Registered number
07545143
Hardy Drainage Limited
Filleted Accounts
31 March 2025
Hardy Drainage Limited
Registered number: 07545143
Balance Sheet
as at 31 March 2025
Notes 2025 2024
£ £
Fixed assets
Intangible assets 3 9,515 10,612
Tangible assets 4 1,626,883 1,676,725
1,636,398 1,687,337
Current assets
Stocks 22,793 30,524
Debtors 5 263,604 248,258
Cash at bank and in hand 127,646 77,692
414,043 356,474
Creditors: amounts falling due within one year 6 (226,383) (136,506)
Net current assets 187,660 219,968
Total assets less current liabilities 1,824,058 1,907,305
Creditors: amounts falling due after more than one year 7 (798,406) (809,449)
Provisions for liabilities (110,283) (130,246)
Net assets 915,369 967,610
Capital and reserves
Called up share capital 103 103
Share premium 249,901 249,901
Profit and loss account 665,365 717,606
Shareholders' funds 915,369 967,610
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
….............................................
Rhyse Hardy
Director
Approved by the board on 5 August 2025
Hardy Drainage Limited
Notes to the Accounts
for the year ended 31 March 2025
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2025 2024
Number Number
Average number of persons employed by the company 22 19
3 Intangible fixed assets £
Registration plates:
Cost
At 1 April 2024 10,978
At 31 March 2025 10,978
Amortisation
At 1 April 2024 366
Provided during the year 1,097
At 31 March 2025 1,463
Net book value
At 31 March 2025 9,515
At 31 March 2024 10,612
The registration plates are being written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Investment
property
Total
£ £ £ £
Cost
At 1 April 2024 467,254 734,929 780,000 1,982,183
Additions - 94,228 - 94,228
Surplus on revaluation - - (30,000) (30,000)
Disposals - (7,730) - (7,730)
At 31 March 2025 467,254 821,427 750,000 2,038,681
Depreciation
At 1 April 2024 38,348 267,110 - 305,458
Charge for the year 19,591 94,478 - 114,069
On disposals - (7,729) - (7,729)
At 31 March 2025 57,939 353,859 - 411,798
Net book value
At 31 March 2025 409,315 467,568 750,000 1,626,883
At 31 March 2024 428,906 467,819 780,000 1,676,725
The investment property was revalued by the directors on 31 March 2025 based on the passing rent from the property and market yield adjusted for the premises energy performance rating.
5 Debtors 2025 2024
£ £
Trade debtors 206,229 192,686
Other debtors 57,375 55,572
263,604 248,258
6 Creditors: amounts falling due within one year 2025 2024
£ £
Bank loans and overdrafts 17,020 15,758
Obligations under finance lease and hire purchase contracts 49,726 44,766
Trade creditors 37,243 35,265
Director's loan 451 5,007
Taxation and social security costs 86,799 22,673
Other creditors 35,144 13,037
226,383 136,506
7 Creditors: amounts falling due after one year 2025 2024
£ £
Bank loans 651,868 634,504
Obligations under finance lease and hire purchase contracts 146,538 174,945
798,406 809,449
8 Loans 2025 2024
£ £
Creditors include:
Instalments falling due for payment after more than five years - 30,258
Secured bank loans 668,888 650,262
Atom Bank Plc hold fixed and floaring charges over the freehold and investment properties.
9 Other financial commitments 2025 2024
£ £
Total future minimum payments under non-cancellable operating leases - 6,142
10 Other information
Hardy Drainage Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit A5 Chaucer Business Park
Watery Lane, Kemsing
Sevenoaks
England
TN15 6PL
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