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REGISTERED NUMBER: 10207727 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

THE HUB (NW) LIMITED

THE HUB (NW) LIMITED (REGISTERED NUMBER: 10207727)

CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 December 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


THE HUB (NW) LIMITED

COMPANY INFORMATION
for the Year Ended 31 December 2023







DIRECTORS: Y A Bux
P L Waring





REGISTERED OFFICE: Barton Hall
Garstang Road
Broughton
Preston
Lancashire
PR3 5BT





REGISTERED NUMBER: 10207727 (England and Wales)





ACCOUNTANTS: James Todd & Co
Greenbank House
141 Adelphi Street
Preston
Lancashire
PR1 7BH

THE HUB (NW) LIMITED (REGISTERED NUMBER: 10207727)

BALANCE SHEET
31 December 2023

31.12.23 31.12.22
Notes £    £   
CURRENT ASSETS
Stocks 409,939 655,766
Debtors 4 395,000 35,000
Cash at bank 78 444
805,017 691,210
CREDITORS
Amounts falling due within one year 5 914,472 822,310
NET CURRENT LIABILITIES (109,455 ) (131,100 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(109,455

)

(131,100

)

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings (109,456 ) (131,101 )
(109,455 ) (131,100 )

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 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 18 April 2024 and were signed on its behalf by:



Y A Bux - Director


THE HUB (NW) LIMITED (REGISTERED NUMBER: 10207727)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 December 2023


1. STATUTORY INFORMATION

The Hub (NW) 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
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.

Stocks and work-in-progress
Stocks are valued at the lower of cost and net realiseable value, after making due allowance for obsolete and slow moving items. Net realisable value is the estimated selling price in the ordinary course of business, less the estimated costs of completion and applicable variable selling expenses. Work-in-progress in relation to a construction project, is valued at costs incurred to date plus recognised profits less recognised losses.

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.

THE HUB (NW) LIMITED (REGISTERED NUMBER: 10207727)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023


2. ACCOUNTING POLICIES - continued

Financial instruments
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument. Basic financial assets, which include stocks, debtors and bank balances, are initially measured at transaction price and are subsequently carried at cost. Basic financial liabilities, which include creditors, loans and borrowings, are initially recognised at transaction price and are subsequently carried at cost.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Other debtors 395,000 35,000

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade creditors 26,158 28,354
Amounts owed to group undertakings 822,100 787,300
Taxation and social security 66,214 6,656
914,472 822,310

6. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of the 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.

During the year the company made sales of £nil (2022: £45,431) to another company, of which Mr Y A Bux is a director of both companies.

During the year the company made sales of £300,000 (2022 £nil) to another company, of which Mr P L Waring is a director of both companies.


7. ULTIMATE CONTROLLING PARTY

The company is controlled by its holding company Midas Land Limited, registered in England and Wales.

8. GOING CONCERN

The company was insolvent at the year end. However, the accounts have been prepared on a going concern basis due to the ongoing support of the company's bankers, and the shareholders of the company, who are its principal creditors.