Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-312023-03-31falsefalse2022-04-01No description of principal activitytrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 06799039 2022-04-01 2023-03-31 06799039 2021-04-01 2022-03-31 06799039 2023-03-31 06799039 2022-03-31 06799039 2021-04-01 06799039 c:Director1 2022-04-01 2023-03-31 06799039 c:RegisteredOffice 2022-04-01 2023-03-31 06799039 d:Buildings d:LongLeaseholdAssets 2022-04-01 2023-03-31 06799039 d:PlantMachinery 2022-04-01 2023-03-31 06799039 d:MotorVehicles 2022-04-01 2023-03-31 06799039 d:FurnitureFittings 2022-04-01 2023-03-31 06799039 d:OtherPropertyPlantEquipment 2022-04-01 2023-03-31 06799039 d:OtherPropertyPlantEquipment 2023-03-31 06799039 d:OtherPropertyPlantEquipment 2022-03-31 06799039 d:CurrentFinancialInstruments 2023-03-31 06799039 d:CurrentFinancialInstruments 2022-03-31 06799039 d:Non-currentFinancialInstruments 2023-03-31 06799039 d:Non-currentFinancialInstruments 2022-03-31 06799039 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 06799039 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 06799039 d:ShareCapital 2022-04-01 2023-03-31 06799039 d:ShareCapital 2023-03-31 06799039 d:ShareCapital 2021-04-01 2022-03-31 06799039 d:ShareCapital 2022-03-31 06799039 d:ShareCapital 2021-04-01 06799039 d:MergerReserve 2022-04-01 2023-03-31 06799039 d:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 06799039 d:RetainedEarningsAccumulatedLosses 2023-03-31 06799039 d:RetainedEarningsAccumulatedLosses 2021-04-01 2022-03-31 06799039 d:RetainedEarningsAccumulatedLosses 2022-03-31 06799039 d:RetainedEarningsAccumulatedLosses 2021-04-01 06799039 c:FRS102 2022-04-01 2023-03-31 06799039 c:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 06799039 c:FullAccounts 2022-04-01 2023-03-31 06799039 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 06799039 d:Subsidiary1 2022-04-01 2023-03-31 06799039 d:Subsidiary1 1 2022-04-01 2023-03-31 06799039 d:Subsidiary2 2022-04-01 2023-03-31 06799039 d:Subsidiary2 1 2022-04-01 2023-03-31 06799039 d:Subsidiary3 2022-04-01 2023-03-31 06799039 d:Subsidiary3 1 2022-04-01 2023-03-31 06799039 d:Subsidiary4 2022-04-01 2023-03-31 06799039 d:Subsidiary4 1 2022-04-01 2023-03-31 06799039 c:Consolidated 2023-03-31 06799039 c:ConsolidatedGroupCompanyAccounts 2022-04-01 2023-03-31 06799039 2 2022-04-01 2023-03-31 06799039 6 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure

Registered number: 06799039









HYDE HOLDINGS LIMITED







UNAUDITED

DIRECTOR'S REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

 
HYDE HOLDINGS LIMITED
 
 
COMPANY INFORMATION


Director
N P Grogan 




Registered number
06799039



Registered office
Old Station Road
Loughton

IG10 4PL

Suffolk

IP2 8NJ





 
HYDE HOLDINGS LIMITED
 

CONTENTS



Page
Director's report
 
1
Accountants' report
 
Consolidated statement of comprehensive income
 
2
Consolidated balance sheet
 
3 - 4
Company balance sheet
 
5
Consolidated statement of changes in equity
 
6 - 7
Company statement of changes in equity
 
8
Notes to the financial statements
 
9 - 26


 
HYDE HOLDINGS LIMITED
 
 
 
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 MARCH 2023

The director presents his report and the financial statements for the year ended 31 March 2023.

Director

The director who served during the year was:

N P Grogan 

Small companies note

In preparing this report, the director has taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board on 7 March 2024 and signed on its behalf.
 





N P Grogan
Director

Page 1

 
HYDE HOLDINGS LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2023

2023
2022
Note
$
$

  

Turnover
  
7,895,492
8,033,166

Cost of sales
  
(5,261,115)
(5,934,865)

Gross profit
  
2,634,377
2,098,301

Administrative expenses
  
(1,674,910)
(1,726,985)

Other operating income
  
-
4,519

Operating profit
  
959,467
375,835

Interest receivable and similar income
  
2,771
1,820

Interest payable and similar expenses
  
(30,895)
(39,910)

Profit before taxation
  
931,343
337,745

Tax on profit
 4 
(137,731)
(26,369)

Profit for the financial year
  
793,612
311,376

Profit for the year attributable to:
  

Owners of the parent Company
  
793,612
311,376

  
793,612
311,376

There were no recognised gains and losses for 2023 or 2022 other than those included in the consolidated statement of comprehensive income.

There was no other comprehensive income for 2023 (2022:$NIL).

The notes on pages 9 to 26 form part of these financial statements.

Page 2

 
HYDE HOLDINGS LIMITED
REGISTERED NUMBER: 06799039

CONSOLIDATED BALANCE SHEET
AS AT 31 MARCH 2023

As restated
As restated
2023
2023
2022
2022
Note
$
$
$
$

Fixed assets
  

Intangible assets
 6 
3,383
5,138

Tangible assets
 7 
871,946
954,374

  
875,329
959,512

Current assets
  

Stocks
  
1,714,318
1,291,989

Debtors: amounts falling due after more than one year
 9 
53,274
53,274

Debtors: amounts falling due within one year
 9 
1,899,643
2,054,498

Cash at bank and in hand
 10 
293,067
466,223

  
3,960,302
3,865,984

Creditors: amounts falling due within one year
 11 
(2,074,213)
(2,485,991)

Net current assets
  
 
 
1,886,089
 
 
1,379,993

Total assets less current liabilities
  
2,761,418
2,339,505

Creditors: amounts falling due after more than one year
 12 
(392,794)
(578,690)

Provisions for liabilities
  

Deferred taxation
 14 
(120,495)
(97,178)

  
 
 
(120,495)
 
 
(97,178)

Net assets
  
2,248,129
1,663,637

Page 3

 
HYDE HOLDINGS LIMITED
REGISTERED NUMBER: 06799039
    
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023

As restated
As restated
2023
2023
2022
2022
Note
$
$
$
$

Capital and reserves
  

Called up share capital 
  
11,225
11,225

Foreign exchange reserve
 16 
(161,094)
(161,094)

Merger reserve
 16 
1,274,464
1,274,464

Profit and loss account
 16 
1,039,346
454,854

Equity attributable to owners of the parent Company
  
2,163,941
1,579,449

Non-controlling interests
  
84,188
84,188

  
2,248,129
1,663,637


The director considers 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 director acknowledges his 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 were approved and authorised for issue by the board and were signed on its behalf on 7 March 2024.




N P Grogan
Director

The notes on pages 9 to 26 form part of these financial statements.

Page 4

 
HYDE HOLDINGS LIMITED
REGISTERED NUMBER: 06799039

COMPANY BALANCE SHEET
AS AT 31 MARCH 2023

2023
2023
2022
2022
Note
$
$
$
$

Fixed assets
  

Investments
 8 
1,449,501
1,449,501

  
1,449,501
1,449,501

  

Creditors: amounts falling due within one year
 11 
(140,383)
(140,383)

Net current liabilities
  
 
 
(140,383)
 
 
(140,383)

Total assets less current liabilities
  
1,309,118
1,309,118

  

  

Net assets
  
1,309,118
1,309,118


Capital and reserves
  

Called up share capital 
  
11,225
11,225

Profit and loss account
 16 
1,297,893
1,297,893

  
1,309,118
1,309,118


The director considers that the Company is entitled to exemption from the requirement to have an audit under the provisions of 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 director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The Company's financial statements have been prepared in accordance with the 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 7 March 2024.


N P Grogan
Director

The notes on pages 9 to 26 form part of these financial statements.

Page 5

 

 
HYDE HOLDINGS LIMITED


 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023



Called up share capital
Foreign exchange reserve
Merger reserve
Profit and loss account
Equity attributable to owners of parent Company
Non-controlling interests
Total equity


$
$
$
$
$
$
$


At 1 April 2022 (as previously stated)
11,225
(161,094)
1,274,464
688,221
1,812,816
84,188
1,897,004


Prior year adjustment - correction of error
-
-
-
(233,367)
(233,367)
-
(233,367)


At 1 April 2022 (as restated)
11,225
(161,094)
1,274,464
454,854
1,579,449
84,188
1,663,637



Comprehensive income for the year


Profit for the year
-
-
-
793,612
793,612
-
793,612

Total comprehensive income for the year
-
-
-
793,612
793,612
-
793,612



Contributions by and distributions to owners


  Dividends: Equity capital
-
-
-
(209,120)
(209,120)
-
(209,120)



Total transactions with owners
-
-
-
(209,120)
(209,120)
-
(209,120)



At 31 March 2023
11,225
(161,094)
1,274,464
1,039,346
2,163,941
84,188
2,248,129



The notes on pages 9 to 26 form part of these financial statements.

Page 6

 

 
HYDE HOLDINGS LIMITED


 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2022



Called up share capital
Foreign exchange reserve
Merger reserve
Profit and loss account
Equity attributable to owners of parent Company
Non-controlling interests
Total equity


$
$
$
$
$
$
$


At 1 April 2021 (as previously stated)
11,225
(161,094)
1,274,464
557,962
1,682,557
84,188
1,766,745


Prior year adjustment - correction of error
-
-
-
(233,367)
(233,367)
-
(233,367)


At 1 April 2021 (as restated)
11,225
(161,094)
1,274,464
324,595
1,449,190
84,188
1,533,378



Comprehensive income for the year


Profit for the year
-
-
-
311,376
311,376
-
311,376

Total comprehensive income for the year
-
-
-
311,376
311,376
-
311,376



Contributions by and distributions to owners


  Dividends: Equity capital
-
-
-
(181,117)
(181,117)
-
(181,117)



Total transactions with owners
-
-
-
(181,117)
(181,117)
-
(181,117)



At 31 March 2022
11,225
(161,094)
1,274,464
454,854
1,579,449
84,188
1,663,637



The notes on pages 9 to 26 form part of these financial statements.

Page 7

 
HYDE HOLDINGS LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023


Called up share capital
Profit and loss account
Total equity

$
$
$


At 1 April 2021
11,225
1,297,893
1,309,118


Comprehensive income for the year

Profit for the year
-
181,117
181,117
Total comprehensive income for the year
-
181,117
181,117


Contributions by and distributions to owners

Dividends: Equity capital
-
(181,117)
(181,117)


Total transactions with owners
-
(181,117)
(181,117)



At 1 April 2022
11,225
1,297,893
1,309,118


Comprehensive income for the year

Profit for the year
-
209,120
209,120
Total comprehensive income for the year
-
209,120
209,120


Contributions by and distributions to owners

  Dividends: Equity capital
-
(209,120)
(209,120)


Total transactions with owners
-
(209,120)
(209,120)


At 31 March 2023
11,225
1,297,893
1,309,118


The notes on pages 9 to 26 form part of these financial statements.

Page 8

 
HYDE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

Hyde Holdings Limited is a private company, limited by shares, incorporated in England and Wales, United Kingdom, with a registration number 06799039. The registered office address of the company is Old Station Road, Loughton, Essex, IG10 4PL.

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 Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 October 2013.

Page 9

 
HYDE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is USD.

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.

On consolidation, the results of overseas operations are translated into Dollars at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group 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 Group has transferred the significant risks and rewards of ownership to the buyer;
the Group 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 Group 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.

 
2.5

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Page 10

 
HYDE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

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.

 
2.8

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

  
2.9

Pensions

Defined contribution pension plan
The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group 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 Group in independently administered funds.

Page 11

 
HYDE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.10

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 and the Group operate and generate 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;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

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.

 
2.11

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.12

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.

Page 12

 
HYDE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)


2.12
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line or reducing balance method.

Depreciation is provided on the following basis:

Leasehold Property improvements
-
20% straight line
Plant & machinery
-
12.5% - 25% straight line
Motor vehicles
-
30% reducing balance
Furniture, fittings and equipment
-
20% reducing balance
Other fixed assets
-
10% - 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.

 
2.13

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.14

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.

 
2.15

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.

 
2.16

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.

Page 13

 
HYDE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.17

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.

 
2.18

Provisions for liabilities

Provisions are made where an event has taken place that gives the Group 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 Group 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.

 
2.19

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Group's Balance sheet when the Group becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities
Page 14

 
HYDE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)


2.19
Financial instruments (continued)


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

Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.

 
2.20

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 12 (2022 - 12).

Page 15

 
HYDE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

4.


Taxation


2023
2022
$
$

Corporation tax


Current tax on profits for the year
47,603
5,255

Adjustments in respect of previous periods
-
(55,509)


47,603
(50,254)

Foreign tax


Foreign tax on income for the year
66,811
63,107

66,811
63,107

Total current tax
114,414
12,853

Deferred tax


Origination and reversal of timing differences
23,317
1,325

Changes to tax rates
-
12,191

Total deferred tax
23,317
13,516


Taxation on profit on ordinary activities
137,731
26,369
Page 16

 
HYDE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
 
4.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2022 - lower than) the standard rate of corporation tax in the UK of 19% (2022 - 19%). The differences are explained below:

2023
2022
$
$


Profit on ordinary activities before tax
931,343
337,745


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2022 - 19%)
176,955
64,758

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
796
796

Adjustment in research and development tax credit leading to an increase (decrease) in the tax charge
-
(55,509)

Other differences leading to an increase (decrease) in the tax charge
(40,020)
16,324

Total tax charge for the year
137,731
26,369


Factors that may affect future tax charges

During March 2021 the UK chancellor announced an expected change to the UK’s main  corporation tax rates from 19% to 25%. After the year-end this was enacted into the Finance Act in June 2021. The main rate will increase to 25% from 1 April 2023 for companies with taxable profits above £250,000 with a small companies rate of 19% for companies with taxable profits below £50,000. A marginal rate will be applicable to profits between these two limits. The above changes may impact the corporation tax provision of the Company from 1 April 2023.


5.


Parent company profit for the year

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements. The profit after tax of the parent Company for the year was $209,120NIL (2022 - $181,117).

Page 17

 
HYDE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

6.


Intangible assets

Group 





Computer software

$



Cost


At 1 April 2022
50,811


Additions
8,757



At 31 March 2023

59,568



Amortisation


At 1 April 2022
45,673


Charge for the year on owned assets
10,512



At 31 March 2023

56,185



Net book value



At 31 March 2023
3,383



At 31 March 2022
5,138



Page 18

 
HYDE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

7.


Tangible fixed assets

Group






L/Term Leasehold Property
Plant & machinery
Motor vehicles
Fixtures & fittings
Office equipment

$
$
$
$
$



Cost or valuation


At 1 April 2022
314,679
674,351
139,719
34,343
229,916


Additions
-
-
35,217
1,099
4,303


Disposals
-
-
(43,745)
-
-



At 31 March 2023

314,679
674,351
131,191
35,442
234,219



Depreciation


At 1 April 2022
311,441
562,292
74,059
26,319
225,296


Charge for the year on owned assets
2,153
10,292
7,448
1,455
3,343


Charge for the year on financed assets
-
-
14,792
-
-


Disposals
-
-
(28,740)
-
-



At 31 March 2023

313,594
572,584
67,559
27,774
228,639



Net book value



At 31 March 2023
1,085
101,767
63,632
7,668
5,580



At 31 March 2022
3,238
112,059
65,660
8,024
4,620
Page 19

 
HYDE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

           7.Tangible fixed assets (continued)


Other fixed assets
Total

$
$



Cost or valuation


At 1 April 2022
1,512,952
2,905,960


Additions
10,823
51,442


Disposals
-
(43,745)



At 31 March 2023

1,523,775
2,913,657



Depreciation


At 1 April 2022
752,179
1,951,586


Charge for the year on owned assets
26,765
51,456


Charge for the year on financed assets
52,617
67,409


Disposals
-
(28,740)



At 31 March 2023

831,561
2,041,711



Net book value



At 31 March 2023
692,214
871,946



At 31 March 2022
760,773
954,374

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


2023
2022
$
$



Motor vehicles
144,872
64,311

Other fixed assets
613,869
666,487

758,741
730,798

Page 20

 
HYDE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

           7.Tangible fixed assets (continued)


Company






Other fixed assets

$

Cost or valuation


At 1 April 2022
213,276



At 31 March 2023

213,276



Depreciation


At 1 April 2022
213,276



At 31 March 2023

213,276



Net book value



At 31 March 2023
-



At 31 March 2022
-






Page 21

 
HYDE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

8.


Fixed asset investments

Company





Investments in subsidiary companies

$



Cost or valuation


At 1 April 2022
2,401,168



At 31 March 2023

2,401,168



Impairment


At 1 April 2022
951,667



At 31 March 2023

951,667



Net book value



At 31 March 2023
1,449,501



At 31 March 2022
1,449,501


Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Principal activity

Holding

Nigel Grogan Limited
England and Wales
Dormant
100%
Nigel Grogan Trustees Limited
England and Wales
Dormant
100%
Hyde Sails Limited
England and Wales
Design and manufacture of sails
100%
Hyde Sails Cebu Inc
Republic of the Philippines
Design and manufacture of sails
100%

Page 22

 
HYDE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

9.


Debtors

Group
Group
Company
Company
2023
2022
2023
2022
$
$
$
$

Due after more than one year

Other debtors
53,274
53,274
-
-

53,274
53,274
-
-


Group
Group
2023
2022
$
$

Due within one year

Trade debtors
1,504,950
1,691,500

Other debtors
367,438
340,650

Prepayments and accrued income
27,255
22,348

1,899,643
2,054,498



10.


Cash and cash equivalents

Group
Group
2023
2022
$
$

Cash at bank and in hand
293,067
466,223

293,067
466,223


Page 23

 
HYDE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

11.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2023
2022
2023
2022
$
$
$
$

Bank loans
81,516
86,664
-
-

Other loans
2,179
962
-
-

Trade creditors
1,282,225
1,561,930
-
-

Amounts owed to group undertakings
-
-
140,383
140,383

Corporation tax
21,691
27,589
-
-

Other taxation and social security
419,300
492,436
-
-

Obligations under finance lease and hire purchase contracts
68,734
89,544
-
-

Other creditors
33,014
38,182
-
-

Accruals and deferred income
165,554
188,684
-
-

2,074,213
2,485,991
140,383
140,383



12.


Creditors: Amounts falling due after more than one year

Group
Group
2023
2022
$
$

Bank loans
196,997
296,102

Other loans
433
1,812

Net obligations under finance leases and hire purchase contracts
195,364
280,776

392,794
578,690



The following liabilities were secured:
Group
Group
2023
2022
$
$


Net obligations under finance leases and hire purchase contracts
264,098
370,320

Bank loans
278,513
382,746

542,611
753,066

Details of security provided:

The finance lease/hire purchase balances are secured against the assets for which they were used to
acquire.
The bank loan is secured by a fixed and floating charge over the assets of Hyde Sails Limited.

Page 24

 
HYDE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

13.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

Group
Group
2023
2022
$
$

Within one year
68,734
89,544

Between 1-5 years
195,364
280,776

264,098
370,320


14.


Deferred taxation


Group



2023


$






At beginning of year
(97,178)


Charged to profit or loss
(23,317)



At end of year
(120,495)

Group
Group
2023
2022
$
$

Accelerated capital allowances
(120,495)
(97,178)

(120,495)
(97,178)


15.


Provisions


Group


The consolidated accounts do not include an amount US$485,653 in respect of a retirement provision which is included in the published accounts of it's Philippine subsidiary, Hyde Sails Cebu Inc.  The director is of the opinion that the provision is not a provision which should be recognised under UK GAAP and therefore has been eliminated on consolidation. 






Page 25

 
HYDE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

16.


Reserves

Merger Reserve

The merger reserve represents the difference between the nominal value of shares issues and the net assets of the subsidiaries acquired. 

Profit & loss account

The profit and loss account represents cumulative profits and losses net of dividends and other adjustments.


17.


Prior year adjustment

TA prior year adjustment has been incorporated into these accounts. It was discovered during the year that an amount of purchase invoices totalling $276,446 had not been entered onto the accounting software. The impact on this on the accounts is that the opening reserves as at 1 April 2021 and 1 April 2022 have been reduced by $276,446.


18.


Pension commitment

The UK subsidiary operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the UK subsidiary in an independently administered fund. The pension cost charge represents contributions payable by the UK subsidiary to the fund and amounted to $6,987 (2022 - $7,681). Contributions totalling $1,360 (2022 - $808) were payable to the fund at the balance sheet date and are included in creditors.


19.


Commitments under operating leases

At 31 March 2023 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2023
2022
$
$

Not later than 1 year
15,190
15,413

Later than 1 year and not later than 5 years
13,004
3,423

28,194
18,836

20.


Transactions with directors

During the year a subsidiary company advanced a loan to the director. The amount outstanding at the year end was $308,058 (2022: $196,199). Interest of $2,544 (2021: $1,723) has been charged on this loan.


21.


Controlling party

The ultimate controlling party is N P Grogan, the director and shareholder.

Page 26