Company Registration No. 08419493 (England and Wales)
St Hugh Limited
Unaudited financial statements
for the year ended 28 February 2023
Pages for filing with the registrar
St Hugh Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 6
St Hugh Limited
Balance sheet
As at 28 February 2023
1
2023
2022
Notes
£
£
£
£
Current assets
Stocks
707,159
674,640
Debtors
4
13,935
15,969
721,094
690,609
Creditors: amounts falling due within one year
5
(739,264)
(683,228)
Net current (liabilities)/assets
(18,170)
7,381
Capital and reserves
Called up share capital
6
101
101
Profit and loss reserves
(18,271)
7,280
Total equity
(18,170)
7,381

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.

The financial statements were approved by the board of directors and authorised for issue on 17 November 2023 and are signed on its behalf by:
G W Lockwood
Director
Company Registration No. 08419493
St Hugh Limited
Notes to the financial statements
For the year ended 28 February 2023
2
1
Accounting policies
Company information

St Hugh Limited is a private company limited by shares incorporated in England and Wales. The registered office is Scampton House, Scampton, Lincoln, LN1 2SF.

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.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover represents proceeds from the sale of property.

 

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.

 

Revenue from the sale of property is recognised when the significant risks and rewards of ownership have passed to the buyer (usually on completion of the transaction), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.4
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:

Computer equipment
Straight line 5 years

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to net realisable value.

St Hugh Limited
Notes to the financial statements (continued)
For the year ended 28 February 2023
1
Accounting policies (continued)
3

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including trade and other creditors and bank loans that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as 'creditors: amounts falling due within one year' if payment is due within one year or less. If not, they are presented as 'creditors: amounts falling due after more than one year'. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

St Hugh Limited
Notes to the financial statements (continued)
For the year ended 28 February 2023
1
Accounting policies (continued)
4
Other financial liabilities

Other financial liabilities, including debt instruments that do not meet the definition of a basic financial instrument, are measured at fair value through profit or loss.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations are expire or are discharged or cancelled.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

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

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.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 3 (2022 - 3).

St Hugh Limited
Notes to the financial statements (continued)
For the year ended 28 February 2023
5
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 March 2022 and 28 February 2023
1,315
Depreciation and impairment
At 1 March 2022 and 28 February 2023
1,315
Carrying amount
At 28 February 2023
-
0
At 28 February 2022
-
0
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Corporation tax recoverable
5,993
-
0
Other debtors
7,942
15,969
13,935
15,969
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
248,678
118,761
Trade creditors
13,299
19,355
Corporation tax
-
0
14,525
Other creditors
477,287
530,587
739,264
683,228

The bank overdraft is secured by an unlimited cross guarantee by a related company, Castle Square Developments Limited.

6
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary Shares of £1 each
100
100
1 B Ordinary Shares of £1 each
1
1
101
101
St Hugh Limited
Notes to the financial statements (continued)
For the year ended 28 February 2023
6
7
Related party transactions

The company held a loan due from a company in which J W Lockwood and G W Lockwood are both directors and shareholders. The loan which was outstanding at the year end amounted to £475,000 (2022: £520,000).

 

Interest was payable at a commercial rate of interest.

 

The company paid £Nil in the year (2022: £8,000) for design consulting fees to a director of the company. At the year end net recharges due to the company from directors amounted to £6,000 (2022: £5,000).

 

Dividends paid to directors amounted to £Nil (2022: £100,000).

 

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