Hi-Line Industries Limited - Accounts to registrar (filleted) - small 18.2

HI-LINE INDUSTRIES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2021

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

S D Smith

M A C Thurlow

REGISTERED OFFICE:

Green Street

Burton-Upon-Trent

Staffordshire

DE14 3RT

REGISTERED NUMBER:

04106573 (England and Wales)

ACCOUNTANTS:

Sibbalds Limited

Chartered Accountants and Business Advisers

Oakhurst House

57 Ashbourne Road

Derby

Derbyshire

DE22 3FS

FIXED ASSETS

Tangible assets

4

625,510

679,780

CURRENT ASSETS

Stocks

632,614

697,548

Debtors

5

1,139,261

746,786

Cash at bank and in hand

532,091

672,938

2,303,966

2,117,272

CREDITORS

Amounts falling due within one year

6

987,644

1,038,306

NET CURRENT ASSETS

1,316,322

1,078,966

TOTAL ASSETS LESS CURRENT LIABILITIES

1,941,832

1,758,746

CREDITORS

Amounts falling due after more than one year

7

(387,935

)

(386,654

)

PROVISIONS FOR LIABILITIES

9

(10,800

)

(15,400

)

NET ASSETS

1,543,097

1,356,692

CAPITAL AND RESERVES

Called up share capital

10

600

600

Capital redemption reserve

600

600

Retained earnings

1,541,897

1,355,492

SHAREHOLDERS' FUNDS

1,543,097

1,356,692

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 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 8 April 2022 and were signed on its behalf by:

S D Smith - Director

1.	STATUTORY INFORMATION

Hi-Line Industries 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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

-

20% on cost

Fixtures and fittings

-

20% on cost

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on cost

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.

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.

Trust

The company has created a trust whose beneficiaries will include employees of the Company and their dependents. Assets held under this trust will be controlled by trustees who will be acting independently and entirely at their own discretion.

Where assets are held in the trust and these are considered by the Company to be in respect of services already provided by employees to the Company, the Company will account for these as assets of the trust when payment is made to the trust. The value transferred will be charged in the Company's profit and loss account for the year to which it relates.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2020 - 18 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Freehold

to

Plant and

property

property

machinery

£

£

£

COST

At 1 August 2020

506,048

31,044

53,846

Additions

-

-

1,355

At 31 July 2021

506,048

31,044

55,201

DEPRECIATION

At 1 August 2020

6,356

28,794

38,822

Charge for year

5,121

600

4,788

At 31 July 2021

11,477

29,394

43,610

NET BOOK VALUE

At 31 July 2021

494,571

1,650

11,591

At 31 July 2020

499,692

2,250

15,024

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

£

£

£

COST

At 1 August 2020

76,479

158,862

62,020

888,299

Additions

-

-

1,810

3,165

At 31 July 2021

76,479

158,862

63,830

891,464

DEPRECIATION

At 1 August 2020

61,126

18,942

54,479

208,519

Charge for year

6,223

34,980

5,723

57,435

At 31 July 2021

67,349

53,922

60,202

265,954

NET BOOK VALUE

At 31 July 2021

9,130

104,940

3,628

625,510

At 31 July 2020

15,353

139,920

7,541

679,780

The net book value of tangible fixed assets includes £ 19,275 (2020 - £ 11,560 ) in respect of assets held under hire purchase contracts.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

766,724

668,709

Other debtors

372,537

78,077

1,139,261

746,786

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

20,471

7,554

Hire purchase contracts

26,230

23,298

Trade creditors

382,618

290,685

Taxation and social security

419,356

590,240

Other creditors

138,969

126,529

987,644

1,038,306

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans

313,262

289,541

Hire purchase contracts

74,673

97,113

387,935

386,654

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

216,757

255,259

8.	SECURED DEBTS

The following secured debts are included within creditors:

2021

2020

£

£

Bank loans

333,733

297,095

Hire purchase contracts

100,903

120,411

434,636

417,506

Net obligations under finance lease and hire purchase contracts are secured by fixed charges on the assets concerned.

Bank loans are secured by way of a fixed and floating charge over the undertaking and all property and assets present and future, including goodwill, book debts, uncalled capital, buildings, fixtures, fixed plant & machinery.

9.	PROVISIONS FOR LIABILITIES

2021

2020

£

£

Deferred tax

10,800

15,400

Deferred

tax

£

Balance at 1 August 2020

15,400

Provided during year

(4,600

)

Balance at 31 July 2021

10,800

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2021

2020

value:

£

£

300

Ordinary A

£1

300

300

300

Ordinary B

£1

300

300

600

600

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 July 2021 and 31 July 2020:

2021

2020

£

£

S D Smith

Balance outstanding at start of year

17,092

2,420

Amounts advanced

203,616

81,555

Amounts repaid

(3,677

)

(66,883

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

217,031

17,092

M A C Thurlow

Balance outstanding at start of year

17,652

8,969

Amounts advanced

92,814

75,017

Amounts repaid

(3,677

)

(66,334

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

106,789

17,652

Interest is charged on loans to directors at HMRC approved rates. The amount charged during the year amounted to £3,669.