REGISTERED NUMBER: NI030124 (Northern Ireland)

Hughes Precast Products Limited

Unaudited Financial Statements

for the Year Ended 31 December 2025

Page

Company information

1

Statement of financial position

2

to

3

Notes to the financial statements

4

to

9

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

Fixed assets

Tangible assets

4

1,147,208

1,117,901

Current assets

Inventories

567,417

383,301

Receivables

5

221,881

220,268

Cash at bank

572,270

443,848

1,361,568

1,047,417

Payables

Amounts falling due within one year

6

(468,356

)

(263,898

)

Net current assets

893,212

783,519

Total assets less current liabilities

2,040,420

1,901,420

Payables

Amounts falling due after more than one year

7

(13,990

)

(221,098

)

Provisions for liabilities

8

(71,605

)

(63,063

)

Net assets

1,954,825

1,617,259

Capital and reserves

Called up share capital

9

2

2

Retained earnings

1,954,823

1,617,257

Shareholders' funds

1,954,825

1,617,259

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2025 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.

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 13 April 2026 and were signed on its behalf by:

Mr D Wright - Director

Mrs S Atkinson - Director

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, plant and equipment

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

Financial instruments

The company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments:

(i) Financial assets

Basic financial assets, including trade and other receivables, cash and bank balances and amounts owed by related parties are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

If there is decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

(ii) Financial liabilities

Basic financial liabilities, including trade and other payables, bank loans and overdrafts and amounts owed to related parties are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

(iii) Offsetting

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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 (2024 - 20 ) .

4.	Property, plant and equipment

Fixtures

Freehold

Plant and

and

property

machinery

fittings

£

£

£

Cost

At 1 January 2025

887,377

1,040,972

48,419

Additions

-

71,628

-

Disposals

-

-

-

At 31 December 2025

887,377

1,112,600

48,419

Depreciation

At 1 January 2025

17,355

878,285

31,773

Charge for year

6,352

31,048

3,523

Eliminated on disposal

-

-

-

At 31 December 2025

23,707

909,333

35,296

Net book value

At 31 December 2025

863,670

203,267

13,123

At 31 December 2024

870,022

162,687

16,646

Motor

Computer

vehicles

equipment

Totals

£

£

£

Cost

At 1 January 2025

209,098

41,081

2,226,947

Additions

22,500

3,592

97,720

Disposals

(5,700

)

-

(5,700

)

At 31 December 2025

225,898

44,673

2,318,967

Depreciation

At 1 January 2025

150,069

31,564

1,109,046

Charge for year

24,600

2,415

67,938

Eliminated on disposal

(5,225

)

-

(5,225

)

At 31 December 2025

169,444

33,979

1,171,759

Net book value

At 31 December 2025

56,454

10,694

1,147,208

At 31 December 2024

59,029

9,517

1,117,901

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

£

Cost

At 1 January 2025

and 31 December 2025

77,720

Depreciation

At 1 January 2025

29,145

Charge for year

9,715

At 31 December 2025

38,860

Net book value

At 31 December 2025

38,860

At 31 December 2024

48,575

5.	Receivables less than one year

2025

2024

£

£

Trade receivables

150,982

165,774

Other receivables

70,899

54,494

221,881

220,268

Included within other debtors is an amount of £41,988 (2024: £33,672) due from a related party.

The balance arises from transactions undertaken in the normal course of business and is unsecured, interest-free, and repayable on demand. The transactions with the related party were conducted on an arm’s length basis and are consistent with those entered into with independent third parties.

No impairment provision has been recognised in respect of this balance as the directors consider it to be fully recoverable.

6.	Payables: less than one year

2025

2024

£

£

Bank loans

4,394

10,649

Hire purchase contracts

13,990

13,989

Trade payables

147,093

73,752

Taxation and social security

111,467

84,809

Other payables

191,412

80,699

468,356

263,898

7.	Payables: more than one year

2025

2024

£

£

Bank loans

-

4,118

Hire purchase contracts

13,990

27,980

Other payables

-

189,000

13,990

221,098

8.	Provisions for liabilities

2025

2024

£

£

Deferred tax

71,605

63,063

Deferred tax

£

Balance at 1 January 2025

63,063

Provided during year

8,542

Balance at 31 December 2025

71,605

9.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

£

2

Ordinary shares

1

2

2