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Registered number: 08749390
Service Hydraulics Limited
Unaudited Financial Statements
For The Year Ended 31 October 2024
Beresfords
Chartered Certified Accountants
1-2 Rhodium Point
Spindle Close
Hawkinge, Folkestone
Kent
CT18 7TQ
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 08749390
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 311,659 365,203
311,659 365,203
CURRENT ASSETS
Stocks 5 140,000 166,000
Debtors 6 253,781 280,210
Cash at bank and in hand 18,014 16,936
411,795 463,146
Creditors: Amounts Falling Due Within One Year 7 (340,315 ) (321,081 )
NET CURRENT ASSETS (LIABILITIES) 71,480 142,065
TOTAL ASSETS LESS CURRENT LIABILITIES 383,139 507,268
Creditors: Amounts Falling Due After More Than One Year 8 (118,443 ) (224,009 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (8,822 ) (11,295 )
NET ASSETS 255,874 271,964
CAPITAL AND RESERVES
Called up share capital 10 1 1
Profit and Loss Account 255,873 271,963
SHAREHOLDERS' FUNDS 255,874 271,964
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Page 2
For the 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.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr J Showan
Director
18/07/2025
The notes on pages 3 to 6 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
Service Hydraulics Limited is a private company, limited by shares, incorporated in England & Wales, registered number 08749390 . The registered office is Unit 3 Out Elmstead Lane Business Centre, Out Elmstead Lane, Barham, Canterbury, Kent, CT4 6HJ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold 5% straight line
Plant & Machinery 25% on reducing balance
Motor Vehicles 25% on reducing balance
Fixtures & Fittings 25% on reducing balance
Computer Equipment 25% on reducing balance
2.4. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 10 (2023: 11)
10 11
4. Tangible Assets
Land & Property
Freehold Plant & Machinery Motor Vehicles Fixtures & Fittings
£ £ £ £
Cost
As at 1 November 2023 29,853 659,426 57,352 6,751
Additions - 43,260 - 695
As at 31 October 2024 29,853 702,686 57,352 7,446
Depreciation
As at 1 November 2023 10,009 343,138 37,368 4,755
Provided during the period 1,493 89,887 4,996 673
As at 31 October 2024 11,502 433,025 42,364 5,428
Net Book Value
As at 31 October 2024 18,351 269,661 14,988 2,018
As at 1 November 2023 19,844 316,288 19,984 1,996
Computer Equipment Total
£ £
Cost
As at 1 November 2023 21,099 774,481
Additions 1,764 45,719
As at 31 October 2024 22,863 820,200
...CONTINUED
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Depreciation
As at 1 November 2023 14,008 409,278
Provided during the period 2,214 99,263
As at 31 October 2024 16,222 508,541
Net Book Value
As at 31 October 2024 6,641 311,659
As at 1 November 2023 7,091 365,203
5. Stocks
2024 2023
£ £
Stock 103,000 111,000
Work in progress 37,000 55,000
140,000 166,000
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 253,781 276,585
Other debtors - 3,625
253,781 280,210
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 87,448 75,408
Trade creditors 70,935 70,048
Bank loans and overdrafts 60,506 47,425
Other creditors 44,239 58,379
Taxation and social security 77,187 69,821
340,315 321,081
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 118,443 193,959
Bank loans - 30,050
118,443 224,009
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9. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 87,448 75,408
Later than one year and not later than five years 118,443 193,959
205,891 269,367
205,891 269,367
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1 1
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