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Registration number: 11378438

JDW Hydraulics Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2023

 

JDW Hydraulics Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 12

 

JDW Hydraulics Ltd

Company Information

Director

Mr D Williams

Registered office

Unit 5 Driftway Centre Pony Road
Horsepath Industrial Estate
Oxford
Oxfordshire
OX4 2RD

 

JDW Hydraulics Ltd

(Registration number: 11378438)
Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

157,501

189,000

Tangible assets

5

46,717

94,761

 

204,218

283,761

Current assets

 

Stocks

6

77,251

53,715

Debtors

7

244,604

284,522

Cash at bank and in hand

 

77,626

44,208

 

399,481

382,445

Creditors: Amounts falling due within one year

8

(247,206)

(280,636)

Net current assets

 

152,275

101,809

Total assets less current liabilities

 

356,493

385,570

Creditors: Amounts falling due after more than one year

8

(163,198)

(241,142)

Provisions for liabilities

(7,643)

(16,501)

Net assets

 

185,652

127,927

Capital and reserves

 

Called up share capital

10

10

Retained earnings

185,642

127,917

Shareholders' funds

 

185,652

127,927

 

JDW Hydraulics Ltd

(Registration number: 11378438)
Balance Sheet as at 31 July 2023 (continued)

For the financial year ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 25 October 2023
 

.........................................
Mr D Williams
Director

   
     
 

JDW Hydraulics Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 5 Driftway Centre Pony Road
Horsepath Industrial Estate
Oxford
Oxfordshire
OX4 2RD
United Kingdom

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 taxable income.

 

JDW Hydraulics Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023 (continued)

2

Accounting policies (continued)

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

5 year straight line basis .

Fixturea and fittings

5 year straight line basis .

Motor vehicles

3 year straight line basis .

Office equipment

5 year straight line basis .

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10 year straight line basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

JDW Hydraulics Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023 (continued)

2

Accounting policies (continued)

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

JDW Hydraulics Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023 (continued)

2

Accounting policies (continued)

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 6 (2022 - 6).

 

JDW Hydraulics Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023 (continued)

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 August 2022

315,000

315,000

At 31 July 2023

315,000

315,000

Amortisation

At 1 August 2022

126,000

126,000

Amortisation charge

31,499

31,499

At 31 July 2023

157,499

157,499

Carrying amount

At 31 July 2023

157,501

157,501

At 31 July 2022

189,000

189,000

 

JDW Hydraulics Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023 (continued)

5

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 August 2022

26,000

22,394

34,214

105,667

188,275

Additions

-

-

4,142

-

4,142

At 31 July 2023

26,000

22,394

38,356

105,667

192,417

Depreciation

At 1 August 2022

20,796

17,613

17,486

37,619

93,514

Charge for the year

5,199

4,472

7,293

35,222

52,186

At 31 July 2023

25,995

22,085

24,779

72,841

145,700

Carrying amount

At 31 July 2023

5

309

13,577

32,826

46,717

At 31 July 2022

5,204

4,781

16,728

68,048

94,761

 

JDW Hydraulics Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023 (continued)

6

Stocks

2023
£

2022
£

Raw materials and consumables

77,251

53,715

7

Debtors

Current

2023
£

2022
£

Trade debtors

212,848

253,758

Prepayments

31,756

30,764

 

244,604

284,522

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

74,953

71,490

Trade creditors

 

52,378

59,691

Taxation and social security

 

71,294

47,632

Accruals and deferred income

 

22,567

22,648

Other creditors

 

26,014

79,175

 

247,206

280,636

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

163,198

241,142

 

JDW Hydraulics Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023 (continued)

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

148,747

190,928

HP and finance lease liabilities

14,224

43,815

Directors loan account

227

6,399

163,198

241,142

2023
£

2022
£

Current loans and borrowings

Bank borrowings

42,292

38,909

Bank overdrafts

3,069

5,015

Hire purchase liabilities

29,592

27,566

74,953

71,490

10

Dividends

Interim dividends paid

   

2023
£

 

2022
£

Interim dividend of £5,150.00 (2022 - £2,700.00) per each ordinary share

 

51,500

 

27,000

         
 

JDW Hydraulics Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023 (continued)

11

Related party transactions

Loans from related parties

2023

Key management
£

Other related parties
£

Total
£

At start of period

6,398

78,000

84,398

Advanced

3,329

-

3,329

Repaid

(9,500)

(53,000)

(62,500)

At end of period

227

25,000

25,227

2022

Key management
£

Other related parties
£

Total
£

At start of period

22,156

93,000

115,156

Repaid

(15,758)

(15,000)

(30,758)

At end of period

6,398

78,000

84,398

Terms of loans from related parties

MK Hydraulics Limited has loaned JDW Hydraulics Limited funds during the trading year. The directors and shareholders of MK Hydraulics Limited are also the directors and shareholders of JDW Hydraulics Limited. There are no terms of repayment or interest attached to the lending of these funds.