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GEORGE HUGH LTD

Registered Number
SC535907
(Scotland)

Unaudited Financial Statements for the Year ended
31 May 2024

GEORGE HUGH LTD
Company Information
for the year from 1 June 2023 to 31 May 2024

Director

MCCRONE, George

Registered Address

Unit 4 Varnsdorf Way
Airdrie
ML6 8EQ

Registered Number

SC535907 (Scotland)
GEORGE HUGH LTD
Balance Sheet as at
31 May 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets3562749
562749
Current assets
Stocks46,0005,675
Debtors5371,623
Cash at bank and on hand918914
6,9558,212
Creditors amounts falling due within one year6(10,817)(14,322)
Net current assets (liabilities)(3,862)(6,110)
Total assets less current liabilities(3,300)(5,361)
Creditors amounts falling due after one year7(4,673)(8,640)
Net assets(7,973)(14,001)
Capital and reserves
Called up share capital100100
Profit and loss account(8,073)(14,101)
Shareholders' funds(7,973)(14,001)
The financial statements were approved and authorised for issue by the Director on 26 May 2025, and are signed on its behalf by:
MCCRONE, George
Director
Registered Company No. SC535907
GEORGE HUGH LTD
Notes to the Financial Statements
for the year ended 31 May 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in Scotland. 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.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. 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:
Stocks and work in progress
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. The cost methodology employed by the entity is the first-in first-out method. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss. Work in progress is valued using the percentage of completion method and values are calculated using the lower of cost and estimated selling price less costs to complete and sell. When stocks are sold, the carrying amount of those stocks is recognised as an expense within cost of sales. This takes place in the same period that the associated revenue is recognised.
2.Average number of employees

20242023
Average number of employees during the year22
3.Tangible fixed assets

Total

£
Cost or valuation
At 01 June 234,107
At 31 May 244,107
Depreciation and impairment
At 01 June 233,358
Charge for year187
At 31 May 243,546
Net book value
At 31 May 24562
At 31 May 23749
4.Stocks

2024

2023

££
Other stocks6,0005,675
Total6,0005,675
5.Debtors: amounts due within one year

2024

2023

££
Other debtors371,623
Total371,623
6.Creditors: amounts due within one year

2024

2023

££
Bank borrowings and overdrafts4,2594,259
Taxation and social security1,8374,155
Other creditors4,7215,908
Total10,81714,322
7.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts4,6738,640
Total4,6738,640