Pension cost charge represents contributions payable by the company to the fund and amounted | 7,661 | 6,365 | |
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Parent Company:
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