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REGISTERED NUMBER: 08381618 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2023

FOR

HUGGYS SPEEDSHOP LIMITED

HUGGYS SPEEDSHOP LIMITED (REGISTERED NUMBER: 08381618)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


HUGGYS SPEEDSHOP LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 NOVEMBER 2023







DIRECTORS: P T Gaskin
M Gaskin





REGISTERED OFFICE: Gethin House
36 Bond Street
Nuneaton
CV11 4DA





REGISTERED NUMBER: 08381618 (England and Wales)





ACCOUNTANTS: Armstrongs Bishop Simmons
Chartered Accountants and Tax Advisors
Gethin House
36 Bond Street
Nuneaton
Warwickshire
CV11 4DA

HUGGYS SPEEDSHOP LIMITED (REGISTERED NUMBER: 08381618)

BALANCE SHEET
30 NOVEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 11,487 12,509

CURRENT ASSETS
Stocks 121,140 113,223
Debtors 5 49,782 35,463
Cash at bank 4,622 5,414
175,544 154,100
CREDITORS
Amounts falling due within one year 6 167,036 144,263
NET CURRENT ASSETS 8,508 9,837
TOTAL ASSETS LESS CURRENT
LIABILITIES

19,995

22,346

CREDITORS
Amounts falling due after more than one
year

7

(14,669

)

(19,834

)

PROVISIONS FOR LIABILITIES (4,727 ) (2,377 )
NET ASSETS 599 135

CAPITAL AND RESERVES
Called up share capital 8 103 103
Retained earnings 9 496 32
SHAREHOLDERS' FUNDS 599 135

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.

HUGGYS SPEEDSHOP LIMITED (REGISTERED NUMBER: 08381618)

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 Income Statement 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:





P T Gaskin - Director


HUGGYS SPEEDSHOP LIMITED (REGISTERED NUMBER: 08381618)

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

1. STATUTORY INFORMATION

Huggys Speedshop 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. 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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

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.

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.

HUGGYS SPEEDSHOP LIMITED (REGISTERED NUMBER: 08381618)

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

2. 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2022 - 6 ) .

4. TANGIBLE FIXED ASSETS
Improvements
to Plant and Motor Computer
property machinery vehicles equipment Totals
£    £    £    £    £   
COST
At 1 December 2022
and 30 November 2023 8,458 1,233 28,470 898 39,059
DEPRECIATION
At 1 December 2022 - 636 25,107 807 26,550
Charge for year - 90 841 91 1,022
At 30 November 2023 - 726 25,948 898 27,572
NET BOOK VALUE
At 30 November 2023 8,458 507 2,522 - 11,487
At 30 November 2022 8,458 597 3,363 91 12,509

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 243 15,641
Other debtors 11,000 -
Directors' current accounts 37,734 18,289
Prepayments 805 1,533
49,782 35,463

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 7,400 38,201
Other loans 41,146 33,544
Trade creditors 20,419 43,154
Corporation tax - 20,446
Social security and other taxes 4,738 3,471
Pension 188 157
VAT 34,208 3,365
Directors' current accounts 56,817 -
Accrued expenses 2,120 1,925
167,036 144,263

HUGGYS SPEEDSHOP LIMITED (REGISTERED NUMBER: 08381618)

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

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans - 1-2 years 7,400 7,400
Bank loans - 2-5 years 7,269 12,434
14,669 19,834

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary 1 100 100
1 Ordinary B £1 1 1
1 Ordinary C £1 1 1
1 Ordinary D £1 1 1
103 103

9. RESERVES
Retained
earnings
£   

At 1 December 2022 32
Profit for the year 464
At 30 November 2023 496

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 November 2023 and 30 November 2022:

2023 2022
£    £   
M Gaskin
Balance outstanding at start of year 14,295 3,233
Amounts advanced - 36,296
Amounts repaid - (25,234 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 14,295

The above loans are interest free and repaid in full following the balance sheet date.