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Registration number: 12885241

HSL Cylinders Limited
Filleted Financial Statements
for the Year Ended 28 February 2025

HSL Cylinders Limited

Contents

Company Information | 1
Balance Sheet | 2
Notes to the Financial Statements | 3 to 9

HSL Cylinders Limited

Company Information

Directors | D Mason RA Wadsworth C I Watson T Hammonds SJ Wadsworth

Registered office | Spa Fields Industrial Estate New Street Slaithwaite Huddersfield West Yorkshire HD7 5BB

HSL Cylinders Limited

(Registration number: 12885241)
Balance Sheet as at 28 February 2025

| Note | 2025 £ | 2024 £
Fixed assets |  |  |
Tangible assets | 4 | 379,951 | 353,968
Current assets |  |  |
Stocks | 5 | 80,338 | 151,016
Debtors | 6 | 584,278 | 395,143
Cash at bank and in hand |  | 88,250 | 150,014
|  | 752,866 | 696,173
Creditors: Amounts falling due within one year | 7 | (1,593,755) | (1,780,802)
Net current liabilities |  | (840,889) | (1,084,629)
Total assets less current liabilities |  | (460,938) | (730,661)
Provisions for liabilities |  | (74,291) | (66,488)
Net liabilities |  | (535,229) | (797,149)
Capital and reserves |  |  |
Called up share capital | 8 | 100 | 100
Retained earnings |  | (535,329) | (797,249)
Shareholders' deficit |  | (535,229) | (797,149)

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 13 August 2025 and signed on its behalf by:

......................................... SJ Wadsworth Director

HSL Cylinders Limited

Notes to the Financial Statements for the Year Ended 28 February 2025

1 | General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Spa Fields Industrial Estate
New Street
Slaithwaite
Huddersfield
West Yorkshire
HD7 5BB
United Kingdom

The principal place of business is:
Wear Industrial Estate
Sedling Road
Washington
Tyne and Wear
NE38 9BZ
England

These financial statements were authorised for issue by the Board on 13 August 2025.

2 | Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The presentation currency is £ sterling.

HSL Cylinders Limited

Notes to the Financial Statements for the Year Ended 28 February 2025

Audit report

The Independent Auditor's Report was unqualified.

The name of the Senior Statutory Auditor who signed the audit report on 13 August 2025 was Ashley Barrowclough, who signed for and on behalf of Balance Accountants.

.........................................

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

HSL Cylinders Limited

Notes to the Financial Statements for the Year Ended 28 February 2025

Asset class | Depreciation method and rate
Plant and machinery | 15% reducing balance
Loose tools | 20% reducing balance
Motor vehicles | 25% reducing balance
Office equipment | 25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
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 inventories 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 profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

HSL Cylinders Limited

Notes to the Financial Statements for the Year Ended 28 February 2025

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3 | Staff numbers

The average number of persons employed by the company (including directors) during the year, was 31 (2024 - 31).

HSL Cylinders Limited

Notes to the Financial Statements for the Year Ended 28 February 2025

4 | Tangible assets

| Leasehold Property £ | Plant and machinery £ | Office equipment £ | Motor vehicles £ | Total £
Cost or valuation
At 1 March 2024 | 14,912 | 409,060 | 6,968 | 55,753 | 486,693
Additions | 8,623 | 73,353 | 280 | - | 82,256
At 28 February 2025 | 23,535 | 482,413 | 7,248 | 55,753 | 568,949
Depreciation
At 1 March 2024 | 857 | 108,097 | 2,254 | 21,517 | 132,725
Charge for the year | 536 | 45,929 | 1,249 | 8,559 | 56,273
At 28 February 2025 | 1,393 | 154,026 | 3,503 | 30,076 | 188,998
Carrying amount
At 28 February 2025 | 22,142 | 328,387 | 3,745 | 25,677 | 379,951
At 29 February 2024 | 14,055 | 300,963 | 4,714 | 34,236 | 353,968

HSL Cylinders Limited

Notes to the Financial Statements for the Year Ended 28 February 2025

5 | Stocks

| 2025 £ | 2024 £
Work in progress | 65,457 | 125,801
Other inventories | 14,881 | 25,215
| 80,338 | 151,016

6 | Debtors

Current | Note | 2025 £ | 2024 £
Trade debtors |  | 558,504 | 373,483
Amounts owed by related parties | 9 | - | 236
Prepayments |  | 25,774 | 20,398
Other debtors |  | - | 1,026
|  | 584,278 | 395,143

7 | Creditors

Creditors: amounts falling due within one year

| Note | 2025 £ | 2024 £
Due within one year |  |  |
Trade creditors |  | 177,748 | 205,612
Amounts owed to group undertakings and undertakings in which the company has a participating interest | 9 | 1,252,853 | 1,426,067
Taxation and social security |  | 68,971 | 39,234
Accruals and deferred income |  | 52,591 | 103,792
Other creditors |  | 41,592 | 6,097
|  | 1,593,755 | 1,780,802

8 | Share capital

Allotted, called up and fully paid shares

| 2025 | 2024
| No. | £ | No. | £
Ordinary of £1 each | 100 | 100 | 100 | 100

HSL Cylinders Limited

Notes to the Financial Statements for the Year Ended 28 February 2025

9 | Related party transactions

Summary of transactions with parent

Amounts owed by related parties includes an amount of £nil (2024 £236), owed by Hystat Holdings Limited. There are no conditions attached to this amount.
During the year the company paid rent of £125,000 (2024 £125,000) to Hystat Holdings Limited.

Summary of transactions with other related parties

Amounts owed to related parties includes an amount of £1,252,853 (2024 £1,424,728), owed to Hystat Systems Limited. There are no conditions attached to this amount.
During the year the company had purchases of £211,821 (2024: £304,887) from and sales of £868,314 (2024: £746,550) to Hystat Systems Limited.
During the year the company received management charges of £3,138 (2024: £nil) from Hystat Systems Limited.
During the year the company paid management charges of £32,534 (2024 £29,080) to Hystat Systems Limited.

10 | Parent and ultimate parent undertaking

The company's immediate parent is Hystat Holdings Limited , incorporated in England & Wales .