Hydraquip Limited Filleted accounts for Companies House (small and micro)

HYDRAFLEX METAL HOSE & BELLOWS LIMITED - Company Information

false false false false false false false false false true false false false false false false No description of principal activity 2019-01-01 Sage Accounts Production Advanced 2019 - FRS102_2019 43,000 10,000 53,000 24,725 4,467 29,192 23,808 18,275 17,473 16,821 652 652 xbrli:pure xbrli:shares iso4217:GBP 02807198 2019-01-01 2019-12-31 02807198 2019-12-31 02807198 2018-12-31 02807198 2018-01-01 2018-12-31 02807198 2018-12-31 02807198 core:NetGoodwill 2019-01-01 2019-12-31 02807198 core:LandBuildings core:ShortLeaseholdAssets 2019-01-01 2019-12-31 02807198 core:PlantMachinery 2019-01-01 2019-12-31 02807198 core:FurnitureFittings 2019-01-01 2019-12-31 02807198 core:MotorVehicles 2019-01-01 2019-12-31 02807198 bus:Director1 2019-01-01 2019-12-31 02807198 core:NetGoodwill 2018-12-31 02807198 core:NetGoodwill 2019-12-31 02807198 core:LandBuildings 2018-12-31 02807198 core:PlantMachinery 2018-12-31 02807198 core:FurnitureFittings 2018-12-31 02807198 core:MotorVehicles 2018-12-31 02807198 core:LandBuildings 2019-12-31 02807198 core:PlantMachinery 2019-12-31 02807198 core:FurnitureFittings 2019-12-31 02807198 core:MotorVehicles 2019-12-31 02807198 core:LandBuildings 2019-01-01 2019-12-31 02807198 core:WithinOneYear 2019-12-31 02807198 core:WithinOneYear 2018-12-31 02807198 core:ShareCapital 2019-12-31 02807198 core:ShareCapital 2018-12-31 02807198 core:RevaluationReserve 2019-12-31 02807198 core:RevaluationReserve 2018-12-31 02807198 core:RetainedEarningsAccumulatedLosses 2019-12-31 02807198 core:RetainedEarningsAccumulatedLosses 2018-12-31 02807198 core:NetGoodwill 2018-12-31 02807198 core:CostValuation core:Non-currentFinancialInstruments 2019-12-31 02807198 core:Non-currentFinancialInstruments core:ProvisionsForImpairmentInvestments 2019-12-31 02807198 core:Non-currentFinancialInstruments 2019-12-31 02807198 core:Non-currentFinancialInstruments 2018-12-31 02807198 core:LandBuildings 2018-12-31 02807198 core:PlantMachinery 2018-12-31 02807198 core:FurnitureFittings 2018-12-31 02807198 core:MotorVehicles 2018-12-31 02807198 bus:SmallEntities 2019-01-01 2019-12-31 02807198 bus:AuditExemptWithAccountantsReport 2019-01-01 2019-12-31 02807198 bus:FullAccounts 2019-01-01 2019-12-31 02807198 bus:SmallCompaniesRegimeForAccounts 2019-01-01 2019-12-31 02807198 bus:PrivateLimitedCompanyLtd 2019-01-01 2019-12-31

COMPANY REGISTRATION NUMBER: 02807198

Hydraquip Limited

Filleted Unaudited Financial Statements

For the year ended

31 December 2019

Hydraquip Limited

Statement of Financial Position

31 December 2019

	2019		2018
Note	£	£	£

Fixed assets

Intangible assets	5	23,808	18,275
Tangible assets	6	192,036	127,250
Investments	7	652	652
		---------	---------
		216,496	146,177

Current assets

Stocks		587,273	379,030
Debtors	8	1,037,719	821,097
Cash at bank and in hand		430,857	499,636
		------------	------------
		2,055,849	1,699,763

Creditors: amounts falling due within one year	9	459,992		517,364
		------------		------------
Net current assets			1,595,857	1,182,399
			------------	------------
Total assets less current liabilities			1,812,353	1,328,576

Provisions

Taxation including deferred tax	29,603	21,547
	------------	------------
Net assets	1,782,750	1,307,029
	------------	------------

Capital and reserves

Called up share capital	100	100
Revaluation reserve	13,469	13,469
Profit and loss account	1,769,181	1,293,460
	------------	------------
Shareholders funds	1,782,750	1,307,029
	------------	------------

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 Section 1A of 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.

For the year ending 31 December 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 .

Hydraquip Limited

Statement of Financial Position (continued)

31 December 2019

These financial statements were approved by the board of directors and authorised for issue on 29 December 2020 , and are signed on behalf of the board by:

D M MacBain

Director

Company registration number: 02807198

Hydraquip Limited

Notes to the Financial Statements

Year ended 31 December 2019

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Swan House, 9 Queens Road, Brentwood, Essex, CM14 4HE.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that the actual outcomes could differ from those estimates. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

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.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

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:

	Goodwill	-	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 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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:

Improvement to Premises	-	10% straight line
Plant and Machinery	-	15% reducing balance
Fixtures, Fittings and Equipment	-	15% reducing balance
Motor Vehicles	-	25% reducing balance

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.

Investments in associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

Investments in joint ventures

Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.

Impairment of fixed assets

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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

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 stock to its 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 as a finance cost in profit or loss in the period it arises.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 23 (2018: 23 ).

5. Intangible assets

	Goodwill
	£
Cost
At 1 January 2019	43,000
Additions	–
Acquisitions through business combinations	10,000
	--------
At 31 December 2019	53,000
	--------
Amortisation
At 1 January 2019	24,725
Charge for the year	4,467
	--------
At 31 December 2019	29,192
	--------
Carrying amount
At 31 December 2019	23,808
	--------
At 31 December 2018	18,275
	--------

6. Tangible assets

	Land and buildings	Plant and machinery	Fixtures and fittings	Motor vehicles	Total
	£	£	£	£	£
Cost
At 1 January 2019	13,005	89,838	60,311	27,569	190,723
Additions	12,018	21,050	22,118	38,295	93,481
Disposals	–	–	–	( 400)	( 400)
	--------	---------	--------	--------	---------
At 31 December 2019	25,023	110,888	82,429	65,464	283,804
	--------	---------	--------	--------	---------
Depreciation
At 1 January 2019	6,502	23,980	31,255	1,736	63,473
Charge for the year	1,879	10,658	5,894	9,864	28,295
	--------	---------	--------	--------	---------
At 31 December 2019	8,381	34,638	37,149	11,600	91,768
	--------	---------	--------	--------	---------
Carrying amount
At 31 December 2019	16,642	76,250	45,280	53,864	192,036
	--------	---------	--------	--------	---------
At 31 December 2018	6,503	65,858	29,056	25,833	127,250
	--------	---------	--------	--------	---------

7. Investments

	Shares in group undertakings
	£
Cost
At 1 January 2019 and 31 December 2019	17,473
	--------
Impairment
At 1 January 2019 and 31 December 2019	16,821
	--------

Carrying amount
At 31 December 2019	652
	--------
At 31 December 2018	652
	--------

8. Debtors

	2019	2018
	£	£
Trade debtors	949,210	697,389
Other debtors	88,509	123,708
	------------	---------
	1,037,719	821,097
	------------	---------

9. Creditors: amounts falling due within one year

	2019	2018
	£	£
Trade creditors	368,896	234,497
Corporation tax	–	52,915
Social security and other taxes	47,095	81,195
Other creditors	44,001	148,757
	---------	---------
	459,992	517,364
	---------	---------

10. Directors' advances, credits and guarantees

No disclosures are required of directors advances, credits and guarantees.