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Registered number: 13940131
Hugh's & Paragon Ltd
Unaudited ABRIDGED Financial Statements
For The Year Ended 28 February 2024
C S Lawrence & Co Limited
Contents
Page
Abridged Balance Sheet 1—2
Notes to the Abridged Financial Statements 3—4
Page 1
Abridged Balance Sheet
Registered number: 13940131
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 18,570 24,760
Tangible Assets 5 39,326 42,525
57,896 67,285
CURRENT ASSETS
Stocks 1,000 1,000
Debtors 454 -
Cash at bank and in hand 7,082 22,936
8,536 23,936
Creditors: Amounts Falling Due Within One Year (119,144 ) (104,257 )
NET CURRENT ASSETS (LIABILITIES) (110,608 ) (80,321 )
TOTAL ASSETS LESS CURRENT LIABILITIES (52,712 ) (13,036 )
NET LIABILITIES (52,712 ) (13,036 )
CAPITAL AND RESERVES
Called up share capital 6 100 100
Profit and Loss Account (52,812 ) (13,136 )
SHAREHOLDERS' FUNDS (52,712) (13,036)
Page 1
Page 2
For the year ending 28 February 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 in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their 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 Profit and Loss Account.
All of the company's members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet for the year end 28 February 2024 in accordance with section 444(2A) of the Companies Act 2006.
On behalf of the board
Miss S Wu
Director
Mr Y Lin
Director
01/11/2024
The notes on pages 3 to 4 form part of these financial statements.
Page 2
Page 3
Notes to the Abridged Financial Statements
1. General Information
Hugh's & Paragon Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 13940131 . The registered office is 53 Wheelock Street, Middlewich, Cheshire, CW10 9AB.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
The company is reliant on the continued support of the directors for working capital requirements.
Subject to the above, the directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
2.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.4. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 5 years.
2.5. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 10% on reducing balance
2.6. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 9 (2023: 9)
9 9
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Page 4
4. Intangible Assets
Total
£
Cost
As at 1 March 2023 30,950
As at 28 February 2024 30,950
Amortisation
As at 1 March 2023 6,190
Provided during the period 6,190
As at 28 February 2024 12,380
Net Book Value
As at 28 February 2024 18,570
As at 1 March 2023 24,760
5. Tangible Assets
Total
£
Cost
As at 1 March 2023 47,250
Additions 1,170
As at 28 February 2024 48,420
Depreciation
As at 1 March 2023 4,725
Provided during the period 4,369
As at 28 February 2024 9,094
Net Book Value
As at 28 February 2024 39,326
As at 1 March 2023 42,525
6. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
Page 4