Hydrafix 2000 Limited Filleted accounts for Companies House (small and micro)

HYDRAFIX 2000 LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 04109350

HYDRAFIX 2000 LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

31 March 2023

HYDRAFIX 2000 LIMITED

STATEMENT OF FINANCIAL POSITION

31 March 2023

	2023		2022
Note	£	£	£	£

FIXED ASSETS

Tangible assets	5		55,461		26,774

CURRENT ASSETS

Stocks		21,250	20,000
Debtors	6	71,870	93,861
Cash at bank and in hand		110,055	123,000
		---------	---------
		203,175	236,861

CREDITORS: amounts falling due within one year	7	131,951		139,799
		---------		---------
NET CURRENT ASSETS			71,224		97,062
			---------		---------
TOTAL ASSETS LESS CURRENT LIABILITIES			126,685		123,836

CREDITORS: amounts falling due after more than one year	8		7,245		–

PROVISIONS

Taxation including deferred tax	10,445	4,978
	---------	---------
NET ASSETS	108,995	118,858
	---------	---------

CAPITAL AND RESERVES

Called up share capital	9	4	4
Profit and loss account		108,991	118,854
		---------	---------
SHAREHOLDERS FUNDS		108,995	118,858
		---------	---------

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 income and retained earnings has not been delivered.

For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

HYDRAFIX 2000 LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

31 March 2023

These financial statements were approved by the board of directors and authorised for issue on 6 December 2023 , and are signed on behalf of the board by:

Mr P Bromley
Director

Company registration number: 04109350

HYDRAFIX 2000 LIMITED

NOTES TO THE FINANCIAL STATEMENTS

Year ended 31 March 2023

1. GENERAL INFORMATION

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 4, Kings Court, Sedgley Road East, Tipton, DY4 8XA.

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. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Revenue recognition

The turnover shown in the profit and loss account represents amounts invoiced in the year, net of Value Added Tax. Turnover for goods sold is recognised when the goods are despatched to the customer. In respect of ongoing contracts, turnover represents the value of work done in the year, including estimates of amounts not invoiced, by reference to the stage of completion of the job.

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.

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:

Plant & machinery	-	15% reducing balance
Fixtures & fittings	-	15% reducing balance
Motor vehicles	-	25% reducing balance
Office equipment	-	25% reducing balance

Stock and work in progress

Stock is valued at the lower of cost and net realisable value. Cost is determined on a first in first out basis, with net realisable value representing estimated selling price. Provision is made for slow moving, obsolete or damaged stock where net realisable value is less than cost. Work in progress is valued on the basis of direct costs plus attributable overheads based on a normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.

Finance leases and hire purchase contracts

Assets held under finance leases are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability. Operating lease agreements Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

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 7 (2022: 8 ).

5. TANGIBLE ASSETS

	Plant & machinery	Fixtures & fittings	Motor vehicles	Office equipment	Total
	£	£	£	£	£
Cost
At 1 April 2022	55,677	8,126	31,338	4,015	99,156
Additions	1,025	–	36,957	305	38,287
Disposals	–	–	( 29,838)	–	( 29,838)
	--------	-------	--------	-------	---------
At 31 March 2023	56,702	8,126	38,457	4,320	107,605
	--------	-------	--------	-------	---------
Depreciation
At 1 April 2022	37,324	5,957	25,943	3,158	72,382
Charge for the year	2,907	326	2,008	265	5,506
Disposals	–	–	( 25,744)	–	( 25,744)
	--------	-------	--------	-------	---------
At 31 March 2023	40,231	6,283	2,207	3,423	52,144
	--------	-------	--------	-------	---------
Carrying amount
At 31 March 2023	16,471	1,843	36,250	897	55,461
	--------	-------	--------	-------	---------
At 31 March 2022	18,353	2,169	5,395	857	26,774
	--------	-------	--------	-------	---------

6. DEBTORS

	2023	2022
	£	£
Trade debtors	66,191	86,604
Other debtors	5,679	7,257
	--------	--------
	71,870	93,861
	--------	--------

7. CREDITORS: amounts falling due within one year

	2023	2022
	£	£
Trade creditors	19,576	13,868
Corporation tax	–	11,917
Social security and other taxes	23,565	31,747
Other creditors	88,810	82,267
	---------	---------
	131,951	139,799
	---------	---------

8. CREDITORS: amounts falling due after more than one year

	2023	2022
	£	£
Other creditors	7,245	–
	-------	----

9. CALLED UP SHARE CAPITAL

Issued, called up and fully paid

	2023		2022
	No.	£	No.	£
Ordinary shares of £ 1 each	4	4	4	4
	----	----	----	----