Acorah Software Products - Accounts Production 14.5.601 false true true 31 December 2022 1 January 2022 false 28 March 2024 1 January 2023 31 December 2023 31 December 2023 04493409 Mrs R M Galley Mr M O Arkevret Mrs F M Norrbom Sams Mr N Clowes Hydroscand Group AB true iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 04493409 2022-12-31 04493409 2023-12-31 04493409 2023-01-01 2023-12-31 04493409 frs-core:CurrentFinancialInstruments 2023-12-31 04493409 frs-core:Non-currentFinancialInstruments 2023-12-31 04493409 frs-core:BetweenOneFiveYears 2023-12-31 04493409 frs-core:ComputerEquipment 2023-12-31 04493409 frs-core:ComputerEquipment 2023-01-01 2023-12-31 04493409 frs-core:ComputerEquipment 2022-12-31 04493409 frs-core:NetGoodwill 2023-12-31 04493409 frs-core:NetGoodwill 2023-01-01 2023-12-31 04493409 frs-core:NetGoodwill 2022-12-31 04493409 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2023-12-31 04493409 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 04493409 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2022-12-31 04493409 frs-core:MoreThanFiveYears 2023-12-31 04493409 frs-core:MotorVehicles 2023-12-31 04493409 frs-core:MotorVehicles 2023-01-01 2023-12-31 04493409 frs-core:MotorVehicles 2022-12-31 04493409 frs-core:PlantMachinery 2023-12-31 04493409 frs-core:PlantMachinery 2023-01-01 2023-12-31 04493409 frs-core:PlantMachinery 2022-12-31 04493409 frs-core:WithinOneYear 2023-12-31 04493409 frs-core:ShareCapital 2023-12-31 04493409 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31 04493409 frs-bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 04493409 frs-bus:FilletedAccounts 2023-01-01 2023-12-31 04493409 frs-bus:SmallEntities 2023-01-01 2023-12-31 04493409 frs-bus:Audited 2023-01-01 2023-12-31 04493409 frs-bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 04493409 1 2023-01-01 2023-12-31 04493409 frs-core:CostValuation 2022-12-31 04493409 frs-core:AdditionsToInvestments 2023-12-31 04493409 frs-core:CostValuation 2023-12-31 04493409 frs-core:ProvisionsForImpairmentInvestments 2022-12-31 04493409 frs-core:ProvisionsForImpairmentInvestments 2023-12-31 04493409 frs-bus:Director1 2023-01-01 2023-12-31 04493409 frs-bus:Director2 2023-01-01 2023-12-31 04493409 frs-bus:Director3 2023-01-01 2023-12-31 04493409 frs-bus:CompanySecretary1 2023-01-01 2023-12-31 04493409 frs-countries:EnglandWales 2023-01-01 2023-12-31 04493409 2021-12-31 04493409 2022-12-31 04493409 2022-01-01 2022-12-31 04493409 frs-core:CurrentFinancialInstruments 2022-12-31 04493409 frs-core:Non-currentFinancialInstruments 2022-12-31 04493409 frs-core:BetweenOneFiveYears 2022-12-31 04493409 frs-core:MoreThanFiveYears 2022-12-31 04493409 frs-core:WithinOneYear 2022-12-31 04493409 frs-core:ShareCapital 2022-12-31 04493409 frs-core:RetainedEarningsAccumulatedLosses 2022-12-31
Registered number: 04493409
Hydroscand Ltd.
Financial Statements
For The Year Ended 31 December 2023
William Price & Co Limited
Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—10
Page 1
Balance Sheet
Registered number: 04493409
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 393,700 561,100
Tangible Assets 5 675,092 557,344
Investments 6 561,863 203
1,630,655 1,118,647
CURRENT ASSETS
Stocks 7 1,420,198 1,662,720
Debtors 8 2,219,652 1,278,233
Cash at bank and in hand 7,223 8,680
3,647,073 2,949,633
Creditors: Amounts Falling Due Within One Year 9 (5,460,374 ) (3,483,986 )
NET CURRENT ASSETS (LIABILITIES) (1,813,301 ) (534,353 )
TOTAL ASSETS LESS CURRENT LIABILITIES (182,646 ) 584,294
NET (LIABILITIES)/ASSETS (182,646 ) 584,294
CAPITAL AND RESERVES
Called up share capital 10 10,000,000 10,000,000
Profit and Loss Account (10,182,646 ) (9,415,706 )
SHAREHOLDERS' FUNDS (182,646) 584,294
Page 1
Page 2
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mrs R M Galley
Director
28 March 2024
The notes on pages 3 to 10 form part of these financial statements.
Page 2
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Notes to the Financial Statements
1. General Information
Hydroscand Ltd. is a private company, limited by shares, incorporated in England & Wales, registered number 04493409
The registered office is Westbury Court, Church Road, Westbury-On-Trym, Bristol, BS9 3EF.
The principal place of business is 121 Town Street, Sandiacre, Nottingham, NG10 5DW.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
The financial statements are presented in sterling and rounded to the nearest £1.
2.2. Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
After reviewing the company's forecasts and projections and after having received assurances from the holding company regarding continued support, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the forseeable future.
2.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts, value added taxes, returns and rebates. Turnover includes revenue earned from the sale of goods and from the rendering of services. 
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.4. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 5 years.
2.5. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold over 5 years
Plant & Machinery over 5 years
Motor Vehicles over 4 years
Computer Equipment over 5 years
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2.6. Stocks and Work in Progress
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. 
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 debtors
Trade debtors are amounts due from customers for merchandise sold 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.
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.
2.7. Foreign Currencies
Monetary 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 ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.8. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. 
Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. 
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.
2.9. Pensions
The company operates a defined contribution pension scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
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2.10. Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
2.11. Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
2.12. Group accounts not prepared
The financial statements contain information about Hydroscand Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirement to prepare consolidated financial statements as it, and it's subsidiary undertakings, are included by full consolidation in the consolidated financial statements of it's parent, Hydroscand Group AB, a company incorporated in Sweden.
The financial statements of Hydroscand Group AB may be obtained from:
Box 401,
SE-128 06 Skondal,
Sweden.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 69 (2022: 65)
69 65
4. Intangible Assets
Goodwill
£
Cost
As at 1 January 2023 885,000
As at 31 December 2023 885,000
Amortisation
As at 1 January 2023 323,900
Provided during the period 167,400
As at 31 December 2023 491,300
Net Book Value
As at 31 December 2023 393,700
As at 1 January 2023 561,100
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Impairment
Goodwill arising on the purchase of the assets and liabilities of acquired businesses, has been impaired to the value of the net assets acquired. The amount of impairment loss included in profit or loss is £Nil (2022 - £15,000).
5. Tangible Assets
Land & Property
Leasehold Plant & Machinery Motor Vehicles Computer Equipment Total
£ £ £ £ £
Cost
As at 1 January 2023 461,127 694,735 1,211,345 206,981 2,574,188
Additions 48,055 59,854 314,949 8,261 431,119
Disposals - - (67,403 ) - (67,403 )
As at 31 December 2023 509,182 754,589 1,458,891 215,242 2,937,904
Depreciation
As at 1 January 2023 389,553 587,412 855,567 184,312 2,016,844
Provided during the period 22,577 42,957 192,846 13,161 271,541
Disposals - - (25,573 ) - (25,573 )
As at 31 December 2023 412,130 630,369 1,022,840 197,473 2,262,812
Net Book Value
As at 31 December 2023 97,052 124,220 436,051 17,769 675,092
As at 1 January 2023 71,574 107,323 355,778 22,669 557,344
6. Investments
Subsidiaries
£
Cost
As at 1 January 2023 203
Additions 561,660
As at 31 December 2023 561,863
Provision
As at 1 January 2023 -
As at 31 December 2023 -
Net Book Value
As at 31 December 2023 561,863
As at 1 January 2023 203
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Details of undertakings
Subsidiary undertakings
Blackwell Hydraulics Ltd
The principal activity of Blackwell Hydraulics Ltd is that of a dormant company.
Euro Hydraulics Mobile Ltd
The principal activity of Euro Hydraulics Mobile Ltd is that of a dormant company.
Pathel UK Ltd
The principal activity of Pathel UK Ltd is the sale of industrial machinery and equipment.
Leicester Hose and Hydraulics Ltd
The principal activity of Leicester Hose and Hydraulics Ltd is the sale of hydraulic equipment.
Yorkshire Hose and Fittings Ltd
The principal activity of Yorkshire Hose and Fittings Ltd is the sale of hydraulic fittings and hose assemblies.
 Details of the investments (including principal place of business of unincorporated entities) in which the
company holds 20% or more of the nominal value of any class of share capital are as follows:
Undertaking                        Registered office                Holding                    Proportion of voting rights
                                                                                                                            and shares held
                                                                                                                            2023            2022
Subsidiary undertakings
Blackwell Hydraulics Ltd    Westbury Court                    ordinary                    100%           100% 
                                              Church Road
                                              Westbury on Trym
                                              Bristol BS9 3EF, UK
Euro Hydraulics Mobile       Westbury Court                    ordinary                   100%            100%
Ltd                                         Church Road
                                               Westbury on Trym
                                               Bristol BS9 3EF, UK
Pathel UK Ltd                       Westbury Court                    ordinary                   100%            0%
                                               Church Road
                                               Westbury on Trym
                                               Bristol BS9 3EF, UK
Leicester Hose and                Westbury Court                    ordinary                   100%            0%
Hydraulics Ltd                       Church Road
                                               Westbury on Trym
                                               Bristol BS9 3EF, UK
Yorkshire Hose and               Westbury Court                    ordinary                   100%            0%
Fittings Ltd                            Church Road
                                               Westbury on Trym
                                               Bristol BS9 3EF, UK
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7. Stocks
2023 2022
£ £
Stock 1,420,198 1,662,720
8. Debtors
2023 2022
£ £
Due within one year
Trade debtors 1,125,723 1,146,978
Prepayments and accrued income 210,244 125,725
Other debtors 9,338 4,917
Amounts owed by group undertakings 4,078 613
1,349,383 1,278,233
Due after more than one year
Amounts owed by subsidiaries 870,269 -
870,269 -
2,219,652 1,278,233
Included in debtors due after more than one year is an amount of £870,269 (2022: £Nil) owed to the company by Pathel UK Ltd, a wholly owned subsidiary of Hydroscand Ltd.
9. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 223,999 150,867
Bank loans and overdrafts 4,700,456 2,795,835
Other taxes and social security 254,609 241,019
Accruals and deferred income 241,923 231,361
Amounts owed to group undertakings 39,387 64,904
5,460,374 3,483,986
10. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 10,000,000 10,000,000
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11. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases not included in the balance sheet are as following:
2023 2022
£ £
Not later than one year 276,403 266,768
Later than one year and not later than five years 472,366 533,660
Later than five years 6,736 31,079
755,505 831,507
This balance relates to the total of future minimum property lease commitments.
12. Related Party Transactions
Key management compensation
2023
2022
£
£
Salaries and other short term employee benefits
173,341
169,576
Post-employment benefits
14,290
14,067
image
image
187,631
image
183,643
image
13. FRC's Ethical Standard - Provision Available for Small Entities
In common with other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.
14. Ultimate Controlling Party
The company is controlled by the parent company.
The company's immediate parent is Hydroscand Group AB, incorporated in Sweden.
These financial statements are available upon request from Box 401
SE-128 06 Skondal
Sweden
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15. Audit Information
The auditors report on the account of Hydroscand Ltd. for the year ended 31 December 2023 was unqualified
The auditor's report was signed by David Alan Oakensen FCA (Senior Statutory Auditor) for and on behalf of William Price & Co Limited , Statutory Auditor
William Price & Co Limited
Westbury Court
Church Road
Westbury-On-Trym
Bristol
BS9 3EF
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