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REGISTERED NUMBER: 02637000 (England and Wales)













Unaudited Financial Statements

for the Year Ended 31 May 2024

for

Halcyon Drives Limited

Halcyon Drives Limited (Registered number: 02637000)






Contents of the Financial Statements
for the Year Ended 31 May 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Halcyon Drives Limited

Company Information
for the Year Ended 31 May 2024







DIRECTORS: D P Beeby
C J Wainman
S R Ford
R Grimshaw
L Stenton





REGISTERED OFFICE: Unit 2, 7 Butler Way
Stanningley
Pudsey
West Yorkshire
LS28 6EA





REGISTERED NUMBER: 02637000 (England and Wales)





ACCOUNTANTS: Clive Owen LLP
Chartered Accountants
Oak Tree House, Harwood Road
Northminster Business Park
Upper Poppleton
York
YO26 6QU

Halcyon Drives Limited (Registered number: 02637000)

Balance Sheet
31 May 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 326,176 272,222
Investments 5 1 1
326,177 272,223

CURRENT ASSETS
Stocks 6 785,055 1,025,329
Debtors 7 2,314,271 2,216,012
Cash at bank and in hand 1,405,149 730,975
4,504,475 3,972,316
CREDITORS
Amounts falling due within one year 8 2,418,355 2,340,206
NET CURRENT ASSETS 2,086,120 1,632,110
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,412,297

1,904,333

PROVISIONS FOR LIABILITIES 11 80,942 67,377
NET ASSETS 2,331,355 1,836,956

CAPITAL AND RESERVES
Called up share capital 12 420 420
Capital redemption reserve 34 34
Retained earnings 2,330,901 1,836,502
SHAREHOLDERS' FUNDS 2,331,355 1,836,956

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006.

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

Halcyon Drives Limited (Registered number: 02637000)

Balance Sheet - continued
31 May 2024


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

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 8 October 2024 and were signed on its behalf by:





C J Wainman - Director


Halcyon Drives Limited (Registered number: 02637000)

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

1. STATUTORY INFORMATION

Halcyon Drives Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

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

There were no material departures from that standard.

The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Income recognition
Income is recognised when the conditions contained within a contract for services have been met.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Improvements to property - 6.6% on straight line
Plant and machinery- 15% on reducing balance
Fixtures and fittings- 15% on reducing balance
Computer equipment - 33% on straight line
Motor vehicles- 25% on reducing balance

Tangible fixed assets are measured at cost less accumulated depreciation and impairment.

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Financial instruments
Basic financial instruments are recognised at amortised cost with changes recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Halcyon Drives Limited (Registered number: 02637000)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

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

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 38 (2023 - 35 ) .

Halcyon Drives Limited (Registered number: 02637000)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

4. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
COST
At 1 June 2023 11,187 110,428 284,843
Additions 9,263 - -
Disposals - - -
At 31 May 2024 20,450 110,428 284,843
DEPRECIATION
At 1 June 2023 5,305 80,998 209,107
Charge for year 721 4,414 7,329
Eliminated on disposal - - -
At 31 May 2024 6,026 85,412 216,436
NET BOOK VALUE
At 31 May 2024 14,424 25,016 68,407
At 31 May 2023 5,882 29,430 75,736

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 June 2023 208,859 141,477 756,794
Additions 145,499 8,454 163,216
Disposals (84,596 ) - (84,596 )
At 31 May 2024 269,762 149,931 835,414
DEPRECIATION
At 1 June 2023 55,370 133,792 484,572
Charge for year 55,403 5,650 73,517
Eliminated on disposal (48,851 ) - (48,851 )
At 31 May 2024 61,922 139,442 509,238
NET BOOK VALUE
At 31 May 2024 207,840 10,489 326,176
At 31 May 2023 153,489 7,685 272,222

Halcyon Drives Limited (Registered number: 02637000)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 June 2023 28,849
Disposals (28,849 )
At 31 May 2024 -
DEPRECIATION
At 1 June 2023 20,671
Charge for year 1,533
Eliminated on disposal (22,204 )
At 31 May 2024 -
NET BOOK VALUE
At 31 May 2024 -
At 31 May 2023 8,178

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 June 2023
and 31 May 2024 1
NET BOOK VALUE
At 31 May 2024 1
At 31 May 2023 1

6. STOCKS
2024 2023
£    £   
Work-in-progress 267,421 344,455
Finished goods 517,634 680,874
785,055 1,025,329

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 2,208,295 2,114,470
Other debtors 89,367 89,367
Prepayments and accrued income 16,609 12,175
2,314,271 2,216,012

Halcyon Drives Limited (Registered number: 02637000)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts (see note 9) - 10,409
Trade creditors 1,618,009 1,470,968
Taxation and social security 427,208 380,491
Other creditors 121,751 143,711
Directors' current accounts 6,940 11,940
Accruals and deferred income 244,447 322,687
2,418,355 2,340,206

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year - 10,409

Non-cancellable operating leases
2024 2023
£    £   
Within one year 47,317 52,781
Between one and five years 27,972 65,396
75,289 118,177

10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts - 10,409

The hire purchase debt is secured against the asset to which it relates.

11. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 80,942 67,377

Deferred
tax
£   
Balance at 1 June 2023 67,377
Provided during year 13,565
Balance at 31 May 2024 80,942

Halcyon Drives Limited (Registered number: 02637000)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
418 Ordinary £0.50 209 209
421 Ordinary C £0.50 210 210
1 Ordinary D £0.50 1 1
420 420

13. RELATED PARTY DISCLOSURES

2024 2023
£ £
Personnel of the entity:

Amount due to directors 6,940 11,940

No interest has been charged on these balances.