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COMPANY REGISTRATION NUMBER: 09511689
Hughes Land Developments Limited
Filleted Unaudited Financial Statements
For the year ended
31 December 2023
Hughes Land Developments Limited
Financial Statements
Year ended 31 December 2023
Contents
Page
Officers and professional advisers
1
Statement of financial position
2
Notes to the financial statements
4
Hughes Land Developments Limited
Officers and Professional Advisers
Director
Mr V S Hughes
Registered office
Plot 42b George Thomas Avenue
Brynmenyn Industrial Estate
Brynmenyn
Bridgend
Mid Glamorgan
Wales
CF32 9SQ
Accountants
Clay Shaw Thomas Ltd
2 Oldfield Road
Bocam Park
Bridgend
CF35 5LJ
Bankers
Lloyds Bank Plc
802 Oxford Street
Swansea
SA1 3AF
Hughes Land Developments Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
4
207,982
180,489
Current assets
Stocks
5
882,494
699,047
Debtors
6
128,966
115,497
Cash at bank and in hand
46,741
116,768
------------
---------
1,058,201
931,312
Creditors: amounts falling due within one year
7
470,874
541,337
------------
---------
Net current assets
587,327
389,975
---------
---------
Total assets less current liabilities
795,309
570,464
Creditors: amounts falling due after more than one year
8
475,714
236,531
Provisions
Taxation including deferred tax
40,308
25,410
---------
---------
Net assets
279,287
308,523
---------
---------
Capital and reserves
Called up share capital
9
1,000
1,000
Profit and loss account
10
278,287
307,523
---------
---------
Shareholders funds
279,287
308,523
---------
---------
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.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Hughes Land Developments Limited
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 26 September 2024 , and are signed on behalf of the board by:
Mr V S Hughes
Director
Company registration number: 09511689
Hughes Land Developments 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 Plot 42b George Thomas Avenue, Brynmenyn Industrial Estate, Brynmenyn, Bridgend, Mid Glamorgan, CF32 9SQ, Wales.
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.
Investment property in tangible fixed assets
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure.
Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis. Investment property including freehold reversions are initially recorded at cost, which includes purchase price and any directly attributable expenditure.
Revenue recognition
Revenue is recognised in the income statement when control is transferred to the customer, this is deemed to be when the title of the property passes to the customer on legal completion.
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.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
25% reducing balance
Motor Vehicles
-
25% reducing balance
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss. If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis. Investment property including freehold reversions are initially recorded at cost, which includes purchase price and any directly attributable expenditure.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
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.
Work in progress
Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any unforeseeable losses where appropriate. No element of profit is included in the valuation of work in progress.
4. Tangible assets
Investment property
Plant and machinery
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2023
100,000
78,700
80,110
258,810
Additions
57,015
57,015
Disposals
( 22,500)
( 22,500)
---------
---------
--------
---------
At 31 December 2023
100,000
113,215
80,110
293,325
---------
---------
--------
---------
Depreciation
At 1 January 2023
42,334
35,987
78,321
Charge for the year
15,488
11,031
26,519
Disposals
( 19,497)
( 19,497)
---------
---------
--------
---------
At 31 December 2023
38,325
47,018
85,343
---------
---------
--------
---------
Carrying amount
At 31 December 2023
100,000
74,890
33,092
207,982
---------
---------
--------
---------
At 31 December 2022
100,000
36,366
44,123
180,489
---------
---------
--------
---------
The investment property is valued annually at open market value, determined by the company director to be £100,000.
5. Stocks
2023
2022
£
£
Work in progress
882,494
699,047
---------
---------
6. Debtors
2023
2022
£
£
Trade debtors
20,736
10,340
Deferred tax asset
1,299
Retentions
91,764
91,764
Other debtors
15,167
13,393
---------
---------
128,966
115,497
---------
---------
The debtors above include the following amounts falling due after more than one year:
2023
2022
£
£
Retentions
85,000
85,000
--------
--------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
13,331
13,844
Trade creditors
10,956
11,697
Accruals and deferred income
13,530
12,823
Social security and other taxes
36,329
Obligations under finance leases and hire purchase contracts
22,156
14,515
Director loan accounts
216,122
222,858
Other creditors
194,779
229,271
---------
---------
470,874
541,337
---------
---------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
455,015
221,584
Obligations under finance leases and hire purchase contracts
20,699
14,947
---------
---------
475,714
236,531
---------
---------
The hire purchase agreements are secured on the assets to which they relate.
In relation to the bank loans from Lloyds Bank PLC, a fixed and floating charge is held over the land at the Abergarw Farm site.
In relation to the bank loans from Swansea Building Society, a fixed and floating charge is held over the freehold property known as 24 Abergarw Meadow.
Included within creditors: amounts falling due after more than one year is an amount of £427,526 (2022: £182,039) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
9. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 10 each
80
800
80
800
Ordinary B shares of £ 10 each
5
50
5
50
Ordinary C shares of £ 10 each
15
150
15
150
----
-------
----
-------
100
1,000
100
1,000
----
-------
----
-------
10. Reserves
Profit and loss account - This reserve records retained earnings and accumulated losses. Included within reserves are non distributable profits on the revaluation of the investment property of £39,937 (2022: £43,132).
11. Related party transactions
Included in other creditors is an amount of £216,122 (2022: £222,858) owed to Mr V S Hughes , the director. No interest is charged in respect of this balance and it is repayable on demand.
12. Controlling party
The company was under the control of Mr V S Hughes during the year. Mr V S Hughes owns 80% of the issued share capital.