Company No:
Contents
DIRECTORS | A R Beckett |
J M Heaton | |
B G Lize |
REGISTERED OFFICE | Unit 19 |
20 & Unit 21 Kincraig Business Park | |
Kincraig Road | |
Bispham | |
FY2 0PJ | |
England | |
United Kingdom |
COMPANY NUMBER | 09612888 (England and Wales) |
CHARTERED ACCOUNTANTS | Hurst Accountants Limited |
Lancashire Gate | |
21 Tiviot Dale | |
Stockport | |
SK1 1TD |
Note | 2022 | 2021 | ||
£ | £ | |||
Restated - note 2 | ||||
Fixed assets | ||||
Intangible assets | 4 |
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Tangible assets | 5 |
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450,085 | 470,536 | |||
Current assets | ||||
Stocks | 6 |
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Debtors | 7 |
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Cash at bank and in hand | 8 |
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2,782,201 | 1,727,061 | |||
Creditors | ||||
Amounts falling due within one year | 9 | (
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Net current assets | 1,865,344 | 889,656 | ||
Total assets less current liabilities | 2,315,429 | 1,360,192 | ||
Provision for liabilities | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital |
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Profit and loss account |
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Total shareholders' funds |
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Directors' responsibilities:
The financial statements of Hydro Solutions Fylde Ltd (registered number:
A R Beckett
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Hydro Solutions Fylde Ltd (Trading as Elite Competitions) (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Unit 19, 20 & Unit 21 Kincraig Business Park, Kincraig Road, Bispham, FY2 0PJ, England, United Kingdom.
The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.
During the preparation of the 31 May 2022 financial statements, the directors became aware of information that was not previously available in relation to the calculation of deferred income and associated costs, including stock, for the accounting period 31 May 2021.
On assessing this new information, it was established that revenue of £161,369 should have been deferred and recognised in the accounting period to 31 May 2022 and £19,000 should have been recognised in the accounting period to 31 May 2020. As a result of the adjustments to the recognition of revenue, cost of sales amounting to £129,969 were identified as being incorrectly recognised in the accounting period to 31 May 2021, when they should have been deferred and recognised in the accounting period to 31 May 2022.
The 2021 comparative figures have therefore been re-stated to reflect this reduction in revenue and cost of sales and the associated increases in the deferred income and stock balances.
This adjustment had a subsequent impact on the corporation tax charge at 31 May 2021, and this has been re-stated in the comparative figures to show a reduction in the charge for the year of £9,623 and a decrease in the associated creditor of the same amount.
The net impact on the profit and loss for the year ended 31 May 2021 is a reduction in post tax profits of £41,023. The impact on closing reserves for 31 May 2021 is a reduction of £60,023.
Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
* the Company has transferred the significant risks and rewards of ownership to the buyer;
* the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
* the amount of revenue can be measured reliably;
* it is probable that the Company will receive the consideration due under the transaction; and
* the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Computer software |
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Land and buildings |
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Leasehold improvements |
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Plant and machinery |
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Vehicles |
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Office equipment |
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The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised 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.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
Equity dividends are recognised when they become legally payable.
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in other creditors as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.
Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.
A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the Balance Sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the Balance Sheet date.
During the preparation of the 31 May 2022 financial statements, the directors became aware of information that was not previously available in relation to the calculation of deferred income and associated costs, including stock, for the accounting period 31 May 2021.
On assessing this new information, it was established that revenue of £161,369 should have been deferred and recognised in the accounting period to 31 May 2022 and £19,000 should have been recognised in the accounting period to 31 May 2020. As a result of the adjustments to the recognition of revenue, cost of sales amounting to £129,969 were identified as being incorrectly recognised in the accounting period to 31 May 2021, when they should have been deferred and recognised in the accounting period to 31 May 2022.
The 2021 comparative figures have therefore been re-stated to reflect this reduction in revenue and cost of sales and the associated increases in the deferred income and stock balances.
This adjustment had a subsequent impact on the corporation tax charge at 31 May 2021, and this has been re-stated in the comparative figures to show a reduction in the charge for the year of £9,623 and a decrease in the associated creditor of the same amount.
The net impact on the profit and loss for the year ended 31 May 2021 is a reduction in post tax profits of £41,023, and the impact on closing reserves for 31 May 2021 is a reduction of £60,023.
As previously reported | Adjustment | As restated | ||||
Year ended 31 May 2021 | £ | £ | £ | |||
Stock (Note 6) | 193,030 | 113,970 | 307,000 | |||
Other creditors and deferred income (Note 9) | (71,838) | (183,616) | (255,454) | |||
Corporation Tax Creditor (Note 9) | (591,574) | 9,623 | (581,951) | |||
Retained Earnings | 1,410,378 | (60,023) | 1,350,355 |
2022 | 2021 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Computer software | Total | ||
£ | £ | ||
Cost | |||
At 01 June 2021 |
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At 31 May 2022 |
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Accumulated amortisation | |||
At 01 June 2021 |
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Charge for the financial year |
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At 31 May 2022 |
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Net book value | |||
At 31 May 2022 |
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At 31 May 2021 |
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Land and buildings | Leasehold improve- ments |
Plant and machinery | Vehicles | Office equipment | Total | ||||||
£ | £ | £ | £ | £ | £ | ||||||
Cost | |||||||||||
At 01 June 2021 |
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Additions |
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Adjustment to incorrect opening balance value on plant and machinery |
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At 31 May 2022 |
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Accumulated depreciation | |||||||||||
At 01 June 2021 |
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Charge for the financial year |
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At 31 May 2022 |
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Net book value | |||||||||||
At 31 May 2022 |
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At 31 May 2021 |
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2022 | 2021 | ||
£ | £ | ||
Stocks |
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2022 | 2021 | ||
£ | £ | ||
Trade debtors |
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Amounts owed by related parties |
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Other debtors |
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2022 | 2021 | ||
£ | £ | ||
Cash at bank and in hand |
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Less: Bank overdrafts | (
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125,870 | 799,567 |
2022 | 2021 | ||
£ | £ | ||
Bank overdrafts |
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Trade creditors |
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Corporation tax |
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Other taxation and social security |
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Other creditors |
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Pensions
The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.
2022 | 2021 | ||
£ | £ | ||
Unpaid contributions due to the fund (inc. in other creditors) |
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