NORFOLK HYDRAULICS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
The Company is a private United Kingdom company limited by shares. It is both incorporated and domiciled in England and Wales, registration number 07248909. The address of its registered office is 7 The Close, Norwich, Norfolk, NR1 4DJ and it's principal place of business is Norwich, Norfolk .
During the year the company acted as a holding company to its subsidiary, Amberwhite Limited.
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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
Turnover comprises revenue recognised by the company in respect of being a holding company to its subsidiary. Turnover is recognised on an accruals basis.
Turnover is recognised to the extent that it is probable that economic benefits will flow to the company and the turnover can be reliably measured.
Investments in subsidiaries are measured at cost less accumulated impairment.
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.
Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.
The tax expense for the year comprises current tax.
Current tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
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The average monthly number of employees, including directors, during the year was 1 (2022 - 1).
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