Silverfin false false 31/10/2024 01/11/2023 31/10/2024 E Slater 11/04/1997 B A Willcocks 28/05/2014 J C Willcocks 01/11/2011 K V Willcocks 21/04/2022 A Wilson 01/11/2003 17 June 2025 The principal activity of the company is the sale of hydraulic control valves and hydraulic steering systems. 00786291 2024-10-31 00786291 bus:Director1 2024-10-31 00786291 bus:Director2 2024-10-31 00786291 bus:Director3 2024-10-31 00786291 bus:Director4 2024-10-31 00786291 bus:Director5 2024-10-31 00786291 2023-10-31 00786291 core:CurrentFinancialInstruments 2024-10-31 00786291 core:CurrentFinancialInstruments 2023-10-31 00786291 core:Non-currentFinancialInstruments 2024-10-31 00786291 core:Non-currentFinancialInstruments 2023-10-31 00786291 core:ShareCapital 2024-10-31 00786291 core:ShareCapital 2023-10-31 00786291 core:SharePremium 2024-10-31 00786291 core:SharePremium 2023-10-31 00786291 core:CapitalRedemptionReserve 2024-10-31 00786291 core:CapitalRedemptionReserve 2023-10-31 00786291 core:RetainedEarningsAccumulatedLosses 2024-10-31 00786291 core:RetainedEarningsAccumulatedLosses 2023-10-31 00786291 core:LandBuildings 2023-10-31 00786291 core:OtherPropertyPlantEquipment 2023-10-31 00786291 core:LandBuildings 2024-10-31 00786291 core:OtherPropertyPlantEquipment 2024-10-31 00786291 core:RemainingRelatedParties core:Non-currentFinancialInstruments 2024-10-31 00786291 core:RemainingRelatedParties core:Non-currentFinancialInstruments 2023-10-31 00786291 bus:OrdinaryShareClass1 2024-10-31 00786291 2023-11-01 2024-10-31 00786291 bus:FilletedAccounts 2023-11-01 2024-10-31 00786291 bus:SmallEntities 2023-11-01 2024-10-31 00786291 bus:AuditExemptWithAccountantsReport 2023-11-01 2024-10-31 00786291 bus:PrivateLimitedCompanyLtd 2023-11-01 2024-10-31 00786291 bus:Director1 2023-11-01 2024-10-31 00786291 bus:Director2 2023-11-01 2024-10-31 00786291 bus:Director3 2023-11-01 2024-10-31 00786291 bus:Director4 2023-11-01 2024-10-31 00786291 bus:Director5 2023-11-01 2024-10-31 00786291 core:LandBuildings core:TopRangeValue 2023-11-01 2024-10-31 00786291 core:OtherPropertyPlantEquipment 2023-11-01 2024-10-31 00786291 2022-11-01 2023-10-31 00786291 core:LandBuildings 2023-11-01 2024-10-31 00786291 core:Non-currentFinancialInstruments 2023-11-01 2024-10-31 00786291 bus:OrdinaryShareClass1 2023-11-01 2024-10-31 00786291 bus:OrdinaryShareClass1 2022-11-01 2023-10-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 00786291 (England and Wales)

HYDRAULIC PROJECTS LIMITED

Unaudited Financial Statements
For the financial year ended 31 October 2024
Pages for filing with the registrar

HYDRAULIC PROJECTS LIMITED

Unaudited Financial Statements

For the financial year ended 31 October 2024

Contents

HYDRAULIC PROJECTS LIMITED

BALANCE SHEET

As at 31 October 2024
HYDRAULIC PROJECTS LIMITED

BALANCE SHEET (continued)

As at 31 October 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 1,837,596 2,041,003
1,837,596 2,041,003
Current assets
Stocks 693,280 762,151
Debtors 4 429,348 352,042
Cash at bank and in hand 620,348 387,933
1,742,976 1,502,126
Creditors: amounts falling due within one year 5 ( 475,042) ( 273,288)
Net current assets 1,267,934 1,228,838
Total assets less current liabilities 3,105,530 3,269,841
Creditors: amounts falling due after more than one year 6 ( 200,000) ( 400,000)
Provision for liabilities ( 298,439) ( 327,316)
Net assets 2,607,091 2,542,525
Capital and reserves
Called-up share capital 7 8,500 8,500
Share premium account 806,862 806,862
Capital redemption reserve 4,500 4,500
Profit and loss account 1,787,229 1,722,663
Total shareholders' funds 2,607,091 2,542,525

For the financial year ending 31 October 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Hydraulic Projects Limited (registered number: 00786291) were approved and authorised for issue by the Board of Directors on 17 June 2025. They were signed on its behalf by:

E Slater
Director
HYDRAULIC PROJECTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 2024
HYDRAULIC PROJECTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Hydraulic Projects Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Sigma House, Oak View Close, Edginswell Park, Torquay, TQ2 7FF, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest pound.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Turnover

Turnover represents the value of goods sold during the year, net of Value Added Tax and trade discounts. Turnover is recognised when goods are physically delivered to the customer.

Taxation

Current tax
The current corporation 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 taxable income.

Deferred tax
Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line/reducing balance basis over its expected useful life, as follows:

Land and buildings 50 years straight line
Plant and machinery etc. 4 - 20 % reducing balance

Plant and machinery is depreciated by 20% on cost, 14% for 5 years and then 5 years at 4% on cost. Large plant is depreciated over 10 years with a 10% residual value.

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in the profit and loss account.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Government grants

Grant income is accounted for using the accruals method. Revenue grants are recognised on a systematic basis over the periods to which the costs to which the grants relate are recognised. Capital grants are recognised over the useful life of the related asset on the same basis as depreciation is charged.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 28 29

3. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 01 November 2023 669,230 4,251,199 4,920,429
Additions 0 120,868 120,868
Disposals 0 ( 6,798) ( 6,798)
At 31 October 2024 669,230 4,365,268 5,034,498
Accumulated depreciation
At 01 November 2023 178,894 2,700,532 2,879,426
Charge for the financial year 11,264 312,411 323,675
Disposals 0 ( 6,199) ( 6,199)
At 31 October 2024 190,158 3,006,744 3,196,902
Net book value
At 31 October 2024 479,072 1,358,524 1,837,596
At 31 October 2023 490,336 1,550,667 2,041,003

Included within the net book value of land and buildings above is £100,344 (2023: £100,344) in respect of freehold land and buildings.

4. Debtors

2024 2023
£ £
Trade debtors 383,673 305,630
Other debtors 45,675 46,412
429,348 352,042

5. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 303,929 176,420
Corporation tax 39,537 0
Other taxation and social security 55,830 54,350
Obligations under finance leases and hire purchase contracts 0 12,500
Other creditors 75,746 30,018
475,042 273,288

6. Creditors: amounts falling due after more than one year

2024 2023
£ £
Amounts owed to related parties 200,000 400,000

There are no amounts included above in respect of which any security has been given by the small entity.

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
8,500 Ordinary shares of £ 1.00 each 8,500 8,500