REGISTERED NUMBER: 02540830 (England and Wales)

ABRIDGED UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

FOR

HI-FI EXCELLENCE LIMITED

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

F Close

Mrs M C Close

REGISTERED OFFICE:

Unit 2

Binns Close

Coventry

West Midlands

CV1 9TB

REGISTERED NUMBER:

02540830 (England and Wales)

FIXED ASSETS

Tangible assets

4

31,531

8,348

Investments

5

17,775

13,255

49,306

21,603

CURRENT ASSETS

Stocks

841,306

874,190

Debtors

166,074

261,860

Cash at bank and in hand

77,921

26,308

1,085,301

1,162,358

CREDITORS

Amounts falling due within one year

187,668

195,638

NET CURRENT ASSETS

897,633

966,720

TOTAL ASSETS LESS CURRENT LIABILITIES

946,939

988,323

PROVISIONS FOR LIABILITIES

8,580

1,560

NET ASSETS

938,359

986,763

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Capital redemption reserve

100

100

Fair value reserve

6

3,388

-

Retained earnings

933,871

985,663

SHAREHOLDERS' FUNDS

938,359

986,763

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 March 2025 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 21 October 2025 and were signed on its behalf by:

F Close - Director

1.	STATUTORY INFORMATION

Hi-Fi Excellence Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The accounts have been prepared in accordance with applicable accounting standards. The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year.

Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to property

-

10% on cost

Fixtures, fittings and equipment

-

33% on cost

Motor vehicles

-

25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Fixed asset investments

Fixed asset investments are stated at market value as at the year end date.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2024 - 12 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 April 2024

247,347

Additions

27,688

At 31 March 2025

275,035

DEPRECIATION

At 1 April 2024

238,999

Charge for year

4,505

At 31 March 2025

243,504

NET BOOK VALUE

At 31 March 2025

31,531

At 31 March 2024

8,348

5.	FIXED ASSET INVESTMENTS

Information on investments other than loans is as follows:

Totals

£

COST OR VALUATION

At 1 April 2024

13,255

Revaluations

4,520

At 31 March 2025

17,775

NET BOOK VALUE

At 31 March 2025

17,775

At 31 March 2024

13,255

6.

RESERVES

Fair

value

reserve

£

Revaluation of investment

3,388

At 31 March 2025

3,388

7.	PENSION COMMITMENTS

The company operates a defined contribution pension scheme.The scheme and its assets are held by independent managers. Pension contributions outstanding at the year end were £408 (2024: £790).