Company Registration No. 03025390 (England and Wales)
Howes Precision Hydraulics Limited
Unaudited accounts
for the year ended 30 June 2024
Howes Precision Hydraulics Limited
Unaudited accounts
Contents
Howes Precision Hydraulics Limited
Company Information
for the year ended 30 June 2024
Directors
Mrs D Howes
Mr N Howes
Company Number
03025390 (England and Wales)
Registered Office
Unit 2 Davis Way
Newgate Lane Industrial Estate
Fareham
Hampshire
PO14 1JF
Accountants
TaxSense Accountants Ltd
203 West Street
Fareham
Hants
PO16 0EN
Howes Precision Hydraulics Limited
Accountants' report
Accountants' report to the board of directors of Howes Precision Hydraulics Limited on the preparation of the unaudited statutory accounts for the year ended 30 June 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of
Howes Precision Hydraulics Limited for the year ended
30 June 2024 as set out on pages
5 -
7 from the company's accounting records and from information and explanations you have given us.
This report is made solely to the Board of Directors of Howes Precision Hydraulics Limited, as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the accounts of Howes Precision Hydraulics Limited and state those matters that we have agreed to state to them, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Howes Precision Hydraulics Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Howes Precision Hydraulics 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 Howes Precision Hydraulics Limited. You consider that Howes Precision Hydraulics 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 Howes Precision Hydraulics 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.
TaxSense Accountants Ltd
203 West Street
Fareham
Hants
PO16 0EN
26 July 2024
Howes Precision Hydraulics Limited
Statement of financial position
as at 30 June 2024
Tangible assets
101,015
68,067
Inventories
114,618
212,368
Cash at bank and in hand
34,432
29,747
Creditors: amounts falling due within one year
(323,712)
(417,002)
Net current assets
148,510
210,287
Total assets less current liabilities
249,525
278,354
Creditors: amounts falling due after more than one year
(8,715)
(18,230)
Net assets
240,810
260,124
Called up share capital
40
40
Profit and loss account
240,770
260,084
Shareholders' funds
240,810
260,124
For the year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 26 July 2024 and were signed on its behalf by
Mrs D Howes
Director
Company Registration No. 03025390
Howes Precision Hydraulics Limited
Notes to the Accounts
for the year ended 30 June 2024
Howes Precision Hydraulics Limited is a private company, limited by shares, registered in England and Wales, registration number 03025390. The registered office is Unit 2 Davis Way, Newgate Lane Industrial Estate, Fareham, Hampshire, PO14 1JF.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% reducing balance
Motor vehicles
25% reducing balance
Computer equipment
25% reducing balance
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Howes Precision Hydraulics Limited
Notes to the Accounts
for the year ended 30 June 2024
4
Tangible fixed assets
Plant & machinery
Motor vehicles
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At 1 July 2023
92,132
36,023
3,177
131,332
Additions
51,034
-
2,742
53,776
At 30 June 2024
143,166
36,023
5,919
185,108
At 1 July 2023
27,778
34,853
634
63,265
Charge for the year
19,490
292
1,046
20,828
At 30 June 2024
47,268
35,145
1,680
84,093
At 30 June 2024
95,898
878
4,239
101,015
At 30 June 2023
64,354
1,170
2,543
68,067
Amounts falling due within one year
Trade debtors
263,677
362,273
Amounts due from group undertakings etc.
45,742
10,743
Accrued income and prepayments
13,753
12,158
6
Creditors: amounts falling due within one year
2024
2023
Bank loans and overdrafts
40,709
64,666
Trade creditors
212,690
263,897
Taxes and social security
33,699
46,832
Other creditors
2,057
2,333
7
Creditors: amounts falling due after more than one year
2024
2023
Allotted, called up and fully paid:
40 Ordinary shares of £1 each
40
40
9
Average number of employees
During the year the average number of employees was 21 (2023: 21).