Hi-Tech Machinery Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 02056384 (England and Wales)

Financial Statements for the Year Ended 31 December 2022

for

Hi-Tech Machinery Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

A M Havord

SECRETARY:

C A Havord

REGISTERED OFFICE:

A2 G80 Cody Technology Park

Farnborough

Hampshire

GU14 0LX

REGISTERED NUMBER:

02056384 (England and Wales)

ACCOUNTANTS:

CSL Partnership Limited

Unit 4D, Lansbury Business Estate

102 Lower Guildford Road

Knaphill

Woking

Surrey

GU21 2EP

FIXED ASSETS

Property, plant and equipment

4

6,876

13,900

CURRENT ASSETS

Inventories

84,739

56,525

Debtors

5

219,521

94,813

Cash at bank and in hand

504,587

381,460

808,847

532,798

CREDITORS

Amounts falling due within one year

6

(220,216

)

(138,425

)

NET CURRENT ASSETS

588,631

394,373

TOTAL ASSETS LESS CURRENT LIABILITIES

595,507

408,273

CAPITAL AND RESERVES

Called up share capital

20

20

Retained earnings

595,487

408,253

SHAREHOLDERS' FUNDS

595,507

408,273

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director and authorised for issue on 1 March 2023 and were signed by:

A M Havord - Director

1.	STATUTORY INFORMATION

Hi-Tech Machinery 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.

Revenue

Revenue 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.

Improvements to property

-

20% on cost

Motor vehicles

-

25% on cost

Office equipment

-

20 - 34 % straight line on cost

Inventories

Inventories 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.

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 6 (2021 - 6 ) .

4.	PROPERTY, PLANT AND EQUIPMENT

Improvements

to

Motor

Office

property

vehicles

equipment

Totals

£

£

£

£

COST

At 1 January 2022

5,984

23,610

11,132

40,726

Additions

-

-

312

312

At 31 December 2022

5,984

23,610

11,444

41,038

DEPRECIATION

At 1 January 2022

5,984

11,805

9,037

26,826

Charge for year

-

5,902

1,434

7,336

At 31 December 2022

5,984

17,707

10,471

34,162

NET BOOK VALUE

At 31 December 2022

-

5,903

973

6,876

At 31 December 2021

-

11,805

2,095

13,900

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.22

31.12.21

£

£

Trade debtors

196,503

82,738

Other debtors

23,018

12,075

219,521

94,813

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.22

31.12.21

£

£

Trade creditors

79,789

15,389

Taxation and social security

61,127

18,637

Other creditors

79,300

104,399

220,216

138,425