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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2017 |
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THE WATER HYDRAULICS CO. LTD |
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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2017 |
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FOR |
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THE WATER HYDRAULICS CO. LTD |
THE WATER HYDRAULICS CO. LTD (REGISTERED NUMBER: 04302081) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 31 December 2017 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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THE WATER HYDRAULICS CO. LTD |
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COMPANY INFORMATION |
for the Year Ended 31 December 2017 |
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DIRECTOR: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
Beckside Court |
Annie Reed Road |
Beverley |
East Yorkshire |
HU17 0LF |
THE WATER HYDRAULICS CO. LTD (REGISTERED NUMBER: 04302081) |
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BALANCE SHEET |
31 December 2017 |
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2017 | 2016 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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CURRENT ASSETS |
Stocks |
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Debtors | 6 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one year | 8 | ( |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The director acknowledges his 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 WATER HYDRAULICS CO. LTD (REGISTERED NUMBER: 04302081) |
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BALANCE SHEET - continued |
31 December 2017 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the director on
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THE WATER HYDRAULICS CO. LTD (REGISTERED NUMBER: 04302081) |
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NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 31 December 2017 |
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1. | STATUTORY INFORMATION |
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The Water Hydraulics Co. Ltd is a private company, limited by shares, registered in England. The company's |
registered number and registered office address can be found on the Company Information page. |
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The financial statements are presented in sterling, which is the functional currency of the company and covers the |
individual entity only. |
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The principal activity of the company is the manufacture and development of pumps, motors and water hydraulic |
valves. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Having regard to liquidity risk, current market conditions and other factors affecting the company, the use of the |
going concern basis of accounting is appropriate as, in the opinion of the directors there are no material |
uncertainties related to events or conditions that may cast significant doubt about the ability of the company to |
continue as a going concern. |
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Turnover |
Turnover is the amount receivable for the provision of goods and services falling within the company's ordinary |
activities excluding value added tax and trade discounts. |
Turnover from the provision of goods is recognised when the risks and rewards of ownership of goods have been |
transferred to the customer. The risk and rewards of ownership of goods are deemed to have been transferred |
when the goods are shipped to, or picked up by, the customer. |
Turnover from services are recognised when the service provided to the customer has been completed. |
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Goodwill |
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Other intangible assets |
Amortisation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Other intangible assets - 10% on cost |
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Tangible fixed assets |
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Land and buildings | - |
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Plant and machinery etc | - |
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Stocks |
Stocks are stated at the lower of cost and net realisable value, after making due allowance for obsolete and slow |
moving item. Cost is determined on a first in, first out basis. |
Work in progress is valued at cost, which includes outlays incurred on behalf of the customer and appropriate |
proportion of directly attributable costs and overheads on incomplete assignments. Provision is made for |
irrecoverable costs where appropriate. |
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THE WATER HYDRAULICS CO. LTD (REGISTERED NUMBER: 04302081) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 December 2017 |
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2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation represents the sum of the tax currently payable and deferred tax. |
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The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in |
the statement of comprehensive income because of items of income or expense that are taxable or deductible in |
other years and items that are never taxable or deductible. The Company's liability for the current tax is calculated |
using tax rates that have been enacted or substantively enacted by the end of the reporting period. |
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Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the |
financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax |
liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for |
all deductible temporary differences to the extent that it is probable that taxable profits will be available against |
which those deductible timing differences can be utilised. The carrying amount of deferred tax is reviewed at the |
end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits |
will be available to allow all or part of the asset to be recovered. |
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Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which |
the liability is settled or the asset realised, based on the tax rates (and tax laws) that have been enacted or |
substantively enacted by the end of the reporting period. |
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Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are |
recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also |
recognised in other comprehensive income or directly in equity respectively. |
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Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
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Pension costs and other post-retirement benefits |
The company facilitates a group pension scheme. Contributions payable to the scheme are charged to the profit |
and loss account in the period to which they relate. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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THE WATER HYDRAULICS CO. LTD (REGISTERED NUMBER: 04302081) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 December 2017 |
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4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
Goodwill | assets | Totals |
£ | £ | £ |
COST |
At 1 January 2017 |
and 31 December 2017 |
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AMORTISATION |
At 1 January 2017 |
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Charge for year |
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At 31 December 2017 |
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NET BOOK VALUE |
At 31 December 2017 |
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At 31 December 2016 |
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5. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST |
At 1 January 2017 |
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Additions |
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Disposals |
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At 31 December 2017 |
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DEPRECIATION |
At 1 January 2017 |
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Charge for year |
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Eliminated on disposal |
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At 31 December 2017 |
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NET BOOK VALUE |
At 31 December 2017 |
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At 31 December 2016 |
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THE WATER HYDRAULICS CO. LTD (REGISTERED NUMBER: 04302081) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 December 2017 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Trade debtors |
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Amounts owed by related parties |
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Other debtors |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Amounts owed to related parties |
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Taxation and social security |
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Other creditors |
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8. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2017 | 2016 |
£ | £ |
Bank loans |
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Amounts falling due in more than five years: |
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Repayable by instalments |
Bank loans more 5 yr by instal |
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9. | LEASING AGREEMENTS |
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Minimum lease payments under non-cancellable operating leases fall due as follows: |
2017 | 2016 |
£ | £ |
Within one year |
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Between one and five years |
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THE WATER HYDRAULICS CO. LTD (REGISTERED NUMBER: 04302081) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 December 2017 |
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10. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2017 | 2016 |
£ | £ |
Bank loans |
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The bank balances are secured by a legal charge dated 25th January 2011 and a mortgage debenture dated 19th |
January 2011 incorporating a fixed and floating charge over all current and future assets of the company. |
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11. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
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Balances due to T Markham as at 31st December 2017 included in other creditors was £60 (2016: £60). |
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The above balance carry no rights to interest and is repayable on demand. |
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During the year total dividends of £13,205 (2016 £28,919) were paid to the directors. |
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12. | RELATED PARTY DISCLOSURES |
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Armak GmbH |
Included in creditors due within one year are loans from Armak GmbH, a company which T Markham is a director |
and shareholder. |
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The amount owing to the company at 31st December 2017 was £125,316 (2016 £166,339). Purchases of materials |
of £450, sales of £50,668 and a loan repayment of £42,529 were made during the year. |
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The loan carries no rights to interest and is repayable on demand. |
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Armak Limited |
Included in debtors due within one year are transaction with Armak Ltd, a company which T Markham is a director |
and shareholder. |
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The amount due from Armak Ltd at 31st December 2017 was £58,999 (2016 £79,521). Purchases of materials |
£3,681, sales of £207,411 and management charges of £88,662 were made during the year. |
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All the above transactions were undertaken at arm's length on normal commercial terms. |