2022-07-012023-06-302023-06-30false10257240B & J Haughey 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B & J Haughey Ltd

Registered Number
10257240
(England and Wales)

Unaudited Financial Statements for the Year ended
30 June 2023

B & J Haughey Ltd
Company Information
for the year from 1 July 2022 to 30 June 2023

Director

B Haughey

Company Secretary

J Haughey

Registered Address

2 Dukes Court
Bognor Road
Chichester
PO19 8FX

Registered Number

10257240 (England and Wales)
B & J Haughey Ltd
Balance Sheet as at
30 June 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Intangible assets42,0003,000
Tangible assets54,6807,215
6,68010,215
Current assets
Debtors27,30118,189
Cash at bank and on hand45,11130,615
72,41248,804
Creditors amounts falling due within one year(63,387)(57,585)
Net current assets (liabilities)9,025(8,781)
Total assets less current liabilities15,7051,434
Creditors amounts falling due after one year(1,269)(1,371)
Net assets14,43663
Capital and reserves
Called up share capital1010
Profit and loss account14,42653
Shareholders' funds14,43663
The financial statements were approved and authorised for issue by the Director on 25 March 2024, and are signed on its behalf by:
B Haughey
Director
Registered Company No. 10257240
B & J Haughey Ltd
Notes to the Financial Statements
for the year ended 30 June 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover policy
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.
Operating leases
Where, substantially, all the risks and rewards of ownership of the asset do not transfer from the lessor to the company, the lease is treated as an operating lease. Rentals payable under operating leases are charged to the profit and loss account on a straight-line basis over the period of the lease.
Employee benefits
Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.
Defined benefit pension plan
The company operates a defined benefit plan for certain employees. A defined benefit plan defines the pension benefit that the employee will receive on retirement, usually dependent upon several factors including age, length of service and remuneration. A defined benefit plan is a pension plan that is not a defined contribution plan. The liability recognised in the balance sheet in respect of the defined benefit plan is the present value of the defined benefit obligation at the reporting date less the fair value of the plan assets at the reporting date. The defined benefit obligation is calculated using the projected unit credit method. Annually the group engages independent actuaries to calculate the obligation. The present value is determined by discounting the estimated future payments using market yields on high quality corporate bonds that are denominated in sterling and that have terms approximating the estimated period of the future payments('discount rate'). The fair value of plan assets is measured in accordance with the FRS 102 fair value hierarchy and in accordance with the group's policy for similarly held assets. This includes the use of appropriate valuation techniques. Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to other comprehensive income. These amounts together with the return on plan assets, less amounts included in net interest, are disclosed as 'remeasurement of net defined benefit liability'. The cost of the defined benefit plan, recognised in profit or loss as employee costs, except where included in the cost of an asset, comprises: the increase in pension benefit liability arising from employee service during the period; and the cost of plan introductions, benefit changes, curtailments and settlements.
Deferred tax
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.
Intangible assets
Intangible assets are stated at cost less accumulated amortisation and accumulated impairment losses. The assets are reviewed for impairment if the above factors indicate that the carrying amount may be impaired. Amortisation is included in 'administrative expenses' in the profit and loss account.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Reducing balance (%)Straight line (years)
Plant and machinery25-
Fixtures and fittings-3
Office Equipment-3
Government grants or assistance
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received. A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2.Average number of employees

20232022
Average number of employees during the year53
3.Deferred tax
Increases in the UK Corporation tax rate from 19% to 25% (19% effective from 1 April 2017, and 25% effective from 1 April 2023) have been substantively enacted. This will impact the company's future tax charge accordingly. The value of the deferred tax assets at the balance sheet date has been calculated using the applicable rate when the asset is expected to be realised.
4.Intangible assets

Total

£
Cost or valuation
At 01 July 2213,000
At 30 June 2313,000
Amortisation and impairment
At 01 July 2210,000
Charge for year1,000
At 30 June 2311,000
Net book value
At 30 June 232,000
At 30 June 223,000
5.Tangible fixed assets

Total

£
Cost or valuation
At 01 July 2211,166
At 30 June 2311,166
Depreciation and impairment
At 01 July 223,951
Charge for year2,535
At 30 June 236,486
Net book value
At 30 June 234,680
At 30 June 227,215
6.Further information regarding the company's financial position
The company had total guarantees contingencies and commitments at the year end of £70,838 (2022: £87,788)