Acorah Software Products - Accounts Production 16.1.300 false true 31 August 2023 1 September 2022 false 1 September 2023 31 August 2024 31 August 2024 09716764 Mr Andrew Huggett Mrs Christine Huggett the director, Mr Andrew Huggett true iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 09716764 2023-08-31 09716764 2024-08-31 09716764 2023-09-01 2024-08-31 09716764 frs-core:CurrentFinancialInstruments 2024-08-31 09716764 frs-core:Non-currentFinancialInstruments 2024-08-31 09716764 frs-core:BetweenOneFiveYears 2024-08-31 09716764 frs-core:ComputerEquipment 2023-09-01 2024-08-31 09716764 frs-core:FurnitureFittings 2024-08-31 09716764 frs-core:FurnitureFittings 2023-09-01 2024-08-31 09716764 frs-core:FurnitureFittings 2023-08-31 09716764 frs-core:MotorVehicles 2024-08-31 09716764 frs-core:MotorVehicles 2023-09-01 2024-08-31 09716764 frs-core:MotorVehicles 2023-08-31 09716764 frs-core:PlantMachinery 2024-08-31 09716764 frs-core:PlantMachinery 2023-09-01 2024-08-31 09716764 frs-core:PlantMachinery 2023-08-31 09716764 frs-core:WithinOneYear 2024-08-31 09716764 frs-core:ShareCapital 2024-08-31 09716764 frs-core:RetainedEarningsAccumulatedLosses 2024-08-31 09716764 frs-bus:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31 09716764 frs-bus:FilletedAccounts 2023-09-01 2024-08-31 09716764 frs-bus:SmallEntities 2023-09-01 2024-08-31 09716764 frs-bus:AuditExempt-NoAccountantsReport 2023-09-01 2024-08-31 09716764 frs-bus:SmallCompaniesRegimeForAccounts 2023-09-01 2024-08-31 09716764 1 2023-09-01 2024-08-31 09716764 frs-bus:Director1 2023-09-01 2024-08-31 09716764 frs-bus:Director2 2023-09-01 2024-08-31 09716764 frs-countries:EnglandWales 2023-09-01 2024-08-31 09716764 2022-08-31 09716764 2023-08-31 09716764 2022-09-01 2023-08-31 09716764 frs-core:CurrentFinancialInstruments 2023-08-31 09716764 frs-core:Non-currentFinancialInstruments 2023-08-31 09716764 frs-core:BetweenOneFiveYears 2023-08-31 09716764 frs-core:WithinOneYear 2023-08-31 09716764 frs-core:ShareCapital 2023-08-31 09716764 frs-core:RetainedEarningsAccumulatedLosses 2023-08-31
Registered number: 09716764
Huggett Precision Products Ltd
Unaudited Financial Statements
For The Year Ended 31 August 2024
Paul Monaghan Chartered Accountant
ICAEW
18 Hartshill Close
Uxbridge
Middlesex
UB10 9LH
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 09716764
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 63,815 80,642
63,815 80,642
CURRENT ASSETS
Stocks 5 10,517 13,529
Debtors 6 58,899 32,832
Cash at bank and in hand 84 20,157
69,500 66,518
Creditors: Amounts Falling Due Within One Year 7 (70,592 ) (63,412 )
NET CURRENT ASSETS (LIABILITIES) (1,092 ) 3,106
TOTAL ASSETS LESS CURRENT LIABILITIES 62,723 83,748
Creditors: Amounts Falling Due After More Than One Year 8 (41,627 ) (63,264 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (12,125 ) (20,161 )
NET ASSETS 8,971 323
CAPITAL AND RESERVES
Called up share capital 10 100 100
Profit and Loss Account 8,871 223
SHAREHOLDERS' FUNDS 8,971 323
Page 1
Page 2
For the year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mrs Christine Huggett
Director
8 December 2024
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Huggett Precision Products Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 09716764 . The registered office is Unit 5 Hampstead Court, Hampstead Avenue, Mildenhall, Suffolk, IP28 7AS.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
The turnover shown in the profit and loss account represents the invoiced sales value of manufactured product recognised at the time of dispatch to the customer, excluding VAT.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost or at valuation, less accumulated depreciation. The charge for depreciation is calculated to write down the cost of tangible fixed assets to their estimated residual values by equal annual instalments over their expected useful lives, which are as follows:
Plant & Machinery Between 8 and 10 years
Motor Vehicles 5 years
Fixtures & Fittings 3 years
Computer Equipment 3 years
2.4. Leasing and Hire Purchase Contracts
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors at an amount net of the finance charge allocated to future periods. The finance element of each payment made is charged to the profit and loss account as a fixed percentage of the payment made in the period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
...CONTINUED
Page 3
Page 4
2.6. Taxation - continued
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was:
2024 2023
Manufacturing 3 2
3 2
4. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £
Cost
As at 1 September 2023 208,854 11,792 3,441 224,087
Additions 659 - - 659
As at 31 August 2024 209,513 11,792 3,441 224,746
Depreciation
As at 1 September 2023 129,115 11,792 2,538 143,445
Provided during the period 17,132 - 354 17,486
As at 31 August 2024 146,247 11,792 2,892 160,931
Net Book Value
As at 31 August 2024 63,266 - 549 63,815
As at 1 September 2023 79,739 - 903 80,642
Page 4
Page 5
5. Stocks
2024 2023
£ £
Stock 10,517 13,529
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 53,663 25,217
Prepayments and accrued income 5,236 7,615
58,899 32,832
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 6,677 -
Trade creditors 18,337 25,609
Bank loans and overdrafts 6,875 2,969
Corporation tax 25,769 21,142
Other taxes and social security 253 471
VAT 6,460 4,427
Other creditors 160 160
Accruals and deferred income 1,080 1,080
Directors' loan accounts 4,981 7,554
70,592 63,412
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 15,607 37,244
Bank loans 26,020 26,020
41,627 63,264
Page 5
Page 6
9. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 6,677 -
Later than one year and not later than five years 15,607 37,244
22,284 37,244
22,284 37,244
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
11. Directors Advances, Credits and Guarantees
Dividends paid to directors
2024 2023
£ £
Mr Andrew Huggett 33,950 30,000
Mrs Christine Huggett 33,950 30,000
12. Dividends
2024 2023
£ £
On equity shares:
Final dividend paid 67,900 60,000
13. Ultimate Controlling Party
The Company's ultimate controlling party is the director, Mr Andrew Huggett by virtue of his managment position and ownership of 50% of the issued share capital in the company.
Page 6