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REGISTERED NUMBER: 07886050 (England and Wales)















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: G A Morrison





REGISTERED OFFICE: Craven House
Harpings Business Park
Harpings Road
Hull
HU5 4JF





REGISTERED NUMBER: 07886050 (England and Wales)





ACCOUNTANTS: Sowerby
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 4 550,168 585,142

CURRENT ASSETS
Stocks 791,337 398,435
Debtors 5 2,044,666 1,093,188
Cash at bank and in hand 60,141 92,659
2,896,144 1,584,282
CREDITORS
Amounts falling due within one year 6 1,482,815 494,473
NET CURRENT ASSETS 1,413,329 1,089,809
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,963,497

1,674,951

CREDITORS
Amounts falling due after more than one year 7 3,329,703 3,116,682
NET LIABILITIES (1,366,206 ) (1,441,731 )

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings (1,366,207 ) (1,441,732 )
SHAREHOLDERS' FUNDS (1,366,206 ) (1,441,731 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

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


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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 27 November 2024 and were signed by:





G A Morrison - Director


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
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.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - Straight line over 25 years
Plant and machinery etc - 25% on cost, 20% on cost and 10% on cost

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 14 (2022 - 8 ) .

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 875,000 131,089 1,006,089
Additions - 9,889 9,889
At 31 December 2023 875,000 140,978 1,015,978
DEPRECIATION
At 1 January 2023 304,331 116,616 420,947
Charge for year 38,041 6,822 44,863
At 31 December 2023 342,372 123,438 465,810
NET BOOK VALUE
At 31 December 2023 532,628 17,540 550,168
At 31 December 2022 570,669 14,473 585,142

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
as restated
£    £   
Trade debtors 45,344 171,373
Amounts owed from related parties 953,890 586,252
Other debtors 1,045,432 335,563
2,044,666 1,093,188

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
as restated
£    £   
Payments on account 73,463 -
Trade creditors 182,490 79,932
Taxation and social security 35,401 6,880
Other creditors 1,191,461 407,661
1,482,815 494,473

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 3,329,703 3,116,682

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.