P Hughes Limited 00580582 false 2023-02-01 2024-01-31 2024-01-31 The principal activity of the company is Farming Digita Accounts Production Advanced 6.30.9574.0 true true 00580582 2023-02-01 2024-01-31 00580582 2024-01-31 00580582 core:OtherReservesSubtotal 2024-01-31 00580582 core:RetainedEarningsAccumulatedLosses 2024-01-31 00580582 core:ShareCapital 2024-01-31 00580582 core:FinanceLeases core:CurrentFinancialInstruments 2024-01-31 00580582 core:CurrentFinancialInstruments 2024-01-31 00580582 core:CurrentFinancialInstruments core:WithinOneYear 2024-01-31 00580582 core:Non-currentFinancialInstruments 2024-01-31 00580582 core:Non-currentFinancialInstruments core:AfterOneYear 2024-01-31 00580582 core:FurnitureFittingsToolsEquipment 2024-01-31 00580582 core:LandBuildings 2024-01-31 00580582 core:MotorVehicles 2024-01-31 00580582 core:OtherPropertyPlantEquipment 2024-01-31 00580582 bus:SmallEntities 2023-02-01 2024-01-31 00580582 bus:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 00580582 bus:FilletedAccounts 2023-02-01 2024-01-31 00580582 bus:SmallCompaniesRegimeForAccounts 2023-02-01 2024-01-31 00580582 bus:RegisteredOffice 2023-02-01 2024-01-31 00580582 bus:Director1 2023-02-01 2024-01-31 00580582 bus:Director2 2023-02-01 2024-01-31 00580582 bus:Director3 2023-02-01 2024-01-31 00580582 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 00580582 core:Buildings 2023-02-01 2024-01-31 00580582 core:ComputerEquipment 2023-02-01 2024-01-31 00580582 core:FurnitureFittingsToolsEquipment 2023-02-01 2024-01-31 00580582 core:LandBuildings 2023-02-01 2024-01-31 00580582 core:MotorVehicles 2023-02-01 2024-01-31 00580582 core:OtherPropertyPlantEquipment 2023-02-01 2024-01-31 00580582 core:PlantMachinery 2023-02-01 2024-01-31 00580582 countries:EnglandWales 2023-02-01 2024-01-31 00580582 2023-01-31 00580582 core:FurnitureFittingsToolsEquipment 2023-01-31 00580582 core:LandBuildings 2023-01-31 00580582 core:MotorVehicles 2023-01-31 00580582 core:OtherPropertyPlantEquipment 2023-01-31 00580582 2022-02-01 2023-01-31 00580582 2023-01-31 00580582 core:OtherReservesSubtotal 2023-01-31 00580582 core:RetainedEarningsAccumulatedLosses 2023-01-31 00580582 core:ShareCapital 2023-01-31 00580582 core:FinanceLeases core:CurrentFinancialInstruments 2023-01-31 00580582 core:CurrentFinancialInstruments 2023-01-31 00580582 core:CurrentFinancialInstruments core:WithinOneYear 2023-01-31 00580582 core:Non-currentFinancialInstruments 2023-01-31 00580582 core:Non-currentFinancialInstruments core:AfterOneYear 2023-01-31 00580582 core:FurnitureFittingsToolsEquipment 2023-01-31 00580582 core:LandBuildings 2023-01-31 00580582 core:MotorVehicles 2023-01-31 00580582 core:OtherPropertyPlantEquipment 2023-01-31 iso4217:GBP xbrli:pure

Registration number: 00580582

P Hughes Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 January 2024

 

P Hughes Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

P Hughes Limited

Company Information

Directors

E Hughes

T J Hughes

M J Hughes

Registered office

Salford Lodge
Pitchill
Nr Evesham
Worcs
WR11 8SN

Accountants

Ballards LLP
Chartered Accountants
Oakmoore Court
11c Kingswood Road
Hampton Lovett
Droitwich
Worcestershire
WR9 0QH

 

P Hughes Limited

(Registration number: 00580582)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

1,439,691

1,266,679

Current assets

 

Stocks

5

603,667

1,058,924

Debtors

6

435,069

491,577

 

1,038,736

1,550,501

Creditors: Amounts falling due within one year

7

(1,232,291)

(1,571,879)

Net current liabilities

 

(193,555)

(21,378)

Total assets less current liabilities

 

1,246,136

1,245,301

Creditors: Amounts falling due after more than one year

7

(523,599)

(449,062)

Provisions for liabilities

(263,417)

(199,727)

Net assets

 

459,120

596,512

Capital and reserves

 

Called up share capital

30,000

30,000

Other reserves

12

12

Retained earnings

429,108

566,500

Shareholders' funds

 

459,120

596,512

For the financial year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

P Hughes Limited

(Registration number: 00580582)
Balance Sheet as at 31 January 2024

Approved and authorised by the Board on 25 November 2024 and signed on its behalf by:
 

.........................................
T J Hughes
Director

   
     
 

P Hughes Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Salford Lodge
Pitchill
Nr Evesham
Worcs
WR11 8SN
United Kingdom

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

 

P Hughes Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Buildings

5% on cost

Plant and machinery

at varying rates on cost

Poultry houses and equipment and irrigation

at varying rates on cost

Computer and office equipment

at varying rates on cost

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

P Hughes Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

P Hughes Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 14 (2023 - 13).

 

P Hughes Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Irrigation equipment
£

Other property, plant and equipment
 £

Total
£

Cost or valuation

At 1 February 2023

305,979

2,418,995

70,074

1,152,676

3,947,724

Additions

-

3,873

123,871

342,144

469,888

P & M disposals at cost

-

-

-

(37,800)

(37,800)

At 31 January 2024

305,979

2,422,868

193,945

1,457,020

4,379,812

Depreciation

At 1 February 2023

130,431

1,498,266

48,914

1,003,434

2,681,045

Charge for the year

2,992

126,743

16,331

114,810

260,876

P & M depreciation elim on disposals

-

-

-

(1,800)

(1,800)

At 31 January 2024

133,423

1,625,009

65,245

1,116,444

2,940,121

Carrying amount

At 31 January 2024

172,556

797,859

128,700

340,576

1,439,691

At 31 January 2023

175,548

920,729

21,160

149,242

1,266,679

5

Stocks

2024
£

2023
£

Other inventories

603,667

1,058,924

6

Debtors

Current

2024
£

2023
£

Trade debtors

253,661

341,760

Prepayments

135,332

120,413

Other debtors

46,076

29,404

 

435,069

491,577

 

P Hughes Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Bank loans and overdrafts

8

304,314

417,370

Trade creditors

 

356,476

372,675

Taxation and social security

 

8,105

15,258

Other creditors

 

563,396

766,576

 

1,232,291

1,571,879

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

523,599

449,062

8

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Other borrowings

523,599

449,062

2024
£

2023
£

Current loans and borrowings

Bank overdrafts

147,883

234,588

Finance lease liabilities

54,375

3,429

Other borrowings

102,056

179,353

304,314

417,370