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Registration number: NI003243

A. Hughes (Cookstown) Limited

Unaudited Financial Statements

for the Year Ended 31 January 2022

 

A. Hughes (Cookstown) Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 5

 

A. Hughes (Cookstown) Limited

(Registration number: NI003243)
Balance Sheet as at 31 January 2022

Note

2022
£

2021
£

Fixed assets

 

Investment property

4

-

350,000

Current assets

 

Debtors

5

375

278

Cash at bank and in hand

 

1,846,427

1,670,228

 

1,846,802

1,670,506

Creditors: Amounts falling due within one year

6

(244,196)

(262,849)

Net current assets

 

1,602,606

1,407,657

Net assets

 

1,602,606

1,757,657

Capital and reserves

 

Called up share capital

7

8,000

8,000

Revaluation reserve

-

322,416

Retained earnings

1,594,606

1,427,241

Shareholders' funds

 

1,602,606

1,757,657

For the financial year ending 31 January 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 26 July 2022 and signed on its behalf by:
 

.........................................
Mr T. Hughes
Director

 

A. Hughes (Cookstown) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2022

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is:
46 Moneymore Road
Cookstown
Co. Tyrone
BT80 8EH

These financial statements were authorised for issue by the Board on 26 July 2022.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises corporation tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the directors. The directors use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

 

A. Hughes (Cookstown) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2022

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at cost less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2021 - 2).

 

A. Hughes (Cookstown) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2022

4

Investment properties

2022
£

At 1 February

350,000

Disposals

(350,000)

At 31 January

-

The investment property was sold during the year. This class of asset has a current value of £Nil (2021 - £350,000) and a carrying amount at historical cost of £Nil (2021 - £56,862). The depreciation on this historical cost is £Nil (2021 - £29,278).

There has been no valuation of investment property by an independent valuer.

5

Debtors

2022
£

2021
£

Prepayments and accrued income

270

278

Other debtors

105

-

375

278

6

Creditors

Creditors: amounts falling due within one year

2022
£

2021
£

Due within one year

Accruals and deferred income

1,725

1,725

Other creditors

242,471

261,124

244,196

262,849

7

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary share of £1 each

8,000

8,000

8,000

8,000

         
 

A. Hughes (Cookstown) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2022

8

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

Revaluation reserve
£

Total
£

Surplus/deficit on revaluation of other assets

(322,416)

(322,416)

9

Related party transactions

Other transactions with directors

During the year the company repaid £17,463 to the directors. At the balance sheet date the amount owed to the directors by the company was £240,726 (2021 - £258,189). The advance is unsecured, interest free and repayable on demand.