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COMPANY REGISTRATION NUMBER: NI694240
Hughes Global Ltd
Filleted Financial Statements
29 February 2024
Hughes Global Ltd
Statement of Financial Position
29 February 2024
29 Feb 24
Note
£
Current assets
Debtors
4
30,752
Creditors: amounts falling due within one year
5
41,489
--------
Net current liabilities
10,737
--------
Total assets less current liabilities
( 10,737)
--------
Capital and reserves
Called up share capital
2
Profit and loss account
( 10,739)
--------
Shareholders deficit
( 10,737)
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements were approved by the board of directors and authorised for issue on 2 December 2024 , and are signed on behalf of the board by:
Mr E Hughes
Director
Company registration number: NI694240
Hughes Global Ltd
Notes to the Financial Statements
Period from 6 February 2023 to 29 February 2024
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 118 Trewmount Road, Dungannon, BT71 7EF, Northern Ireland.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
These financial statements have been prepared on a going concern basis, notwithstanding the fact that the company incurred a net loss of £10,739 (2023: £Nil) and a net shareholder's deficit of £10,737 (2023: £Nil) at the balance sheet date. The company continues to operate with the support of its fellow group companies. In light of this, the directors consider it appropriate to prepare the financial statements on a going concern basis.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Debtors
29 Feb 24
£
Other debtors
30,752
--------
5. Creditors: amounts falling due within one year
29 Feb 24
£
Amounts owed to group undertakings and undertakings in which the company has a participating interest
31,111
Corporation tax
10,378
--------
41,489
--------
6. Summary audit opinion
The auditor's report dated 2 December 2024 was unqualified , however, the auditor drew attention to the following by way of emphasis.
In forming our opinion on the financial statements, which is not modified in relation to going concern, we have considered the adequacy of the disclosures made in the financial statements in relation to the company's lenders and creditors. The financial statements have been prepared on a going concern basis, the validity of which depends on the continued support of its fellow group companies. The financial statements do not include any adjustments which would result if this continued support was not secured. In view of the uncertainty on the validly of the going concern basis, we consider that it should be brought to your attention.
The senior statutory auditor was Cathal Maneely , for and on behalf of Maneely Mc Cann Chartered Accountants .
7. Director's advances, credits and guarantees
During the period the director entered into the following advances and credits with the company:
29 Feb 24
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
Mr G Brennan
30,750
30,750
----
--------
--------
8. Related party transactions
Control The company is a joint venture between Hughes Family Holdings Limited and Mr Gary Brennan. Mr K Hughes is deemed the ultimate controlling party by virtue of his shareholding in Hughes Family Holdings Limited. Related party transactions Hughes Global Ltd and K. Hughes & Co Limited are both owned and controlled by Hughes Family Holdings Limited. At the year end, a balance of £10,378 (2023: £Nil) is owed to K. Hughes & Co Limited from Hughes Global Ltd . Amounts due to and from related and group companies are interest free, unsecured and repayable on demand.