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REGISTERED NUMBER: 04302081 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

THE WATER HYDRAULICS CO. LTD

THE WATER HYDRAULICS CO. LTD (REGISTERED NUMBER: 04302081)

CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 December 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


THE WATER HYDRAULICS CO. LTD

COMPANY INFORMATION
for the Year Ended 31 December 2023







DIRECTOR: T Markham





SECRETARY: T Markham





REGISTERED OFFICE: Alexandra House
English Street
Hull
HU3 2DJ





REGISTERED NUMBER: 04302081 (England and Wales)





ACCOUNTANTS: Sowerby
Chartered Accountants
Beckside Court
Annie Reed Road
Beverley
East Yorkshire
HU17 0LF

THE WATER HYDRAULICS CO. LTD (REGISTERED NUMBER: 04302081)

BALANCE SHEET
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 1 36
Tangible assets 5 404,799 364,954
404,800 364,990

CURRENT ASSETS
Stocks 773,586 676,573
Debtors 6 323,780 219,808
Cash at bank and in hand 1,307,529 1,204,196
2,404,895 2,100,577
CREDITORS
Amounts falling due within one year 7 455,660 282,676
NET CURRENT ASSETS 1,949,235 1,817,901
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,354,035

2,182,891

CREDITORS
Amounts falling due after more than one year 8 (165,602 ) (177,138 )

PROVISIONS FOR LIABILITIES (9,836 ) -
NET ASSETS 2,178,597 2,005,753

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 2,178,595 2,005,751
SHAREHOLDERS' FUNDS 2,178,597 2,005,753

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

THE WATER HYDRAULICS CO. LTD (REGISTERED NUMBER: 04302081)

BALANCE SHEET - continued
31 December 2023


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 26 September 2024 and were signed by:





T Markham - Director


THE WATER HYDRAULICS CO. LTD (REGISTERED NUMBER: 04302081)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 December 2023


1. STATUTORY INFORMATION

The Water Hydraulics Co. Ltd is a private company, limited by shares, registered in England. The company's registered number is 04302081 and it has its registered office address and principal place of business at Alexandra House, English Street, Hull, HU3 2DJ.

The financial statements are presented in sterling, which is the functional currency of the company and covers the individual entity only.

The principal activity of the company is the manufacture and development of pumps, motors and water hydraulic valves.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Having regard to liquidity risk, current market conditions and other factors affecting the company, the use of the going concern basis of accounting is appropriate as, in the opinion of the director there are no material uncertainties related to events or conditions that may cast significant doubt about the ability of the company to continue as a going concern.

Turnover
Turnover is the amount receivable for the provision of goods and services falling within the company's ordinary activities excluding value added tax and trade discounts.

Turnover from the provision of goods is recognised when the risks and rewards of ownership of goods have been transferred to the customer. The risk and rewards of ownership of goods are deemed to have been transferred when the goods are shipped to, or picked up by, the customer.

Turnover from services are recognised when the service provided to the customer has been completed.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2003, is being amortised evenly over its estimated useful life of ten years.

Other intangible assets
Amortisation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Other intangible assets - 10% on cost

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - 2% on cost excluding land
Plant and machinery etc - 25% on cost, 15% on cost and 10% on cost

THE WATER HYDRAULICS CO. LTD (REGISTERED NUMBER: 04302081)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023


2. ACCOUNTING POLICIES - continued

Stocks
Stocks are stated at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving item. Cost is determined on a first in, first out basis.

Work in progress is valued at cost, which includes outlays incurred on behalf of the customer and appropriate proportion of directly attributable costs and overheads on incomplete assignments. Provision is made for irrecoverable costs where appropriate.

Taxation
Taxation represents the sum of the tax currently payable and deferred tax.

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

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on the tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 21 (2022 - 20 ) .

THE WATER HYDRAULICS CO. LTD (REGISTERED NUMBER: 04302081)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023


4. INTANGIBLE FIXED ASSETS
Other
intangible
Goodwill assets Totals
£    £    £   
COST
At 1 January 2023
and 31 December 2023 1 6,602 6,603
AMORTISATION
At 1 January 2023 - 6,567 6,567
Charge for year - 35 35
At 31 December 2023 - 6,602 6,602
NET BOOK VALUE
At 31 December 2023 1 - 1
At 31 December 2022 1 35 36

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 January 2023 411,034 229,984 641,018
Additions 11,288 45,721 57,009
Disposals - (1,888 ) (1,888 )
At 31 December 2023 422,322 273,817 696,139
DEPRECIATION
At 1 January 2023 63,409 212,655 276,064
Charge for year 5,887 10,275 16,162
Eliminated on disposal - (886 ) (886 )
At 31 December 2023 69,296 222,044 291,340
NET BOOK VALUE
At 31 December 2023 353,026 51,773 404,799
At 31 December 2022 347,625 17,329 364,954

THE WATER HYDRAULICS CO. LTD (REGISTERED NUMBER: 04302081)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 254,324 99,615
Amounts owed by related parties 36,260 92,877
Other debtors 33,196 27,316
323,780 219,808

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 17,420 15,595
Trade creditors 129,487 130,824
Taxation and social security 29,753 38,554
Other creditors 279,000 97,703
455,660 282,676

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 165,602 177,138

Amounts falling due in more than five years:

Repayable by instalments
Bank loans 89,003 107,207

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 40,681 20,963
Between one and five years 43,065 34,757
83,746 55,720

THE WATER HYDRAULICS CO. LTD (REGISTERED NUMBER: 04302081)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023


10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 183,022 192,733

The bank balances are secured by a legal charge dated 25th January 2011 and a mortgage debenture dated 19th January 2011 incorporating a fixed and floating charge over all current and future assets of the company.

11. RELATED PARTY DISCLOSURES

Included within other creditors as at 31st December 2023 is the following amount owing to the directors.

T Markham

Amount owing of £154 (2022: £154)
The loan was made on an interest free basis and is repayable on demand.


Armak Limited
Included in debtors due within one year are transaction with Armak Ltd, a company which T Markham is a director and shareholder.

The amount due from Armak Ltd at 31st December 2023 was £36,260 (2022 £92,877). Sales of £431,870, management charges of £87,036 and purchase of materials of £3,130 were made during the year.

All the above transactions were undertaken at arm's length on normal commercial terms.