Gear Pump Distributors (UK) Limited

Registered number

03925336

Report and Financial Statements

30 November 2025

Gear Pump Distributors (UK) Limited

Company Information

Directors

L Jacobs

C Amoils

G Dunford

B Roberts

Auditors

Mills Pyatt Audit Limited

11 Kingfisher Business Park

Arthur Street, Lakeside

Redditch

Worcestershire

B98 8LG

Bankers

NatWest Bank plc

Registered office

11 Kingfisher Business Park

Arthur Street

Redditch

Worcestershire

B98 8LG

Registered number

03925336

Gear Pump Distributors (UK) Limited
Registered number:		03925336
Directors' Report

The directors present their report and financial statements for the year ended 30 November 2025.

Principal activities
The company's principal activity during the year continued to be the wholesale distribution of hydraulic gear pumps, motors, flow dividers and related components.

Dividends
The directors recommended the payment of an interim dividend during the year of £536,000 at £53,600 per share. (2024: £nil).

Directors
The following persons served as directors during the year:

	L Jacobs
	C Amoils
	G Dunford
	B Roberts

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

Disclosure of information to auditors

Each person who was a director at the time this report was approved confirms that:
●	so far as he is aware, there is no relevant audit information of which the company's auditor is unaware; and
●	he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditor is aware of that information.



This report was approved by the board on 28 August 2026 and signed on its behalf.






L Jacobs
Director

Gear Pump Distributors (UK) Limited
Statement of Directors' Responsibilities

The directors are responsible for preparing the report and 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 (Financial Reporting Standard 102 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 estimates that are reasonable and prudent;
●	state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
●	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.

Gear Pump Distributors (UK) Limited
Strategic Report

Statement by the directors in performance of their statutory duties in accordance with s172(1) Companies Act 2006
The Board of Directors consider that they have conducted themselves in a way that promotes success of the company for the benefit of its members and stakeholders, as a whole, in good faith throughout the year. The Board confirms that it routinely communicates with members, employees, customers, suppliers, other stakeholders and representatives of those groups, to encourage openness and transparency, promote a culture of honesty and integrity, and commit to ensuring the highest level of health, safety and environmental factors.

Review of the business
The company achieved robust revenues and an expected reduction in gross profit margin due to customer retention initiatives.

The Key Performance Indicators used by the business are:

		Performance in 2025		Performance in 2024

Turnover		£1.2m		£1.2m
Gross Profit %		42.0%		44.1%
Net Profit Before Tax %		4.8%		8.3%
Sales Split % (UK : Europe : Rest of World)		40% : 50% : 10%		37% : 37% : 26%

Principal risks and uncertainties
The company faces both human resource and pricing pressure, which are consistent with other businesses of its size and nature. Experienced and dedicated staff continue to push the company forward, ensuring performance metrics are chased actively.
The directors ensure the company is able to meet demand and shelter itself against external political and geological issues by keeping strong stock levels.

Future developments
The market for the company's products remain consistent. The company's main KPI remains a strong and stable gross profit margin, whilst keeping competitive.
The focus will be kept on the continued improvement of product quality, availability and service.
The drivers for growth will be:
●	Delivering workshop units within 5 to 7 days of order.
●	Delivering component products within 48 hours within the company's territory; and
●	Expanding the customer base within the UK.

Engagement with employees, suppliers, customers and others
The company is committed to treating employees and stakeholders in a fair and equitable manner with respect and dignity. Healthy relationships are cultivated through mutual trust, honesty and communicating matters of importance on a timely basis. Training and support is provided to all employees to promote a high standard of delivery. Regular communication occurs with employees in an informed environment, integrating their involvement to the continued growth and success of the business. High quality relationships are forged with suppliers, customers and other stakeholders, evidenced by the numerous longstanding associations that exist. In all cases, principal decisions affecting the company are undertaken with due regard and consideration for stakeholders.

Gear Pump Distributors (UK) Limited
Strategic Report (continued)

Streamlined energy and carbon report (SECR)
GHG emissions and energy consumption data for the reporting period is as follows:

	Energy consumption
	Scope 1 (direct operations)	33741	kWh
	Scope 2 (purchased energy)	25609	kWh
	Total	59350	kWh

	Carbon emissions
	Scope 1 (direct operations)	6.98	tCO2e
	Scope 2 (purchased energy)	5.30	tCO2e
	Total	12.28	tCO2e

	Intensity ratios
	Scope 1 and 2	10.29	tCO2e per £m turnover

We have followed the 2019 HM Government Environmental Reporting Guidelines, the GHG Reporting Protocol and the 2025 UK Government's Conversion Factors for Company Reporting.
Scopes 1 and 2 use an activity-based method. We estimate that Scope 3 emissions are in the region of 14 tCO2e, based on a high-level, spend-based estimation of the largest element, being that of carriage. It is impractical to obtain all Scope 3 data.
We have replaced fluorescent lights in the warehouse with LED lighting in order to save energy. We plan to seek other opportunities to reduce our carbon footprint in the future.

This report was approved by the board on 28 August 2026 and signed on its behalf.





L Jacobs
Director

Gear Pump Distributors (UK) Limited
Independent auditor's report
to the member of Gear Pump Distributors (UK) Limited

Opinion

We have audited the financial statements of Gear Pump Distributors (UK) Limited (the 'company') for the year ended 30 November 2025 which comprise the Income Statement, the Statement of Financial Position, the Statement of Changes in Equity 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 the 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 November 2025 and of its profit for the year then ended;
●	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
●	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 the audit:
●	the information given in the strategic report and the directors’ report 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.

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 directors’ report.
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’ responsibilities statement, 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
●	enquiring of management, including obtaining and reviewing supporting documentation concerning policies and procedures relating to the identification, evaluation and compliance with laws and regulations, whether they were aware of any instances of non-compliance, review for actual and potential litigation and claims, detecting and responding to the risks of fraud, whether they have knowledge of any actual, suspected or alleged fraud, and internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations;
●	obtaining an understanding of the legal and regulatory framework that the company operates in, reviewing laws and regulations that may have a direct effect on the financial statements or are fundamental to the company's operations, and ensuring that appropriate financial statements disclosures are made in this respect;
●	discussing among the engagement team those areas that may be susceptible to irregularities, ensuring that we remain vigilant, sceptical, open-minded, inquisitive and alert to any potential indicators of fraud;
●	performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
●	assessing sensitive assumptions and management judgements that form part of significant estimates, looking for indicators of manipulation through management bias; and
●	observing any signs of management override of controls, testing the appropriateness of journal entries and other adjustments, and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

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 is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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

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.






David Parkes
(Senior Statutory Auditor)		11 Kingfisher Business Park
for and on behalf of		Arthur Street, Lakeside
Mills Pyatt Audit Limited		Redditch
Statutory Auditor		Worcestershire
28 August 2026		B98 8LG

Gear Pump Distributors (UK) Limited
Income Statement
for the year ended 30 November 2025


Notes		2025		2024
£			£

Turnover	3	1,193,969		1,178,092

Cost of sales		(691,994)		(658,734)

Gross profit		501,975		519,358

Administrative expenses		(446,631)		(423,715)

Operating profit	4	55,344		95,643

Loss on sale of fixed assets		(337)		-
Interest receivable		2,620		2,255
Interest payable	7	(14)		-

Profit on ordinary activities before taxation		57,613		97,898

Tax on profit on ordinary activities	8	(14,021)		(23,845)

Profit for the financial year		43,592		74,053


Profit attributable to:
Owners of the parent		43,592		74,053

Gear Pump Distributors (UK) Limited					Reg no.	03925336
Statement of Financial Position
as at 30 November 2025

Notes			2025			2024
£				£
Fixed assets
Tangible assets	9		8,216			9,763

Current assets
Stocks and WIP	10	526,935			513,164
Debtors	11	283,238			211,037
Cash at bank and in hand		279,602			836,311
		1,089,775			1,560,512

Creditors: amounts falling due within one year	12	(201,250)			(180,971)

Net current assets			888,525			1,379,541

Total assets less current liabilities			896,741			1,389,304

Provisions for liabilities
Deferred taxation	13		-			(155)

Net assets			896,741			1,389,149

Capital and reserves
Called up share capital	14		10			10
Profit and loss account	15		896,731			1,389,139

Total equity			896,741			1,389,149






L Jacobs
Director
Approved by the board on 28 August 2026

Gear Pump Distributors (UK) Limited
Statement of Changes in Equity
for the year ended 30 November 2025

Share		Share		Other		Profit		Total
capital		premium		reserves		and loss
account
£		£		£		£		£

At 1 December 2023	10		-		-		1,315,086		1,315,096

Profit for the financial year							74,053		74,053


At 30 November 2024	10		-		-		1,389,139		1,389,149



At 1 December 2024	10		-		-		1,389,139		1,389,149

Profit for the financial year							43,592		43,592

Dividends							(536,000)		(536,000)

At 30 November 2025	10		-		-		896,731		896,741

Gear Pump Distributors (UK) Limited
Notes to the Accounts
for the year ended 30 November 2025

1	Summary of significant accounting policies

	Basis of preparation
	The financial statements have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
	In preparing these financial statements, the company has applied the reduced disclosure exemption within FRS 102 for subsidiary companies, from the requirement to incorporate a Cash Flow Statement, the related notes and an analysis of changes in net debt.
	The name of the parent of the group, in whose consolidated financial statements this company is incorporated, is Hudaco Industries Limited. The consolidated accounts are publicly available on their website or can be obtained from 1st Floor, Building 9, Greenstone Hill Office Park, Emerald Boulevard, Greenstone Hill, Edenvale (Private Bag 13, Elandsfontein, 1406).

	Turnover
	Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and the rendering of carriage services. 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 of services is recognised when performed.

	Tangible fixed assets

	Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:

	Plant and machinery			over 3 to 8 years


	Stocks
	Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell, after making due allowance for obsolete and slow-moving stocks. Cost is determined using the moving average method and includes attributable direct costs. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised. Work in progress is measured at the amount of material costs incurred in pump builds to the reporting date in excess of revenue generated from those jobs. Goods in transit from group suppliers are incorporated into the company's stock once the risks and rewards have substantially passed to the company.

	Debtors
	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts.

	Creditors
	Short term creditors are measured at transaction price (which is usually the invoice price).

	Taxation
	A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. Deferred tax is recognised in respect of timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Current and deferred tax liabilities are not discounted.

	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.

	Leased assets
	A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. Operating lease payments are recognised as an expense on a straight line basis over the lease term.

	Pensions
	Contributions to defined contribution plans are expensed in the period to which they relate.


2	Critical accounting estimates and judgements

	Slow moving stock provision - The company implements a policy of writing down slow moving and older stock items by certain percentages depending on the length of time they have been held in stock, to reduce those relevant items down to their anticipated recoverable value.


3	Analysis of turnover					2025		2024
£							£

	Sale of goods					1,159,930		1,147,743
	Services rendered					34,039		30,349
						1,193,969		1,178,092

	By geographical market:

	UK					474,460		433,768
	Europe					602,572		440,839
	Rest of world					116,937		303,485
						1,193,969		1,178,092


4	Operating profit					2025		2024
£							£
	This is stated after charging:

	Depreciation of owned fixed assets					4,310		4,233
	Operating lease rentals - plant and machinery					12,842		9,463
	Operating lease rentals - land and buildings					29,630		29,054
	Auditors' remuneration for audit services					4,620		3,850
	Auditors' remuneration for other services					2,953		3,912
	Key management personnel compensation (including directors' emoluments)					64,765		66,883
	Carrying amount of stock sold					630,479		588,217


5	Directors' emoluments					2025		2024
£							£

	Emoluments					64,765		66,883
	Company contributions to defined contribution pension plans					1,320		1,314
						66,085		68,197


	Number of directors to whom retirement benefits accrued:					2025		2024
Number							Number

	Defined contribution plans					1		1


6	Staff costs					2025		2024
£							£

	Wages and salaries					271,157		242,042
	Social security costs					26,658		20,834
	Other pension costs					5,336		4,434
						303,151		267,310


	Average number of employees during the year					Number	Number

	Administration					2		2
	Development					1		1
	Manufacturing					4		4
						7		7


7	Interest payable					2025		2024
£							£

	On taxation matters					14		-


8	Taxation					2025		2024
£							£
	Analysis of charge in period
	Current tax:
	UK corporation tax on profits of the period					15,843		25,608
	Adjustments in respect of previous periods					63		-
						15,906		25,608

	Deferred tax:
	Origination and reversal of timing differences					(1,885)		(1,763)


	Tax on profit on ordinary activities					14,021		23,845


	Factors affecting tax charge for period
	The differences between the tax assessed for the period and the standard rate of corporation tax are explained as follows:

						2025		2024
£							£
	Profit on ordinary activities before tax					57,613		97,898

	Standard rate of corporation tax in the UK					25%		25%

£							£
	Profit on ordinary activities multiplied by the standard rate of corporation tax					14,403		24,475

	Effects of:
	Expenses not deductible for tax purposes					1,053		75
	Depreciation in excess of capital allowances for period					387		1,058
	Adjustments to tax charge in respect of previous periods					63		-

	Current tax charge for period					15,906		25,608


9	Tangible fixed assets
								Plant and machinery
								At cost
£
	Cost or valuation
	At 1 December 2024							109,689
	Additions							3,100
	Disposals							(1,796)
	At 30 November 2025							110,993

	Depreciation
	At 1 December 2024							99,926
	Charge for the year							4,310
	On disposals							(1,459)
	At 30 November 2025							102,777

	Carrying amount
	At 30 November 2025							8,216
	At 30 November 2024							9,763


10	Stocks					2025		2024
£							£

	Work in progress					7,131		4,753
	Finished goods and goods for resale					519,804		508,411
						526,935		513,164


11	Debtors					2025		2024
£							£

	Trade debtors					189,777		176,172
	Amounts due from group undertakings					30,797		1,118
	Deferred tax asset (see note 13)					1,730		-
	Prepayments and accrued income					60,934		33,747
						283,238		211,037


12	Creditors: amounts falling due within one year					2025		2024
£							£

	Trade creditors					12,808		35,460
	Amounts owed to group undertakings					114,221		99,707
	Corporation tax					2,986		7,782
	Other taxes and social security costs					18		6,430
	Other creditors					71,217		31,592
						201,250		180,971


13	Deferred taxation					2025		2024
£							£

	Accelerated capital allowances and timing differences					(1,730)		155


						2025		2024
£							£

	At 1 December					155		1,918
	Credited to the profit and loss account					(1,885)		(1,763)

	(Asset)/Liability at 30 November					(1,730)		155

	The deferred tax asset is anticipated to reverse in full in the subsequent accounting period.


14	Share capital	Nominal		2025		2025		2024
value			Number		£		£
	Allotted, called up and fully paid:
	Ordinary shares	£1 each		10		10		10

	The Ordinary shares have attached to them full voting, dividend and capital distribution (including on winding up) rights. They do not confer any rights of redemption.


15	Profit and loss account					2025		2024
£							£

	At 1 December					1,389,139		1,315,086
	Profit for the financial year					43,592		74,053
	Dividends					(536,000)		-

	At 30 November					896,731		1,389,139


16	Dividends					2025		2024
£							£

	Dividends on ordinary shares (note 15)					536,000		-


17	Other financial commitments

	Total future minimum lease payments under non-cancellable operating leases:

		Land and buildings		Land and buildings	Other		Other
		2025		2024		2025		2024
£			£		£		£
	Falling due:
	within one year	30,102		32,324		10,202		9,898
	within two to five years	-		30,102		18,704		54,994
	in over five years	-		-		-		12,603
		30,102		62,426		28,906		77,495


18	Related party transactions

	The company has taken advantage of the exemption provisions under paragraph 33.1A of FRS102 from disclosing transactions with wholly owned group companies.


19	Controlling party

	The company is wholly owned by Hudaco Trading (Proprietary) Limited, a company incorporated in the Republic of South Africa. The directors regard the ultimate parent company to be Hudaco Industries Limited incorporated in the Republic of South Africa. That company is not under the control of any one individual. The largest and smallest group of undertakings to which the company belongs and which draws up consolidated accounts is Hudaco Industries Limited. The consolidated accounts are publicly available on their website or can be obtained from 1st Floor, Building 9, Greenstone Hill Office Park, Emerald Boulevard, Greenstone Hill, Edenvale (Private Bag 13, Elandsfontein, 1406).


20	Presentation currency

	The financial statements are presented in Sterling.


21	Legal form of entity and country of incorporation

	Gear Pump Distributors (UK) Limited is a private company limited by shares and incorporated in England.


22	Principal place of business

	The address of the company's principal place of business and registered office is:

	Unit 14 Aston Fields Trading Estate
	Sugarbrook Road
	Bromsgrove
	Worcestershire
	B60 3DW