Company registration number 12468323 (England and Wales)
HUGHES HOLDINGS SOUTH WEST LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
28 FEBRUARY 2023
PAGES FOR FILING WITH REGISTRAR
30-31 St.James Place
Mangotsfield
Bristol
United Kingdom
BS16 9JB
HUGHES HOLDINGS SOUTH WEST LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 6
HUGHES HOLDINGS SOUTH WEST LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mrs L Y Drew
Mr N J Drew
Mr L D Norris
Mr S D Hawkins
Mr M A Atkinson
Company number
12468323
Registered office
30-31 St James Place
Mangotsfield
Bristol
South Glos.
England
BS16 9JB
Accountants
TC Group
30-31 St.James Place
Mangotsfield
Bristol
United Kingdom
BS16 9JB
HUGHES HOLDINGS SOUTH WEST LIMITED
BALANCE SHEET
AS AT
28 FEBRUARY 2023
28 February 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
6,903
9,129
Current assets
Stocks
1,129,942
939,276
Debtors
4
-
0
26,585
Cash at bank and in hand
20,877
94,491
1,150,819
1,060,352
Creditors: amounts falling due within one year
5
(1,058,075)
(1,123,351)
Net current assets/(liabilities)
92,744
(62,999)
Net assets/(liabilities)
99,647
(53,870)
Capital and reserves
Called up share capital
200
200
Profit and loss reserves
99,447
(54,070)
Total equity
99,647
(53,870)

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 28 February 2023 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.

The 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.

HUGHES HOLDINGS SOUTH WEST LIMITED
BALANCE SHEET (CONTINUED)
AS AT
28 FEBRUARY 2023
28 February 2023
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 24 October 2023 and are signed on its behalf by:
Mrs L Y Drew
Mr M A Atkinson
Director
Director
Company Registration No. 12468323
HUGHES HOLDINGS SOUTH WEST LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 4 -
1
Accounting policies
Company information

Hughes Holdings South West Limited is a private company limited by shares incorporated in England and Wales. The registered office is 30-31 St James Place, Mangotsfield, Bristol, South Glos., England, BS16 9JB.

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.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

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.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
20% Straight line
Fixtures and fittings
20% Straight line
1.4
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.

1.5
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

HUGHES HOLDINGS SOUTH WEST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
1
Accounting policies
(Continued)
- 5 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
-
0
-
0
3
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Total
£
£
£
Cost
At 1 March 2022
11,250
162
11,412
Additions
-
0
75
75
At 28 February 2023
11,250
237
11,487
Depreciation and impairment
At 1 March 2022
2,250
33
2,283
Depreciation charged in the year
2,250
51
2,301
At 28 February 2023
4,500
84
4,584
Carrying amount
At 28 February 2023
6,750
153
6,903
At 28 February 2022
9,000
129
9,129
HUGHES HOLDINGS SOUTH WEST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 6 -
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
-
0
26,585
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
503,873
570,862
Trade creditors
57,435
88,544
Taxation and social security
29,617
-
0
Other creditors
467,150
463,945
1,058,075
1,123,351
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