Hughes Land Developments Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 09511689

Hughes Land Developments Limited

Filleted Unaudited Financial Statements

For the year ended

31 December 2024

Hughes Land Developments Limited

Financial Statements

Year ended 31 December 2024

Contents	Page

Officers and professional advisers	1

Statement of financial position	2

Notes to the financial statements	4

Hughes Land Developments Limited

Officers and Professional Advisers

Director	Mr V S Hughes

Registered office	Plot 42b George Thomas Avenue
	Brynmenyn Industrial Estate
	Brynmenyn
	Bridgend
	Mid Glamorgan
	Wales
	CF32 9SQ

Accountants	Clay Shaw Thomas Ltd

	2 Oldfield Road
	Bocam Park
	Bridgend
	CF35 5LJ

Bankers	Lloyds Bank Plc
	802 Oxford Street
	Swansea
	SA1 3AF

Hughes Land Developments Limited

Statement of Financial Position

31 December 2024

	2024		2023
Note	£	£	£

Fixed assets

Tangible assets	4		180,986	207,982

Current assets

Stocks		922,885	882,494
Debtors	5	129,519	128,966
Cash at bank and in hand		32,633	46,741
		------------	------------
		1,085,037	1,058,201

Creditors: amounts falling due within one year	6	561,389		470,874
		------------		------------
Net current assets			523,648	587,327
			---------	---------
Total assets less current liabilities			704,634	795,309

Creditors: amounts falling due after more than one year	7		448,884	475,714

Provisions

Taxation including deferred tax	33,559	40,308
	---------	---------
Net assets	222,191	279,287
	---------	---------

Capital and reserves

Called up share capital	1,000	1,000
Profit and loss account	221,191	278,287
	---------	---------
Shareholders funds	222,191	279,287
	---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 December 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 financial statements for the year in question in accordance with section 476 ;

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

Hughes Land Developments Limited

Statement of Financial Position (continued)

31 December 2024

These financial statements were approved by the board of directors and authorised for issue on 30 September 2025 , and are signed on behalf of the board by:

Mr V S Hughes
Director

Company registration number: 09511689

Hughes Land Developments Limited

Notes to the Financial Statements

Year ended 31 December 2024

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Plot 42b George Thomas Avenue, Brynmenyn Industrial Estate, Brynmenyn, Bridgend, Mid Glamorgan, CF32 9SQ, Wales.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.

Investment property in tangible fixed assets

Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure.

Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.

If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis. Investment property including freehold reversions are initially recorded at cost, which includes purchase price and any directly attributable expenditure.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant and machinery	-	25% reducing balance
Motor Vehicles	-	25% reducing balance

Investment property

Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss. If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis. Investment property including freehold reversions are initially recorded at cost, which includes purchase price and any directly attributable expenditure.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Work in progress

Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any unforeseeable losses where appropriate. No element of profit is included in the valuation of work in progress.

4. Tangible assets

	Investment property	Plant and machinery	Motor vehicles	Total
	£	£	£	£
Cost
At 1 January 2024 and 31 December 2024	100,000	113,215	80,110	293,325
	---------	---------	--------	---------
Depreciation
At 1 January 2024	–	38,325	47,018	85,343
Charge for the year	–	18,723	8,273	26,996
	---------	---------	--------	---------
At 31 December 2024	–	57,048	55,291	112,339
	---------	---------	--------	---------
Carrying amount
At 31 December 2024	100,000	56,167	24,819	180,986
	---------	---------	--------	---------
At 31 December 2023	100,000	74,890	33,092	207,982
	---------	---------	--------	---------

The investment property is valued annually at open market value, determined by the company director to be £100,000.

5. Debtors

	2024	2023
	£	£
Trade debtors	20,365	20,736
Other debtors	109,154	108,230
	---------	---------
	129,519	128,966
	---------	---------

The debtors above include the following amounts falling due after more than one year:

	2024	2023
	£	£
Other debtors	–	85,000
	----	--------

6. Creditors: amounts falling due within one year

	2024	2023
	£	£
Bank loans and overdrafts	13,453	13,331
Trade creditors	10,529	10,956
Social security and other taxes	1,105	–
Other creditors	536,302	446,587
	---------	---------
	561,389	470,874
	---------	---------

7. Creditors: amounts falling due after more than one year

	2024	2023
	£	£
Bank loans and overdrafts	437,634	455,015
Other creditors	11,250	20,699
	---------	---------
	448,884	475,714
	---------	---------

The hire purchase agreements are secured on the assets to which they relate.

In relation to the bank loans from Lloyds Bank PLC, a fixed and floating charge is held over the land at the Abergarw Farm site.

In relation to the bank loans from Swansea Building Society, a fixed and floating charge is held over the freehold property known as 24 Abergarw Meadow.

Included within creditors: amounts falling due after more than one year is an amount of £391,830 (2023: £427,526) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.