REGISTERED NUMBER: 01467799 (England and Wales)

FOR

Page

Company Information  

1

Group Strategic Report  

2

Report of the Directors  

3

Report of the Independent Auditors  

5

Consolidated Income Statement  

9

Consolidated Other Comprehensive Income  

10

Consolidated Balance Sheet  

11

Company Balance Sheet  

12

Consolidated Statement of Changes in Equity  

13

Company Statement of Changes in Equity  

14

Consolidated Cash Flow Statement  

15

Notes to the Consolidated Cash Flow Statement

16

Notes to the Consolidated Financial Statements

17

DIRECTORS:

A Miyasaka

P Miller

H Odashima

REGISTERED OFFICE:

51 Spindus Road

Speke Hall Industrial Estate

Liverpool

L24 1YA

REGISTERED NUMBER:

01467799 (England and Wales)

AUDITORS:

Harold Sharp Limited

Statutory Auditors and Chartered Accountants

5 Brooklands Place

Brooklands Road

Sale

Cheshire

M33 3SD

The directors present their strategic report of the company and the group for the year ended 31 March 2026.

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of the assembly and distribution of hydraulic equipment together with customer specific project work.

REVIEW OF BUSINESS

For the financial year 2025/26 sales remain stable. Project sales have been slower but that has been offset by stable component sales. We have some very large potential project applications which we are hoping will materialise this quarter. Component sales in mainland Europe especially in the Benelux have suffered due to Yuken Kogyo not been able to provide MFFd (mean time to failure) documentation which is required with government and civil projects. Our Turkish market which holds steady struggles for growth due to import duties of 20% implemented by the Turkish government on our range of pumps and valves.

In the hydraulics industry, mobile sales remain constant with a slow down on industrial sales. This is highlighted at our major sales partner in Germany who is significantly still down on industrial sales since 2022/23 whereas their mobiles sales are strong. Many of our competitors are still cutting back on workforce as of the last few years.

Many independent companies in the sector have been purchased by groups such as Flowtech and the R&G group. These groups have seen a reduction in sales and have mitigated this by redundancies.

The continuing war in the Ukraine, the problems in the gulf driving fuel and energy costs  along with high interest rates have impacted growth in the industrial hydraulic market across the UK and EU. We are cutting costs where possible but without affecting our current business strategy.

We are also hoping to increase our sales team in the future by recruiting from our competitors as and when suitable candidates become available as we have recently had to release one of the sales team who struggled to bring in enough business to make them retainable.

PRINCIPAL RISKS AND UNCERTAINTIES

The company makes a number of sales and purchases overseas and is exposed to exchange rate risk.  The company has entered into hedging arrangements to mitigate this financial risk.

ON BEHALF OF THE BOARD:

P Miller - Director

6 August 2026

The directors present their report with the financial statements of the company and the group for the year ended 31 March 2026.

PRINCIPAL ACTIVITY

DIVIDENDS

No dividends will be distributed for the year ended 31 March 2026 (2025: £nil).

DIRECTORS

The directors shown below have held office during the whole of the period from 1 April 2025 to the date of this report.

A Miyasaka

P Miller

Other changes in directors holding office are as follows:

H Nagahisa - resigned 8 July 2025

H Odashima - appointed 8 July 2025

DISCLOSURE IN THE STRATEGIC REPORT

The company has chosen to set out information in respect of financial risk management and key performance indicators in its strategic report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group 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 the group and of the profit or loss of the group 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;

-

state whether applicable 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group's auditors are unaware, and each director 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 group's auditors are aware of that information.

AUDITORS

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

ON BEHALF OF THE BOARD:

P Miller - Director

6 August 2026

Opinion

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 group 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 group's and the parent 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 Group 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 Group 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 Group 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

-

the parent company 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 three, 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 group's and the parent 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 group or the parent 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

As part of our planning process:

- We enquired of management the systems and controls the company has in place, the areas of the financial statements that are mostly susceptible to the risk of irregularities and fraud, and whether there was any known, suspected or alleged fraud.

- We obtained an understanding of the legal and regulatory frameworks applicable to the company. We determined that the following were most relevant: FRS 102, Companies Act 2006, health and safety, and employment law.

- We considered the incentives and opportunities that exist in the company, including the extent of management bias, which present a potential for irregularities and fraud to be perpetuated, and tailored our risk assessment accordingly.

- Using our knowledge of the company, together with the discussions held with the company at the planning stage, we formed a conclusion on the risk of misstatement due to irregularities including fraud and tailored our procedures according to this risk assessment.

The key procedures we undertook to detect irregularities including fraud during the course of the audit included:

- Identifying and testing journal entries and the overall accounting records, in particular those that were significant and unusual.

- Reviewing the financial statement disclosures and determining whether accounting policies have been appropriately applied.

- Reviewing and challenging the assumptions and judgements used by management in their significant accounting estimates.

- Assessing the extent of compliance, or lack of, with the relevant laws and regulations in particular those that are central to the entities ability to continue in operation.

- Testing key revenue lines, in particular cut-off, for evidence of management bias.

- Obtaining third-party confirmation of material bank balances.

- Documenting and verifying all significant related party and consolidated balances and transactions.

- Reviewing documentation such as the company board minutes, correspondence with solicitors, for discussions of irregularities including fraud.

- Testing all material consolidation adjustments.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements even though we have properly planned and performed our audit in accordance with auditing standards. The primary responsibility for the prevention and detection of irregularities and fraud rests with the directors and management.

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.

Thomas Smart (Senior Statutory Auditor)

for and on behalf of Harold Sharp Limited

Statutory Auditors and Chartered Accountants

5 Brooklands Place

Brooklands Road

Sale

Cheshire

M33 3SD

6 August 2026

TURNOVER

3

3,431,480

3,234,051

Cost of sales

(1,988,504

)

(1,858,039

)

GROSS PROFIT

1,442,976

1,376,012

Administrative expenses

(1,354,769

)

(1,251,171

)

88,207

124,841

Other operating income

43,234

(44,184

)

OPERATING PROFIT

5

131,441

80,657

Interest receivable and similar income

2,427

3,722

133,868

84,379

Interest payable and similar expenses

6

(30,947

)

(25,813

)

PROFIT BEFORE TAXATION

102,921

58,566

Tax on profit

7

2,088

17,940

PROFIT FOR THE FINANCIAL YEAR

105,009

76,506

Profit attributable to:

Owners of the parent

105,009

76,506

PROFIT FOR THE YEAR

105,009

76,506

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME

FOR THE YEAR

105,009

76,506

Total comprehensive income attributable to:

Owners of the parent

105,009

76,506

FIXED ASSETS

Owned

Tangible assets

9

273,188

291,497

Right-of-use

Tangible assets

9, 16

83,374

50,788

Investments

10

-

-

356,562

342,285

CURRENT ASSETS

Stocks

11

1,394,731

1,548,149

Debtors

12

721,672

682,853

Cash at bank and in hand

98,697

133,844

2,215,100

2,364,846

CREDITORS

Amounts falling due within one year

13

(1,083,187

)

(1,328,308

)

NET CURRENT ASSETS

1,131,913

1,036,538

TOTAL ASSETS LESS CURRENT

LIABILITIES

1,488,475

1,378,823

CREDITORS

Amounts falling due after more than one

year

14

(42,855

)

(32,178

)

PROVISIONS FOR LIABILITIES

19

(24,793

)

(30,827

)

NET ASSETS

1,420,827

1,315,818

CAPITAL AND RESERVES

Called up share capital

20

300,000

300,000

Retained earnings

21

1,120,827

1,015,818

SHAREHOLDERS' FUNDS

1,420,827

1,315,818

The financial statements were approved by the Board of Directors and authorised for issue on 6 August 2026 and were signed on its behalf by:

P Miller - Director

FIXED ASSETS

Owned

Tangible assets

9

256,629

266,691

Right-of-use

Tangible assets

9, 16

83,374

50,788

Investments

10

6,570

6,570

346,573

324,049

CURRENT ASSETS

Stocks

11

1,324,066

1,489,838

Debtors

12

711,560

662,420

Cash at bank and in hand

55,449

77,579

2,091,075

2,229,837

CREDITORS

Amounts falling due within one year

13

(1,067,206

)

(1,276,128

)

NET CURRENT ASSETS

1,023,869

953,709

TOTAL ASSETS LESS CURRENT

LIABILITIES

1,370,442

1,277,758

CREDITORS

Amounts falling due after more than one

year

14

(42,855

)

(32,178

)

PROVISIONS FOR LIABILITIES

19

(24,793

)

(30,827

)

NET ASSETS

1,302,794

1,214,753

CAPITAL AND RESERVES

Called up share capital

20

300,000

300,000

Retained earnings

21

1,002,794

914,753

SHAREHOLDERS' FUNDS

1,302,794

1,214,753

Company's profit for the financial year

88,041

89,913

The financial statements were approved by the Board of Directors and authorised for issue on 6 August 2026 and were signed on its behalf by:

P Miller - Director

Called up

share

Retained

Total

capital

earnings

equity

£   

£   

£   

Balance at 1 April 2024

300,000

939,312

1,239,312

Changes in equity

Total comprehensive income

-

76,506

76,506

Balance at 31 March 2025

300,000

1,015,818

1,315,818

Changes in equity

Total comprehensive income

-

105,009

105,009

Balance at 31 March 2026

300,000

1,120,827

1,420,827

Called up

share

Retained

Total

capital

earnings

equity

£   

£   

£   

Balance at 1 April 2024

300,000

824,840

1,124,840

Changes in equity

Total comprehensive income

-

89,913

89,913

Balance at 31 March 2025

300,000

914,753

1,214,753

Changes in equity

Total comprehensive income

-

88,041

88,041

Balance at 31 March 2026

300,000

1,002,794

1,302,794

Cash flows from operating activities

Cash generated from operations

1

83,009

131,812

Interest paid

(24,051

)

(22,780

)

Lease interest paid

(6,896

)

(3,033

)

Tax paid

(1,114

)

-

Taxation refund

-

23,054

Net cash from operating activities

50,948

129,053