Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-312024-03-31No description of principal activityfalse2023-04-01falsetruefalseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 06799039 2023-04-01 2024-03-31 06799039 2022-04-01 2023-03-31 06799039 2024-03-31 06799039 2023-03-31 06799039 2022-04-01 06799039 c:Director1 2023-04-01 2024-03-31 06799039 c:RegisteredOffice 2023-04-01 2024-03-31 06799039 d:Buildings d:LongLeaseholdAssets 2023-04-01 2024-03-31 06799039 d:PlantMachinery 2023-04-01 2024-03-31 06799039 d:MotorVehicles 2023-04-01 2024-03-31 06799039 d:FurnitureFittings 2023-04-01 2024-03-31 06799039 d:OtherPropertyPlantEquipment 2023-04-01 2024-03-31 06799039 d:OtherPropertyPlantEquipment 2024-03-31 06799039 d:OtherPropertyPlantEquipment 2023-03-31 06799039 d:CurrentFinancialInstruments 2024-03-31 06799039 d:CurrentFinancialInstruments 2023-03-31 06799039 d:Non-currentFinancialInstruments 2024-03-31 06799039 d:Non-currentFinancialInstruments 2023-03-31 06799039 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 06799039 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 06799039 d:ShareCapital 2023-04-01 2024-03-31 06799039 d:ShareCapital 2024-03-31 06799039 d:ShareCapital 2022-04-01 2023-03-31 06799039 d:ShareCapital 2023-03-31 06799039 d:ShareCapital 2022-04-01 06799039 d:CapitalRedemptionReserve 2023-04-01 2024-03-31 06799039 d:CapitalRedemptionReserve 2024-03-31 06799039 d:CapitalRedemptionReserve 2022-04-01 2023-03-31 06799039 d:CapitalRedemptionReserve 2023-03-31 06799039 d:CapitalRedemptionReserve 2022-04-01 06799039 d:MergerReserve 2023-04-01 2024-03-31 06799039 d:RetainedEarningsAccumulatedLosses 2023-04-01 2024-03-31 06799039 d:RetainedEarningsAccumulatedLosses 2024-03-31 06799039 d:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 06799039 d:RetainedEarningsAccumulatedLosses 2023-03-31 06799039 d:RetainedEarningsAccumulatedLosses 2022-04-01 06799039 c:FRS102 2023-04-01 2024-03-31 06799039 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 06799039 c:FullAccounts 2023-04-01 2024-03-31 06799039 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 06799039 d:Subsidiary1 2023-04-01 2024-03-31 06799039 d:Subsidiary1 1 2023-04-01 2024-03-31 06799039 d:Subsidiary2 2023-04-01 2024-03-31 06799039 d:Subsidiary2 1 2023-04-01 2024-03-31 06799039 d:Subsidiary3 2023-04-01 2024-03-31 06799039 d:Subsidiary3 1 2023-04-01 2024-03-31 06799039 d:Subsidiary4 2023-04-01 2024-03-31 06799039 d:Subsidiary4 1 2023-04-01 2024-03-31 06799039 c:Consolidated 2024-03-31 06799039 c:ConsolidatedGroupCompanyAccounts 2023-04-01 2024-03-31 06799039 2 2023-04-01 2024-03-31 06799039 6 2023-04-01 2024-03-31 06799039 e:USDollar 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Registered number: 06799039









HYDE HOLDINGS LIMITED







UNAUDITED

DIRECTOR'S REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

 
HYDE HOLDINGS LIMITED
 
 
COMPANY INFORMATION


Director
N P Grogan 




Registered number
06799039



Registered office
Old Station Road
Loughton

IG10 4PL

Suffolk

IP2 8NJ





 
HYDE HOLDINGS LIMITED
 

CONTENTS



Page
Director's report
 
1
Consolidated statement of comprehensive income
 
2
Consolidated balance sheet
 
3 - 4
Company balance sheet
 
5
Consolidated statement of changes in equity
 
6 - 7
Company statement of changes in equity
 
8
Notes to the financial statements
 
9 - 26


 
HYDE HOLDINGS LIMITED
 
 
 
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 MARCH 2024

The director presents his report and the financial statements for the year ended 31 March 2024.

Director

The director who served during the year was:

N P Grogan 

Small companies note

In preparing this report, the director has taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board on 13 March 2025 and signed on its behalf.
 





N P Grogan
Director

Page 1

 
HYDE HOLDINGS LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024

2024
2023
Note
$
$

  

Turnover
  
6,170,112
7,895,492

Cost of sales
  
(4,461,317)
(5,261,115)

Gross profit
  
1,708,795
2,634,377

Administrative expenses
  
(1,716,363)
(1,674,910)

Other operating income
  
33
-

Operating (loss)/profit
  
(7,535)
959,467

Interest receivable and similar income
  
4,223
2,771

Interest payable and similar expenses
  
(25,066)
(30,895)

(Loss)/profit before taxation
  
(28,378)
931,343

Tax on (loss)/profit
 4 
(28,023)
(137,731)

(Loss)/profit for the financial year
  
(56,401)
793,612

(Loss)/profit for the year attributable to:
  

Owners of the parent Company
  
(56,401)
793,612

  
(56,401)
793,612

There were no recognised gains and losses for 2024 or 2023 other than those included in the consolidated statement of comprehensive income.

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

The notes on pages 9 to 26 form part of these financial statements.

Page 2

 
HYDE HOLDINGS LIMITED
REGISTERED NUMBER: 06799039

CONSOLIDATED BALANCE SHEET
AS AT 31 MARCH 2024

2024
2024
2023
2023
Note
$
$
$
$

Fixed assets
  

Intangible assets
 6 
12,520
3,383

Tangible assets
 7 
746,908
871,946

  
759,428
875,329

Current assets
  

Stocks
  
1,278,861
1,714,318

Debtors: amounts falling due after more than one year
 9 
53,274
53,274

Debtors: amounts falling due within one year
 9 
1,491,226
1,899,643

Cash at bank and in hand
 10 
157,607
293,067

  
2,980,968
3,960,302

Creditors: amounts falling due within one year
 11 
(1,491,637)
(2,074,213)

Net current assets
  
 
 
1,489,331
 
 
1,886,089

Total assets less current liabilities
  
2,248,759
2,761,418

Creditors: amounts falling due after more than one year
 12 
(255,187)
(392,794)

Provisions for liabilities
  

Deferred taxation
 14 
(106,844)
(120,495)

  
 
 
(106,844)
 
 
(120,495)

Net assets
  
1,886,728
2,248,129

Page 3

 
HYDE HOLDINGS LIMITED
REGISTERED NUMBER: 06799039
    
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

2024
2024
2023
2023
Note
$
$
$
$

Capital and reserves
  

Called up share capital 
  
8,716
11,225

Capital redemption reserve
 16 
2,509
-

Foreign exchange reserve
 16 
(161,094)
(161,094)

Merger reserve
 16 
1,896,261
1,274,464

Profit and loss account
 16 
56,148
1,039,346

Equity attributable to owners of the parent Company
  
1,802,540
2,163,941

Non-controlling interests
  
84,188
84,188

  
1,886,728
2,248,129


The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 13 March 2025.




N P Grogan
Director

The notes on pages 9 to 26 form part of these financial statements.

Page 4

 
HYDE HOLDINGS LIMITED
REGISTERED NUMBER: 06799039

COMPANY BALANCE SHEET
AS AT 31 MARCH 2024

2024
2024
2023
2023
Note
$
$
$
$

Fixed assets
  

Investments
 8 
1,449,501
1,449,501

  
1,449,501
1,449,501

  

Creditors: amounts falling due within one year
 11 
(197,165)
(140,383)

Net current liabilities
  
 
 
(197,165)
 
 
(140,383)

Total assets less current liabilities
  
1,252,336
1,309,118

  

  

Net assets
  
1,252,336
1,309,118


Capital and reserves
  

Called up share capital 
  
8,717
11,225

Capital redemption reserve
 16 
2,509
-

Profit and loss account
 16 
1,241,110
1,297,893

  
1,252,336
1,309,118


The director considers that the Company is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 13 March 2025.


N P Grogan
Director

The notes on pages 9 to 26 form part of these financial statements.

Page 5
 

 
HYDE HOLDINGS LIMITED


 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024



Called up share capital
Capital redemption reserve
Foreign exchange reserve
Merger and other reserves
Profit and loss account
Equity attributable to owners of parent Company
Non-controlling interests
Total equity


$
$
$
$
$
$
$
$


At 1 April 2023
11,225
-
(161,094)
1,274,464
1,039,346
2,163,941
84,188
2,248,129



Comprehensive income for the year


Loss for the year
-
-
-
-
(56,401)
(56,401)
-
(56,401)

Total comprehensive income for the year
-
-
-
-
(56,401)
(56,401)
-
(56,401)



Contributions by and distributions to owners


  Dividends: Equity capital
-
-
-
-
(305,000)
(305,000)
-
(305,000)


Purchase of own shares
-
2,509
-
-
(56,783)
(54,274)
-
(54,274)


Shares redeemed during the year
(2,509)
-
-
-
-
(2,509)
-
(2,509)


Share based payments
-
-
-
-
56,783
56,783
-
56,783


Transfer between reserves
-
-
-
621,797
(621,797)
-
-
-



Total transactions with owners
(2,509)
2,509
-
621,797
(926,797)
(305,000)
-
(305,000)



At 31 March 2024
8,716
2,509
(161,094)
1,896,261
56,148
1,802,540
84,188
1,886,728



The notes on pages 9 to 26 form part of these financial statements.

Page 6

 

 
HYDE HOLDINGS LIMITED


 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023



Called up share capital
Foreign exchange reserve
Merger and other reserves
Profit and loss account
Equity attributable to owners of parent Company
Non-controlling interests
Total equity


$
$
$
$
$
$
$


At 1 April 2022
11,225
(161,094)
1,274,464
454,854
1,579,449
84,188
1,663,637



Comprehensive income for the year


Profit for the year
-
-
-
793,612
793,612
-
793,612

Total comprehensive income for the year
-
-
-
793,612
793,612
-
793,612



Contributions by and distributions to owners


  Dividends: Equity capital
-
-
-
(209,120)
(209,120)
-
(209,120)



Total transactions with owners
-
-
-
(209,120)
(209,120)
-
(209,120)



At 31 March 2023
11,225
(161,094)
1,274,464
1,039,346
2,163,941
84,188
2,248,129



The notes on pages 9 to 26 form part of these financial statements.

Page 7
 
HYDE HOLDINGS LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024


Called up share capital
Capital redemption reserve
Profit and loss account
Total equity

$
$
$
$


At 1 April 2022
11,225
-
1,297,893
1,309,118


Comprehensive income for the year

Profit for the year
-
-
209,120
209,120
Total comprehensive income for the year
-
-
209,120
209,120


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(209,120)
(209,120)


Total transactions with owners
-
-
(209,120)
(209,120)



At 1 April 2023
11,225
-
1,297,893
1,309,118


Comprehensive income for the year

Profit for the year
-
-
305,000
305,000
Total comprehensive income for the year
-
-
305,000
305,000


Contributions by and distributions to owners

  Dividends: Equity capital
-
-
(305,000)
(305,000)

Purchase of own shares
-
2,509
(56,783)
(54,274)

Shares redeemed during the year
(2,509)
-
-
(2,509)


Total transactions with owners
(2,509)
2,509
(361,783)
(361,783)


At 31 March 2024
8,716
2,509
1,241,110
1,252,335


The notes on pages 9 to 26 form part of these financial statements.

Page 8

 
HYDE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Hyde Holdings Limited is a private company, limited by shares, incorporated in England and Wales, United Kingdom, with a registration number 06799039. The registered office address of the company is Old Station Road, Loughton, Essex, IG10 4PL.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The consolidated financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 October 2013.

Page 9

 
HYDE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is USD.

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.

On consolidation, the results of overseas operations are translated into Dollars at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group 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 Group has transferred the significant risks and rewards of ownership to the buyer;
the Group 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 Group 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.

 
2.5

Operating leases: the Group as lessee

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Page 10

 
HYDE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.6

Interest income

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

 
2.7

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.

 
2.8

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.9

Pensions

Defined contribution pension plan
The Group operates a defined contribution plan for its employees employed in the UK subsidiary.. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group 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 Group in independently administered funds. 
In respect of its Philippine subsidiary, please see note 15.

Page 11

 
HYDE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
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 and the Group operate and generate 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.

 
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.

Page 12

 
HYDE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.12
Tangible fixed assets (continued)

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

Depreciation is provided on the following basis:

Leasehold Property improvements
-
20% straight line
Plant & machinery
-
12.5% - 25% straight line
Motor vehicles
-
30% reducing balance
Furniture, fittings and equipment
-
20% reducing balance
Other fixed assets
-
10% - 20% straight line

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

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.14

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.

 
2.15

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.

 
2.16

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 13

 
HYDE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.17

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.

 
2.18

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.

 
2.19

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 11 (2023 - 12).

Page 14

 
HYDE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Taxation


2024
2023
$
$

Corporation tax


Current tax on profits for the year
13,942
47,603

Adjustments in respect of previous periods
(476)
-


13,466
47,603

Foreign tax


Foreign tax on income for the year
28,208
66,811

28,208
66,811

Total current tax
41,674
114,414

Deferred tax


Origination and reversal of timing differences
(13,651)
23,317

Total deferred tax
(13,651)
23,317


Tax on (loss)/profit
28,023
137,731
Page 15

 
HYDE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
 
4.Taxation (continued)


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 22% (2023 - 19%). The differences are explained below:

2024
2023
$
$


(Loss)/profit on ordinary activities before tax
(28,378)
931,343


(Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 22% (2023 - 19%)
(6,243)
176,955

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
-
796

Other differences leading to an increase (decrease) in the tax charge
34,266
(40,020)

Total tax charge for the year
28,023
137,731

The UK corporation tax rate increased from 19% to 25% with effect from 1 April 2023. This resulted in the increase in the tax rate shown above. 


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


5.


Parent company profit for the year

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements. The profit after tax of the parent Company for the year was $305,000 (2023 - $209,120).

Page 16

 
HYDE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

6.


Intangible assets

Group 





Computer software

$



Cost


At 1 April 2023
59,568


Additions
20,669



At 31 March 2024

80,237



Amortisation


At 1 April 2023
56,185


Charge for the year on owned assets
11,532



At 31 March 2024

67,717



Net book value



At 31 March 2024
12,520



At 31 March 2023
3,383



Page 17

 
HYDE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

7.


Tangible fixed assets

Group






L/Term Leasehold Property
Plant & machinery
Motor vehicles
Fixtures & fittings
Office equipment

$
$
$
$
$



Cost or valuation


At 1 April 2023
314,679
674,350
131,191
35,442
234,219


Additions
810
-
-
-
1,952


Disposals
-
-
-
-
-



At 31 March 2024

315,489
674,350
131,191
35,442
236,171



Depreciation


At 1 April 2023
313,593
572,585
67,559
27,773
228,639


Charge for the year on owned assets
830
27,096
8,735
1,518
2,965


Charge for the year on financed assets
-
-
10,354
-
-


Disposals
-
-
-
-
-



At 31 March 2024

314,423
599,681
86,648
29,291
231,604



Net book value



At 31 March 2024
1,066
74,669
44,543
6,151
4,567



At 31 March 2023
1,086
101,765
63,632
7,669
5,580
Page 18

 
HYDE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

           7.Tangible fixed assets (continued)


Other fixed assets
Total

$
$



Cost or valuation


At 1 April 2023
1,523,775
2,913,656


Additions
6,974
9,736


Disposals
(8,113)
(8,113)



At 31 March 2024

1,522,636
2,915,279



Depreciation


At 1 April 2023
831,561
2,041,710


Charge for the year on owned assets
26,062
67,206


Charge for the year on financed assets
52,617
62,971


Disposals
(3,516)
(3,516)



At 31 March 2024

906,724
2,168,371



Net book value



At 31 March 2024
615,912
746,908



At 31 March 2023
692,214
871,946

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
$
$



Motor vehicles
24,160
34,515

Other fixed assets
561,252
613,869

585,412
648,384

Page 19

 
HYDE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

           7.Tangible fixed assets (continued)


Company






Other fixed assets

$

Cost or valuation


At 1 April 2023
213,276



At 31 March 2024

213,276



Depreciation


At 1 April 2023
213,276



At 31 March 2024

213,276



Net book value



At 31 March 2024
-



At 31 March 2023
-






Page 20

 
HYDE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

8.


Fixed asset investments

Company





Investments in subsidiary companies

$



Cost or valuation


At 1 April 2023
2,401,168



At 31 March 2024

2,401,168



Impairment


At 1 April 2023
951,667



At 31 March 2024

951,667



Net book value



At 31 March 2024
1,449,501



At 31 March 2023
1,449,501


Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Principal activity

Holding

Nigel Grogan Limited
England and Wales
Dormant
100%
Nigel Grogan Trustees Limited
England and Wales
Dormant
100%
Hyde Sails Limited
England and Wales
Design and manufacture of sails
100%
Hyde Sails Cebu Inc
Republic of the Philippines
Design and manufacture of sails
100%

Page 21

 
HYDE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

9.


Debtors

Group
Group
Company
Company
2024
2023
2024
2023
$
$
$
$

Due after more than one year

Other debtors
53,274
53,274
-
-

53,274
53,274
-
-


Group
Group
Company
Company
2024
2023
2024
2023
$
$
$
$

Due within one year

Trade debtors
1,081,312
1,504,950
-
-

Other debtors
400,138
367,438
-
-

Prepayments and accrued income
9,776
27,255
-
-

1,491,226
1,899,643
-
-



10.


Cash and cash equivalents

Group
Group
Company
Company
2024
2023
2024
2023
$
$
$
$

Cash at bank and in hand
157,607
293,067
-
-

157,607
293,067
-
-


Page 22

 
HYDE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

11.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
$
$
$
$

Bank loans
83,327
81,516
-
-

Other loans
876
2,179
-
-

Trade creditors
845,159
1,282,225
-
-

Amounts owed to group undertakings
-
-
197,165
140,383

Corporation tax
32,408
21,691
-
-

Other taxation and social security
373,113
419,300
-
-

Obligations under finance lease and hire purchase contracts
66,122
68,734
-
-

Other creditors
31,418
33,014
-
-

Accruals and deferred income
59,214
165,554
-
-

1,491,637
2,074,213
197,165
140,383


Page 23

 
HYDE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

12.


Creditors: Amounts falling due after more than one year

Group
Group
Company
Company
2024
2023
2024
2023
$
$
$
$

Bank loans
118,047
196,997
-
-

Other loans
-
433
-
-

Net obligations under finance leases and hire purchase contracts
137,140
195,364
-
-

255,187
392,794
-
-



The following liabilities were secured:
Group
Group
2024
2023
$
$


Net obligations under finance leases and hire purchase contracts
203,262
264,098

Bank loans
201,374
278,513

404,636
542,611

Details of security provided:

The finance lease/hire purchase balances are secured against the assets for which they were used to
acquire.
The bank loan is secured by a fixed and floating charge over the assets of Hyde Sails Limited.


13.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

Group
Group
2024
2023
$
$

Within one year
66,122
68,734

Between 1-5 years
137,140
195,364

203,262
264,098


14.


Deferred taxation

Page 24

 
HYDE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
 
14.Deferred taxation (continued)


Group



2024


$






At beginning of year
(120,495)


Charged to profit or loss
13,651



At end of year
(106,844)

Company





The provision for deferred taxation is made up as follows:

Group
Group
2024
2023
$
$

Accelerated capital allowances
(106,844)
(120,495)

(106,844)
(120,495)


15.


Provisions


Group


The consolidated accounts do not include an amount of US$532,600 in respect of a retirement provision which is included in the published accounts of it's Philippine subsidiary, Hyde Sails Cebu Inc.  The director is of the opinion that the provision is not a provision which should be recognised under UK GAAP and therefore has been eliminated on consolidation. 






Page 25

 
HYDE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

16.


Reserves

Capital redemption reserve

The capital redemption reserve accounts represents non distributable reserves arising on the repurchase of the company's own shares.

Merger Reserve

The merger reserve represents the difference between the nominal value of shares issues and the net assets of the subsidiaries acquired. 

Profit & loss account

The profit and loss account represents cumulative profits and losses net of dividends and other adjustments.


17.


Pension commitment

The UK subsidiary operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the UK subsidiary in an independently administered fund. The pension cost charge represents contributions payable by the UK subsidiary to the fund and amounted to $10,002 (2023 - $6,987). Contributions totalling $1,271 (2023 - $1,360) were payable to the fund at the balance sheet date and are included in creditors.


18.


Commitments under operating leases

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


Group
Group
2024
2023
$
$

Not later than 1 year
5,504
15,190

Later than 1 year and not later than 5 years
13,300
13,004

18,804
28,194

19.


Transactions with directors

During the year a subsidiary company advanced a loan to the director. The amount outstanding at the year end was $289,711 (2023: $308,058). Interest of $3,077 (2023: $2,544) has been charged on this loan.


20.


Controlling party

The ultimate controlling party is N P Grogan, the director and shareholder.

Page 26