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UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2023

FOR

HUGHES WORKSHOP LIMITED

HUGHES WORKSHOP LIMITED (REGISTERED NUMBER: 04489004)






CONTENTS OF THE FINANCIAL STATEMENTS
For The Year Ended 31 July 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


HUGHES WORKSHOP LIMITED

COMPANY INFORMATION
For The Year Ended 31 July 2023







DIRECTORS: Mr B Wilkinson
Mrs J Wilkinson





SECRETARY: Mrs J Wilkinson





REGISTERED OFFICE: 5th Floor
Waverley House
115 - 119 Holdenhurst Road
Bournemouth
Dorset
BH8 8DY





REGISTERED NUMBER: 04489004 (England and Wales)






HUGHES WORKSHOP LIMITED (REGISTERED NUMBER: 04489004)

BALANCE SHEET
31 July 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 33,130 28,121

CURRENT ASSETS
Stocks 4,035 10,774
Debtors 5 37,452 35,203
Cash at bank and in hand 3,058 5,402
44,545 51,379
CREDITORS
Amounts falling due within one year 6 50,018 53,694
NET CURRENT LIABILITIES (5,473 ) (2,315 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

27,657

25,806

PROVISIONS FOR LIABILITIES 1,792 -
NET ASSETS 25,865 25,806

CAPITAL AND RESERVES
Called up share capital 7 500 500
Retained earnings 25,365 25,306
SHAREHOLDERS' FUNDS 25,865 25,806

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 7 November 2023 and were signed on its behalf by:





Mr B Wilkinson - Director


HUGHES WORKSHOP LIMITED (REGISTERED NUMBER: 04489004)

NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 31 July 2023

1. STATUTORY INFORMATION

Hughes Workshop Limited 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 represents the value of vehicle servicing and repairs, excluding value added tax.

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 property - Evenly over the term of the lease
Plant and machinery - 25% on reducing balance
Office equipment - 25% on reducing balance
Motor vehicles - 15% 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 Income Statement, 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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2022 - 4 ) .

HUGHES WORKSHOP LIMITED (REGISTERED NUMBER: 04489004)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 July 2023

4. TANGIBLE FIXED ASSETS
Improvements
to Plant and Office Motor
property machinery equipment vehicles Totals
£    £    £    £    £   
COST
At 1 August 2022 21,060 52,461 13,403 10,141 97,065
Additions - 12,991 - - 12,991
At 31 July 2023 21,060 65,452 13,403 10,141 110,056
DEPRECIATION
At 1 August 2022 6,863 43,952 11,978 6,151 68,944
Charge for year 3,410 3,618 356 598 7,982
At 31 July 2023 10,273 47,570 12,334 6,749 76,926
NET BOOK VALUE
At 31 July 2023 10,787 17,882 1,069 3,392 33,130
At 31 July 2022 14,197 8,509 1,425 3,990 28,121

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 12,887 11,254
Other debtors 24,565 23,949
37,452 35,203

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 17,844 14,781
Taxation and social security 7,319 6,294
Other creditors 24,855 32,619
50,018 53,694

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
150 Ordinary A £1 150 150
150 Ordinary B £1 150 150
200 Ordinary C £1 200 200
500 500

8. OTHER FINANCIAL COMMITMENTS

The total minimum lease payments falling due under non-cancellable operating leases amount to £48,767 .