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Registered Number: 02588211
England and Wales

 

 

 

M P HUGHES AND SONS PLASTERING LIMITED


Unaudited Financial Statements
 


Period of accounts

Start date: 01 April 2022

End date: 31 March 2023
Directors Stuart Michael Hughes
Daniel Stuart Hughes
Registered Number 02588211
Registered Office 15 Albury Close
Reading
England
RG30 1BD
1
Director's report and financial statements
The directors present his/her/their annual report and the financial statements for the year ended 31 March 2023.
Principal activities
Principal activity of the company during the financial year was of plastering.
Directors
The directors who served the company throughout the year were as follows:
Stuart Michael Hughes
Daniel Stuart Hughes
Statement of directors' responsibilities
The directors are responsible for preparing the directors' report and the financial statements in accordance with applicable law and regulations and in accordance with United Kingdom Generally Accepted Accounting Practice.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (Financial Reporting Standard 102 including Section 1A on "Small Entities". Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to :
  • select suitable accounting policies and then apply them consistently
  • make judgements and accounting estimates that are reasonable and prudent
  • state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements and
  • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the companys transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. The directors are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom, governing the preparation and dissemination of financial statements, may differ from legislation in other jurisdictions

This report was approved by the board and signed on its behalf by:


----------------------------------
Stuart Michael Hughes
Director

Date approved: 09 November 2023
2
 
 
Notes
 
2023
£
  2022
£
Fixed assets      
Tangible fixed assets 3 3,752    9,473 
3,752    9,473 
Current assets      
Stocks 4 62,895    58,227 
Debtors 5 151,984    92,204 
Cash at bank and in hand (15,518)   2 
199,361    150,433 
Creditors: amount falling due within one year 6 (141,679)   (88,734)
Net current assets 57,682    61,699 
 
Total assets less current liabilities 61,434    71,172 
Creditors: amount falling due after more than one year 7 (77,740)   (99,463)
Provisions for liabilities 8 4,915    6,766 
Net liabilities (11,391)   (21,525)
 

Capital and reserves
     
Called up share capital 100    100 
Profit and loss account (11,491)   (21,625)
Shareholder's funds (11,391)   (21,525)
 


For the year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of Part 15 of the Companies Act 2006. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.
The financial statements were approved by the board of directors on 09 November 2023 and were signed on its behalf by:


-------------------------------
Stuart Michael Hughes
Director
3
General Information
M P Hughes and Sons Plastering Limited is a private company, limited by shares, registered in England and Wales, registration number 02588211, registration address 15 Albury Close, Reading, England, RG30 1BD.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102.1A The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Finance lease and hire purchase charges
The finance element of the rental payment is charged to the income statement on a straight line basis over the period of the lease.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.

Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date 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.

Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Plant and machinery - 25% Reducing balance
Fixtures & fittings - 25% Reducing balance
Motor vehicles - 25% Reducing balance
Computer equipment - 25% 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. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
2.

Average number of employees

The average number of employees during the year was 4.
Average number of employees during the year was 4 (2022 : 4).
3.

Tangible fixed assets

Cost or valuation Plant and Machinery   Motor Vehicles   Fixtures and Fittings   Computer Equipment   Total
  £   £   £   £   £
At 01 April 2022 47,516    14,060    368    2,126    64,070 
Additions 417          417 
Disposals        
At 31 March 2023 47,933    14,060    368    2,126    64,487 
Depreciation
At 01 April 2022 46,231    6,115    365    1,886    54,597 
Charge for year 1,057    4,849    2    230    6,138 
On disposals        
At 31 March 2023 47,288    10,964    367    2,116    60,735 
Net book values
Closing balance as at 31 March 2023 645    3,096    1    10    3,752 
Opening balance as at 01 April 2022 1,285    7,945    3    240    9,473 


4.

Stocks

2023
£
  2022
£
Work in Progress 44,011    44,379 
Stocks 18,884    13,848 
62,895    58,227 

5.

Debtors: amounts falling due within one year

2023
£
  2022
£
Trade Debtors 76,194    43,197 
Prepayments & Accrued Income 2,329    1,870 
Other Debtors 450    450 
Taxation Recoverable 70,055    45,371 
Directors' Loan Accounts 2,956    1,316 
151,984    92,204 

6.

Creditors: amount falling due within one year

2023
£
  2022
£
Trade Creditors 60,003    17,202 
Bank Loans & Overdrafts 43,899    50,329 
Social Security and Other Taxes 28,388    12,886 
Accrued Expenses   1,479 
Other Creditors 6,895    4,726 
Hire Purchase - Less Than 1 Year 2,494    2,112 
141,679    88,734 

7.

Creditors: amount falling due after more than one year

2023
£
  2022
£
Bank Loans & Overdrafts 71,386    90,615 
Hire Purchase - 1-5 Years 6,354    8,848 
77,740    99,463 

8.

Provisions for liabilities

2023
£
  2022
£
Deferred Tax (4,915)   (6,766)
(4,915)   (6,766)

4