Company No:
Contents
DIRECTORS | Mrs D Pascoe |
Mr M D Pascoe | |
Mr J J Pascoe (deceased) (Resigned 30 August 2023) |
REGISTERED OFFICE | Beechwood South Drive |
Tehidy | |
Camborne | |
TR14 0EZ | |
United Kingdom |
COMPANY NUMBER | 03121790 (England and Wales) |
CHARTERED ACCOUNTANTS | Francis Clark LLP |
Lowin House | |
Tregolls Road | |
Truro | |
Cornwall TR1 2NA |
Note | 2023 | 2022 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 3 |
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Investment property | 4 |
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Investments | 5 |
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243,170 | 188,603 | |||
Current assets | ||||
Stocks | 6 |
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Debtors | 7 |
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Cash at bank and in hand |
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1,425,453 | 1,364,993 | |||
Creditors: amounts falling due within one year | 8 | (
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Net current assets | 436,361 | 566,779 | ||
Total assets less current liabilities | 679,531 | 755,382 | ||
Creditors: amounts falling due after more than one year | 9 | (
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Provision for liabilities | 10 | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital | 11 |
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Profit and loss account |
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Total shareholders' funds |
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Directors' responsibilities:
The financial statements of Hugafins Co Limited (registered number:
Mrs D Pascoe
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Hugafins Co Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Beechwood South Drive, Tehidy, Camborne, TR14 0EZ, United Kingdom.
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 items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The company recognises revenue from the sale of development property on completion of the underlying sale contract.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.
Land and buildings | not depreciated |
Plant and machinery |
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Vehicles |
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Office equipment |
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The cost of finished goods and work in progress 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. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.
Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.
Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.
Other basic financial liabilities are measured at amortised cost.
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.
2023 | 2022 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Land and buildings | Plant and machinery | Vehicles | Office equipment | Total | |||||
£ | £ | £ | £ | £ | |||||
Cost | |||||||||
At 01 December 2022 |
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Additions |
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At 30 November 2023 |
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Accumulated depreciation | |||||||||
At 01 December 2022 |
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Charge for the financial year |
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At 30 November 2023 |
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Net book value | |||||||||
At 30 November 2023 |
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At 30 November 2022 |
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Investment property | |
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Valuation | |
As at 01 December 2022 |
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Fair value movement | 14,785 |
As at 30 November 2023 |
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Valuation
Investment property is included at directors' valuation.
2023 | 2022 | ||
£ | £ | ||
Subsidiary undertakings |
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Other investments and loans |
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495 | 495 |
Investments in subsidiaries
2023 | |
£ | |
Cost | |
At 01 December 2022 |
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At 30 November 2023 |
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Carrying value at 30 November 2023 |
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Carrying value at 30 November 2022 |
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Listed investments | Total | ||
£ | £ | ||
Cost or valuation before impairment | |||
At 01 December 2022 |
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At 30 November 2023 |
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Provisions for impairment | |||
At 01 December 2022 |
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At 30 November 2023 |
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Carrying value at 30 November 2023 |
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Carrying value at 30 November 2022 |
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Investments in shares
Name of entity | Registered office | Principal activity | Class of shares |
Ownership 30.11.2023 |
Ownership 30.11.2022 |
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Lowin House, Tregolls Road, Truro, Cornwall TR1 2NA | Property developer |
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2023 | 2022 | ||
£ | £ | ||
Work in progress |
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2023 | 2022 | ||
£ | £ | ||
Amounts owed by own subsidiaries |
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Other debtors |
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2023 | 2022 | ||
£ | £ | ||
Bank loans |
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Trade creditors |
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Corporation tax |
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Other taxation and social security |
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Other creditors |
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2023 | 2022 | ||
£ | £ | ||
Bank loans |
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2023 | 2022 | ||
£ | £ | ||
Deferred tax |
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2023 | 2022 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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64,000 | 64,000 |
Included within the profit and loss account balance at 30 November 2023 is £37,527 of accumulated unrealised non-distributable profit (2022 £22,742).
Transactions with entities in which the entity itself has a participating interest
Cornish Premier Homes Limited
During the year the company provided working capital to Cornish Premier Homes Limited by way of an interest free loan account. The balance due to the company in this respect at 30 November 2023 was £202,578 (2022 £40,855).
Transactions with the entity's directors
The directors have provided working capital to the company by way of interest free loan accounts. The balance due to the directors at 30 November 2023 was £920,442 (2022 £697,981). These amounts are unsecured and repayable on demand, and are included in creditors falling due within one year.
During the year the company purchased a building plot from the director, Mr M D Pascoe for £100,000 which was considered to represent market value of the plot.