City Hydraulics Ltd 05772956 false 2023-06-01 2024-05-31 2024-05-31 The principal activity of the company is That of the supply and repair of hydraulic hoses Digita Accounts Production Advanced 6.30.9574.0 true true false true 05772956 2023-06-01 2024-05-31 05772956 2024-05-31 05772956 core:RetainedEarningsAccumulatedLosses 2024-05-31 05772956 core:ShareCapital 2024-05-31 05772956 core:CurrentFinancialInstruments 2024-05-31 05772956 core:CurrentFinancialInstruments core:WithinOneYear 2024-05-31 05772956 core:Non-currentFinancialInstruments 2024-05-31 05772956 core:Non-currentFinancialInstruments core:AfterOneYear 2024-05-31 05772956 core:Goodwill 2024-05-31 05772956 core:FurnitureFittings 2024-05-31 05772956 core:MotorVehicles 2024-05-31 05772956 core:OfficeEquipment 2024-05-31 05772956 core:PlantMachinery 2024-05-31 05772956 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2024-05-31 05772956 bus:SmallEntities 2023-06-01 2024-05-31 05772956 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 05772956 bus:FilletedAccounts 2023-06-01 2024-05-31 05772956 bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 05772956 bus:RegisteredOffice 2023-06-01 2024-05-31 05772956 bus:Director1 2023-06-01 2024-05-31 05772956 bus:Director3 2023-06-01 2024-05-31 05772956 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 05772956 core:Goodwill 2023-06-01 2024-05-31 05772956 core:FurnitureFittings 2023-06-01 2024-05-31 05772956 core:MotorVehicles 2023-06-01 2024-05-31 05772956 core:OfficeEquipment 2023-06-01 2024-05-31 05772956 core:PlantMachinery 2023-06-01 2024-05-31 05772956 core:KeyManagementPersonnel 2023-06-01 2024-05-31 05772956 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-06-01 2024-05-31 05772956 core:OtherRelatedParties 2023-06-01 2024-05-31 05772956 core:Subsidiary1 2023-06-01 2024-05-31 05772956 core:Subsidiary1 1 2023-06-01 2024-05-31 05772956 core:Subsidiary1 countries:AllCountries 2023-06-01 2024-05-31 05772956 countries:AllCountries 2023-06-01 2024-05-31 05772956 2023-05-31 05772956 core:Goodwill 2023-05-31 05772956 core:CostValuation 2023-05-31 05772956 core:FurnitureFittings 2023-05-31 05772956 core:MotorVehicles 2023-05-31 05772956 core:OfficeEquipment 2023-05-31 05772956 core:PlantMachinery 2023-05-31 05772956 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-05-31 05772956 2022-06-01 2023-05-31 05772956 2023-05-31 05772956 core:RetainedEarningsAccumulatedLosses 2023-05-31 05772956 core:ShareCapital 2023-05-31 05772956 core:CurrentFinancialInstruments 2023-05-31 05772956 core:CurrentFinancialInstruments core:WithinOneYear 2023-05-31 05772956 core:Non-currentFinancialInstruments 2023-05-31 05772956 core:Non-currentFinancialInstruments core:AfterOneYear 2023-05-31 05772956 core:FurnitureFittings 2023-05-31 05772956 core:MotorVehicles 2023-05-31 05772956 core:OfficeEquipment 2023-05-31 05772956 core:PlantMachinery 2023-05-31 05772956 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-05-31 05772956 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2022-06-01 2023-05-31 05772956 core:Subsidiary1 1 2022-06-01 2023-05-31 05772956 2022-05-31 05772956 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2022-05-31 iso4217:GBP xbrli:pure

Registration number: 05772956

City Hydraulics Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2024

 

City Hydraulics Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 13

 

City Hydraulics Ltd

Company Information

Directors

Mr J Woods

Mrs M Woods

Registered office

Unit 2
Buckholt Business Centre
Warndon
Worcester
Worcester
WR4 9ND

 

City Hydraulics Ltd

(Registration number: 05772956)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

66,525

92,287

Investments

6

102,699

102,699

 

169,224

194,986

Current assets

 

Stocks

7

54,403

51,781

Debtors

8

289,637

327,250

Cash at bank and in hand

 

41,908

29,988

 

385,948

409,019

Creditors: Amounts falling due within one year

9

(283,634)

(293,078)

Net current assets

 

102,314

115,941

Total assets less current liabilities

 

271,538

310,927

Creditors: Amounts falling due after more than one year

9

(129,904)

(185,886)

Provisions for liabilities

(12,640)

(17,535)

Net assets

 

128,994

107,506

Capital and reserves

 

Called up share capital

1,002

1,002

Retained earnings

127,992

106,504

Shareholders' funds

 

128,994

107,506

 

City Hydraulics Ltd

(Registration number: 05772956)
Balance Sheet as at 31 May 2024 (continued)

For the financial year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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

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

.........................................
Mr J Woods
Director

   
     
 

City Hydraulics Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

1

General information

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

The address of its registered office is:
Unit 2
Buckholt Business Centre
Warndon
Worcester
Worcester
WR4 9ND
United Kingdom

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.

 

City Hydraulics Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)

2

Accounting policies (continued)

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.

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 & Machinery

10 years straight line

Fixtures & Fittings

5 years straight line

Motor Vehicles

3 years straight line

Office Equipment

5 years straight line

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

 

City Hydraulics Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)

2

Accounting policies (continued)

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 years straight line

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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 initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, 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.

 

City Hydraulics Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)

2

Accounting policies (continued)

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 initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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 in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

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.

 

City Hydraulics Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)

2

Accounting policies (continued)

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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 7 (2023 - 7).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 June 2023

80,000

80,000

At 31 May 2024

80,000

80,000

Amortisation

At 1 June 2023

80,000

80,000

At 31 May 2024

80,000

80,000

Carrying amount

At 31 May 2024

-

-

 

City Hydraulics Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)

5

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 June 2023

30,349

36,027

71,404

130,644

268,424

Additions

-

2,230

313

37,791

40,334

Disposals

-

-

-

(55,653)

(55,653)

At 31 May 2024

30,349

38,257

71,717

112,782

253,105

Depreciation

At 1 June 2023

25,583

28,628

56,649

65,277

176,137

Charge for the year

1,094

1,567

6,656

35,399

44,716

Eliminated on disposal

-

-

-

(34,273)

(34,273)

At 31 May 2024

26,677

30,195

63,305

66,403

186,580

Carrying amount

At 31 May 2024

3,672

8,062

8,412

46,379

66,525

At 31 May 2023

4,766

7,399

14,755

65,367

92,287

 

City Hydraulics Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)

6

Investments

2024
£

2023
£

Investments in subsidiaries

102,699

102,699

Subsidiaries

£

Cost or valuation

At 1 June 2023

102,699

Provision

Carrying amount

At 31 May 2024

102,699

At 31 May 2023

102,699

 

City Hydraulics Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)

6

Investments (continued)

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2024

2023

Subsidiary undertakings

Buffrail Limited

Unit 6, Oldington Trading Estate
Stourport Road
Kidderminster
DY11 7QP

England

Ordinary £1

100%

100%

Subsidiary undertakings

Buffrail Limited

The principal activity of Buffrail Limited is Pirtek Franchise .

7

Stocks

2024
£

2023
£

Other inventories

54,403

51,781

8

Debtors

Current

2024
£

2023
£

Trade debtors

141,635

122,047

Prepayments

12,528

10,724

Other debtors

135,474

194,479

 

289,637

327,250

 

City Hydraulics Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)

9

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

22,676

48,635

Trade creditors

 

76,295

53,151

Taxation and social security

 

69,267

30,423

Accruals and deferred income

 

16,364

19,202

Other creditors

 

99,032

141,667

 

283,634

293,078

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

129,904

185,886

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

68,739

113,352

HP and finance lease liabilities

61,165

72,534

129,904

185,886

Current loans and borrowings

2024
£

2023
£

Bank overdrafts

-

23,792

Directors current account

930

2,671

Hire purchase liabilities

21,746

22,172

22,676

48,635

 

City Hydraulics Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)

11

Related party transactions

Transactions with directors

All directors remuneration was paid under normal market conditions

Summary of transactions with other related parties

Urbanmajor Ltd, Buffrail Ltd, M&J Woods Ltd, M&J Woods (NP) Ltd.

All the above listed companies are under the common control of Mr J & Mrs M Woods.

At the year end there were outstanding loans from Urbanmajor Ltd, Buffrail Ltd, M&J Woods Ltd, M&J Woods (NP) Ltd.

All sales and purchases with entities under common control were conducted under normal market conditions

 

Loans to related parties

2024

Key management
£

Total
£

At start of period

194,479

194,479

Advanced

(59,005)

(59,005)

At end of period

135,474

135,474

2023

Key management
£

Total
£

At start of period

191,194

191,194

Advanced

3,285

3,285

At end of period

194,479

194,479

Terms of loans to related parties

There are no repayment terms or interest charges associated with loans to other related parties. All loans are repayable on demand