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REGISTERED NUMBER: NI030124 (Northern Ireland)













Hughes Precast Products Limited

Unaudited Financial Statements

for the Year Ended 31 December 2024






Hughes Precast Products Limited (Registered number: NI030124)

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










Page

Company information 1

Statement of financial position 2 to 3

Notes to the financial statements 4 to 7


Hughes Precast Products Limited

Company Information
for the Year Ended 31 December 2024







Directors: Mr D Wright
Mrs M J Wright
Mrs S Atkinson
Mr S Wright





Registered office: 338 Monaghan Road
Foyduff
Middletown
Armagh
BT60 4JQ





Registered number: NI030124 (Northern Ireland)





Accountants: Wylie Ruddell
Chartered Accountants
Armagh Business Centre
2 Loughgall Road
Armagh
BT61 7NH

Hughes Precast Products Limited (Registered number: NI030124)

Statement of Financial Position
31 December 2024

2024 2023
Notes £ £
Fixed assets
Tangible assets 4 1,117,901 970,870

Current assets
Inventories 383,301 338,034
Receivables 5 220,268 174,181
Cash at bank 443,848 563,342
1,047,417 1,075,557
Payables
Amounts falling due within one year 6 (263,898 ) (233,220 )
Net current assets 783,519 842,337
Total assets less current liabilities 1,901,420 1,813,207

Payables
Amounts falling due after more than one
year

7

(221,098

)

(345,208

)

Provisions for liabilities 8 (63,063 ) (52,665 )
Net assets 1,617,259 1,415,334

Capital and reserves
Called up share capital 2 2
Retained earnings 1,617,257 1,415,332
Shareholders' funds 1,617,259 1,415,334

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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.

Hughes Precast Products Limited (Registered number: NI030124)

Statement of Financial Position - continued
31 December 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 Statement of income and retained earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19 May 2025 and were signed on its behalf by:




Mr D Wright - Director



Mrs S Atkinson - Director


Hughes Precast Products Limited (Registered number: NI030124)

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


1. Statutory information

Hughes Precast Products Limited is a private company, limited by shares , registered in Northern Ireland. 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.

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

Property, pant and equipment
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 4% on cost
Plant and machinery - 12.5% on cost
Fixtures and fittings - 12.5% on cost
Motor vehicles - 12.5% on cost
Computer equipment - 12.5% on cost

Property, plant and equipment under the cost model are stated at historical cost, less accumulated depreciation. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Inventories
Inventories 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 Statement of Income and Retained Earnings, 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

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.

Hughes Precast Products Limited (Registered number: NI030124)

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


2. Accounting policies - continued

Receivables
Short term receivables are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents.
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Payables
Short term payables are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Provisions for liabilities
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation. Provisions are charged as an expense to the Statement of Income and Retained Earnings in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Statement of Financial Position date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.

Critical accounting judgements and key sources of estimation uncertainty

Estimates and judgements are required when applying accounting policies. These are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The company makes estimates and assumptions concerning the future, which can involve a high degree of judgement or complexity. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below:

Useful economic lives of tangible assets
The annual depreciation charges for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See Property, Plant and Equipment note for the carrying amount of the assets, and note 2 for the useful economic lives for each class of asset.

3. Employees and directors

The average number of employees during the year was 20 (2023 - 23 ) .

Hughes Precast Products Limited (Registered number: NI030124)

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


4. Property, plant and equipment
Fixtures
Freehold Plant and and
property machinery fittings
£ £ £
Cost
At 1 January 2024 756,300 993,883 36,019
Additions 131,077 47,089 12,400
Disposals - - -
At 31 December 2024 887,377 1,040,972 48,419
Depreciation
At 1 January 2024 14,090 848,433 29,226
Charge for year 3,265 29,852 2,547
Eliminated on disposal - - -
At 31 December 2024 17,355 878,285 31,773
Net book value
At 31 December 2024 870,022 162,687 16,646
At 31 December 2023 742,210 145,450 6,793

Motor Computer
vehicles equipment Totals
£ £ £
Cost
At 1 January 2024 217,086 36,507 2,039,795
Additions 41,500 4,574 236,640
Disposals (49,488 ) - (49,488 )
At 31 December 2024 209,098 41,081 2,226,947
Depreciation
At 1 January 2024 147,668 29,508 1,068,925
Charge for year 22,848 2,056 60,568
Eliminated on disposal (20,447 ) - (20,447 )
At 31 December 2024 150,069 31,564 1,109,046
Net book value
At 31 December 2024 59,029 9,517 1,117,901
At 31 December 2023 69,418 6,999 970,870

5. Receivables less than one year
2024 2023
£ £
Trade receivables 165,774 145,771
Other receivables 54,494 28,410
220,268 174,181

Hughes Precast Products Limited (Registered number: NI030124)

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


6. Payables: less than one year
2024 2023
£ £
Bank loans and overdrafts 10,649 10,648
Hire purchase contracts 13,989 13,989
Trade payables 73,752 43,326
Taxation and social security 84,809 84,280
Other payables 80,699 80,977
263,898 233,220

7. Payables: more than one year
2024 2023
£ £
Bank loans 4,118 14,239
Hire purchase contracts 27,980 41,969
Other creditors 189,000 289,000
221,098 345,208

8. Provisions for liabilities
2024 2023
£ £
Deferred tax 63,063 52,665

Deferred tax
£
Balance at 1 January 2024 52,665
Accelerated capital allowances 10,398
Balance at 31 December 2024 63,063