Company No: 03155306 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2025		2024
		£		£
Fixed assets
Tangible assets	3	550,550		320,285
		550,550		320,285
Current assets
Stocks		82,250		32,250
Debtors	4	320,850		249,171
Cash at bank and in hand		892,489		638,765
		1,295,589		920,186
Creditors: amounts falling due within one year	5	( 806,928)		( 389,493)
Net current assets		488,661		530,693
Total assets less current liabilities		1,039,211		850,978
Creditors: amounts falling due after more than one year	6	( 122,846)		( 82,407)
Provision for liabilities		( 275,885)		( 183,493)
Net assets		640,480		585,078
Capital and reserves
Called-up share capital	7	1,000		1,000
Profit and loss account		639,480		584,078
Total shareholder's funds		640,480		585,078

For the financial year ending 31 March 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

• The member has not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of SWP Hydraulics Limited (registered number: 03155306) were approved and authorised for issue by the Director on 08 September 2025. They were signed on its behalf by:

Mr N R Mcwattie Director

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

SWP Hydraulics 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 Westcountry House Western Wood Way, Langage Business Park Plympton, Plymouth, PL7 5BG, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include 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 £.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Employee benefits

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

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 and reducing balance basis over its expected useful life, as follows:

Plant and machinery	5 - 10 years straight line
Vehicles	20 % reducing balance
Fixtures and fittings	7 years straight line
Computer equipment	4 - 10 years straight line

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 Statement of Income and Retained Earnings 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 Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

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.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including the director	18		21

3. Tangible assets

	Plant and machinery		Vehicles		Fixtures and fittings		Computer equipment		Total
	£		£		£		£		£
Cost
At 01 April 2024	635,836		57,996		21,024		29,927		744,783
Additions	28,367		112,380		132,904		950		274,601
Disposals	( 9,193)		0		0		0		( 9,193)
At 31 March 2025	655,010		170,376		153,928		30,877		1,010,191
Accumulated depreciation
At 01 April 2024	377,765		16,235		17,565		12,933		424,498
Charge for the financial year	28,066		10,225		1,026		4,051		43,368
Disposals	( 8,225)		0		0		0		( 8,225)
At 31 March 2025	397,606		26,460		18,591		16,984		459,641
Net book value
At 31 March 2025	257,404		143,916		135,337		13,893		550,550
At 31 March 2024	258,071		41,761		3,459		16,994		320,285

4. Debtors

	2025		2024
	£		£
Trade debtors	253,654		206,258
Amounts owed by Group undertakings	33,890		27,433
Other debtors	33,306		15,480
	320,850		249,171

5. Creditors: amounts falling due within one year

	2025		2024
	£		£
Bank loans	10,000		10,000
Trade creditors	500,219		89,732
Taxation and social security	137,373		204,093
Obligations under finance leases and hire purchase contracts (secured £3,963)	20,305		7,319
Other creditors	139,031		78,349
	806,928		389,493

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

	2025		2024
	£		£
Bank loans	3,334		13,333
Obligations under finance leases and hire purchase contracts (secured)	83,094		9,657
Other creditors	36,418		59,417
	122,846		82,407

Finance leases are secured against the assets to which they relate.

7. Called-up share capital

	2025		2024
	£		£
Allotted, called-up and fully-paid
100 Ordinary A shares of £ 1.00 each	100		100
900 Ordinary B shares of £ 1.00 each	900		900
	1,000		1,000

8. Financial commitments

Commitments

	2025		2024
	£		£
Total future minimum lease payments under non-cancellable operating lease	6,279		9,868

9. Related party transactions

Transactions with entities in which the entity itself has a participating interest

	2025		2024
	£		£
Prescott Holdings Ltd	33,890		27,433

During the year, the company made advances to its immediate parent company Prescott Holdings Ltd amounting to £126,457 (2024 - £114,043). £120,000 was repaid during the year. The total amount owed from the company at the year end was £33,890 (2024: 27,433 ), the loan is non interest bearing and is repayable on demand.

10. Ultimate controlling party

Parent Company:

Prescott Holdings Limited

SWP Westcountry House, Western Woodway, Langage Science Park, PL7 5BG

The ultimate controlling party is Prescott Holdings Limited, by virtue of its 100% ownership of the share capital in SWP Hydraulics Limited.