HSI - NI Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: NI024046 (Northern Ireland)

Financial Statements

for the Year Ended 31 December 2018

for

HSI - NI Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mr Brian Shannon

SECRETARY:

Mr Brian Shannon

REGISTERED OFFICE:

7-15 Enterprise Crescent

Lisburn

Co. Antrim

BT28 2BP

BUSINESS ADDRESS:

7 - 15 Enterprise Crescent

Lisburn

Co. Antrim

BT28 2BP

REGISTERED NUMBER:

NI024046 (Northern Ireland)

ACCOUNTANTS:

McCleary & Company Ltd

Chartered Accountants

Ratheane House

32 Hillsborough Road

Lisburn

Co. Antrim

BT28 1AQ

FIXED ASSETS

Intangible assets

4

60,000

70,000

Tangible assets

5

156,356

117,365

216,356

187,365

CURRENT ASSETS

Debtors

6

327,044

149,266

Cash at bank and in hand

81,460

1,257

408,504

150,523

CREDITORS

Amounts falling due within one year

7

(317,752

)

(226,728

)

NET CURRENT ASSETS/(LIABILITIES)

90,752

(76,205

)

TOTAL ASSETS LESS CURRENT LIABILITIES

307,108

111,160

CREDITORS

Amounts falling due after more than one year

8

(700

)

(3,655

)

PROVISIONS FOR LIABILITIES

(1,046

)

-

NET ASSETS

305,362

107,505

CAPITAL AND RESERVES

Called up share capital

9

12,002

12,002

Retained earnings

293,360

95,503

SHAREHOLDERS' FUNDS

305,362

107,505

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 and authorised for issue by the director on 27 March 2019 and were signed by:

Mr Brian Shannon - Director

1.	STATUTORY INFORMATION

HSI - NI Limited is a private company, limited by shares , registered in Northern Ireland. 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 represents the total invoice value, excluding value added tax, of sales made during the year

and derives from the provision of goods and services falling within the company's ordinary activities.

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

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

Plant and machinery etc

-

25% on cost, 20% on cost and 15% on cost

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 12 (2017 - 10 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2018

and 31 December 2018

100,000

AMORTISATION

At 1 January 2018

30,000

Charge for year

10,000

At 31 December 2018

40,000

NET BOOK VALUE

At 31 December 2018

60,000

At 31 December 2017

70,000

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2018

312,993

Additions

101,765

Disposals

(12,000

)

At 31 December 2018

402,758

DEPRECIATION

At 1 January 2018

195,628

Charge for year

62,774

Eliminated on disposal

(12,000

)

At 31 December 2018

246,402

NET BOOK VALUE

At 31 December 2018

156,356

At 31 December 2017

117,365

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.18

31.12.17

£

£

Trade debtors

324,112

147,505

Other debtors

2,932

1,761

327,044

149,266

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.18

31.12.17

£

£

Bank loans and overdrafts

5,559

53,284

Hire purchase contracts

3,655

9,726

Trade creditors

82,382

33,820

Taxation and social security

75,850

35,580

Other creditors

150,306

94,318

317,752

226,728

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.18

31.12.17

£

£

Bank loans

700

-

Hire purchase contracts

-

3,655

700

3,655

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.18

31.12.17

value:

£

£

12,002

Ordinary

1

12,002

12,002

10.	RELATED PARTY DISCLOSURES

The company is controlled by the director who owns none of the called up share capital. In previous

years the director had made loans to the company, of which a balance of £75,624 remained

outstanding at the year end,

The ultimate controlling party is H Scan International Inc.