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REGISTERED NUMBER: 09893478 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 December 2023

for

Hugworld Cristalinas UK Limited

Hugworld Cristalinas UK Limited (Registered number: 09893478)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


Hugworld Cristalinas UK Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: A P Perez
M L Bentley





REGISTERED OFFICE: Hyde Park House
Cartwright Street
Hyde
Cheshire
SK14 4EH





REGISTERED NUMBER: 09893478 (England and Wales)





ACCOUNTANTS: Lomas and Company Accountants Limited
Bridge House
12 Market Street
Glossop
Derbyshire
SK13 8AR

Hugworld Cristalinas UK Limited (Registered number: 09893478)

Statement of Financial Position
31 December 2023

31.12.23 31.12.22
Notes £    £   
CURRENT ASSETS
Stocks 178,612 265,063
Debtors 5 138,554 31,429
Cash at bank and in hand 17,445 8,488
334,611 304,980
CREDITORS
Amounts falling due within one year 6 594,040 478,845
NET CURRENT LIABILITIES (259,429 ) (173,865 )
TOTAL ASSETS LESS CURRENT LIABILITIES (259,429 ) (173,865 )

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings (259,430 ) (173,866 )
(259,429 ) (173,865 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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.

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 Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 12 September 2024 and were signed on its behalf by:





A P Perez - Director


Hugworld Cristalinas UK Limited (Registered number: 09893478)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Hugworld Cristalinas UK 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.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
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.

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

Financial instruments
The following assets and liabilities are classified as financial instruments – trade debtors, trade creditors, bank loans, amounts owed to group undertakings and directors’ loans.

Bank loans are initially measured at the present value of future payments, discounted at a market rate of interest, and subsequently at amortised cost using the effective interest method.

Amounts owed to group undertakings and directors’ loans (being repayable on demand), trade debtors and trade creditors are measured at the undiscounted amount of the cash or other consideration expected to be paid or received.

Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hugworld Cristalinas UK Limited (Registered number: 09893478)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

3. ACCOUNTING POLICIES - continued

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.

Going concern
As at 31 December 2023, the company had net liabilities.

On the basis of continuing support from its parent company, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. The Company therefore continues to adopt the going concern basis in preparing its financial statements.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 3 ) .

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 135,998 24,580
Other debtors 2,556 6,849
138,554 31,429

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade creditors 51,407 32,629
Amounts owed to group undertakings 440,214 415,145
Social security and other taxes 4,886 4,544
VAT 92,162 23,205
Other creditors 1,685 1,122
Accrued expenses 3,686 2,200
594,040 478,845

7. ULTIMATE CONTROLLING PARTY

Hugworld Cristalinas UK Ltd is a subsidiary undertaking of Hugworld International Distribution S.L. a company registered in Spain whose principal place of business is Calle Ochandiano,6 - PLT2, 28023, Madrid, Spain.

8. GROUP SUPPORT

Hugworld Cristalinas UK Limited will continue to receive group support from the holding company in both financial and operational terms and hold a statement to this effect.