Silverfin false false 31/07/2023 01/08/2022 31/07/2023 Cheryl-Ann Hughton 01/10/2012 Christopher Hughton 24/07/2012 Cian Hughton 22/03/2021 07 February 2024 The principal activity of the company is that of property rental. 08154042 2023-07-31 08154042 bus:Director1 2023-07-31 08154042 bus:Director2 2023-07-31 08154042 bus:Director3 2023-07-31 08154042 2022-07-31 08154042 core:CurrentFinancialInstruments 2023-07-31 08154042 core:CurrentFinancialInstruments 2022-07-31 08154042 core:Non-currentFinancialInstruments 2023-07-31 08154042 core:Non-currentFinancialInstruments 2022-07-31 08154042 core:ShareCapital 2023-07-31 08154042 core:ShareCapital 2022-07-31 08154042 core:RevaluationReserve 2023-07-31 08154042 core:RevaluationReserve 2022-07-31 08154042 core:RetainedEarningsAccumulatedLosses 2023-07-31 08154042 core:RetainedEarningsAccumulatedLosses 2022-07-31 08154042 2022-08-01 2023-07-31 08154042 bus:FilletedAccounts 2022-08-01 2023-07-31 08154042 bus:SmallEntities 2022-08-01 2023-07-31 08154042 bus:AuditExemptWithAccountantsReport 2022-08-01 2023-07-31 08154042 bus:PrivateLimitedCompanyLtd 2022-08-01 2023-07-31 08154042 bus:Director1 2022-08-01 2023-07-31 08154042 bus:Director2 2022-08-01 2023-07-31 08154042 bus:Director3 2022-08-01 2023-07-31 08154042 2021-08-01 2022-07-31 iso4217:GBP xbrli:pure

Company No: 08154042 (England and Wales)

HUGHTON ENTERPRISE LTD

Unaudited Financial Statements
For the financial year ended 31 July 2023
Pages for filing with the registrar

HUGHTON ENTERPRISE LTD

Unaudited Financial Statements

For the financial year ended 31 July 2023

Contents

HUGHTON ENTERPRISE LTD

STATEMENT OF FINANCIAL POSITION

As at 31 July 2023
HUGHTON ENTERPRISE LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 July 2023
Note 2023 2022
£ £
Fixed assets
Investment property 3 2,058,189 2,079,776
2,058,189 2,079,776
Current assets
Debtors 4 8,568 10,436
Cash at bank and in hand 5 185,581 5,120
194,149 15,556
Creditors: amounts falling due within one year 6 ( 1,000,064) ( 1,041,806)
Net current liabilities (805,915) (1,026,250)
Total assets less current liabilities 1,252,274 1,053,526
Creditors: amounts falling due after more than one year 7 ( 916,993) ( 917,548)
Net assets 335,281 135,978
Capital and reserves
Called-up share capital 200 200
Revaluation reserve 142,253 142,253
Profit and loss account 192,828 ( 6,475 )
Total shareholders' funds 335,281 135,978

For the financial year ending 31 July 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Hughton Enterprise Ltd (registered number: 08154042) were approved and authorised for issue by the Director. They were signed on its behalf by:

Cian Hughton
Director

07 February 2024

HUGHTON ENTERPRISE LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2023
HUGHTON ENTERPRISE LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Hughton Enterprise Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 35 Ballards Lane, London, N3 1XW, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

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.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Borrowing costs

Borrowing costs that are directly attributable to acquisition, construction or production of qualifying assets, are capitalised as part of the cost of those assets. Capitalisation begins when both finance costs and expenditures for the asset are being incurred and activities that are necessary to get the asset ready for use are in progress. Capitalisation ceases when substantially all the activities that are necessary to get the asset ready for use are complete.

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to and from related parties and investments in non-puttable ordinary shares.

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, 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.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings/Statement of Comprehensive Income.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, 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.

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

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and 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.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 3 3

3. Investment property

Investment property
£
Valuation
As at 01 August 2022 2,079,776
Additions (21,587)
As at 31 July 2023 2,058,189

4. Debtors

2023 2022
£ £
Trade debtors 3,000 2,855
Other debtors 5,568 7,581
8,568 10,436

5. Cash and cash equivalents

2023 2022
£ £
Cash at bank and in hand 185,581 5,120

6. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 9,285 5,392
Amounts owed to directors 983,264 1,029,031
Accruals 6,720 6,420
Other creditors 795 963
1,000,064 1,041,806

7. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 916,993 917,548