Fluid Systems Limited

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—7

1. General Information

Fluid Systems Limited is a private company, limited by shares, incorporated in England & Wales, registered number 05413680 . The registered office is Unit 2/3 Enterprise Est, Moorfield Road, Slyfield Industrial Est, Guildford, Surrey, GU1 1RB.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

2.2. 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 from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services

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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

2.3. Intangible Fixed Assets and Amortisation - Goodwill

Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 10 years.

2.4. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Plant & Machinery	10 year straight line
Motor Vehicles	3 year straight line
Fixtures & Fittings	10 year straight line
Computer Equipment	5 year straight line

2.5. Leasing and Hire Purchase Contracts

Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.

2.6. Stocks and Work in Progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

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Fluid Systems Limited

Notes to the Financial Statements (continued)

For The Year Ended 30 April 2025

2.7. Taxation

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

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 10 (2024: 5)

4. Intangible Assets

	Goodwill
	£
Cost
As at 1 May 2024	121,106
Additions	35,928

As at 30 April 2025	157,034

Amortisation
As at 1 May 2024	121,106
Provided during the period	3,593

As at 30 April 2025	124,699

Net Book Value
As at 30 April 2025	32,335

As at 1 May 2024	-

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Fluid Systems Limited

Notes to the Financial Statements (continued)

For The Year Ended 30 April 2025

5. Tangible Assets

	Plant & Machinery	Motor Vehicles	Fixtures & Fittings	Computer Equipment	Total
	£	£	£	£	£
Cost
As at 1 May 2024	14,661	163,992	31,587	96,073	306,313
Additions	-	60,409	482	1,097	61,988

As at 30 April 2025	14,661	224,401	32,069	97,170	368,301

Depreciation
As at 1 May 2024	14,075	90,605	21,571	94,595	220,846
Provided during the period	116	43,997	2,162	587	46,862

As at 30 April 2025	14,191	134,602	23,733	95,182	267,708

Net Book Value
As at 30 April 2025	470	89,799	8,336	1,988	100,593

As at 1 May 2024	586	73,387	10,016	1,478	85,467

6. Stocks

	2025	2024
	£	£
Materials	102,625	63,014

7. Debtors

	2025	2024
	£	£
Due within one year
Trade debtors	204,361	176,897
Amounts owed by participating interests	258,342	218,342
Other debtors	270,406	197,600

	733,109	592,839

8. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Net obligations under finance lease and hire purchase contracts	9,541	7,121
Trade creditors	99,857	69,529
Bank loans and overdrafts	10,484	18,937
Amounts owed to group undertakings	37,863	17,863
Other creditors	97,637	124,237
Taxation and social security	81,712	89,326

	337,094	327,013

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Fluid Systems Limited

Notes to the Financial Statements (continued)

For The Year Ended 30 April 2025

9. Creditors: Amounts Falling Due After More Than One Year

	2025	2024
	£	£
Net obligations under finance lease and hire purchase contracts	2,618	10,171
Bank loans	886	11,369

	3,504	21,540

10. Loans

An analysis of the maturity of loans is given below:

	2025	2024
	£	£
Amounts falling due within one year or on demand:
Bank loans	10,484	18,937

	2025	2024
	£	£
Amounts falling due between one and five years:
Bank loans	886	11,369

11. Obligations Under Finance Leases and Hire Purchase

	2025	2024
	£	£
The future minimum finance lease payments are as follows:
Not later than one year	9,541	7,121
Later than one year and not later than five years	2,618	10,171

	12,159	17,292

	12,159	17,292

12. Share Capital

	2025	2024
	£	£
Allotted, Called up and fully paid	2,552	2,552

13. Related Party Disclosures

Loans to related parties

	Entities with joint control or significant influence	Total
2025	£	£
At start of period	402,897	402,897
Advanced	101,853	1010,853
At end of period	504,750	504,750

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Fluid Systems Limited

Notes to the Financial Statements (continued)

For The Year Ended 30 April 2025

	Entities with joint control or significant influence	Total
2024	£	£
At start of period	488,826	488,826
Advanced	(85,929)	(85,929)
At end of period	402,897	402,897

Terms of loans to related parties

The company has provided a loan to S.D.J Fluid Systems Limited, GCJ Fluid Systems Limited, S D J Property Holdings Limited, Chankon Limited and Fluid Systems (Plymouth) Limited, which is under common control with Mr S Johnson. There are no terms to repayment on these loans.

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		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Intangible Assets	4		32,335		-
Tangible Assets	5		100,593		85,467

			132,928		85,467
CURRENT ASSETS
Stocks	6	102,625		63,014
Debtors	7	733,109		592,839
Cash at bank and in hand		182,762		312,013

		1,018,496		967,866
Creditors: Amounts Falling Due Within One Year	8	(337,094 )		(327,013 )

NET CURRENT ASSETS (LIABILITIES)			681,402		640,853

TOTAL ASSETS LESS CURRENT LIABILITIES			814,330		726,320

Creditors: Amounts Falling Due After More Than One Year	9		(3,504 )		(21,540 )

PROVISIONS FOR LIABILITIES
Deferred Taxation			(25,148 )		(16,239 )

NET ASSETS			785,678		688,541

CAPITAL AND RESERVES
Called up share capital	12		2,552		2,552
Profit and Loss Account			783,126		685,989

SHAREHOLDERS' FUNDS			785,678		688,541