Caseware UK (AP4) 2023.0.135 2023.0.135 2024-05-312024-05-31false2023-06-01The principal activity of the Company during the year continued to be that of the letting out of investment properties.11truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 04429052 2023-06-01 2024-05-31 04429052 2022-06-01 2023-05-31 04429052 2024-05-31 04429052 2023-05-31 04429052 c:Director1 2023-06-01 2024-05-31 04429052 d:FreeholdInvestmentProperty 2024-05-31 04429052 d:FreeholdInvestmentProperty 2023-05-31 04429052 d:CurrentFinancialInstruments 2024-05-31 04429052 d:CurrentFinancialInstruments 2023-05-31 04429052 d:CurrentFinancialInstruments d:WithinOneYear 2024-05-31 04429052 d:CurrentFinancialInstruments d:WithinOneYear 2023-05-31 04429052 d:ShareCapital 2024-05-31 04429052 d:ShareCapital 2023-05-31 04429052 d:RevaluationReserve 2024-05-31 04429052 d:RevaluationReserve 2023-05-31 04429052 d:RetainedEarningsAccumulatedLosses 2024-05-31 04429052 d:RetainedEarningsAccumulatedLosses 2023-05-31 04429052 c:FRS102 2023-06-01 2024-05-31 04429052 c:AuditExempt-NoAccountantsReport 2023-06-01 2024-05-31 04429052 c:FullAccounts 2023-06-01 2024-05-31 04429052 c:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 04429052 e:PoundSterling 2023-06-01 2024-05-31 iso4217:GBP xbrli:pure

Registered number: 04429052










HUGHIE (PROPERTY) LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MAY 2024

 
HUGHIE (PROPERTY) LIMITED
REGISTERED NUMBER: 04429052

BALANCE SHEET
AS AT 31 MAY 2024

2024
2024
2023
2023
Note
£
£
£
£

Fixed assets
  

Investment property
 4 
1,800,000
1,800,000

  
1,800,000
1,800,000

Current assets
  

Debtors: amounts falling due within one year
 5 
5,673
11,996

Cash at bank and in hand
  
76,186
146,086

  
81,859
158,082

Creditors: amounts falling due within one year
 6 
(839,528)
(946,073)

Net current liabilities
  
 
 
(757,669)
 
 
(787,991)

Total assets less current liabilities
  
1,042,331
1,012,009

Provisions for liabilities
  

Deferred tax
  
(139,782)
(137,726)

  
 
 
(139,782)
 
 
(137,726)

Net assets
  
902,549
874,283


Capital and reserves
  

Called up share capital 
  
1
1

Fair value reserve
  
450,000
450,000

Profit and loss account
  
452,548
424,282

  
902,549
874,283


Page 1

 
HUGHIE (PROPERTY) LIMITED
REGISTERED NUMBER: 04429052
    
BALANCE SHEET (CONTINUED)
AS AT 31 MAY 2024

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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.

The financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
Mr H M J McFadden
Director

Date: 30 January 2025


The notes on pages 3 to 6 form part of these financial statements.

Page 2

 
HUGHIE (PROPERTY) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1.


General information

Hughie (Property) Limited is a private company, limited by shares, which is domiciled in England and Wales, registration number 04429052. The registered office is Sha-Lor House, West Avenue, Wigston, Leicester, LE18 2FG.
Principal activities
The principal activity of the Company during the year continued to be that of the letting out of investment properties.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The Company's functional and presentational currency is British Sterling (£).

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Operating leases: the Company as lessor

Rental income from operating leases is credited to the Profit and Loss Account on a straight-line basis over the lease term.

Amounts paid and payable as an incentive to sign an operating lease are recognised as a reduction to income over the lease term on a straight-line basis, unless another systematic basis is representative of the time pattern over which the lessor's benefit from the leased asset is diminished.

Page 3

 
HUGHIE (PROPERTY) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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


 
2.6

Investment property

Investment property is carried at fair value determined annually by the director and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at transaction price, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at transaction price, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 4

 
HUGHIE (PROPERTY) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.10

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.


3.


Employees

The average monthly number of employees, including directors, during the year was 1 (2023 - 1).


4.


Investment properties


Freehold investment properties

£



Valuation


At 1 June 2023
1,800,000



At 31 May 2024
1,800,000

The 2024 valuations were made by the director, on an open market value for existing use basis.





5.


Debtors

2024
2023
£
£


Trade debtors
-
6,690

Other debtors
5,673
5,306

5,673
11,996


Page 5

 
HUGHIE (PROPERTY) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Amounts owed to group undertakings
817,406
922,186

Corporation tax
5,512
8,778

Other taxation and social security
5,352
4,014

Accruals and deferred income
11,258
11,095

839,528
946,073


 
Page 6