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REGISTERED NUMBER: 03153115 (England and Wales)




















HUGHES EXPLORATION AND ENVIRONMENTAL
LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023






HUGHES EXPLORATION AND ENVIRONMENTAL
LIMITED (REGISTERED NUMBER: 03153115)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3

Chartered Certified Accountants' Report 7

HUGHES EXPLORATION AND ENVIRONMENTAL
LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 AUGUST 2023







DIRECTORS: P M G Hughes
Mrs J Hughes
O G Hughes
J E Hughes
Miss R S Hughes





REGISTERED OFFICE: Greenfields
Leebotwood
Church Stretton
Shropshire
SY6 6LU





REGISTERED NUMBER: 03153115 (England and Wales)





ACCOUNTANTS: JCWallace & Co
Chartered Certified Accountants
1875 Great Western Road
Glasgow
G13 2YD

HUGHES EXPLORATION AND ENVIRONMENTAL
LIMITED (REGISTERED NUMBER: 03153115)

BALANCE SHEET
31 AUGUST 2023

2023 2022
as restated
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 252,944 211,585

CURRENT ASSETS
Debtors 5 141,410 180,963
Cash at bank and in hand 16,641 3,035
158,051 183,998
CREDITORS
Amounts falling due within one year 6 252,039 175,775
NET CURRENT (LIABILITIES)/ASSETS (93,988 ) 8,223
TOTAL ASSETS LESS CURRENT
LIABILITIES

158,956

219,808

CREDITORS
Amounts falling due after more than one
year

7

(68,507

)

(156,797

)

PROVISIONS FOR LIABILITIES 10 (43,008 ) (18,822 )
NET ASSETS 47,441 44,189

CAPITAL AND RESERVES
Called up share capital 11 2 2
Retained earnings 12 47,439 44,187
SHAREHOLDERS' FUNDS 47,441 44,189

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 2 April 2024 and were signed on its behalf by:





P M G Hughes - Director


HUGHES EXPLORATION AND ENVIRONMENTAL
LIMITED (REGISTERED NUMBER: 03153115)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

1. STATUTORY INFORMATION

Hughes Exploration And Environmental Limited 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.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
The directors are of the opinion that the going concern basis is appropriate for the preparation of these financial statements. They are also of the opinion that sufficient resources are available to enable the company to continue trading for the next twelve months.

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.
Plant and machinery - 25% on reducing balance and 15% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance

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

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the profit or loss on a straight line basis over the period of the leases.

Debt factoring
The company factors its sales, and a separate presentation is adopted. A gross asset (equivalent in amount to the gross amount of the debts) is shown on the balance sheet within assets and a corresponding liability in respect of the proceeds received from the factor is shown within liabilities. The interest element of the factor’s charges and other factoring costs are recognised as they accrue and are included in the profit and loss account with other interest charges.

HUGHES EXPLORATION AND ENVIRONMENTAL
LIMITED (REGISTERED NUMBER: 03153115)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2023

2. ACCOUNTING POLICIES - continued

Government grants
Government grants toward the cost of fixed assets are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2022 - 9 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 September 2022 569,096 2,892 90,422 4,208 666,618
Additions 84,565 112 - - 84,677
At 31 August 2023 653,661 3,004 90,422 4,208 751,295
DEPRECIATION
At 1 September 2022 411,851 2,198 37,831 3,153 455,033
Charge for year 29,727 180 13,147 264 43,318
At 31 August 2023 441,578 2,378 50,978 3,417 498,351
NET BOOK VALUE
At 31 August 2023 212,083 626 39,444 791 252,944
At 31 August 2022 157,245 694 52,591 1,055 211,585

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
as restated
£    £   
Trade debtors 64,786 59,875
Amounts recoverable on contracts 4,913 24,190
Other debtors - 1,178
Directors' current accounts 45,276 62,725
Corporation tax 20,412 20,412
Prepayments and accrued income 6,023 12,583
141,410 180,963

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
as restated
£    £   
Bank loans and overdrafts 7,491 6,599
Other loans 16,315 6,789
Hire purchase contracts (see note 8) 38,944 37,956
Trade creditors 159,602 62,575
Corporation tax 11 701
Social security and other taxes 8,315 2,687
VAT 870 8,470
Other creditors 5,166 7,629
Amount due to factor 7,042 28,906
Accrued charges 8,028 13,122
Deferred government grants 255 341
252,039 175,775

HUGHES EXPLORATION AND ENVIRONMENTAL
LIMITED (REGISTERED NUMBER: 03153115)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2023

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
as restated
£    £   
Bank loans - 1-2 years 6,308 6,898
Bank loans - 2-5 years 3,869 10,152
Other loans - 1-2 years 5,931 7,123
Other loans - 2-5 years - 41,024
Hire purchase contracts (see note 8) 51,633 90,578
Deferred government grants 766 1,022
68,507 156,797

8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
as restated
£    £   
Net obligations repayable:
Within one year 38,944 37,956
Between one and five years 51,633 90,578
90,577 128,534

Non-cancellable operating leases
2023 2022
as restated
£    £   
Within one year 12,724 6,400
Between one and five years 10,013 -
22,737 6,400

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
as restated
£    £   
Bank overdraft 593 -
Bank loans 17,075 23,649
Other loans 22,246 54,936
Hire purchase contracts 90,577 128,534
Amount due to factor 7,042 28,906
137,533 236,025

The hire purchase and other loan liabilities are secured over the assets to which the contracts relate. The bank borrowings are secured by a personal guarantee by a director. The debt to the factor is secured over the company's trade debtors.

10. PROVISIONS FOR LIABILITIES
2023 2022
as restated
£    £   
Deferred tax 43,008 18,822

HUGHES EXPLORATION AND ENVIRONMENTAL
LIMITED (REGISTERED NUMBER: 03153115)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2023

10. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 September 2022 18,822
Charge to Income Statement during year 24,186
Balance at 31 August 2023 43,008

The provision for deferred tax consists of the tax effect of timing differences in respect of the excess of taxation allowances over depreciation on fixed assets.

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: as restated
£    £   
2 Ordinary £1 2 2

12. RESERVES
Retained
earnings
£   

At 1 September 2022 (29,920 )
Prior year adjustment 74,107
44,187
Profit for the year 33,252
Dividends (30,000 )
At 31 August 2023 47,439

13. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 August 2023 and 31 August 2022:

2023 2022
as restated
£    £   
P M G Hughes and Mrs J Hughes
Balance outstanding at start of year 62,725 60,648
Amounts advanced - 2,077
Amounts repaid (17,449 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 45,276 62,725

The loan is interest free and repayable on demand.

14. RELATED PARTY DISCLOSURES

The property occupied by the company is owned by the pension fund of the directors and rent amounting to £6,400 per annum is paid by the company to the pension fund.

The Company is controlled by the directors P M G Hughes and Mrs J Hughes.

CHARTERED CERTIFIED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
HUGHES EXPLORATION AND ENVIRONMENTAL
LIMITED

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Hughes Exploration And Environmental Limited for the year ended 31 August 2023 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the Board of Directors of Hughes Exploration And Environmental Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Hughes Exploration And Environmental Limited and state those matters that we have agreed to state to the Board of Directors of Hughes Exploration And Environmental Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Hughes Exploration And Environmental Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Hughes Exploration And Environmental Limited. You consider that Hughes Exploration And Environmental Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Hughes Exploration And Environmental Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






JCWallace & Co
Chartered Certified Accountants
1875 Great Western Road
Glasgow
G13 2YD


2 April 2024