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REGISTERED NUMBER: 04237189 (England and Wales)
























FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

AUSTIN HUGHES EUROPE LTD

AUSTIN HUGHES EUROPE LTD (REGISTERED NUMBER: 04237189)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


AUSTIN HUGHES EUROPE LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: M Hennessey
C Kam Ming





SECRETARY: M J Hennessey





REGISTERED OFFICE: Unit 1, Chancery Gate Business Centre
Manor House Avenue
Southampton
Hampshire
SO15 0AE





REGISTERED NUMBER: 04237189 (England and Wales)





AUDITORS: TC Group
1st Floor
Ocean Village Innovation Centre
Ocean Way
Southampton
Hampshire
SO14 3JZ

AUSTIN HUGHES EUROPE LTD (REGISTERED NUMBER: 04237189)

BALANCE SHEET
31 MARCH 2024

2024 2023
as restated
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 288,455 297,719

CURRENT ASSETS
Stocks 5 441,815 467,442
Debtors 6 707,880 603,301
Cash at bank 1,027,281 674,338
2,176,976 1,745,081
CREDITORS
Amounts falling due within one year 7 402,508 205,437
NET CURRENT ASSETS 1,774,468 1,539,644
TOTAL ASSETS LESS CURRENT LIABILITIES 2,062,923 1,837,363

PROVISIONS FOR LIABILITIES 1,052 2,238
NET ASSETS 2,061,871 1,835,125

CAPITAL AND RESERVES
Called up share capital 9 400 400
Retained earnings 2,061,471 1,834,725
SHAREHOLDERS' FUNDS 2,061,871 1,835,125

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 16 September 2024 and were signed on its behalf by:





M Hennessey - Director


AUSTIN HUGHES EUROPE LTD (REGISTERED NUMBER: 04237189)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024


1. STATUTORY INFORMATION

Austin Hughes Europe Ltd 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.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies.

Going concern
The financial statements have been prepared on a going concern basis which assumes that the company will have sufficient funds available to enable it to continue to trade for a period of at least 12 months from the date of signing this report. In making their assessment that this assumption is correct the directors have considered operational capacity, demand for products and finances. The directors have prepared forecasts which considered different scenarios based on differing volumes of business.

After due consideration of these forecasts, current and forecast cash resources. It is anticipated that cash flow will be sufficient to meet expected working capital movements. For this reason the financial statements have been prepared on a going concern basis.

Turnover
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the
company and the revenue can be reliably measured. Revenue is measured as the fair value of the
consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods
Revenue from the sale of goods is recognised on dispatch which is when all of the following conditions are considered to be satisfied:
- the company has transferred the significant risks and rewards of ownership to the buyer;
- the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
- the amount of revenue can be measured reliably;
- it is probable that the company will receive the consideration due under the transaction; and
- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

AUSTIN HUGHES EUROPE LTD (REGISTERED NUMBER: 04237189)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

BuildingsStraight line over 50 years
Plant and machinery15% to 25 % reducing balance

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised within 'administrative expenses' in the statement of income and retained earnings.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Costs to sell are based on the cost of purchase on a first in, first out basis.

When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stock to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of stocks recognised as an expense in the period in which the reversal occurs.

Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from bank and other third parties, loan's to related parties and investments in ordinary shares.

Short term debtors and creditors are measured at the transaction price. Other financial instruments, including loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Financial liabilities and equity are classified according to the substance of the financial instrument's contractual obligations, rather than the financial instrument's legal form.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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.


AUSTIN HUGHES EUROPE LTD (REGISTERED NUMBER: 04237189)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


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.

Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Cash and cash equivalents
Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2023 - 7 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 April 2023
and 31 March 2024 394,566 57,770 452,336
DEPRECIATION
At 1 April 2023 102,428 52,189 154,617
Charge for year 7,891 1,373 9,264
At 31 March 2024 110,319 53,562 163,881
NET BOOK VALUE
At 31 March 2024 284,247 4,208 288,455
At 31 March 2023 292,138 5,581 297,719

AUSTIN HUGHES EUROPE LTD (REGISTERED NUMBER: 04237189)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


5. STOCKS
2024 2023
as restated
£    £   
Finished goods 441,815 467,442

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
as restated
£    £   
Trade debtors 631,588 524,964
Other debtors 76,292 78,337
707,880 603,301

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
as restated
£    £   
Trade creditors 625 1,192
Amounts owed to group undertakings 225,960 49,554
Corporation tax 161,934 140,675
Social security and other taxes 9,055 9,055
Other creditors 4 31
Accruals and deferred income 4,930 4,930
402,508 205,437

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
as restated
£    £   
Within one year 9,477 4,003
Between one and five years 10,809 668
20,286 4,671

AUSTIN HUGHES EUROPE LTD (REGISTERED NUMBER: 04237189)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: as
restated
£    £   
260 Ordinary A Shares £1 260 280
120 Ordinary B Shares £1 120 120
20 Ordinary C Shares £1 20 -
400 400

During the year a special resolution was passed to transfer 20 A Ordinary Shares to C Ordinary Shares.

The A Ordinary Shares, the B Ordinary Shares and the C Ordinary Shares shall rank pari passu in all respects except as set out in the Articles.

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was qualified on the following basis:

Basis for qualified opinion
We were not appointed as auditor of the company until after 31 March 2023 and thus did not observe the counting of physical inventories at the end of that year. We were unable to satisfy ourselves by alternative means concerning the inventory quantities of £467,442 held at 31 March 2023 by using other audit procedures. Consequently we were unable to determine whether any adjustment to this amount at 31 March 2023 was necessary or whether there was any consequential effect on the cost of sales for the year ended 31 March 2024.

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion.

Richard Gillespie FCCA (Senior Statutory Auditor)
for and on behalf of TC Group

11. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

12. ULTIMATE CONTROLLING PARTY

The company's parent company is Austin Hughes Investments Limited, a company incorporated
in Hong Kong.