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COMPANY REGISTRATION NUMBER: 09745066
LOW COST HYDRAULIC ENGINEERING LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 October 2024
LOW COST HYDRAULIC ENGINEERING LIMITED
FINANCIAL STATEMENTS
PERIOD FROM 31st AUGUST 2023 TO 31st OCTOBER 2024
CONTENTS
PAGES
Statement of financial position
1 to 2
Notes to the financial statements
3 to 8
LOW COST HYDRAULIC ENGINEERING LIMITED
STATEMENT OF FINANCIAL POSITION
31 October 2024
31 Oct 24
30 Aug 23
Note
£
£
£
£
FIXED ASSETS
Tangible assets
5
198,145
14,720
CURRENT ASSETS
Stock and work in progress
6
8,825
600
Debtors
7
41,107
55,200
Cash at bank and in hand
244,506
208,528
----------
----------
294,438
264,328
CREDITORS: amounts falling due within one year
8
255,395
90,872
----------
----------
NET CURRENT ASSETS
39,043
173,456
----------
----------
TOTAL ASSETS LESS CURRENT LIABILITIES
237,188
188,176
CREDITORS: amounts falling due after more than one year
9
5,833
17,500
PROVISIONS
Taxation including deferred tax
3,086
2,797
----------
----------
NET ASSETS
228,269
167,879
----------
----------
CAPITAL AND RESERVES
Called up share capital
11
1
1
Profit and loss account
228,268
167,878
----------
----------
SHAREHOLDERS FUNDS
228,269
167,879
----------
----------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the period ending 31st October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
LOW COST HYDRAULIC ENGINEERING LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 October 2024
These financial statements were approved by the board of directors and authorised for issue on 13 March 2025 , and are signed on behalf of the board by:
P. Holland
Director
Company registration number: 09745066
LOW COST HYDRAULIC ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
PERIOD FROM 31st AUGUST 2023 TO 31st OCTOBER 2024
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 5 Harvey Close, Crowther, Washington, NE38 OAB, England.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity. Monetary amounts in these financial statements are rounded to the nearest £.
Going concern
The financial statements have been prepared on the going concern basis. The director considers that this basis is appropriate following due consideration of the present financial position, the expected prospects of the company during the twelve months from the date of approval of these financial statements and the continued support of the company's director, bankers and other lending agents during this time.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property
-
4% straight line
Plant and machinery
-
15% reducing balance
Equipment
-
25% straight line
Stock and work in progress
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition. Work in progress is valued on the basis of direct costs plus attributable overheads based on a normal level of activity. No element of profit is included in the valuation of work in progress.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the period amounted to 4 (2023: 4 ).
5. TANGIBLE ASSETS
Freehold property
Plant and machinery
Equipment
Total
£
£
£
£
Cost
At 31st August 2023
20,359
6,294
26,653
Additions
127,618
60,200
1,178
188,996
----------
---------
-------
----------
At 31st October 2024
127,618
80,559
7,472
215,649
----------
---------
-------
----------
Depreciation
At 31st August 2023
6,808
5,125
11,933
Charge for the period
858
3,879
834
5,571
----------
---------
-------
----------
At 31st October 2024
858
10,687
5,959
17,504
----------
---------
-------
----------
Carrying amount
At 31st October 2024
126,760
69,872
1,513
198,145
----------
---------
-------
----------
At 30th August 2023
13,551
1,169
14,720
----------
---------
-------
----------
6. STOCK AND WORK IN PROGRESS
31 Oct 24
30 Aug 23
£
£
Raw materials and consumables
1,025
600
Work in progress
7,800
-------
----
8,825
600
-------
----
7. DEBTORS
31 Oct 24
30 Aug 23
£
£
Trade debtors
39,397
53,147
Prepayments
1,710
2,053
---------
---------
41,107
55,200
---------
---------
8. CREDITORS: amounts falling due within one year
31 Oct 24
30 Aug 23
£
£
Bank loan
10,000
10,000
Trade creditors
16,047
17,680
Accruals
17,122
25,420
Corporation tax
17,311
8,038
Social security and other taxes
20,102
29,665
Director loan accounts
174,813
69
----------
---------
255,395
90,872
----------
---------
9. CREDITORS: amounts falling due after more than one year
31 Oct 24
30 Aug 23
£
£
Bank loan
5,833
17,500
-------
---------
10. DEFERRED TAX
The deferred tax included in the statement of financial position is as follows:
31 Oct 24
30 Aug 23
£
£
Included in provisions
3,086
2,797
-------
-------
The deferred tax account consists of the tax effect of timing differences in respect of:
31 Oct 24
30 Aug 23
£
£
Accelerated capital allowances
3,086
2,797
-------
-------
11. CALLED UP SHARE CAPITAL
Issued, called up and fully paid
31 Oct 24
30 Aug 23
No.
£
No.
£
Ordinary shares of £ 1 each
1
1
1
1
----
----
----
----
12. RELATED PARTY TRANSACTIONS
No transactions with related parties were undertaken such as are required to be disclosed under FRS 102 Section 1A small entities.