Hi-Fi Confidential Limited - Accounts to registrar (filleted) - small 18.2

HI-FI CONFIDENTIAL LIMITED

Financial Statements

for the Year Ended 31 March 2018

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

Director:

M J Khawaja

Secretary:

A I Khawaja

Registered office:

8 Hill Barn

Sanderstead

Surrey

CR2 0RU

Registered number:

02293691

Accountants:

Haines Watts

Chartered Accountants

New Derwent House

69-73 Theobalds Road

London

WC1X 8TA

Fixed assets

Tangible assets

4

241,290

250,800

Investment property

5

128,000

128,000

369,290

378,800

Current assets

Stocks

85,260

79,240

Debtors

6

58,911

93,235

Cash at bank

1,012,412

1,039,383

1,156,583

1,211,858

Creditors

Amounts falling due within one year

7

676,651

756,378

Net current assets

479,932

455,480

Total assets less current liabilities

849,222

834,280

Provisions for liabilities

9

26,785

27,391

Net assets

822,437

806,889

Capital and reserves

Called up share capital

10

1,000

1,000

Retained earnings

11

821,437

805,889

Shareholders' funds

822,437

806,889

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2018 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 of Part 15 of the Companies Act 2006 relating to small companies.

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 on 19 December 2018 and were signed by:

M J Khawaja - Director

1.	Statutory information

Hi-Fi Confidential Limited is a private company, limited by shares , registered in Not specified/Other. 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover comprises revenue recognised by the company in respect of goods, exclusive of Value Added Tax and

trade discounts.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

2% on cost

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Investment property

Investment properties are included in the Balance sheet at their open market value. Gains and losses are

recognised in the income statement.

Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and

slow moving stocks.

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.

3.	Employees and directors

The average number of employees during the year was 9 (2017 - 11 ) .

4.	Tangible fixed assets

Fixtures

Freehold

and

Motor

property

fittings

vehicles

Totals

£

£

£

£

Cost

At 1 April 2017

315,895

106,855

10,573

433,323

Additions

-

1,295

-

1,295

Disposals

-

-

(6,173

)

(6,173

)

At 31 March 2018

315,895

108,150

4,400

428,445

Depreciation

At 1 April 2017

83,715

92,237

6,571

182,523

Charge for year

6,318

2,048

771

9,137

Eliminated on disposal

-

-

(4,505

)

(4,505

)

At 31 March 2018

90,033

94,285

2,837

187,155

Net book value

At 31 March 2018

225,862

13,865

1,563

241,290

At 31 March 2017

232,180

14,618

4,002

250,800

5.	Investment property

Total

£

Fair value

At 1 April 2017

and 31 March 2018

128,000

Net book value

At 31 March 2018

128,000

At 31 March 2017

128,000

The 2018 valuations were made by the directors, on an open market value for existing use basis.

6.

Debtors: amounts falling due within one year

2018

2017

£

£

Trade debtors

58,911

83,595

Other debtors

-

9,640

58,911

93,235

7.

Creditors: amounts falling due within one year

2018

2017

£

£

Trade creditors

325,995

417,042

Corporation tax

10,449

10,007

Social security and other taxes

29,661

30,828

Other creditors

310,546

298,501

676,651

756,378

8.	Leasing agreements

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

2018

2017

£

£

Within one year

-

30,903

9.	Provisions for liabilities

2018

2017

£

£

Deferred tax

26,784

27,391

10.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

2018

2017

value:

£

£

1,000

Ordinary

£1

1,000

1,000

11.

Reserves

Retained

earnings

£

At 1 April 2017

805,889

Profit for the year

40,548

Dividends

(25,000

)

At 31 March 2018

821,437

12.	Related party disclosures

Mr M J I Khawaja received dividends during the year totalling £25,000 (2017: £25,000). At 31 March 2018 he

was owed £115,276 (2017: £94,561).

Included in creditors is an amount of £16,081 (2017: £16,081) owed to Quick Exports Limited, a company in

which Mr M J I Khawaja is a director and shareholder.

13.	Ultimate controlling party

The director controls the company by virtue of a 100% interest in the issued share capital of the company.