Registered number
02520644
Hydramec Limited
Filleted Abridged Accounts
31 July 2023
Hydramec Limited
Registered number: 02520644
Abridged Balance Sheet
as at 31 July 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 4 11,014 7,878
Current assets
Stocks 70,937 33,891
Debtors 533,742 47,877
Cash at bank and in hand 1,137,594 630,764
1,742,273 712,532
Creditors: amounts falling due within one year (413,763) (89,970)
Net current assets 1,328,510 622,562
Net assets 1,339,524 630,440
Capital and reserves
Called up share capital 50 50
Capital redemption reserve 50 50
Profit and loss account 1,339,424 630,340
Shareholders' funds 1,339,524 630,440
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A) of the Companies Act 2006.
C R Wiltshire
Director
Approved by the board on 8 February 2024
Hydramec Limited
Notes to the Abridged Accounts
for the year ended 31 July 2023
1 Accounting policies
Basis of preparation
The abridged accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 15% reducing balance
Computer equipment over 3 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 5 6
3 Intangible fixed assets £
Goodwill:
Cost
At 1 August 2022 19,432
At 31 July 2023 19,432
Amortisation
At 1 August 2022 19,432
At 31 July 2023 19,432
Net book value
At 31 July 2023 -
Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Total
£
Cost
At 1 August 2022 48,443
Additions 6,600
Disposals (5,381)
At 31 July 2023 49,662
Depreciation
At 1 August 2022 40,565
Charge for the year 1,834
On disposals (3,751)
At 31 July 2023 38,648
Net book value
At 31 July 2023 11,014
At 31 July 2022 7,878
5 Other information
Hydramec Limited is a private company limited by shares and incorporated in England. Its registered office is:
38 High Street
Watton
Norfolk
IP25 6AE
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