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Registration number: SC441145

Hydraulink Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2024

 

Hydraulink Ltd

Contents

Company Information

1

Profit and Loss Account

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 11

 

Hydraulink Ltd

Company Information

Director

Mrs L Lindsay

Registered office

4 Davieland Court
Ibrox Business Park Broomloan Place
Glasgow
Glasgow
G51 2JR

 

Hydraulink Ltd

Profit and Loss Account for the Year Ended 31 May 2024

Note

2024
£

2023
£

Turnover

 

692,460

736,493

Cost of sales

 

(167,536)

(254,230)

Gross profit

 

524,924

482,263

Administrative expenses

 

(438,196)

(467,033)

Operating profit

 

86,728

15,230

Interest payable and similar expenses

 

(45,375)

(72,984)

Profit/(loss) before tax

41,353

(57,754)

Tax on profit/(loss)

 

419

(21,479)

Profit/(loss) for the financial year

 

41,772

(79,233)

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Hydraulink Ltd

(Registration number: SC441145)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

202,930

235,877

Current assets

 

Stocks

5

152,090

91,941

Debtors

6

176,923

184,616

Cash at bank and in hand

 

5,873

153,312

 

334,886

429,869

Creditors: Amounts falling due within one year

7

(241,997)

(320,848)

Net current assets

 

92,889

109,021

Total assets less current liabilities

 

295,819

344,898

Creditors: Amounts falling due after more than one year

7

(183,134)

(266,566)

Provisions for liabilities

(21,060)

(21,479)

Net assets

 

91,625

56,853

Capital and reserves

 

Called up share capital

2

2

Retained earnings

91,623

56,851

Shareholders' funds

 

91,625

56,853

 

Hydraulink Ltd

(Registration number: SC441145)
Balance Sheet as at 31 May 2024 (continued)

For the financial year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges her 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 17 February 2025
 

.........................................
Mrs L Lindsay
Director

   
     
 

Hydraulink Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

1

General information

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

The address of its registered office is:
4 Davieland Court
Ibrox Business Park Broomloan Place
Glasgow
Glasgow
G51 2JR

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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises 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.

 

Hydraulink Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)

2

Accounting policies (continued)

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet 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

Fixtures & Fittings

10 years straight line

Motor Vehicles

10 years straight line

Office Equipment

10 years straight line

Plant & Machinery

10 years straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Hydraulink Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)

2

Accounting policies (continued)

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

Leases

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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Hydraulink Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)

2

Accounting policies (continued)

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 the director) during the year, was 8 (2023 - 9).

 

Hydraulink Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)

4

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 June 2023

16,381

10,291

11,142

304,579

342,393

Additions

-

-

1,862

-

1,862

Disposals

-

-

-

(480)

(480)

At 31 May 2024

16,381

10,291

13,004

304,099

343,775

Depreciation

At 1 June 2023

9,343

2,715

4,704

89,754

106,516

Charge for the year

1,638

1,029

1,300

30,410

34,377

Eliminated on disposal

-

-

-

(48)

(48)

At 31 May 2024

10,981

3,744

6,004

120,116

140,845

Carrying amount

At 31 May 2024

5,400

6,547

7,000

183,983

202,930

At 31 May 2023

7,038

7,576

6,438

214,825

235,877

5

Stocks

2024
£

2023
£

Raw materials and consumables

152,090

91,941

6

Debtors

Current

2024
£

2023
£

Trade debtors

148,230

157,805

Prepayments

28,693

26,811

 

176,923

184,616

 

Hydraulink Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

114,016

72,963

Trade creditors

 

56,134

85,778

Taxation and social security

 

48,842

132,834

Accruals and deferred income

 

16,595

29,009

Other creditors

 

6,410

264

 

241,997

320,848

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

183,134

266,566

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

156,909

205,988

HP and finance lease liabilities

26,034

50,724

Directors loan account

191

9,854

183,134

266,566

Current loans and borrowings

2024
£

2023
£

Bank borrowings

49,079

46,006

Other loans

40,247

-

Hire purchase liabilities

24,690

26,957

114,016

72,963

 

Hydraulink Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)

9

Dividends

Interim dividends paid

2024
£

2023
£

Interim dividend of £3,500.00 (2023 - £Nil) per each Ordinary

7,000

-