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 false No description of principal activity 2017-01-01 Sage Accounts Production Advanced 2018 - FRS 43,000 16,125 4,300 20,425 22,575 26,875 17,473 17,473 17,473 xbrli:pure xbrli:shares iso4217:GBP 02807198 2017-01-01 2017-12-31 02807198 2017-12-31 02807198 2016-12-31 02807198 2016-01-01 2016-12-31 02807198 2016-12-31 02807198 core:NetGoodwill 2017-01-01 2017-12-31 02807198 core:LandBuildings core:ShortLeaseholdAssets 2017-01-01 2017-12-31 02807198 core:PlantMachinery 2017-01-01 2017-12-31 02807198 core:FurnitureFittings 2017-01-01 2017-12-31 02807198 core:MotorVehicles 2017-01-01 2017-12-31 02807198 bus:Director1 2017-01-01 2017-12-31 02807198 core:NetGoodwill 2016-12-31 02807198 core:NetGoodwill 2017-12-31 02807198 core:LandBuildings 2016-12-31 02807198 core:PlantMachinery 2016-12-31 02807198 core:FurnitureFittings 2016-12-31 02807198 core:MotorVehicles 2016-12-31 02807198 core:LandBuildings 2017-12-31 02807198 core:PlantMachinery 2017-12-31 02807198 core:FurnitureFittings 2017-12-31 02807198 core:MotorVehicles 2017-12-31 02807198 core:LandBuildings 2017-01-01 2017-12-31 02807198 core:WithinOneYear 2017-12-31 02807198 core:WithinOneYear 2016-12-31 02807198 core:ShareCapital 2017-12-31 02807198 core:ShareCapital 2016-12-31 02807198 core:RetainedEarningsAccumulatedLosses 2017-12-31 02807198 core:RetainedEarningsAccumulatedLosses 2016-12-31 02807198 core:NetGoodwill 2016-12-31 02807198 core:AdditionsToInvestments core:Non-currentFinancialInstruments 2017-12-31 02807198 core:CostValuation core:Non-currentFinancialInstruments 2017-12-31 02807198 core:Non-currentFinancialInstruments 2017-12-31 02807198 core:LandBuildings 2016-12-31 02807198 core:PlantMachinery 2016-12-31 02807198 core:FurnitureFittings 2016-12-31 02807198 core:MotorVehicles 2016-12-31 02807198 bus:SmallEntities 2017-01-01 2017-12-31 02807198 bus:AuditExemptWithAccountantsReport 2017-01-01 2017-12-31 02807198 bus:FullAccounts 2017-01-01 2017-12-31 02807198 bus:SmallCompaniesRegimeForAccounts 2017-01-01 2017-12-31 02807198 bus:PrivateLimitedCompanyLtd 2017-01-01 2017-12-31

COMPANY REGISTRATION NUMBER: 02807198

Hydraquip Limited

Filleted Unaudited Financial Statements

For the year ended

31 December 2017

Hydraquip Limited

Statement of Financial Position

31 December 2017

	2017		2016
Note	£	£	£

Fixed assets

Intangible assets	5	22,575	26,875
Tangible assets	6	143,942	90,843
Investments	7	17,473	–
		---------	---------
		183,990	117,718

Current assets

Stocks		361,519	248,794
Debtors	8	717,350	706,972
Cash at bank and in hand		164,272	155,749
		------------	------------
		1,243,141	1,111,515

Creditors: amounts falling due within one year	9	622,817		1,014,341
		------------		------------
Net current assets			620,324	97,174
			---------	---------
Total assets less current liabilities			804,314	214,892

Provisions

Taxation including deferred tax	26,258	18,169
	---------	---------
Net assets	778,056	196,723
	---------	---------

Capital and reserves

Called up share capital	100	100
Profit and loss account	777,956	196,623
	---------	---------
Shareholders funds	778,056	196,723
	---------	---------

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.

For the year ending 31 December 2017 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 2017

These financial statements were approved by the board of directors and authorised for issue on 27 September 2018 , 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 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 11 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.

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 24 (2016: 19 ).

5. Intangible assets

	Goodwill
	£
Cost
At 1 January 2017 and 31 December 2017	43,000
	--------
Amortisation
At 1 January 2017	16,125
Charge for the year	4,300
	--------
At 31 December 2017	20,425
	--------
Carrying amount
At 31 December 2017	22,575
	--------
At 31 December 2016	26,875
	--------

6. Tangible assets

	Land and buildings	Plant and machinery	Fixtures and fittings	Motor vehicles	Total
	£	£	£	£	£
Cost
At 1 January 2017	13,005	42,917	53,310	35,181	144,413
Additions	–	66,569	7,001	–	73,570
Disposals	–	( 999)	–	–	( 999)
	--------	---------	--------	--------	---------
At 31 December 2017	13,005	108,487	60,311	35,181	216,984
	--------	---------	--------	--------	---------
Depreciation
At 1 January 2017	3,901	13,415	20,862	15,392	53,570
Charge for the year	1,301	8,259	4,965	4,947	19,472
	--------	---------	--------	--------	---------
At 31 December 2017	5,202	21,674	25,827	20,339	73,042
	--------	---------	--------	--------	---------
Carrying amount
At 31 December 2017	7,803	86,813	34,484	14,842	143,942
	--------	---------	--------	--------	---------
At 31 December 2016	9,104	29,502	32,448	19,789	90,843
	--------	---------	--------	--------	---------

7. Investments

	Shares in group undertakings
	£
Cost
At 1 January 2017	–
Additions	17,473
	--------
At 31 December 2017	17,473
	--------
Impairment
At 1 January 2017 and 31 December 2017	–
	--------

Carrying amount
At 31 December 2017	17,473
	--------
At 31 December 2016	–
	--------

8. Debtors

	2017	2016
	£	£
Trade debtors	664,921	561,092
Other debtors	52,429	145,880
	---------	---------
	717,350	706,972
	---------	---------

9. Creditors: amounts falling due within one year

	2017	2016
	£	£
Trade creditors	369,900	253,701
Corporation tax	38,777	106,682
Social security and other taxes	69,280	64,281
Other creditors	144,860	589,677
	---------	------------
	622,817	1,014,341
	---------	------------

10. Directors' advances, credits and guarantees

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