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Registration number: 07505251

Hughes Trading Co. (UK) Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 January 2025

 

Hughes Trading Co. (UK) Limited

Contents

Balance Sheet

1 to 2

Notes to the Financial Statements

3 to 8

 

Hughes Trading Co. (UK) Limited

(Registration number: 07505251)
Balance Sheet as at 31 January 2025

Note

2025
£

2024
£

Fixed assets

 

Tangible assets

5

63,689

49,697

Current assets

 

Stocks

10,000

10,000

Debtors

6

64

23,524

 

10,064

33,524

Creditors: Amounts falling due within one year

7

(56,685)

(53,342)

Net current liabilities

 

(46,621)

(19,818)

Total assets less current liabilities

 

17,068

29,879

Creditors: Amounts falling due after more than one year

7

(5,970)

(20,274)

Provisions for liabilities

(12,101)

(9,442)

Net (liabilities)/assets

 

(1,003)

163

Capital and reserves

 

Called up share capital

100

100

Retained earnings

(1,103)

63

Shareholders' (deficit)/funds

 

(1,003)

163

 

Hughes Trading Co. (UK) Limited

(Registration number: 07505251)
Balance Sheet as at 31 January 2025

For the financial year ending 31 January 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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 special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 9 June 2025 and signed on its behalf by:
 

.........................................
S Hughes
Director

 

Hughes Trading Co. (UK) Limited

Notes to the Financial Statements for the Year Ended 31 January 2025

1

General information

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

The address of its registered office is:
2 Old Bath Road
Newbury
Berkshire
RG14 1QL
England

The principal place of business is:
Caravan and Camping Park
Sourton Down
Okehampton
Devon
EX20 4HT

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.

Going concern

The company has sufficient financial support from the director and as a consequence, he believes that the company is well placed to manage its business risks successfully despite the current uncertain economic outlook.

The director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus he continues to adopt the going concern basis of accounting in preparing the financial statements.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Government grants

Government grants are accounted for as revenue based grants under the accrual model in the period in which they are receivable.

Tax

The tax expense for the period comprises current tax payable and deferred tax.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Hughes Trading Co. (UK) Limited

Notes to the Financial Statements for the Year Ended 31 January 2025

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

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

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 and machinery

10% reducing balance basis

Motor vehicles

25% reducing balance basis

Office equipment

25% reducing balance basis

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% straight line basis

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

 

Hughes Trading Co. (UK) Limited

Notes to the Financial Statements for the Year Ended 31 January 2025

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2024 - 2).

 

Hughes Trading Co. (UK) Limited

Notes to the Financial Statements for the Year Ended 31 January 2025

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 February 2024

50,000

50,000

At 31 January 2025

50,000

50,000

Amortisation

At 1 February 2024

50,000

50,000

At 31 January 2025

50,000

50,000

Carrying amount

At 31 January 2025

-

-

5

Tangible assets

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 February 2024

14,413

4,238

70,262

88,913

Additions

-

-

36,845

36,845

Disposals

-

-

(27,787)

(27,787)

At 31 January 2025

14,413

4,238

79,320

97,971

Depreciation

At 1 February 2024

6,904

2,119

30,192

39,215

Charge for the year

751

530

18,305

19,586

Eliminated on disposal

-

-

(24,519)

(24,519)

At 31 January 2025

7,655

2,649

23,978

34,282

Carrying amount

At 31 January 2025

6,758

1,589

55,342

63,689

At 31 January 2024

7,508

2,119

40,070

49,697

 

Hughes Trading Co. (UK) Limited

Notes to the Financial Statements for the Year Ended 31 January 2025

6

Debtors

Current

2025
£

2024
£

Trade debtors

-

1,581

Prepayments

64

1,063

Other debtors

-

20,880

 

64

23,524

7

Creditors

Creditors: amounts falling due within one year

Note

2025
£

2024
£

Due within one year

 

Loans and borrowings

8

26,362

27,511

Trade creditors

 

13,904

11,024

Taxation and social security

 

7,680

11,657

Other creditors

 

8,739

3,150

 

56,685

53,342


Creditors: amounts falling due after more than one year

Note

2025
£

2024
£

Due after one year

 

Loans and borrowings

8

5,970

20,274


 

Hughes Trading Co. (UK) Limited

Notes to the Financial Statements for the Year Ended 31 January 2025

8

Loans and borrowings

Current loans and borrowings

2025
£

2024
£

Bank borrowings

6,000

6,000

Bank overdrafts

12,058

13,207

Hire purchase contracts

8,304

8,304

26,362

27,511

Non-current loans and borrowings

2025
£

2024
£

Bank borrowings

2,500

8,500

Hire purchase contracts

3,470

11,774

5,970

20,274

9

Related party transactions

Other transactions with directors
 

Mr and Mrs S Hughes (directors) had a loan with the company.

At the balance sheet date the amount due to/(from) Mr and Mrs S Hughes was £5,440 (2024: (£19,880)).