Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-31No description of principal activityfalse5truetrue2023-04-016The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 01530833 2023-04-01 2024-03-31 01530833 2022-04-01 2023-03-31 01530833 2024-03-31 01530833 2023-03-31 01530833 c:Director1 2023-04-01 2024-03-31 01530833 d:PlantMachinery 2023-04-01 2024-03-31 01530833 d:PlantMachinery 2024-03-31 01530833 d:PlantMachinery 2023-03-31 01530833 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 01530833 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2023-04-01 2024-03-31 01530833 d:MotorVehicles 2023-04-01 2024-03-31 01530833 d:MotorVehicles 2024-03-31 01530833 d:MotorVehicles 2023-03-31 01530833 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 01530833 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-04-01 2024-03-31 01530833 d:FurnitureFittings 2023-04-01 2024-03-31 01530833 d:FurnitureFittings 2024-03-31 01530833 d:FurnitureFittings 2023-03-31 01530833 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 01530833 d:FurnitureFittings d:LeasedAssetsHeldAsLessee 2023-04-01 2024-03-31 01530833 d:OtherPropertyPlantEquipment 2023-04-01 2024-03-31 01530833 d:OtherPropertyPlantEquipment 2024-03-31 01530833 d:OtherPropertyPlantEquipment 2023-03-31 01530833 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 01530833 d:OtherPropertyPlantEquipment d:LeasedAssetsHeldAsLessee 2023-04-01 2024-03-31 01530833 d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 01530833 d:LeasedAssetsHeldAsLessee 2023-04-01 2024-03-31 01530833 d:CurrentFinancialInstruments 2024-03-31 01530833 d:CurrentFinancialInstruments 2023-03-31 01530833 d:Non-currentFinancialInstruments 2024-03-31 01530833 d:Non-currentFinancialInstruments 2023-03-31 01530833 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 01530833 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 01530833 d:Non-currentFinancialInstruments d:AfterOneYear 2024-03-31 01530833 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 01530833 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2024-03-31 01530833 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2023-03-31 01530833 d:ShareCapital 2024-03-31 01530833 d:ShareCapital 2023-03-31 01530833 d:SharePremium 2024-03-31 01530833 d:SharePremium 2023-03-31 01530833 d:CapitalRedemptionReserve 2024-03-31 01530833 d:CapitalRedemptionReserve 2023-03-31 01530833 d:RetainedEarningsAccumulatedLosses 2024-03-31 01530833 d:RetainedEarningsAccumulatedLosses 2023-03-31 01530833 c:FRS102 2023-04-01 2024-03-31 01530833 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 01530833 c:FullAccounts 2023-04-01 2024-03-31 01530833 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 01530833 d:WithinOneYear 2024-03-31 01530833 d:WithinOneYear 2023-03-31 01530833 d:BetweenOneFiveYears 2024-03-31 01530833 d:BetweenOneFiveYears 2023-03-31 01530833 d:HirePurchaseContracts d:WithinOneYear 2024-03-31 01530833 d:HirePurchaseContracts d:WithinOneYear 2023-03-31 01530833 d:HirePurchaseContracts d:BetweenOneFiveYears 2024-03-31 01530833 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-03-31 01530833 2 2023-04-01 2024-03-31 01530833 6 2023-04-01 2024-03-31 01530833 14 2023-04-01 2024-03-31 01530833 d:AcceleratedTaxDepreciationDeferredTax 2024-03-31 01530833 d:AcceleratedTaxDepreciationDeferredTax 2023-03-31 01530833 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2024-03-31 01530833 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-03-31 01530833 d:OtherPropertyPlantEquipment d:LeasedAssetsHeldAsLessee 2024-03-31 01530833 d:OtherPropertyPlantEquipment d:LeasedAssetsHeldAsLessee 2023-03-31 01530833 d:LeasedAssetsHeldAsLessee 2024-03-31 01530833 d:LeasedAssetsHeldAsLessee 2023-03-31 01530833 e:USDollar 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Registered number: 01530833









HYDE SAILS LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
HYDE SAILS LIMITED
REGISTERED NUMBER: 01530833

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2024
2023
2023
Note
$
$
$
$

Fixed assets
  

Tangible assets
 4 
719,242
825,884

Investments
 5 
70,157
70,157

  
789,399
896,041

Current assets
  

Stocks
  
1,226,038
1,571,678

Debtors: amounts falling due within one year
 6 
1,266,120
1,590,782

Cash at bank and in hand
 7 
89,255
235,231

  
2,581,413
3,397,691

Creditors: amounts falling due within one year
 8 
(2,325,761)
(2,864,894)

Net current assets
  
 
 
255,652
 
 
532,797

Total assets less current liabilities
  
1,045,051
1,428,838

Creditors: amounts falling due after more than one year
 9 
(255,187)
(392,361)

Provisions for liabilities
  

Deferred tax
 12 
(106,844)
(120,495)

  
 
 
(106,844)
 
 
(120,495)

Net assets
  
683,020
915,982


Capital and reserves
  

Called up share capital 
  
317,107
317,107

Share premium account
  
37,885
37,885

Capital redemption reserve
  
56,125
56,125

Profit and loss account
  
271,903
504,865

  
683,020
915,982


Page 1

 
HYDE SAILS LIMITED
REGISTERED NUMBER: 01530833
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

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 have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with 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 Grogan
Director

The notes on pages 3 to 12 form part of these financial statements.

Page 2

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

1.


General information

Hyde Sails Limited is a private company, limited by shares and incorporated in England and Wales, United Kingdom, with a registration number 01530833. The address of the registered office is Old Station Road, Loughton, Essex, IG10 4PL.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The 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 following principal accounting policies have been applied:

 
2.2

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.

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.

Page 3

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

2.Accounting policies (continued)

 
2.3

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.

 
2.4

Interest income

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

 
2.5

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.

 
2.6

Borrowing costs

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

 
2.7

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.

Page 4

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

2.Accounting policies (continued)

 
2.8

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.


 
2.9

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.

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 & machinery
-
25%
straight line
Motor vehicles
-
30%
reducing balance
Fixtures & fittings
-
20%
straight line
Company boats
-
10%
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.

Page 5

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

2.Accounting policies (continued)

 
2.10

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.11

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 weighted average 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.

 
2.12

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.

 
2.13

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.

 
2.14

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.

 
2.15

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.

 
2.16

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.

 
2.17

Development costs

Development cost are written off to the profit and loss account in the year that they are incurred.

Page 6

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

3.


Employees

The average monthly number of employees, including directors, during the year was 5 (2023 - 6).


4.


Tangible fixed assets





Plant & machinery
Motor vehicles
Fixtures & fittings
Other fixed assets
Total

$
$
$
$
$



Cost or valuation


At 1 April 2023
83,071
131,191
19,260
1,138,935
1,372,457


Additions
-
-
-
6,974
6,974


Disposals
-
-
-
(8,113)
(8,113)



At 31 March 2024

83,071
131,191
19,260
1,137,796
1,371,318



Depreciation


At 1 April 2023
65,058
67,559
16,467
397,489
546,573


Charge for the year on owned assets
10,292
8,735
1,518
25,503
46,048


Charge for the year on financed assets
-
10,354
-
52,617
62,971


Disposals
-
-
-
(3,516)
(3,516)



At 31 March 2024

75,350
86,648
17,985
472,093
652,076



Net book value



At 31 March 2024
7,721
44,543
1,275
665,703
719,242



At 31 March 2023
18,013
63,632
2,793
741,446
825,884

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

Company boats
561,252
613,869

585,412
648,384

Page 7

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

5.


Fixed asset investments





Investments in subsidiary companies

$



Cost or valuation


At 1 April 2023
70,157



At 31 March 2024
70,157





6.


Debtors

2024
2023
$
$


Trade debtors
683,838
1,108,638

Amounts owed by group undertakings
197,166
140,383

Other debtors
384,664
341,761

Prepayments and accrued income
452
-

1,266,120
1,590,782



7.


Cash and cash equivalents

2024
2023
$
$

Cash at bank and in hand
89,255
235,231

89,255
235,231


Page 8

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

8.


Creditors: Amounts falling due within one year

2024
2023
$
$

Bank loans
83,327
81,516

Trade creditors
775,509
1,144,968

Amounts owed to group undertakings
870,994
1,086,926

Corporation tax
16,715
9,461

Other taxation and social security
377,226
441,801

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

Other creditors
1,271
1,360

Accruals and deferred income
134,597
30,128

2,325,761
2,864,894



9.


Creditors: Amounts falling due after more than one year

2024
2023
$
$

Bank loans
118,047
196,997

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

255,187
392,361


The following liabilities were secured:

2024
2023
$
$



Net obligations under finance leases and hire purchase contracts
203,263
264,097

Bank loans
201,375
278,513

404,638
542,610

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 the Company. 

Page 9

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

10.


Loans


Analysis of the maturity of loans is given below:


2024
2023
$
$

Amounts falling due within one year

Bank loans
83,327
81,516



Amounts falling due after more than 5 years

Bank loans
118,047
196,997

201,374
278,513



11.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
$
$


Within one year
66,122
68,734

Between 1-5 years
137,140
195,364

203,262
264,098


12.


Deferred taxation




2024


$






At beginning of year
(120,495)


Movement in deferred Tax
13,651



At end of year
(106,844)

Page 10

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

The provision for deferred taxation is made up as follows:

2024
2023
$
$


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

(106,844)
(120,495)


13.


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 $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.


14.


Commitments under operating leases

At 31 March 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
5,504
15,190

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

18,804
28,194


15.


Related party transactions

Key management personnel compensation during the year totalled $3,644 (2023: $5,660)
At the year end the following amounts were due (to)/from related parties:


2024
2023
$
$

Entities with control, joint control or significant influence over the entity
197,166
140,383
Entities over which the entity has control, joint control or significant influence
(870,994)
(1,086,826)
Key management personnel
289,711
308,058

Page 11

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

16.


Controlling party

The immediate parent undertaking is Hyde Holdings Limited, a company incorporated in England and Wales.     
                                                                                                                                                                                                                                                                                                                        The ultimate controlling party is N Grogan due to his shareholding in the parent company.

 
Page 12