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REGISTERED NUMBER: 06427371 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 March 2024

for

Hugo Morris Limited

Hugo Morris Limited (Registered number: 06427371)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Hugo Morris Limited

Company Information
for the Year Ended 31 March 2024







DIRECTOR: M P Jenkins





SECRETARY: M P Jenkins





REGISTERED OFFICE: 4 The Courtyard
Holmsted Farm
Staplefield Road
Haywards Heath
West Sussex
RH17 5JF





REGISTERED NUMBER: 06427371 (England and Wales)





ACCOUNTANTS: Warren House Accountants Limited
4 The Courtyard
Holmsted Farm
Staplefield Road
Haywards Heath
RH17 5JF

Hugo Morris Limited (Registered number: 06427371)

Statement of Financial Position
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 258 445

CURRENT ASSETS
Stocks 16,130 12,699
Debtors 5 4,274 2,792
20,404 15,491
CREDITORS
Amounts falling due within one year 6 162,557 144,976
NET CURRENT LIABILITIES (142,153 ) (129,485 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(141,895

)

(129,040

)

CREDITORS
Amounts falling due after more than one
year

7

33,338

36,562
NET LIABILITIES (175,233 ) (165,602 )

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (175,333 ) (165,702 )
SHAREHOLDERS' FUNDS (175,233 ) (165,602 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

Hugo Morris Limited (Registered number: 06427371)

Statement of Financial Position - continued
31 March 2024


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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 21 February 2025 and were signed by:





M P Jenkins - Director


Hugo Morris Limited (Registered number: 06427371)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Hugo Morris 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. ACCOUNTING POLICIES

Basis of preparing the financial statements
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. The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared on the going concern basis which assumes that the company will continue in operational existence for the foreseeable future. At the year end the company had net current liabilities of £142,153 (2023: £129,485), The director has indicated his willingness and ability to continue to financially support the company for at least 12 months from the date of approval of the report and in addition the director has confirmed that he will not recall his loan within 12 months.

Turnover
Turnover is from the sale of tailored clothing is measured at the fair value of the consideration received or receivable, excluding value added tax.

Revenue is recognised when monies are received.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold - 10% on cost
Office equipment - 25% on cost
Website costs - 20% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 statement of financial position date.


Hugo Morris Limited (Registered number: 06427371)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivables or payables within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Going concern
These accounts have been prepared on the basis of going concern. The director has indicated his willingness and ability to continue to financially support the company for at least 12 months from the date of approval of the report.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 3 ) .

Hugo Morris Limited (Registered number: 06427371)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

4. TANGIBLE FIXED ASSETS
Short Office Website
leasehold equipment costs Totals
£    £    £    £   
COST
At 1 April 2023
and 31 March 2024 12,384 16,276 1,732 30,392
DEPRECIATION
At 1 April 2023 12,384 15,903 1,660 29,947
Charge for year - 125 62 187
At 31 March 2024 12,384 16,028 1,722 30,134
NET BOOK VALUE
At 31 March 2024 - 248 10 258
At 31 March 2023 - 373 72 445

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Other debtors 4,274 2,792

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans and overdrafts 27,870 25,919
Trade creditors 16,941 15,997
Taxation and social security 4,617 6,702
Other creditors 113,129 96,358
162,557 144,976

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.24 31.3.23
£    £   
Bank loans 33,338 36,562

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 2,644 1,057

Hugo Morris Limited (Registered number: 06427371)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.3.24 31.3.23
£    £   
Within one year 17,500 16,750
Between one and five years 70,000 -
In more than five years 87,500 -
175,000 16,750

9. SECURED DEBTS

The following secured debts are included within creditors:

31.3.24 31.3.23
£    £   
Bank overdrafts 22,370 20,502

The bank overdraft is secured by a fixed and floating charge over the assets of the company.

10. RELATED PARTY DISCLOSURES

At the Statement of Financial Position date the company owed the director £79,137 (2023: £76,466). The loan is unsecured, interest free and repayable on demand.