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Registration number: SC319439

C J & J S Hughes & Son Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

C J & J S Hughes & Son Ltd

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 10

 

C J & J S Hughes & Son Ltd

Company Information

Director

RJ Hughes

Registered office

Unit 4B
Charlesfiled Industrial Estate
St Boswells
Scottish Borders
TD6 0HH

Accountants

Deans Accountants And Business Advisors Ltd
Chartered Accountants and Business Advisors
27 North Bridge Street
Hawick
Scottish Borders
TD9 9BD

 

DEANS

Chartered Accountants

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
C J & J S Hughes & Son Ltd for the Year Ended 30 April 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of C J & J S Hughes & Son Ltd for the year ended 30 April 2024 as set out on pages 3 to 10 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants of Scotland (ICAS), we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/ethics/icas-code-of-ethics.

This report is made solely to the Board of Directors of C J & J S Hughes & Son Ltd, as a body, in accordance with the terms of our engagement letter dated 1 May 2008. Our work has been undertaken solely to prepare for your approval the accounts of C J & J S Hughes & Son Ltd and state those matters that we have agreed to state to the Board of Directors of C J & J S Hughes & Son Ltd, as a body, in this report in accordance with ICAS guidance (www.icas.com/accountsprep/guidance). To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than C J & J S Hughes & Son Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that C J & J S Hughes & Son Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of C J & J S Hughes & Son Ltd. You consider that C J & J S Hughes & Son Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of C J & J S Hughes & Son Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Deans Accountants And Business Advisors Ltd
Chartered Accountants and Business Advisors
27 North Bridge Street
Hawick
Scottish Borders
TD9 9BD

28 January 2025

 

C J & J S Hughes & Son Ltd

(Registration number: SC319439)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

37,270

41,788

Tangible assets

5

1,238,392

1,097,974

 

1,275,662

1,139,762

Current assets

 

Stocks

6

23,217

26,913

Debtors

7

374,330

559,186

Cash at bank and in hand

 

167,211

158,391

 

564,758

744,490

Creditors: Amounts falling due within one year

8

(432,170)

(511,061)

Net current assets

 

132,588

233,429

Total assets less current liabilities

 

1,408,250

1,373,191

Creditors: Amounts falling due after more than one year

8

(421,258)

(481,305)

Provisions for liabilities

(309,598)

(274,494)

Net assets

 

677,394

617,392

Capital and reserves

 

Called up share capital

9

10,000

10,000

Retained earnings

667,394

607,392

Shareholders' funds

 

677,394

617,392

For the financial year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 28 January 2025
 

.........................................
RJ Hughes
Director

 

C J & J S Hughes & Son Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
Unit 4B
Charlesfiled Industrial Estate
St Boswells
Scottish Borders
TD6 0HH
Scotland

These financial statements were authorised for issue by the director on 28 January 2025.

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.

The company is not directly impacted by Brexit.

The company has suffered financially from the pandemic. Where appropriate, government support in the forms of grants and loans were used to mitigate the impact of lockdowns etc. The directors will continue to assess the impact of the pandemic and make decisions accordingly.

The financial statements are presented in Sterling (£) and rounded to the nearest £1.

Going concern

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

Judgements

Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these judgements and estimates have been made included:

Useful economic lives of tangible assets – the annual depreciation charge for tangible assets is sensitive to change in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on economic utilisation, and the physical condition of the assets.

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.

 

C J & J S Hughes & Son Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Tax

The tax expense for the period comprises current and 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.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position 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

Motor vehicles

10% and 20% straight line

Plant and machinery

15% reducing balance

Office equipment

15% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Intangible assets

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

25 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

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.

 

C J & J S Hughes & Son Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

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.

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.

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.

 

C J & J S Hughes & Son Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of it’s liabilities.
 Recognition and measurement
Where shares are issued, any component that creates, a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as an interest expenses in the profit and loss account.
 Impairment
At the end of each reporting period financial instruments measured at fair value are assessed for objective evidence of impairment. The impairment loss is recognised in the profit and loss account.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 9 (2023 - 11).

 

C J & J S Hughes & Son Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 May 2023

112,955

112,955

At 30 April 2024

112,955

112,955

Amortisation

At 1 May 2023

71,167

71,167

Amortisation charge

4,518

4,518

At 30 April 2024

75,685

75,685

Carrying amount

At 30 April 2024

37,270

37,270

At 30 April 2023

41,788

41,788

5

Tangible assets

Plant & machinery
£

Motor vehicles
 £

Office equipment
£

Total
£

Cost or valuation

At 1 May 2023

5,786

2,475,748

8,580

2,490,114

Additions

2,421

501,326

-

503,747

Disposals

-

(223,000)

-

(223,000)

At 30 April 2024

8,207

2,754,074

8,580

2,770,861

Depreciation

At 1 May 2023

3,937

1,380,415

7,788

1,392,140

Charge for the year

671

262,114

119

262,904

Eliminated on disposal

-

(122,575)

-

(122,575)

At 30 April 2024

4,608

1,519,954

7,907

1,532,469

Carrying amount

At 30 April 2024

3,599

1,234,120

673

1,238,392

At 30 April 2023

1,849

1,095,333

792

1,097,974

6

Stocks

2024
£

2023
£

Work in progress

16,967

20,663

Other inventories

6,250

6,250

23,217

26,913

 

C J & J S Hughes & Son Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

7

Debtors

2024
£

2023
£

Trade debtors

243,647

359,271

Prepayments

2,470

1,695

Other debtors

128,213

198,220

374,330

559,186

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

227,401

313,002

Trade creditors

 

137,127

136,680

Taxation and social security

 

38,133

21,306

Accruals and deferred income

 

29,509

40,073

 

432,170

511,061

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £217,401 (2023 - £303,002).

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

421,258

481,305

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £408,758 (2023 - £458,805).

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

10,000

10,000

10,000

10,000

       
 

C J & J S Hughes & Son Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Hire purchase contracts

408,758

458,805

Other borrowings

12,500

22,500

421,258

481,305

Current loans and borrowings

2024
£

2023
£

Hire purchase contracts

217,401

303,002

Other borrowings

10,000

10,000

227,401

313,002

11

Related party transactions

Transactions with the director

2024

At 1 May 2023
£

Advances to director
£

Repayments by director
£

At 30 April 2024
£

RJ Hughes

Loans are undated, unsecured and interest is charged at 2.25% per annum on oustanding amounts

77,768

8,880

(77,768)

8,880

2023

At 1 May 2022
£

Advances to director
£

Repayments by director
£

At 30 April 2023
£

RJ Hughes

Loans are undated, unsecured and interest is charged at 2.25% per annum on oustanding amounts

82,874

94,894

(100,000)

77,768