DHG HYDRO LIMITED


Directors	CURTIS, Nicholas Simon
	MCKELLAR, James Robert


Company Secretary	MCKELLAR, James Robert


Registered Address	7 St James's Gardens
	London
	W11 4RB


Registered Number	03832634 (England and Wales)

Balance Sheet as at
31 December 2025

	Notes	2025		2024
		£	£	£	£
Fixed assets
Tangible assets	3		1,533,761		1,614,674
Investments	4		8,069,867		8,069,867
			9,603,628		9,684,541
Current assets
Debtors		5,232,486		6,280,910
Cash at bank and on hand		-		305,826
		5,232,486		6,586,736
Creditors amounts falling due within one year	5	(1,273,558)		(761,550)
Net current assets (liabilities)			3,958,928		5,825,186
Total assets less current liabilities			13,562,556		15,509,727
Creditors amounts falling due after one year			(4,126,777)		(4,941,862)
Provisions for liabilities			(671,625)		(671,625)
Net assets			8,764,154		9,896,240
Capital and reserves
Called up share capital			300,100		300,100
Revaluation reserve			1,143,912		1,143,912
Profit and loss account			7,320,142		8,452,228
Shareholders' funds			8,764,154		9,896,240

The company was entitled to exemption from audit for this reporting period under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The directors have chosen to not file a copy of the company’s profit and loss account under section 444 (5A) Companies Act 2006.

The financial statements were approved and authorised for issue by the Board of Directors on 30 March 2026, and are signed on its behalf by:

MCKELLAR, James Robert
Director
Registered Company No. 03832634

DHG HYDRO LIMITED

Notes to the Financial Statements
for the year ended 31 December 2025

1.	Accounting policies

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

	Statement of compliance
	The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.

	Revenue from sale of goods
	Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

Revenue from sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

	Foreign currency translation
	Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

Foreign currency translation

Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

	Deferred tax
	Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

Deferred tax

Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Tangible fixed assets and depreciation
	Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

	Investments
	Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.

Investments

Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.

2.	Average number of employees


		2025		2024
	Average number of employees during the year	4		4

3.	Tangible fixed assets

	Plant & machinery	Fixtures & fittings	Office Equipment	Total
	£	£	£	£
Cost or valuation
At 01 January 25	2,447,682	293,622	11,334	2,752,638
Additions	269	-	638	907
At 31 December 25	2,447,951	293,622	11,972	2,753,545
Depreciation and impairment
At 01 January 25	902,852	227,993	7,119	1,137,964
Charge for year	76,279	3,646	1,895	81,820
At 31 December 25	979,131	231,639	9,014	1,219,784
Net book value
At 31 December 25	1,468,820	61,983	2,958	1,533,761
At 31 December 24	1,544,830	65,629	4,215	1,614,674

4.	Fixed asset investments

	Investments in groups¹	Total
	£	£
Cost or valuation
At 01 January 25	8,069,867	8,069,867
At 31 December 25	8,069,867	8,069,867
Net book value
At 31 December 25	8,069,867	8,069,867
At 31 December 24	8,069,867	8,069,867

	Notes
	¹Investments in group undertakings and participating interests

5.	Creditors: amounts due within one year

	2025	2024
	£	£
Trade creditors / trade payables	202,345	116,951
Bank borrowings and overdrafts	1,054,356	591,630
Taxation and social security	-	22,672
Accrued liabilities and deferred income	16,857	30,297
Total	1,273,558	761,550


	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.