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Registration number: 12307039

Berkshire Hydraulic Solutions Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 November 2023

 

Berkshire Hydraulic Solutions Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 12

 

Berkshire Hydraulic Solutions Ltd

Company Information

Directors

Mr A Williams

Miss C R Williams

Company secretary

Mrs AM Williams

Registered office

Pirtek Reading
49 Loverock Road
Reading
Berkshire
RG30 1DZ

 

Berkshire Hydraulic Solutions Ltd

(Registration number: 12307039)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

112,848

131,614

Tangible assets

5

62,711

57,600

 

175,559

189,214

Current assets

 

Stocks

6

76,023

104,613

Debtors

7

102,813

158,294

Cash at bank and in hand

 

278,382

155,058

 

457,218

417,965

Creditors: Amounts falling due within one year

8

(484,752)

(481,083)

Net current liabilities

 

(27,534)

(63,118)

Total assets less current liabilities

 

148,025

126,096

Creditors: Amounts falling due after more than one year

8

(61,113)

(45,710)

Provisions for liabilities

(13,551)

(7,832)

Net assets

 

73,361

72,554

Capital and reserves

 

Called up share capital

10

10

Retained earnings

73,351

72,544

Shareholders' funds

 

73,361

72,554

 

Berkshire Hydraulic Solutions Ltd

(Registration number: 12307039)
Balance Sheet as at 30 November 2023 (continued)

For the financial year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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 Board on 1 August 2024 and signed on its behalf by:
 

.........................................
Mr A Williams
Director

   
     
 

Berkshire Hydraulic Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 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:
Pirtek Reading
49 Loverock Road
Reading
Berkshire
RG30 1DZ
United Kingdom

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 and deferred 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.

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.

 

Berkshire Hydraulic Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)

2

Accounting policies (continued)

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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 & Machinery

10 Year Straight Line

Fixtures & Fittings

5 Year Straight Line

Motor Vans

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.

 

Berkshire Hydraulic Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)

2

Accounting policies (continued)

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.

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.

 

Berkshire Hydraulic Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)

2

Accounting policies (continued)

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.

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 directors) during the year, was 7 (2022 - 10).

 

Berkshire Hydraulic Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 December 2022

187,663

187,663

At 30 November 2023

187,663

187,663

Amortisation

At 1 December 2022

56,049

56,049

Amortisation charge

18,766

18,766

At 30 November 2023

74,815

74,815

Carrying amount

At 30 November 2023

112,848

112,848

At 30 November 2022

131,614

131,614

 

Berkshire Hydraulic Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)

5

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 December 2022

10,000

15,000

12,410

98,788

136,198

Additions

-

-

-

46,211

46,211

Disposals

-

-

-

(11,500)

(11,500)

At 30 November 2023

10,000

15,000

12,410

133,499

170,909

Depreciation

At 1 December 2022

6,000

4,500

6,648

61,450

78,598

Charge for the year

2,000

1,500

2,478

30,122

36,100

Eliminated on disposal

-

-

-

(6,500)

(6,500)

At 30 November 2023

8,000

6,000

9,126

85,072

108,198

Carrying amount

At 30 November 2023

2,000

9,000

3,284

48,427

62,711

At 30 November 2022

4,000

10,500

5,762

37,338

57,600

 

Berkshire Hydraulic Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)

6

Stocks

2023
£

2022
£

Raw materials and consumables

76,023

104,613

7

Debtors

Current

2023
£

2022
£

Trade debtors

79,238

133,488

Prepayments

23,575

24,806

 

102,813

158,294

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

32,603

31,778

Trade creditors

 

48,980

47,824

Taxation and social security

 

18,718

24,836

Accruals and deferred income

 

38,763

30,798

Other creditors

 

345,688

345,847

 

484,752

481,083

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

61,113

45,710

 

Berkshire Hydraulic Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)

9

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

16,514

26,471

HP and finance lease liabilities

44,599

19,239

61,113

45,710

Current loans and borrowings

2023
£

2022
£

Bank borrowings

10,098

9,877

Directors current account

5,837

5,846

Hire purchase liabilities

16,668

16,055

32,603

31,778

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £Nil (2022 - £29,410). The financial commitments being the rental of premises occupied by the company.

11

Related party transactions

Transactions with directors

All directors remuneration was concluded under normal market conditions.

Summary of transactions with other related parties

AW Hydraulic Services Ltd, Swindon Hydraulics Ltd, Macbeth 12 Ltd, Hydraulic Solutions Limited and Pirtek (Watford) Limited

The companies listed above were under the common control of Mr A and Mrs A Williams.

 During the year there were outstanding loans from AW Hydraulics Services Ltd, Macbeth 12 Ltd, Hydraulic Solutions Limited and Pirtek (Watford) Limited.

All sales and purchases made with the other related parties were concluded under normal market conditions.

 

 

Berkshire Hydraulic Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)

11

Related party transactions (continued)

Loans from related parties

2023

Other related parties
£

Total
£

At start of period

345,101

345,101

At end of period

345,101

345,101

2022

Other related parties
£

Total
£

At start of period

345,101

345,101

At end of period

345,101

345,101

Terms of loans from related parties

There are no terms of repayment or interest charged on loans from other related parties. These loans are both repayable on demand.