Hughes Engineering Works Ltd 31/03/2025 iXBRL

Company registration number: NI630055

HUGHES ENGINEERING WORKS LTD

UNAUDITED FILLETED FINANCIAL STATEMENTS

31 March 2025

HUGHES ENGINEERING WORKS LTD

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

_________________________________________________________________________________________

Contents

Directors and other information

Accountants report

Balance sheet

Notes to the financial statements

HUGHES ENGINEERING WORKS LTD

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

_________________________________________________________________________________________


	Director	Mr Anthony Hughes


	Company number	NI630055


	Registered office	35 Pairc Mor
		Carrickmore
		Tyrone
		BT79 9ER


	Business address	35 Pairc Mor
		Carrickmore
		Tyrone
		BT79 9ER


	Accountants	Kelly & O'Neill Ltd
		15e Molesworth Street
		Cookstown
		Tyrone
		BT80 8NX




	Bankers	Danske Bank
		45 - 48 High Street
		Portadown
		Armagh
		BT62 1LB

HUGHES ENGINEERING WORKS LTD

CHARTERED ACCOUNTANTS REPORT TO THE DIRECTOR ON THE PREPARATION OF THE

UNAUDITED STATUTORY FINANCIAL STATEMENTS OF HUGHES ENGINEERING WORKS LTD (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

________________________________________________________________________________________

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Hughes Engineering Works Ltd for the year ended 31 March 2025 which comprise the Balance Sheet and related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of Chartered Accountants Ireland , we are subject to its ethical and other professional requirements which are detailed at www.charteredaccountants.ie.

This report is made solely to the director of Hughes Engineering Works Ltd, as a body, in accordance with the terms of our engagement letter dated 16 March 2025. Our work has been undertaken solely to prepare for your approval the financial statements of Hughes Engineering Works Ltd and state those matters that we have agreed to state to them, as a body, in this report in accordance with the requirements of Chartered Accountants Ireland as detailed at www.charteredaccountants.ie To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Hughes Engineering Works Ltd and its director as a body for our work or for this report.

It is your duty to ensure that Hughes Engineering Works Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Hughes Engineering Works Ltd. You consider that Hughes Engineering Works Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Hughes Engineering Works Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Kelly & O'Neill Ltd

Chartered Accountants

15e Molesworth Street

Cookstown

Tyrone

BT80 8NX

24 July 2025

HUGHES ENGINEERING WORKS LTD

BALANCE SHEET (CONTINUED)

31 MARCH 2025

_________________________________________________________________________________________

		2025		2024
	Note	£	£	£	£

Fixed assets
Tangible assets	5	166,463		133,938
		_______		_______
			166,463		133,938

Current assets
Stocks		159,212		301,130
Debtors	6	535,410		326,212
		_______		_______
		694,622		627,342
Creditors: amounts falling due
within one year	7	( 444,772)		( 468,908)
		_______		_______
Net current assets			249,850		158,434
			_______		_______
Total assets less current liabilities			416,313		292,372

Creditors: amounts falling due
after more than one year	8		( 97,536)		( 88,789)
			_______		_______
Net assets			318,777		203,583
			_______		_______

Capital and reserves
Called up share capital			1		1
Profit and loss account			318,776		203,582
			_______		_______
Shareholders funds			318,777		203,583
			_______		_______

For the year ending 31 March 2025 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 their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

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 Profit & Loss Account has not been delivered.

These financial statements were approved by the board of directors and authorised for issue on 24 July 2025 , and are signed on behalf of the board by:

Mr Anthony Hughes

Director

Company registration number: NI630055

HUGHES ENGINEERING WORKS LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

_________________________________________________________________________________________

1. General information

The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 35 Pairc Mor, Carrickmore, Tyrone, BT79 9ER.

2. Statement of compliance

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

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Tangible assets

tangible assets are initially recorded at cost, and are 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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.

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	-	20 %	straight line
Motor vehicles	-	25 %	reducing balance

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

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 stocks to their present location and condition.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 11 (2024: 9 ).

5. Tangible assets

	Plant and machinery	Motor vehicles	Total
	£	£	£
Cost
At 1 April 2024	201,678	-	201,678
Additions	19,357	76,500	95,857
	_______	_______	_______
At 31 March 2025	221,035	76,500	297,535
	_______	_______	_______
Depreciation
At 1 April 2024	67,740	-	67,740
Charge for the year	44,207	19,125	63,332
	_______	_______	_______
At 31 March 2025	111,947	19,125	131,072
	_______	_______	_______
Carrying amount
At 31 March 2025	109,088	57,375	166,463
	_______	_______	_______
At 31 March 2024	133,938	-	133,938
	_______	_______	_______

6. Debtors

	2025	2024
	£	£
Trade debtors	425,276	192,547
Other debtors	110,134	133,665
	_______	_______
	535,410	326,212
	_______	_______

7. Creditors: amounts falling due within one year

	2025	2024
	£	£
Bank loans and overdrafts	49,914	88,479
Trade creditors	311,810	335,221
Social security and other taxes	40,415	3,905
Other creditors	42,633	41,303
	_______	_______
	444,772	468,908
	_______	_______

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

	2025	2024
	£	£
Other creditors	97,536	88,789
	_______	_______

9. Directors advances, credits and guarantees

	During the year the director entered into the following advances and credits with the company:

2025
		Balance brought forward	Advances /(credits) to the director	Balance o/standing
		£	£	£
	Mr Anthony Hughes	12,286	1,839	14,125
		_______	_______	_______

2024
		Balance brought forward	Advances /(credits) to the director	Balance o/standing
		£	£	£
	Mr Anthony Hughes	47,990	( 35,704)	12,286
		_______	_______	_______