HI Speed Services Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 03695819 (England and Wales)

Unaudited Financial Statements for the Year Ended 30 September 2022

for

HI Speed Services Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

I Dawkins

J W Boazman

Mrs K J Dawkins

J Burmingham

R A Campbell

SECRETARY:

M Crampton

REGISTERED OFFICE:

Brinell Building

Lysons Avenue

Ash Vale

Aldershot

Hampshire

GU12 5QF

REGISTERED NUMBER:

03695819 (England and Wales)

ACCOUNTANTS:

Sumner & Moore Limited

The Studio

2 Borelli Yard

Farnham

Surrey

GU9 7NU

FIXED ASSETS

Tangible assets

4

1,404,229

995,078

CURRENT ASSETS

Debtors

5

2,662,147

2,019,529

Cash at bank and in hand

311,346

150,056

2,973,493

2,169,585

CREDITORS

Amounts falling due within one year

6

2,114,757

1,520,686

NET CURRENT ASSETS

858,736

648,899

TOTAL ASSETS LESS CURRENT LIABILITIES

2,262,965

1,643,977

CREDITORS

Amounts falling due after more than one year

7

(795,797

)

(617,379

)

PROVISIONS FOR LIABILITIES

(216,799

)

(120,759

)

NET ASSETS

1,250,369

905,839

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

1,250,269

905,739

SHAREHOLDERS' FUNDS

1,250,369

905,839

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2022 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.

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 12 December 2022 and were signed on its behalf by:

I Dawkins - Director

1.	STATUTORY INFORMATION

HI Speed Services 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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery etc

-

25% on cost, 15% on cost, in accordance with the property and at varying rates on cost

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

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 76 (2021 - 75 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 October 2021

2,255,354

Additions

818,144

Disposals

(205,368

)

At 30 September 2022

2,868,130

DEPRECIATION

At 1 October 2021

1,260,276

Charge for year

375,860

Eliminated on disposal

(172,235

)

At 30 September 2022

1,463,901

NET BOOK VALUE

At 30 September 2022

1,404,229

At 30 September 2021

995,078

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

etc

£

COST

At 1 October 2021

830,351

Additions

567,984

Transfer to ownership

(264,397

)

At 30 September 2022

1,133,938

DEPRECIATION

At 1 October 2021

351,179

Charge for year

193,368

Transfer to ownership

204,922

At 30 September 2022

749,469

NET BOOK VALUE

At 30 September 2022

384,469

At 30 September 2021

479,172

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.22

30.9.21

£

£

Trade debtors

1,771,401

1,043,647

Other debtors

890,746

975,882

2,662,147

2,019,529

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.22

30.9.21

£

£

Bank loans and overdrafts

123,806

95,861

Hire purchase contracts (see note 8)

216,332

199,007

Trade creditors

857,364

547,292

Taxation and social security

268,013

372,807

Other creditors

649,242

305,719

2,114,757

1,520,686

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.9.22

30.9.21

£

£

Bank loans

274,007

397,813

Hire purchase contracts (see note 8)

521,790

219,566

795,797

617,379

8.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

30.9.22

30.9.21

£

£

Gross obligations repayable:

Within one year

247,392

203,876

Between one and five years

570,099

220,982

817,491

424,858

Finance charges repayable:

Within one year

31,060

4,869

Between one and five years

48,309

1,416

79,369

6,285

Net obligations repayable:

Within one year

216,332

199,007

Between one and five years

521,790

219,566

738,122

418,573

Non-cancellable operating

leases

30.9.22

30.9.21

£

£

Within one year

958,613

237,542

Between one and five years

3,467,159

712,683

4,425,772

950,225

9.	SECURED DEBTS

The following secured debts are included within creditors:

30.9.22

30.9.21

£

£

Bank loans

397,813

493,674

Hire purchase contracts

738,122

418,573

Amounts due to factoring co.

301,825

136,493

1,437,760

1,048,740

The hire purchase advances are secured on the assets to which they relate.The advance from the factoring company is secured by a fixed charge over the trade debtors. HSBC hold a legal assignment and debenture over all money and liabilities.

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 September 2022 and 30 September 2021:

30.9.22

30.9.21

£

£

J W Boazman

Balance outstanding at start of year

-

2,398

Amounts repaid

-

(2,398

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

-

S J Boazman

Balance outstanding at start of year

-

5,431

Amounts repaid

-

(5,431

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

-

R A Campbell

Balance outstanding at start of year

-

2,300

Amounts repaid

-

(2,300

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

-

I Dawkins

Balance outstanding at start of year

500,000

-

Amounts advanced

-

600,000

Amounts repaid

(200,000

)

(100,000

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

300,000

500,000