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REGISTERED NUMBER: 06429342 (England and Wales)









LES HUGHES & SON LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023






LES HUGHES & SON LTD (REGISTERED NUMBER: 06429342)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


LES HUGHES & SON LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTORS: M A Hughes
J Hughes





REGISTERED OFFICE: Lomond
Kerry
Newtown
Powys
SY16 4NY





REGISTERED NUMBER: 06429342 (England and Wales)

LES HUGHES & SON LTD (REGISTERED NUMBER: 06429342)

STATEMENT OF FINANCIAL POSITION
31 MARCH 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - 25,601
Tangible assets 5 1,735,558 1,614,404
1,735,558 1,640,005

CURRENT ASSETS
Stocks 19,000 16,900
Debtors 6 916,963 1,080,180
Cash at bank 1,271,669 1,107,983
2,207,632 2,205,063
CREDITORS
Amounts falling due within one year 7 1,055,487 1,168,252
NET CURRENT ASSETS 1,152,145 1,036,811
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,887,703

2,676,816

CREDITORS
Amounts falling due after more than one
year

8

(99,824

)

(65,556

)

PROVISIONS FOR LIABILITIES (390,206 ) (370,052 )
NET ASSETS 2,397,673 2,241,208

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 2,397,573 2,241,108
SHAREHOLDERS' FUNDS 2,397,673 2,241,208

LES HUGHES & SON LTD (REGISTERED NUMBER: 06429342)

STATEMENT OF FINANCIAL POSITION - continued
31 MARCH 2023


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20 October 2023 and were signed on its behalf by:





M A Hughes - Director


LES HUGHES & SON LTD (REGISTERED NUMBER: 06429342)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023


1. STATUTORY INFORMATION

Les Hughes & Son Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill is being amortised evenly over its estimated useful life of fifteen years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to leasehold property - 3% - 10% on cost
Plant and machinery - 20% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.


LES HUGHES & SON LTD (REGISTERED NUMBER: 06429342)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts are capitalised as fixed assets and depreciated over their estimated useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods.The finance element of the rental payment is charged to the profit and loss account over the contract on a straight line basis.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 19 (2022 - 19 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2022
and 31 March 2023 355,302
AMORTISATION
At 1 April 2022 329,701
Amortisation for year 25,601
At 31 March 2023 355,302
NET BOOK VALUE
At 31 March 2023 -
At 31 March 2022 25,601

LES HUGHES & SON LTD (REGISTERED NUMBER: 06429342)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


5. TANGIBLE FIXED ASSETS
Improvements
to
leasehold Plant and
property machinery Totals
£    £    £   
COST
At 1 April 2022 174,815 3,074,067 3,248,882
Additions 5,442 622,281 627,723
Disposals - (438,967 ) (438,967 )
At 31 March 2023 180,257 3,257,381 3,437,638
DEPRECIATION
At 1 April 2022 26,604 1,607,874 1,634,478
Charge for year 8,642 338,936 347,578
Eliminated on disposal - (279,976 ) (279,976 )
At 31 March 2023 35,246 1,666,834 1,702,080
NET BOOK VALUE
At 31 March 2023 145,011 1,590,547 1,735,558
At 31 March 2022 148,211 1,466,193 1,614,404

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 885,700 1,071,578
Other debtors 31,263 8,602
916,963 1,080,180

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts 172,270 113,818
Trade creditors 454,597 504,549
Taxation and social security 66,709 168,487
Other creditors 361,911 381,398
1,055,487 1,168,252

LES HUGHES & SON LTD (REGISTERED NUMBER: 06429342)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2023 2022
£    £   
Hire purchase contracts 99,824 65,556

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts 272,094 179,374

The amounts above due under hire purchase contracts are secured on the assets they are financing. They are repayable in monthly instalments over the period of the agreement.

10. RELATED PARTY DISCLOSURES

During the year the company paid rent of £21,000 (2022: £20,250) in relation to property owned by Mr MA & Mrs J Hughes (directors).

Included in other creditors at 31 March 2023 is an amount of £171,416 (2022: £173,666) due to Mrs JM Hughes (shareholder), and £122,595 (2022: £106,772) due to Mr MA & Mrs J Hughes (directors).

11. CONTROLLING PARTY

The company is under the control of Mr MA and Mrs J Hughes (directors) who between them own 80% of the issued share capital.