COMPANY REGISTRATION NUMBER 4843042
S Y PUMPS LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
S Y PUMPS LTD
COMPANY INFORMATION
Directors
Mr J H Holman
Mr G J Holman
Mrs H L Moxon
Secretary
Mrs H E Holman
Company number
4843042
Registered office
Unit 14, Orgreave Drive
Dorehouse Industrial Estate
Handsworth
Sheffield
South Yorkshire
S13 9NR
Auditor
UHY Hacker Young
6 Broadfield Court
Broadfield Way
Sheffield
S8 0XF
Bankers
NatWest Bank plc
Western Avenue
Waterside Court
Chatham
Kent
ME4 4RT
Santander UK plc
Bridle Road
Bootle
Merseyside
L30 4GB
S Y PUMPS LTD
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Statement of cash flows
11
Notes to the financial statements
12 - 26
S Y PUMPS LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 1 -
The directors present the strategic report for the year ended 30 April 2024.
Review of the business
The financial statements show a decrease in turnover reflecting a downturn in the company's performance.
Principal risks and uncertainties
The principal uncertainty facing the business is that associated with the economic climate.
Key performance indicators
The key financial highlights are as follows:
1) Turnover £6.2m (2024), £6.4m (2023), £14.1m (2022)
2) Gross profit £1.5m (2024), £1.8m (2023), £8.5m (2022)
3) Gross profit margin 24.00% (2024), 28.29% (2023), 60.69% (2022)
Mrs H L Moxon
Director
21 January 2025
S Y PUMPS LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 2 -
The directors present their annual report and financial statements for the year ended 30 April 2024.
Principal activities
The principal activity of the company is the sale and hire of pumps and similar related products.
Results and dividends
The results for the year are set out on page 8.
Ordinary dividends were paid amounting to £243,600. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr J H Holman
Mr G J Holman
Mrs H L Moxon
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
Medium-sized companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.
On behalf of the board
Mrs H L Moxon
Director
21 January 2025
S Y PUMPS LTD
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -
The directors are responsible for preparing the Strategic Report, Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
- 4 -
6 Broadfield Court
Broadfield Way
Sheffield
S8 0XF
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF
S Y PUMPS LTD
Opinion
We have audited the financial statements of S Y Pumps Ltd (the 'company') for the year ended 30 April 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 30 April 2024 and of its loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
- 5 -
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF
S Y PUMPS LTD CONTINUED
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
- 6 -
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF
S Y PUMPS LTD CONTINUED
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
Based on our understanding of the company and the industry in which it operates, we identified the principal risks of non-compliance with laws and regulations related to the acts by the company, which were contrary to applicable laws and regulations including fraud, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to revenue recognition and recovery of trade receivables.
To address the risk of fraud through management bias and override of controls, we:
• performed analytical procedures to identify any unusual or unexpected relationships;
• tested journal entries to identify unusual transactions;
• assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
• investigated the rationale behind significant or unusual transactions.
Our additional audit procedures included: Review of journals, testing cut off, testing the validity and completeness of income, testing the validity of debtors and testing creditors and accruals for overstatement.
There are inherent limitations in the audit procedures described above and the further removed non compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
- 7 -
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF
S Y PUMPS LTD CONTINUED
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Michael Mealing (Senior Statutory Auditor)
For and on behalf of UHY Hacker Young
21 January 2025
Chartered Accountants
Statutory Auditor
S Y PUMPS LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
6,164,792
6,420,765
Cost of sales
(4,685,332)
(4,604,447)
Gross profit
1,479,460
1,816,318
Administrative expenses
(1,848,940)
(1,620,391)
Operating (loss)/profit
4
(369,480)
195,927
Interest receivable and similar income
8
334,627
148,811
Interest payable and similar expenses
9
(981)
(Loss)/profit before taxation
(34,853)
343,757
Tax on (loss)/profit
10
(1,570)
(28,000)
(Loss)/profit for the financial year
(36,423)
315,757
The profit and loss account has been prepared on the basis that all operations are continuing operations.
S Y PUMPS LTD
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
12
24,905
34,905
Tangible assets
13
2,370,579
2,880,013
2,395,484
2,914,918
Current assets
Stocks
15
171,577
176,499
Debtors
16
1,711,731
2,041,391
Cash at bank and in hand
9,839,539
8,717,646
11,722,847
10,935,536
Creditors: amounts falling due within one year
17
(1,309,194)
(634,294)
Net current assets
10,413,653
10,301,242
Total assets less current liabilities
12,809,137
13,216,160
Provisions for liabilities
Deferred tax liability
18
363,000
490,000
(363,000)
(490,000)
Net assets
12,446,137
12,726,160
Capital and reserves
Called up share capital
20
100
100
Profit and loss reserves
12,446,037
12,726,060
Total equity
12,446,137
12,726,160
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.
The financial statements were approved by the board of directors and authorised for issue on 21 January 2025 and are signed on its behalf by:
Mrs H L Moxon
Director
Company registration number 4843042 (England and Wales)
S Y PUMPS LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
- 10 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 May 2022
100
12,665,903
12,666,003
Year ended 30 April 2023:
Profit and total comprehensive income
-
315,757
315,757
Dividends
11
-
(255,600)
(255,600)
Balance at 30 April 2023
100
12,726,060
12,726,160
Year ended 30 April 2024:
Loss and total comprehensive income
-
(36,423)
(36,423)
Dividends
11
-
(243,600)
(243,600)
Balance at 30 April 2024
100
12,446,037
12,446,137
S Y PUMPS LTD
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2024
- 11 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
26
1,212,873
1,371,578
Interest paid
(981)
Income taxes paid
(655,509)
Net cash inflow from operating activities
1,212,873
715,088
Investing activities
Purchase of intangible assets
(40,000)
Purchase of tangible fixed assets
(208,257)
(1,367,552)
Proceeds from disposal of tangible fixed assets
46,800
11,000
Interest received
326,077
127,740
Net cash generated from/(used in) investing activities
164,620
(1,268,812)
Financing activities
Payment of finance leases obligations
(89,379)
Dividends paid
(255,600)
(255,600)
Net cash used in financing activities
(255,600)
(344,979)
Net increase/(decrease) in cash and cash equivalents
1,121,893
(898,703)
Cash and cash equivalents at beginning of year
8,717,646
9,616,349
Cash and cash equivalents at end of year
9,839,539
8,717,646
S Y PUMPS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 12 -
1
Accounting policies
Company information
S Y Pumps Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Unit 14, Orgreave Drive, Dorehouse Industrial Estate, Handsworth, Sheffield, South Yorkshire, S13 9NR.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
S Y PUMPS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 13 -
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Software
25% Straight line
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
10% Straight line
Plant and machinery
25% Reducing balance
Fixtures, fittings and equipment
25% Straight line
Motor vehicles
25% Reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
S Y PUMPS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 14 -
1.7
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.8
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.9
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
S Y PUMPS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 15 -
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
S Y PUMPS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 16 -
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.11
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
S Y PUMPS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 17 -
1.12
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Turnover and other revenue
An analysis of the company's turnover is as follows:
2024
2023
£
£
Turnover analysed by class of business
Sale and hire of goods
6,164,792
6,420,765
2024
2023
£
£
Other revenue
Interest income
334,627
148,811
S Y PUMPS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 18 -
4
Operating (loss)/profit
2024
2023
Operating (loss)/profit for the year is stated after charging/(crediting):
£
£
Depreciation of owned tangible fixed assets
687,010
664,492
(Profit)/loss on disposal of tangible fixed assets
(16,119)
61,880
Amortisation of intangible assets
10,000
5,095
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
11,500
16,000
For other services
All other non-audit services
10,540
13,700
6
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Production and sales
57
61
Office and administration
17
11
Total
74
72
Their aggregate remuneration comprised:
2024
2023
£
£
Wages and salaries
2,339,740
2,141,594
Social security costs
231,841
235,039
Pension costs
293,618
209,757
2,865,199
2,586,390
S Y PUMPS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 19 -
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
62,546
58,586
Company pension contributions to defined contribution schemes
180,000
120,000
242,546
178,586
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2023 - 3).
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
334,627
148,811
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
334,627
148,811
9
Interest payable and similar expenses
2024
2023
£
£
Other finance costs:
Interest on finance leases and hire purchase contracts
-
981
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
128,570
Deferred tax
Origination and reversal of timing differences
(127,000)
28,000
Total tax charge
1,570
28,000
S Y PUMPS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
10
Taxation
(Continued)
- 20 -
The actual charge for the year can be reconciled to the expected (credit)/charge for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
(Loss)/profit before taxation
(34,853)
343,757
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.50%)
(8,713)
67,033
Tax effect of expenses that are not deductible in determining taxable profit
64,737
19,698
Permanent capital allowances in excess of depreciation
(117,863)
Deferred tax (credit)/charge
(127,000)
28,000
Tax losses carried forward
31,132
Depreciation in excess of capital allowances
111,808
Utilisation of tax losses
(39,262)
Taxation charge for the year
1,570
28,000
11
Dividends
2024
2023
£
£
Interim paid
243,600
255,600
S Y PUMPS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 21 -
12
Intangible fixed assets
Software
£
Cost
At 1 May 2023 and 30 April 2024
40,000
Amortisation and impairment
At 1 May 2023
5,095
Amortisation charged for the year
10,000
At 30 April 2024
15,095
Carrying amount
At 30 April 2024
24,905
At 30 April 2023
34,905
13
Tangible fixed assets
Leasehold improvements
Plant and machinery
Fixtures, fittings and equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 May 2023
462,283
1,871,281
74,837
3,664,368
6,072,769
Additions
29,409
2,266
13,682
162,900
208,257
Disposals
(104,165)
(104,165)
At 30 April 2024
491,692
1,873,547
88,519
3,723,103
6,176,861
Depreciation and impairment
At 1 May 2023
27,919
1,423,599
39,184
1,702,054
3,192,756
Depreciation charged in the year
48,095
112,029
11,218
515,668
687,010
Eliminated in respect of disposals
(73,484)
(73,484)
At 30 April 2024
76,014
1,535,628
50,402
2,144,238
3,806,282
Carrying amount
At 30 April 2024
415,678
337,919
38,117
1,578,865
2,370,579
At 30 April 2023
434,364
447,682
35,653
1,962,314
2,880,013
S Y PUMPS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 22 -
14
Financial instruments
2024
2023
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
1,425,206
1,600,955
Carrying amount of financial liabilities
Measured at amortised cost
907,022
582,600
15
Stocks
2024
2023
£
£
Finished goods and goods for resale
171,577
176,499
16
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,384,286
1,433,175
Corporation tax recoverable
250,000
250,000
Other debtors
40,920
333,516
Prepayments and accrued income
36,525
24,700
1,711,731
2,041,391
Trade debtors disclosed above are measured at amortised cost.
17
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
612,018
506,313
Corporation tax
128,570
Other taxation and social security
273,602
51,694
Dividends payable
12,000
Other creditors
22,504
23,587
Accruals and deferred income
272,500
40,700
1,309,194
634,294
The directors consider that the carrying amount of trade creditors approximates to their fair value.
S Y PUMPS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 23 -
18
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
425,000
530,000
Tax losses
-
(40,000)
Retirement benefit obligations
(62,000)
-
363,000
490,000
2024
Movements in the year:
£
Liability at 1 May 2023
490,000
Credit to profit or loss
(127,000)
Liability at 30 April 2024
363,000
19
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
293,618
209,757
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
S Y PUMPS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 24 -
20
Share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
80 Ordinary "A" shares of £1 each
80
80
5 Ordinary "B" shares of £1 each
5
5
5 Ordinary "C" shares of £1 each
5
5
5 Ordinary "D" shares of £1 each
5
5
5 Ordinary "E" shares of £1 each
5
5
100
100
21
Financial commitments, guarantees and contingent liabilities
The company has entered into the following contracts:
1) Provision of health and safety and HR compliance services. This contract will give rise to an annual expense of £7,683 for the next 3 years and 10 months.
2) Provision of fire risk assessment services. This contract will give to an annual expense of £1,320 for the next 5 years and 11 months.
22
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2024
2023
£
£
Within one year
21,540
25,890
Between two and five years
1,795
1,795
23,335
27,685
23
Capital commitments
Amounts contracted for but not provided in the financial statements:
2024
2023
£
£
Acquisition of tangible fixed assets
174,000
-
S Y PUMPS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 25 -
24
Related party transactions
Remuneration of key management personnel
The remuneration of key management personnel is as follows.
2024
2023
£
£
Aggregate compensation
62,546
178,586
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Rental of premises
2024
2023
£
£
Key management personnel
21,000
21,000
25
Ultimate controlling party
The ultimate controlling party is J H Holman who owns 73% of the share capital (2023 - 73%)
26
Cash generated from operations
2024
2023
£
£
(Loss)/profit for the year after tax
(36,423)
315,757
Adjustments for:
Taxation charged
1,570
28,000
Finance costs
981
Investment income
(334,627)
(148,811)
(Gain)/loss on disposal of tangible fixed assets
(16,119)
61,880
Amortisation and impairment of intangible assets
10,000
5,095
Depreciation and impairment of tangible fixed assets
687,010
664,492
Movements in working capital:
Decrease/(increase) in stocks
4,922
(110,370)
Decrease in debtors
338,210
885,975
Increase/(decrease) in creditors
558,330
(331,421)
Cash generated from operations
1,212,873
1,371,578
S Y PUMPS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 26 -
27
Analysis of changes in net funds
1 May 2023
Cash flows
30 April 2024
£
£
£
Cash at bank and in hand
8,717,646
1,121,893
9,839,539
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