Company No:
Contents
Note | 2023 | 2022 | ||
£ | £ | |||
Fixed assets | ||||
Intangible assets | 3 |
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Tangible assets | 4 |
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465,872 | 450,085 | |||
Current assets | ||||
Stocks | 5 |
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Debtors | 6 |
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Cash at bank and in hand | 7 |
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3,502,449 | 2,782,201 | |||
Creditors: amounts falling due within one year | 8 | (
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Net current assets | 2,877,673 | 1,865,344 | ||
Total assets less current liabilities | 3,343,545 | 2,315,429 | ||
Provision for liabilities | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital | 9 |
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Capital redemption reserve |
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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 £.
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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Other property, plant and 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.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.
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.
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.
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.
2023 | 2022 | ||
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 2022 |
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At 31 May 2023 |
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Accumulated amortisation | |||
At 01 June 2022 |
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Charge for the financial year |
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At 31 May 2023 |
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Net book value | |||
At 31 May 2023 |
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At 31 May 2022 |
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Land and buildings | Leasehold improve- ments |
Other property, plant and equipment |
Total | ||||
£ | £ | £ | £ | ||||
Cost | |||||||
At 01 June 2022 |
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Additions |
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At 31 May 2023 |
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Accumulated depreciation | |||||||
At 01 June 2022 |
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Charge for the financial year |
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At 31 May 2023 |
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Net book value | |||||||
At 31 May 2023 |
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At 31 May 2022 |
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2023 | 2022 | ||
£ | £ | ||
Stocks |
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2023 | 2022 | ||
£ | £ | ||
Trade debtors |
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Amounts owed by related parties |
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Other debtors |
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2023 | 2022 | ||
£ | £ | ||
Cash at bank and in hand |
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Less: Bank overdrafts |
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7,323 | 125,870 |
2023 | 2022 | ||
£ | £ | ||
Bank overdrafts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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2023 | 2022 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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nil
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97 | 102 |
On the same day 414 of the Ordinary shares of £0.01 and the 100 .B Ordinary shares were repurchased by the company for a consideration of £284,833 and subsequently cancelled. On the same day 2,686 of the Ordinary shares of £0.01 were re-designated as 2,686 Deferred shares of £0.01 each.
The Ordinary shares and the A Ordinary shares rank pari passu in all respects. The deferred shares have different rights.
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.
2023 | 2022 | ||
£ | £ | ||
Unpaid contributions due to the fund (inc. in other creditors) |
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During the year the company provided funding to a company, related by virtue of common control, totalling £629,923 (2022 : £1,455,694).
At the year end the related party owed the company £2,300,082 (2022 : £1,670,159). The loan is interest free and repayable on demand.