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Registered number: 01642711









Hyde Central Services Limited









Annual Report and Financial Statements

For the year ended 30 September 2024

 
Hyde Central Services Limited
 
 
Company Information


Directors
M V Haslam 
T A Stenson 
C G Hughes 




Company secretary
M V Haslam



Registered number
01642711



Registered office
185 Stamford House
Stamford Street

Stalybridge

Cheshire

SK15 1QZ




Independent auditors
Hurst Accountants Limited
Chartered Accountants & Statutory Auditors

3 Stockport Exchange

Stockport

SK1 3GG





 
Hyde Central Services Limited
 

Contents



Page
Strategic report
1
Directors' report
2 - 3
Independent auditors' report
4 - 7
Statement of comprehensive income
8
Statement of financial position
9
Statement of changes in equity
10
Notes to the financial statements
11 - 21


 
Hyde Central Services Limited
 
 
Strategic Report
For the year ended 30 September 2024

Business review
 
In conjunction with the challenges being experienced throughout the group’s core area of activity, the directors consider the trading results for the year to be disappointing but as expected.

Principal risks and uncertainties
 
The Company uses financial instruments including cash, a bank overdraft and other items including trade debtors and trade creditors that arise directly from its operations.
The existence of these financial instruments exposes the Company to a number of financial risks, which are described in further detail below.
Liquidity risk
The Company seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash safely and profitably.
Credit risk
The Company's principal financial assets are cash, trade debtors and intercompany debtors. The credit risk associated with cash and intercompany debtors is limited. The principal credit risk arises, therefore, from its trade debtors. In order to manage credit risk, the directors set limits for customers based on a combination of payment history and third party references. Credit limits are reviewed by the credit controller on a regular basis in conjunction with debt agency and credit history.
Interest rate risk
The Company does not have any third party borrowings and therefore is not exposed to any material interest rate risk.


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



M V Haslam
Director

Date: 4 June 2025

Page 1

 
Hyde Central Services Limited
 
 
 
Directors' Report
For the year ended 30 September 2024

The directors present their report and the financial statements for the year ended 30 September 2024.

Principal activity

The principal activity of the Company is the provision of accounting, administration, management and I.T. services.

Directors

The directors who served during the year were:

M V Haslam 
T A Stenson 
C G Hughes 

Results and dividends

The loss for the year, after taxation, amounted to £294,893 (2023 -profit £1,373,150).

Ordinary dividends were paid amounting to £1,350,000 (2023 -£Nil). The directors do not recommend payment of
further dividends.

Directors' responsibilities statement

The directors are responsible for preparing the strategic report, the directors' report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Qualifying third party indemnity provisions

During the financial year a qualifying third party indemnity provision for the benefit of all directors was in force.

Page 2

 
Hyde Central Services Limited
 
 
 
Directors' Report (continued)
For the year ended 30 September 2024

Statement of corporate governance arrangements

To view our Modern Slavery Act Transparency Statement, please refer to our group website at:
https://www.hydegroup .com/modern-slavery -act-transparency-statement
This policy covers all group entities, and is regularly updated to remain in compliance with legislation.

Disclosure of information to auditors

Each of the persons who are directors at the time when this directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

The auditorsHurst Accountants Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

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





M V Haslam
Director

Date: 4 June 2025

Page 3

 
Hyde Central Services Limited
 
 
 
Independent Auditors' Report to the Members of Hyde Central Services Limited
 

Opinion


We have audited the financial statements of Hyde Central Services Limited (the 'Company') for the year ended 30 September 2024, which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 30 September 2024 and of its loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Page 4

 
Hyde Central Services Limited
 
 
 
Independent Auditors' Report to the Members of Hyde Central Services Limited (continued)


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the directors' responsibilities statement set out on page 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 5

 
Hyde Central Services Limited
 
 
 
Independent Auditors' Report to the Members of Hyde Central Services Limited (continued)


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Identifying and assessing potential risks related to irregularities
In identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:
 
The nature of the industry and sector in which the company operates; the control environment and business performance including key drivers for directors' remuneration, bonus levels and performance targets.
The outcome of enquiries of local management and parent company management, including whether management was aware of any instances of non-compliance with laws and regulations, and whether management had knowledge of any actual, suspected, or alleged fraud. 
Supporting documentation relating to the Company's policies and procedures for:
°Identifying, evaluating, and complying with laws and regulations
°Detecting and responding to the risks of fraud
The internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations.
The outcome of discussions amongst the engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.
The legal and regulatory framework in which the Company operates, particularly those laws and regulations which have a direct effect on the financial statements, such as the Companies Act 2006, pensions and tax legislation, or which had a fundamental effect on the operations of the Company, including General Data Protection requirements, and Anti-bribery and Corruption.
 
Audit response to risks identified
Our procedures to respond to the risks identified included the following:
 
Reviewing the financial statements disclosures and testing to supporting documentation to assess compliance with the provisions of those relevant laws and regulations which have a direct effect on the financial statements.
Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud.
Evaluation of management’s controls designed to prevent and detect irregularities.
Enquiring of management about any actual and potential litigation and claims.
Performing analytical procedures to identify any unusual or unexpected relationships which may indicate risks of material misstatement due to fraud.
 
Page 6

 
Hyde Central Services Limited
 
 
 
Independent Auditors' Report to the Members of Hyde Central Services Limited (continued)


We have also considered the risk of fraud through management override of controls by:
 
Testing the appropriateness of journal entries and other adjustments. We have used data analytics software to identify accounting transactions which may pose a heightened risk of material misstatement, whether due to fraud or error.
Challenging assumptions made by management in their significant accounting estimates, and assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and
Evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
 
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
There are inherent limitations in the audit procedures described above, and the further removed non-compliance with laws and regulations are from the events and transactions reflected in the financial statements, the less likely we would become aware of them.  Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors' report.


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





John Glover (Senior Statutory Auditor)
for and on behalf of
Hurst Accountants Limited
Chartered Accountants & Statutory Auditors
3 Stockport Exchange
Stockport
SK1 3GG

4 June 2025
Page 7

 
Hyde Central Services Limited
 
 
Statement of Comprehensive Income
For the year ended 30 September 2024

2024
2023
Note
£
£

  

Turnover
 4 
10,006,679
9,430,308

Cost of sales
  
(13,025,730)
(9,069,300)

Gross (loss)/profit
  
(3,019,051)
361,008

Administrative expenses
  
(2,117,922)
(1,774,712)

Other operating income
 5 
4,743,441
2,997,160

Operating (loss)/profit
 6 
(393,532)
1,583,456

Tax on (loss)/profit
 10 
98,639
(210,306)

(Loss)/profit for the financial year
  
(294,893)
1,373,150

The notes on pages 11 to 21 form part of these financial statements.

Page 8

 
Hyde Central Services Limited
Registered number: 01642711

Statement of Financial Position
As at 30 September 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 12 
82,025
101,621

Current assets
  

Debtors: amounts falling due within one year
 13 
9,086,625
8,028,852

Cash at bank and in hand
 14 
7,806,388
7,241,322

  
16,893,013
15,270,174

Creditors: amounts falling due within one year
 15 
(11,075,009)
(7,826,873)

Net current assets
  
 
 
5,818,004
 
 
7,443,301

Total assets less current liabilities
  
5,900,029
7,544,922

  

Net assets
  
5,900,029
7,544,922


Capital and reserves
  

Called up share capital 
 17 
100
100

Profit and loss account
 18 
5,899,929
7,544,822

  
5,900,029
7,544,922


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




M V Haslam
Director

Date: 4 June 2025

The notes on pages 11 to 21 form part of these financial statements.

Page 9

 
Hyde Central Services Limited
 

Statement of Changes in Equity
For the year ended 30 September 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 October 2022
100
6,171,672
6,171,772


Comprehensive income for the year

Profit for the year
-
1,373,150
1,373,150
Total comprehensive income for the year
-
1,373,150
1,373,150



At 1 October 2023
100
7,544,822
7,544,922


Comprehensive income for the year

Loss for the year
-
(294,893)
(294,893)
Total comprehensive income for the year
-
(294,893)
(294,893)

Dividends
-
(1,350,000)
(1,350,000)


Total transactions with owners
-
(1,350,000)
(1,350,000)


At 30 September 2024
100
5,899,929
5,900,029


The notes on pages 11 to 21 form part of these financial statements.

Page 10

 
Hyde Central Services Limited
 
 
 
Notes to the Financial Statements
For the year ended 30 September 2024

1.


General information

Hyde Central Services Limited is a private company limited by shares and incorporated in England and Wales. Registered number 01642711. Its registered head office is located at 185 Stamford House, Stamford Street, Stalybridge, Cheshire, SK15 1QZ.

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The financial statements are presented in Sterling (£), the Company's functional currency.
The accounting reference date is 30th September 2024 however the accounts are drawn up for the 52 weeks to 29th September 2024 (
2023: 52 weeks to 1st October 2023).
The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Hyde Industrial Holdings Limited as at 30 September 2024 and these financial statements may be obtained from 185 Stamford House, Stamford Street, Stalybridge, Cheshire, SK15 1QZ.

Page 11

 
Hyde Central Services Limited
 
 
 
Notes to the Financial Statements
For the year ended 30 September 2024

2.Accounting policies (continued)

 
2.3

Going concern

As detailed in the financial statements of the holding company Hyde Industrial Holdings Limited, the group meets its day to day working capital requirements through significant available cash balances.
The directors of Hyde Industrial Holdings Limited (the ultimate parent company) have prepared consolidated forecasts for the period to 30 June 2026 which include forecast results for this Company. 
After review of the forecasts, significant available group cash resources and consideration of the parental support from the ultimate parent company, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future being a period of at least 12 months from the date of approval of these financial statements.
Accordingly, they continue to adopt the going concern basis in the preparation of these financial
statements.

 
2.4

Turnover

Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on delivery to the customer), the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the cost incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.5

Pensions

The Company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the Company. The annual contributions payable are charged to the profit and loss account.

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 statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

Page 12

 
Hyde Central Services Limited
 
 
 
Notes to the Financial Statements
For the year ended 30 September 2024

2.Accounting policies (continued)

 
2.6

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 reporting 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 reporting 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 reporting date.


 
2.7

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 and machinery
-
10 years straight line
Motor vehicles
-
4 years 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.

Previously the company depreciated its plant and machinery over a period of 4 years. During the year the directors reassessed the useful economic life of these assets to 10 years. This had no impact on the depreciation charge for the year as plant and machinery had been fully depreciated in prior year.

Page 13

 
Hyde Central Services Limited
 
 
 
Notes to the Financial Statements
For the year ended 30 September 2024

2.Accounting policies (continued)

 
2.8

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.

 
2.9

Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

 
2.10

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.

 
2.11

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other
accounts receivable and payable, are initially measured at present value of the future cash flows and
subsequently at amortised cost using the effective interest method. Debt instruments that are payable or
receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at
the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the
arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt
deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the
financial asset or liability is measured, initially at the present value of future cash flows discounted at a market
rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan
from a director in the case of a small company, or a public benefit entity concessionary loan.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference
between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of
the amount that the Company would receive for the asset if it were to be sold at the reporting date.
Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Page 14

 
Hyde Central Services Limited
 
 
 
Notes to the Financial Statements
For the year ended 30 September 2024

2.Accounting policies (continued)

 
2.12

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.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make significant judgements and estimates that
affect amounts recognised for assets and liabilities at the reporting date and the amounts of revenue and expenses
incurred during the period. Actual outcomes may differ from these judgements, estimates and assumptions.
The directors believe that judgements, estimates and assumptions do not have a significant risk of causing a material
difference to the carrying amounts of the assets and liabilities within the next financial year.


4.


Turnover

The Company's turnover is attributable to the one principal activity of the Company and originates entirely within the United Kingdom.


5.


Other operating income

2024
2023
£
£

Other operating income
4,743,441
2,997,160



6.


Operating (loss)/profit

The operating profit is stated after charging/(crediting):

2024
2023
£
£

Depreciation of tangible fixed assets
48,248
43,073

Profit on disposal of fixed assets
(1,800)
(6,450)

Page 15

 
Hyde Central Services Limited
 
 
 
Notes to the Financial Statements
For the year ended 30 September 2024

7.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2024
2023
£
£

Fees payable to the Company's auditors in respect of:

The audit of the Company's financial statements
8,000
8,000

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.


8.


Employees

Staff costs were as follows:


2024
2023
£
£

Wages and salaries
11,135,983
8,642,660

Social security costs
1,969,765
1,126,965

Cost of defined contribution scheme
360,774
148,770

13,466,522
9,918,395


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Administration
9
10



Production and distribution
46
42

55
52


9.


Directors' remuneration

Within the current and prior year the directors of the Company have been remunerated through other companies within the group headed up by its ultimate parent company.

Page 16

 
Hyde Central Services Limited
 
 
 
Notes to the Financial Statements
For the year ended 30 September 2024

10.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
-
178,649

Adjustments in respect of previous periods
(1,384)
(138,918)

Group taxation relief
(106,205)
164,444


(107,589)
204,175


Total current tax
(107,589)
204,175

Deferred tax


Origination and reversal of timing differences
7,822
6,131

Changes to tax rates
1,128
-

Total deferred tax
8,950
6,131


Taxation on profit on ordinary activities
(98,639)
210,306

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 -lower than) the standard rate of corporation tax in the UK of 25% (2023 -22%). The differences are explained below:

2024
2023
£
£


(Loss)/profit on ordinary activities before tax
(393,532)
1,583,456


(Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 -22%)
(98,383)
348,490

Effects of:


Adjustments to tax charge in respect of prior periods
(1,384)
(138,918)

Adjustment in respect of prior periods (deferred tax)
1,128
-

Remeasurement of deferred tax for changes in tax rates
-
734

Total tax charge for the year
(98,639)
210,306


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 17

 
Hyde Central Services Limited
 
 
 
Notes to the Financial Statements
For the year ended 30 September 2024

11.


Dividends

2024
2023
£
£


Equity dividends on ordinary shares
1,350,000
-


12.


Tangible fixed assets





Plant and machinery
Motor vehicles
Total

£
£
£



Cost


At 1 October 2023
183,707
217,620
401,327


Additions
-
28,652
28,652


Disposals
-
(17,945)
(17,945)



At 30 September 2024

183,707
228,327
412,034



Depreciation


At 1 October 2023
183,707
115,999
299,706


Charge for the year
-
48,248
48,248


Disposals
-
(17,945)
(17,945)



At 30 September 2024

183,707
146,302
330,009



Net book value



At 30 September 2024
-
82,025
82,025



At 30 September 2023
-
101,621
101,621

Page 18

 
Hyde Central Services Limited
 
 
 
Notes to the Financial Statements
For the year ended 30 September 2024

13.


Debtors

2024
2023
£
£


Amounts owed by group undertakings
8,537,104
7,419,675

Other debtors
50,541
76,955

Prepayments and accrued income
437,801
462,093

Deferred taxation (note 16)
61,179
70,129

9,086,625
8,028,852


Amounts due from group undertakings are repayable on demand, unsecured and bear no interest.


14.


Cash

2024
2023
£
£

Cash at bank and in hand
7,806,388
7,241,322



15.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
94,231
160,895

Amounts owed to group undertakings
666,396
379,044

Corporation tax
219,339
178,649

Other taxation and social security
132,854
269,309

Other creditors
3,215,988
3,106,643

Accruals and deferred income
6,746,201
3,732,333

11,075,009
7,826,873


Included within other creditors is an amount of £2,997,740 (2023: £2,880,994) owed to a director and shareholder of the Company. No interest has been charged during either period.
Amounts due to group undertakings are repayable on demand, unsecured and bear no interest.

Page 19

 
Hyde Central Services Limited
 
 
 
Notes to the Financial Statements
For the year ended 30 September 2024

16.


Deferred taxation




2024


£






At beginning of year
70,129


Charged to profit or loss
(8,950)



At end of year
61,179

The deferred tax asset is made up as follows:

2024
2023
£
£


Accelerated capital allowances
41,351
45,176

Short term timing differences
19,828
24,953

61,179
70,129


17.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100 (2023 -100) Ordinary shares shares of £1 each
100
100



18.


Reserves

Profit and loss account
Includes all current and prior period retained profits and losses.


19.


Contingent liabilities

The Company is party to an inter-company cross guarantee in favour of its bankers. The cross guarantee is for all amounts due to the bank by all of the group companies headed by Hyde Industrial Holdings Limited.
The maximum liability of this cross guarantee at 30 September 2024 was £Nil (
2023: £Nil).

Page 20

 
Hyde Central Services Limited
 
 
 
Notes to the Financial Statements
For the year ended 30 September 2024

20.


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 £360,774 (2023: £148,770). Contributions totalling £8,664 (2023: £7,977) were payable to the fund at the reporting date and included in creditors.


21.


Ultimate parent undertaking and controlling party

The immediate and ultimate parent undertaking is Hyde Industrial Holdings Limited.
The smallest and largest group of undertakings for which group accounts have been drawn up is that headed by Hyde Industrial Holdings Limited. Copies of the group financial statements can be obtained from the Company's registered office.

Page 21