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REGISTERED NUMBER: 06950290 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 July 2024

for

Hughes and Associates Property Services
Ltd

Hughes and Associates Property Services
Ltd (Registered number: 06950290)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Hughes and Associates Property Services
Ltd

Company Information
for the Year Ended 31 July 2024







DIRECTORS: Mr D Navarrina
Mr J F Navarrina
Mr T Hughes





REGISTERED OFFICE: 105 Carrow Road
Norwich
Norfolk
NR1 1HP





REGISTERED NUMBER: 06950290 (England and Wales)





ACCOUNTANTS: MLA Advisory
Unit D10 Upper Lounge,
Pinetrees road
Norwich
Norfolk
NR7 9BB

Hughes and Associates Property Services
Ltd (Registered number: 06950290)

Balance Sheet
31 July 2024

31.7.24 31.7.23
Notes £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 296,225 364,804
296,225 364,804

CURRENT ASSETS
Stocks 63,872 66,912
Debtors 6 3,845,179 2,995,569
Cash at bank 1,089,407 893,419
4,998,458 3,955,900
CREDITORS
Amounts falling due within one year 7 983,479 935,976
NET CURRENT ASSETS 4,014,979 3,019,924
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,311,204

3,384,728

CREDITORS
Amounts falling due after more than
one year

8

-

120,864
NET ASSETS 4,311,204 3,263,864

Hughes and Associates Property Services
Ltd (Registered number: 06950290)

Balance Sheet - continued
31 July 2024

31.7.24 31.7.23
Notes £    £    £   
CAPITAL AND RESERVES
Called up share capital 103 103
Retained earnings 4,311,101 3,263,761
SHAREHOLDERS' FUNDS 4,311,204 3,263,864

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

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

The directors acknowledge their 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.

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 11 April 2025 and were signed on its behalf by:





Mr D Navarrina - Director


Hughes and Associates Property Services
Ltd (Registered number: 06950290)

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

1. STATUTORY INFORMATION

Hughes and Associates Property Services Ltd 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.

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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2009, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Plant and machinery etc - 25% on reducing balance

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 balance sheet date.


Hughes and Associates Property Services
Ltd (Registered number: 06950290)

Notes to the Financial Statements - continued
for the Year Ended 31 July 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 balance sheet 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 24 (2023 - 19 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 August 2023
and 31 July 2024 250,000
AMORTISATION
At 1 August 2023
and 31 July 2024 250,000
NET BOOK VALUE
At 31 July 2024 -
At 31 July 2023 -

Hughes and Associates Property Services
Ltd (Registered number: 06950290)

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

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 August 2023 211,058 377,423 588,481
Additions - 152,686 152,686
Disposals (140,705 ) (6,976 ) (147,681 )
At 31 July 2024 70,353 523,133 593,486
DEPRECIATION
At 1 August 2023 - 223,677 223,677
Charge for year - 75,707 75,707
Eliminated on disposal - (2,123 ) (2,123 )
At 31 July 2024 - 297,261 297,261
NET BOOK VALUE
At 31 July 2024 70,353 225,872 296,225
At 31 July 2023 211,058 153,746 364,804

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.24 31.7.23
£    £   
Trade debtors 1,231,747 1,831,135
Other debtors 2,613,432 1,164,434
3,845,179 2,995,569

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.24 31.7.23
£    £   
Bank loans and overdrafts - 10,390
Hire purchase contracts - 1,823
Trade creditors 304,421 600,013
Taxation and social security 478,873 309,808
Other creditors 200,185 13,942
983,479 935,976

Hughes and Associates Property Services
Ltd (Registered number: 06950290)

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

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
31.7.24 31.7.23
£    £   
Bank loans - 120,864

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans more than 1 year - 120,864