2023-03-012024-02-292024-02-29false13886545HUGHES OUR RESOURCES 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HUGHES OUR RESOURCES LTD

Registered Number
13886545
(England and Wales)

Unaudited Financial Statements for the Year ended
29 February 2024

HUGHES OUR RESOURCES LTD
Company Information
for the year from 1 March 2023 to 29 February 2024

Director

HUGHES, Neil Alan

Registered Address

Bartle House
9 Oxford Court
Manchester
M2 3WQ

Registered Number

13886545 (England and Wales)
HUGHES OUR RESOURCES LTD
Balance Sheet as at
29 February 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets4125-
125-
Current assets
Debtors510,8532,178
Cash at bank and on hand15,075
10,8547,253
Creditors amounts falling due within one year6(10,811)(5,872)
Net current assets (liabilities)431,381
Total assets less current liabilities1681,381
Provisions for liabilities7(24)-
Net assets1441,381
Capital and reserves
Called up share capital100100
Profit and loss account441,281
Shareholders' funds1441,381
The financial statements were approved and authorised for issue by the Director on 19 March 2025, and are signed on its behalf by:
HUGHES, Neil Alan
Director
Registered Company No. 13886545
HUGHES OUR RESOURCES LTD
Notes to the Financial Statements
for the year ended 29 February 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Revenue from rendering of services
Revenue from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
Current taxation
Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income. Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Straight line (years)
Office Equipment3
Trade and other debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less. Bank overdrafts are disclosed separately. For the purpose of the cash flow statement, bank overdrafts form an integral part of the company's cash management and are included as a component of cash and cash equivalents.
2.Average number of employees

20242023
Average number of employees during the year12
3.Prior period adjustment
The comparative balances have been restated in the current year financial statements due to material errors occurring in the prior period. This has resulted in a decrease to net assets of £3,182.
4.Tangible fixed assets

Office Equipment

Total

££
Cost or valuation
Additions167167
At 29 February 24167167
Depreciation and impairment
Charge for year4242
At 29 February 244242
Net book value
At 29 February 24125125
At 28 February 23--
5.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables10,3781,466
Other debtors475712
Total10,8532,178
6.Creditors: amounts due within one year

2024

2023

££
Taxation and social security9,461-
Other creditors-5,872
Accrued liabilities and deferred income1,350-
Total10,8115,872
7.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)24-
Total24-
8.Directors advances, credits and guarantees

Brought forward

Amount advanced

Amount repaid

Carried forward

££££
HUGHES, Neil Alan(5,872)65,05858,902284
(5,872)65,05858,902284
During the year, the company made interest-free advances to a director amounting to £65,058. These were repayable on demand. The company received repayments of £58,902. At 29th February 2024 the remaining balance owed to the company by the director was £283.87 (2023: the company owed the director £5,871.63).