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Registration number: 03968174

Hinchliffe Hydraulics Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2024

 

Hinchliffe Hydraulics Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Hinchliffe Hydraulics Limited

Company Information

Directors

Mrs C Hinchliffe

Mr D Hinchliffe

Company secretary

Mrs C Hinchliffe

Registered office

East Common Lane
Scunthorpe
North Lincolnshire
DN16 1AZ

 

Hinchliffe Hydraulics Limited

(Registration number: 03968174)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

170,473

149,855

Current assets

 

Stocks

229,488

229,488

Debtors

5

329,001

243,976

Cash at bank and in hand

 

258,180

202,597

 

816,669

676,061

Creditors: Amounts falling due within one year

6

(202,741)

(181,079)

Net current assets

 

613,928

494,982

Total assets less current liabilities

 

784,401

644,837

Creditors: Amounts falling due after more than one year

6

-

(12,604)

Provisions for liabilities

(39,160)

(39,106)

Net assets

 

745,241

593,127

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

745,141

593,027

Shareholders' funds

 

745,241

593,127

For the financial year ending 30 June 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 28 October 2024 and signed on its behalf by:
 

 

Hinchliffe Hydraulics Limited

(Registration number: 03968174)
Balance Sheet as at 30 June 2024

.........................................
Mrs C Hinchliffe
Company secretary and director

 

Hinchliffe Hydraulics Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

1

General information

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

The address of its registered office is:
East Common Lane
Scunthorpe
North Lincolnshire
DN16 1AZ

These financial statements were authorised for issue by the Board on 28 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 financial statements have been prepared in sterling and are rounded to the nearest pound.

The financial statements cover the individual entity, Hinchliffe Hydraulics Limited.

Going concern

The financial statements have been prepared on a going concern basis. Specifically in connection with the current economic climate, the directors have considered the impact of COVID-19 on the business and they are satisfied that the company has sufficient financial headroom to continue trading for at least the next 12 month.

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.

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.

 

Hinchliffe Hydraulics Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the Company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position 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% on reducing balance

Motor vehicles

20% on reducing balance

Improvements to property

2% on reducing balance

Stocks

Stocks are valued at the lower of costs and estimated selling price less cost to sell.

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.

 

Hinchliffe Hydraulics Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

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.

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 8 (2023 - 8).

 

Hinchliffe Hydraulics Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 July 2023

3,732

349,022

37,029

389,783

Additions

5,620

41,350

-

46,970

At 30 June 2024

9,352

390,372

37,029

436,753

Depreciation

At 1 July 2023

290

216,730

22,908

239,928

Charge for the year

116

23,412

2,824

26,352

At 30 June 2024

406

240,142

25,732

266,280

Carrying amount

At 30 June 2024

8,946

150,230

11,297

170,473

At 30 June 2023

3,442

132,292

14,121

149,855

Included within the net book value of land and buildings above is £8,946 (2023 - £3,442) in respect of freehold land and buildings.
 

5

Debtors

Current

2024
£

2023
£

Trade debtors

299,161

225,889

Prepayments

3,978

4,780

Other debtors

25,862

13,307

 

329,001

243,976

 

Hinchliffe Hydraulics Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Hire purchase

12,603

12,603

Trade creditors

 

64,534

85,593

Taxation and social security

 

115,117

71,347

Accruals and deferred income

 

5,140

5,040

Other creditors

 

5,347

6,496

 

202,741

181,079

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Hire purchase

-

12,604


Creditors include hire purchase contracts which are secured agaisnt the asset purchased with the agreement totalling £12,603 (2023 - £25,207).

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

       

8

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £61,726 (2023 - £48,766).

9

Related party transactions

The below advance had no fixed repayment date, was unsecured, interest has been charged at the offical rate of interest.

 

Hinchliffe Hydraulics Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Transactions with Directors

2024

At 1 July 2023
£

Advances to Director
£

Repayments by Director
£

At 30 June 2024
£

Mr D Hinchliffe

12,755

91,794

(81,409)

23,140

2023

At 1 July 2022
£

Advances to Director
£

Repayments by Director
£

At 30 June 2023
£

Mr D Hinchliffe

(4,652)

82,407

(65,000)

12,755