Company registration number 06950290 (England and Wales)
HUGHES AND ASSOCIATES PROPERTY SERVICES LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
PAGES FOR FILING WITH REGISTRAR
HUGHES AND ASSOCIATES PROPERTY SERVICES LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
HUGHES AND ASSOCIATES PROPERTY SERVICES LTD
BALANCE SHEET
AS AT
31 JULY 2023
31 July 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
364,803
368,038
Current assets
Stocks
66,912
49,200
Debtors
5
3,001,901
2,147,930
Cash at bank and in hand
893,419
360,462
3,962,232
2,557,592
Creditors: amounts falling due within one year
6
(942,307)
(371,857)
Net current assets
3,019,925
2,185,735
Total assets less current liabilities
3,384,728
2,553,773
Creditors: amounts falling due after more than one year
7
(120,864)
(122,687)
Net assets
3,263,864
2,431,086
Capital and reserves
Called up share capital
103
102
Profit and loss reserves
3,263,761
2,430,984
Total equity
3,263,864
2,431,086

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

HUGHES AND ASSOCIATES PROPERTY SERVICES LTD
BALANCE SHEET (CONTINUED)
AS AT
31 JULY 2023
31 July 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 19 April 2024 and are signed on its behalf by:
Mr TJ Hughes
Director
Company registration number 06950290 (England and Wales)
HUGHES AND ASSOCIATES PROPERTY SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
- 3 -
1
Accounting policies
Company information

Hughes and Associates Property Services Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Union Suite, The Union Building, 51-59 Rose Lane, Norwich, Norfolk, England, NR1 1BY.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.3
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
- 25% reducing balance
Fixtures and fittings
- 25% reducing balance
Computers
- 25% reducing balance
Motor vehicles
- 25% reducing balance
1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

HUGHES AND ASSOCIATES PROPERTY SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
19
12
3
Intangible fixed assets
Goodwill
£
Cost
At 1 August 2022 and 31 July 2023
250,000
Amortisation and impairment
At 1 August 2022 and 31 July 2023
250,000
Carrying amount
At 31 July 2023
-
0
At 31 July 2022
-
0
HUGHES AND ASSOCIATES PROPERTY SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 5 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 August 2022
211,058
329,500
540,558
Additions
-
0
47,922
47,922
At 31 July 2023
211,058
377,422
588,480
Depreciation and impairment
At 1 August 2022
-
0
172,520
172,520
Depreciation charged in the year
-
0
51,157
51,157
At 31 July 2023
-
0
223,677
223,677
Carrying amount
At 31 July 2023
211,058
153,745
364,803
At 31 July 2022
211,058
156,980
368,038
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,831,135
848,988
Other debtors
1,170,766
1,298,942
3,001,901
2,147,930
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
10,390
10,390
Trade creditors
600,011
123,154
Corporation tax
271,919
166,451
Other taxation and social security
41,228
39,112
Other creditors
18,759
32,750
942,307
371,857
HUGHES AND ASSOCIATES PROPERTY SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 6 -
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
120,864
120,864
Other creditors
-
0
1,823
120,864
122,687
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