Hydrastore Limited 2427103 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is the distribution and servicing of hydraulic components Digita Accounts Production Advanced 6.30.9574.0 true false true 2427103 2023-01-01 2023-12-31 2427103 2023-12-31 2427103 bus:OrdinaryShareClass1 2023-12-31 2427103 core:RetainedEarningsAccumulatedLosses 2023-12-31 2427103 core:ShareCapital 2023-12-31 2427103 core:CurrentFinancialInstruments 2023-12-31 2427103 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 2427103 core:OtherResidualIntangibleAssets 2023-12-31 2427103 core:FurnitureFittingsToolsEquipment 2023-12-31 2427103 core:LandBuildings 2023-12-31 2427103 core:MotorVehicles 2023-12-31 2427103 bus:SmallEntities 2023-01-01 2023-12-31 2427103 bus:Audited 2023-01-01 2023-12-31 2427103 bus:FullAccounts 2023-01-01 2023-12-31 2427103 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 2427103 bus:RegisteredOffice 2023-01-01 2023-12-31 2427103 bus:Director1 2023-01-01 2023-12-31 2427103 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 2427103 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 2427103 core:IntangibleAssetsOtherThanGoodwill 2023-01-01 2023-12-31 2427103 core:OtherResidualIntangibleAssets 2023-01-01 2023-12-31 2427103 core:FurnitureFittingsToolsEquipment 2023-01-01 2023-12-31 2427103 core:LandBuildings 2023-01-01 2023-12-31 2427103 core:LeaseholdImprovements 2023-01-01 2023-12-31 2427103 core:MotorVehicles 2023-01-01 2023-12-31 2427103 core:PlantMachinery 2023-01-01 2023-12-31 2427103 1 2023-01-01 2023-12-31 2427103 countries:AllCountries 2023-01-01 2023-12-31 2427103 countries:England 2023-01-01 2023-12-31 2427103 2022-12-31 2427103 core:OtherResidualIntangibleAssets 2022-12-31 2427103 core:FurnitureFittingsToolsEquipment 2022-12-31 2427103 core:LandBuildings 2022-12-31 2427103 core:MotorVehicles 2022-12-31 2427103 2022-01-01 2022-12-31 2427103 2022-12-31 2427103 bus:OrdinaryShareClass1 2022-12-31 2427103 core:RetainedEarningsAccumulatedLosses 2022-12-31 2427103 core:ShareCapital 2022-12-31 2427103 core:CurrentFinancialInstruments 2022-12-31 2427103 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 2427103 core:OtherResidualIntangibleAssets 2022-12-31 2427103 core:FurnitureFittingsToolsEquipment 2022-12-31 2427103 core:LandBuildings 2022-12-31 2427103 core:MotorVehicles 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 2427103

Hydrastore Limited

Filleted Financial Statements

for the Year Ended 31 December 2023

 

Hydrastore Limited

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 7

 

Hydrastore Limited

Registration number: 2427103

Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

39,665

46,258

Tangible assets

5

384,960

431,089

 

424,625

477,347

Current assets

 

Stocks

2,491,591

1,887,805

Debtors

6

2,374,709

1,769,029

Cash at bank and in hand

 

102,811

173,355

 

4,969,111

3,830,189

Creditors: Amounts falling due within one year

7

(2,021,357)

(1,282,463)

Net current assets

 

2,947,754

2,547,726

Total assets less current liabilities

 

3,372,379

3,025,073

Provisions for liabilities

(78,554)

(86,231)

Net assets

 

3,293,825

2,938,842

Capital and reserves

 

Called up share capital

8

73,000

73,000

Retained earnings

3,220,825

2,865,842

Shareholders' funds

 

3,293,825

2,938,842

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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 2 September 2024 and signed on its behalf by:
 


Mrs J Hoddinott
Director

   
 

Hydrastore Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Sandtoft Industrial Estate
Belton
Doncaster
South Yorkshire
DN9 1PN
 

Registration number: 2427103

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 were prepared in accordance with the provisions of Financial Reporting Standard 102 section 1A - Small Entities.

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.

Audit report

The Independent Auditors' Report was qualified.

We were not appointed as auditor of the company until after 31 December 2023 and thus did not observe the counting of physical inventories at the start of the year. We were unable to satisfy ourselves by alternative means concerning the inventory quantities held at 31 December 2022, which are included in the balance sheet at that date at £1,887,805, by using other audit procedures. Consequently we were unable to determine whether any adjustment to this amount was necessary.

The name of the Senior Statutory Auditor who signed the audit report on 2 September 2024 was Robert Smith BSc FCA, who signed for and on behalf of RNS Chartered Accountants.

 

Hydrastore Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

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 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.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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, over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures, fittings and equipment

15% on written down value

Motor vehicles

25% on written down value

Property improvements

15% on written down value

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

Other intangible assets

25% on cost

 

Hydrastore Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised at the transaction price, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities. Trade creditors are recognised at the transaction price.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

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 directors) during the year was 41 (2022 - 39).

 

Hydrastore Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

4

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

At 1 January 2023

46,258

46,258

Additions

4,905

4,905

At 31 December 2023

51,163

51,163

Amortisation

Amortisation charge

11,498

11,498

At 31 December 2023

11,498

11,498

Carrying amount

At 31 December 2023

39,665

39,665

At 31 December 2022

46,258

46,258

5

Tangible assets

Property improvements
£

Fixtures, fittings and equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

264,596

800,017

84,374

1,148,987

Additions

12,546

51,897

-

64,443

Disposals

-

(12,694)

-

(12,694)

At 31 December 2023

277,142

839,220

84,374

1,200,736

Depreciation

At 1 January 2023

163,839

492,479

61,580

717,898

Charge for the year

16,496

88,377

5,699

110,572

Eliminated on disposal

-

(12,694)

-

(12,694)

At 31 December 2023

180,335

568,162

67,279

815,776

Carrying amount

At 31 December 2023

96,807

271,058

17,095

384,960

At 31 December 2022

100,757

307,538

22,794

431,089

 

Hydrastore Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

6

Debtors

Current

2023
£

2022
£

Trade debtors

1,534,428

1,221,135

Prepayments

63,502

52,819

Other debtors

776,779

495,075

 

2,374,709

1,769,029

7

Creditors

2023
£

2022
£

Due within one year

Trade payables

1,136,446

1,068,622

Amounts due to related parties

290,447

40,142

Social security and other taxes

352,646

45,662

Other payables

241,818

128,037

2,021,357

1,282,463

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

73,000

73,000

73,000

73,000

         
 

Hydrastore Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

9

Parent and ultimate parent undertaking

The company's immediate parent is Douglas C. Adams & Company Limited, incorporated in the UK.The ultimate parent is OWLE Limited, incorporated in the UK.

The parent of the largest group in which these financial statements are consolidated is OWLE Limited, incorporated in the UK.

The address of OWLE Limited is:
Hydrastore Ltd
Sandtoft Industrial Estate
Belton
DN9 1PN