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Registered number: 06812383
Hughes Portland Ltd
Unaudited Financial Statements
For The Year Ended 31 January 2024
Mouktaris & Co Ltd
Chartered Accountants & Registered Auditors
156a Burnt Oak Broadway
Edgware
Middlesex
HA8 0AX
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—5
Page 1
Statement of Financial Position
Registered number: 06812383
2024 2023
Notes £ £ £ £
FIXED ASSETS
Investments 4 54,379 52,996
54,379 52,996
CURRENT ASSETS
Debtors 5 107,599 68,217
Cash at bank and in hand 430,623 446,874
538,222 515,091
Creditors: Amounts Falling Due Within One Year 6 (352,737 ) (371,472 )
NET CURRENT ASSETS (LIABILITIES) 185,485 143,619
TOTAL ASSETS LESS CURRENT LIABILITIES 239,864 196,615
Creditors: Amounts Falling Due After More Than One Year 7 (575,400 ) (575,400 )
NET LIABILITIES (335,536 ) (378,785 )
CAPITAL AND RESERVES
Called up share capital 8 1,000 1,000
Income Statement (336,536 ) (379,785 )
SHAREHOLDERS' FUNDS (335,536) (378,785)
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For the 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.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
On behalf of the board
Mrs Kyriacou Skordis
Director
9 October 2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Hughes Portland Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 06812383 . The registered office is 156a Burnt Oak Broadway, Edgware, Middlesex, HA8 0AX.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006. The financial statements are prepared in sterling, which is the functional currency of the entity.
2.2. Going Concern Disclosure
These accounts have been prepared on a going concern basis on the ground that the directors are of the opinion that the financial support available from the company's shareholders will continue in the future. Furthermore the directors are optimistic that the company will improve its profitability and generate sufficient funds in the foreseeable future.
2.3. 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.
2.4. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.5. Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
2.6. Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses.
Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted.
Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
2.7. Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2023: 1)
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4. Investments
Unlisted Other Total
£ £ £
Cost
As at 1 February 2023 772 581,755 582,527
Revaluations - 1,383 1,383
As at 31 January 2024 772 583,138 583,910
Provision
As at 1 February 2023 2 529,529 529,531
As at 31 January 2024 2 529,529 529,531
Net Book Value
As at 31 January 2024 770 53,609 54,379
As at 1 February 2023 770 52,226 52,996
Unlisted investments comprise the company's ownership of 1,000 ordinary voting shares of US$1 each in 706 Island House LLC, a company registered in the USA, representing a 100% shareholding of the ordinary issued shares of the company.
Unlisted investments also include shares in group undertakings, comprising a holding of 2 ordinary voting shares of €1 each in MSI Motivation Services International Ltd, a company registered in Cyprus, representing a 2% shareholding of the ordinary issued shares of the company. The investment was impaired in the 2022 financial year.
Other investments are loans to group undertakings.
5. Debtors
2024 2023
£ £
Due within one year
Other debtors 107,599 68,217
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Other creditors 352,737 371,472
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Other creditors 575,400 575,400
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1,000 1,000
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9. Related Party Transactions
The following transactions were carried out with related parties:
Subsidiaries
  • Included in Other debtors is a loan from the Company to its subsidiary 706 Island House LLC amounting to £107,599 (2023: £68,217). The balance relates to finance transactions. The receivable was provided interest free, unsecured and has no specified repayment date. 
Participating interests
  • Included in Other creditors falling due within one year is a loan from the Company's shareholder and other participating interests amounting to £352,737 (2023: £371,472). The balance relates to finance transactions. The payable was provided interest free, unsecured and has no specified repayment date.
  • Included in Other creditors falling due after more than one year is a loan from the Company's shareholder and other participating interests amounting to £575,400 (2023: £575,400). The balance relates to finance transactions. The payable was provided interest free, unsecured and has no specified repayment date.
10. Ultimate Controlling Party
The ultimate parent company is Finacom Holding SA, a company registered in Switzerland.
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