HSL Cylinders Limited 12885241 false 2023-03-01 2024-02-29 2024-02-29 The principal activity of the company is the repair of special hydraulic cylinders and piston accumulators for the heavy engineering industry Digita Accounts Production Advanced 6.30.9574.0 true true true 12885241 2023-03-01 2024-02-29 12885241 2024-02-29 12885241 bus:OrdinaryShareClass1 2024-02-29 12885241 core:CurrentFinancialInstruments 2024-02-29 12885241 core:CurrentFinancialInstruments core:WithinOneYear 2024-02-29 12885241 core:LandBuildings core:ShortLeaseholdAssets 2024-02-29 12885241 core:MotorVehicles 2024-02-29 12885241 core:OfficeEquipment 2024-02-29 12885241 core:PlantMachinery 2024-02-29 12885241 bus:SmallEntities 2023-03-01 2024-02-29 12885241 bus:Audited 2023-03-01 2024-02-29 12885241 bus:FullAccounts 2023-03-01 2024-02-29 12885241 bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 12885241 bus:RegisteredOffice 2023-03-01 2024-02-29 12885241 bus:Director1 2023-03-01 2024-02-29 12885241 bus:Director2 2023-03-01 2024-02-29 12885241 bus:Director4 2023-03-01 2024-02-29 12885241 bus:Director5 2023-03-01 2024-02-29 12885241 bus:Director6 2023-03-01 2024-02-29 12885241 bus:OrdinaryShareClass1 2023-03-01 2024-02-29 12885241 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 12885241 core:LandBuildings core:ShortLeaseholdAssets 2023-03-01 2024-02-29 12885241 core:MotorVehicles 2023-03-01 2024-02-29 12885241 core:OfficeEquipment 2023-03-01 2024-02-29 12885241 core:PlantMachinery 2023-03-01 2024-02-29 12885241 core:ToolsEquipment 2023-03-01 2024-02-29 12885241 core:OtherRelatedParties 2023-03-01 2024-02-29 12885241 core:ParentEntities 2023-03-01 2024-02-29 12885241 1 2023-03-01 2024-02-29 12885241 countries:EnglandWales 2023-03-01 2024-02-29 12885241 2023-02-28 12885241 core:LandBuildings core:ShortLeaseholdAssets 2023-02-28 12885241 core:MotorVehicles 2023-02-28 12885241 core:OfficeEquipment 2023-02-28 12885241 core:PlantMachinery 2023-02-28 12885241 2022-03-01 2023-02-28 12885241 2023-02-28 12885241 bus:OrdinaryShareClass1 2023-02-28 12885241 core:CurrentFinancialInstruments 2023-02-28 12885241 core:CurrentFinancialInstruments core:WithinOneYear 2023-02-28 12885241 core:LandBuildings core:ShortLeaseholdAssets 2023-02-28 12885241 core:MotorVehicles 2023-02-28 12885241 core:OfficeEquipment 2023-02-28 12885241 core:PlantMachinery 2023-02-28 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 12885241

HSL Cylinders Limited

Filleted Financial Statements

for the Year Ended 29 February 2024

 

HSL Cylinders Limited

Contents

Company Information

1

Statement of Comprehensive Income

2

Balance Sheet

3

Notes to the Financial Statements

4 to 10

 

HSL Cylinders Limited

Company Information

Directors

D Mason

RA Wadsworth

C I Watson

T Hammonds

SJ 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

 

HSL Cylinders Limited

Statement of Comprehensive Income for the Year Ended 29 February 2024

2024
£

2023
£

Loss for the year

(315,159)

(223,643)

Total comprehensive deficit for the year

(315,159)

(223,643)

 

HSL Cylinders Limited

(Registration number: 12885241)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

353,968

314,214

Current assets

 

Stocks

5

151,016

92,586

Debtors

6

395,143

457,742

Cash at bank and in hand

 

150,014

22,512

 

696,173

572,840

Creditors: Amounts falling due within one year

7

(1,780,802)

(1,328,820)

Net current liabilities

 

(1,084,629)

(755,980)

Total assets less current liabilities

 

(730,661)

(441,766)

Provisions for liabilities

(66,488)

(40,224)

Net liabilities

 

(797,149)

(481,990)

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

(797,249)

(482,090)

Shareholders' deficit

 

(797,149)

(481,990)

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 1 October 2024 and signed on its behalf by:
 

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

 

HSL Cylinders 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

The principal place of business is:
Wear Industrial Estate
Sedling Road
Washington
Tyne and Wear
NE38 9BZ
England

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 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.

The presentation currency is £ sterling.

Going concern

The financial statements have been prepared on a going concern basis.

 

HSL Cylinders Limited

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

Audit report

The Independent Auditor's Report was unqualified. . The name of the Senior Statutory Auditor who signed the audit report on 1 October 2024 was Ashley Barrowclough, who signed for and on behalf of Balance Accountants.

.........................................

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 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.

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 and machinery

15% reducing balance

Loose tools

20% reducing balance

Motor vehicles

25% reducing balance

Office equipment

25% reducing balance

 

HSL Cylinders Limited

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

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.

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.

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.

 

HSL Cylinders 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 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 31 (2023 - 36).

 

HSL Cylinders Limited

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

4

Tangible assets

Leasehold Property
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 March 2023

14,912

317,079

6,333

55,753

394,077

Additions

-

100,313

635

-

100,948

Disposals

-

(8,332)

-

-

(8,332)

At 29 February 2024

14,912

409,060

6,968

55,753

486,693

Depreciation

At 1 March 2023

393

68,550

815

10,105

79,863

Charge for the year

464

42,761

1,439

11,412

56,076

Eliminated on disposal

-

(3,214)

-

-

(3,214)

At 29 February 2024

857

108,097

2,254

21,517

132,725

Carrying amount

At 29 February 2024

14,055

300,963

4,714

34,236

353,968

At 28 February 2023

14,519

248,529

5,518

45,648

314,214

 

HSL Cylinders Limited

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

5

Stocks

2024
£

2023
£

Work in progress

125,801

58,493

Other inventories

25,215

34,093

151,016

92,586

6

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

373,483

369,952

Amounts owed by related parties

9

236

69,048

Prepayments

 

20,398

18,742

Other debtors

 

1,026

-

   

395,143

457,742

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Trade creditors

 

205,612

108,750

Amounts owed to related parties

9

1,426,067

1,090,755

Taxation and social security

 

39,234

58,369

Accruals and deferred income

 

103,792

65,136

Other creditors

 

6,097

5,810

 

1,780,802

1,328,820

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

         
 

HSL Cylinders Limited

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

9

Related party transactions

Summary of transactions with parent

Amounts owed to related parties includes an amount of £nil (2023 £11,513), owed to Hystat Holdings Limited. There are no conditions attached to this amount.
Amounts owed by related parties includes an amount of £236 (2023 £nil), owed by Hystat Holdings Limited. There are no conditions attached to this amount.
During the year the company paid rent of £125,000 (2023 £125,000) to Hystat Holdings Limited.

 

Summary of transactions with other related parties

Amounts owed by related parties includes an amount of £nil (2023 £69,048) owed by Hystat Systems Limited. There are no conditions attached to this amount.
Amounts owed to related parties includes an amount of £1,426,067 (2023 £1,079,242), owed to Hystat Systems Limited. There are no conditions attached to this amount.

 

10

Parent and ultimate parent undertaking

The company's immediate parent is Hystat Holdings Limited , incorporated in England & Wales .