Hispec Electrical Products Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04619331 (England and Wales)

HISPEC ELECTRICAL PRODUCTS LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2021

Page

Company Information

1

Balance Sheet

2

to

3

Notes to the Financial Statements

4

to

7

DIRECTORS:

W L D Loughlin

C Loughlin

REGISTERED OFFICE:

21

Drumhead Road

Chorley North Business Park

Chorley

Lancashire

PR6 7BX

REGISTERED NUMBER:

04619331 (England and Wales)

ACCOUNTANTS:

Sheppards

Chartered Accountants

Suite A, 2nd Floor

Kennedy House

31 Stamford Street

Altrincham

Cheshire

WA14 1ES

FIXED ASSETS

Intangible assets

4

198

-

Tangible assets

5

128,555

142,358

128,753

142,358

CURRENT ASSETS

Stocks

1,791,166

1,921,527

Debtors

6

1,940,648

1,183,306

Cash at bank and in hand

256,219

151,641

3,988,033

3,256,474

CREDITORS

Amounts falling due within one year

7

438,547

337,786

NET CURRENT ASSETS

3,549,486

2,918,688

TOTAL ASSETS LESS CURRENT LIABILITIES

3,678,239

3,061,046

CREDITORS

Amounts falling due after more than one year

8

-

64,728

NET ASSETS

3,678,239

2,996,318

CAPITAL AND RESERVES

Called up share capital

103

103

Retained earnings

3,678,136

2,996,215

SHAREHOLDERS' FUNDS

3,678,239

2,996,318

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2021 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20th December 2021 and were signed on its behalf by:

W L D Loughlin - Director

1.	STATUTORY INFORMATION

Hispec Electrical Products Ltd 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.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of ten years.

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.

Fixtures and fittings

-

25% on reducing balance

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 Statement of Income and Retained Earnings, 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 16 (2020 - 16 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

Additions

220

At 31st March 2021

220

AMORTISATION

Charge for year

22

At 31st March 2021

22

NET BOOK VALUE

At 31st March 2021

198

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1st April 2020

262,011

Additions

67,607

Disposals

(72,461

)

At 31st March 2021

257,157

DEPRECIATION

At 1st April 2020

119,653

Charge for year

34,990

Eliminated on disposal

(26,041

)

At 31st March 2021

128,602

NET BOOK VALUE

At 31st March 2021

128,555

At 31st March 2020

142,358

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

Plant and

machinery

etc

£

COST

At 1st April 2020

109,096

Disposals

(72,461

)

At 31st March 2021

36,635

DEPRECIATION

At 1st April 2020

38,062

Charge for year

6,153

Eliminated on disposal

(26,041

)

At 31st March 2021

18,174

NET BOOK VALUE

At 31st March 2021

18,461

At 31st March 2020

71,034

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

1,590,696

798,383

Other debtors

349,952

384,923

1,940,648

1,183,306

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Hire purchase contracts

21,894

8,383

Trade creditors

58,594

101,608

Taxation and social security

247,526

116,109

Other creditors

110,533

111,686

438,547

337,786

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Hire purchase contracts

-

64,728

9.	DIRECTORS ADVANCES

The following advances and credits to a director subsisted during the years ended 31st March 2021 and 31st March 2020:

2021

2020

£

£

W L D Loughlin

Balance outstanding at start of year

252,651

187,555

Amounts advanced

8,840

65,096

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

261,491

252,651