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REGISTERED NUMBER: 08534849 (England and Wales)



















JOE HUGHES INTERNATIONAL LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2023






JOE HUGHES INTERNATIONAL LIMITED (REGISTERED NUMBER: 08534849)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023










Page

Company Information 1

Balance Sheet 2 to 3

Notes to the Financial Statements 4 to 7


JOE HUGHES INTERNATIONAL LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 NOVEMBER 2023







DIRECTORS: Mr M J Hughes
Mr N S Hughes
Mrs N J Hickman
Mrs L Hughes





REGISTERED OFFICE: Unit 4, Victory Park
Victory Road
DERBY
DE24 8ZF





REGISTERED NUMBER: 08534849 (England and Wales)





ACCOUNTANTS: Johnson Tidsall Limited
Chartered Accountants
81 Burton Road
Derby
Derbyshire
DE1 1TJ

JOE HUGHES INTERNATIONAL LIMITED (REGISTERED NUMBER: 08534849)

BALANCE SHEET
30 NOVEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 278,500 305,750
Tangible assets 5 583,042 609,138
861,542 914,888

CURRENT ASSETS
Stocks 6 1,219,215 1,282,624
Debtors 7 146,988 204,150
Cash at bank and in hand 365,008 315,310
1,731,211 1,802,084
CREDITORS
Amounts falling due within one year 8 1,149,795 1,214,514
NET CURRENT ASSETS 581,416 587,570
TOTAL ASSETS LESS CURRENT LIABILITIES 1,442,958 1,502,458

CREDITORS
Amounts falling due after more than one year 9 (87,981 ) (162,571 )

PROVISIONS FOR LIABILITIES (14,443 ) (13,465 )
NET ASSETS 1,340,534 1,326,422

CAPITAL AND RESERVES
Called up share capital 11 1,000 1,000
Retained earnings 1,339,534 1,325,422
SHAREHOLDERS' FUNDS 1,340,534 1,326,422

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

JOE HUGHES INTERNATIONAL LIMITED (REGISTERED NUMBER: 08534849)

BALANCE SHEET - continued
30 NOVEMBER 2023


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

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 August 2024 and were signed on its behalf by:





Mr M J Hughes - Director


JOE HUGHES INTERNATIONAL LIMITED (REGISTERED NUMBER: 08534849)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023


1. STATUTORY INFORMATION

Joe Hughes International Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2014, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance

Tangible fixed assets are stated at cost less accumulated depreciation. Cost includes costs directly attributable to making the asset capable of operating as intended.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


JOE HUGHES INTERNATIONAL LIMITED (REGISTERED NUMBER: 08534849)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 25 (2022 - 25 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 December 2022
and 30 November 2023 545,000
AMORTISATION
At 1 December 2022 239,250
Charge for year 27,250
At 30 November 2023 266,500
NET BOOK VALUE
At 30 November 2023 278,500
At 30 November 2022 305,750

JOE HUGHES INTERNATIONAL LIMITED (REGISTERED NUMBER: 08534849)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023


5. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 December 2022
and 30 November 2023 650,222 22,710 72,599 112,830 858,361
DEPRECIATION
At 1 December 2022 111,950 13,284 35,801 88,188 249,223
Charge for year 13,001 1,415 5,520 6,160 26,096
At 30 November 2023 124,951 14,699 41,321 94,348 275,319
NET BOOK VALUE
At 30 November 2023 525,271 8,011 31,278 18,482 583,042
At 30 November 2022 538,272 9,426 36,798 24,642 609,138

6. STOCKS
2023 2022
£    £   
Stocks 1,219,215 1,282,624

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 98,454 157,360
Other debtors 1,862 1,788
Prepayments and accrued income 46,672 45,002
146,988 204,150

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 74,000 85,693
Trade creditors 245,594 215,318
Corporation tax 41,194 38,155
Social security and other taxes 10,986 10,371
VAT 49,964 73,084
Other creditors 2,601 3,957
Directors' current accounts 718,648 781,369
Accruals and deferred income 6,808 6,567
1,149,795 1,214,514

JOE HUGHES INTERNATIONAL LIMITED (REGISTERED NUMBER: 08534849)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023


9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans - 1-2 years 63,481 75,000
Bank loans - 2-5 years 24,500 87,571
87,981 162,571

10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 161,981 248,264

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
1,000 Ordinary £1 1,000 1,000