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Registered number: 02671608









Hyde Aero Products Limited









Annual Report and Financial Statements

For the Year Ended 30 September 2024

 
Hyde Aero Products Limited
 
 
Company Information


Directors
M Haslam 
J C Brennan 
M Ford 
D Grant 
A Hammond 
P Mellor 
M O'Connor 
M Smallman 
J Butler 




Company secretary
M V Haslam



Registered number
02671608



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




Bankers
National Westminster Bank PLC

Oldham

OL1 1QT




Solicitors
Pearson Solicitors and Financial Advisers LLP
Junction 22 M60

Albert Street

Hollinwood

Greater Manchester

OL8 3QL





 
Hyde Aero Products Limited
 

Contents



Page
Group strategic report
1 - 2
Directors' report
3 - 7
Independent auditors' report
8 - 11
Consolidated statement of comprehensive income
12
Consolidated statement of financial position
13
Company statement of financial position
14
Consolidated statement of changes in equity
15
Company statement of changes in equity
16
Consolidated statement of cash flows
17
Consolidated analysis of net debt
18
Notes to the financial statements
19 - 33


 
Hyde Aero Products Limited
 
 
Group Strategic Report
For the Year Ended 30 September 2024

Introduction
 
The directors present their strategic report for the year ended 30 September 2024.

Business review
 
The directors consider the profit on ordinary activities before taxation for the year of £4,335k (2023: £3,248k) to be satisfactory and in line with the expectations of the business.
Trading activities are extremely buoyant at the present time and management is reasonably confident that further growth will be achieved in the remainder of the 2025 financial period.

Principal risks and uncertainties
 
The Group 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 Group to a number of financial risks, which are described in further detail below.
Liquidity risk
The Group 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 Group's principal financial assets are cash deposits, 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 ageing and credit history. Hedge accounting is not adopted by the group.
Interest rate risk
The Group does not have any third party borrowings other than the bank overdraft; therefore it is not exposed to any material interest rate risk.
Currency risk
The Group is exposed to transaction foreign currency risk. In order to mitigate this risk, the Group, through the ultimate parent company, has entered into a number of foreign currency forward contracts to manage the foreign exchange exposure of contracted future foreign currency sales receipts. In entering into these forward currency contracts, the Group is simply fixing its income from future sales. Hedge accounting is not adopted by the Group.
Non-Financial risk
The group’s involvement with the ‘Nuclear’ sector continues to evolve and management is optimistic that further growth can be achieved.

Page 1

 
Hyde Aero Products Limited
 

Group Strategic Report (continued)
For the Year Ended 30 September 2024

Directors' statement of compliance with duty to promote the success of the Group
 
In accordance with section 172 of the Companies Act 2006, the directors, collectively and individually, confirm that during the year ended 30 September 2024, they upheld their duty to promote the success of the Group for the benefit of all stakeholders, whilst acting in good faith throughout.
A key element of the historic and ongoing success of the group is the ability to build strong relationships with all stakeholders, including customers and suppliers, and the values that sit strong within the business drive the success of this.
We value and respect all of our people and encourage teamwork in all that we do, whether it be between colleagues working together, or our companies and divisions working together to meet the needs of our customer base. The commitment and quality of the people within the business has played a major role in our success. The business continues to adapt to the changing market and our people and their values are instrumental in driving this.
Our Group Human Resources department was formally setup in 2019 and continues to go from strength to strength, a particular highlight being the growth of our apprenticeship schemes. We continue to be a business with many long service staff members, which is something we pride ourselves on.
The Group's policy with regard to the environment is to ensure that we understand and effectively manage the environmental impact of our activities. We ensure that we comply with all legal requirements relating to the environment in all areas in which we conduct business.


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



M Haslam
Director

Date: 4 June 2025

Page 2

 
Hyde Aero Products 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 Group's principle activity is the manufacture of engineering products, primarily within the aerospace sector.

Directors

The directors who served during the year were:

M Haslam 
J C Brennan 
D Cooper (resigned 7 April 2025)
M Ford 
D Grant 
A Hammond 
P Mellor 
M O'Connor 
M Smallman 
J Butler 

Results and dividends

The profit for the year, after taxation and minority interests, amounted to £3,954,001 (2023 -£2,658,864).

The directors have not recommended a dividend (2023: £Nil).

Directors' responsibilities statement

The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated 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 the Group and of the profit or loss of the Group for that period.

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


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

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group 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 the Group 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 3

 
Hyde Aero Products Limited
 
 
 
Directors' Report (continued)
For the Year Ended 30 September 2024

Research and development activities

The Group undertakes research and development projects aimed at the ongoing improvement of its product range.

Engagement with employees

The Group continues to recognise the benefit of keeping employees informed of the progress of the business. Throughout the Group, consultative arrangements and collective bargaining procedures are well established.
We recognise that bringing on new talent is key to the long term future of the Group and the numbers of apprentices employed within the Group continues to grow. We only work with reputable training providers and ensure all the requirements of the Apprenticeship Levy are met, giving valuable and thorough on the job training to all of our apprentices.
Full and fair consideration is given to applications for employment made by disabled persons having regard to their aptitude and abilities.

Business relationships

The Group fosters long term and meaningful relationships with customers and suppliers to bring added value to everything that we do. A key element of historic and ongoing success of the group is the ability to build strong relationships with all stakeholders, including customers and suppliers, and the values that sit strong within the business drive the success of this.
In recent years, a high level of focus and resource has been devoted to business relationships to ensure that the Group successfully continued to trade throughout the Covid-19 pandemic.  By consulting closely with all of our stakeholders, we were able to adapt to changing needs and market constraints and ensure no reduction in our standards or reputation.
We operate in highly regulated markets and always maintain the required certifications to operate safely and within legislation.

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 4

 
Hyde Aero Products Limited
 
 
 
Directors' Report (continued)
For the Year Ended 30 September 2024

Greenhouse gas emissions, energy consumption and energy efficiency action

The SECR disclosure covers the Group’s greenhouse gas emission (scope 1 and 2), an appropriate intensity ratio, the total
energy usage of gas, electricity and fuel for transport and production.
HM Government Environmental Reporting Guidelines: including streamlined energy and carbon reporting guidance (March
2019) has been used for the collation of data sources and reporting of emissions. UK Government GHG Conversion Factors
for Company Reporting has been used for the reporting of emissions, using the 2024 version.

2024
2023
        £
        £
Energy consumption to calculate emissions (kWh)

7,295,993

7,501,396
 
Emissions from combustion of natural gas tCO2e (Scope 2)

492

483
 
Emissions from purchased electricity tCO2e (Scope 2, location based)

836

851
 
Emissions from combustion of fuel for transport purposes tCO2e (Scope 1)

123

161
 
Total greenhouse gas emissions based on above (tCO2e)

1,450

1,494
 
Intensity ratio; tonnes of CO2e emitted per £1m sales revenue

34

37
 
Intensity ratio; tonnes of CO2e emitted per employee

5

6
 

During the year the group purchased 4,077,192kWh (2023: 4,168,960kWh) of renewable electricity products verified by the Carbon Trust and conforming to the Greenhouse Gas Protocol. By removing this from the numbers disclosed above, the reporting would now show:

2024
2023
        £
        £
Energy consumption to calculate emissions (kWh)

3,218,802

3,332,436
 
Emissions from combustion of natural gas tCO2e (Scope 2)

492

483
 
Emissions from purchased electricity tCO2e (Scope 2, location based)

-

-
 
Emissions from combustion of fuel for transport purposes tCO2e (Scope 1)

123

161
 
Total greenhouse gas emissions based on above (tCO2e)

614

644
 
Intensity ratio; tonnes of CO2e emitted per £1m sales revenue

14

16
 
Intensity ratio; tonnes of CO2e emitted per employee

2

3
 

Page 5

 
Hyde Aero Products Limited
 
 
 
Directors' Report (continued)
For the Year Ended 30 September 2024

During the financial year ending 30 September 2024, the Group continued its ongoing work to improve energy efficiency.
Across all of our sites we continue to strive to make changes by continuing the following:
1. Renewing plant and machinery on a regular basis and replacing older models with newer, more energy-efficient    upgrades.
2. Introducing LED lighting to buildings.
3. Replacing all company vehicles in a timely manner, and promoting low emission or Electric and Hybrid Vehicles.
4. Regularly reviewing the wastage levels, recycling and methods of disposal.
In addition to the ongoing improvements already mentioned, the group invested heavily in alternative strategies to reduce our emissions on a larger scale in the long-term.
The group has invested over £1.7m on having solar panels fitted at 13 of our properties, with surveys ongoing at the remaining.
We have also taken an active approach in piloting sub-metering at a sample of our sites, in order to fully understand the effects of our processes and machinery on our emissions. We hope to use this data to impact our decisions both short-term and long-term.

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 and the Group'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 and the Group's auditors are aware of that information.

Group Modern Slavery Act Transparency Statement

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.

Post balance sheet events

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

Auditors

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

Page 6

 
Hyde Aero Products Limited
 
 
 
Directors' Report (continued)
For the Year Ended 30 September 2024

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





M Haslam
Director

Date: 4 June 2025

Page 7

 
Hyde Aero Products Limited
 
 
 
Independent Auditors' Report to the Members of Hyde Aero Products Limited
 

Opinion


We have audited the financial statements of Hyde Aero Products Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 30 September 2024, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company 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 Group's and of the parent Company's affairs as at 30 September 2024 and of the Group's profit 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 Group 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 Group's or the parent 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.


Page 8

 
Hyde Aero Products Limited
 
 
 
Independent Auditors' Report to the Members of Hyde Aero Products Limited (continued)


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.


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 Group 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 Group 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 Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company 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 3, 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 Group's and the parent 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 Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 9

 
Hyde Aero Products Limited
 
 
 
Independent Auditors' Report to the Members of Hyde Aero Products 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 Group 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 10

 
Hyde Aero Products Limited
 
 
 
Independent Auditors' Report to the Members of Hyde Aero Products 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 11

 
Hyde Aero Products Limited
 
 
Consolidated Statement of Comprehensive Income
For the Year Ended 30 September 2024

2024
2023
Note
£
£

  

Turnover
 4 
42,709,753
40,710,037

Cost of sales
  
(37,187,722)
(36,194,089)

Gross profit
  
5,522,031
4,515,948

Administrative expenses
  
(1,186,993)
(1,267,780)

Operating profit
 5 
4,335,038
3,248,168

Tax on profit
 8 
(369,113)
(577,544)

Profit for the financial year
  
3,965,925
2,670,624

Profit for the year attributable to:
  

Non-controlling interests
  
11,924
11,760

Owners of the parent Company
  
3,954,001
2,658,864

  
3,965,925
2,670,624

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

The notes on pages 19 to 33 form part of these financial statements.

Page 12

 
Hyde Aero Products Limited
Registered number: 02671608

Consolidated Statement of Financial Position
As at 30 September 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 9 
9,010,143
7,201,505

  
9,010,143
7,201,505

Current assets
  

Stocks
 11 
6,487,988
4,051,039

Debtors: amounts falling due within one year
 12 
40,152,765
39,624,215

Cash at bank and in hand
 13 
474,483
1,023,421

  
47,115,236
44,698,675

Creditors: amounts falling due within one year
 14 
(4,872,836)
(5,203,433)

Net current assets
  
 
 
42,242,400
 
 
39,495,242

Total assets less current liabilities
  
51,252,543
46,696,747

Deferred taxation
 15 
(1,000,653)
(410,782)

  
 
 
(1,000,653)
 
 
(410,782)

Net assets
  
50,251,890
46,285,965


Capital and reserves
  

Called up share capital 
 16 
100
100

Merger reserve
 17 
2,843,343
2,843,343

Profit and loss account
 17 
47,276,010
43,322,009

Equity attributable to owners of the parent Company
  
50,119,453
46,165,452

Non-controlling interests
  
132,437
120,513

  
50,251,890
46,285,965


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




M Ford
Director

Date: 4 June 2025

The notes on pages 19 to 33 form part of these financial statements.

Page 13

 
Hyde Aero Products Limited
Registered number: 02671608

Company Statement of Financial Position
As at 30 September 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 9 
324,936
311,938

Investments
 10 
998
998

  
325,934
312,936

Current assets
  

Stocks
 11 
2,056,340
483,045

Debtors: amounts falling due within one year
 12 
16,359,085
16,006,162

Cash at bank and in hand
 13 
49,127
188

  
18,464,552
16,489,395

Creditors: amounts falling due within one year
 14 
(3,813,005)
(2,690,574)

Net current assets
  
 
 
14,651,547
 
 
13,798,821

Total assets less current liabilities
  
14,977,481
14,111,757

  

  

Net assets
  
14,977,481
14,111,757


Capital and reserves
  

Called up share capital 
 16 
100
100

Profit and loss account carried forward
  
14,977,381
14,111,657

  
14,977,481
14,111,757


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 for the parent company for the year was £865,724 (
2023: £401,400).
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 4 June 2025.


M Ford
Director

Date: 4 June 2025

The notes on pages 19 to 33 form part of these financial statements.

Page 14
 

 
Hyde Aero Products Limited


 

Consolidated Statement of Changes in Equity
For the Year Ended 30 September 2024



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


£
£
£
£
£
£



At 1 October 2022
100
2,843,343
40,663,145
43,506,588
108,753
43,615,341



Comprehensive income for the year


Profit for the year
-
-
2,658,864
2,658,864
11,760
2,670,624

Total comprehensive income for the year
-
-
2,658,864
2,658,864
11,760
2,670,624



Total transactions with owners
-
-
-
-
-
-





At 1 October 2023
100
2,843,343
43,322,009
46,165,452
120,513
46,285,965



Comprehensive income for the year


Profit for the year
-
-
3,954,001
3,954,001
11,924
3,965,925

Total comprehensive income for the year
-
-
3,954,001
3,954,001
11,924
3,965,925



Total transactions with owners
-
-
-
-
-
-



At 30 September 2024
100
2,843,343
47,276,010
50,119,453
132,437
50,251,890



The notes on pages 19 to 33 form part of these financial statements.

Page 15
 
Hyde Aero Products Limited
 

Company 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
13,710,257
13,710,357


Comprehensive income for the year

Profit for the year
-
401,400
401,400
Total comprehensive income for the year
-
401,400
401,400



At 1 October 2023
100
14,111,657
14,111,757


Comprehensive income for the year

Profit for the year
-
865,724
865,724
Total comprehensive income for the year
-
865,724
865,724


At 30 September 2024
100
14,977,381
14,977,481


The notes on pages 19 to 33 form part of these financial statements.



Page 16

 
Hyde Aero Products Limited
 

Consolidated Statement of Cash Flows
For the Year Ended 30 September 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
3,965,925
2,670,624

Adjustments for:

Depreciation of tangible assets
1,733,297
2,507,905

Loss on disposal of tangible assets
(111,914)
(311,510)

Taxation charge
369,113
577,544

(Increase)/decrease in stocks
(2,436,949)
309,890

Increase in debtors
(769,166)
(3,993,476)

(Decrease)/increase in creditors
(392,429)
331,399

Corporation tax received/(paid)
523,206
(182,720)

Net cash generated from operating activities

2,881,083
1,909,656


Cash flows from investing activities

Purchase of tangible fixed assets
(3,546,468)
(3,637,536)

Sale of tangible fixed assets
116,447
340,789

Net cash used in investing activities
(3,430,021)
(3,296,747)

Net decrease in cash and cash equivalents
(548,938)
(1,387,091)

Cash and cash equivalents at beginning of year
1,023,421
2,410,512

Cash and cash equivalents at the end of year
474,483
1,023,421


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
474,483
1,023,421

474,483
1,023,421


The notes on pages 19 to 33 form part of these financial statements.

Page 17

 
Hyde Aero Products Limited
 

Consolidated Analysis of Net Debt
For the Year Ended 30 September 2024




At 1 October 2023
Cash flows
At 30 September 2024
£

£

£

Cash at bank and in hand

1,023,421

(548,938)

474,483


1,023,421
(548,938)
474,483

The notes on pages 19 to 33 form part of these financial statements.

Page 18

 
Hyde Aero Products Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 30 September 2024

1.


General information

Hyde Aero Products Limited is a private company limited by shares and incorporated in England and Wales, registered number 02671608.  Its registered office is 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3).

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 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

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 Statement of Financial Position, 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.

Therefore, the Group continues to recognise a merger reserve which arose on a past business combination that was accounted for as a merger in accordance with UK GAAP as applied at that time.

Page 19

 
Hyde Aero Products 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 Group 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

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

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.

 
2.5

Revenue

Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates,
value added tax and other sales taxes.
Revenue from the sale of good 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.

 
2.6

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, unless the rental payments are structured to increase in line with expected general inflation, in which case the Group recognises annual rent expense equal to amounts owed to the lessor.

The aggregate benefit of lease incentives are recognised as a reduction to the expense recognised over the lease term on a straight line basis.

Page 20

 
Hyde Aero Products Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 30 September 2024

2.Accounting policies (continued)

  
2.7

Research and development

Research and development expenditure is written off in the year in which it is incurred. Uninvoiced research and development fully funded by customers is carried forward as work in progress.

 
2.8

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. 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 Statement of Financial Position. The assets of the plan are held separately from the Group in independently administered funds.

 
2.9

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 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 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;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

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.


Page 21

 
Hyde Aero Products Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 30 September 2024

2.Accounting policies (continued)

 
2.10

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
Fixtures and fittings
-
2-5 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 group 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 has resulted in a reduction in the depreciation charge for the year of £1,445,459 compared to if the assets had continued to be depreciated over 4 years.

 
2.11

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

  
2.12

Work in progress and raw materials

Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.
Raw materials are valued at the lower of original cost and net realisable value on a first-in first-out basis. Net realisable value is the price at which stocks can be sold in the normal course of business after allowing for costs of realisaton.

 
2.13

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.

Page 22

 
Hyde Aero Products Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 30 September 2024

2.Accounting policies (continued)

 
2.14

Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
In the Consolidated Statement of Cash Flows, cash is shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.15

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.

 
2.16

Financial instruments

The Group only enters into basic financial instrument transactions that result in the recognition of financial
assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to
related parties and investments in ordinary shares.
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 Consolidated 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 Group 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 Statement of Financial Position
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 23

 
Hyde Aero Products Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 30 September 2024

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 whole of the turnover is attributable to the sale of goods.

Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
31,429,045
30,850,485

Rest of Europe
9,740,398
8,224,336

Rest of the world
1,540,310
1,635,216

42,709,753
40,710,037



5.


Operating profit

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

2024
2023
£
£

Depreciation of tangible fixed assets
1,733,296
2,507,901

Operating lease rentals - property
942,956
901,771

Profit on disposal of fixed assets
(111,914)
(311,510)


6.


Auditors' remuneration

During the year, the Group obtained the following services from the Company's auditors and their associates:


2024
2023
£
£

Fees payable to the Company's auditors and their associates for the audit of the consolidated and parent Company's financial statements
58,000
58,000

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.

Page 24

 
Hyde Aero Products Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 30 September 2024

7.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
2024
2023
£
£


Wages and salaries
10,665,253
9,305,378

Social security costs
1,060,471
914,116

Cost of defined contribution scheme
711,189
648,876

12,436,913
10,868,370


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



Group
Group
Company
Company
        2024
        2023
        2024
        2023
            No.
            No.
            No.
            No.









Management
15
16
-
1



Administration
16
15
4
3



Production & Distribution
240
214
32
24

271
245
36
28

In the current and prior year, the directors of the Company were remunerated through other companies within the Group headed up by its ultimate parent company, Hyde Industrial Holdings Limited.

Page 25

 
Hyde Aero Products Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 30 September 2024

8.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
594,476
35,669

Adjustments in respect of previous periods
(904,496)
(185,531)

Group taxation relief
89,263
208,728


Total current tax
(220,757)
58,866

Deferred tax


Origination and reversal of timing differences
552,925
498,604

Adjustments in respect of prior periods
36,945
20,074

Total deferred tax
589,870
518,678


Tax on profit on ordinary activities
369,113
577,544

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
£
£


Profit on ordinary activities before tax
4,335,038
3,248,168


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 -22%)
1,083,761
714,863

Effects of:


Expenses not deductible for tax purposes
17,721
10,008

Fixed assets differences
(1,637)
(36,647)

R&D expenditure credits
147,940
-

Adjustments in respect of prior periods
72,603
58,961

Adjustment in respect of prior periods (deferred tax)
36,945
20,074

Adjust opening deferred tax to average rate
-
59,670

Other tax adjustments, reliefs and transfers
(11,122)
(4,893)

Adjustment in research and development tax credit leading to a decrease
in the tax charge
(977,098)
(244,492)

Total tax charge for the year
369,113
577,544

Page 26

 
Hyde Aero Products Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 30 September 2024

9.


Tangible fixed assets

Group






Plant and machinery
Motor vehicles
Fixture and fittings
Total

£
£
£
£



Cost


At 1 October 2023
26,614,965
1,343,463
2,344,161
30,302,589


Additions
2,803,135
314,569
427,200
3,544,904


Transfers intra group
-
53,833
-
53,833


Disposals
(2,369,828)
(114,043)
(739,177)
(3,223,048)



At 30 September 2024

27,048,272
1,597,822
2,032,184
30,678,278



Depreciation


At 1 October 2023
21,027,944
702,431
1,370,709
23,101,084


Charge for the year
1,034,071
265,687
433,539
1,733,297


Transfers intra group
-
53,833
-
53,833


Disposals
(2,369,828)
(111,074)
(739,177)
(3,220,079)



At 30 September 2024

19,692,187
910,877
1,065,071
21,668,135



Net book value



At 30 September 2024
7,356,085
686,945
967,113
9,010,143



At 30 September 2023
5,587,021
641,032
973,452
7,201,505

During the year, management reclassed assets between categories, this had no effect on the net book value held as at 30 September 2024.

Page 27

 
Hyde Aero Products Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 30 September 2024

           9.Tangible fixed assets (continued)


Company






Motor vehicles
Fixtures and fittings
Total

£
£
£

Cost 


At 1 October 2023
429,994
94,637
524,631


Additions
125,154
-
125,154


Transfers intra group
90,409
-
90,409


Disposals
(82,680)
(10,775)
(93,455)



At 30 September 2024

562,877
83,862
646,739



Depreciation


At 1 October 2023
152,779
59,914
212,693


Charge for the year
94,795
17,361
112,156


Transfers intra group
90,409
-
90,409


Disposals
(82,680)
(10,775)
(93,455)



At 30 September 2024

255,303
66,500
321,803



Net book value



At 30 September 2024
307,574
17,362
324,936



At 30 September 2023
277,215
34,723
311,938






Page 28

 
Hyde Aero Products Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 30 September 2024

10.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost 


At 1 October 2023
998



At 30 September 2024
998





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Class of shares

Holding

Hollygate Aircraft Components Limited
Ordinary
100%
Hyde Additive Technologies Limited
Ordinary
100%
Hyde Coatings Limited
Ordinary
100%
Hyde Details Limited
Ordinary
100%
Hyde Details (Fabrications and Welding) Limited
Ordinary
100%
Hyde Group Engineering Limited
Ordinary
100%
Hyde Precision Components Limited
Ordinary
100%
S G Instruments Limited
Ordinary
98%
Stoneswood Precision Components Limited
Ordinary
100%
Victoria Production Engineering Limited
Ordinary
100%

The registered office of all subsidiaries is 185 Stamford House, Stamford Street, Stalybridge, Cheshire, SK15 1QZ.


11.


Stocks

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Raw materials
180,920
492,632
-
-

Work in progress
6,307,068
3,558,407
2,056,340
483,045

6,487,988
4,051,039
2,056,340
483,045


Page 29

 
Hyde Aero Products Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 30 September 2024

12.


Debtors

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Trade debtors
11,265,908
10,148,395
3,609,341
3,605,531

Amounts owed by group undertakings
27,540,814
27,992,391
12,436,289
12,032,850

Other debtors
226,223
447,380
10,790
52,816

Prepayments and accrued income
1,119,820
1,036,049
210,102
221,693

Deferred taxation
-
-
92,563
93,272

40,152,765
39,624,215
16,359,085
16,006,162


 Amounts owed by group undertakings are repayable on demand, unsecured and bear no interest.


13.


Cash

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Cash at bank and in hand
474,483
1,023,421
49,127
188

Less: bank overdrafts
-
-
-
(499,078)

474,483
1,023,421
49,127
(498,890)



14.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank overdrafts
-
-
-
499,078

Trade creditors
2,237,807
2,261,192
655,718
125,986

Amounts owed to group undertakings
-
-
2,452,007
1,196,149

Corporation tax
61,831
-
61,831
-

Other taxation and social security
1,087,026
1,276,901
344,691
456,843

Other creditors
598,777
517,086
202,248
191,999

Accruals and deferred income
887,395
1,148,254
96,510
220,519

4,872,836
5,203,433
3,813,005
2,690,574


Amounts owed to group undertakings are payable on demand, unsecured and bear no interest.

Page 30

 
Hyde Aero Products Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 30 September 2024

15.


Deferred taxation


Group



2024
2023


£

£






At beginning of year
(410,782)
107,896


Charged to profit or loss
(589,871)
(518,678)



At end of year
(1,000,653)
(410,782)

Company


2024
2023


£

£






At beginning of year
93,272
146,152


Charged to profit or loss
(709)
(52,880)



At end of year
92,563
93,272

The provision for deferred taxation is made up as follows:

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Accelerated capital allowances
(1,075,794)
(535,267)
93,272
25,796

Short term timing differences
75,141
124,485
44,823
67,476

Adjustments in respect of prior periods
-
-
(45,532)
-

(1,000,653)
(410,782)
92,563
93,272


16.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100 (2023 -100) Ordinary shares of £1.00 each
100
100

There is a single class of ordinary shares.  There are no restrictions on dividends and the repayment of capital.


Page 31

 
Hyde Aero Products Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 30 September 2024

17.


Reserves

Merger Reserve

Represents the excess of net assets acquired over the nominal value of the shares issued in obtaining an interest in the equity share capital of another group entity.

Profit and loss account

Includes all current and prior year retained profits and losses.


18.


Contingent liabilities

The Group 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.


19.


Capital commitments

At 30 September 2024, the Group had capital commitments of £978,136 (2023: £792,202).
At 30 September 2024, the Company had capital commitments of £Nil (
2023: £29,461).


20.


Pension commitments

The Group operates a defined contribution pension scheme.  The assets of the scheme are held seperately from those of the Group in an independently administered fund.  The pension cost charge represents contributions payable by the Group to the fund and amount to £711,199 (2023: £648,876).  Contributions totalling £26,379 (2023: £29,204) were payable to the fund at the reporting date and are included in other creditors.
The Company operates a defined contribution pension scheme.  The assets of the scheme are held seperately from those of the Company in an independently administered fund.  The pension cost charge represents contributions payable by the Company to the fund and amount to £181,404 
(2023: £160,016).  Contributions totalling £5,324 (2023: £4,850) were payable to the fund at the reporting date and are included in other creditors.

Page 32

 
Hyde Aero Products Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 30 September 2024

21.


Related party transactions

Transactions between group companies, which are related parties, have been eliminated on consolidation and are not disclosed in this note.
In accordance with FRS 102, paragraph 33.1A, the Company is exempt from disclosing transactions with companies that are 100% owned within the Hyde Industrial Holdings Limited group.
Transactions and balances with subsidiaries less than 100% owned are detailed below:


2024
2023
£
£

Sales to group companies
122,448
43,483
Purchases from group companies
170,251
39,669
Amounts owed by group undertakings
5,594,708
4,332,908
Amounts owed to group undertakings
581,635
383,963


22.


Controlling party

The immediate parent undertaking is Hyde Group Holdings Limited, a company registered in England and Wales, company number 03946707.
The ultimate parent undertaking is Hyde Industrial Holdings Limited, a company registered in England and Wales, company number 01165611.

Page 33