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Registration number: 03133686

Hydraulic Solutions Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 January 2024

 

Hydraulic Solutions Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 13

 

Hydraulic Solutions Limited

Company Information

Directors

Mr A Williams

Miss C R Williams

Registered office

Unit 11 Liongate Enterprise Park
80 Morden Road
Mitcham
Surrey
CR4 4NY

 

Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Hydraulic Solutions Limited
for the Year Ended 31 January 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Hydraulic Solutions Limited for the year ended 31 January 2024 as set out on pages 3 to 13 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.

This report is made solely to the Board of Directors of Hydraulic Solutions Limited, as a body, in accordance with the terms of our engagement letter dated 1 February 2016. Our work has been undertaken solely to prepare for your approval the accounts of Hydraulic Solutions Limited and state those matters that we have agreed to state to the Board of Directors of Hydraulic Solutions Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/
october/factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Hydraulic Solutions Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Hydraulic Solutions Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Hydraulic Solutions Limited. You consider that Hydraulic Solutions Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Hydraulic Solutions Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Beresfords
Chartered Certified Accountants
1-2 Rhodium Point
Spindle Close
Hawkinge
Folkestone
Kent
CT18 7TQ

1 August 2024

 

Hydraulic Solutions Limited

(Registration number: 03133686)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

16,000

19,000

Tangible assets

5

23,880

45,821

 

39,880

64,821

Current assets

 

Stocks

6

38,454

40,265

Debtors

7

296,155

184,024

Cash at bank and in hand

 

166,647

244,736

 

501,256

469,025

Creditors: Amounts falling due within one year

8

(142,327)

(135,987)

Net current assets

 

358,929

333,038

Total assets less current liabilities

 

398,809

397,859

Creditors: Amounts falling due after more than one year

8

(29,693)

(59,062)

Provisions for liabilities

(5,970)

(8,706)

Net assets

 

363,146

330,091

Capital and reserves

 

Called up share capital

26,865

26,865

Retained earnings

336,281

303,226

Shareholders' funds

 

363,146

330,091

 

Hydraulic Solutions Limited

(Registration number: 03133686)
Balance Sheet as at 31 January 2024 (continued)

For the financial year ending 31 January 2024 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 directors have 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

   
     
 

Hydraulic Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

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 11 Liongate Enterprise Park
80 Morden Road
Mitcham
Surrey
CR4 4NY
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.

 

Hydraulic Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024 (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 and machinery

5 years straight line

Fixtures and fittings

10 years straight line

Motor vehicles

3 years straight line

Office equipment

5 years 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 years 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.

 

Hydraulic Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024 (continued)

2

Accounting policies (continued)

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.

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.

 

Hydraulic Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024 (continued)

2

Accounting policies (continued)

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 (2023 - 7).

 

Hydraulic Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024 (continued)

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 February 2023

77,979

77,979

At 31 January 2024

77,979

77,979

Amortisation

At 1 February 2023

58,979

58,979

Amortisation charge

3,000

3,000

At 31 January 2024

61,979

61,979

Carrying amount

At 31 January 2024

16,000

16,000

At 31 January 2023

19,000

19,000

 

Hydraulic Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024 (continued)

5

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 February 2023

40,577

45,828

37,222

155,605

279,232

Additions

-

-

2,308

-

2,308

At 31 January 2024

40,577

45,828

39,530

155,605

281,540

Depreciation

At 1 February 2023

40,155

45,010

21,674

126,572

233,411

Charge for the year

169

409

7,680

15,991

24,249

At 31 January 2024

40,324

45,419

29,354

142,563

257,660

Carrying amount

At 31 January 2024

253

409

10,176

13,042

23,880

At 31 January 2023

422

818

15,548

29,033

45,821

 

Hydraulic Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024 (continued)

6

Stocks

2024
£

2023
£

Raw materials and consumables

38,454

40,265

7

Debtors

Current

2024
£

2023
£

Trade debtors

113,536

100,651

Prepayments

29,253

30,007

Other debtors

153,366

53,366

 

296,155

184,024

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

21,869

20,977

Trade creditors

 

41,591

49,567

Taxation and social security

 

33,555

25,982

Accruals and deferred income

 

40,773

35,878

Other creditors

 

4,539

3,583

 

142,327

135,987

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

29,693

59,062

 

Hydraulic Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024 (continued)

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

14,806

24,947

HP and finance lease liabilities

11,387

23,115

Directors loan account

3,500

11,000

29,693

59,062

Current loans and borrowings

2024
£

2023
£

Bank borrowings

10,141

9,891

Hire purchase liabilities

11,728

11,086

21,869

20,977

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 £162,555 (2023 - £191,880). The financial commitments being the rental of premises occupied by the company. A new 5 year agreement was signed during the year.

 

Hydraulic Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024 (continued)

11

Related party transactions

Summary of transactions with other related parties

AW Hydraulic Services Ltd, Sageglen Ltd, Berkshire Hydraulic Solutions Ltd, Metaldance Ltd and Macbeth 12 Ltd.

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

During the year loans were advanced to Berkshire Hydraulic Solutions Ltd and Macbeth 12 Ltd.

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

 

Loans to related parties

2024

Other related parties
£

Total
£

At start of period

53,366

53,366

Advanced

100,000

100,000

At end of period

153,366

153,366

2023

Other related parties
£

Total
£

At start of period

53,366

53,366

At end of period

53,366

53,366

Terms of loans to related parties

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