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Registered number: 08763825










HIMOINSA POWER SOLUTIONS LTD

DIRECTORS' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 December 2024



























img7f09.png


 
HIMOINSA POWER SOLUTIONS LTD
 
 
COMPANY INFORMATION


Directors
G Castillo 
C Dix 




Registered number
08763825



Registered office
Drake House
Gadbrook Park

Northwich

Cheshire

CW9 7RA




Trading Address
Gateway

Crewe

CW1 6YY






Independent auditors
WR Partners

Gadbrook Park

Rudheath

Northwich

Cheshire

CW9 7RA





 
HIMOINSA POWER SOLUTIONS LTD
 

CONTENTS



Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditors' report
5 - 8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Notes to the financial statements
12 - 27


 
HIMOINSA POWER SOLUTIONS LTD
 
 
STRATEGIC REPORT
For the year ended 31 December 2024

Introduction
 
The directors present the strategic report for the year ended 31 December 2024.

Business review
 
Himoinsa Power Solutions witnessed significant growth year in 2024 in the first quarter on comparison to 2023 business, this was due to a large order for low emission generators for the hire sector, and delivery of 2 large projects.  The longer lead times on core material we suffered in 2023 recovered, and material costs stabilised.  Demand however slowed in the second quarter on mobile and battery products, this was due mainly to a decline in the construction market and lower than usual SME investments 

Principal risks and uncertainties
 
The reduction of construction activities in the housing market, increase in interest rates and rising cost of plant has brought on financial challenges in the hire industry and demand in this sector is anticipated to show signs of slow recovery.

The stationary generator sector will recover slowly and the domestic market continues to spend less as the cost-of-living crisis continues.

Himoinsa Power Solutions maintains and adheres to procedures that mitigate financial risks to the business. 

Financial key performance indicators
 
Gross Profit margin was maintained at 15% although there was an overall decrease in Gross profit for the year.

Other key performance indicators
 
Himoinsa has launched the HGY range of Yanmar 12-cylinder engines in 2024 and Himoinsa Power Solution has captured some grid project opportunities with this new low emission technology. Himoinsa is heavily promoting this new engine into Data Centre and other Critical Power markets where product demand is high. Himoinsa has also launched low emission, fuel efficient lighting towers and larger battery power generators which shall continue to bring on sector growth in the following year as the construction market is recovering. 

Outlook

The Company will continue to offer new, innovative low emission, efficient products that will promote organic growth.

The Company is looking to move to larger premises to manage demand from recovering markets and the shortages in supplying large Data Centre and Critical Power generators that is brought on through the need to support global investment in supporting AI and grid stability. In 2025 Himoinsa Power Solutions Ltd is anticipating a Gross profit growth of 51% compared to 2024.

The Parent Company Himoinsa S.L, headquartered in Spain, recognises the environmental challenges in the power market. The parent company remains focused on developing power products through electrification and using alternative fuels, and continues to be supportive of Himoinsa Power Solutions Ltd.

Page 1

 
HIMOINSA POWER SOLUTIONS LTD
 

STRATEGIC REPORT (CONTINUED)
For the year ended 31 December 2024


This report was approved by the board on 28 February 2025 and signed on its behalf.



C Dix
Director

Page 2

 
HIMOINSA POWER SOLUTIONS LTD
 
 
 
DIRECTORS' REPORT
For the year ended 31 December 2024

The directors present their report and the financial statements for the year ended 31 December 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Principal activity

The principal activity of the company continued to be that of retail of electrical generators.

Results and dividends

The profit for the year, after taxation, amounted to £575,361 (2023 - £1,434,221).

No dividends were paid in the current or previous period.

Directors

The directors who served during the year were:

G Castillo 
C Dix 

Page 3

 
HIMOINSA POWER SOLUTIONS LTD
 
 
 
DIRECTORS' REPORT (CONTINUED)
For the year ended 31 December 2024

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Auditors

The auditorsWR Partnerswill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 28 February 2025 and signed on its behalf.
 





C Dix
Director

Page 4

 
HIMOINSA POWER SOLUTIONS LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HIMOINSA POWER SOLUTIONS LTD
 

Opinion


We have audited the financial statements of Himoinsa Power Solutions Ltd (the 'Company') for the year ended 31 December 2024, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe 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 31 December 2024 and of its profit 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.


Basis for opinion


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 Auditors' 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 United Kingdom, including the Financial Reporting Council'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.


Page 5

 
HIMOINSA POWER SOLUTIONS LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HIMOINSA POWER SOLUTIONS LTD (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the 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 directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 3, 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.


Page 6

 
HIMOINSA POWER SOLUTIONS LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HIMOINSA POWER SOLUTIONS LTD (CONTINUED)


Auditors' 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 Auditors' 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:

The audit team obtained an understanding of the legal and regulatory frameworks that are applicable to the Company and determined that the most significant are those that relate to the reporting framework (FRS 102 and the Companies Act 2006), the relevant tax compliance regulations, employment law, health and safety regulations and the UK General Data Protection Regulation (GDPR). We understood how the Company is complying with these frameworks by making enquiries of management and those responsible for legal and compliance procedures. We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur by meeting with key management to gain their understanding.  Based on our understanding, our procedures involved enquiries of management, manual journal testing, cash book reviews for large and unusal transactions.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.


Use of our 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 2006Our 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 Auditors' 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.


Page 7

 
HIMOINSA POWER SOLUTIONS LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HIMOINSA POWER SOLUTIONS LTD (CONTINUED)





Fran Johnson BSc BFP FCA (Senior statutory auditor)
  
for and on behalf of
WR Partners
 
Gadbrook Park
Rudheath
Northwich
Cheshire
CW9 7RA

28 February 2025
Page 8

 
HIMOINSA POWER SOLUTIONS LTD
 
 
STATEMENT OF COMPREHENSIVE INCOME
For the year ended 31 December 2024

2024
2023
Note
£
£

  

Turnover
 3 
13,814,303
18,297,921

Cost of sales
  
(11,757,131)
(15,507,447)

Gross profit
  
2,057,172
2,790,474

Administrative expenses
  
(1,174,297)
(1,085,913)

Other Operating Income
 4 
-
17,005

Operating profit
 5 
882,875
1,721,566

Interest receivable and similar income
 9 
28,413
36,933

Interest payable and similar expenses
 10 
(326)
(334)

Profit before tax
  
910,962
1,758,165

Tax on profit
 11 
(335,601)
(323,944)

Profit for the financial year
  
575,361
1,434,221

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 12 to 27 form part of these financial statements.

Page 9

 
HIMOINSA POWER SOLUTIONS LTD
Registered number: 08763825

BALANCE SHEET
As at 31 December 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 12 
3,698
4,995

Tangible assets
 13 
106,430
74,252

  
110,128
79,247

Current assets
  

Stocks
 14 
1,379,090
2,972,917

Debtors
 15 
4,359,555
2,864,208

Cash at bank and in hand
 16 
777,199
714,562

  
6,515,844
6,551,687

Creditors: amounts falling due within one year
 17 
(2,111,134)
(2,713,250)

Net current assets
  
 
 
4,404,710
 
 
3,838,437

Total assets less current liabilities
  
4,514,838
3,917,684

Provisions for liabilities
  

Deferred tax
  
(27,142)
(5,349)

  
 
 
(27,142)
 
 
(5,349)

Net assets
  
4,487,696
3,912,335


Capital and reserves
  

Called up share capital 
 18 
300,000
300,000

Profit And Loss Account
 19 
4,187,696
3,612,335

  
4,487,696
3,912,335


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 28 February 2025.




C Dix
Director

The notes on pages 12 to 27 form part of these financial statements.

Page 10

 
HIMOINSA POWER SOLUTIONS LTD
 

STATEMENT OF CHANGES IN EQUITY
For the year ended 31 December 2024


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 January 2024
300,000
3,612,335
3,912,335


Comprehensive income for the year

Profit for the year

-
575,361
575,361


Other comprehensive income for the year
-
-
-


Total comprehensive income for the year
-
575,361
575,361


Total transactions with owners
-
-
-


At 31 December 2024
300,000
4,187,696
4,487,696


The notes on pages 12 to 27 form part of these financial statements.


STATEMENT OF CHANGES IN EQUITY
For the year ended 31 December 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 January 2023
300,000
2,178,114
2,478,114


Comprehensive income for the year

Profit for the year

-
1,434,221
1,434,221


Other comprehensive income for the year
-
-
-


Total comprehensive income for the year
-
1,434,221
1,434,221


Total transactions with owners
-
-
-


At 31 December 2023
300,000
3,612,335
3,912,335


The notes on pages 12 to 27 form part of these financial statements.

Page 11

 
HIMOINSA POWER SOLUTIONS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 December 2024

1.


General information

Himoinsa Power Solutions Ltd is a private company limited by shares incorporated in England and Wales.The registered office is Drake House, Gadbrook Park, Northwich, Cheshire CW9 7RA.  The principal place of business is Gateway, Crewe, Cheshire CW1 6YY.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Himoinsa S.L. as at 31 December 2024 and these financial statements may be obtained from Ctra. Murcia-San Javier, Km. 23.6 30730 San Javier/Murcia Spain.

 
2.3

Going concern

At 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.

Page 12

 
HIMOINSA POWER SOLUTIONS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 December 2024

2.Accounting policies (continued)

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 13

 
HIMOINSA POWER SOLUTIONS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 December 2024

2.Accounting policies (continued)

 
2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.6

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 14

 
HIMOINSA POWER SOLUTIONS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 December 2024

2.Accounting policies (continued)

 
2.9

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.11

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Page 15

 
HIMOINSA POWER SOLUTIONS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 December 2024

2.Accounting policies (continued)

 
2.12

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
20%
and 10%
Motor vehicles
-
25%
and 20%
Fixtures and fittings
-
20%
Computer equipment
-
33%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.13

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.14

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.15

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 16

 
HIMOINSA POWER SOLUTIONS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 December 2024

2.Accounting policies (continued)

 
2.16

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.17

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.18

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

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 trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the
Page 17

 
HIMOINSA POWER SOLUTIONS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 December 2024

2.Accounting policies (continued)


2.18
Financial instruments (continued)

estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

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 the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

Page 18

 
HIMOINSA POWER SOLUTIONS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 December 2024

2.Accounting policies (continued)


3.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Retail of generators
13,814,303
18,297,921

13,814,303
18,297,921


Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
12,239,783
17,974,636

Rest of Europe
1,574,520
323,285

13,814,303
18,297,921



4.


Other operating income

2024
2023
£
£

Other operating income
-
17,005

-
17,005



5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Exchange differences
22,362
17,662

Other operating lease rentals
72,614
74,237

Page 19

 
HIMOINSA POWER SOLUTIONS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 December 2024

6.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2024
2023
£
£

Audit services
9,500
8,560

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.


7.


Employees

Staff costs, including directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
669,304
646,989

Social security costs
77,867
73,658

Cost of defined contribution scheme
31,827
29,435

778,998
750,082


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Sales
6
5



After market
3
4



Administration
4
4

13
13

Page 20

 
HIMOINSA POWER SOLUTIONS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 December 2024

8.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
112,464
115,415

Company contributions to defined contribution pension schemes
5,297
5,338

117,761
120,753


During the year retirement benefits were accruing to 1 director (2023 - 1) in respect of defined contribution pension schemes.


9.


Interest receivable

2024
2023
£
£


Other interest receivable
28,413
36,933

28,413
36,933


10.


Interest payable and similar expenses

2024
2023
£
£


Other interest payable
326
334

326
334

Page 21

 
HIMOINSA POWER SOLUTIONS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 December 2024

11.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
222,894
323,944

Adjustments in respect of previous periods
90,910
-


313,804
323,944


Total current tax
313,804
323,944

Deferred tax


Origination and reversal of timing differences
21,797
-

Total deferred tax
21,797
-


Taxation on profit on ordinary activities
335,601
323,944

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 25%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
910,962
1,758,165


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 25%)
227,741
439,541

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
2,895
4,103

Capital allowances for year in excess of depreciation
14,055
(2,560)

Adjustments to tax charge in respect of prior periods
90,910
-

Increase or decrease in pension fund accrual or prepayment leading to an increase (decrease) in tax
-
(136)

Other differences leading to an increase (decrease) in the tax charge
-
(26,094)

General provision
-
(90,910)

Total tax charge for the year
335,601
323,944

Page 22

 
HIMOINSA POWER SOLUTIONS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 December 2024

12.


Intangible assets




Computer software

£



Cost


At 1 January 2024
6,551



At 31 December 2024

6,551



Amortisation


At 1 January 2024
1,556


Charge for the year on owned assets
1,297



At 31 December 2024

2,853



Net book value



At 31 December 2024
3,698



At 31 December 2023
4,995



Page 23

 
HIMOINSA POWER SOLUTIONS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 December 2024

13.


Tangible fixed assets





Plant and machinery
Motor vehicles
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£



Cost or valuation


At 1 January 2024
57,655
93,544
52,976
34,541
238,716


Additions
393
73,232
-
7,524
81,149



At 31 December 2024

58,048
166,776
52,976
42,065
319,865



Depreciation


At 1 January 2024
39,744
44,689
48,626
31,405
164,464


Charge for the year on owned assets
5,432
36,859
1,406
5,274
48,971



At 31 December 2024

45,176
81,548
50,032
36,679
213,435



Net book value



At 31 December 2024
12,872
85,228
2,944
5,386
106,430



At 31 December 2023
17,911
48,855
4,350
3,136
74,252

Page 24

 
HIMOINSA POWER SOLUTIONS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 December 2024

14.


Stocks

2024
2023
£
£

Work in progress (goods to be sold)
-
70,419

Finished goods and goods for resale
1,379,090
2,902,498

1,379,090
2,972,917


The provision in stock for overcharges is £0 (2023 - £62,901)

Page 25

 
HIMOINSA POWER SOLUTIONS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 December 2024

15.


Debtors

2024
2023
£
£



Trade debtors
1,694,357
2,678,404

Amounts owed by group undertakings
2,553,093
-

Other debtors
2,004
149,014

Prepayments and accrued income
110,101
36,790

4,359,555
2,864,208



16.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
777,199
714,562

777,199
714,562



17.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
15,348
9,655

Amounts owed to group undertakings
-
2,152,937

Corporation tax
50,842
-

Other taxation and social security
312,421
180,210

Other creditors
17,414
8,858

Accruals and deferred income
1,715,109
361,590

2,111,134
2,713,250



18.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



300,000 (2023 - 300,000) Ordinary shares of £1.00 each
300,000
300,000


Page 26

 
HIMOINSA POWER SOLUTIONS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 December 2024

19.


Reserves

Profit and loss account

The profit and loss account represents accumulated profits and losses less dividends paid.


20.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £29,435 (2023 - £25,770). Contributions totalling £0 (2023 - £0) were payable to the fund at the balance sheet date and are included in creditors.


21.


Commitments under operating leases

At 31 December 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
66,945
58,488

Later than 1 year and not later than 5 years
119,659
33,396

186,604
91,884


22.


Controlling party

Himoinsa Power Solutions Ltd is a subsidiary of Himoinsa S.L, a company registered in Spain.  The ultimate parent company is Yanmar Holdings Co. Ltd, a company registered in Japan.
Himoinsa S.L. is the smallest group in which Himoinsa Power Solutions Ltd is a member and for which consolidated financial statements are prepared. Yanmar Holdings Co. Ltd is the largest group in which Himoinsa Power Solutions Ltd is a member and for which consolidated financial statements are prepared.

Page 27