Hydrodyne Systems Limited 30/04/2019 iXBRL

Hydrodyne Systems Limited 30/04/2019 iXBRL

HYDRODYNE SYSTEMS LIMITED - Company Information

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Company registration number: 01355353
Hydrodyne Systems Limited
Unaudited filleted financial statements
30 April 2019
Hydrodyne Systems Limited
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
Hydrodyne Systems Limited
Directors and other information
Directors Mr Alan Taylor
Mrs Sheena Taylor
Mr Eric Taylor
Secretary Mr Matthew Taylor
Company number 01355353
Registered office Hema Works
Station Lane
Old Whittington
Chesterfield
S41 9QX
Accountants Dey & Co.
Brookdale
41 Clarence Road
Chesterfield
Derbyshire
S40 1LH
Bankers Barclays
Leicester
LE87 2BB
Hydrodyne Systems Limited
Statement of financial position
30 April 2019
2019 2018
Note £ £ £ £
Fixed assets
Intangible assets 4 - 10,832
Tangible assets 5 1,099,666 789,060
Investments 6 109,900 565,926
_______ _______
1,209,566 1,365,818
Current assets
Stocks 1,000 493
Debtors 7 228,655 194,875
_______ _______
229,655 195,368
Creditors: amounts falling due
within one year 8 ( 943,311) ( 758,018)
_______ _______
Net current liabilities ( 713,656) ( 562,650)
_______ _______
Total assets less current liabilities 495,910 803,168
Creditors: amounts falling due
after more than one year 9 ( 555,981) ( 407,586)
Provisions for liabilities ( 54,656) ( 53,662)
_______ _______
Net (liabilities)/assets ( 114,727) 341,920
_______ _______
Capital and reserves
Called up share capital 200,000 200,000
Profit and loss account ( 314,727) 141,920
_______ _______
Shareholders (deficit)/funds ( 114,727) 341,920
_______ _______
For the year ending 30 April 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 09 January 2020 , and are signed on behalf of the board by:
Mr Eric Taylor
Director
Company registration number: 01355353
Hydrodyne Systems Limited
Notes to the financial statements
Year ended 30 April 2019
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Hema Works, Station Lane, Old Whittington, Chesterfield, S41 9QX.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at a revalued amount, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are recorded at the fair value at the acquisition date.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Combined other intangible assets - 10 % straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property - 2 % straight line
Plant and machinery - 15 % reducing balance
Fittings fixtures and equipment - 15 % reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Intangible assets
Other intangible assets Total
£ £
Cost
At 1 May 2018 69,538 69,538
Disposals (69,538) (69,538)
_______ _______
At 30 April 2019 - -
_______ _______
Amortisation
At 1 May 2018 58,706 58,706
Charge for the year 2,407 2,407
Disposals ( 61,113) ( 61,113)
_______ _______
At 30 April 2019 - -
_______ _______
Carrying amount
At 30 April 2019 - -
_______ _______
At 30 April 2018 10,832 10,832
_______ _______
5. Tangible assets
Freehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £ £
Cost
At 1 May 2018 213,809 1,647,072 143,919 62,697 2,067,497
Additions 95,000 310,855 1,385 33,599 440,839
Disposals - - - ( 19,470) ( 19,470)
_______ _______ _______ _______ _______
At 30 April 2019 308,809 1,957,927 145,304 76,826 2,488,866
_______ _______ _______ _______ _______
Depreciation
At 1 May 2018 29,941 1,088,978 117,172 42,346 1,278,437
Charge for the year 5,860 104,156 4,081 10,992 125,089
Disposals - - - ( 14,326) ( 14,326)
_______ _______ _______ _______ _______
At 30 April 2019 35,801 1,193,134 121,253 39,012 1,389,200
_______ _______ _______ _______ _______
Carrying amount
At 30 April 2019 273,008 764,793 24,051 37,814 1,099,666
_______ _______ _______ _______ _______
At 30 April 2018 183,868 558,094 26,747 20,351 789,060
_______ _______ _______ _______ _______
6. Investments
Shares in group undertakings and participating interests Total
£ £
Cost
At 1 May 2018 565,926 565,926
Disposals ( 1,000) ( 1,000)
_______ _______
At 30 April 2019 564,926 564,926
_______ _______
Impairment
At 1 May 2018 - -
Other movements 455,026 455,026
_______ _______
At 30 April 2019 455,026 455,026
_______ _______
Carrying amount
At 30 April 2019 109,900 109,900
_______ _______
At 30 April 2018 565,926 565,926
_______ _______
In accordance with Accounting Standards the company has carried out an imparement review in respect of its subsidiaries. As a result, the company's investment in Icon Process Systems Limited has been written down by £455,026.
7. Debtors
2019 2018
£ £
Trade debtors 17,999 62,519
Amounts owed by group undertakings and undertakings in which the company has a participating interest 203,409 127,006
Other debtors 7,247 5,350
_______ _______
228,655 194,875
_______ _______
8. Creditors: amounts falling due within one year
2019 2018
£ £
Bank loans and overdrafts 38,200 33,403
Trade creditors 2,061 27,973
Amounts owed to group undertakings and undertakings in which the company has a participating interest 218,225 74,626
Social security and other taxes 22,816 50,027
Other creditors 662,009 571,989
_______ _______
943,311 758,018
_______ _______
The company meets its day to day working capital requirements through bank overdraft and loan facilities for which security has been given by the company and which, in common with such facilities, are repayable on demand. The company is operating within its agreed facilities and the directors expect it to be able to continue doing so for at least one year from which they approved the financial statements. In view of their relationship with the company's bankers the directors consider it reasonable to rely on the continuation of the overdraft and loan facilities. Obligations under hire purchase agreements are secured on the assets to which they relate.
9. Creditors: amounts falling due after more than one year
2019 2018
£ £
Bank loans and overdrafts 224,786 258,567
Other creditors 331,195 149,019
_______ _______
555,981 407,586
_______ _______
Included within creditors: amounts falling due after more than one year is an amount of £ 80,786 (2018 £ 116,786 ) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
The company has a bank loan, payable in monthly installments, over fifteen years at an annual interest rate of 3.2%
10. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2019
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr Alan Taylor ( 100,022) ( 21,695) ( 121,717)
_______ _______ _______
2018
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr Alan Taylor ( 8,406) ( 91,616) ( 100,022)
_______ _______ _______
11. Related party transactions
The company has taken advantage of the exemption provided by Paragraph 33.1A of FRS 102 that says disclosures need not be given of transactions that have taken place between group members.
12. Controlling party
The company is controlled by Alan Taylor and Sheena Taylor, directors of the company.
13. Other
Guarantees have been given to Barclays Bank plc in respect of borrowings by other members of the Hydrodyne Systems group. In the opinion of the directors no liability will arise in connection with these guarantees. On 23 December 2019 the company converted 400,000 redeemable preference shares of £1 each into ordinary shares of £1 each.