Company registration number 01910376 (England and Wales)
HUGHES PUMPS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
PAGES FOR FILING WITH REGISTRAR
HUGHES PUMPS LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 11
HUGHES PUMPS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2025
31 December 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
5
2
3
Tangible assets
6
379,252
420,138
Investments
7
2,487
2,487
381,741
422,628
Current assets
Stocks
8
795,795
949,669
Debtors
9
596,820
244,766
Cash at bank and in hand
3,120,822
2,426,849
4,513,437
3,621,284
Creditors: amounts falling due within one year
10
(540,899)
(492,385)
Net current assets
3,972,538
3,128,899
Total assets less current liabilities
4,354,279
3,551,527
Creditors: amounts falling due after more than one year
11
-
0
(4,220)
Provisions for liabilities
(84,300)
(92,100)
Net assets
4,269,979
3,455,207
Capital and reserves
Called up share capital
5,760
5,760
Share premium account
123,097
123,097
Capital redemption reserve
8,640
8,640
Profit and loss reserves
4,132,482
3,317,710
Total equity
4,269,979
3,455,207

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 29 April 2026 and are signed on its behalf by:
Marco Zanasi
Director
Company registration number 01910376 (England and Wales)
HUGHES PUMPS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
- 2 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
£
£
£
£
£
Balance at 1 April 2024
5,760
123,097
8,640
2,918,406
3,055,903
Period ended 31 December 2024:
Profit and total comprehensive income
-
-
-
399,304
399,304
Balance at 31 December 2024
5,760
123,097
8,640
3,317,710
3,455,207
Year ended 31 December 2025:
Profit and total comprehensive income
-
-
-
814,772
814,772
Balance at 31 December 2025
5,760
123,097
8,640
4,132,482
4,269,979
HUGHES PUMPS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 3 -
1
Accounting policies
Company information

Hughes Pumps Limited is a private company limited by shares incorporated in England and Wales. The registered office is Highfield Works, Spring Gardens, Washington, West Sussex, RH20 3BS.

1.1
Reporting period

The financial statements have been prepared for the twelve‑month period ended 31 December 2025. The comparative information relates to a shortened accounting period of nine months from 1 April 2024 to 31 December 2024. This change arose as a result of aligning the company’s accounting reference date with that of its parent group companies. Accordingly, the comparative figures are not directly comparable with those of the current period.

1.2
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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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. The principal accounting policies adopted are set out below.

1.3
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.

1.4
Turnover

Revenue comprises sales of goods and services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts.

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.

1.5
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives of 5 years.

HUGHES PUMPS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 4 -
1.6
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:

Leasehold land and buildings
Over the term of the lease of 15 years
Plant and equipment
15% per annum on a diminishing basis
Fixtures and fittings
20% per annum on straight line basis
Motor vehicles
25% per annum on a diminishing basis

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.

1.7
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.8
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible 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). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

HUGHES PUMPS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 5 -
1.9
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.

1.10
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.

1.11
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.

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.

HUGHES PUMPS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 6 -
1.12
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.

1.13
Taxation

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

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.

1.14
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.

1.15
Retirement benefits

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

1.16
Leases
As lessee

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.

HUGHES PUMPS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 7 -
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.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Stock valuation

The value of stock is based on the lower of cost and net realisable value is subject to estimations on the ultimate selling price in the market. When calculating the stock provision, management considers the nature and condition of the stock, as well as applying assumptions around anticipated saleability and future usage.

3
Employees

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

2025
2024
Number
Number
Total
16
17
4
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
211,466
117,787
Adjustments in respect of prior periods
-
0
(13,803)
Total current tax
211,466
103,984
Deferred tax
Origination and reversal of timing differences
(7,800)
(9,900)
Total tax charge
203,666
94,084
HUGHES PUMPS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 8 -
5
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2025 and 31 December 2025
6
Amortisation and impairment
At 1 January 2025
3
Amortisation charged for the year
1
At 31 December 2025
4
Carrying amount
At 31 December 2025
2
At 31 December 2024
3
6
Tangible fixed assets
Leasehold property
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2025
33,770
2,696,861
37,437
-
0
2,768,068
Additions
-
0
1,657
873
26,235
28,765
Disposals
-
0
(1,795)
(750)
-
0
(2,545)
At 31 December 2025
33,770
2,696,723
37,560
26,235
2,794,288
Depreciation and impairment
At 1 January 2025
33,770
2,290,864
23,296
-
0
2,347,930
Depreciation charged in the year
-
0
60,960
4,021
4,372
69,353
Eliminated in respect of disposals
-
0
(1,735)
(512)
-
0
(2,247)
At 31 December 2025
33,770
2,350,089
26,805
4,372
2,415,036
Carrying amount
At 31 December 2025
-
346,634
10,755
21,863
379,252
At 31 December 2024
-
0
405,997
14,141
-
0
420,138
7
Fixed asset investments
2025
2024
£
£
Shares in group undertakings and participating interests
2,487
2,487
HUGHES PUMPS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 9 -
8
Stocks
2025
2024
£
£
Stocks
795,795
949,669
9
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
541,199
178,829
Other debtors
55,621
65,937
596,820
244,766
10
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
111,919
111,427
Amounts owed to group undertakings
1
1
Corporation tax
243,726
134,251
Other taxation and social security
62,322
17,602
Other creditors
122,931
229,104
540,899
492,385

There is a debenture in place as security over the assets of the company.

The obligations under hire purchase contracts totaling £4,220 (2024 - £8,440) included within other creditors are secured on the underlying asset.

11
Creditors: amounts falling due after more than one year
2025
2024
£
£
Other creditors
-
0
4,220
HUGHES PUMPS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 10 -
12
Deferred taxation

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

Liabilities
Liabilities
2025
2024
Balances:
£
£
Accelerated capital allowances
84,300
92,100
2025
Movements in the year:
£
Liability at 1 January 2025
92,100
Credit to profit or loss
(7,800)
Liability at 31 December 2025
84,300

The deferred tax liability set out above is expected to reverse over the estimated useful life of fixed assets and relates to accelerated capital allowances that are expected to mature within the same period.

13
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is unqualified and includes the following:

Opinion

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 December 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.

Senior Statutory Auditor:
Hiten Patel FCCA
Statutory Auditor:
Gerald Edelman LLP
Date of audit report:
29 April 2026
HUGHES PUMPS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 11 -
14
Operating lease commitments
As lessee

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

2025
2024
£
£
Total commitments
157,509
256,667
15
Related party transactions

During the period, the company paid rent of £110,000 (2024 - £84,167) and insurance recharges of £5,677 (2024 - £nil) to Highfield Works Ltd, a company under common ownership.

During the period, the company made sales of £nil (2024 - £7,511) to Udor Shanghai Co Ltd, a fellow group undertaking.

During the period, the company purchased raw materials amounting to £15,623 (2024 - £nil) and paid consultancy charges of £41,225 (2024 - £nil) to Udor S.P.A.

16
Parent company

The immediate parent undertaking of the company is UDOR S.p.A. with the registered office address at Via A. Corradini, 2 - 42048 Rubiera Italy.

The controlling party is Delta Holding S.R.L. The financial statements of the company are consolidated in the financial statements of Delta Holding S.R.L. The registered office of the holding company is Via Fontanella Del Suffragio, 2, 01100, VT, Viterbo, Italy.

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