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Company No: 03121790 (England and Wales)

# HUGAFINS CO LIMITED

### Unaudited Financial Statements
For the financial year ended 30 November 2025
Pages for filing with the registrar

HUGAFINS CO LIMITED

## Unaudited Financial Statements

For the financial year ended 30 November 2025

Contents

HUGAFINS CO LIMITED

## BALANCE SHEET

As at 30 November 2025
HUGAFINS CO LIMITED

## BALANCE SHEET (continued)

As at 30 November 2025

| Note | 2025 |  | 2024
|  | £ |  | £
Fixed assets |  |  |  |
Tangible assets | 3 | 108,507 |  | 122,045
Investments | 4 | 75 |  | 75
|  | 108,582 |  | 122,120
Current assets |  |  |  |
Stocks | 5 | 389,570 |  | 675,075
Debtors | 6 | 1,248,770 |  | 715,370
Cash at bank and in hand |  | 2,604 |  | 183,338
|  | 1,640,944 |  | 1,573,783
Creditors: amounts falling due within one year | 7 | ( 1,351,938) |  | ( 1,123,054)
Net current assets |  | 289,006 |  | 450,729
Total assets less current liabilities |  | 397,588 |  | 572,849
Creditors: amounts falling due after more than one year | 8 | 0 |  | ( 5,000)
Net assets |  | 397,588 |  | 567,849
Capital and reserves |  |  |  |
Called-up share capital | 9 | 64,000 |  | 64,000
Profit and loss account |  | 333,588 |  | 503,849
Total shareholders' funds |  | 397,588 |  | 567,849

For the financial year ending 30 November 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 financial statements for the financial year in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
- These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of Hugafins Co Limited (registered number: 03121790) were approved and authorised for issue by the Board of Directors on 25 August 2026. They were signed on its behalf by:

Mrs D Pascoe Director |

HUGAFINS CO LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 2025
HUGAFINS CO LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 2025

##### 1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

##### General information and basis of accounting

Hugafins Co Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Beechwood South Drive, Tehidy, Camborne, TR14 0EZ, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

##### Turnover

Turnover comprises the fair value of the consideration received or receivable for the sale of development property and provision of construction services. Turnover is shown net of value added tax, returns, rebates and discounts.
The company recognises revenue from the sale of development property on completion of the underlying sale contract.

##### Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

##### Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Land and buildings | not depreciated
Plant and machinery | 4 years straight line
Vehicles | 25 % reducing balance
Office equipment | 4 years straight line

##### Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
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 Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.
Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.
Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

#### 2. Employees

| 2025 |  | 2024
| Number |  | Number
Monthly average number of persons employed by the Company during the year, including directors | 2 |  | 2

#### 3. Tangible assets

| Land and buildings |  | Plant and machinery |  | Vehicles |  | Office equipment |  | Total
| £ |  | £ |  | £ |  | £ |  | £
Cost |  |  |  |  |  |  |  |  |
At 01 December 2024 | 71,019 |  | 55,650 |  | 93,245 |  | 3,046 |  | 222,960
At 30 November 2025 | 71,019 |  | 55,650 |  | 93,245 |  | 3,046 |  | 222,960
Accumulated depreciation |  |  |  |  |  |  |  |  |
At 01 December 2024 | 0 |  | 54,762 |  | 43,468 |  | 2,685 |  | 100,915
Charge for the financial year | 0 |  | 823 |  | 12,444 |  | 271 |  | 13,538
At 30 November 2025 | 0 |  | 55,585 |  | 55,912 |  | 2,956 |  | 114,453
Net book value |  |  |  |  |  |  |  |  |
At 30 November 2025 | 71,019 |  | 65 |  | 37,333 |  | 90 |  | 108,507
At 30 November 2024 | 71,019 |  | 888 |  | 49,777 |  | 361 |  | 122,045

#### 4. Fixed asset investments

| 2025 |  | 2024
| £ |  | £
Subsidiary undertakings | 75 |  | 75

Investments in subsidiaries

| 2025
| £
Cost |
At 01 December 2024 | 75
At 30 November 2025 | 75
Carrying value at 30 November 2025 | 75
Carrying value at 30 November 2024 | 75

| Listed investments |  | Total
| £ |  | £
Cost or valuation before impairment |  |  |
At 01 December 2024 | 2,524 |  | 2,524
At 30 November 2025 | 2,524 |  | 2,524
Provisions for impairment |  |  |
At 01 December 2024 | 2,524 |  | 2,524
At 30 November 2025 | 2,524 |  | 2,524
Carrying value at 30 November 2025 | 0 |  | 0
Carrying value at 30 November 2024 | 0 |  | 0

Investments in shares

Name of entity | Registered office | Principal activity | Class of shares | Ownership 30.11.2025 | Ownership 30.11.2024
Cornish Premier Homes Limited | Lowin House, Tregolls Road, Truro, Cornwall TR1 2NA | Property developer | Ordinary shares | 75.00% | 75.00%

#### 5. Stocks

| 2025 |  | 2024
| £ |  | £
Work in progress | 389,570 |  | 675,075

#### 6. Debtors

| 2025 |  | 2024
| £ |  | £
Amounts owed by own subsidiaries | 1,181,072 |  | 703,578
Other debtors | 67,698 |  | 11,792
| 1,248,770 |  | 715,370

#### 7. Creditors: amounts falling due within one year

| 2025 |  | 2024
| £ |  | £
Bank loans | 5,000 |  | 10,000
Trade creditors | 218 |  | 79,697
Other taxation and social security | 407 |  | 205
Other creditors | 1,346,313 |  | 1,033,152
| 1,351,938 |  | 1,123,054

There are no amounts included above in respect of which any security has been given by the small entity.

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

| 2025 |  | 2024
| £ |  | £
Bank loans | 0 |  | 5,000

There are no amounts included above in respect of which any security has been given by the small entity.

#### 9. Called-up share capital

| 2025 |  | 2024
| £ |  | £
Allotted, called-up and fully-paid |  |  |
44,000 A ordinary shares of £ 1.00 each | 44,000 |  | 44,000
20,000 B ordinary shares of £ 1.00 each | 20,000 |  | 20,000
| 64,000 |  | 64,000

Reserves
Included within the profit and loss account balance at 30 November 2025 is £37,107 of accumulated unrealised non-distributable profit (2024 £37,107).

#### 10. Related party transactions

Transactions with entities in which the entity itself has a participating interest

Cornish Premier Homes Limited
During the year the company provided working capital to Cornish Premier Homes Limited by way of an interest free loan account. The balance due to the company in this respect at 30 November 2025 was £1,181,072 (2024 £703,578).

Transactions with the entity's directors

The directors have provided working capital to the company by way of interest free loan accounts. The balance due to the directors at 30 November 2025 was £1,164,060 (2024 £968,705). These amounts are unsecured and repayable on demand, and are included in creditors falling due within one year.

#### 11. Events after the Balance Sheet date

A further 68,725 £1 Ordinary A shares were issued to Mrs D Pascoe on 8 March 2026. Consideration for these was in the form of capitalisation of part of a company loan owed to Mrs D Pascoe.