Company Registration Number 00565938
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OILGEAR TOWLER LIMITED
REGISTERED NUMBER: 00565938
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2022
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Debtors: amounts falling due after more than one year
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Provisions for liabilities
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Page 1
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OILGEAR TOWLER LIMITED
REGISTERED NUMBER: 00565938
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2022
The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 5 to 22 form part of these financial statements.
Page 2
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OILGEAR TOWLER LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022
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Comprehensive income for the year
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Actuarial gain on defined benefit plans
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Other comprehensive income for the year
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Total comprehensive income for the year
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Comprehensive income for the year
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Actuarial gain/(loss) on defined benefit plans
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Other comprehensive income for the year
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Total comprehensive income for the year
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The notes on pages 5 to 22 form part of these financial statements.
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Page 3
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OILGEAR TOWLER LIMITED
ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2022
The notes on pages 5 to 22 form part of these financial statements.
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Page 4
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OILGEAR TOWLER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
The Company is a private company limited by shares, incorporated and domiciled in England and Wales. The Company is a tax resident in the United Kingdom. The registered office and principal place of business is 37 Burley Road, Leeds, West Yorkshire LS3 1JT.
The principal activity of the Company is the design, manufacture and sale of hydraulic equipment, engineering systems and electronic controls.
These financial statements have been presented on Pound Sterling as this is the currency of the primary economic environment in which the Company operates.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
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Exemption from preparing consolidated financial statements
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The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.
These financial statements represent information about the company as an individual undertaking.
At the year end, the company had net assets of £482,043 (2021 - £384,249) and the company generated a profit after tax figure of £615,794 (2021 - £957,096). The company has maintained a net current asset position amounting to £1,502,698 (2021 - £1,633,677).
In reaching their conclusion, the directors have reviewed the projected revenue, likely funding requirement and sales order book of the company for at least the next 12 months from the date of approval of the financial statements. Based on the forecasts they have not identified any factors that would cast significant doubt about the ability of the company to continue as a going concern.
Through the immediate holding company, Oilgear European Holdings Limited, the company has the support from the ultimate parent company, Texas Hydraulics Holdings, Inc.
Texas Hydraulics Holdings Inc, the ultimate parent company to Oilgear European Holdings Limited, have provided a formal letter indicating their continued financial support to Oilgear European Holdings Limited for a period of at least 12 months from the date of sign off of the financial statements. As part of their assessment the directors have also considered the ability of Texas Hydraulic Holdings, Inc to provide any necessary financial support.
After consideration of all factors, the directors continue to adopt the going concern basis in preparing the financial statements.
Page 5
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OILGEAR TOWLER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
2.Accounting policies (continued)
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
∙the Company has transferred the significant risks and rewards of ownership to the buyer;
∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the transaction; and
∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.
Page 6
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OILGEAR TOWLER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
2.Accounting policies (continued)
Other operating income includes recharges due to sublet rent of warehouse and recharges of utilities. Income is recognised as the services are utilised in line with the agreement.
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Operating leases: the Company as lessee
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Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.
Finance costs are charged to the Statement of comprehensive income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
Page 7
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OILGEAR TOWLER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
2.Accounting policies (continued)
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in the Statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.
Defined benefit pension plan
The Company operates a defined benefit plan for certain employees. A defined benefit plan defines the pension benefit that the employee will receive on retirement, usually dependent upon several factors including but not limited to age, length of service and remuneration. A defined benefit plan is a pension plan that is not a defined contribution plan.
The liability recognised in the Statement of financial position in respect of the defined benefit plan is the present value of the defined benefit obligation at the end of the reporting date less the fair value of plan assets at the reporting date (if any) out of which the obligations are to be settled.
The defined benefit obligation is calculated using the projected unit credit method. Annually the company engages independent actuaries to calculate the obligation. The present value is determined by discounting the estimated future payments using market yields on high quality corporate bonds that are denominated in sterling and that have terms approximating to the estimated period of the future payments ('discount rate').
The fair value of plan assets is measured in accordance with the FRS 102 fair value hierarchy and in accordance with the Company's policy for similarly held assets. This includes the use of appropriate valuation techniques.
Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to other comprehensive income. These amounts together with the return on plan assets, less amounts included in net interest, are disclosed as 'Remeasurement of net defined benefit liability'.
The cost of the defined benefit plan, recognised in the Statement of comprehensive income as employee costs, except where included in the cost of an asset, comprises:
a) the increase in net pension benefit liability arising from employee service during the period; and
b) the cost of plan introductions, benefit changes, curtailments and settlements.
The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit obligation and the fair value of plan assets. This cost is recognised in the Statement of comprehensive income as a 'finance expense'.
Page 8
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OILGEAR TOWLER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
2.Accounting policies (continued)
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Page 9
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OILGEAR TOWLER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
2.Accounting policies (continued)
Investments in subsidiaries are measured at cost less accumulated impairment.
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.
At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Statement of comprehensive income.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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Provisions for liabilities
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Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of financial position.
Page 10
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OILGEAR TOWLER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
2.Accounting policies (continued)
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.
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Judgements in applying accounting policies and key sources of estimation uncertainty
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In the application of the company's accounting policies, the directors are required to make judgements,
estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting
estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Key sources of estimation uncertainty
The estimates and assumptions which have a heightened risk of causing material adjustment to the carrying amount of assets and liabilities are as follows.
Stock provisioning
The company designs, manufactures and sells hydraulic equipment, engineered systems and electronic controls which is subject to changing consumer demands. As a result it is necessary to consider the recoverability of the cost of stock and the associated provisioning required. When calculating the stock provision, management considers the nature and condition of the stock, as well as applying assumptions around anticipated saleability of finished goods.
Long term contract stage of completion
The company uses the 'percentage of completion method' to determine the amount to recognise in a given period. The stage of completion is measured by the proportion of costs incurred for work performed to date compared to the estimated total costs.
Defined benefit pension scheme
The company has an obligation to pay pension benefits to certain employees. The cost of these benefits and the present value of the obligation depend on a number of factors, including; life expectancy, salary increases, asset valuations and the discount rate on corporate bonds. Management estimates these factors in determining the net pension obligation in the statement of financial position. The assumptions reflect historical experience and current trends. See note 22 for the disclosures relating to the defined benefit pension scheme.
Useful economic lives of tangible assets
The annual deprecation charge for tangible fixed assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets.
Page 11
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OILGEAR TOWLER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
3.Judgements in applying accounting policies (continued)
Bad debt provision
Balances included within trade debtors have been written down in respect of those customers for which payment is no longer anticipated to be received, ensuring trade debtors are included at their recoverable amount. When assessing recoverability of trade debtor balances the directors have considered factors such as ageing of the receivables, past experience of recoverability from individual customers and the credit profile of individual customers.
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The average monthly number of employees, including the directors, during the year was as follows:
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Selling and distribution staff
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Page 12
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OILGEAR TOWLER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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Assets under construction
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Charge for the year on owned assets
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Page 13
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OILGEAR TOWLER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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Investments in subsidiary companies
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The following was a subsidiary undertaking of the Company:
Name Registered office Class of shares Holdings
Towler Hydraulics Limited 37 Burley road, Leeds, Ordinary 99.99%
West Yorkshire, LS3 1JT
The aggregate of the share capital and reserves as at 31 December 2022 and the profit or loss for the year ended on that date for the subsidiary undertaking were as follows:
Aggreagate
of share
capital and
Name reserves Profit/(loss)
Towler Hydraulics Limited (442,958) -
Page 14
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OILGEAR TOWLER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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Raw materials and consumables
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Due after more than one year
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Amounts owed by group undertakings
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Prepayments and accrued income
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Cash and cash equivalents
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Page 15
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OILGEAR TOWLER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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Creditors: Amounts falling due within one year
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Payments received on account
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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Charged to profit or loss
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The provision for deferred taxation is made up as follows:
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Accelerated capital allowances
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There are unrecognised deferred tax assets in relation to the pensions liability and short term timing differences at 31 December 2022 of £266,807 (2021 - £426,142). No provision was made in either year due to the uncertainty of its recovery in the foreseeable future.
There are also unrecognised deferred tax assets in relation to losses at 31 December 2022 of £1,158,765 (2021 - £1,129,261). No provision has been made due to the uncertainty of their recovery in the foreseeable future.
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Page 16
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OILGEAR TOWLER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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Allotted, called up and fully paid
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33,157,320 (2021 - 33,157,320) Ordinary shares of £0.25 each
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Ordinary share rights
The Company's Ordinary shares, which carry no right to fixed income, each carrying the right to one vote at general meetings of the company.
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Profit and loss account
This reserve is made up of the cumulative profit and loss net of distributions to owners.
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At 31 December 2022 the Company had capital commitments as follows:
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Contracted for but not provided in these financial statements
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Page 17
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OILGEAR TOWLER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and £25,829 (2021 - £46,423). Contributions totalling £22,894 (2021 - £Nil) were payable to the fund at the reporting date and are included in creditors.
The Company operates a Defined Benefit Pension Scheme.
The company operates a funded pension scheme in the UK (the ‘Plan’). The Plan has both defined benefit and defined contribution sections, although the defined contribution section is relatively small.
The defined contribution section was set up on 1 January 2003 and contributions for relevant employees are paid into a money purchase plan at a rate of 4.5% by employees and 6% by the company.
During the year, the company paid contributions into the scheme of £105,885 (2021 - £115,532).
The Defined Benefit Plan provides pensions in retirement and death benefits to members. Pension benefits are linked to a member’s final salary at retirement or earlier withdrawal, and their length of service, revalued between their date of leaving service and date of retirement is appropriate. Since 31 December 2002 the Plan has been closed to future accrual.
The Plan is a registered scheme under UK legislation. The Plan is subject to the scheme funding requirements outlined in UK legislation. The Plan was established from 7 June 1985 under trust and is governed by the Plan’s trust deed and rules dated 20 April 1996. The trustees are responsible for the operation and the governance of the Plan, including making decisions regarding the Plan’s funding investment strategy (although they are required to consult with the company).
It should be noted that the defined benefit section of the plan is closed to new entrants and accrual stopped with effect from 31 December 2002. Therefore, the service cost component of the defined benefit pension cost is equal to the premiums due in respect of insured death-in-service, administration expenses and Plan levies.
Except where stated otherwise, the reminder of this note relates only to the Defined Benefit section of the Plan.
The most recent comprehensive actuarial valuation of the plan assets and the present value of the defined benefit obligation was carried out at 5 April 2019.
On 26 October 2018, the High Court handed down a judgement involving the Lloyds Banking Group’s defined benefit pension schemes. The judgement concluded the schemes should be amended to equalise pension benefits for men and women in relation to guaranteed minimum pension benefits. The issues determined by the judgment arise in relation to many other defined pension schemes. Our actuarial and legal advisors advised an adjustment to the extent of £497,000. The adjustment was recognized in the financial statements for the year ended 31 December 2018 and was classified as an exceptional item in the statement of comprehensive income.
Page 18
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OILGEAR TOWLER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
15.Pension commitments (continued)
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The fair value of the plan's assets, which are not intended to be realised in the short term and may be subject to significant change before they are realised, and the present value of the plan's liabilities, which are derived from cash flow projections over long periods and thus inherently uncertain, are disclosed below:
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Reconciliation of present value of plan liabilities:
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Reconciliation of present value of plan liabilities
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At the beginning of the year
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Service cost (net of employee contributions)
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Increase in Defined Contribution Section liabilities
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Reconciliation of present value of plan assets:
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At the beginning of the year
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Return of defined benefit assets, excluding interest income
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Contributions by employer
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Increase/(decrease) in Defined Contribution Section assets
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Scheme administrative costs
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Interest income on scheme assets
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Page 19
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OILGEAR TOWLER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
15.Pension commitments (continued)
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Composition of plan assets:
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Equities, Property and other Return-Seeking Assets
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Defined Contribution Section assets
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None of the assets of the plan are invested in the company's own financial instruments and none of the assets are properties or other assets used by the company. The amounts recognised in the Statement of Financial Position are as follows:
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Fair value of plan assets
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Present value of plan liabilities
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Net pension scheme liability
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The amounts recognised in profit or loss are as follows:
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Service cost - including current service costs and settlements
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Service cost - administrative cost
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Net interest on the net defined benefit pension liability
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The company contributions amounting to £65,450 (2021 - £69,595) were due to the Plan at the year end and these are included in creditors. The company is paying directly into the pension scheme and the estimated expected contributions to the scheme in 2023 are £815,000 (2021 - £788,000) plus contributions to the defined contribution section.
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Page 20
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OILGEAR TOWLER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
15.Pension commitments (continued)
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Principal actuarial assumptions at the reporting date (expressed as weighted averages):
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Retail Prices Index ("RPI")
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Consumer Prices Index ("CPI")
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Future pension increases - Post 88 GMP
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Future pension increases - Post 97 Excess
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Future pension increases - Post 97
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- at 65 for a male aged 45 now
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- for a female aged 65 now
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- at 65 for a female aged 45 now
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The assumptions used by the actuary are best estimates chosen from a range of possible actuarial assumptions which, due to the timescale covered, may not necessarily be borne out in practice.
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16.Other financial commitments
The company has a guarantee in favour of HMRC at 31 December 2022 amounting to £20,000 (2021 - £20,000).
Page 21
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OILGEAR TOWLER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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Related party transactions
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The company has taken advantage of the exemption contained within Section 33 of FRS102 "Related Party Disclosures" from disclosing transactions with entities which are part of the group, since 100% of the voting rights in the company are controlled within the group and the company is included within the group accounts which are publicly available.
During the year the company traded with Oilgear Traverse City, a company under common control. Sales to Oilgear Traverse City totalled £379,987 (2021 - £657,442) and purchases from totalled £284,586 (2021 - £60,418). At the year end the company was owed £101,487 (2021 - £154,957) by Oilgear Traverse City. The balance is interest free and repayable on demand.
During the year the company traded with Oilgear Hydraulic and Control Technology, a company under common control. Sales to Oilgear Hydraulic and Control Technology totalled £375,766 (2021 - £374,734) and purchases from totalled £Nil (2021 - £Nil). At the year end the company owed £Nil (2021 - £234,774 debtor) to Oilgear Hydraulic and Control Technology. The balance is interest free and repayable on demand.
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The immediate parent undertaking is Oilgear European Holdings Limited, a company incorporated in England and Wales.
The smallest and largest group in which the results of the company are consolidated is that headed by Texas Hydraulics Holdings, Inc. , a company with a registered office at 3410 Range Road, Temple, TX 76504, USA. The parent company does not prepare publicly available consolidated financial statements.
The directors consider the ultimate controlling party to be Texas Hydraulics Holdings Inc.
The auditors' report on the financial statements for the year ended 31 December 2022 was unqualified.
The audit report was signed on 12 October 2023 by Matthew Osbourne (Senior Statutory Auditor) on behalf of Armstrong Watson Audit Limited.
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