HILTOP MOTORS LIMITED Filleted accounts for Companies House (small and micro)

HILTOP MOTORS LIMITED Filleted accounts for Companies House (small and micro)

HILTOP MOTORS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 07055994
HILTOP MOTORS LIMITED
Filleted Unaudited Financial Statements
31 October 2022
HILTOP MOTORS LIMITED
Statement of Financial Position
31 October 2022
2022
2021
Note
£
£
£
Fixed assets
Tangible assets
5
9,961
3,804
Investments
6
–
100
-------
-------
9,961
3,904
Current assets
Stocks
428,390
504,925
Debtors
7
36,666
5,624
Cash at bank and in hand
295,547
112,678
---------
---------
760,603
623,227
Creditors: amounts falling due within one year
8
117,107
127,565
---------
---------
Net current assets
643,496
495,662
---------
---------
Total assets less current liabilities
653,457
499,566
Creditors: amounts falling due after more than one year
9
32,836
47,194
Provisions
Taxation including deferred tax
398
723
---------
---------
Net assets
620,223
451,649
---------
---------
HILTOP MOTORS LIMITED
Statement of Financial Position (continued)
31 October 2022
2022
2021
Note
£
£
£
Capital and reserves
Called up share capital
20
20
Profit and loss account
620,203
451,629
---------
---------
Shareholders funds
620,223
451,649
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 October 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 7 March 2023 , and are signed on behalf of the board by:
Mr G Rabbani
Director
Company registration number: 07055994
HILTOP MOTORS LIMITED
Notes to the Financial Statements
Year ended 31 October 2022
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 1 Stansfeld Road, London, England, E6 5LU.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Leasehold property
-
20% straight line
Fixtures and fittings
-
20% reducing balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 5 (2021: 6 ).
5. Tangible assets
Land and buildings
Fixtures and fittings
Total
£
£
£
Cost
At 1 November 2021
1,950
12,539
14,489
Additions
8,648
–
8,648
--------
--------
--------
At 31 October 2022
10,598
12,539
23,137
--------
--------
--------
Depreciation
At 1 November 2021
1,950
8,735
10,685
Charge for the year
1,730
761
2,491
--------
--------
--------
At 31 October 2022
3,680
9,496
13,176
--------
--------
--------
Carrying amount
At 31 October 2022
6,918
3,043
9,961
--------
--------
--------
At 31 October 2021
–
3,804
3,804
--------
--------
--------
6. Investments
Other investments other than loans
£
Cost
At 1 November 2021
100
Disposals
( 100)
----
At 31 October 2022
–
----
Impairment
At 1 November 2021 and 31 October 2022
–
----
Carrying amount
At 31 October 2022
–
----
At 31 October 2021
100
----
The company owns 100% share capital of Bay Leaf Restaurant Ltd which is incorporated in the UK.
The 100% shares in the subsidiary was transferred to the former director Mr T Miah at nominal value due to the expiry of the lease of the restaurant.
7. Debtors
2022
2021
£
£
Amounts owed by group undertakings and undertakings in which the company has a participating interest
–
624
Other debtors
36,666
5,000
--------
-------
36,666
5,624
--------
-------
8. Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans and overdrafts
5,000
14,444
Trade creditors
–
1,019
Corporation tax
40,087
24,301
Social security and other taxes
37,866
50,372
Other creditors
34,154
37,429
---------
---------
117,107
127,565
---------
---------
9. Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
32,836
47,194
--------
--------