Company registration number 11402554 (England and Wales)
HUGHES FAMILY PROPERTY LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
HUGHES FAMILY PROPERTY LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
HUGHES FAMILY PROPERTY LTD
BALANCE SHEET
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
7,935
10,580
Investment property
4
3,685,000
3,375,000
Investments
5
190,950
3,692,935
3,576,530
Current assets
Debtors
6
1,260
Cash at bank and in hand
12,835
17,443
14,095
17,443
Creditors: amounts falling due within one year
7
(652,852)
(633,184)
Net current liabilities
(638,757)
(615,741)
Total assets less current liabilities
3,054,178
2,960,789
Creditors: amounts falling due after more than one year
8
(2,521,193)
(2,531,177)
Provisions for liabilities
(213,892)
(140,311)
Net assets
319,093
289,301
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
319,091
289,299
Total equity
319,093
289,301
HUGHES FAMILY PROPERTY LTD
BALANCE SHEET (CONTINUED)
- 2 -
For the financial year ended 30 June 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 of its financial statements for the year in question in accordance with section 476.
The directors acknowledge their 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 have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 20 February 2025 and are signed on its behalf by:
Mr B S Hughes
Director
Company registration number 11402554 (England and Wales)
HUGHES FAMILY PROPERTY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -
1
Accounting policies
Company information
Hughes Family Property Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 1B Mile End, London Road, Bath, UK, BA1 6PT.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
1.3
Tangible fixed assets
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Equipment
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in profit or loss. Transaction costs are expensed to profit or loss as incurred.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
HUGHES FAMILY PROPERTY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
HUGHES FAMILY PROPERTY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 5 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 July 2023 and 30 June 2024
23,397
Depreciation and impairment
At 1 July 2023
12,817
Depreciation charged in the year
2,645
At 30 June 2024
15,462
Carrying amount
At 30 June 2024
7,935
At 30 June 2023
10,580
4
Investment property
2024
£
Fair value
At 1 July 2023
3,375,000
Additions
75,000
Revaluations
235,000
At 30 June 2024
3,685,000
The fair value of the investment property has been arrived at using an open market value basis by reference to market evidence of transaction prices for similar properties.
5
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
190,950
HUGHES FAMILY PROPERTY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
5
Fixed asset investments
(Continued)
- 6 -
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 July 2023 & 30 June 2024
190,950
Impairment
At 1 July 2023
-
Impairment losses
190,950
At 30 June 2024
190,950
Carrying amount
At 30 June 2024
-
At 30 June 2023
190,950
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,260
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
10,000
10,000
Trade creditors
1,261
Other creditors
641,591
623,184
652,852
633,184
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
2,521,193
2,531,177