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Registration number: 04233181

Hose Care (UK) Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2023

 

Hose Care (UK) Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 10

 

Hose Care (UK) Limited

Company Information

Director

Mr G Lunt

Registered office

Unit 16 Great Russell Court
Preston Street
Bradford
BD7 1JZ

 

Hose Care (UK) Limited

(Registration number: 04233181)
Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

23,890

37,006

Current assets

 

Stocks

6

37,893

37,912

Debtors

7

65,421

87,055

Cash at bank and in hand

 

68,682

80,118

 

171,996

205,085

Creditors: Amounts falling due within one year

8

(93,062)

(112,724)

Net current assets

 

78,934

92,361

Total assets less current liabilities

 

102,824

129,367

Creditors: Amounts falling due after more than one year

8

(88,614)

(107,540)

Net assets

 

14,210

21,827

Capital and reserves

 

Called up share capital

2

2

Retained earnings

14,208

21,825

Shareholders' funds

 

14,210

21,827

For the financial year ending 31 July 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 members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 22 April 2024
 

.........................................
Mr G Lunt
Director

   
     
 

Hose Care (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 16 Great Russell Court
Preston Street
Bradford
BD7 1JZ

The principal place of business is:
Unit 16 Great Russell Court
Preston Street
Bradford
BD7 1JZ

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, 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.

 

Hose Care (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023 (continued)

2

Accounting policies (continued)

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

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

10 year straight line

Fixtures and fittings

10 year straight line

Motor vehicles

3 year straight line

Office equipment

5 year straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10 year straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Hose Care (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023 (continued)

2

Accounting policies (continued)

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. 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.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Hose Care (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023 (continued)

2

Accounting policies (continued)

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 6 (2022 - 6).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 August 2022

27,216

27,216

At 31 July 2023

27,216

27,216

Amortisation

At 1 August 2022

27,216

27,216

At 31 July 2023

27,216

27,216

Carrying amount

At 31 July 2023

-

-

 

Hose Care (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023 (continued)

5

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 August 2022

17,089

20,649

62,667

66,864

167,269

At 31 July 2023

17,089

20,649

62,667

66,864

167,269

Depreciation

At 1 August 2022

17,089

20,649

54,158

38,367

130,263

Charge for the year

-

-

4,255

8,861

13,116

At 31 July 2023

17,089

20,649

58,413

47,228

143,379

Carrying amount

At 31 July 2023

-

-

4,254

19,636

23,890

At 31 July 2022

-

-

8,509

28,497

37,006

 

Hose Care (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023 (continued)

6

Stocks

2023
£

2022
£

Raw materials and consumables

37,893

37,912

7

Debtors

Current

2023
£

2022
£

Trade debtors

54,324

75,412

Prepayments

11,097

11,643

 

65,421

87,055

 

Hose Care (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023 (continued)

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

18,926

25,881

Trade creditors

 

19,596

29,310

Taxation and social security

 

6,702

3,905

Accruals and deferred income

 

16,713

12,503

Other creditors

 

31,125

41,125

 

93,062

112,724

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

88,614

107,540

9

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

19,908

29,923

HP and finance lease liabilities

14,361

23,273

Directors loan account

54,345

54,344

88,614

107,540

Current loans and borrowings

2023
£

2022
£

Bank borrowings

10,015

9,768

Hire purchase liabilities

8,911

16,113

18,926

25,881

 

Hose Care (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023 (continued)

10

Related party transactions

Loans from related parties

2023

Key management
£

Total
£

At start of period

54,345

54,345

At end of period

54,345

54,345

2022

Key management
£

Total
£

At start of period

54,345

54,345

At end of period

54,345

54,345

Terms of loans from related parties

There is no interest charged on the loans owed to key management and the loans are repayable on demand.