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REGISTERED NUMBER: 01731698 (England and Wales)













Unaudited Financial Statements

for the Year Ended 30 June 2024

for

Industrial and Marine Hydraulics Limited

Industrial and Marine Hydraulics Limited (Registered number: 01731698)






Contents of the Financial Statements
for the Year Ended 30 June 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Industrial and Marine Hydraulics Limited

Company Information
for the Year Ended 30 June 2024







DIRECTORS: J Griffiths
T Griffiths
P Griffiths





REGISTERED OFFICE: 2 Snowdon Road
Middlesbrough
Cleveland
TS2 1LP





REGISTERED NUMBER: 01731698 (England and Wales)





ACCOUNTANTS: Clive Owen LLP
Chartered Accountants
140 Coniscliffe Road
DARLINGTON
Co Durham
DL3 7RT

Industrial and Marine Hydraulics Limited (Registered number: 01731698)

Balance Sheet
30 June 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 90,552 63,705
Tangible assets 5 1,033,043 237,215
1,123,595 300,920

CURRENT ASSETS
Stocks 6 139,227 131,024
Debtors 7 404,211 502,074
Cash at bank and in hand 411,204 679,946
954,642 1,313,044
CREDITORS
Amounts falling due within one year 8 325,580 516,854
NET CURRENT ASSETS 629,062 796,190
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,752,657

1,097,110

CREDITORS
Amounts falling due after more than one
year

9

715,914

151,637
NET ASSETS 1,036,743 945,473

CAPITAL AND RESERVES
Called up share capital 12 45,000 45,000
Capital redemption reserve 5,000 5,000
Retained earnings 986,743 895,473
SHAREHOLDERS' FUNDS 1,036,743 945,473

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 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.

Industrial and Marine Hydraulics Limited (Registered number: 01731698)

Balance Sheet - continued
30 June 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 1 November 2024 and were signed on its behalf by:





J Griffiths - Director


Industrial and Marine Hydraulics Limited (Registered number: 01731698)

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

1. STATUTORY INFORMATION

Industrial and Marine Hydraulics 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 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.

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 a contract for the sale of goods is determined as unconditional.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at costs less any accumulated amortisation and any accumulated impairment losses.

Development costs are being amortised evenly over their estimated useful life of 10 years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on cost

The director considers that freehold property is maintained in such a state of repair that the residual value is at least equal to the net book value. Depreciation is charged over 150 or 50 years on a straight line basis.

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

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 Statement of Income and Retained Earnings, 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.

Industrial and Marine Hydraulics Limited (Registered number: 01731698)

Notes to the Financial Statements - continued
for the Year Ended 30 June 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.

Hire purchase and leasing commitments
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 19 (2023 - 18 ) .

4. INTANGIBLE FIXED ASSETS
Development
costs
£   
COST
At 1 July 2023 110,550
Additions 38,900
At 30 June 2024 149,450
AMORTISATION
At 1 July 2023 46,845
Amortisation for year 12,053
At 30 June 2024 58,898
NET BOOK VALUE
At 30 June 2024 90,552
At 30 June 2023 63,705



Industrial and Marine Hydraulics Limited (Registered number: 01731698)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

5. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
COST
At 1 July 2023 263,169 393,442 133,856
Additions 800,473 1,613 1,402
At 30 June 2024 1,063,642 395,055 135,258
DEPRECIATION
At 1 July 2023 101,329 337,297 118,714
Charge for year 5,666 8,457 2,464
At 30 June 2024 106,995 345,754 121,178
NET BOOK VALUE
At 30 June 2024 956,647 49,301 14,080
At 30 June 2023 161,840 56,145 15,142

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 July 2023 48,819 29,848 869,134
Additions 5,000 7,139 815,627
At 30 June 2024 53,819 36,987 1,684,761
DEPRECIATION
At 1 July 2023 47,549 27,030 631,919
Charge for year 1,255 1,957 19,799
At 30 June 2024 48,804 28,987 651,718
NET BOOK VALUE
At 30 June 2024 5,015 8,000 1,033,043
At 30 June 2023 1,270 2,818 237,215

6. STOCKS
2024 2023
£    £   
Stocks 113,240 95,572
Work-in-progress 25,987 35,452
139,227 131,024

Industrial and Marine Hydraulics Limited (Registered number: 01731698)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 303,597 334,208
Other debtors 6,272 70,575
Prepayments and accrued income 94,342 97,291
404,211 502,074

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 15,389 175,069
Trade creditors 206,164 180,945
Taxation and social security 40,125 89,326
Other creditors 14,347 18,407
Directors' current accounts 10,965 12,000
Accruals and deferred income 38,590 41,107
325,580 516,854

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans - 2-5 years 75,924 139,472
Bank loans more 5 yr by instal 639,990 -
Directors' loan accounts - 12,165
715,914 151,637

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 639,990 -

10. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 31,046 33,086
Between one and five years 85,008 116,051
116,054 149,137

Industrial and Marine Hydraulics Limited (Registered number: 01731698)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

11. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank Loans 731,303 157,197

The bank loan is secured by a debenture over the assets of the company together with legal charges over the property owned by the company.

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
45,000 Ordinary £1 45,000 45,000

13. RELATED PARTY DISCLOSURES


2024 2023
£ £

Amounts due to directors 10,965 24,165
£1,000 of interest has been charged.