Caseware UK (AP4) 2023.0.135 2023.0.135 2023-07-312023-07-31true2022-08-0120falseNo description of principal activity26trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 02230733 2022-08-01 2023-07-31 02230733 2021-08-01 2022-07-31 02230733 2023-07-31 02230733 2022-07-31 02230733 c:Director1 2022-08-01 2023-07-31 02230733 c:Director2 2022-08-01 2023-07-31 02230733 c:RegisteredOffice 2022-08-01 2023-07-31 02230733 d:PlantMachinery 2022-08-01 2023-07-31 02230733 d:PlantMachinery 2023-07-31 02230733 d:PlantMachinery 2022-07-31 02230733 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 02230733 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2022-08-01 2023-07-31 02230733 d:MotorVehicles 2022-08-01 2023-07-31 02230733 d:MotorVehicles 2023-07-31 02230733 d:MotorVehicles 2022-07-31 02230733 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 02230733 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2022-08-01 2023-07-31 02230733 d:ComputerEquipment 2022-08-01 2023-07-31 02230733 d:OtherPropertyPlantEquipment 2022-08-01 2023-07-31 02230733 d:OtherPropertyPlantEquipment 2023-07-31 02230733 d:OtherPropertyPlantEquipment 2022-07-31 02230733 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 02230733 d:OtherPropertyPlantEquipment d:LeasedAssetsHeldAsLessee 2022-08-01 2023-07-31 02230733 d:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 02230733 d:LeasedAssetsHeldAsLessee 2022-08-01 2023-07-31 02230733 d:CurrentFinancialInstruments 2023-07-31 02230733 d:CurrentFinancialInstruments 2022-07-31 02230733 d:Non-currentFinancialInstruments 2023-07-31 02230733 d:Non-currentFinancialInstruments 2022-07-31 02230733 d:CurrentFinancialInstruments d:WithinOneYear 2023-07-31 02230733 d:CurrentFinancialInstruments d:WithinOneYear 2022-07-31 02230733 d:Non-currentFinancialInstruments d:AfterOneYear 2023-07-31 02230733 d:Non-currentFinancialInstruments d:AfterOneYear 2022-07-31 02230733 d:ShareCapital 2023-07-31 02230733 d:ShareCapital 2022-07-31 02230733 d:RetainedEarningsAccumulatedLosses 2023-07-31 02230733 d:RetainedEarningsAccumulatedLosses 2022-07-31 02230733 c:FRS102 2022-08-01 2023-07-31 02230733 c:AuditExempt-NoAccountantsReport 2022-08-01 2023-07-31 02230733 c:FullAccounts 2022-08-01 2023-07-31 02230733 c:PrivateLimitedCompanyLtd 2022-08-01 2023-07-31 02230733 d:HirePurchaseContracts d:WithinOneYear 2023-07-31 02230733 d:HirePurchaseContracts d:WithinOneYear 2022-07-31 02230733 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-07-31 02230733 d:HirePurchaseContracts d:BetweenOneFiveYears 2022-07-31 02230733 d:AcceleratedTaxDepreciationDeferredTax 2023-07-31 02230733 d:AcceleratedTaxDepreciationDeferredTax 2022-07-31 02230733 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2023-07-31 02230733 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2022-07-31 02230733 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-07-31 02230733 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2022-07-31 02230733 d:LeasedAssetsHeldAsLessee 2023-07-31 02230733 d:LeasedAssetsHeldAsLessee 2022-07-31 iso4217:GBP xbrli:pure

Registered number: 02230733









HYDRAJAWS LIMITED







UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2023

 
HYDRAJAWS LIMITED
 
 
COMPANY INFORMATION


Directors
Mr R T Morgan 
Mr A G Morgan 




Registered number
02230733



Registered office
73 Kettlebrook Road
Tamworth

Staffordshire

B77 1AG




Accountants
Wayside Accountancy Limited
Chartered Accountants

Mulberry Office

46-48 Mere Green Road

Sutton Coldfield

West Midlands

B75 5BT





 
HYDRAJAWS LIMITED
 

CONTENTS



Page
Balance Sheet
1 - 2
Notes to the Financial Statements
3 - 11


 
HYDRAJAWS LIMITED
REGISTERED NUMBER: 02230733

BALANCE SHEET
AS AT 31 JULY 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
601,048
548,237

  
601,048
548,237

Current assets
  

Stocks
  
469,843
445,094

Debtors: amounts falling due within one year
 5 
3,333,193
3,480,378

Cash at bank and in hand
 6 
653,315
335,862

  
4,456,351
4,261,334

Creditors: amounts falling due within one year
 7 
(313,482)
(426,929)

Net current assets
  
 
 
4,142,869
 
 
3,834,405

Total assets less current liabilities
  
4,743,917
4,382,642

Creditors: amounts falling due after more than one year
 8 
(185,248)
(160,187)

Provisions for liabilities
  

Deferred tax
  
(148,554)
(104,165)

Net assets
  
4,410,115
4,118,290


Capital and reserves
  

Called up share capital 
  
1,000
1,000

Profit and loss account
  
4,409,115
4,117,290

  
4,410,115
4,118,290


Page 1

 
HYDRAJAWS LIMITED
REGISTERED NUMBER: 02230733
    
BALANCE SHEET (CONTINUED)
AS AT 31 JULY 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 8 March 2024.

Mr A G Morgan
Director

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
HYDRAJAWS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

1.


General information

Hydrajaws Limited is a limited liability company incorporated and domiciled in the United Kingdom.  The address of its registered office and registration number is shown on the company information page.  The financial statements are prepared in Sterling (£).
The principal activity of the company is the manufacture and supply of hydraulic test equipment.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

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:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Income and Retained Earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3

 
HYDRAJAWS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Leased assets: the Company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Page 4

 
HYDRAJAWS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)

 
2.5

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 5

 
HYDRAJAWS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, .

Depreciation is provided on the following basis:

Plant and machinery
-
20%
Reducing balance
Motor vehicles
-
25%
Reducing balance
Computer equipment
-
20%
Straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 6

 
HYDRAJAWS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)

 
2.10

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.14

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

 
2.15

Financial instruments

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.

Page 7

 
HYDRAJAWS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)

 
2.16

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 26 (2022 - 20).


4.


Tangible fixed assets





Plant and machinery
Motor vehicles
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 August 2022
228,142
221,867
288,415
738,424


Additions
-
151,904
41,892
193,796



At 31 July 2023

228,142
373,771
330,307
932,220



Depreciation


At 1 August 2022
7,551
86,040
96,596
190,187


Charge for the year on owned assets
638
34,998
59,213
94,849


Charge for the year on financed assets
43,480
2,656
-
46,136



At 31 July 2023

51,669
123,694
155,809
331,172



Net book value



At 31 July 2023
176,473
250,077
174,498
601,048



At 31 July 2022
220,591
135,827
191,819
548,237

Page 8

 
HYDRAJAWS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

           4.Tangible fixed assets (continued)

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Plant and machinery
173,923
217,403

Motor vehicles
140,918
-

314,841
217,403


5.


Debtors

2023
2022
£
£


Trade debtors
209,600
235,960

Amounts owed by group undertakings
2,989,766
3,172,197

Other debtors
97,391
41,159

Prepayments and accrued income
36,436
31,062

3,333,193
3,480,378


Included within other debtors are loans to directors of £70,000 (2022 £Nil).  The maximum outstanding during the year was £70,000.


6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
653,315
335,862


Page 9

 
HYDRAJAWS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
184,791
247,775

Corporation tax
-
55,528

Other taxation and social security
45,965
38,071

Obligations under finance lease and hire purchase contracts
42,450
36,378

Accruals and deferred income
40,276
49,177

313,482
426,929


Obligations under finance lease and hire purchase contracts are secured against the assets to which they relate.


8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Net obligations under finance leases and hire purchase contracts
185,248
160,187


Obligations under finance leases and hire purchase contracts are secured against the assets to which they relate


9.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
42,450
36,378

Between 1-5 years
185,248
160,187

227,698
196,565

Page 10

 
HYDRAJAWS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

10.


Deferred taxation




2023


£






At beginning of year
104,165


Charged to profit or loss
44,389



At end of year
148,554

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
148,554
104,165


11.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £69,709 (2022 - £53,909).


12.


Related party transactions

During the year, the company paid dividends totalling £350,000 (2022: £500,000) to its parent company, Hydrajaws Holdings Limited. 
During the year, there were £58,084 (2022:£35,506) of sales to Hydrajaws (US) Limited, a fellow subsidiary company.  At the year end there is a debtor due from Hydrajaws (US) of £10,380 (2022: £25,606).  
At the year end there was a debtor due from Hydrajaws Holdings Limited of £2,979,386 (2022: £3,146,591).


13.


Controlling party

The ultimate parent undertaking is Hydrajaws Holdings Limited, registered office 73 Kettlebrook Road, Tamworth, Staffordshire, B77 1AG.

 
Page 11