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Registration number: 06959378

Warren Hughes Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 August 2024

 

Warren Hughes Limited

Contents

Company Information

1

Director's Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 9

 

Warren Hughes Limited

Company Information

Director

Mr Warren Hughes

Company secretary

Mrs Wendy May Hughes

Registered office

2 Ormidale Square
Lowman Way
Tiverton
Devon
EX16 6TW

Accountants

C J Lewin Limited
Accountant15 Jasmine Close
Tiverton
Devon
EX16 6UB

 

Warren Hughes Limited

Director's Report for the Year Ended 30 August 2024

The director presents his report and the financial statements for the year ended 30 August 2024.

Director of the company

The director who held office during the year was as follows:

Mr Warren Hughes

Principal activity

The principal activity of the company is manufacture and installation of wooden furniture, house frames and ancillary goods

Approved and authorised by the director on 31 May 2025
 

.........................................
Mrs Wendy May Hughes
Company secretary

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

 

Warren Hughes Limited

(Registration number: 06959378)
Balance Sheet as at 30 August 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

66,256

54,226

Current assets

 

Stocks

6

39,500

89,666

Debtors

7

16,500

31,474

Cash at bank and in hand

 

258,329

68,778

 

314,329

189,918

Creditors: Amounts falling due within one year

8

(295,035)

(174,406)

Net current assets

 

19,294

15,512

Total assets less current liabilities

 

85,550

69,738

Creditors: Amounts falling due after more than one year

8

(18,266)

(28,333)

Net assets

 

67,284

41,405

Capital and reserves

 

Called up share capital

9

2

2

Retained earnings

67,282

41,403

Shareholders' funds

 

67,284

41,405

For the financial year ending 30 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

Approved and authorised by the director on 31 May 2025
 

.........................................
Mr Warren Hughes
Director

 

Warren Hughes Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 August 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
2 Ormidale Square
Lowman Way
Tiverton
Devon
EX16 6TW

Company Registration No: 06959378 (England & Wales)

These financial statements were authorised for issue by the director on 31 May 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in UK Sterling which is the functional currency of the company.

Revenue recognition

Turnover comprises the invoiced value of sales excluding value added tax. Income is recognised when the company becomes contractually entitled to payment in respect of the goods and services it has provided.

Government grants

Government grants are accounted for in the accounting period in which they are received.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Warren Hughes Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 August 2024

Tangible assets

Tangible fixed assets held for the companies own use are stated at cost less any accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an 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 asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

Warren Hughes Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 August 2024

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant & Machinery

20% Reducing Balance

Motor Vehicles

20% Reducing Balance

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 21 (2023 - 20).

4

Profit/loss before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

14,735

10,522

 

Warren Hughes Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 August 2024

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 31 August 2023

7,980

7,955

8,900

55,109

79,944

Additions

-

278

24,800

1,688

26,766

At 30 August 2024

7,980

8,233

33,700

56,797

106,710

Depreciation

At 31 August 2023

-

3,975

7,727

14,016

25,718

Charge for the year

-

1,147

5,275

8,314

14,736

At 30 August 2024

-

5,122

13,002

22,330

40,454

Carrying amount

At 30 August 2024

7,980

3,111

20,698

34,467

66,256

At 30 August 2023

7,980

3,980

1,173

41,093

54,226

Included within the net book value of land and buildings above is £7,980 (2023 - £7,980) in respect of freehold land and buildings.
 

 

Warren Hughes Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 August 2024

6

Stocks

2024
£

2023
£

Work in progress

39,500

89,666

7

Debtors

Current

2024
£

2023
£

Trade debtors

13,904

28,878

Other debtors

2,596

2,596

 

16,500

31,474

 

Warren Hughes Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 August 2024

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

22,380

9,758

Taxation and social security

52,631

15,386

Accruals and deferred income

6,050

7,073

Other creditors

213,974

142,189

295,035

174,406

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

18,266

28,333

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

ordinary shares of £1 each

2

2

2

2

       

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

18,266

28,333

Bank borrowings

Bounce Back Loan is denominated in UK sterling with a nominal interest rate of 2.5%, and the final instalment is due on 27 May 2026. The carrying amount at year end is £18,266 (2023 - £28,333).

Government backed bounce back loan with a floating charge over the assets of the company.