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Filleted

Registration number: 06081647

D O Hughes & Son Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 January 2024

 

D O Hughes & Son Limited

Contents

Company Information

1

Directors' Report

2

Accountants' Report

3

Balance Sheet

4

Notes to the Financial Statements

5 to 9

 

D O Hughes & Son Limited

Company Information

Directors

Mr G Hughes

Mrs E S D Hughes

Mr A Hughes

Registered office

Hafod
Bancyfelin
Carmarthen
SA33 5NJ

 

D O Hughes & Son Limited

Directors' Report for the Year Ended 31 January 2024

The directors present their report and the financial statements for the year ended 31 January 2024.

Directors of the company

The directors who held office during the year were as follows:

Mr G Hughes

Mrs E S D Hughes

Mr A Hughes

Principal activity

The principal activity of the company is the sale of agricultural machinery and spares.

Going concern

The accounts have been prepared on a going concern basis.

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved by the Board on 15 October 2024 and signed on its behalf by:

.........................................
Mr G Hughes
Director

.........................................
Mrs E S D Hughes
Director

.........................................
Mr A Hughes
Director

     
 

Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
D O Hughes & Son Limited
for the Year Ended 31 January 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of D O Hughes & Son Limited for the year ended 31 January 2024 as set out on pages 4 to 9 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at
http://www.accaglobal.com/gb/en/discover/public-value/rulebook.html.

This report is made solely to the Board of Directors of D O Hughes & Son Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of D O Hughes & Son Limited and state those matters that we have agreed to state to the Board of Directors of D O Hughes & Son Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/
october/factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than D O Hughes & Son Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that D O Hughes & Son Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of D O Hughes & Son Limited. You consider that D O Hughes & Son Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of D O Hughes & Son Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

LHP Carmarthen
Chartered Certified Accountants
Llys Deri
Parc Pensarn
Carmarthen
SA31 2NF

15 October 2024

 

D O Hughes & Son Limited

(Registration number: 06081647)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

7,522

4,570

Current assets

 

Stocks

6

54,145

51,620

Debtors

7

289,818

281,551

Cash at bank and in hand

 

1,424,062

1,251,512

 

1,768,025

1,584,683

Creditors: Amounts falling due within one year

8

(852,917)

(717,830)

Net current assets

 

915,108

866,853

Net assets

 

922,630

871,423

Capital and reserves

 

Called up share capital

1,000

1,000

Profit and loss account

921,630

870,423

Total equity

 

922,630

871,423

For the financial year ending 31 January 2024 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 15 October 2024 and signed on its behalf by:
 

.........................................
Mr G Hughes
Director

.........................................
Mrs E S D Hughes
Director

.........................................
Mr A Hughes
Director

     
 

D O Hughes & Son Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Hafod
Bancyfelin
Carmarthen
SA33 5NJ

The principal place of business is:
Hafod
Bancyfelin
Carmarthen
SA33 5NJ

These financial statements were authorised for issue by the Board on 15 October 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

D O Hughes & Son Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

20% reducing balance

Motor vehicles

20% reducing balance

Fixture and fitting

20% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

D O Hughes & Son Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 3).

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

1,047

1,142

 

D O Hughes & Son Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

5

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 February 2023

5,060

121,232

20,475

146,767

Additions

-

4,000

-

4,000

At 31 January 2024

5,060

125,232

20,475

150,767

Depreciation

At 1 February 2023

3,402

118,320

20,475

142,197

Charge for the year

332

716

-

1,048

At 31 January 2024

3,734

119,036

20,475

143,245

Carrying amount

At 31 January 2024

1,326

6,196

-

7,522

At 31 January 2023

1,658

2,912

-

4,570

6

Stocks

2024
£

2023
£

Other inventories

54,145

51,620

7

Debtors

2024
£

2023
£

Trade debtors

536,572

518,709

Provision for impairment of debtors

(255,373)

(254,993)

Other debtors

8,619

17,835

289,818

281,551

8

Creditors

Creditors: amounts falling due within one year

 

D O Hughes & Son Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

Note

2024
£

2023
£

Due within one year

 

Trade creditors

 

56,407

53,103

Other related parties

 

567,039

392,668

Corporation tax liability

 

49,006

45,808

Other creditors

 

180,465

226,251

 

852,917

717,830

9

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

1,000

1,000

1,000

1,000

         

10

Related party transactions

Transactions with directors

2024

At 1 February 2023
£

Repayments by director
£

At 31 January 2024
£

Mr G Hughes

Interest free loan with no fixed repayment terms

(130,890)

(58,086)

(188,975)

       
     

Mrs E S D Hughes

Interest free loan with no fixed repayment terms

(130,890)

(58,086)

(188,975)

       
     

Mr A Hughes

Interst free loan with no fixed repayment terms

(130,890)

(58,086)

(188,975)

       
     

 

2023

At 1 February 2022
£

Repayments by director
£

At 31 January 2023
£

Mr G Hughes

Interest free loan with no fixed repayment terms

(117,764)

(13,126)

(130,890)

       
     

Mrs E S D Hughes

Interest free loan with no fixed repayment terms

(117,764)

(13,126)

(130,890)

       
     

Mr A Hughes

Interst free loan with no fixed repayment terms

(117,764)

(13,126)

(130,890)