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UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2023

FOR

HUGHES INTERNATIONAL LIMITED

HUGHES INTERNATIONAL LIMITED (REGISTERED NUMBER: 01947014)






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 INTERNATIONAL 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: 01947014 (England and Wales)






HUGHES INTERNATIONAL LIMITED (REGISTERED NUMBER: 01947014)

BALANCE SHEET
31 July 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 16,828 24,332

CURRENT ASSETS
Stocks 246,039 338,486
Debtors 5 108,575 120,565
Cash at bank and in hand 25,110 40,654
379,724 499,705
CREDITORS
Amounts falling due within one year 6 14,210 84,870
NET CURRENT ASSETS 365,514 414,835
TOTAL ASSETS LESS CURRENT
LIABILITIES

382,342

439,167

CAPITAL AND RESERVES
Called up share capital 7 129,500 129,500
Retained earnings 252,842 309,667
SHAREHOLDERS' FUNDS 382,342 439,167

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 INTERNATIONAL LIMITED (REGISTERED NUMBER: 01947014)

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

1. STATUTORY INFORMATION

Hughes International 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 income derived from vehicle sales, net of 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 - 10% on cost
Equipment - 25% 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

HUGHES INTERNATIONAL LIMITED (REGISTERED NUMBER: 01947014)

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

4. TANGIBLE FIXED ASSETS
Improvements
to Plant and
property machinery Equipment Totals
£    £    £    £   
COST
At 1 August 2022
and 31 July 2023 27,942 46,695 56,541 131,178
DEPRECIATION
At 1 August 2022 11,382 46,347 49,117 106,846
Charge for year 5,475 173 1,856 7,504
At 31 July 2023 16,857 46,520 50,973 114,350
NET BOOK VALUE
At 31 July 2023 11,085 175 5,568 16,828
At 31 July 2022 16,560 348 7,424 24,332

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 21,575 25,155
Amounts owed by group undertakings 58,618 49,531
Other debtors 28,382 45,879
108,575 120,565

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 9,344 80,484
Taxation and social security 516 536
Other creditors 4,350 3,850
14,210 84,870

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
129,500 Ordinary £1 129,500 129,500

8. OTHER FINANCIAL COMMITMENTS

The total minimum lease payments falling due under non-cancellable operating leases amount to £28,693.