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Unaudited Financial Statements for the Year Ended 30th November 2020 |
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Hi Lo UK Limited |
REGISTERED NUMBER:
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Unaudited Financial Statements for the Year Ended 30th November 2020 |
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Hi Lo UK Limited |
Hi Lo UK Limited (Registered number: 05134322) |
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Contents of the Financial Statements |
for the Year Ended 30th November 2020 |
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Page |
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Company Information | 1 |
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Statement of Financial Position | 2 |
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Notes to the Financial Statements | 3 |
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Report of the Accountants | 6 |
Hi Lo UK Limited |
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Company Information |
for the Year Ended 30th November 2020 |
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DIRECTOR: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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8 Shepcote Office Village |
Shepcote Lane |
Sheffield |
South Yorkshire |
S9 1TG |
Hi Lo UK Limited (Registered number: 05134322) |
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Statement of Financial Position |
30th November 2020 |
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30.11.20 | 30.11.19 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CREDITORS |
Amounts falling due within one year | 5 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital | 6 |
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Revaluation reserve | 7 |
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Retained earnings | ( |
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SHAREHOLDERS' FUNDS |
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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. |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the director and authorised for issue on
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Hi Lo UK Limited (Registered number: 05134322) |
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Notes to the Financial Statements |
for the Year Ended 30th November 2020 |
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1. | STATUTORY INFORMATION |
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Hi Lo UK Limited is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Tangible fixed assets |
No depreciation has been charged on the building as in the directors opinion the net book value represents the fair value. |
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Impairment of assets |
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At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss.If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount and an impairment loss is recognised immediately in profit or loss. |
If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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 statement of financial position date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
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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. |
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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. |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position 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. |
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Currency presentation |
The financial statements are presented in Sterling (£) which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £. |
Hi Lo UK Limited (Registered number: 05134322) |
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Notes to the Financial Statements - continued |
for the Year Ended 30th November 2020 |
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2. | ACCOUNTING POLICIES - continued |
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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 it 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. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was NIL (2019 - NIL). |
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4. | TANGIBLE FIXED ASSETS |
Long |
leasehold |
£ |
COST OR VALUATION |
At 1st December 2019 |
and 30th November 2020 |
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NET BOOK VALUE |
At 30th November 2020 |
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At 30th November 2019 |
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Cost or valuation at 30th November 2020 is represented by: |
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Long |
leasehold |
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Valuation in 2017 | 106,686 |
Cost | 243,314 |
350,000 |
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If leasehold land and buildings had not been revalued they would have been included at the following historical cost: |
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30.11.20 | 30.11.19 |
£ | £ |
Cost | 243,314 | 243,314 |
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Value of land in freehold land and buildings | 243,314 | 243,314 |
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Leasehold land and buildings were valued on fair value basis on 30th November 2020 by the director . |
Hi Lo UK Limited (Registered number: 05134322) |
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Notes to the Financial Statements - continued |
for the Year Ended 30th November 2020 |
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5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.11.20 | 30.11.19 |
£ | £ |
Taxation and social security |
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Other creditors |
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6. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.11.20 | 30.11.19 |
value: | £ | £ |
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Ordinary | £1 | 100 | 100 |
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7. | RESERVES |
Revaluation |
reserve |
£ |
At 1st December 2019 |
and 30th November 2020 |
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8. | RELATED PARTY DISCLOSURES |
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Truflame (Welding Equipment) Limited is a company under common control. |
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The company operates a loan account with Truflame (Welding Equipment) Limited. At the balance sheet date the company owed Truflame (Welding Equipment) Limited £311,482 (2019: £283,482). The loan is interest free and repayable on demand. |
Hi Lo UK Limited |
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Report of the Accountants to the Director of |
Hi Lo UK Limited |
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The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies. |
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As described on the Statement of Financial Position you are responsible for the preparation of the financial statements for the year ended 30th November 2020 set out on pages three to eight and you consider that the company is exempt from an audit. |
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In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us. |
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8 Shepcote Office Village |
Shepcote Lane |
Sheffield |
South Yorkshire |
S9 1TG |
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