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Cardiff Hydraulics Limited

Financial Statements for the Year Ended 31 May 2024






Cardiff Hydraulics Limited

Company Information
for the Year Ended 31 May 2024







DIRECTORS: G R Evans
C S Evans





SECRETARY: C S Evans





REGISTERED OFFICE: 47 Llandennis Road
Cardiff
CF23 6EE





REGISTERED NUMBER: 09058380 (England and Wales)





ACCOUNTANTS: BPU Limited
Chartered Accountants
Radnor House
Greenwood Close
Cardiff Gate Business Park
Cardiff
CF23 8AA

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Cardiff Hydraulics Limited


The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Cardiff Hydraulics Limited for the year ended 31 May 2024 which comprise the Profit and Loss Account, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Cardiff Hydraulics Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Cardiff Hydraulics Limited and state those matters that we have agreed to state to the Board of Directors of Cardiff Hydraulics Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Cardiff Hydraulics Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Cardiff Hydraulics Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Cardiff Hydraulics Limited. You consider that Cardiff Hydraulics Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Cardiff Hydraulics Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






BPU Limited
Chartered Accountants


16 October 2024

Cardiff Hydraulics Limited (Registered number: 09058380)

Balance Sheet
31 May 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 3 20,174 26,757

CURRENT ASSETS
Stocks 28,000 13,000
Debtors 4 149,635 161,278
Cash at bank 350,998 335,153
528,633 509,431
CREDITORS
Amounts falling due within one year 5 123,400 173,340
NET CURRENT ASSETS 405,233 336,091
TOTAL ASSETS LESS CURRENT
LIABILITIES

425,407

362,848

CREDITORS
Amounts falling due after more than
one year

6

(14,112

)

(24,085

)

PROVISIONS FOR LIABILITIES 8 (5,000 ) (6,750 )
NET ASSETS 406,295 332,013

CAPITAL AND RESERVES
Called up share capital 10 10
Retained earnings 406,285 332,003
SHAREHOLDERS' FUNDS 406,295 332,013

Cardiff Hydraulics Limited (Registered number: 09058380)

Balance Sheet - continued
31 May 2024


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.

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 16 October 2024 and were signed on its behalf by:





G R Evans - Director


Cardiff Hydraulics Limited (Registered number: 09058380)

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


1. ACCOUNTING POLICIES

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

Turnover
Turnover represents net invoiced sales of goods and services relating to the supply and replacement of hydraulic hoses, excluding value added tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Equipment - 20% reducing balance
Motor vehicles - 25% reducing balance

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

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.

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.

Cardiff Hydraulics Limited (Registered number: 09058380)

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


1. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets held under finance leases and hire purchase contracts, which are those where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet and depreciated over their useful lives.

The interest element of the rental obligations is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding.

Rentals paid under operating leases are charged to income on a straight line basis over the lease term.

2. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2023 - 5 ) .

3. TANGIBLE FIXED ASSETS
Motor
Equipment vehicles Totals
£    £    £   
COST
At 1 June 2023
and 31 May 2024 7,151 63,783 70,934
DEPRECIATION
At 1 June 2023 5,025 39,152 44,177
Charge for year 425 6,158 6,583
At 31 May 2024 5,450 45,310 50,760
NET BOOK VALUE
At 31 May 2024 1,701 18,473 20,174
At 31 May 2023 2,126 24,631 26,757

4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 135,968 158,618
Other debtors & prepayments 13,667 2,660
149,635 161,278

Cardiff Hydraulics Limited (Registered number: 09058380)

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


5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 6,097 5,947
Hire purchase contracts 3,876 3,857
Trade creditors 32,431 48,045
Taxes & social security costs 78,296 90,188
Other creditors & accruals 2,700 25,303
123,400 173,340

6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2024 2023
£    £   
Bank loans 8,370 14,467
Hire purchase contracts 5,742 9,618
14,112 24,085

7. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 9,618 13,475

8. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 5,000 6,750

Deferred
tax
£   
Balance at 1 June 2023 6,750
Provided during year (1,750 )
Balance at 31 May 2024 5,000

Cardiff Hydraulics Limited (Registered number: 09058380)

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


9. OTHER FINANCIAL COMMITMENTS

The company had total guarantees and commitments in respect of operating leases at the balance sheet date of £16,627 (2023 - £0)

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

There was an overdrawn directors loan account of £8,966 at the balance sheet date. This was cleared within 9 months of the year end.