IRIS Accounts Production v24.3.2.46 08381618 Board of Directors 1.12.23 30.11.24 30.11.24 false true false false true false Ordinary 1.00000 Ordinary B 1.00000 Ordinary C 1.00000 Ordinary D 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh083816182023-11-30083816182024-11-30083816182023-12-012024-11-30083816182022-11-30083816182022-12-012023-11-30083816182023-11-3008381618ns15:EnglandWales2023-12-012024-11-3008381618ns14:PoundSterling2023-12-012024-11-3008381618ns10:Director12023-12-012024-11-3008381618ns10:PrivateLimitedCompanyLtd2023-12-012024-11-3008381618ns10:SmallEntities2023-12-012024-11-3008381618ns10:AuditExempt-NoAccountantsReport2023-12-012024-11-3008381618ns10:SmallCompaniesRegimeForDirectorsReport2023-12-012024-11-3008381618ns10:SmallCompaniesRegimeForAccounts2023-12-012024-11-3008381618ns10:FullAccounts2023-12-012024-11-3008381618ns10:OrdinaryShareClass12023-12-012024-11-3008381618ns10:OrdinaryShareClass22023-12-012024-11-3008381618ns10:OrdinaryShareClass32023-12-012024-11-3008381618ns10:OrdinaryShareClass42023-12-012024-11-3008381618ns10:Director22023-12-012024-11-3008381618ns10:RegisteredOffice2023-12-012024-11-3008381618ns5:CurrentFinancialInstruments2024-11-3008381618ns5:CurrentFinancialInstruments2023-11-3008381618ns5:Non-currentFinancialInstruments2024-11-3008381618ns5:Non-currentFinancialInstruments2023-11-3008381618ns5:ShareCapital2024-11-3008381618ns5:ShareCapital2023-11-3008381618ns5:RetainedEarningsAccumulatedLosses2024-11-3008381618ns5:RetainedEarningsAccumulatedLosses2023-11-3008381618ns5:PlantMachinery2023-12-012024-11-3008381618ns5:MotorVehicles2023-12-012024-11-3008381618ns5:ComputerEquipment2023-12-012024-11-3008381618ns5:LeaseholdImprovements2023-11-3008381618ns5:PlantMachinery2023-11-3008381618ns5:MotorVehicles2023-11-3008381618ns5:ComputerEquipment2023-11-3008381618ns5:LeaseholdImprovements2023-12-012024-11-3008381618ns5:LeaseholdImprovements2024-11-3008381618ns5:PlantMachinery2024-11-3008381618ns5:MotorVehicles2024-11-3008381618ns5:ComputerEquipment2024-11-3008381618ns5:LeaseholdImprovements2023-11-3008381618ns5:PlantMachinery2023-11-3008381618ns5:MotorVehicles2023-11-3008381618ns5:ComputerEquipment2023-11-3008381618ns5:WithinOneYearns5:CurrentFinancialInstruments2024-11-3008381618ns5:WithinOneYearns5:CurrentFinancialInstruments2023-11-3008381618ns5:BetweenOneTwoYearsns5:Non-currentFinancialInstruments2024-11-3008381618ns5:BetweenOneTwoYearsns5:Non-currentFinancialInstruments2023-11-3008381618ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2024-11-3008381618ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2023-11-3008381618ns10:OrdinaryShareClass12024-11-3008381618ns10:OrdinaryShareClass22024-11-3008381618ns10:OrdinaryShareClass32024-11-3008381618ns10:OrdinaryShareClass42024-11-3008381618ns5:RetainedEarningsAccumulatedLosses2023-11-3008381618ns5:RetainedEarningsAccumulatedLosses2023-12-012024-11-3008381618ns10:Director222023-11-3008381618ns10:Director222022-11-3008381618ns10:Director222023-12-012024-11-3008381618ns10:Director222022-12-012023-11-3008381618ns10:Director222024-11-3008381618ns10:Director222023-11-30
REGISTERED NUMBER: 08381618 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2024

FOR

HUGGYS SPEEDSHOP LIMITED

HUGGYS SPEEDSHOP LIMITED (REGISTERED NUMBER: 08381618)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


HUGGYS SPEEDSHOP LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 NOVEMBER 2024







DIRECTORS: P T Gaskin
M Gaskin





REGISTERED OFFICE: Gethin House
36 Bond Street
Nuneaton
CV11 4DA





REGISTERED NUMBER: 08381618 (England and Wales)





ACCOUNTANTS: Armstrongs Bishop Simmons
Chartered Accountants and Tax Advisors
Gethin House
36 Bond Street
Nuneaton
Warwickshire
CV11 4DA

HUGGYS SPEEDSHOP LIMITED (REGISTERED NUMBER: 08381618)

BALANCE SHEET
30 NOVEMBER 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 10,781 11,487

CURRENT ASSETS
Stocks 86,922 121,140
Debtors 5 43,995 49,782
Cash at bank 18,535 4,622
149,452 175,544
CREDITORS
Amounts falling due within one year 6 145,434 167,036
NET CURRENT ASSETS 4,018 8,508
TOTAL ASSETS LESS CURRENT
LIABILITIES

14,799

19,995

CREDITORS
Amounts falling due after more than one
year

7

(11,657

)

(14,669

)

PROVISIONS FOR LIABILITIES (2,048 ) (4,727 )
NET ASSETS 1,094 599

CAPITAL AND RESERVES
Called up share capital 8 103 103
Retained earnings 9 991 496
SHAREHOLDERS' FUNDS 1,094 599

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 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.

HUGGYS SPEEDSHOP LIMITED (REGISTERED NUMBER: 08381618)

BALANCE SHEET - continued
30 NOVEMBER 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 31 March 2025 and were signed on its behalf by:





P T Gaskin - Director


HUGGYS SPEEDSHOP LIMITED (REGISTERED NUMBER: 08381618)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

1. STATUTORY INFORMATION

Huggys Speedshop 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.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% 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 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.

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.

HUGGYS SPEEDSHOP LIMITED (REGISTERED NUMBER: 08381618)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2024

2. ACCOUNTING POLICIES - continued

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 5 (2023 - 5 ) .

4. TANGIBLE FIXED ASSETS
Improvements
to Plant and Motor Computer
property machinery vehicles equipment Totals
£    £    £    £    £   
COST
At 1 December 2023
and 30 November 2024 8,458 1,233 28,470 898 39,059
DEPRECIATION
At 1 December 2023 - 726 25,948 898 27,572
Charge for year - 76 630 - 706
At 30 November 2024 - 802 26,578 898 28,278
NET BOOK VALUE
At 30 November 2024 8,458 431 1,892 - 10,781
At 30 November 2023 8,458 507 2,522 - 11,487

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 3,535 243
Other debtors 32,195 11,000
Directors' current accounts - 37,734
Prepayments 8,265 805
43,995 49,782

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 7,400 7,400
Other loans 86,184 41,146
Payments on account 10,389 -
Trade creditors 10,000 20,419
Corporation tax 8,711 -
Social security and other taxes 8,589 4,738
Pension 320 188
VAT 11,469 34,208
Directors' current accounts - 56,817
Accrued expenses 2,372 2,120
145,434 167,036

HUGGYS SPEEDSHOP LIMITED (REGISTERED NUMBER: 08381618)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2024

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans - 1-2 years 7,400 7,400
Bank loans - 2-5 years 4,257 7,269
11,657 14,669

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary 1 100 100
1 Ordinary B £1 1 1
1 Ordinary C £1 1 1
1 Ordinary D £1 1 1
103 103

9. RESERVES
Retained
earnings
£   

At 1 December 2023 496
Profit for the year 38,095
Dividends (37,600 )
At 30 November 2024 991

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 November 2024 and 30 November 2023:

2024 2023
£    £   
M Gaskin
Balance outstanding at start of year 37,734 16,627
Amounts advanced 45,093 35,703
Amounts repaid (31,026 ) (14,596 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 51,801 37,734

The above loans are interest free and repaid in full following the balance sheet date.