Able Hydraulics Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 01593258 (England and Wales)

ABLE HYDRAULICS LIMITED

Unaudited Financial Statements

for the Year Ended 28 February 2023

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

R Phelan

S Robinson

REGISTERED OFFICE:

3 The Studios

320 Chorley Old Road

Bolton

Lancashire

BL1 4JU

REGISTERED NUMBER:

01593258 (England and Wales)

ACCOUNTANTS:

SCCA Limited T/a Stafford & Co

Chartered Accountants

3 The Studios

320 Chorley Old Road

Bolton

Lancashire

BL1 4JU

FIXED ASSETS

Tangible assets

4

33,756

41,444

CURRENT ASSETS

Stocks

66,800

68,000

Debtors

5

899,724

970,319

Cash at bank and in hand

40,173

128,087

1,006,697

1,166,406

CREDITORS

Amounts falling due within one year

6

438,287

536,095

NET CURRENT ASSETS

568,410

630,311

TOTAL ASSETS LESS CURRENT LIABILITIES

602,166

671,755

CREDITORS

Amounts falling due after more than one year

7

(73,478

)

(113,996

)

PROVISIONS FOR LIABILITIES

(5,317

)

(6,764

)

NET ASSETS

523,371

550,995

CAPITAL AND RESERVES

Called up share capital

10

2,630

2,630

Share premium

24,522

24,522

Retained earnings

496,219

523,843

SHAREHOLDERS' FUNDS

523,371

550,995

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 8 September 2023 and were signed on its behalf by:

R Phelan - Director

1.	STATUTORY INFORMATION

Able Hydraulics Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

The company recognises revenue when: the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

15% reducing balance

Fixtures and fittings

-

25% reducing balance

Motor vehicles

-

25% reducing balance

Computer equipment

-

25% reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2022 - 7 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Long

Plant and

and

leasehold

machinery

fittings

£

£

£

COST

At 1 March 2022

and 28 February 2023

6,536

189,344

11,080

DEPRECIATION

At 1 March 2022

109

171,261

4,549

Charge for year

654

2,800

1,633

At 28 February 2023

763

174,061

6,182

NET BOOK VALUE

At 28 February 2023

5,773

15,283

4,898

At 28 February 2022

6,427

18,083

6,531

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 March 2022

and 28 February 2023

14,999

1,463

223,422

DEPRECIATION

At 1 March 2022

5,968

91

181,978

Charge for year

2,258

343

7,688

At 28 February 2023

8,226

434

189,666

NET BOOK VALUE

At 28 February 2023

6,773

1,029

33,756

At 28 February 2022

9,031

1,372

41,444

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

202,158

276,549

Amounts owed by group undertakings

693,770

693,770

Other debtors

3,796

-

899,724

970,319

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Bank loans and overdrafts

40,518

38,893

Trade creditors

146,659

176,020

Amounts owed to group undertakings

173

173

Taxation and social security

72,291

67,611

Other creditors

178,646

253,398

438,287

536,095

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2022

£

£

Bank loans

73,478

113,996

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

-

73,478

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2023

2022

£

£

Within one year

35,195

37,140

Between one and five years

165,000

167,195

In more than five years

107,250

140,250

307,445

344,585

9.	SECURED DEBTS

The following secured debts are included within creditors:

2023

2022

£

£

Other loans

169,195

246,265

Close Brother Limited have a fixed and floating charge, details of which can be found at Companies House - charge code - 0159 3258 0003.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2023

2022

value:

£

£

1,315

Ordinary

1

1,315

1,315

1,315

Ordinary A

1

1,315

1,315

2,630

2,630

Ordinary shares: Presribed particulars full and equal rights.

Ordinary A shares: Presribed particulars full and equal rights.

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 28 February 2023 and 28 February 2022:

2023

2022

£

£

S Robinson

Balance outstanding at start of year

-

2,332

Amounts repaid

-

(2,332

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

-

12.	RELATED PARTY DISCLOSURES

Included within other creditors is an amount totalling £173 (£173 - 2022) which is owed to Able Hydraulics Holdings Ltd, a company in which the directors have an associated interest by virtue of shareholdings.

Included within other debtors is an amount totalling £693,770 (£693,770 - 2022) which is due from Robsam Holdings Ltd, a company in which the directors have an associated interest by virtue of shareholdings.

13.	ULTIMATE CONTROLLING PARTY

The controlling parties are Mr R Phelan and Mr S Robinson by virtue of their shareholdings in parent company Robsam Holdings Ltd.