Hi-Spec Engineering Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 03901142 (England and Wales)

Unaudited Financial Statements

for the Year Ended 30 September 2022

for

Hi-Spec Engineering Limited

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mrs R Cooke

G E Cooke

P Mathar

SECRETARY:

Mrs M Cooke

REGISTERED OFFICE:

Unit 9

Windmill Industrial Estate

Windmill Fowey

Cornwall

PL23 1HB

REGISTERED NUMBER:

03901142 (England and Wales)

ACCOUNTANTS:

Bourne & Co

Chartered Accountants

6 Lichfield Street

Burton-on-Trent

Staffordshire

DE14 3RD

FIXED ASSETS

Tangible assets

4

20,727

9,075

CURRENT ASSETS

Stocks

30,000

20,000

Debtors

61,814

73,228

Cash at bank and in hand

208,575

161,085

300,389

254,313

CREDITORS

Amounts falling due within one year

95,757

57,237

NET CURRENT ASSETS

204,632

197,076

TOTAL ASSETS LESS CURRENT LIABILITIES

225,359

206,151

CREDITORS

Amounts falling due after more than one year

(27,460

)

(37,290

)

PROVISIONS FOR LIABILITIES

(652

)

(590

)

NET ASSETS

197,247

168,271

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

197,147

168,171

197,247

168,271

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.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 30 September 2022 in accordance with Section 444(2A) of the Companies Act 2006.

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 26 June 2023 and were signed on its behalf by:

Mrs R Cooke - Director

1.	STATUTORY INFORMATION

Hi-Spec Engineering 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.

Fixtures,fittings & equipment

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on cost

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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.

Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2021 - 6 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 October 2021

26,826

Additions

15,727

Disposals

(10,500

)

At 30 September 2022

32,053

DEPRECIATION

At 1 October 2021

17,751

Charge for year

2,206

Eliminated on disposal

(8,631

)

At 30 September 2022

11,326

NET BOOK VALUE

At 30 September 2022

20,727

At 30 September 2021

9,075

5.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

30.9.22

30.9.21

£

£

Within one year

3,667

4,000

Between one and five years

-

3,667

3,667

7,667

6.

COVID 19

The COVID-19 pandemic developed rapidly throughout 2020 and 2021 with the UK government and the devolved administrations of the United Kingdom introducing various measures that have affected economic activity.

We have taken all necessary measures to monitor and mitigate the effects of COVID-19, such as health and safety measures for our staff and visitors.

Demand from our customers reduced during the lockdown imposed by the UK government and devolved administrations that had the result in reducing our sales in the comparative year. The negative impact was mitigated by the receipt of a grant based on our property's rateable value in 2020, a reduction in rent for a short period and a reduced charge in respect of equipment/licence charges in 2021. There was an upturn in demand once the economy reopened.

We will continue to follow government policies and guidelines and to continue operations in the best and safest way possible without endangering the health of our staff or visitors.

There has been no impact upon the company's liquidity or ability to continue as a going concern arising from the pandemic.