Hyco Manufacturing Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 02462613 (England and Wales)

Financial Statements for the Year Ended 30 September 2023

for

Hyco Manufacturing Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

M F McHugh

Mrs K J McHugh

SECRETARY:

M F McHugh

REGISTERED OFFICE:

Normandy Court

Express Way

Castleford

West Yorkshire

WF10 5NR

REGISTERED NUMBER:

02462613 (England and Wales)

ACCOUNTANTS:

Richard Smedley Limited

Chartered Accountants & Registered Auditors

Richmond House

Lawnswood Business Park

Redvers Close

Leeds

West Yorkshire

LS16 6QY

FIXED ASSETS

Tangible assets

4

452,678

444,818

CURRENT ASSETS

Stocks

3,292,864

3,191,537

Debtors

5

2,828,667

2,991,683

Cash at bank and in hand

3,299,898

1,790,274

9,421,429

7,973,494

CREDITORS

Amounts falling due within one year

6

1,485,215

1,182,165

NET CURRENT ASSETS

7,936,214

6,791,329

TOTAL ASSETS LESS CURRENT LIABILITIES

8,388,892

7,236,147

PROVISIONS FOR LIABILITIES

101,778

93,859

NET ASSETS

8,287,114

7,142,288

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

8,287,014

7,142,188

8,287,114

7,142,288

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 11 March 2024 and were signed on its behalf by:

Mrs K J McHugh - Director

M F McHugh - Director

1.	STATUTORY INFORMATION

Hyco Manufacturing 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.

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

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

Straight line over 3 years

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 Statement of Income and Retained Earnings, 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.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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 28 (2022 - 31 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 October 2022

557,104

246,412

69,091

25,367

897,974

Additions

5,651

16,736

133,465

19,574

175,426

Disposals

(21,350

)

(10,774

)

-

(5,856

)

(37,980

)

At 30 September 2023

541,405

252,374

202,556

39,085

1,035,420

DEPRECIATION

At 1 October 2022

325,805

73,874

37,019

16,458

453,156

Charge for year

57,721

46,485

41,385

11,258

156,849

Eliminated on disposal

(15,272

)

(7,432

)

-

(4,559

)

(27,263

)

At 30 September 2023

368,254

112,927

78,404

23,157

582,742

NET BOOK VALUE

At 30 September 2023

173,151

139,447

124,152

15,928

452,678

At 30 September 2022

231,299

172,538

32,072

8,909

444,818

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.23

30.9.22

£

£

Trade debtors

1,799,629

1,674,032

Other debtors

1,029,038

1,317,651

2,828,667

2,991,683

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.23

30.9.22

£

£

Trade creditors

139,577

253,079

Taxation and social security

871,198

466,868

Other creditors

474,440

462,218

1,485,215

1,182,165

7.	LEASING AGREEMENTS

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

30.9.23

30.9.22

£

£

Within one year

126,500

126,500

Between one and five years

218,750

343,750

345,250

470,250

8.	SECURED DEBTS

Yorkshire Bank plc hold a fixed and floating charge over the undertaking and all property and assets.