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REGISTERED NUMBER: 07427797 (England and Wales)












Unaudited Financial Statements

for the Year Ended 29 March 2024

for

Steve Hughes Associates Limited

Steve Hughes Associates Limited (Registered number: 07427797)






Contents of the Financial Statements
for the Year Ended 29 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Steve Hughes Associates Limited

Company Information
for the Year Ended 29 March 2024







DIRECTORS: Mr S Hughes
Mrs L R Hughes





REGISTERED OFFICE: 17 Queens Lane
Newcastle upon Tyne
Tyne and Wear
NE1 1RN





REGISTERED NUMBER: 07427797 (England and Wales)





ACCOUNTANTS: Evelyn Partners
17 Queens Lane
Newcastle upon Tyne
Tyne and Wear
NE1 1RN

Steve Hughes Associates Limited (Registered number: 07427797)

Balance Sheet
29 March 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 5 56,392 36,949
Investment property 6 555,000 420,000
611,392 456,949

CURRENT ASSETS
Debtors 7 66,380 66,099
Cash at bank 2,925 37,822
69,305 103,921
CREDITORS
Amounts falling due within one year 8 (518,783 ) (533,310 )
NET CURRENT LIABILITIES (449,478 ) (429,389 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

161,914

27,560

PROVISIONS FOR LIABILITIES (25,111 ) -
NET ASSETS 136,803 27,560

CAPITAL AND RESERVES
Called up share capital 100 100
Fair value reserve 107,053 -
Profit and loss account 29,650 27,460
136,803 27,560

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20 December 2024 and were signed on its behalf by:





Mr S Hughes - Director


Steve Hughes Associates Limited (Registered number: 07427797)

Notes to the Financial Statements
for the Year Ended 29 March 2024

1. STATUTORY INFORMATION

Steve Hughes Associates 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.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 20% on reducing balance

Impairment of assets
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments on non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.


Steve Hughes Associates Limited (Registered number: 07427797)

Notes to the Financial Statements - continued
for the Year Ended 29 March 2024

3. 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.

4. EMPLOYEES AND DIRECTORS

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

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 30 March 2023 57,731
Additions 69,230
Disposals (54,892 )
At 29 March 2024 72,069
DEPRECIATION
At 30 March 2023 20,782
Charge for year 14,098
Eliminated on disposal (19,203 )
At 29 March 2024 15,677
NET BOOK VALUE
At 29 March 2024 56,392
At 29 March 2023 36,949

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 30 March 2023 420,000
Additions 2,836
Fair value movements 132,164
At 29 March 2024 555,000
NET BOOK VALUE
At 29 March 2024 555,000
At 29 March 2023 420,000

The fair value of the investment property at 31 March 2024 has been arrived at on the basis of a valuation carried out at that date by the directors of the company who are not professionally qualified valuers.

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 66,380 66,099

Steve Hughes Associates Limited (Registered number: 07427797)

Notes to the Financial Statements - continued
for the Year Ended 29 March 2024

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 1,860 -
Taxation and social security - 79
Other creditors 516,923 533,231
518,783 533,310