Company registration number 03295275 (England and Wales)
HOSE-EQUIP LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
HOSE-EQUIP LIMITED
COMPANY INFORMATION
Directors
Mr S D Lane
Mrs A M Lane
Company number
03295275
Registered office
Lower Trelake Business Park
Tedburn Road, Whitestone
Exeter
Devon
United Kingdom
EX4 2HF
Accountants
Bush & Co Limited
2 Barnfield Crescent
Exeter
EX1 1QT
HOSE-EQUIP LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
HOSE-EQUIP LIMITED
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
992
1,200
Tangible assets
4
2,965,437
1,898,189
2,966,429
1,899,389
Current assets
Stocks
606,600
722,308
Debtors
5
677,208
665,729
Cash at bank and in hand
1,117
247
1,284,925
1,388,284
Creditors: amounts falling due within one year
6
(2,229,925)
(2,125,972)
Net current liabilities
(945,000)
(737,688)
Total assets less current liabilities
2,021,429
1,161,701
Creditors: amounts falling due after more than one year
7
(1,004,312)
(262,779)
Provisions for liabilities
(360,791)
(300,233)
Net assets
656,326
598,689
Capital and reserves
Called up share capital
40,000
40,000
Retained earnings
616,326
558,689
Total equity
656,326
598,689
HOSE-EQUIP LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 APRIL 2024
30 April 2024
- 2 -

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their 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 by the board of directors and authorised for issue on 19 September 2024 and are signed on its behalf by:
Mr S D Lane
Director
Company Registration No. 03295275
HOSE-EQUIP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -
1
Accounting policies
Company information

Hose-equip Limited is a private company limited by shares incorporated in England and Wales. The registered office is Lower Trelake Business Park, Tedburn Road, Whitestone, Exeter, Devon, United Kingdom, EX4 2HF.

1.1
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 £.

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

1.2
Going concern

At the balance sheet date, the company had net current liabilities. The company is dependent on the continued support of a connected company. The directors' are of the opinion this support will not be removed for the foreseeable future and believe the company has sufficient financial resources to meet its on-going requirements. As such, the directors' consider it appropriate for the company's financial statements to be prepared on a going concern basis.true

1.3
Turnover

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.4
Intangible fixed assets - goodwill

Goodwill recognised represents the excess of the fair value and directly attributable costs to the purchase consideration over the fair value of the identifiable assets, liabilities and contingent liabilities.

 

Goodwill has been amortised over its expected useful life and is now fully amortised. Where the company is unable to make a reliable estimate of useful life, goodwill is amortised over a period not exceeding 10 years. Goodwill is assessed for impairment and any impairment charged to the income statement. Reversals of impairment are recognised when the reasons for the impairment no longer apply.

HOSE-EQUIP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Patents & licences
Over 10 Years
1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold land & buildings
10% straight line
Plant & machinery
15% reducing balance and 5% straight line
Fixtures & fittings
15% reducing balance
Computer equipment
20% straight line
Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

1.8
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.

HOSE-EQUIP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 5 -
1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.10
Employee benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

1.11
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

HOSE-EQUIP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 6 -
1.12
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

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

2024
2023
Number
Number
Total
25
26
3
Intangible fixed assets
Goodwill
Other
Total
£
£
£
Cost
At 1 May 2023 and 30 April 2024
13,580
2,078
15,658
Amortisation and impairment
At 1 May 2023
13,580
878
14,458
Amortisation charged for the year
-
0
208
208
At 30 April 2024
13,580
1,086
14,666
Carrying amount
At 30 April 2024
-
0
992
992
At 30 April 2023
-
0
1,200
1,200
HOSE-EQUIP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 7 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 May 2023
209,488
3,025,721
3,235,209
Additions
85,803
1,358,751
1,444,554
Disposals
-
0
(122,387)
(122,387)
At 30 April 2024
295,291
4,262,085
4,557,376
Depreciation and impairment
At 1 May 2023
119,257
1,217,763
1,337,020
Depreciation charged in the year
27,925
270,688
298,613
Eliminated in respect of disposals
-
0
(43,694)
(43,694)
At 30 April 2024
147,182
1,444,757
1,591,939
Carrying amount
At 30 April 2024
148,109
2,817,328
2,965,437
At 30 April 2023
90,231
1,807,958
1,898,189
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
295,869
341,011
Other debtors
381,339
324,718
677,208
665,729
HOSE-EQUIP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 8 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
179,729
191,601
Trade creditors
1,335,200
1,299,384
Taxation and social security
22,488
14,470
Other creditors
692,508
620,517
2,229,925
2,125,972
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
54,166
104,167
Other creditors
950,146
158,612
1,004,312
262,779

The bank overdraft is secured by way of a fixed and floating charge over the assets of the company.

 

The hire purchase liabilities are secured against the assets to which they relate.

8
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
30,173
30,173
HOSE-EQUIP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 9 -
9
Related party transactions

Included in other creditors are amounts owed to a company under control of close family members of the directors of £410,338. The loan is interest free and carries no fixed terms of repayment.

Included in other debtors are amounts owed from companies under common control of the directors of £174,589. The loans are interest free and carry no fixed terms of repayment.

Included in other debtors are amounts owed by the directors of £126,612. The loan is charged interest at HM Revenue & Customs official rate of interest and carries no fixed terms of repayment.

2024-04-302023-05-01false19 September 2024CCH SoftwareCCH Accounts Production 2024.210The principal activity in the year was that of manufacture of other parts and accessories for motor vehicles
Mr S D LaneMrs A M Lanefalsefalse
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