Company registration number 13769828 (England and Wales)
Hydramotion Holdings Limited
Unaudited Financial Statements
For The Year Ended 30 November 2023
Pages For Filing With Registrar
HYDRAMOTION HOLDINGS LIMITED
Hydramotion Holdings Limited
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
HYDRAMOTION HOLDINGS LIMITED
Hydramotion Holdings Limited
BALANCE SHEET
AS AT
30 NOVEMBER 2023
30 November 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
3
460,473
19,499
Current assets
Debtors
5
196
196
Net current assets
196
196
Net assets
460,669
19,695
Capital and reserves
Called up share capital
7
19,305
19,305
Equity reserve
440,974
-
0
Profit and loss reserves
390
390
Total equity
460,669
19,695

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

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

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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and signed by the director and authorised for issue on 27 August 2024
Mr J G Gallagher
Director
Company Registration No. 13769828
HYDRAMOTION HOLDINGS LIMITED
Hydramotion Holdings Limited
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 2 -
1
Accounting policies
Company information

Hydramotion Holdings Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1 York Road Business Park, Malton, North Yorkshire, YO17 6YA.

1.1
Reporting period

The company was incorporated on 29 November 2021. The previous set of financial statements therefore represents the period from the date of incorporation to 30 November 2022 and as such may not be entirely comparable.

1.2
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.3
Going concern

Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.4
Fixed asset investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

HYDRAMOTION HOLDINGS LIMITED
Hydramotion Holdings Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

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

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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.

HYDRAMOTION HOLDINGS LIMITED
Hydramotion Holdings Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 4 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

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

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.9
Share-based payments

Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted using the Monte-Carlo model. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.

When the terms and conditions of equity-settled share-based payments at the time they were granted are subsequently modified, the fair value of the share-based payment under the original terms and conditions and under the modified terms and conditions are both determined at the date of the modification. Any excess of the modified fair value over the original fair value is recognised over the remaining vesting period in addition to the grant date fair value of the original share-based payment. The share-based payment expense is not adjusted if the modified fair value is less than the original fair value.

 

Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.

All share-based payment transactions are over the share capital of the parent company of the group; Hydramotion Holdings Limited, where Hydramotion Limited receives the benefit of employment of those staff.

HYDRAMOTION HOLDINGS LIMITED
Hydramotion Holdings Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 5 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
1
1
3
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
460,473
19,499
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 December 2022
19,499
Other investment in subsidiary
440,974
At 30 November 2023
460,473
Carrying amount
At 30 November 2023
460,473
At 30 November 2022
19,499
HYDRAMOTION HOLDINGS LIMITED
Hydramotion Holdings Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 6 -
4
Subsidiaries

Details of the company's subsidiaries at 30 November 2023 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Hydramotion Limited
1 Seven Street, York Road Business Park, Malton, North Yorkshire, England YO17 6YA
Ordinary shares
100.00
0
John Moore Holdings Limited
1 Seven Street, York Road Business Park, Malton, North Yorkshire, England YO17 6YA
Ordinary shares
0
100.00
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
196
196
6
Share-based payment transactions
Number of share options
Weighted average exercise price
2023
2023
Number
£
Outstanding at 1 December 2022
-
0
-
0
Granted
107,992
1.23
Outstanding at 30 November 2023
107,992
1.23
Exercisable at 30 November 2023
-
0
-
0

The options outstanding at 30 November 2023 had an exercise price ranging from £0.01 to £1.42, and a remaining contractual life of 1 year.

 

All options are over the share capital of Hydramotion Holdings Limited, where subsidiary company Hydramotion Limited receives the benefit of employment of those staff.

The Monte-Carlo valuation model has been used to estimate the fair value of each share option granted in the year, with risk-free rates taken from the UK treasury risk free rates. The calculation is not sensitive to any inputs other than the share price on the grant date, and the exercise price.

Inputs were as follows:
2023
2022
Weighted average share price
1,337.82
-
Weighted average exercise price
1.23
-
Expected volatility
39.32
-
Expected life
1.76
-
Risk free rate
3.23
-
HYDRAMOTION HOLDINGS LIMITED
Hydramotion Holdings Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 7 -
7
Called up share capital
2023
2022
Ordinary share capital
£
£
Issued and fully paid
''A' Ordinary shares of £1 each
18,315
18,315
''B' Ordinary shares of £1 each
990
990
19,305
19,305

During the prior period, the company issued 18,499 'A' ordinary shares and 1,000 'B' ordinary shares as part of a share for share exchange with Hydramotion Limited.

 

The company then redesignated 185 'A' ordinary shares and 10 'B' ordinary shares into 185 'A1' ordinary shares and 10 'B1' ordinary shares.

 

The company also completed a share reduction, 185 'A1' ordinary shares and 10 'B1' ordinary shares were cancelled during the prior period.

 

 

2023-11-302022-12-01false28 August 2024CCH SoftwareCCH Accounts Production 2024.100No description of principal activityMr J G Gallagherfalsefalse137698282022-12-012023-11-30137698282023-11-30137698282022-11-3013769828core:ShareCapital2023-11-3013769828core:ShareCapital2022-11-3013769828core:OtherReservesSubtotal2023-11-3013769828core:OtherReservesSubtotal2022-11-3013769828core:RetainedEarningsAccumulatedLosses2023-11-3013769828core:RetainedEarningsAccumulatedLosses2022-11-3013769828core:ShareCapitalOrdinaryShares2023-11-3013769828core:ShareCapitalOrdinaryShares2022-11-3013769828bus:Director12022-12-012023-11-30137698282021-11-292022-11-3013769828core:Subsidiary12022-12-012023-11-3013769828core:Subsidiary22022-12-012023-11-3013769828core:Subsidiary112022-12-012023-11-3013769828core:Subsidiary212022-12-012023-11-3013769828core:Subsidiary122022-12-012023-11-3013769828core:Subsidiary132022-12-012023-11-3013769828core:Subsidiary232022-12-012023-11-3013769828core:Subsidiary222022-12-012023-11-3013769828core:WithinOneYear2023-11-3013769828core:WithinOneYear2022-11-30137698282022-11-3013769828bus:PrivateLimitedCompanyLtd2022-12-012023-11-3013769828bus:SmallCompaniesRegimeForAccounts2022-12-012023-11-3013769828bus:FRS1022022-12-012023-11-3013769828bus:AuditExemptWithAccountantsReport2022-12-012023-11-3013769828bus:FullAccounts2022-12-012023-11-30xbrli:purexbrli:sharesiso4217:GBP