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Company No: 03121790 (England and Wales)

HUGAFINS CO LIMITED

Unaudited Financial Statements
For the financial year ended 30 November 2023
Pages for filing with the registrar

HUGAFINS CO LIMITED

Unaudited Financial Statements

For the financial year ended 30 November 2023

Contents

HUGAFINS CO LIMITED

COMPANY INFORMATION

For the financial year ended 30 November 2023
HUGAFINS CO LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 30 November 2023
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
HUGAFINS CO LIMITED

BALANCE SHEET

As at 30 November 2023
HUGAFINS CO LIMITED

BALANCE SHEET (continued)

As at 30 November 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 140,044 100,262
Investment property 4 102,631 87,846
Investments 5 495 495
243,170 188,603
Current assets
Stocks 6 1,124,310 843,497
Debtors 7 231,048 100,682
Cash at bank and in hand 70,095 420,814
1,425,453 1,364,993
Creditors: amounts falling due within one year 8 ( 989,092) ( 798,214)
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 ( 15,250) ( 25,000)
Provision for liabilities 10 ( 17,256) ( 6,916)
Net assets 647,025 723,466
Capital and reserves
Called-up share capital 11 64,000 64,000
Profit and loss account 583,025 659,466
Total shareholders' funds 647,025 723,466

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

Directors' responsibilities:

The financial statements of Hugafins Co Limited (registered number: 03121790) were approved and authorised for issue by the Board of Directors on 29 July 2024. They were signed on its behalf by:

Mrs D Pascoe
Director
HUGAFINS CO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 2023
HUGAFINS CO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 2023
1. Accounting policies

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.

General information and basis of accounting

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 £.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the sale of development property and provision of construction services. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue from the sale of development property on completion of the underlying sale contract.

Taxation

Current tax
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.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Land and buildings not depreciated
Plant and machinery 4 years straight line
Vehicles 25 % reducing balance
Office equipment 4 years straight line
Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value derived from the current market prices for comparable real estate determined annually by the directors. The directors use observable market prices, adjusted if necessary for any difference in nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method.

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 instruments

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

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.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 3 3

3. Tangible assets

Land and buildings Plant and machinery Vehicles Office equipment Total
£ £ £ £ £
Cost
At 01 December 2022 71,019 55,650 34,345 3,046 164,060
Additions 0 0 58,900 0 58,900
At 30 November 2023 71,019 55,650 93,245 3,046 222,960
Accumulated depreciation
At 01 December 2022 0 52,324 9,660 1,814 63,798
Charge for the financial year 0 1,303 17,215 600 19,118
At 30 November 2023 0 53,627 26,875 2,414 82,916
Net book value
At 30 November 2023 71,019 2,023 66,370 632 140,044
At 30 November 2022 71,019 3,326 24,685 1,232 100,262

Included within the net book value of land and buildings above is £71,019 (2022 £71,019) in respect of freehold land and buildings.

4. Investment property

Investment property
£
Valuation
As at 01 December 2022 87,846
Fair value movement 14,785
As at 30 November 2023 102,631

Valuation

Investment property is included at directors' valuation.

5. Fixed asset investments

2023 2022
£ £
Subsidiary undertakings 75 75
Other investments and loans 420 420
495 495

Investments in subsidiaries

2023
£
Cost
At 01 December 2022 75
At 30 November 2023 75
Carrying value at 30 November 2023 75
Carrying value at 30 November 2022 75

Listed investments Total
£ £
Cost or valuation before impairment
At 01 December 2022 2,524 2,524
At 30 November 2023 2,524 2,524
Provisions for impairment
At 01 December 2022 2,104 2,104
At 30 November 2023 2,104 2,104
Carrying value at 30 November 2023 420 420
Carrying value at 30 November 2022 420 420

Investments in shares

Name of entity Registered office Principal activity Class of
shares
Ownership
30.11.2023
Ownership
30.11.2022
Cornish Premier Homes Limited Lowin House, Tregolls Road, Truro, Cornwall TR1 2NA Property developer Ordinary shares 75.00% 75.00%

6. Stocks

2023 2022
£ £
Work in progress 1,124,310 843,497

7. Debtors

2023 2022
£ £
Amounts owed by own subsidiaries 202,578 40,855
Other debtors 28,470 59,827
231,048 100,682

8. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 10,000 10,000
Trade creditors 0 4,560
Corporation tax 0 50,314
Other taxation and social security 79 308
Other creditors 979,013 733,032
989,092 798,214

There are no amounts included above in respect of which any security has been given by the small entity.

9. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 15,250 25,000

There are no amounts included above in respect of which any security has been given by the small entity.

10. Provision for liabilities

2023 2022
£ £
Deferred tax 17,256 6,916

11. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
44,000 A ordinary shares of £ 1.00 each 44,000 44,000
20,000 B ordinary shares of £ 1.00 each 20,000 20,000
64,000 64,000

Reserves
Included within the profit and loss account balance at 30 November 2023 is £37,527 of accumulated unrealised non-distributable profit (2022 £22,742).

12. Related party transactions

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.