Company registration number 05880815 (England and Wales)
HYDROGEO LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
PAGES FOR FILING WITH REGISTRAR
HYDROGEO LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
HYDROGEO LIMITED
BALANCE SHEET
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
19,368
15,457
Current assets
Debtors
4
73,761
71,689
Cash at bank and in hand
30,445
57,955
104,206
129,644
Creditors: amounts falling due within one year
5
(61,481)
(71,421)
Net current assets
42,725
58,223
Total assets less current liabilities
62,093
73,680
Provisions for liabilities
(4,832)
(1,422)
Net assets
57,261
72,258
Capital and reserves
Called up share capital
6
182
182
Profit and loss reserves
57,079
72,076
Total equity
57,261
72,258
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 3 January 2024 and are signed on its behalf by:
Mr C S Betts
Director
Company Registration No. 05880815
HYDROGEO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
- 2 -
1
Accounting policies
Company information
Hydrogeo Limited is a private company limited by shares incorporated in England and Wales. The registered office is Bradbury House, Mission Court, Newport, Gwent, United Kingdom, NP20 2DW.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
1.2
Turnover
Turnover represents amounts receivable for goods and services provided in the normal cause of business, net of trade discounts, VAT and other sales-related taxes.
Turnover is recognised in respect as earned when, and to the extent that, the company obtains the right to consideration in exchange for services provided.
Revenue from contracts for the provision of consultancy services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
20% on cost
Computer equipment
20% on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Financial instruments
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
HYDROGEO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
1
Accounting policies
(Continued)
- 3 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.6
The company operates a defined contribution scheme. Contributions payable for the year are charges in the profit and loss account.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
8
8
HYDROGEO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 4 -
3
Tangible fixed assets
Plant and machinery
Computer equipment
Total
£
£
£
Cost
At 1 August 2022
25,392
4,653
30,045
Additions
9,677
507
10,184
Disposals
(5,535)
(5,535)
At 31 July 2023
29,534
5,160
34,694
Depreciation and impairment
At 1 August 2022
12,013
2,575
14,588
Depreciation charged in the year
4,480
727
5,207
Eliminated in respect of disposals
(4,469)
(4,469)
At 31 July 2023
12,024
3,302
15,326
Carrying amount
At 31 July 2023
17,510
1,858
19,368
At 31 July 2022
13,379
2,078
15,457
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
66,939
71,647
Corporation tax recoverable
4,156
Other debtors
2,666
42
73,761
71,689
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
14,973
11,443
Corporation tax
16,339
27,890
Other taxation and social security
21,010
25,274
Other creditors
9,159
6,814
61,481
71,421
HYDROGEO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 5 -
6
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary D of £1 each
45
45
45
45
Ordinary C of £1 each
45
45
45
45
Ordinary B of £1 each
46
46
46
46
Ordinary A of £1 each
46
46
46
46
182
182
182
182
7
Directors' transactions
Dividends totalling £84,000 (2022 - £90,300) were paid in the year in respect of shares held by the company's directors.
The directors operate a current loan account with the company, which is debited with payments made by the company on behalf of he directors and credited with funds introduced and undrawn directors' fees. The amount owed to the directors at 31 July 2023 was £3,388.93 (2022: £2,459). This amount is included in creditors; amounts falling due within one year.