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Company Registration No. 13070459 (England and Wales)
Hugo & Elliot Limited Unaudited accounts for the year ended 29 February 2024
Hugo & Elliot Limited Unaudited accounts Contents
Page
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Hugo & Elliot Limited Company Information for the year ended 29 February 2024
Director
Sean Roberts
Company Number
13070459 (England and Wales)
Registered Office
14 Upper Northgate Street Chester Cheshire CH1 4EE England
Accountants
Power Accountants, Business and Tax Advisors Limited Royal House, 14 Upper Northgate Street Chester CH1 4EE
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Hugo & Elliot Limited Statement of financial position as at 29 February 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Tangible assets
19,902 
26,535 
Current assets
Inventories
116,649 
39,552 
Debtors
1,250 
1,250 
Cash at bank and in hand
12,935 
22,437 
130,834 
63,239 
Creditors: amounts falling due within one year
(94,406)
(53,181)
Net current assets
36,428 
10,058 
Net assets
56,330 
36,593 
Capital and reserves
Called up share capital
1 
1 
Profit and loss account
56,329 
36,592 
Shareholders' funds
56,330 
36,593 
For the year ending 29 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 director acknowledges his 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 20 November 2024 and were signed on its behalf by
Sean Roberts Director Company Registration No. 13070459
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Hugo & Elliot Limited Notes to the Accounts for the year ended 29 February 2024
1
Statutory information
Hugo & Elliot Limited is a private company, limited by shares, registered in England and Wales, registration number 13070459. The registered office is 14 Upper Northgate Street, , Chester, Cheshire, CH1 4EE, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
These financial statements have been prepared in accordance with the provisions of Section 1A"Small Entities “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 cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Fixtures & fittings
25% on reducing balance
Government grants
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
Deferred taxation
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
Leased assets
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term. Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
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Hugo & Elliot Limited Notes to the Accounts for the year ended 29 February 2024
Inventories
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Foreign exchange
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
4
Tangible fixed assets
Plant & machinery 
£ 
Cost or valuation
At cost 
At 1 March 2023
47,173 
At 29 February 2024
47,173 
Depreciation
At 1 March 2023
20,638 
Charge for the year
6,633 
At 29 February 2024
27,271 
Net book value
At 29 February 2024
19,902 
At 28 February 2023
26,535 
5
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
Accrued income and prepayments
1,250 
1,250 
6
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
Bank loans and overdrafts
13,000 
13,000 
VAT
4,770 
15,424 
Trade creditors
8,730 
565 
Taxes and social security
5,169 
- 
Loans from directors
61,587 
21,842 
Accruals
1,150 
2,350 
94,406 
53,181 
7
Average number of employees
During the year the average number of employees was 0 (2023: 0).
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