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COMPANY REGISTRATION NUMBER: 04618851
Dr. D.P. Hughes Limited
Filleted Unaudited Financial Statements
31 December 2023
Dr. D.P. Hughes Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
27,531
35,717
Current assets
Debtors
6
16,051
16,648
Cash at bank and in hand
17,565
17,724
--------
--------
33,616
34,372
Creditors: amounts falling due within one year
7
17,018
14,694
--------
--------
Net current assets
16,598
19,678
--------
--------
Total assets less current liabilities
44,129
55,395
Creditors: amounts falling due after more than one year
8
37,177
46,323
Provisions
Taxation including deferred tax
6,883
8,929
--------
--------
Net assets
69
143
--------
--------
Capital and reserves
Called up share capital
1
1
Profit and loss account
68
142
----
----
Shareholders funds
69
143
----
----
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Dr. D.P. Hughes Limited
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 19 September 2024 , and are signed on behalf of the board by:
Dr D P Hughes
Director
Company registration number: 04618851
Dr. D.P. Hughes Limited
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 1 Picton Lane, Swansea, SA1 4AF.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover represents the total of fees received during the year.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
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 entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
5. Tangible assets
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 January 2023
595
62,648
1,051
64,294
Additions
1,204
1,204
----
--------
-------
--------
At 31 December 2023
595
62,648
2,255
65,498
----
--------
-------
--------
Depreciation
At 1 January 2023
238
27,409
930
28,577
Charge for the year
119
8,809
462
9,390
----
--------
-------
--------
At 31 December 2023
357
36,218
1,392
37,967
----
--------
-------
--------
Carrying amount
At 31 December 2023
238
26,430
863
27,531
----
--------
-------
--------
At 31 December 2022
357
35,239
121
35,717
----
--------
-------
--------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Motor vehicles
£
At 31 December 2023
26,430
--------
At 31 December 2022
35,240
--------
6. Debtors
2023
2022
£
£
Other debtors
16,051
16,648
--------
--------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
2,500
2,500
Trade creditors
1,499
Corporation tax
6,236
2,545
Social security and other taxes
136
191
Other creditors
8,146
7,959
--------
--------
17,018
14,694
--------
--------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
3,750
6,250
Other creditors
33,427
40,073
--------
--------
37,177
46,323
--------
--------
9. Directors' advances, credits and guarantees
At the start of the year the Directors owed £16,648 to the Company which was repaid in full. The Directors received new funds of £22,737 of which £7,115 was repaid during the year. Interest totalling £429 has been charged on the loan during the year. As at 31 December 2023 £16,051 was owed by the Directors to the Company and this amount was repaid in full post year end.