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REGISTERED NUMBER: 13302748 (England and Wales)


















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2024

FOR

MICK HUGHES LETTINGS LIMITED

MICK HUGHES LETTINGS LIMITED (REGISTERED NUMBER: 13302748)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MICK HUGHES LETTINGS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST MARCH 2024







DIRECTOR: M Hughes





REGISTERED OFFICE: 17 Moor Park Avenue
Preston
Lancashire
PR1 6AS





REGISTERED NUMBER: 13302748 (England and Wales)





ACCOUNTANTS: SBCA Chartered Accountants
17 Moor Park Avenue
Preston
Lancashire
PR1 6AS

MICK HUGHES LETTINGS LIMITED (REGISTERED NUMBER: 13302748)

BALANCE SHEET
31ST MARCH 2024

31.3.24 31.3.23
Notes £    £   
FIXED ASSETS
Investment property 4 334,000 295,000

CURRENT ASSETS
Cash at bank 1,027 3,898

CREDITORS
Amounts falling due within one year 5 (223,596 ) (242,677 )
NET CURRENT LIABILITIES (222,569 ) (238,779 )
TOTAL ASSETS LESS CURRENT LIABILITIES 111,431 56,221

PROVISIONS FOR LIABILITIES 6 (16,046 ) (8,636 )
NET ASSETS 95,385 47,585

CAPITAL AND RESERVES
Called up share capital 7 100 100
Revaluation reserve 8 68,406 36,816
Retained earnings 8 26,879 10,669
SHAREHOLDERS' FUNDS 95,385 47,585

MICK HUGHES LETTINGS LIMITED (REGISTERED NUMBER: 13302748)

BALANCE SHEET - continued
31ST MARCH 2024


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 11th November 2024 and were signed by:





M Hughes - Director


MICK HUGHES LETTINGS LIMITED (REGISTERED NUMBER: 13302748)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2024


1. STATUTORY INFORMATION

Mick Hughes Lettings Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Investment property
Investment properties are properties held to earn rentals and/or for capital appreciation. Investment properties were initially measured at cost, including transaction costs.

Subsequently under FRS 102, investment properties are measured at fair value. Investment property valuations are based on an open market value. Deferred tax is provided on these movements. Gains and losses arising from changes in fair value of investment properties are included in the Statement of Income and Fair Value Reserve in the period in which they arise.

MICK HUGHES LETTINGS LIMITED (REGISTERED NUMBER: 13302748)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024


2. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Basic financial assets:
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future cash flows discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities:
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 company after deducting all of its liabilities.

Basic financial liabilities:
Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of future cash flows discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if the payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest rate method.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


MICK HUGHES LETTINGS LIMITED (REGISTERED NUMBER: 13302748)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1st April 2023 295,000
Revaluations 39,000
At 31st March 2024 334,000
NET BOOK VALUE
At 31st March 2024 334,000
At 31st March 2023 295,000

Fair value at 31st March 2024 is represented by:
£   
Valuation in 2023 45,451
Valuation in 2024 39,000
Cost 249,549
334,000

MICK HUGHES LETTINGS LIMITED (REGISTERED NUMBER: 13302748)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024


4. INVESTMENT PROPERTY - continued

If Investment properties had not been revalued they would have been included at the following historical cost:

31.3.24 31.3.23
£    £   
Cost 249,549 249,549

Investment properties were valued on an open market basis on 31st March 2024 by the director .

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade creditors - 986
Taxation and social security 3,802 2,559
Other creditors 219,794 239,132
223,596 242,677

6. PROVISIONS FOR LIABILITIES
31.3.24 31.3.23
£    £   
Deferred tax
Revaluation gains 16,046 8,636

Deferred
tax
£   
Balance at 1st April 2023 8,636
Charge to Income Statement during year 7,410
Balance at 31st March 2024 16,046

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.24 31.3.23
value: £    £   
100 Ordinary £1 100 100

MICK HUGHES LETTINGS LIMITED (REGISTERED NUMBER: 13302748)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024


8. RESERVES
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1st April 2023 10,669 36,816 47,485
Profit for the year 47,800 47,800
Revaluations (39,000 ) 39,000 -
Deferred tax provision 7,410 (7,410 ) -
At 31st March 2024 26,879 68,406 95,285