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Registration number: 11769670

Hystat Holdings Limited

Annual Report and Consolidated Financial Statements

for the Year Ended 29 February 2024

 

Hystat Holdings Limited

Contents

Company Information

1

Strategic Report

2

Directors' Report

3

Statement of Directors' Responsibilities

4

Independent Auditor's Report

5 to 8

Consolidated Profit and Loss Account

9

Consolidated Statement of Comprehensive Income

10

Consolidated Balance Sheet

11

Balance Sheet

12

Consolidated Statement of Changes in Equity

13

Statement of Changes in Equity

14

Consolidated Statement of Cash Flows

15

Notes to the Financial Statements

16 to 32

 

Hystat Holdings Limited

Company Information

Directors

SJ Wadsworth

RA Wadsworth

PM Wadsworth

T Wadsworth

Registered office

Spa Fields Industrial Estate
New Street
Slaithwaite
Huddersfield
West Yorkshire
HD7 5BB

Auditors

Balance Accountants
Victoria Court
91 Huddersfield Road
Holmfirth
West Yorkshire
HD9 3JA

 

Hystat Holdings Limited

Strategic Report for the Year Ended 29 February 2024

The directors present their strategic report for the year ended 29 February 2024.

Principal activity

The principal activity of the group is the sale, design, manufacture and repair of special hydraulic cylinders and piston accumulators for the heavy engineering industry.

Fair review of the business

The profit and loss account set out on page 9 shows turnover for the year of £14,132,235 (2023 - £12,243,987) and a profit after taxation for the year of £862,567 (2023 - £663,665).

Total group turnover increased by 15.4% in comparison with the prior year, following the completion of several large projects. Gross profit as a percentage of turnover increased from 30.8% to 33.6%. Manufacturing costs remain subject to stringent scrutiny and have been reduced wherever possible and overall cost of sales have decreased as a percentage of turnover. Administrative expenses increased by 17.1% and as a percentage of turnover from 23.8% to 24.1%.

Principal risks and uncertainties

Operationally, global material cost increases and availability remain significant challenges to the business and industry, particularly around steel supply and electrical components. Inflationary pressures are also being experienced through increased energy and transport costs, further adding to a challenging business environment.

The main financial risks arising from the group’s activities are credit risk and liquidity risk. These are monitored by the board of directors.

The group’s credit risk is primarily attributable to its trade debtors. Credit risk is managed through credit insurance, credit checks on new and existing customers and by monitoring payments against contractual terms.

The group’s liquidity risk is managed through a mixture of long and short term debt finance and readily accessible bank accounts to ensure that the company has sufficient funds to manage its day to day operations.

Approved and authorised by the Board on 1 October 2024 and signed on its behalf by:
 

.........................................
SJ Wadsworth
Director

 

Hystat Holdings Limited

Directors' Report for the Year Ended 29 February 2024

The directors present their report and the for the year ended 29 February 2024.

Directors of the group

The directors who held office during the year were as follows:

SJ Wadsworth

RA Wadsworth

PM Wadsworth (appointed 26 January 2024)

T Wadsworth (appointed 26 January 2024)

Disclosure of information to the auditor

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the group's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

Approved and authorised by the Board on 1 October 2024 and signed on its behalf by:
 

.........................................
SJ Wadsworth
Director

 

Hystat Holdings Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and the company and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

Hystat Holdings Limited

Independent Auditor's Report to the Members of Hystat Holdings Limited

Opinion

We have audited the financial statements of Hystat Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 29 February 2024, which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the group's and the parent company's affairs as at 29 February 2024 and of the group's profit for the year then ended;

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

 

Hystat Holdings Limited

Independent Auditor's Report to the Members of Hystat Holdings Limited

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the group and the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

the parent company financial statements are not in agreement with the accounting records and returns; or

certain disclosures of directors' remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities [set out on page 4], the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group and the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

 

Hystat Holdings Limited

Independent Auditor's Report to the Members of Hystat Holdings Limited

Auditor Responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company’s internal control.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.

• Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

• Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the company to express an opinion on the financial statements. We are responsible for the direction, supervision and performance of the company audit. We remain solely responsible for our audit opinion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

 

Hystat Holdings Limited

Independent Auditor's Report to the Members of Hystat Holdings Limited

Use of our report

This report is made solely to the parent company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the parent company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the parent company and the parent company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

......................................
(Senior Statutory Auditor)
For and on behalf of Balance Accountants, Statutory Auditor

Victoria Court
91 Huddersfield Road
Holmfirth
West Yorkshire
HD9 3JA

1 October 2024

 

Hystat Holdings Limited

Consolidated Profit and Loss Account for the Year Ended 29 February 2024

Note

2024
£

2023
£

Turnover

3

14,132,235

12,243,987

Cost of sales

 

(9,384,038)

(8,472,361)

Gross profit

 

4,748,197

3,771,626

Administrative expenses

 

(3,408,488)

(2,910,676)

Other operating income

4

23,872

10,907

Operating profit

6

1,363,581

871,857

Other interest receivable and similar income

-

1,625

Interest payable and similar expenses

7

(80,744)

(100,626)

   

(80,744)

(99,001)

Profit before tax

 

1,282,837

772,856

Tax on profit

11

(420,270)

(109,191)

Profit for the financial year

 

862,567

663,665

Profit attributable to:

 

Owners of the company

 

862,567

663,665

The group has no recognised gains or losses for the year other than the results above.

 

Hystat Holdings Limited

Consolidated Statement of Comprehensive Income for the Year Ended 29 February 2024

2024
£

2023
£

Profit for the year

862,567

663,665

Total comprehensive income for the year

862,567

663,665

Total comprehensive income attributable to:

Owners of the company

862,567

663,665

 

Hystat Holdings Limited

(Registration number: 11769670)
Consolidated Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

13

4,220,307

4,167,537

Current assets

 

Stocks

15

2,470,513

2,818,579

Debtors

16

2,281,793

3,446,850

Cash at bank and in hand

 

1,754,307

246,907

 

6,506,613

6,512,336

Creditors: Amounts falling due within one year

18

(3,219,713)

(2,836,447)

Net current assets

 

3,286,900

3,675,889

Total assets less current liabilities

 

7,507,207

7,843,426

Creditors: Amounts falling due after more than one year

18

(122,688)

(1,143,390)

Provisions for liabilities

19

(314,031)

(292,115)

Net assets

 

7,070,488

6,407,921

Capital and reserves

 

Called up share capital

21

50,663

50,663

Share premium reserve

67,374

67,374

Capital redemption reserve

142,897

142,897

Retained earnings

6,809,554

6,146,987

Equity attributable to owners of the company

 

7,070,488

6,407,921

Shareholders' funds

 

7,070,488

6,407,921

Approved and authorised by the Board on 1 October 2024 and signed on its behalf by:
 

.........................................
SJ Wadsworth
Director

 

Hystat Holdings Limited

(Registration number: 11769670)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

13

2,504,145

2,557,374

Investments

14

50,764

50,764

 

2,554,909

2,608,138

Current assets

 

Debtors

16

-

69,280

Cash at bank and in hand

 

400,062

125,296

 

400,062

194,576

Creditors: Amounts falling due within one year

18

(330,121)

(343,945)

Net current assets/(liabilities)

 

69,941

(149,369)

Total assets less current liabilities

 

2,624,850

2,458,769

Creditors: Amounts falling due after more than one year

18

-

(944,240)

Net assets

 

2,624,850

1,514,529

Capital and reserves

 

Called up share capital

21

50,663

50,663

Retained earnings

2,574,187

1,463,866

Shareholders' funds

 

2,624,850

1,514,529

The company made a profit after tax for the financial year of £1,310,321 (2023 - profit of £618,042).

Approved and authorised by the Board on 1 October 2024 and signed on its behalf by:
 

.........................................
SJ Wadsworth
Director

 

Hystat Holdings Limited

Consolidated Statement of Changes in Equity for the Year Ended 29 February 2024
Equity attributable to the parent company

Share capital
£

Share premium
£

Capital redemption reserve
£

Retained earnings
£

Total
£

At 1 March 2023

50,663

67,374

142,897

6,146,987

6,407,921

Profit for the year

-

-

-

862,567

862,567

Dividends

-

-

-

(200,000)

(200,000)

At 29 February 2024

50,663

67,374

142,897

6,809,554

7,070,488

Share capital
£

Share premium
£

Capital redemption reserve
£

Retained earnings
£

Total
£

At 1 March 2022

50,663

67,374

142,897

5,543,322

5,804,256

Profit for the year

-

-

-

663,665

663,665

Dividends

-

-

-

(60,000)

(60,000)

At 28 February 2023

50,663

67,374

142,897

6,146,987

6,407,921

 

Hystat Holdings Limited

Statement of Changes in Equity for the Year Ended 29 February 2024

Share capital
£

Retained earnings
£

Total
£

At 1 March 2023

50,663

1,463,866

1,514,529

Profit for the year

-

1,310,321

1,310,321

Dividends

-

(200,000)

(200,000)

At 29 February 2024

50,663

2,574,187

2,624,850

Share capital
£

Retained earnings
£

Total
£

At 1 March 2022

50,663

905,824

956,487

Profit for the year

-

618,042

618,042

Dividends

-

(60,000)

(60,000)

At 28 February 2023

50,663

1,463,866

1,514,529

 

Hystat Holdings Limited

Consolidated Statement of Cash Flows for the Year Ended 29 February 2024

Note

2024
£

2023
£

Cash flows from operating activities

Profit for the year

 

862,567

663,665

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

6

348,613

324,382

Loss/(profit) on disposal of tangible assets

5

15,720

(11,238)

Finance income

-

(1,625)

Finance costs

7

80,744

100,626

Income tax expense

11

420,270

109,191

 

1,727,914

1,185,001

Working capital adjustments

 

Decrease/(increase) in stocks

15

348,066

(1,195,120)

Decrease/(increase) in trade debtors

16

1,165,057

(562,943)

Increase in trade creditors

18

360,327

372,646

Cash generated from operations

 

3,601,364

(200,416)

Income taxes paid

11

(130,930)

(6,606)

Net cash flow from operating activities

 

3,470,434

(207,022)

Cash flows from investing activities

 

Interest received

-

1,625

Acquisitions of tangible assets

(446,515)

(401,244)

Proceeds from sale of tangible assets

 

29,413

66,930

Net cash flows from investing activities

 

(417,102)

(332,689)

Cash flows from financing activities

 

Interest paid

7

(80,744)

(100,626)

Proceeds from bank borrowing draw downs

 

(1,040,200)

(264,210)

Payments to finance lease creditors

 

(41,228)

171,650

Dividends paid

(200,000)

(60,000)

Net cash flows from financing activities

 

(1,362,172)

(253,186)

Net increase/(decrease) in cash and cash equivalents

 

1,691,160

(792,897)

Cash and cash equivalents at 1 March

 

63,147

856,044

Cash and cash equivalents at 29 February

 

1,754,307

63,147

 

Hystat Holdings Limited

Notes to the Financial Statements for the Year Ended 29 February 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:
Spa Fields Industrial Estate
New Street
Slaithwaite
Huddersfield
West Yorkshire
HD7 5BB
United Kingdom

These financial statements were authorised for issue by the Board on 1 October 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 - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006.

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.

The presentation currency is £ sterling.

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 29 February 2024.

 

Hystat Holdings Limited

Notes to the Financial Statements for the Year Ended 29 February 2024

A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.

The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.

Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.

Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.

Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group.

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.

Analysis of turnover by geographical market: United Kingdom £10,860,071 (2023: £8,681,725), Non United Kingdom £3,272,164 (2023: £3,562,262)

 

Hystat Holdings Limited

Notes to the Financial Statements for the Year Ended 29 February 2024

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

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 corporation 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 group operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the consolidated 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

Freehold property

10% on cost and 2% on cost

Loose tools

20% on reducing balance

Plant and machinery

15% on reducing balance

Fixtures and fittings

15% on reducing balance

Motor vehicles

25% on reducing balance

Computer equipment

25% on reducing balance

 

Hystat Holdings Limited

Notes to the Financial Statements for the Year Ended 29 February 2024

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the group’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

over 5 years

Investments

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 less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the group 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.

 

Hystat Holdings Limited

Notes to the Financial Statements for the Year Ended 29 February 2024

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 group 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.

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 included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the group 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.

Dividends

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

 

Hystat Holdings Limited

Notes to the Financial Statements for the Year Ended 29 February 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group 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 an employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Turnover

The analysis of the group's turnover for the year from continuing operations is as follows:

2024
£

2023
£

Sale of goods

14,114,535

12,226,287

Rental income

17,700

17,700

14,132,235

12,243,987

4

Other operating income

The analysis of the group's other operating income for the year is as follows:

2024
£

2023
£

Government grants

23,872

10,907

5

Other gains and losses

The analysis of the group's other gains and losses for the year is as follows:

2024
£

2023
£

(Loss)/gain on disposal of tangible assets

(15,720)

11,238

6

Operating profit

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

348,613

324,382

Foreign exchange (gains)/losses

(2,435)

157

Operating lease expense - plant and machinery

6,893

8,691

Loss/(profit) on disposal of property, plant and equipment

15,720

(11,238)

 

Hystat Holdings Limited

Notes to the Financial Statements for the Year Ended 29 February 2024

7

Interest payable and similar expenses

2024
£

2023
£

Interest on bank overdrafts and borrowings

54,226

81,334

Interest on obligations under finance leases and hire purchase contracts

10,556

11,556

Interest expense on other finance liabilities

15,962

7,736

80,744

100,626

8

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2024
£

2023
£

Wages and salaries

3,863,201

3,582,458

Social security costs

386,237

274,797

Pension costs, defined contribution scheme

327,135

296,562

Redundancy costs

47,423

-

4,623,996

4,153,817

The average number of persons employed by the group (including directors) during the year, was as follows:

2024
No.

2023
No.

111

114

111

114

 

Hystat Holdings Limited

Notes to the Financial Statements for the Year Ended 29 February 2024

9

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

203,188

409,409

Contributions paid to money purchase schemes

12,375

46,927

215,563

456,336

During the year the number of directors who were receiving benefits and share incentives was as follows:

2024
No.

2023
No.

Accruing benefits under money purchase pension scheme

3

5

In respect of the highest paid director:

2024
£

2023
£

Remuneration

102,734

76,801

Company contributions to money purchase pension schemes

10,910

6,814

10

Auditors' remuneration

2024
£

2023
£

Audit of these financial statements

19,300

17,700


 

 

Hystat Holdings Limited

Notes to the Financial Statements for the Year Ended 29 February 2024

11

Taxation

Tax charged in the consolidated profit and loss account

2024
£

2023
£

Current taxation

UK corporation tax

321,077

55,010

UK corporation tax adjustment to prior periods

77,277

(16,941)

398,354

38,069

Deferred taxation

Movement in deferred taxation

21,916

71,122

Tax expense in the income statement

420,270

109,191

The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2023 - the same as the standard rate of corporation tax in the UK) of 24.49% (2023 - 19%).

The differences are reconciled below:

2024
£

2023
£

Profit before tax

1,282,837

772,856

Corporation tax at standard rate

314,167

146,843

Deferred tax expense from unrecognised tax loss or credit

21,916

71,122

Decrease in UK current tax from adjustment for prior periods

-

(16,941)

Tax increase from effect of capital allowances and depreciation

6,910

5,285

Tax decrease arising from group relief

-

(19,841)

Tax increase/(decrease) from effect of adjustment in research and development tax credit

77,277

(77,277)

Total tax charge

420,270

109,191

 

Hystat Holdings Limited

Notes to the Financial Statements for the Year Ended 29 February 2024

12

Intangible assets

Group

Goodwill
 £

Total
£

Cost or valuation

At 1 March 2023

14,025

14,025

At 29 February 2024

14,025

14,025

Amortisation

At 1 March 2023

14,025

14,025

At 29 February 2024

14,025

14,025

Carrying amount

At 29 February 2024

-

-

At 28 February 2023

-

-

 

Hystat Holdings Limited

Notes to the Financial Statements for the Year Ended 29 February 2024

13

tangible assets

Group

Land and buildings
£

Short leasehold land and buildings
£

Properties under construction
 £

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 March 2023

2,645,861

14,912

70,855

231,699

3,428,095

103,193

320,260

6,814,875

Additions

-

-

155,322

61,846

218,594

10,753

-

446,515

Disposals

-

-

-

(34,178)

(182,107)

(12,486)

-

(228,771)

At 29 February 2024

2,645,861

14,912

226,177

259,367

3,464,582

101,460

320,260

7,032,619

Depreciation

At 1 March 2023

90,556

393

1,293

167,629

2,176,843

58,586

152,039

2,647,339

Charge for the year

52,918

464

15,548

16,040

202,982

13,165

47,494

348,611

Eliminated on disposal

-

-

-

(29,940)

(142,161)

(11,537)

-

(183,638)

At 29 February 2024

143,474

857

16,841

153,729

2,237,664

60,214

199,533

2,812,312

Carrying amount

At 29 February 2024

2,502,387

14,055

209,336

105,638

1,226,918

41,246

120,727

4,220,307

At 28 February 2023

2,555,305

14,519

69,562

64,070

1,251,253

44,607

168,221

4,167,537

 

Hystat Holdings Limited

Notes to the Financial Statements for the Year Ended 29 February 2024

Company

Land and buildings
£

Plant and machinery
£

Total
£

Cost or valuation

At 1 March 2023

2,645,861

2,537

2,648,398

At 29 February 2024

2,645,861

2,537

2,648,398

Depreciation

At 1 March 2023

90,556

469

91,025

Charge for the year

52,918

310

53,228

At 29 February 2024

143,474

779

144,253

Carrying amount

At 29 February 2024

2,502,387

1,758

2,504,145

At 28 February 2023

2,555,305

2,069

2,557,374

Included within the net book value of land and buildings above is £2,502,387 (2023 - £2,555,305) in respect of freehold land and buildings.
 

14

Investments

Company

2024
£

2023
£

Investments in subsidiaries

50,764

50,764

Subsidiaries

£

Cost or valuation

At 1 March 2023

50,764

Provision

Carrying amount

At 29 February 2024

50,764

At 28 February 2023

50,764

 

Hystat Holdings Limited

Notes to the Financial Statements for the Year Ended 29 February 2024

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

Hystat Systems Limited

Spa Fields Industrial Estate
New Street
Slaithwaite
Huddersfield
West Yorkshire
HD7 5BB

England and Wales

Ordinary

100%

100%

HSL Cylinders Limited

Spa Fields Industrial Estate
New Street
Slaithwaite
Huddersfield
West Yorkshire
HD7 5BB

England and Wales

Ordinary

100%

100%

Hystat Accumulators Limited

Spa Fields Industrial Estate
New Street
Slaithwaite
Huddersfield
West Yorkshire
HD7 5BB

England and Wales

Ordinary

100%

100%

 

Hystat Holdings Limited

Notes to the Financial Statements for the Year Ended 29 February 2024

Subsidiary undertakings

Hystat Systems Limited

The principal activity of Hystat Systems Limited is the sale, design, manufacture and repair of special hydraulic cylinders and piston accumulators for the heavy engineering industry.

HSL Cylinders Limited

The principal activity of HSL Cylinders Limited is the repair of special hydraulic cylinders and piston accumulators for the heavy engineering industry.

Hystat Accumulators Limited

The principal activity of Hystat Accumulators Limited is dormant company.

15

Stocks

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Work in progress

1,338,101

1,711,522

-

-

Other inventories

1,132,412

1,107,057

-

-

2,470,513

2,818,579

-

-

16

Debtors

   

Group

Company

Current

Note

2024
£

2023
£

2024
£

2023
£

Trade debtors

 

2,017,817

3,275,725

-

41,100

Amounts owed by related parties

24

-

-

-

11,277

Other debtors

 

99,775

2,703

-

-

Prepayments

 

164,201

168,422

-

16,903

   

2,281,793

3,446,850

-

69,280

 

Hystat Holdings Limited

Notes to the Financial Statements for the Year Ended 29 February 2024

17

Cash and cash equivalents

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Cash on hand

892

683

-

-

Cash at bank

1,753,415

246,224

400,062

125,296

1,754,307

246,907

400,062

125,296

Bank overdrafts

-

(183,760)

-

-

Cash and cash equivalents in statement of cash flows

1,754,307

63,147

400,062

125,296

18

Creditors

   

Group

Company

Note

2024
£

2023
£

2024
£

2023
£

Due within one year

 

Loans and borrowings

22

87,373

331,858

-

34,235

Trade creditors

 

1,119,344

759,595

16,200

-

Amounts due to related parties

24

226,704

212,100

226,941

212,101

Social security and other taxes

 

209,166

295,055

5,585

13,685

Outstanding defined contribution pension costs

 

4,775

3,058

-

-

Other payables

 

781,251

829,087

-

-

Accruals

 

469,543

351,561

50,817

50,142

Corporation tax liability

11

321,557

54,133

30,578

33,782

 

3,219,713

2,836,447

330,121

343,945

Due after one year

 

Loans and borrowings

22

122,688

1,143,390

-

944,240

19

Provisions for liabilities

Group

Deferred tax
£

Total
£

At 1 March 2023

292,115

292,115

Additional provisions

21,916

21,916

At 29 February 2024

314,031

314,031

 

Hystat Holdings Limited

Notes to the Financial Statements for the Year Ended 29 February 2024

20

Pension and other schemes

Defined contribution pension scheme

The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £327,135 (2023 - £296,562).

Contributions totalling £4,775 (2023 - £3,058) were payable to the scheme at the end of the year and are included in creditors.

21

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary of £0.10 each

506,629

50,663

506,629

50,663

         

22

Loans and borrowings

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

-

976,505

-

944,240

Hire purchase contracts

122,688

166,885

-

-

122,688

1,143,390

-

944,240

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Current loans and borrowings

Bank borrowings

-

63,695

-

34,235

Bank overdrafts

-

183,760

-

-

Hire purchase contracts

87,373

84,403

-

-

87,373

331,858

-

34,235

 

Hystat Holdings Limited

Notes to the Financial Statements for the Year Ended 29 February 2024

23

Dividends

Interim dividends paid

   

2024
£

 

2023
£

Interim dividend of £0.39 (2023 - £0.12) per Ordinary share

 

200,000

 

60,000

         

24

Related party transactions

Company

Loans from related parties

2024

Key management
£

Total
£

At start of period

212,099

212,099

Advanced

14,604

14,604

At end of period

226,703

226,703

2023

Key management
£

Total
£

At start of period

204,364

204,364

Advanced

7,735

7,735

At end of period

212,099

212,099

Terms of loans from related parties

There are no conditions attached to this loan