Company Registration No.
07661469 (England and Wales)
HYDRO FUSION LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
PAGES FOR FILING WITH REGISTRAR
HYDRO FUSION LTD
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 7
HYDRO FUSION LTD
BALANCE SHEET
AS AT
30 JUNE 2021
30 June 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Intangible assets
2
226,326
226,326
Tangible assets
3
6,576
8,220
232,902
234,546
Current assets
Stocks
163,883
163,883
Debtors
4
10,507
10,507
Cash at bank and in hand
3,330
7,688
177,720
182,078
Creditors: amounts falling due within one year
5
(7,239)
(4,241)
Net current assets
170,481
177,837
Net assets
403,383
412,383
Capital and reserves
Called up share capital
27,331
27,331
Share premium account
946,827
946,827
Profit and loss reserves
(570,775)
(561,775)
Total equity
403,383
412,383
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 30 June 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
HYDRO FUSION LTD
BALANCE SHEET (CONTINUED)
AS AT
30 JUNE 2021
30 June 2021
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 29 June 2022 and are signed on its behalf by:
Mr N B Sandstrom
Director
Company Registration No. 07661469
HYDRO FUSION LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2021
- 3 -
Share capital
Share premium account
Profit and loss reserves
Total
£
£
£
£
Balance at 1 July 2019
27,331
946,827
(547,295)
426,863
Year ended 30 June 2020:
Loss and total comprehensive income for the year
-
-
(14,480)
(14,480)
Balance at 30 June 2020
27,331
946,827
(561,775)
412,383
Year ended 30 June 2021:
Loss and total comprehensive income for the year
-
-
(9,000)
(9,000)
Balance at 30 June 2021
27,331
946,827
(570,775)
403,383
HYDRO FUSION LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
- 4 -
1
Accounting policies
Company information
Hydro Fusion Ltd is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
66 Prescot Street, London, E1 8NN.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Intangible fixed assets other than goodwill
License and Website and development cost
s
are valued at cost less accumulated amortisation. Amortisation is calculated to write off the cost in equal instalments over their estimated useful lives. As the benefit from the intangible assets has not started to be realised, these are not being amortised and are carried at cost.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Laboratory equipment
20% reducing balance
Computer equipment
20% reducing balance
1.4
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the
company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
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.
HYDRO FUSION LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2021
1
Accounting policies
(Continued)
- 5 -
1.6
Cash at bank and in hand
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include
debtors a
nd bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method.
Financial assets classified as receivable within one year are not amortised.
Impairment of financial assets
Financial assets, other than those
held
at
fair value through profit and loss
, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected.
If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when
the company
transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities
are
initially recognised at transaction price
.
Financial liabilities classified as payable within one year are not amortised.
HYDRO FUSION LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2021
1
Accounting policies
(Continued)
- 6 -
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations
expire or are discharged or cancelled.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.
1.9
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation
in the period
are included in profit or loss.
2
Intangible fixed assets
Patents
Website and development costs
Total
£
£
£
Cost
At 1 July 2020 and 30 June 2021
181,508
44,818
226,326
Amortisation and impairment
At 1 July 2020 and 30 June 2021
Carrying amount
At 30 June 2021
181,508
44,818
226,326
At 30 June 2020
181,508
44,818
226,326
3
Tangible fixed assets
Laboratory equipment
Computer equipment
Total
£
£
£
Cost
At 1 July 2020 and 30 June 2021
14,772
2,228
17,000
Depreciation and impairment
At 1 July 2020
7,076
1,704
8,780
Depreciation charged in the year
1,539
105
1,644
At 30 June 2021
8,615
1,809
10,424
Carrying amount
At 30 June 2021
6,157
419
6,576
At 30 June 2020
7,696
524
8,220
HYDRO FUSION LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2021
- 7 -
4
Debtors
2021
2020
Amounts falling due within one year:
£
£
Other debtors
10,507
10,507
5
Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans and overdrafts
13
Other creditors
7,226
4,241
7,239
4,241
6
Directors' transactions
At the reporting date, the company owed £
3,116
(20
20: £3,
08
5
) to the directors of the company.