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COMPANY REGISTRATION NUMBER: 00736011
Hygan Products Limited
Filleted Unaudited Financial Statements
31 March 2025
Hygan Products Limited
Financial Statements
Year ended 31 March 2025
Contents
Pages
Balance sheet
1 to 2
Notes to the financial statements
3 to 6
Hygan Products Limited
Balance Sheet
31 March 2025
2025
2024
Note
£
£
Fixed assets
Tangible assets
5
1,221
2,098
Current assets
Stocks
115,017
116,424
Debtors
6
160,829
144,377
Cash at bank and in hand
83,682
142,997
---------
---------
359,528
403,798
Creditors: amounts falling due within one year
7
222,863
258,014
---------
---------
Net current assets
136,665
145,784
---------
---------
Total assets less current liabilities
137,886
147,882
---------
---------
Net assets
137,886
147,882
---------
---------
Capital and reserves
Called up share capital
120
120
Share premium account
5,496
5,496
Capital redemption reserve
38
38
Profit and loss account
132,232
142,228
---------
---------
Shareholders funds
137,886
147,882
---------
---------
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 profit and loss has not been delivered.
For the year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Hygan Products Limited
Balance Sheet (continued)
31 March 2025
These financial statements were approved by the board of directors and authorised for issue on 11 June 2025 , and are signed on behalf of the board by:
Mr J C W Hewitt
Director
Company registration number: 00736011
Hygan Products Limited
Notes to the Financial Statements
Year ended 31 March 2025
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Kingscroft Works, Stoke Old Road, Hartshill, ST4 6ES. The company registration number is 00736011 .
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 £.
Judgements and key sources of estimation uncertainty
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: As described in the accounting policies of the financial statements, depreciation of tangible fixed assets has been based on estimated useful lives and residual values deemed appropriate by the directors. Estimated useful lives are reviewed annually and revised as appropriate. Revisions take in to account actual asset lives and residual values as evidenced by disposals during current and prior accounting periods.
Revenue recognition
Turnover comprises the value of sales (exclusive of VAT and trade discounts) of goods and services provided in the normal course of business. Revenue is recognised when goods are despatched, which is the same day on which goods are delivered and hence the point at which the risks and rewards of ownership pass to the buyer.
Income tax
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. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. 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 material 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:
Land and buildings
-
fully depreciated
Plant and machinery
-
33% reducing balance
Fixtures and fittings
-
25% on net book value for furniture & 25% on cost for computer equipment
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost represents purchase invoice price. Net realisable value represents the estimated proceeds from the sale of stock items, less all future costs to completion, costs to be incurred in marketing, selling and distributing.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. The basic financial instruments of the company are as follows: Debtors Debtors do not carry any interest and are stated at their nominal value. Appropriate allowances for estimated irrecoverable amounts are recognised in the Profit and Loss account when there is objective evidence that the asset is impaired. Cash at bank and in hand This comprises cash at bank and cash in hand. Trade creditors Trade creditors are not interest bearing and are stated at their nominal value.
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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 14 (2024: 15 ).
5. Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Total
£
£
£
£
Cost
At 1 April 2024
14,256
24,221
10,781
49,258
Disposals
( 432)
( 432)
--------
--------
--------
--------
At 31 March 2025
14,256
24,221
10,349
48,826
--------
--------
--------
--------
Depreciation
At 1 April 2024
14,256
23,294
9,610
47,160
Charge for the year
309
568
877
Disposals
( 432)
( 432)
--------
--------
--------
--------
At 31 March 2025
14,256
23,603
9,746
47,605
--------
--------
--------
--------
Carrying amount
At 31 March 2025
618
603
1,221
--------
--------
--------
--------
At 31 March 2024
927
1,171
2,098
--------
--------
--------
--------
6. Debtors
2025
2024
£
£
Trade debtors
154,438
140,047
Other debtors
6,391
4,330
---------
---------
160,829
144,377
---------
---------
7. Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
88,877
124,591
Corporation tax
1,077
Social security and other taxes
1,791
6,948
Other creditors
131,118
126,475
---------
---------
222,863
258,014
---------
---------
8. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2025
2024
£
£
Not later than 1 year
3,363
5,765
Later than 1 year and not later than 5 years
3,363
-------
-------
3,363
9,128
-------
-------