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COMPANY REGISTRATION NUMBER: 04364570
Hydramec Offshore Hydraulic Systems Limited
Unaudited financial statements
For the year ended
31 December 2023
Hydramec Offshore Hydraulic Systems Limited
Statement of financial position
31 December 2023
2023
2022
Note
£
£
£
£
Fixed assets
Tangible assets
5
211,623
162,050
Current assets
Stocks
1,091,683
464,303
Debtors
6
3,265,246
2,221,886
Cash at bank and in hand
306,513
154,773
-----------
-----------
4,663,442
2,840,962
Creditors: Amounts falling due within one year
7
( 3,787,339)
( 1,853,539)
-----------
-----------
Net current assets
876,103
987,423
-----------
-----------
Total assets less current liabilities
1,087,726
1,149,473
Creditors: Amounts falling due after more than one year
8
( 71,971)
( 100,064)
-----------
-----------
Net assets
1,015,755
1,049,409
-----------
-----------
Capital and reserves
Called up share capital
9
200
200
Profit and loss account
1,015,555
1,049,209
-----------
-----------
Shareholders funds
1,015,755
1,049,409
-----------
-----------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- 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 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 6 September 2024 , and are signed on behalf of the board by:
D P Church
Director
Company registration number: 04364570
Hydramec Offshore Hydraulic Systems Limited
Notes to the financial statements
Year ended 31 December 2023
1. General information
The company, registration number 04364570 , is a private company limited by shares, registered in England and Wales. The address of the registered office is Units G2 - G4 Boundary Road, Great Yarmouth, Norfolk, NR31 0LY.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis .
Going concern
The accounts have been prepared on a going concern basis which assumes the continued support of the director.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Leasehold property improvements
-
15% reducing balance
Fixtures, fittings, plant and machinery
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Computer equipment
-
33% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition. In respect of work in progress, cost includes a relevant proportion of overheads according to the stage of completion.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of employees during the year was 52 (2022: 53 ).
5. Tangible assets
Land and buildings
Fixtures, fittings, plant and machinery
Motor vehicles
Computer equipment
Total
£
£
£
£
£
Cost
At 1 January 2023
40,522
416,045
6,788
90,320
553,675
Additions
84,892
84,892
-------
---------
------
-------
---------
At 31 December 2023
40,522
500,937
6,788
90,320
638,567
-------
---------
------
-------
---------
Depreciation
At 1 January 2023
22,542
277,563
6,533
84,987
391,625
Charge for the year
2,697
29,181
64
3,377
35,319
-------
---------
------
-------
---------
At 31 December 2023
25,239
306,744
6,597
88,364
426,944
-------
---------
------
-------
---------
Carrying amount
At 31 December 2023
15,283
194,193
191
1,956
211,623
-------
---------
------
-------
---------
At 31 December 2022
17,980
138,482
255
5,333
162,050
-------
---------
------
-------
---------
6. Debtors
2023
2022
£
£
Trade debtors
829,591
222,225
Amounts owed by group undertakings and undertakings in which the company has a participating interest
944,254
893,461
Other debtors
1,491,401
1,106,200
-----------
-----------
3,265,246
2,221,886
-----------
-----------
7. Creditors: Amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
73,054
67,246
Trade creditors
1,439,658
345,867
Social security and other taxes
283,890
281,160
Other creditors
1,990,737
1,159,266
-----------
-----------
3,787,339
1,853,539
-----------
-----------
Bank loans and overdrafts totalling £73,054 (2022 - £67,246) and other creditors of £252,685 (2022 - £9,724) are secured by a cross company property held by HOHS Holdings Limited.
8. Creditors: Amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
28,365
100,064
Other creditors
43,606
-------
---------
71,971
100,064
-------
---------
9. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
200
200
200
200
----
----
----
----
10. Contingencies
The company has guaranteed the whole of any bank facility made available to HOHS Holdings Limited by HSBC Bank Plc. The bank has a debenture over the assets of the company to support the guarantee. At 31 December 2023 no liability arose under this agreement.
11. Director's advances, credits and guarantees
The company operates an interest free loan account with the director, at the year end the director owed the company £46,606 (2022: £25,921).
12. Related party transactions
At the year end the company was owed £944,254 (2022: £893,461) by other group companies .