Company registration number 01157634 (England and Wales)
RELATED FLUID POWER LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
RELATED FLUID POWER LIMITED
COMPANY INFORMATION
Directors
J P Spittle
A J Spittle
J F Spittle
R Lennie
J S Lee
C S Spittle
N Lilburn
(Appointed 20 May 2025)
Secretary
J F Spittle
Company number
01157634
Registered office
10 Elm Court
Arden Street
Stratford upon Avon
Warwickshire
CV37 6PA
Auditor
Azets Audit Services
5 Whitefriars Crescent
Perth
United Kingdom
PH2 0PA
Business address
Cupar Muir
Cupar
Fife
United Kingdom
KY15 5SL
RELATED FLUID POWER LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Statement of cash flows
11
Notes to the financial statements
12 - 26
RELATED FLUID POWER LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

The directors present the strategic report for the year ended 31 December 2024.

Principal activities

The principal activity of the company continued to be that of the design, manufacture and supply of high quality, cost effective hydraulic products.

Review of the business

2024 was a challenging year for the business with a downturn in the machinery and construction markets affecting several key customers. The 18% reduction in the company’s turnover compelled the Board of Directors to look at the company’s cost structure and implement adjustments to operations for the new lower level of sales. This included redundancies, delaying investments and short time working for 12 weeks.

Investment plans continue in 2025 with machinery and computer systems being upgraded and improved to allow more competitive operations aiming to continue delivering value to our customers. Work on our digital platform is progressing and generating more visibility of Related Fluid Power to the market.

2025 has seen sales levels stabilise and a return to profitability with margins at sustainable levels.

The performance in the 2024 has been sustained in challenging circumstances, both with existing and new projects. The Directors are confident that the company is well placed to operate effectively in the coming months and years.

Principal risks and uncertainties

Commercial risk

The company saw sustained performance throughout 2024 while navigating significant rising component, raw material and import freight costs. At times it has been difficult to pass on respective increases quickly to the company's customers, and toward the end of the period additional challenges posed by component shortages and lengthening lead times have necessitated regular review and flexibility in the face of continued difficult trading conditions.

Exchange rate risk

The company imports raw materials/components from global suppliers, as well as selling worldwide and will experience fluctuations in foreign exchange rates. With the continued difficulties around international trade in light of ongoing geopolitical circumstances, the directors are mindful of the implications both can have on the company and steps have been put in place to minimise impact accordingly.

Environmental risk

The company recognises the importance of assessing any potential for causing harm to the environment and to put in place respective mitigation programs and procedures to reduce or eliminate any risk. It is intent on reducing carbon emissions and environmental waste where possible.

We engage with suppliers and customers on packing requirements to reduce waste and have introduced such programs as 'returnable packaging', 'reduced/no plastic packaging' and 'consolidated/full pallet shipments'.

Health and safety legislation

The company recognises the importance of, and has policies and procedures in place to ensure, its health and safety requirements are met at all times.

Key performance indicators

The company measures KPIs on a monthly basis as part of its internal control processes and management accounts function.

The KPIs are turnover, gross profit, operating profit and net assets which all continue to show positive results.

Other performance indicators

There are no other key performance indicators that the company uses to measure performance.

RELATED FLUID POWER LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -

On behalf of the board

J P Spittle
Director
9 September 2025
RELATED FLUID POWER LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -

The directors present their annual report and financial statements for the year ended 31 December 2024.

Results and dividends

The results for the year are set out on page 8.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

J P Spittle
A J Spittle
J F Spittle
R Lennie
J S Lee
C S Spittle
N Lilburn
(Appointed 20 May 2025)
Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent;

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Strategic report

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of principal activity, fair review of businesss and an assessment of the business risks, key performance indicators and future developments.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

RELATED FLUID POWER LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
On behalf of the board
J P Spittle
Director
9 September 2025
RELATED FLUID POWER LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF RELATED FLUID POWER LIMITED
- 5 -
Opinion

We have audited the financial statements of Related Fluid Power Limited (the 'company') for the year ended 31 December 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

- the information given in the strategic report and the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

RELATED FLUID POWER LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF RELATED FLUID POWER LIMITED
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

- the financial statements are not in agreement with the accounting records and returns; or

- certain disclosures of directors' remuneration specified by law are not made; or

- we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

RELATED FLUID POWER LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF RELATED FLUID POWER LIMITED
- 7 -

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

- Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;

- Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the company through enquiry and inspection;

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

- Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Sally Cheeney
Senior Statutory Auditor
For and on behalf of Azets Audit Services
12 September 2025
Chartered Accountants
Statutory Auditor
5 Whitefriars Crescent
Perth
United Kingdom
PH2 0PA
RELATED FLUID POWER LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
9,116,945
11,125,349
Cost of sales
(6,867,584)
(8,498,026)
Gross profit
2,249,361
2,627,323
Distribution costs
(73,624)
(82,871)
Administrative expenses
(2,143,438)
(1,965,942)
Operating profit
4
32,299
578,510
Interest receivable and similar income
8
2,036
-
0
Interest payable and similar expenses
9
(25,625)
(41,868)
Profit before taxation
8,710
536,642
Tax on profit
10
(6,374)
(133,741)
Profit for the financial year
2,336
402,901
Other comprehensive income
Revaluation of tangible fixed assets
206,000
-
0
Total comprehensive income for the year
208,336
402,901

The profit and loss account has been prepared on the basis that all operations are continuing operations.

RELATED FLUID POWER LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
2,729,916
2,155,974
Investments
13
-
0
1,513
2,729,916
2,157,487
Current assets
Stocks
14
1,630,750
2,017,652
Debtors
15
1,784,871
2,100,165
Cash at bank and in hand
864,591
614,655
4,280,212
4,732,472
Creditors: amounts falling due within one year
16
(1,646,093)
(1,974,250)
Net current assets
2,634,119
2,758,222
Total assets less current liabilities
5,364,035
4,915,709
Creditors: amounts falling due after more than one year
17
(418,991)
(281,071)
Provisions for liabilities
Deferred tax liability
20
439,739
337,669
(439,739)
(337,669)
Net assets
4,505,305
4,296,969
Capital and reserves
Called up share capital
22
137,806
137,806
Share premium account
6,000
6,000
Revaluation reserve
700,186
494,186
Capital redemption reserve
6,194
6,194
Profit and loss reserves
3,655,119
3,652,783
Total equity
4,505,305
4,296,969
The financial statements were approved by the board of directors and authorised for issue on 9 September 2025 and are signed on its behalf by:
J P Spittle
Director
Company Registration No. 01157634
RELATED FLUID POWER LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
Share capital
Share premium account
Revaluation reserve
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
£
Balance at 1 January 2023
137,806
6,000
498,290
6,194
3,398,743
4,047,033
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
-
-
-
402,901
402,901
Dividends
11
-
-
-
-
(152,965)
(152,965)
Transfers
-
-
(4,104)
-
4,104
-
Balance at 31 December 2023
137,806
6,000
494,186
6,194
3,652,783
4,296,969
Year ended 31 December 2024:
Profit for the year
-
-
-
-
2,336
2,336
Other comprehensive income:
Revaluation of tangible fixed assets
-
-
206,000
-
-
206,000
Total comprehensive income for the year
-
-
206,000
-
2,336
208,336
Balance at 31 December 2024
137,806
6,000
700,186
6,194
3,655,119
4,505,305
RELATED FLUID POWER LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
28
737,186
775,352
Interest paid
(25,625)
(41,868)
Income taxes paid
(68,488)
-
0
Net cash inflow from operating activities
643,073
733,484
Investing activities
Purchase of tangible fixed assets
(148,392)
(47,521)
Proceeds from disposal of tangible fixed assets
-
0
21,081
Interest received
2,036
-
0
Net cash used in investing activities
(146,356)
(26,440)
Financing activities
Repayment of borrowings
(9,330)
(12,828)
Payment of finance leases obligations
(237,451)
(274,267)
Dividends paid
-
0
(152,965)
Net cash used in financing activities
(246,781)
(440,060)
Net increase in cash and cash equivalents
249,936
266,984
Cash and cash equivalents at beginning of year
614,655
347,671
Cash and cash equivalents at end of year
864,591
614,655
RELATED FLUID POWER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
1
Accounting policies
Company information

Related Fluid Power Limited is a private company limited by shares incorporated in England and Wales. The registered office is 10 Elm Court, Arden Street, Stratford upon Avon, Warwickshire, CV37 6PA. The principal place of business is Cupar Muir, Cupar, Fife, United Kingdom, KY15 5SL.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold and leasehold properties and certain machinery at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

A true t the time of approving the financial statements, t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold property
2% straight line
Short-term leasehold property
2% straight line
Plant and machinery
10% straight line
Fixtures, fittings and equipment
15% reducing balance / 33.33% straight line
Motor vehicles
25% reducing balance
Mazak machinery
5% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

RELATED FLUID POWER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 13 -
1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.6
Stocks

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

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

RELATED FLUID POWER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 14 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

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

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

RELATED FLUID POWER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 15 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Retirement benefits

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

1.13
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

RELATED FLUID POWER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 16 -
1.14
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

1.15

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future eceonomic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amoritsed on a straight-line basis over their useful economic lives, which range from 3 to 6 years.

If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

Where the company claims for research and development tax relief, the benefit is only recognised within the financial statements once the claim has been submitted and approved by HM Revenue and Customs.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Depreciation

Due to the nature of the company's activities, the plant and machinery and other assets depreciation policy is considered to be the most significant estimation within the company's financial statements.

Management review the depreciation policy regularly to determine whether the rates and methods are reasonable for each machine. If the net book value of these assets were considered to change significantly, a change in the depreciation policy may be required.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
7,493,920
8,390,902
Rest of the world
1,623,025
2,734,447
9,116,945
11,125,349
RELATED FLUID POWER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
3
Turnover and other revenue
(Continued)
- 17 -
2024
2023
£
£
Other revenue
Interest income
2,036
-
0
4
Operating profit
2024
2023
Operating profit for the year is stated after charging:
£
£
Exchange losses
14,498
2,638
Depreciation of owned tangible fixed assets
168,263
104,471
Depreciation of tangible fixed assets held under finance leases
75,287
58,753
(Profit)/loss on disposal of tangible fixed assets
-
1,178
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
18,900
18,000
6
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Direct
32
31
Administration
14
13
Directors
5
5
Total
51
49

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
1,924,778
1,781,097
Social security costs
210,961
183,669
Pension costs
113,096
98,923
2,248,835
2,063,689
RELATED FLUID POWER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 18 -
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
478,037
510,485
Company pension contributions to defined contribution schemes
63,485
64,624
541,522
575,109

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 5 (2023 - 6).

Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
129,934
123,552
Company pension contributions to defined contribution schemes
26,122
25,560
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Other interest income
2,036
-
0
9
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
-
1,616
Other interest on financial liabilities
13,217
21,667
13,217
23,283
Other finance costs:
Interest on finance leases and hire purchase contracts
12,408
18,585
25,625
41,868
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
-
0
103,485
Adjustments in respect of prior periods
(95,696)
-
0
Total current tax
(95,696)
103,485
RELATED FLUID POWER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
10
Taxation
2024
2023
£
£
(Continued)
- 19 -
Deferred tax
Origination and reversal of timing differences
102,070
41,117
Adjustment in respect of prior periods
-
0
(10,861)
Total deferred tax
102,070
30,256
Total tax charge
6,374
133,741

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
8,710
536,642
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
2,178
134,161
Effect of change in corporation tax rate
-
0
(8,135)
Under/(over) provided in prior years
(95,696)
-
0
Fixed asset differences
-
0
(2,813)
Expenses not deductible for tax purposes
190
18,955
Adjustments to tax charge in respect of previous periods - deferred tax
-
0
(10,861)
Remeasurement of deferred tax for changes in tax rates
-
0
2,434
Loss carried back
99,702
-
0
Taxation charge for the year
6,374
133,741
11
Dividends
2024
2023
£
£
Final paid
-
0
152,965
RELATED FLUID POWER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 20 -
12
Tangible fixed assets
Freehold property
Short-term leasehold property
Plant and machinery
Fixtures, fittings and equipment
Motor vehicles
Mazak machinery
Total
£
£
£
£
£
£
£
Cost or valuation
At 1 January 2024
480,000
58,619
1,100,347
434,341
161,358
1,540,851
3,775,516
Additions
-
0
-
0
70,044
7,275
34,172
500,001
611,492
Revaluation
170,000
-
0
-
0
-
0
-
0
-
0
170,000
At 31 December 2024
650,000
58,619
1,170,391
441,616
195,530
2,040,852
4,557,008
Depreciation and impairment
At 1 January 2024
36,000
4,260
997,709
368,093
67,519
145,961
1,619,542
Depreciation charged in the year
-
0
1,172
24,610
18,275
32,552
166,941
243,550
Revaluation
(36,000)
-
0
-
0
-
0
-
0
-
0
(36,000)
At 31 December 2024
-
0
5,432
1,022,319
386,368
100,071
312,902
1,827,092
Carrying amount
At 31 December 2024
650,000
53,187
148,072
55,248
95,459
1,727,950
2,729,916
At 31 December 2023
444,000
54,359
102,638
66,248
93,839
1,394,890
2,155,974

The carrying value of land and buildings comprises:

2024
2023
£
£
Freehold
650,000
444,000
Short leasehold
53,187
54,359
703,187
498,359
RELATED FLUID POWER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
12
Tangible fixed assets
(Continued)
- 21 -

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

2024
2023
£
£
Motor vehicles
76,212
60,178
Mazak machinery
923,864
558,478
1,000,076
618,656

Land and buildings with a carrying amount of £650,000 were revalued at 31 December 2024 by Andrew Reilly Associates Limited, independent valuers not connected with the company on the basis of market value. The valuation w as based on recent market transactions on arm's length terms for similar properties.

In 2022 the directors reallocated Mazak machinery from plant and machinery to their own class and revalued this class on 9 May 2022. The market value of £930,000 was calculated based on the estimated amount the machines would realise in an arms length transaction.

The following assets are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:

Land and buildings
Mazak machinery
2024
2023
2024
2023
£
£
£
£
Cost
550,462
550,462
1,938,032
1,938,032
Accumulated depreciation
(265,630)
(254,621)
(1,548,434)
(1,451,532)
Carrying value
284,832
295,841
389,598
486,500
13
Fixed asset investments
2024
2023
Notes
£
£
Investments in subsidiaries
-
0
1,513
RELATED FLUID POWER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
13
Fixed asset investments
(Continued)
- 22 -
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 January 2024
1,513
Disposals
(1,513)
At 31 December 2024
-
Carrying amount
At 31 December 2024
-
At 31 December 2023
1,513
14
Stocks
2024
2023
£
£
Raw materials and consumables
1,630,750
2,013,905
Work in progress
-
3,747
1,630,750
2,017,652
15
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,594,232
1,904,944
Corporation tax recoverable
108,684
47,985
Other debtors
-
0
6,140
Prepayments and accrued income
81,955
141,096
1,784,871
2,100,165
RELATED FLUID POWER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 23 -
16
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Obligations under finance leases
19
189,295
107,398
Other borrowings
18
5,832
9,330
Trade creditors
1,024,806
1,274,013
Amounts owed to group undertakings
-
0
1,513
Corporation tax
-
0
103,485
Other taxation and social security
234,920
114,176
Other creditors
141,437
299,658
Accruals and deferred income
49,803
64,677
1,646,093
1,974,250
17
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Obligations under finance leases
19
418,019
274,267
Other borrowings
18
972
6,804
418,991
281,071
18
Loans and overdrafts
2024
2023
£
£
Other loans
6,804
16,134
Payable within one year
5,832
9,330
Payable after one year
972
6,804

The other loan (original value £35,000) is provided by The Energy Saving Trust and repayable via 60 equal repayments over a 5 year term. As long as the terms of this agreement are adhered to, no interest will be charged. In order to comply with the Financial Reporting Standard FRS102, loans of this nature are required to be shown at their 'fair value' at each year end. The directors consider that the fair value does not vary significantly from the amortised cost of the other loan and have therefore chosen not to make this adjustment.

19
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
189,295
107,398
In two to five years
418,019
274,267
607,314
381,665
RELATED FLUID POWER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
19
Finance lease obligations
(Continued)
- 24 -

Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

20
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Fixed asset timing differences
439,750
338,236
Short term timing differences
(11)
(567)
439,739
337,669
2024
Movements in the year:
£
Liability at 1 January 2024
337,669
Charge to profit or loss
102,070
Liability at 31 December 2024
439,739
21
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
113,096
98,923

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

22
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
47,499
47,499
47,499
47,499
Ordinary B shares of £1 each
47,499
47,499
47,499
47,499
Ordinary shares of £1 each
42,808
42,808
42,808
42,808
137,806
137,806
137,806
137,806
RELATED FLUID POWER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 25 -
23
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2024
2023
£
£
Within one year
19,847
19,847
Between two and five years
15,195
35,096
35,042
54,943
24
Capital commitments

Amounts contracted for but not provided in the financial statements:

2024
2023
£
£
Acquisition of tangible fixed assets
-
0
468,565
25
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Sales
Sales
Purchases
Purchases
2024
2023
2024
2023
£
£
£
£
Entities with control, joint control or significant influence over the company
168,694
194,160
653,913
633,871
2024
2023
Amounts due to related parties
£
£
Entities with control, joint control or significant influence over the company
186,790
172,969
Key management personnel
119,558
289,046

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due from related parties
£
£
Entities with control, joint control or significant influence over the company
43,202
78,034
RELATED FLUID POWER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 26 -
26
Directors' transactions

Dividends totalling £0 (2023 - £152,965) were paid in the year in respect of shares held by the company's directors.

27
Ultimate controlling party

The company has no ultimate controlling party.

28
Cash generated from operations
2024
2023
£
£
Profit for the year after tax
2,336
402,901
Adjustments for:
Taxation charged
6,374
133,741
Finance costs
25,625
41,868
Investment income
(2,036)
-
0
(Gain)/loss on disposal of tangible fixed assets
-
1,178
Depreciation and impairment of tangible fixed assets
243,550
163,224
Movements in working capital:
Decrease in stocks
386,902
55,398
Decrease in debtors
375,993
36,268
Decrease in creditors
(301,558)
(59,226)
Cash generated from operations
737,186
775,352
29
Analysis of changes in net funds
1 January 2024
Cash flows
New finance leases
31 December 2024
£
£
£
£
Cash at bank and in hand
614,655
249,936
-
864,591
Borrowings excluding overdrafts
(16,134)
9,330
-
(6,804)
Obligations under finance leases
(381,665)
237,451
(463,100)
(607,314)
216,856
496,717
(463,100)
250,473
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