Registered number
01035777
T E Hughes & Son Ltd
Filleted Accounts
31 December 2023
Registered number: 01035777
T E Hughes & Son Ltd
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 29,176 29,577
Current assets
Stocks 109,832 119,020
Debtors 4 305,466 299,787
Cash at bank and in hand 102,028 162,900
517,326 581,707
Creditors: amounts falling due within one year 5 (325,060) (368,924)
Net current assets 192,266 212,783
Total assets less current liabilities 221,442 242,360
Creditors: amounts falling due after more than one year 6 (14,167) (24,167)
Provisions for liabilities (3,926) (3,899)
Net assets 203,349 214,294
Capital and reserves
Called up share capital 5,015 5,012
Profit and loss account 198,334 209,282
Shareholders' funds 203,349 214,294
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
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.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
David Hughes
Director
Approved by the board on 28 March 2024
T E Hughes & Son Ltd
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 15% reducing balance
Motor vehicles 25% reducing balance
Computer equipment 33% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 15 14
3 Tangible fixed assets
Computer equipment Plant and machinery Motor vehicles Total
£ £ £ £
Cost
At 1 January 2023 11,539 42,050 72,644 126,233
Additions 5,754 3,333 - 9,087
At 31 December 2023 17,293 45,383 72,644 135,320
Depreciation
At 1 January 2023 9,468 37,073 50,115 96,656
Charge for the year 2,579 1,278 5,631 9,488
At 31 December 2023 12,047 38,351 55,746 106,144
Net book value
At 31 December 2023 5,246 7,032 16,898 29,176
At 31 December 2022 2,071 4,977 22,529 29,577
4 Debtors 2023 2022
£ £
Trade debtors 305,466 299,787
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 10,000 10,000
Trade creditors 157,697 157,885
Corporation tax 18,758 31,939
Other taxes and social security 44,294 42,948
Director's loan accounts 56,677 80,206
Credit card balances 32,395 41,774
Other creditors 170 -
Accruals 5,069 4,172
325,060 368,924
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 14,167 24,167
7 Pension commitments
The company operates a self administered money purchase scheme for certain employees. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and this amounted to £4,960 (2019 £5,161).
8 Related party transactions
2023 2022
David Tecwyn Hughes
Director
Dividends paid during the year 12,000
Amounts due to related party at the balance sheet date 31,201 42,707
Nicholas Adam Davies
Director
Dividends paid during the year 24,000
Amounts due to related party at the balance sheet date 22,090 32,749
Keith Michael Ryan
Director
Dividends paid during the year 31,000
Amounts due to related party at the balance sheet date 3,387 2,854
9 Controlling party
The company is controlled by the directors, who taking into account family interests, also hold the majority of the issued shares in the company.
10 Other information
T E Hughes & Son Ltd is a private company limited by shares and incorporated in England and Wales. Its registered office is:
33 Old Chester Road
Great Sutton
Ellesmere Port
Cheshire
CH66 3NZ
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