Silverfin false false 31/10/2023 01/11/2022 31/10/2023 E Slater 11/04/1997 B A Willcocks 28/05/2014 J C Willcocks 01/11/2011 K V Willcocks 21/04/2022 A Wilson 01/11/2003 31 July 2024 The principal activity of the company is the sale of hydraulic control valves and hydraulic steering systems. 00786291 2023-10-31 00786291 bus:Director1 2023-10-31 00786291 bus:Director2 2023-10-31 00786291 bus:Director3 2023-10-31 00786291 bus:Director4 2023-10-31 00786291 bus:Director5 2023-10-31 00786291 2022-10-31 00786291 core:CurrentFinancialInstruments 2023-10-31 00786291 core:CurrentFinancialInstruments 2022-10-31 00786291 core:Non-currentFinancialInstruments 2023-10-31 00786291 core:Non-currentFinancialInstruments 2022-10-31 00786291 core:ShareCapital 2023-10-31 00786291 core:ShareCapital 2022-10-31 00786291 core:SharePremium 2023-10-31 00786291 core:SharePremium 2022-10-31 00786291 core:CapitalRedemptionReserve 2023-10-31 00786291 core:CapitalRedemptionReserve 2022-10-31 00786291 core:RetainedEarningsAccumulatedLosses 2023-10-31 00786291 core:RetainedEarningsAccumulatedLosses 2022-10-31 00786291 core:LandBuildings 2022-10-31 00786291 core:OtherPropertyPlantEquipment 2022-10-31 00786291 core:LandBuildings 2023-10-31 00786291 core:OtherPropertyPlantEquipment 2023-10-31 00786291 core:RemainingRelatedParties core:Non-currentFinancialInstruments 2023-10-31 00786291 core:RemainingRelatedParties core:Non-currentFinancialInstruments 2022-10-31 00786291 bus:OrdinaryShareClass1 2023-10-31 00786291 2022-11-01 2023-10-31 00786291 bus:FilletedAccounts 2022-11-01 2023-10-31 00786291 bus:SmallEntities 2022-11-01 2023-10-31 00786291 bus:AuditExemptWithAccountantsReport 2022-11-01 2023-10-31 00786291 bus:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 00786291 bus:Director1 2022-11-01 2023-10-31 00786291 bus:Director2 2022-11-01 2023-10-31 00786291 bus:Director3 2022-11-01 2023-10-31 00786291 bus:Director4 2022-11-01 2023-10-31 00786291 bus:Director5 2022-11-01 2023-10-31 00786291 core:LandBuildings core:TopRangeValue 2022-11-01 2023-10-31 00786291 core:OtherPropertyPlantEquipment 2022-11-01 2023-10-31 00786291 2021-11-01 2022-10-31 00786291 core:LandBuildings 2022-11-01 2023-10-31 00786291 core:CurrentFinancialInstruments 2022-11-01 2023-10-31 00786291 core:Non-currentFinancialInstruments 2022-11-01 2023-10-31 00786291 bus:OrdinaryShareClass1 2022-11-01 2023-10-31 00786291 bus:OrdinaryShareClass1 2021-11-01 2022-10-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 00786291 (England and Wales)

HYDRAULIC PROJECTS LIMITED

Unaudited Financial Statements
For the financial year ended 31 October 2023
Pages for filing with the registrar

HYDRAULIC PROJECTS LIMITED

Unaudited Financial Statements

For the financial year ended 31 October 2023

Contents

HYDRAULIC PROJECTS LIMITED

COMPANY INFORMATION

For the financial year ended 31 October 2023
HYDRAULIC PROJECTS LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 October 2023
DIRECTORS E Slater
B A Willcocks
J C Willcocks
K V Willcocks
A Wilson
SECRETARY E Slater
REGISTERED OFFICE Sigma House Oak View Close
Edginswell Park
Torquay
TQ2 7FF
United Kingdom
COMPANY NUMBER 00786291 (England and Wales)
CHARTERED ACCOUNTANTS Francis Clark LLP
Sigma House
Oak View Close
Edginswell Park
Torquay
TQ2 7FF
HYDRAULIC PROJECTS LIMITED

BALANCE SHEET

As at 31 October 2023
HYDRAULIC PROJECTS LIMITED

BALANCE SHEET (continued)

As at 31 October 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 2,041,003 2,297,905
2,041,003 2,297,905
Current assets
Stocks 762,151 760,785
Debtors 4 352,042 630,659
Cash at bank and in hand 387,933 191,305
1,502,126 1,582,749
Creditors: amounts falling due within one year 5 ( 273,288) ( 544,584)
Net current assets 1,228,838 1,038,165
Total assets less current liabilities 3,269,841 3,336,070
Creditors: amounts falling due after more than one year 6 ( 400,000) ( 412,499)
Provision for liabilities ( 327,316) ( 355,005)
Net assets 2,542,525 2,568,566
Capital and reserves
Called-up share capital 7 8,500 8,500
Share premium account 806,862 806,862
Capital redemption reserve 4,500 4,500
Profit and loss account 1,722,663 1,748,704
Total shareholders' funds 2,542,525 2,568,566

For the financial year ending 31 October 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Hydraulic Projects Limited (registered number: 00786291) were approved and authorised for issue by the Board of Directors on 31 July 2024. They were signed on its behalf by:

E Slater
Director
HYDRAULIC PROJECTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 2023
HYDRAULIC PROJECTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 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

Hydraulic Projects 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 Sigma House, Oak View Close, Edginswell Park, Torquay, TQ2 7FF, United Kingdom.

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 pound.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Turnover

Turnover represents the value of goods sold during the year, net of Value Added Tax and trade discounts. Turnover is recognised when goods are physically delivered to the customer.

Taxation

Current tax
The current corporation 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.

Deferred tax
Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. 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/reducing balance basis over its expected useful life, as follows:

Land and buildings 50 years straight line
Plant and machinery etc. 4 - 20 % reducing balance

Plant and machinery is depreciated by 20% on cost, 14% for 5 years and then 5 years at 4% on cost. Large plant is depreciated over 10 years with a 10% residual value.

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.

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.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

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 stocks 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 the profit and loss account.

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.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Government grants

Grant income is accounted for using the accruals method. Revenue grants are recognised on a systematic basis over the periods to which the costs to which the grants relate are recognised. Capital grants are recognised over the useful life of the related asset on the same basis as depreciation is charged.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 29 35

3. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 01 November 2022 669,230 4,260,190 4,929,420
Additions 0 83,646 83,646
Disposals 0 ( 92,637) ( 92,637)
At 31 October 2023 669,230 4,251,199 4,920,429
Accumulated depreciation
At 01 November 2022 167,630 2,463,885 2,631,515
Charge for the financial year 11,264 322,571 333,835
Disposals 0 ( 85,924) ( 85,924)
At 31 October 2023 178,894 2,700,532 2,879,426
Net book value
At 31 October 2023 490,336 1,550,667 2,041,003
At 31 October 2022 501,600 1,796,305 2,297,905

Included within the net book value of land and buildings above is £100,344 (2022: £100,344) in respect of freehold land and buildings.

4. Debtors

2023 2022
£ £
Trade debtors 305,630 566,261
Corporation tax 0 24,714
Other debtors 46,412 39,684
352,042 630,659

5. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 176,420 325,497
Other taxation and social security 54,350 67,401
Obligations under finance leases and hire purchase contracts (secured) 12,500 50,001
Other creditors 30,018 101,685
273,288 544,584

Hire purchase liabilities are secured on the individual assets acquired by those hire purchase agreements.

6. Creditors: amounts falling due after more than one year

2023 2022
£ £
Amounts owed to related parties 400,000 400,000
Obligations under finance leases and hire purchase contracts (secured) 0 12,499
400,000 412,499

Hire purchase liabilities are secured on the individual assets acquired by those hire purchase agreements.

7. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
8,500 Ordinary shares of £ 1.00 each 8,500 8,500