REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
HYDROCORE LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
HYDROCORE LIMITED |
HYDROCORE LIMITED (REGISTERED NUMBER: 07886050) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 31 December 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
HYDROCORE LIMITED |
COMPANY INFORMATION |
for the Year Ended 31 December 2023 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Beckside Court |
Annie Reed Road |
Beverley |
East Yorkshire |
HU17 0LF |
HYDROCORE LIMITED (REGISTERED NUMBER: 07886050) |
BALANCE SHEET |
31 December 2023 |
2023 | 2022 |
as restated |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 7 |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) | (1,441,732 | ) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
The director acknowledges his 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. |
HYDROCORE LIMITED (REGISTERED NUMBER: 07886050) |
BALANCE SHEET - continued |
31 December 2023 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
HYDROCORE LIMITED (REGISTERED NUMBER: 07886050) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 31 December 2023 |
1. | STATUTORY INFORMATION |
Hydrocore Limited is a private company, limited by shares, incorporated and domiciled in England. The company's registered number and registered office address can be found on the Company Information page. The principal place of business is Craven House, Harpings Business Park, Harpings Road, Hull, HU5 4JF. |
The registered office address of this company's parent company, Hydrocore (Holdings) Limited, is Craven House, Harpings Business Park, Harpings Road, Hull, HU5 4JF. |
The financial statements are presented in Sterling, which is the functional currency of the company and cover the individual entity only. |
The principal activity of the company is the manufacture of high pressure water mist fire suppressants. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Having regard to liquidity risk, current market conditions and other factors affecting the company, the use of the going concern basis of accounting is appropriate as, in the opinion of the director, there are no material uncertainties related to events or conditions that may cast significant doubt about the ability of the company to continue as a going concern. |
Turnover |
Turnover is the amount derived from ordinary activities, measured at the fair value of the consideration received or receivable. Turnover excludes value added tax and trade discounts. |
Turnover from the sale of goods is recognised at the point of sale, which is the date of despatch of those goods. |
Turnover from services is recognised on completion of service, or when those services span the year end date, by reference to the stage of completion at the balance sheet date. |
Tangible fixed assets |
Land and buildings | - |
Plant and machinery etc | - |
Stocks |
Stock are stated at the lower of cost, using the first in first out method, and selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacture/completion. |
HYDROCORE LIMITED (REGISTERED NUMBER: 07886050) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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. |
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 |
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. |
Financial instruments |
All financial instruments are measured at amortised cost. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
HYDROCORE LIMITED (REGISTERED NUMBER: 07886050) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 December 2023 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST |
At 1 January 2023 |
Additions |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
as restated |
£ | £ |
Trade debtors |
Amounts owed from related parties |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
as restated |
£ | £ |
Payments on account |
Trade creditors |
Taxation and social security |
Other creditors |
HYDROCORE LIMITED (REGISTERED NUMBER: 07886050) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 December 2023 |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
as restated |
£ | £ |
Amounts owed to related parties |
8. | PENSION COMMITMENTS |
The company operates a defined contribution pension scheme for all its employees. The assets of the scheme are held separately from those of the company in an independently administered fund. At the balance sheet date, unpaid contributions of £3,235 (2022 £1,340) were owing to the fund. These are included within other creditors. |
9. | GOING CONCERN |
The company made a profit this year, but its balance sheet is negative. However, the company has a business plan with forecast budgeted profit and positive cash flow for the next financial year. This includes sales within and outside of the UK to non related parties. |
The company is reliant upon the support from its parent and related parties. Loans from related parties are classified as long-term in accordance with repayment terms. There are no indications support from related parties will not continue. |
Based on the above, the director has formed a judgement that there is a reasonable expectation that the company will continue to operate for the foreseeable future and is viable in the long-term. On this basis the director has prepared the company's financial statements on a going concern basis. |