2023-04-01 08290914 2024-03-31 08290914 2023-04-01 2024-03-31 08290914 2023-03-31 08290914 2022-04-01 2023-03-31 08290914 uk-core:WithinOneYear 2023-03-31 08290914 uk-core:WithinOneYear 2024-03-31 08290914 uk-core:AfterOneYear 2023-03-31 08290914 uk-core:AfterOneYear 2024-03-31 08290914 uk-core:ShareCapital 2024-03-31 08290914 uk-core:ShareCapital 2023-03-31 08290914 uk-core:RetainedEarningsAccumulatedLosses 2024-03-31 08290914 uk-core:RetainedEarningsAccumulatedLosses 2023-03-31 08290914 uk-bus:Director1 2023-04-01 2024-03-31 08290914 uk-core:PlantMachinery 2023-04-01 2024-03-31 08290914 uk-core:MotorCars 2023-04-01 2024-03-31 08290914 uk-core:Goodwill 2023-03-31 08290914 uk-core:Goodwill 2024-03-31 08290914 uk-core:Goodwill 2023-04-01 2024-03-31 08290914 uk-core:MotorCars 2023-03-31 08290914 uk-core:PlantMachinery 2023-03-31 08290914 uk-core:PlantMachinery 2024-03-31 08290914 uk-core:MotorCars 2024-03-31 08290914 uk-core:WithinOneYear 2024-03-31 08290914 uk-core:WithinOneYear 2023-03-31 08290914 uk-core:AfterOneYear uk-core:Secured 2024-03-31 08290914 uk-core:AfterOneYear uk-core:Secured 2023-03-31 iso4217:GBP xbrli:pure 08290914 uk-bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 08290914 uk-bus:FRS102 2023-04-01 2024-03-31 08290914 uk-bus:FilletedAccounts 2023-04-01 2024-03-31 08290914 uk-bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31
G Hughes (North East) Limited
Registered Number:08290914
For the year ended 31 March 2024
England and Wales
Unaudited Financial Statements
2
For the year ended 31 March 2024
G Hughes (North East) Limited
Contents Page
1 to 2
Statement of Financial Position
3 to 6
Notes to the Financial Statements
3
Registered Number :
08290914
As at 31 March 2024
G Hughes (North East) Limited
Statement of Financial Position
£
£
2023
2024
Notes
Fixed assets
Intangible assets
12,500
87,500
2
Property, plant and equipment
9,139
8,700
3
21,639
96,200
Current assets
Inventories
51,529
51,000
4
Trade and other receivables
399,266
421,551
5
217,957
Cash and cash equivalents
305,547
778,098
668,752
Trade and other payables: amounts falling due within one
year
(254,869)
(298,965)
6
413,883
479,133
Net current assets
Total assets less current liabilities
500,772
510,083
Trade and other payables: amounts falling due after more
than one year
(22,383)
(12,490)
7
(331)
(2,175)
Provisions for liabilities
487,951
Net assets
485,525
Capital and reserves
Called up share capital
100
100
Retained earnings
487,851
485,425
487,951
485,525
Shareholders' funds
For the year ended 31 March 2024 the company was entitled to exemption from audit under Section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006
The director acknowledges his responsibilities for:a) ensuring that the company keeps proper 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 Section 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.
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.
The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
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4
Registered Number :
08290914
For the year ended 31 March 2024
G Hughes (North East) Limited
Statement of Financial Position Continued
J Singh Director
These financial statements were approved and authorised for issue by the Board on 30 August 2024 and were signed by:
The notes form part of these financial statements
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5
For the year ended 31 March 2024
G Hughes (North East) Limited
Notes to the Financial Statements
Statutory Information
G Hughes (North East) Limited is a private limited company, limited by shares, domiciled in England and
Wales, registration number 08290914.
Principal place of business:
127 Renfrew Road
Sunderland
SR5 5PS
Registered address:
10 Grange Terrace
Sunderland
SR2 7DF
The presentation currency is £ sterling.
1. Accounting policies
Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A of Financial
Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and
the Companies Act 2006. The financial statements have been prepared under the historical costs convention as
modified by the revaluation of certain assets.
Going Concern
The financial statements have been prepared on a going concern basis as the directors believe that no material
uncertainties exist. The directors have considered the level of funds held and the expected level of income and
expenditure for 12 months from authorising these financial statements and have concluded that the company is
able to continue as a going concern.
Intangible assets
Goodwill represents the excess of the cost of aquisition of unicorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsquently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years. For the purpose of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
Property, plant and equipment
Property, plant and equipment, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Plant and Equipment
20% Straight line
25% Reducing balance
Motor Vehicles
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6
For the year ended 31 March 2024
G Hughes (North East) Limited
Notes to the Financial Statements Continued
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received using the accrual model.
Inventories
Inventories are value at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.
2. Intangible fixed assets
Goodwill
Cost or valuation
£
At 01 April 2023
750,000
At 31 March 2024
750,000
Amortisation
At 01 April 2023
662,500
75,000
Charge for year
At 31 March 2024
737,500
Net book value
At 31 March 2024
12,500
At 31 March 2023
87,500
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7
For the year ended 31 March 2024
G Hughes (North East) Limited
Notes to the Financial Statements Continued
3. Property, plant and equipment
Total
Motor Vehicles
Plant and
Equipment
£
£
£
Cost or
valuation
At 01 April 2023
63,436
12,588
50,848
8,312
8,312
-
Additions
(12,588)
-
Disposals
(12,588)
At 31 March 2024
50,848
8,312
59,160
Provision for depreciation and impairment
At 01 April 2023
54,736
5,950
48,786
Charge for year
1,235
519
716
(5,950)
(5,950)
-
On disposal
At 31 March 2024
50,021
519
49,502
At 31 March 2024
Net book value
1,346
7,793
9,139
At 31 March 2023
2,062
6,638
8,700
4. Inventories
2023
2024
£
£
Stocks
51,000
51,529
5. Trade and other receivables
2023
2024
£
£
Trade debtors
128,113
133,011
Amounts owed by group undertakings and participating interests
250,791
244,153
Other debtors
42,647
22,102
399,266
421,551
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8
For the year ended 31 March 2024
G Hughes (North East) Limited
Notes to the Financial Statements Continued
6. Trade and other payables: amounts falling due within one year
2023
2024
£
£
Bank loans and overdraft
10,700
11,000
Trade creditors
178,704
170,339
Taxation and social security
87,833
51,263
Other creditors
21,728
22,267
298,965
254,869
7. Trade and other payables: amounts falling due after more than one year
2023
2024
£
£
Bank loans and overdraft
11,902
21,500
Other creditors
588
883
12,490
22,383
8. Average number of persons employed
During the year the average number of employees were 11 (2023 : 11)
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