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Registered number: 01592661









Hyde Group Limited









Annual Report and Financial Statements

For the year ended 30 September 2024

 
Hyde Group Limited
 
 
Company Information


Directors
M V Haslam 
P Cox 
M Ford 
M O'Connor 
M Lynch 
G Atkinson 
S Hanmer (appointed 7 April 2025)




Company secretary
M V Haslam



Registered number
01592661



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 Group 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 - 23


 
Hyde Group Limited
 
 
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
 
Trading activities are generally buoyant, but there are certain short term budgetary constraints within the customer base which are hindering growth. It is anticipated that these constraints can be overcome in the second half of the 2025 trading period.

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 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.
I
terest rate risk
The Company 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 Company is exposed to transaction foreign currency risk. In order to mitigate this risk, the Company, 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 Company 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.


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


M V Haslam
Director

Date: 4 June 2025

Page 1

 
Hyde Group 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 that of other engineering activities.

Directors

The directors who served during the year were:

M V Haslam 
P Cox 
M Ford 
M O'Connor 
D V Cooper (resigned 7 April 2025)
M Lynch 
G Atkinson 

Results and dividends

The profit for the year, after taxation, amounted to £448,708 (2023 -£290,975).

The directors do not propose the payment of a dividend (2023: £Nil).

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.

Page 2

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

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.

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 Group Limited
 
 
 
Independent Auditors' Report to the Members of Hyde Group Limited
 

Opinion


We have audited the financial statements of Hyde Group 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 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 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 Group Limited
 
 
 
Independent Auditors' Report to the Members of Hyde Group 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 Group Limited
 
 
 
Independent Auditors' Report to the Members of Hyde Group 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 Group Limited
 
 
 
Independent Auditors' Report to the Members of Hyde Group 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 Group Limited
 
 
Statement of Comprehensive Income
For the year ended 30 September 2024

2024
2023
Note
£
£

  

Turnover
 4 
10,266,096
11,689,164

Cost of sales
  
(9,628,711)
(11,180,743)

Gross profit
  
637,385
508,421

Administrative expenses
  
(106,024)
(144,449)

Operating profit
 5 
531,361
363,972

Tax on profit
 8 
(82,653)
(72,997)

Profit for the financial year
  
448,708
290,975

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

The notes on pages 11 to 23 form part of these financial statements.

Page 8

 
Hyde Group Limited
Registered number: 01592661

Statement of Financial Position
As at 30 September 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 9 
248,945
152,190

Investments
 10 
1,176,532
1,176,532

  
1,425,477
1,328,722

Current assets
  

Stocks
 11 
708,204
11,791

Debtors: amounts falling due within one year
 12 
20,006,772
21,822,002

Cash at bank and in hand
 13 
742,492
-

  
21,457,468
21,833,793

Creditors: amounts falling due within one year
 14 
(7,092,572)
(7,822,311)

Net current assets
  
 
 
14,364,896
 
 
14,011,482

Total assets less current liabilities
  
15,790,373
15,340,204

  

Deferred taxation
 15 
(1,461)
-

  
 
 
(1,461)
 
 
-

Net assets
  
15,788,912
15,340,204


Capital and reserves
  

Called up share capital 
 16 
100
100

Profit and loss account
 17 
15,788,812
15,340,104

Equity attributable to owners of the parent Company
  
15,788,912
15,340,204


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 11 to 23 form part of these financial statements.

Page 9

 
Hyde Group Limited
 

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


Called up share capital
Other reserves
Profit and loss account
Total equity

£
£
£
£


At 1 October 2022
100
9,084,063
5,965,066
15,049,229


Comprehensive income for the year

Profit for the year
-
-
290,975
290,975
Total comprehensive income for the year
-
-
290,975
290,975

Transfer to/from profit and loss account
-
(9,084,063)
9,084,063
-



At 1 October 2023
100
-
15,340,104
15,340,204


Comprehensive income for the year

Profit for the year
-
-
448,708
448,708
Total comprehensive income for the year
-
-
448,708
448,708


At 30 September 2024
100
-
15,788,812
15,788,912


The notes on pages 11 to 23 form part of these financial statements.

Page 10

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

1.


General information

Hyde Group is a private limited Company limited by shares and incorporated in England and Wales. Registered Number 01592661. Its registered head office is located at Stamford House, 185 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 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 Stamford House, 185 Stamford Street, Stalybridge, Cheshire, SK15 1QZ.

 
2.3

Exemption from preparing consolidated financial statements

The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.

Page 11

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

2.Accounting policies (continued)

 
2.4

Going concern

As detailed in the financial statements of the ultimate 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.

 
2.5

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.

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

Page 12

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

2.Accounting policies (continued)

 
2.7

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.


Page 13

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

2.Accounting policies (continued)

 
2.8

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:

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.

 
2.9

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.10

Work in progress

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.

 
2.11

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.

 
2.12

Cash

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

 
2.13

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.

Page 14

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

2.Accounting policies (continued)

 
2.14

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.15

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 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.
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.
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.


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.

Page 15

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

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
10,178,779
11,631,464

Rest of Europe
-
4,473

Rest of the world
87,317
53,227

10,266,096
11,689,164



5.


Operating profit

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

2024
2023
£
£

Depreciation
74,970
68,760

Profit on disposal of fixed assets
(18,383)
(24,855)


6.


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 for the audit of the Company's financial statements
7,000
7,000

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 16

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

7.


Employees

Staff costs were as follows:


2024
2023
£
£

Wages and salaries
424,277
590,322

Social security costs
82,687
52,469

Cost of defined contribution scheme
23,321
25,818

530,285
668,609


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.

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


        2024
        2023
            No.
            No.







Management
1
1



Production and distribution
12
10

13
11


8.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
110,530
3,362

Adjustments in respect of previous periods
(63,289)
(12,386)

Group taxation relief
-
71,638


Total current tax
47,241
62,614

Deferred tax


Origination and reversal of timing differences
35,412
10,383

Total deferred tax
35,412
10,383


Taxation on profit on ordinary activites
82,653
72,997
Page 17

 
Hyde Group Limited
 
 
 
Notes to the Financial Statements
For the year ended 30 September 2024
 
8.Taxation (continued)


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
531,361
363,972


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 -22%)
132,840
80,104

Effects of:


Expenses not deductible for tax purposes
4,080
5,467

R&D expenditure credits
8,878
-

Remeasurement of deferred tax for
changes in tax rates
-
1,243

Adjustment in research and development tax credit
7,095
(17,696)

Adjustments to tax charge in respect of
previous periods
-
5,310

Adjustments in respect of prior periods (deferred tax)
144
-

RDEC
(70,384)
-

Other differences leading to an increase (decrease) in the tax charge
-
(1,431)

Total tax charge for the year
82,653
72,997


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 18

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

9.


Tangible fixed assets





Motor vehicles
Fixtures and fittings
Total

£
£
£



Cost


At 1 October 2023
354,143
596,415
950,558


Additions
188,425
-
188,425


Disposals
(117,248)
(586,565)
(703,813)



At 30 September 2024

425,320
9,850
435,170



Depreciation


At 1 October 2023
201,953
596,415
798,368


Charge for the year
74,970
-
74,970


Disposals
(100,548)
(586,565)
(687,113)



At 30 September 2024

176,375
9,850
186,225



Net book value



At 30 September 2024
248,945
-
248,945



At 30 September 2023
152,190
-
152,190


10.


Fixed asset investments





Investments in subsidiary companies

£



Cost


At 1 October 2023
1,176,532



At 30 September 2024
1,176,532




Page 19

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

Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Class of shares

Holding

Brinksway Tool Limited
Ordinary
98%
Britannia Dynamics Limited
Ordinary
100%
Crest Engineering Company Limited
Ordinary
100%
Hollygate Fabrications Limited
Ordinary
100%
Hyde Group Nuclear Limited
Ordinary
100%
Manchester Precision Engineering Limited
Ordinary
100%
North West (Aerotooling) Limited
Ordinary
100%
Park Engineering Limited
Ordinary
100%
S G Equipment Limited
Ordinary
100%
Hyde Fabrications Limited
Ordinary
100%

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


11.


Stocks

2024
2023
£
£

Work in progress
708,204
11,791


Page 20

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

12.


Debtors

2024
2023
£
£


Trade debtors
6,381,674
8,254,277

Amounts owed by group undertakings
13,479,169
13,358,521

Prepayments and accrued income
145,929
150,817

Tax recoverable
-
24,436

Deferred taxation
-
33,951

20,006,772
21,822,002


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


13.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
742,492
-

Less: bank overdrafts
-
(40,838)

742,492
(40,838)



14.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
-
40,838

Trade creditors
353,269
38,495

Amounts owed to group undertakings
5,339,498
5,869,786

Other taxation and social security
1,238,579
1,574,527

Other creditors
31,699
109,190

Accruals and deferred income
129,527
189,475

7,092,572
7,822,311


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

Page 21

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

15.


Deferred taxation




2024


£






At beginning of year
33,951


Charged to profit or loss
(35,412)



At end of year
(1,461)

The deferred taxation balance is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(4,380)
29,408

Short term timing differences
2,919
4,543

(1,461)
33,951


16.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



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

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



17.


Reserves

Other reserves
Includes all capital contributions from parent companies.
Profit and loss account
Includes all current and prior period retained profits.


18.


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 22

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

19.


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 £23,321 (2023: £25,818). Contributions totalling £2,478 (2023: £2,847) were payable to the fund at the reporting date and are included in creditors.


20.


Related party transactions

In accordance with FRS102, para 33.1A, the Company is exempt from disclosing transactions with companies that are 100% owned within the Hyde Industrial Holdings Limited.
As the Company traded with companies within the Hyde Industrial Holdings Limited group which are less than 100% owned, transactions and balances with such subsidiaries require disclosure and are shown below:


2024
2023
£
£

Sales to group companies
16,350
11,337
Purchases from group companies
1,093,036
546,260
Amounts owed by group undertakings
-
-
Amounts owed to group undertakings
815,863
231,690


21.


Ultimate parent undertaking and controlling party

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

Page 23