Registered number: SC382190
HYDRUS ENGINEERING LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2022
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HYDRUS ENGINEERING LIMITED
COMPANY INFORMATION
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HYDRUS ENGINEERING LIMITED
REGISTERED NUMBER: SC382190
STATEMENT OF FINANCIAL POSITION
AS AT 31 OCTOBER 2022
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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TOTAL ASSETS LESS CURRENT LIABILITIES
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Creditors: amounts falling due after more than one year
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HYDRUS ENGINEERING LIMITED
REGISTERED NUMBER: SC382190
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 OCTOBER 2022
The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 25 April 2023.
The notes on pages 3 to 5 form part of these financial statements.
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HYDRUS ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2022
Hydrus Engineering Limited is a private limited company, limited by shares, incorporated in Scotland with registration number SC382190. The registered office is Units 14-15 Brechin Business Park, Brechin, Angus, DD9 6RJ.
The financial statements are presented in Sterling which is the functional currency of the Company and rounded to the nearest £.
2.ACCOUNTING POLICIES
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BASIS OF PREPARATION OF FINANCIAL STATEMENTS
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
At the time of approving the financial statements, the directors have a reasonable expecation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing financial statements.
Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Statement of Income and Retained Earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
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The average monthly number of employees, including directors, during the year was 2 (2021 - 2).
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HYDRUS ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2022
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Investments in subsidiary companies
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The investment in Hydrus Energy Engineering Limited was revalued by the directors on 31 October 2013 at a fair value of £1,500,000 and the directors still believe this to be a reasonable value as at the balance sheet date. The original cost price of the investment was £757,438.
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CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
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Amounts owed to group undertakings
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Accruals and deferred income
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HYDRUS ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2022
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CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
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Other creditors consist of loan notes with a par value of £590,000 (2021 - £650,000). These were originally due for repayment in January 2022 however this has now been amended so that they are now due for repayment in January 2024. No interest is payable on the loan notes. During the year, £60,000 of loan notes were redeemed for £60,000. The loan note holders hold floating charges over the company as security.
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ALLOTTED, CALLED UP AND FULLY PAID
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116 (2021 - 116) Ordinary A shares of £1.00 each
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24 (2021 - 24) Ordinary B shares of £1.00 each
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60 (2021 - 60) Ordinary C shares of £1.00 each
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