REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
Unaudited Financial Statements |
|
For The Year Ended 31 July 2020 |
|
for |
|
High Tech Fabrications Limited |
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
Unaudited Financial Statements |
|
For The Year Ended 31 July 2020 |
|
for |
|
High Tech Fabrications Limited |
High Tech Fabrications Limited (Registered number: 04247418) |
|
|
|
|
|
|
Contents of the Financial Statements |
For The Year Ended 31 July 2020 |
|
|
|
|
Page |
|
Company Information | 1 |
|
Balance Sheet | 2 |
|
Notes to the Financial Statements | 4 |
|
High Tech Fabrications Limited |
|
|
Company Information |
For The Year Ended 31 July 2020 |
|
|
|
|
|
|
|
DIRECTOR: |
|
|
|
|
|
|
SECRETARY: |
|
|
|
|
|
|
REGISTERED OFFICE: |
|
|
|
|
|
|
|
|
|
|
REGISTERED NUMBER: |
|
|
|
|
|
|
ACCOUNTANTS: |
|
Chartered Accountants |
Goodridge Court |
Goodridge Avenue |
Gloucester |
Gloucestershire |
GL2 5EN |
High Tech Fabrications Limited (Registered number: 04247418) |
|
|
Balance Sheet |
31 July 2020 |
|
31.7.20 | 31.7.19 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
|
|
Tangible assets | 5 |
|
|
|
|
|
CURRENT ASSETS |
Stocks | 6 |
|
|
Debtors | 7 |
|
|
Cash at bank |
|
|
|
|
CREDITORS |
Amounts falling due within one year | 8 |
|
|
NET CURRENT ASSETS |
|
|
TOTAL ASSETS LESS CURRENT
LIABILITIES |
|
|
|
PROVISIONS FOR LIABILITIES |
|
|
NET ASSETS |
|
|
|
CAPITAL AND RESERVES |
Called up share capital |
|
|
Retained earnings |
|
|
SHAREHOLDERS' FUNDS |
|
|
|
|
|
|
|
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. |
High Tech Fabrications Limited (Registered number: 04247418) |
|
|
Balance Sheet - continued |
31 July 2020 |
|
|
|
|
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
|
|
|
|
|
|
|
|
High Tech Fabrications Limited (Registered number: 04247418) |
|
|
Notes to the Financial Statements |
For The Year Ended 31 July 2020 |
|
1. | STATUTORY INFORMATION |
|
High Tech Fabrications Limited is a
|
|
2. | ACCOUNTING POLICIES |
|
Basis of preparing the financial statements |
|
|
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
|
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates. |
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income. |
|
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably. |
|
Goodwill |
Goodwill, being the amount paid in connection with the acquisition of a business in 2002, has been amortised evenly over its estimated useful life of eight years. |
|
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
|
Tangible fixed assets |
|
Plant and machinery | - |
|
Fixtures and fittings | - |
|
Motor vehicles | - |
|
Computer equipment | - |
|
|
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
High Tech Fabrications Limited (Registered number: 04247418) |
|
|
Notes to the Financial Statements - continued |
For The Year Ended 31 July 2020 |
|
2. | ACCOUNTING POLICIES - continued |
|
Financial instruments |
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. |
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. |
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
|
Basic financial assets |
Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. |
|
Other financial assets |
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment. |
Trade debtors, loans and other debtors that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and debtors'. Loans and debtors are measured at amortised cost using the effective interest method, less any impairment.? |
Impairment of financial assets |
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date. |
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. The impairment loss is recognised in profit or loss. |
|
Derecognition of financial assets |
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity. |
|
Classification of financial liabilities |
Financial liabilities are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
|
Basic financial liabilities |
Basic financial liabilities, including trade and other creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. |
|
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
|
High Tech Fabrications Limited (Registered number: 04247418) |
|
|
Notes to the Financial Statements - continued |
For The Year Ended 31 July 2020 |
|
2. | ACCOUNTING POLICIES - continued |
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year. If not, they are presented as creditors falling due after more than one year. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
|
Derecognition of financial liabilities |
Financial liabilities are derecognised when, and only when, the company's obligations are discharged, cancelled, or they expire. |
|
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. |
|
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
|
Hire purchase and leasing commitments |
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. |
|
3. | EMPLOYEES AND DIRECTORS |
|
The average number of employees during the year was NIL (2019 -
|
High Tech Fabrications Limited (Registered number: 04247418) |
|
|
Notes to the Financial Statements - continued |
For The Year Ended 31 July 2020 |
|
4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 August 2019 |
and 31 July 2020 |
|
AMORTISATION |
At 1 August 2019 |
and 31 July 2020 |
|
NET BOOK VALUE |
At 31 July 2020 |
|
At 31 July 2019 |
|
|
5. | TANGIBLE FIXED ASSETS |
Improvements | Fixtures |
to | Plant and | and |
property | machinery | fittings |
£ | £ | £ |
COST |
At 1 August 2019 |
|
|
|
Additions |
|
|
|
Disposals |
|
( |
) |
|
At 31 July 2020 |
|
|
|
DEPRECIATION |
At 1 August 2019 |
|
|
|
Charge for year |
|
|
|
Eliminated on disposal |
|
( |
) |
|
At 31 July 2020 |
|
|
|
NET BOOK VALUE |
At 31 July 2020 |
|
|
|
At 31 July 2019 |
|
|
|
High Tech Fabrications Limited (Registered number: 04247418) |
|
|
Notes to the Financial Statements - continued |
For The Year Ended 31 July 2020 |
|
5. | TANGIBLE FIXED ASSETS - continued |
|
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 August 2019 |
|
|
|
Additions |
|
|
|
Disposals |
|
( |
) | ( |
) |
At 31 July 2020 |
|
|
|
DEPRECIATION |
At 1 August 2019 |
|
|
|
Charge for year |
|
|
|
Eliminated on disposal |
|
( |
) | ( |
) |
At 31 July 2020 |
|
|
|
NET BOOK VALUE |
At 31 July 2020 |
|
|
|
At 31 July 2019 |
|
|
|
|
6. | STOCKS |
31.7.20 | 31.7.19 |
£ | £ |
Stocks |
|
|
|
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.7.20 | 31.7.19 |
£ | £ |
Trade debtors |
|
|
Prepayments and accrued income |
|
|
|
|
|
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.7.20 | 31.7.19 |
£ | £ |
Other loans |
|
|
Trade creditors |
|
|
Tax |
|
|
Social security and other taxes |
|
|
VAT | 121,123 | 101,426 |
Other creditors |
|
|
Directors' current accounts | 103,685 | 822,372 |
Accrued expenses |
|
|
|
|