Caseware UK (AP4) 2023.0.135 2023.0.135 2024-02-292024-02-292023-03-01truefalseproperty rental00trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 12469292 2023-03-01 2024-02-29 12469292 2022-03-01 2023-02-28 12469292 2024-02-29 12469292 2023-02-28 12469292 c:Director1 2023-03-01 2024-02-29 12469292 d:Buildings 2023-03-01 2024-02-29 12469292 d:Buildings 2024-02-29 12469292 d:Buildings 2023-02-28 12469292 d:CurrentFinancialInstruments 2024-02-29 12469292 d:CurrentFinancialInstruments 2023-02-28 12469292 d:Non-currentFinancialInstruments 2024-02-29 12469292 d:Non-currentFinancialInstruments 2023-02-28 12469292 d:CurrentFinancialInstruments d:WithinOneYear 2024-02-29 12469292 d:CurrentFinancialInstruments d:WithinOneYear 2023-02-28 12469292 d:Non-currentFinancialInstruments d:AfterOneYear 2024-02-29 12469292 d:Non-currentFinancialInstruments d:AfterOneYear 2023-02-28 12469292 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-02-29 12469292 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-02-28 12469292 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-02-29 12469292 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-02-28 12469292 d:ShareCapital 2024-02-29 12469292 d:ShareCapital 2023-02-28 12469292 d:RetainedEarningsAccumulatedLosses 2024-02-29 12469292 d:RetainedEarningsAccumulatedLosses 2023-02-28 12469292 c:FRS102 2023-03-01 2024-02-29 12469292 c:AuditExempt-NoAccountantsReport 2023-03-01 2024-02-29 12469292 c:FullAccounts 2023-03-01 2024-02-29 12469292 c:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 12469292 e:PoundSterling 2023-03-01 2024-02-29 iso4217:GBP xbrli:pure

Registered number: 12469292









HUGHES LEGACY PROPERTY LTD







UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2024

 
HUGHES LEGACY PROPERTY LTD
REGISTERED NUMBER: 12469292

BALANCE SHEET
AS AT 29 FEBRUARY 2024

29 February
28 February
2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
1,388,475
1,388,475

  
1,388,475
1,388,475

Current assets
  

Debtors: amounts falling due within one year
 5 
723
10,169

Cash at bank and in hand
 6 
22,643
25,245

  
23,366
35,414

Creditors: amounts falling due within one year
 7 
(556,142)
(434,788)

Net current liabilities
  
 
 
(532,776)
 
 
(399,374)

Total assets less current liabilities
  
855,699
989,101

Creditors: amounts falling due after more than one year
 8 
(778,774)
(930,000)

  

Net assets
  
76,925
59,101


Capital and reserves
  

Called up share capital 
  
2
2

Profit and loss account
  
76,923
59,099

  
76,925
59,101


Page 1

 
HUGHES LEGACY PROPERTY LTD
REGISTERED NUMBER: 12469292
    
BALANCE SHEET (CONTINUED)
AS AT 29 FEBRUARY 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 12 November 2024.




................................................
David Hughes
Director

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
HUGHES LEGACY PROPERTY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1.


General information

The Company is a private company limited by share capital, incorporated in England and Wales. The principal activity was that of rental of investment property.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.4

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 3

 
HUGHES LEGACY PROPERTY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.5

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
Not depreciated

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 4

 
HUGHES LEGACY PROPERTY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.10

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees




The Company has no employees other than the directors, who did not receive any remuneration (2023 - £NIL).


4.


Tangible fixed assets







Freehold property

£



Cost or valuation


At 1 March 2023
1,388,475



At 29 February 2024

1,388,475






Net book value



At 29 February 2024
1,388,475



At 28 February 2023
1,388,475

Page 5

 
HUGHES LEGACY PROPERTY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

5.


Debtors

29 February
28 February
2024
2023
£
£


Trade debtors
-
1,200

Prepayments and accrued income
723
8,969

723
10,169



6.


Cash and cash equivalents

29 February
28 February
2024
2023
£
£

Cash at bank and in hand
22,643
25,245

22,643
25,245


Page 6

 
HUGHES LEGACY PROPERTY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

7.


Creditors: Amounts falling due within one year

29 February
28 February
2024
2023
£
£

Bank loans
57,336
20,000

Amounts owed to related companies
3,996
1,974

Corporation tax
11,599
6,705

Other creditors
481,237
404,237

Accruals and deferred income
1,974
1,872

556,142
434,788


The following liabilities were secured:

29 February
28 February
2024
2023
£
£



Bank loans
57,336
20,000

57,336
20,000

Details of security provided:

The bank loan is secured.

Page 7

 
HUGHES LEGACY PROPERTY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

8.


Creditors: Amounts falling due after more than one year

29 February
28 February
2024
2023
£
£

Bank loans
778,774
930,000

778,774
930,000


The following liabilities were secured:

29 February
28 February
2024
2023
£
£



Bank loans 1-2 years
57,336
20,000

Bank loans 2-5 years
721,438
910,000

778,774
930,000

Details of security provided:

The bank loan is secured.


9.


Loans


Analysis of the maturity of loans is given below:


29 February
28 February
2024
2023
£
£

Amounts falling due within one year

Bank loans
57,336
20,000

Amounts falling due 1-2 years

Bank loans
57,336
20,000

Amounts falling due 2-5 years

Bank loans
721,438
910,000


836,110
950,000



10.


Controlling party

The Company is controlled by the directors, David and Claire Hughes, by virtue of their shareholding as described in the directors' report.

Page 8

 
HUGHES LEGACY PROPERTY LTD
 
 
 Page 9