REGISTERED NUMBER: 02462613 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 30 September 2025

for

Hyco Manufacturing Limited

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

5

Statement of Income and Retained Earnings

9

Balance Sheet

10

Cash Flow Statement

11

Notes to the Cash Flow Statement

12

Notes to the Financial Statements

13

DIRECTORS:

M F McHugh

Mrs K J McHugh

SECRETARY:

M F McHugh

REGISTERED OFFICE:

Normandy Court

Express Way

Castleford

West Yorkshire

WF10 5NR

REGISTERED NUMBER:

02462613 (England and Wales)

AUDITORS:

Richard Smedley Limited

Chartered Accountants & Registered Auditors

Richmond House

Lawnswood Business Park

Redvers Close

Leeds

West Yorkshire

LS16 6QY

The directors present their strategic report for the year ended 30 September 2025.

REVIEW OF BUSINESS

The company's aim is continue to trade without the need for any further financing. The directors continue to monitor cash flows closely to ensure working capital requirements are met and cash resources are deployed commercially.

Turnover, gross profit and net assets

Turnover at £11.2m has remained relatively similar in comparison to £11.1m in the previous year.

Net assets at the year end have increased to £11.3m compared to £9.7m at the end of 2024.

PRINCIPAL RISKS AND UNCERTAINTIES

Competitive Pressure

The company is aware of the competitive pressure in the UK. The company responds to this pressure by continuing to provide quality products and service.

Operational Risk

Solid reporting systems and accurate and timely management information is reviewed by the directors monthly.

Cyber Security Risk

The company's IT infrastructure is an integral part of its operations. The systems and the data held within, require to be robust and private. The risks of compromised systems and data through a cyber attack or other security threat are key risks to the organisation. The company continually reviews its policies and security policies with a view to implementing appropriate levels of protection.

Compliance Risk

The company regularly monitors compliance with its own procedures and with legislation. This is reviewed formally in board meetings and informally, by senior management of the company.

Liquidity Risk

Liquidity risk is the risk the company will not be able to meet its financial obligations as they fall due. The company seeks to manage liquidity risk by ensuring sufficient liquidity is available to meet foreseeable needs. The directors are aware of the opinion that the risk management process adopted which involves the review, monitoring and where possible mitigation of risks identified is appropriate to the business.

Financial Risk

The company's finance department operates procedures designed to reduce or eliminate risk. The policies are approved by the Board and the use of financial instruments is strictly controlled.

The company's principal financial instruments comprise cash and various items, such as trade debtors and trade creditors that arise directly from its operations. The company uses forward currency contracts to manage the currency rate risk arising from the company's operations.

FUTURE DEVELOPMENTS

The directors expect the general level of activity to remain consistent with the current period and continue to be profitable.

ON BEHALF OF THE BOARD:

Mrs K J McHugh - Director

15 April 2026

The directors present their report with the financial statements of the company for the year ended 30 September 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of manufacturer and distributor of specialist electrical products.

DIVIDENDS

The total distribution of dividends for the year ended 30 September 2025 will be £ 472,805 .

DIRECTORS

The directors shown below have held office during the whole of the period from 1 October 2024 to the date of this report.

M F McHugh

Mrs K J McHugh

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Richard Smedley Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mrs K J McHugh - Director

15 April 2026

Opinion

We have audited the financial statements of Hyco Manufacturing Limited (the 'company') for the year ended 30 September 2025 which comprise the Statement of Income and Retained Earnings, Balance Sheet, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of 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 30 September 2025 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 Auditors' 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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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 the audit:

-	the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

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 identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where 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 Statement of Directors' Responsibilities set out on page four, 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 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.

Auditors' 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 a Report of the Auditors 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.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations was as follows:

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- We identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and sector experience;

- We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements, including the Companies Act 2006, UK Corporate Governance, the Care Quality Commission (CQC) and taxation legislation. The company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on the financial statements, for instance through the imposition of fines, penalties or litigation such as employment, environmental, health and safety and building regulations;

- We asses the external compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

- Identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

Making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

To address the risk of fraud through management bias and override of controls, we:

- Performed analytical procedures to identify any unusual or unexpected relationships;

- Tested journal entries to identify unusual transactions;

- Assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

- Investigated the rationale behind any significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- Agreeing financial statements disclosures to underlying supporting documentation

- Enquiring of management as to actual and potential litigation and claims;

- Reviewing correspondence with HMRC and relevant regulators websites for notice of any breaches; and

- Review of relevant legal or professional costs within the accounting records for any evidence of previously undetected or unreported instances of non-compliance.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from the financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of directors and other management and the inspection of regulatory and legal correspondence, if any.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

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 a Report of the Auditors 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.

Richard Smedley (Senior Statutory Auditor)

for and on behalf of Richard Smedley Limited

Chartered Accountants & Registered Auditors

Richmond House

Lawnswood Business Park

Redvers Close

Leeds

West Yorkshire

LS16 6QY

15 April 2026

TURNOVER

3

11,183,349

11,085,200

Cost of sales

6,199,069

6,319,338

GROSS PROFIT

4,984,280

4,765,862

Administrative expenses

2,398,347

2,270,169

OPERATING PROFIT

5

2,585,933

2,495,693

Interest receivable and similar income

166,479

178,872

PROFIT BEFORE TAXATION

2,752,412

2,674,565

Tax on profit

6

691,502

670,267

PROFIT FOR THE FINANCIAL YEAR

2,060,910

2,004,298

Retained earnings at beginning of year

9,683,832

8,287,014

Dividends

7

(472,805

)

(607,480

)

RETAINED EARNINGS AT END OF YEAR

11,271,937

9,683,832

FIXED ASSETS

Tangible assets

8

339,211

401,817

CURRENT ASSETS

Stocks

9

3,176,155

3,521,351

Debtors

10

3,641,756

2,834,329

Cash at bank and in hand

5,499,223

4,352,377

12,317,134

10,708,057

CREDITORS

Amounts falling due within one year

11

1,317,892

1,336,260

NET CURRENT ASSETS

10,999,242

9,371,797

TOTAL ASSETS LESS CURRENT LIABILITIES

11,338,453

9,773,614

PROVISIONS FOR LIABILITIES

14

66,416

89,682

NET ASSETS

11,272,037

9,683,932

CAPITAL AND RESERVES

Called up share capital

15

100

100

Retained earnings

16

11,271,937

9,683,832

SHAREHOLDERS' FUNDS

11,272,037

9,683,932

The financial statements were approved by the Board of Directors and authorised for issue on 15 April 2026 and were signed on its behalf by:

Mrs K J McHugh - Director

M F McHugh - Director

Cash flows from operating activities

Cash generated from operations

1

2,547,423

2,482,635

Tax paid

(756,458

)

(901,913

)

Net cash from operating activities

1,790,965

1,580,722

Cash flows from investing activities

Purchase of tangible fixed assets

(78,101

)

(90,019

)

Interest received

166,479

178,872

Net cash from investing activities

88,378

88,853

Cash flows from financing activities

Amount withdrawn by directors

(259,692

)

(9,616

)

Equity dividends paid

(472,805

)

(607,480

)

Net cash from financing activities

(732,497

)

(617,096

)

Increase in cash and cash equivalents

1,146,846

1,052,479

Cash and cash equivalents at beginning of year

2

4,352,377

3,299,898

Cash and cash equivalents at end of year

2

5,499,223

4,352,377

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

30.9.25

30.9.24

£

£

Profit before taxation

2,752,412

2,674,565

Depreciation charges

123,678

140,880

Loss on disposal of fixed assets

17,028

-

Finance income

(166,479

)

(178,872

)

2,726,639

2,636,573

Decrease/(increase) in stocks

345,196

(228,487

)

Increase in trade and other debtors

(576,757

)

(5,662

)

Increase in trade and other creditors

52,345

80,211

Cash generated from operations

2,547,423

2,482,635

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 September 2025

30.9.25

1.10.24

£

£

Cash and cash equivalents

5,499,223

4,352,377

Year ended 30 September 2024

30.9.24

1.10.23

£

£

Cash and cash equivalents

4,352,377

3,299,898

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.10.24

Cash flow

At 30.9.25

£

£

£

Net cash

Cash at bank and in hand

4,352,377

1,146,846

5,499,223

4,352,377

1,146,846

5,499,223

Total

4,352,377

1,146,846

5,499,223

1.	STATUTORY INFORMATION

Hyco Manufacturing Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

Straight line over 3 years

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Foreign currencies

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 of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.

TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

30.9.25

30.9.24

£

£

United Kingdom

11,169,661

11,069,633

Europe

13,688

15,567

11,183,349

11,085,200

4.	EMPLOYEES AND DIRECTORS

30.9.25

30.9.24

£

£

Wages and salaries

1,294,528

1,176,852

Social security costs

141,502

120,050

Other pension costs

145,076

144,806

1,581,106

1,441,708

The average number of employees during the year was as follows:

30.9.25

30.9.24

Staff

34

31

30.9.25

30.9.24

£

£

Directors' remuneration

18,880

18,880

Directors' pension contributions to money purchase schemes

120,000

120,000

5.	OPERATING PROFIT

The operating profit is stated after charging/(crediting):

30.9.25

30.9.24

£

£

Other operating leases

147,000

147,087

Depreciation - owned assets

123,678

140,880

Loss on disposal of fixed assets

17,028

-

Auditors' remuneration

11,995

10,000

Foreign exchange differences

(97,163

)

4,095

6.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

30.9.25

30.9.24

£

£

Current tax:

UK corporation tax

714,768

682,363

Deferred tax

(23,266

)

(12,096

)

Tax on profit

691,502

670,267

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

30.9.25

30.9.24

£

£

Profit before tax

2,752,412

2,674,565

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%)

688,103

668,641

Effects of:

Expenses not deductible for tax purposes

3,400

1,626

Depreciation in excess of capital allowances

23,265

12,096

Deferred tax charge

(23,266

)

(12,096

)

Total tax charge

691,502

670,267

7.

DIVIDENDS

30.9.25

30.9.24

£

£

Ordinary A shares of 1p each

Interim

174,930

255,340

Ordinary B shares of 1p each

Interim

189,875

264,140

Ordinary C shares of 1p each

Interim

58,000

42,000

Ordinary D shares of 1p each

Interim

50,000

46,000

472,805

607,480

8.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 October 2024

547,240

278,213

242,058

41,720

1,109,231

Additions

25,995

6,306

40,000

5,800

78,101

Disposals

(96,521

)

(7,070

)

-

(3,926

)

(107,517

)

At 30 September 2025

476,714

277,449

282,058

43,594

1,079,815

DEPRECIATION

At 1 October 2024

412,999

154,255

119,317

20,843

707,414

Charge for year

36,347

32,125

40,686

14,520

123,678

Eliminated on disposal

(81,673

)

(5,297

)

-

(3,518

)

(90,488

)

At 30 September 2025

367,673

181,083

160,003

31,845

740,604

NET BOOK VALUE

At 30 September 2025

109,041

96,366

122,055

11,749

339,211

At 30 September 2024

134,241

123,958

122,741

20,877

401,817

9.

STOCKS

30.9.25

30.9.24

£

£

Stocks

3,176,155

3,521,351

10.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.25

30.9.24

£

£

Trade debtors

2,062,376

1,765,911

Other debtors

1,298,538

1,026,349

Directors' loan accounts

230,670

-

Prepayments

50,172

42,069

3,641,756

2,834,329

11.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.25

30.9.24

£

£

Trade creditors

206,040

150,203

Tax

284,272

325,962

Social security and other taxes

34,476

29,574

VAT

448,896

421,328

Other creditors

45,429

69,938

Directors' loan accounts

-

29,022

Accrued expenses

298,779

310,233

1,317,892

1,336,260

12.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

30.9.25

30.9.24

£

£

Within one year

90,250

119,500

Between one and five years

-

87,750

90,250

207,250

13.	SECURED DEBTS

Yorkshire Bank plc hold a fixed and floating charge over the undertaking and all property and assets.

14.	PROVISIONS FOR LIABILITIES

30.9.25

30.9.24

£

£

Deferred tax

66,416

89,682

Deferred

tax

£

Balance at 1 October 2024

89,682

Provided during year

(23,266

)

Balance at 30 September 2025

66,416