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REGISTERED NUMBER: 06247865 (England and Wales)















Financial Statements for the Year Ended 30th June 2023

for

Hughes Firman Ovel Asset Management Ltd

Hughes Firman Ovel Asset Management Ltd (Registered number: 06247865)






Contents of the Financial Statements
for the Year Ended 30th June 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Hughes Firman Ovel Asset Management Ltd

Company Information
for the Year Ended 30th June 2023







DIRECTOR: Mr J Hughes





REGISTERED OFFICE: 8 Langham Barns
Langham Lane
Langham
Colchester
Essex
CO4 5ZS





REGISTERED NUMBER: 06247865 (England and Wales)

Hughes Firman Ovel Asset Management Ltd (Registered number: 06247865)

Balance Sheet
30th June 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 5,172 6,291

CURRENT ASSETS
Debtors 5 6,258 19,756
Cash at bank 339,254 293,246
345,512 313,002
CREDITORS
Amounts falling due within one year 6 50,519 56,188
NET CURRENT ASSETS 294,993 256,814
TOTAL ASSETS LESS CURRENT
LIABILITIES

300,165

263,105

PROVISIONS FOR LIABILITIES 1,291 1,193
NET ASSETS 298,874 261,912

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings 297,874 260,912
SHAREHOLDERS' FUNDS 298,874 261,912

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th June 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

Hughes Firman Ovel Asset Management Ltd (Registered number: 06247865)

Balance Sheet - continued
30th June 2023


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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 2nd February 2024 and were signed by:





Mr J Hughes - Director


Hughes Firman Ovel Asset Management Ltd (Registered number: 06247865)

Notes to the Financial Statements
for the Year Ended 30th June 2023

1. STATUTORY INFORMATION

Hughes Firman Ovel Asset Management Ltd 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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 25% on reducing balance
Office equipment - 25% on reducing balance

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

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 3 (2022 - 3 ) .

Hughes Firman Ovel Asset Management Ltd (Registered number: 06247865)

Notes to the Financial Statements - continued
for the Year Ended 30th June 2023

4. TANGIBLE FIXED ASSETS
Fixtures
and Office
fittings equipment Totals
£    £    £   
COST
At 1st July 2022 499 20,348 20,847
Additions - 465 465
At 30th June 2023 499 20,813 21,312
DEPRECIATION
At 1st July 2022 425 14,131 14,556
Charge for year 19 1,565 1,584
At 30th June 2023 444 15,696 16,140
NET BOOK VALUE
At 30th June 2023 55 5,117 5,172
At 30th June 2022 74 6,217 6,291

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 4,692 18,190
Other debtors 1,566 1,566
6,258 19,756

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors - 4
Taxation and social security 35,574 31,197
Other creditors 14,945 24,987
50,519 56,188

7. RELATED PARTY DISCLOSURES

The ultimate controlling party is Mr J Hughes.