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REGISTERED NUMBER: 05668835 (England and Wales)












Financial Statements

for the Period 1 June 2022 to 27 May 2023

for

Travis Hughes Ltd

Travis Hughes Ltd (Registered number: 05668835)






Contents of the Financial Statements
for the Period 1 June 2022 to 27 May 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


Travis Hughes Ltd

Company Information
for the Period 1 June 2022 to 27 May 2023







DIRECTORS: J R C Drake
H J Garrett
S A Rose





REGISTERED OFFICE: Unit 4, Lancaster Place
South Marston Industrial Estate
Swindon
SN3 4UQ





REGISTERED NUMBER: 05668835 (England and Wales)





AUDITORS: Venture House Business Service Limited
Chartered Accountants and
Statutory Auditors
Venture House
Calne Road
Lyneham
Chippenham
SN15 4PP

Travis Hughes Ltd (Registered number: 05668835)

Statement of Financial Position
27 May 2023

27.5.23 31.5.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 4,224 4,953

CURRENT ASSETS
Debtors 5 2,676,061 3,165,903
Cash at bank 14,597 23,780
2,690,658 3,189,683
CREDITORS
Amounts falling due within one year 6 1,975,825 2,121,755
NET CURRENT ASSETS 714,833 1,067,928
TOTAL ASSETS LESS CURRENT
LIABILITIES

719,057

1,072,881

CREDITORS
Amounts falling due after more than one
year

7

-

(30,239

)

PROVISIONS FOR LIABILITIES (803 ) (941 )
NET ASSETS 718,254 1,041,701

CAPITAL AND RESERVES
Called up share capital 10 100 100
Retained earnings 718,154 1,041,601
SHAREHOLDERS' FUNDS 718,254 1,041,701

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 Board of Directors and authorised for issue on 15 February 2024 and were signed on its behalf by:





H J Garrett - Director


Travis Hughes Ltd (Registered number: 05668835)

Notes to the Financial Statements
for the Period 1 June 2022 to 27 May 2023

1. STATUTORY INFORMATION

Travis Hughes 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.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Significant judgements and estimates
In the application of the company's accounting policies, which are described in note 2, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an on going basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Turnover
Turnover is recognised at the fair value of the consideration received or receivable for 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 and settlement discounts.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - straight line over the life of the lease and at variable rates on reducing balance

Travis Hughes Ltd (Registered number: 05668835)

Notes to the Financial Statements - continued
for the Period 1 June 2022 to 27 May 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
The company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.

Basic financial assets, including trade and other receivables and cash and bank balances, 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.

Basic financial liabilities, including trade and other payables, bank loans and loans from fellow group companies, 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.

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.

Taxation
Taxation for the period 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 period 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Employee benefits
The costs of short-term employee benefits are recognised as as liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is the period in which the employee's services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Travis Hughes Ltd (Registered number: 05668835)

Notes to the Financial Statements - continued
for the Period 1 June 2022 to 27 May 2023

3. EMPLOYEES AND DIRECTORS

The average number of employees during the period was 7 (2022 - 9 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 June 2022 86,886
Additions 1,639
At 27 May 2023 88,525
DEPRECIATION
At 1 June 2022 81,933
Charge for period 2,368
At 27 May 2023 84,301
NET BOOK VALUE
At 27 May 2023 4,224
At 31 May 2022 4,953

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
27.5.23 31.5.22
£    £   
Trade debtors 1,828,235 2,119,863
Amounts owed by group undertakings 820,585 1,013,279
Other debtors 27,241 32,761
2,676,061 3,165,903

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
27.5.23 31.5.22
£    £   
Bank loans and overdrafts 1,241,835 1,640,825
Trade creditors 13,945 54,626
Amounts owed to group undertakings 95,422 -
Taxation and social security 294,115 255,775
Other creditors 330,508 170,529
1,975,825 2,121,755

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
27.5.23 31.5.22
£    £   
Bank loans - 30,239

Travis Hughes Ltd (Registered number: 05668835)

Notes to the Financial Statements - continued
for the Period 1 June 2022 to 27 May 2023

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
27.5.23 31.5.22
£    £   
Within one year 27,040 46,067
Between one and five years 35,415 14,900
62,455 60,967

9. SECURED DEBTS

A fixed and floating charge over the companies assets has been given in respect of a factoring debt of £1,241,835 (2022: £1,640,825).

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 27.5.23 31.5.22
value: £    £   
100 Ordinary voting shares £1 100 100

11. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Grahame Harbour (Senior Statutory Auditor)
for and on behalf of Venture House Business Service Limited

12. GOING CONCERN

The directors have given consideration to the continual changes and volatility within this sector and the effect on the ongoing trade of the business. The directors will continue to review the trade position and react accordingly.

The directors believe that the business has sufficient prospect of trade and adequate resources to meet its liabilities for a period of no less than twelve months from the approval of these account, therefore the financial statements have been prepared on a going concern basis.

13. ULTIMATE PARENT COMPANY

The Company is included in the group accounts prepared by the ultimate parent company, Recruitment Acquisitions Group Limited, copies of which can be obtained from Unit 4 Lancaster Place, South Marston Industrial Estate, Swindon, SN3 4UQ.

Recruitment Acquisitions Group Limited is also the immediate parent company and heads up the smallest and largest group preparing consolidated accounts in which the Company's results are included.