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Registration number: 09477569

N Hughes Building Contractors Limited

Unaudited Financial Statements

for the Year Ended 30 June 2023

 

N Hughes Building Contractors Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 8

 

N Hughes Building Contractors Limited

Company Information

Directors

Mr N Hughes

Mrs E Hughes

Registered office

Leavesden Park
Suite 1
5 Hercules Way
Watford
Hertfordshire
WD25 7GS

Accountants

Landmark Accountants Limited
Chartered Accountants
Leavesden Park
5 Hercules Way
Watford
Hertfordshire
WD25 7GS

 

N Hughes Building Contractors Limited

(Registration number: 09477569)
Balance Sheet as at 30 June 2023

Note

2023

2022

   

£

£

£

£

Fixed assets

   

 

Tangible assets

5

 

93,352

 

85,110

Current assets

   

 

Debtors

6

148,239

 

271,788

 

Cash at bank and in hand

 

44,280

 

47,467

 

 

192,519

 

319,255

 

Creditors: Amounts falling due within one year

7

(108,088)

 

(258,488)

 

Net current assets

   

84,431

 

60,767

Total assets less current liabilities

   

177,783

 

145,877

Creditors: Amounts falling due after more than one year

7

 

(1,568)

 

(7,840)

Provisions for liabilities

 

(5,890)

 

(15,389)

Net assets

   

170,325

 

122,648

Capital and reserves

   

 

Called up share capital

2

 

2

 

Profit and loss account

170,323

 

122,646

 

Total equity

   

170,325

 

122,648

For the financial year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 8 March 2024 and signed on its behalf by:
 

 

N Hughes Building Contractors Limited

(Registration number: 09477569)
Balance Sheet as at 30 June 2023

.........................................
Mrs E Hughes
Director

 

N Hughes Building Contractors Limited

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

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Leavesden Park
Suite 1
5 Hercules Way
Watford
Hertfordshire
WD25 7GS
United Kingdom

2

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The presentational currency of these accounts is £ Sterling. The level of rounding is to the nearest £.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

 

N Hughes Building Contractors Limited

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

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

25% Reducing balance

Fixtures & fittings

25% Reducing balance

Plant & machinery

25% Reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

 

N Hughes Building Contractors Limited

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

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments.
 Recognition and measurement
Financial instruments are initially recognised at fair value, with any subsequent changes in fair value at the Balance Sheet date recognised in the profit and loss account.
 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

25,079

22,807

 

N Hughes Building Contractors Limited

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

5

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 July 2022

5,206

96,214

107,169

208,589

Additions

-

26,521

6,800

33,321

At 30 June 2023

5,206

122,735

113,969

241,910

Depreciation

At 1 July 2022

3,785

42,787

76,907

123,479

Charge for the year

355

16,450

8,274

25,079

At 30 June 2023

4,140

59,237

85,181

148,558

Carrying amount

At 30 June 2023

1,066

63,498

28,788

93,352

At 30 June 2022

1,421

53,427

30,262

85,110

6

Debtors

Current

2023
£

2022
£

Trade debtors

58,232

128,286

Prepayments and accrued income

56,130

81,631

Other debtors

33,877

61,871

 

148,239

271,788

7

Creditors

2023
£

2022
£

Due within one year

Loans and borrowings

6,272

6,272

Trade creditors

38,681

86,006

Taxation and social security

42,997

33,218

Other creditors

20,138

132,992

108,088

258,488

Due after one year

Loans and borrowings

1,568

7,840

 

N Hughes Building Contractors Limited

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

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Hire purchase contracts

1,568

7,840

2023
£

2022
£

Current loans and borrowings

Hire purchase contracts

6,272

6,272

9

Related party transactions

Summary of transactions with key management

2023

At 1 July 2022
£

Advances to director
£

Repayments by director
£

At 30 June 2023
£

Amounts owed (to)/from directors

24,371

175,159

(168,903)

30,627

         
       

 

2022

At 1 July 2021
£

Advances to director
£

Repayments by director
£

At 30 June 2022
£

Amounts owed (to)/from directors

12,592

124,779

(113,000)

24,371