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Company No: 07600223 (England and Wales)

HYDROLINE SOLUTIONS LIMITED

Unaudited Financial Statements
For the financial year ended 30 September 2023
Pages for filing with the registrar

HYDROLINE SOLUTIONS LIMITED

Unaudited Financial Statements

For the financial year ended 30 September 2023

Contents

HYDROLINE SOLUTIONS LIMITED

BALANCE SHEET

As at 30 September 2023
HYDROLINE SOLUTIONS LIMITED

BALANCE SHEET (continued)

As at 30 September 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 253,801 189,013
253,801 189,013
Current assets
Debtors 4 2,206,742 1,464,739
Cash at bank and in hand 345,497 557,591
2,552,239 2,022,330
Creditors: amounts falling due within one year 5 ( 924,951) ( 790,494)
Net current assets 1,627,288 1,231,836
Total assets less current liabilities 1,881,089 1,420,849
Provision for liabilities 6 ( 43,086) ( 42,824)
Net assets 1,838,003 1,378,025
Capital and reserves
Called-up share capital 1 1
Profit and loss account 1,838,002 1,378,024
Total shareholder's funds 1,838,003 1,378,025

For the financial year ending 30 September 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 financial statements of Hydroline Solutions Limited (registered number: 07600223) were approved and authorised for issue by the Director on 19 February 2024. They were signed on its behalf by:

N W Elliott
Director
HYDROLINE SOLUTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 2023
HYDROLINE SOLUTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Hydroline Solutions Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Hendford Manor, Hendford, Yeovil, BA20 1UN, England, United Kingdom. The principal place of business is The Old Dairy, Ricksey Lane, Catcombe, Somerton, Somerset, TA11 7JH.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the provision of services to customers.

Revenue is generally recognised as contract activity progresses so that for incomplete contracts it reflects the partial performance of the contractual obligations. For such contracts the amount of revenue reflects the accrual of the right to consideration by reference to the value of work performed. Revenue not billed to clients is included in debtors and payments on account in excess of the relevant amount of revenue are included in creditors.

Retentions are recognised when the relevant contract is invoiced and provisions are made for any losses related to these retentions.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, 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.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 10 years straight line
Plant and machinery etc. 20 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. 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.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Long term contracts

Revenue from long term contracts is recognised by stage of completion. Stage of completion is measured by reference to costs incurred to date as a percentage of total estimated costs for each contract. Where the contract outcome cannot be measured reliably, revenue is measured only to the extent of the expenses recognised that are recoverable.
Full provision is made for losses on all contracts in the year in which they are first foreseen.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 55 55

3. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 01 October 2022 9,460 418,543 428,003
Additions 67,302 39,575 106,877
At 30 September 2023 76,762 458,118 534,880
Accumulated depreciation
At 01 October 2022 928 238,062 238,990
Charge for the financial year 2,738 39,351 42,089
At 30 September 2023 3,666 277,413 281,079
Net book value
At 30 September 2023 73,096 180,705 253,801
At 30 September 2022 8,532 180,481 189,013

4. Debtors

2023 2022
£ £
Trade debtors 10,301 146,653
Other debtors 2,196,441 1,318,086
2,206,742 1,464,739

5. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 421,298 515,972
Amounts owed to Group undertakings 247,786 50,524
Corporation tax 103,110 23,246
Other taxation and social security 61,019 64,389
Other creditors 91,738 136,363
924,951 790,494

Amounts owed to Group undertakings are repayable on demand and do not bear interest.

6. Provision for liabilities

2023 2022
£ £
Deferred tax 43,086 42,824

7. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2023 2022
£ £
within one year 44,507 78,542
between one and five years 17,339 91,854
61,846 170,396

8. Related party transactions

Transactions with the entity's director

The Directors loan account is repayable on demand and interest is charged on overdrawn balances exceeding £10,000 at the official HMRC rates.

At 1 October 2022, the balance owed to the director was £64,712. During the year, £117,009 was advanced to the director, and £70,000 was repaid by the director. At 30 September 2023, the balance owed to the director was £17,703.

9. Ultimate controlling party

The company's immediate parent is Hydroline Holdings (SW) Limited, incorporated in England and Wales. Its registered office address is Hendford Manor, Hendford, Yeovil, United Kingdom, BA20 1UN.

These financial statements are available upon request from Companies House, Cardiff.