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Registration number: 04591813

Kellie Hughes Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 January 2024

 

Kellie Hughes Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Kellie Hughes Limited

Company Information

Director

Kellie Hughes

Registered office

35A King Street
Whalley
Clitheroe
Lancs
BB7 9SP

Accountants

King Street Accounts
Office 4, 1st Floor
Victory House, The Sidings
Whalley
Clitheroe
Lancashire
BB7 9SE

 

Kellie Hughes Limited

(Registration number: 04591813)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

764,008

771,092

Current assets

 

Stocks

6

8,000

8,000

Debtors

7

163,797

158,317

Cash at bank and in hand

 

17,730

37,487

 

189,527

203,804

Creditors: Amounts falling due within one year

8

(24,744)

(26,333)

Net current assets

 

164,783

177,471

Total assets less current liabilities

 

928,791

948,563

Provisions for liabilities

(2,478)

(2,478)

Net assets

 

926,313

946,085

Capital and reserves

 

Called up share capital

1

1

Retained earnings

926,312

946,084

Shareholders' funds

 

926,313

946,085

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.

Director's 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 director acknowledges her 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. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 21 October 2024
 

 

Kellie Hughes Limited

(Registration number: 04591813)
Balance Sheet as at 31 January 2024

.........................................
Kellie Hughes
Director

 

Kellie Hughes Limited

Notes to the Unaudited 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.

The address of its registered office is:
35A King Street
Whalley
Clitheroe
Lancs
BB7 9SP

These financial statements were authorised for issue by the director on 21 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 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.

 

Kellie Hughes Limited

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

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:

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

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.

Trade 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.

 

Kellie Hughes Limited

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

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.

Trade 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.

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 the director) during the year, was 16 (2023 - 17).

 

Kellie Hughes Limited

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

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 February 2023

30,000

30,000

At 31 January 2024

30,000

30,000

Amortisation

At 1 February 2023

30,000

30,000

At 31 January 2024

30,000

30,000

Carrying amount

At 31 January 2024

-

-

5

Tangible assets

Land and buildings
£

Short leasehold land and buildings
£

Fixtures and fittings
£

Total
£

Cost or valuation

At 1 February 2023

674,347

47,543

122,302

844,192

Additions

-

-

349

349

At 31 January 2024

674,347

47,543

122,651

844,541

Depreciation

At 1 February 2023

-

-

73,100

73,100

Charge for the year

-

-

7,433

7,433

At 31 January 2024

-

-

80,533

80,533

Carrying amount

At 31 January 2024

674,347

47,543

42,118

764,008

At 31 January 2023

674,347

47,543

49,202

771,092

Included within the net book value of land and buildings above is £674,347 (2023 - £674,347) in respect of freehold land and buildings and £47,543 (2023 - £47,543) in respect of short leasehold land and buildings.
 

 

Kellie Hughes Limited

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

6

Stocks

2024
£

2023
£

Other inventories

8,000

8,000

7

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

3,631

11,000

Amounts owed by related parties

10

104,340

132,547

Other debtors

 

55,826

14,770

   

163,797

158,317

 

Kellie Hughes Limited

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

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

4,742

7,482

Taxation and social security

16,760

17,042

Accruals and deferred income

442

442

Other creditors

2,800

1,367

24,744

26,333

9

Dividends

Interim dividends paid

2024
£

2023
£

Interim dividend of £25,000 (2023 - £15,000) per each Ordinary

25,000

15,000

 

 

10

Related party transactions

At the balance sheet date £37,256 was owed by the director to the company (2023 £13,770 owed by the director ). This was repaid in full within 9 months of the year end .

Dividends of £25,000 were paid to the director during the year (2023 £15,000 paid )

Interest free loans were provided to the following connected parties :

Kellie Hughes Properties Ltd £54,732 (2023 £55.601 ) .

Tapas forty seven Ltd £36,697 (2023 £68,200 ) .