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Registration number: 05747247

Docklands Hydraulics Limited

Unaudited Filleted Financial Statements

for the Period from 1 June 2023 to 31 March 2024

 

Docklands Hydraulics Limited

Contents

Balance Sheet

1 to 2

Notes to the Financial Statements

3 to 9

 

Docklands Hydraulics Limited

(Registration number: 05747247)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

-

51,926

Current assets

 

Stocks

6

-

55,496

Debtors

7

254,082

120,425

Cash at bank and in hand

 

7,881

33,920

 

261,963

209,841

Creditors: Amounts falling due within one year

8

(60,831)

(175,446)

Net current assets

 

201,132

34,395

Total assets less current liabilities

 

201,132

86,321

Creditors: Amounts falling due after more than one year

8

-

(21,696)

Provisions for liabilities

-

(11,817)

Net assets

 

201,132

52,808

Capital and reserves

 

Called up share capital

5,510

5,510

Retained earnings

195,622

47,298

Shareholders' funds

 

201,132

52,808

 

Docklands Hydraulics Limited

(Registration number: 05747247)
Balance Sheet as at 31 March 2024

For the financial period ending 31 March 2024 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 accounts for the period in question in accordance with section 476; and

The director acknowledges his 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 director on 14 August 2024
 

.........................................
Mr W Collier
Company secretary and director

 

Docklands Hydraulics Limited

Notes to the Financial Statements for the Period from 1 June 2023 to 31 March 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 9
Greenshields Industrial Estate
Bradfield Road
Royal Docks
London
E16 2AU

These financial statements were authorised for issue by the director on 14 August 2024.

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.

 

Docklands Hydraulics Limited

Notes to the Financial Statements for the Period from 1 June 2023 to 31 March 2024

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

10% straight line

Fixtures and fittings

20% straight line

Motor vehicles

33% straight line

Office equipment

20% straight line

Leasehold improvements

20% 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 year straight line

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.

 

Docklands Hydraulics Limited

Notes to the Financial Statements for the Period from 1 June 2023 to 31 March 2024

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.

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 the director) during the period, was 7 (2023 - 7).

 

Docklands Hydraulics Limited

Notes to the Financial Statements for the Period from 1 June 2023 to 31 March 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 June 2023

132,550

132,550

Disposals

(132,550)

(132,550)

At 31 March 2024

-

-

Amortisation

At 1 June 2023

132,550

132,550

Amortisation eliminated on disposals

(132,550)

(132,550)

At 31 March 2024

-

-

Carrying amount

At 31 March 2024

-

-

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Plant and machinery
£

Cost or valuation

At 1 June 2023

2,727

193,402

79,827

151,029

Disposals

(2,727)

(193,402)

(79,827)

(151,029)

At 31 March 2024

-

-

-

-

Depreciation

At 1 June 2023

2,181

185,238

58,789

128,588

Eliminated on disposal

(2,181)

(185,238)

(58,789)

(128,588)

At 31 March 2024

-

-

-

-

Carrying amount

At 31 March 2024

-

-

-

-

At 31 May 2023

546

7,901

21,038

22,441

 

Docklands Hydraulics Limited

Notes to the Financial Statements for the Period from 1 June 2023 to 31 March 2024

Total
£

Cost or valuation

At 1 June 2023

426,985

Disposals

(426,985)

At 31 March 2024

-

Depreciation

At 1 June 2023

374,796

Eliminated on disposal

(374,796)

At 31 March 2024

-

Carrying amount

At 31 March 2024

-

At 31 May 2023

51,926

 

Docklands Hydraulics Limited

Notes to the Financial Statements for the Period from 1 June 2023 to 31 March 2024

6

Stocks

2024
£

2023
£

Finished goods and goods for resale

-

55,496

7

Debtors

Current

2024
£

2023
£

Trade debtors

15,339

110,283

Prepayments

-

8,025

Other debtors

238,743

2,117

 

254,082

120,425

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

-

20,720

Trade creditors

 

8,991

55,252

Taxation and social security

 

48,874

34,186

Accruals and deferred income

 

1,435

12,303

Other creditors

 

1,531

52,985

 

60,831

175,446

 

Docklands Hydraulics Limited

Notes to the Financial Statements for the Period from 1 June 2023 to 31 March 2024

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

-

21,696

9

Related party transactions

Transactions with the director

2024

At 1 June 2023
£

Advances to director
£

Repayments by director
£

At 31 March 2024
£

Mr W Collier

Monies owed to/(from) the director

(39,197)

513,750

(235,810)

238,743