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REGISTERED NUMBER: 03754054 (England and Wales)















Unaudited Financial Statements for the Year Ended 30 June 2024

for

Hymec Aerospace (UK) Limited

Hymec Aerospace (UK) Limited (Registered number: 03754054)






Contents of the Financial Statements
for the Year Ended 30 June 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Hymec Aerospace (UK) Limited

Company Information
for the Year Ended 30 June 2024







DIRECTORS: F K Williams
Mrs A Popplestone
A Cackett
J S G Wilson-Hill





REGISTERED OFFICE: 191 Plymbridge Road
Estover
Plymouth
Devon
PL6 7JS





REGISTERED NUMBER: 03754054 (England and Wales)





ACCOUNTANTS: Thornton Springer LLP
Chartered Accountants
67 Westow Street
London
SE19 3RW

Hymec Aerospace (UK) Limited (Registered number: 03754054)

Balance Sheet
30 June 2024

30.6.24 30.6.23
Notes £    £   
FIXED ASSETS
Tangible assets 5 4,959,604 5,889,995

CURRENT ASSETS
Stocks 1,438,106 1,237,676
Debtors 6 3,465,125 3,066,155
Cash at bank and in hand 20,815 66,989
4,924,046 4,370,820
CREDITORS
Amounts falling due within one year 7 (3,533,017 ) (3,370,969 )
NET CURRENT ASSETS 1,391,029 999,851
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,350,633

6,889,846

CREDITORS
Amounts falling due after more than one
year

8

(2,297,176

)

(3,039,606

)
NET ASSETS 4,053,457 3,850,240

CAPITAL AND RESERVES
Called up share capital 1,030,000 1,030,000
Retained earnings 3,023,457 2,820,240
SHAREHOLDERS' FUNDS 4,053,457 3,850,240

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Hymec Aerospace (UK) Limited (Registered number: 03754054)

Balance Sheet - continued
30 June 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 12 March 2025 and were signed on its behalf by:





F K Williams - Director


Hymec Aerospace (UK) Limited (Registered number: 03754054)

Notes to the Financial Statements
for the Year Ended 30 June 2024

1. STATUTORY INFORMATION

Hymec Aerospace (UK) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention as modified by the recognition of certain financial assets and liabilities measured at fair value.

Significant judgements and estimates
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities at the balance sheet date and the amounts reported for revenue and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates.

Depreciation of tangible fixed assets

Depreciation is provided so as to write down the assets to their residual values over their estimated useful lives. The selection of these residual values and estimated lives requires the exercise of management judgement.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc - 25% on reducing balance, 15% on reducing balance and over the period of the lease

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

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Hymec Aerospace (UK) Limited (Registered number: 03754054)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

3. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 July 2023 10,172,677
Additions 341,608
Disposals (1,341,119 )
At 30 June 2024 9,173,166
DEPRECIATION
At 1 July 2023 4,282,682
Charge for year 881,861
Eliminated on disposal (950,981 )
At 30 June 2024 4,213,562
NET BOOK VALUE
At 30 June 2024 4,959,604
At 30 June 2023 5,889,995

Hymec Aerospace (UK) Limited (Registered number: 03754054)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 July 2023 6,561,960
Additions 314,124
Disposals (612,768 )
Transfer to ownership (1,055,347 )
At 30 June 2024 5,207,969
DEPRECIATION
At 1 July 2023 1,708,128
Charge for year 737,046
Eliminated on disposal (306,378 )
Transfer to ownership (649,374 )
At 30 June 2024 1,489,422
NET BOOK VALUE
At 30 June 2024 3,718,547
At 30 June 2023 4,853,832

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.24 30.6.23
£    £   
Trade debtors 2,429,347 2,540,344
Amounts owed by group undertakings - 414,551
Other debtors 3,402 4,460
Amount owed by related
entities 996,613 75,279
Prepayments and accrued income 35,763 31,521
3,465,125 3,066,155

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.24 30.6.23
£    £   
Bank loans and overdrafts 10,648 10,648
Hire purchase contracts 864,950 1,150,250
Trade creditors 782,977 742,916
Amounts owed to group undertakings 1,000 -
VAT 62,547 183,929
Other creditors 1,585,539 890,600
Directors' current accounts 596 838
Accruals and deferred income 224,760 391,788
3,533,017 3,370,969

Hymec Aerospace (UK) Limited (Registered number: 03754054)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.6.24 30.6.23
£    £   
Bank loans - 2-5 years 13,415 23,315
Hire purchase contracts 2,283,761 3,016,291
2,297,176 3,039,606

9. SECURED DEBTS

The following secured debts are included within creditors:

30.6.24 30.6.23
£    £   
Hire purchase contracts 3,148,711 4,166,541

The confidential invoice discounting creditor included within other creditors totalling £1,580,895 (£864,643 - 2023) is secured on the individual trade debtors to which it relates.

Amounts owing on hire purchase contracts are secured on the individual assets to which they relate.