MJ Hughes Limited

	Page
Company Information	1
Strategic Report	2
Directors' Report	3—4
Independent Auditor's Report	5—8
Statement of Income and Retained Earnings	9
Balance Sheet	10
Statement of Cash Flows	11
Notes to the Statement of Cash Flows	12
Notes to the Financial Statements	13—19

Page 1

Page 2

MJ Hughes Limited

Strategic Report

For The Year Ended 31 October 2025

Strategic Report

The directors present their strategic report for the year ended 31 October 2025.

Review of the Business

The company operates as a contractor to the construction and railway industries from premises in Maltby, Rotherham and has been established for 24 years.

The company's turnover for the year ended 31 October 2025 amounted to £17,886,972 which represents an increase of approximately £2,800,000 when compared to the previous year's turnover of £15,080,603. Direct costs have remained consistent in line with turnover, gross profit margin was 48.2% this year compared to 48.8% in 2024. Gross profit has increased by £1,230,126.

Overhead expenses increased from £5,228,783 in 2024 to £5,711,345 in the subsequent year, net profits increased from £2,139,910 to £2,887,521.

The directors are pleased with the results for the year ended 31 October 2025 and hope to at least maintain a similar level of profitability in the year ended 31 October 2026.

Principal Risks and Uncertainties

The cancellation of the HS2 project and the general sluggishness of the UK econcomy may make it more difficult for companies in the construction industry to maintain their usual levels of work. However, the directors are confident that the company has sufficient reserves to enable it to withstand any difficulties which may arise.

On behalf of the board

Mr Michael Hughes

Director

27 October 2026

Page 2

Page 3

MJ Hughes Limited

Company No. 04553661

Directors' Report For The Year Ended 31 October 2025

Directors' Report

The directors present their report and the financial statements for the year ended 31 October 2025.

Principal Activity

The principal activity of the company in the year under review was that of contractors to the construction and railway industries, specialising in the assembly and installation of structural steel.

Dividends

An interim dividend of £1,125.91 per share on the Ordinary £1 shares was paid on 5 April 2025. The directors recommend that no final dividend be paid on these shares.

An interim dividend of £1,125.91 per share on the Ordinary B £1 shares was on 5 April 2025. The directors recommend that no final dividend be paid on these shares.

The total distribution of dividends for the year ended 31 October 2025 was £225,182

Directors

M J Hughes held office during the whole period from 1 November 2024 to the date of this report.

R Hughes held office during the whole period from 1 November 2024 to the date of this report.

Statement of Directors' Responsibilities

The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing the financial statements the directors are required to:

select suitable accounting policies and then apply them consistently;
make judgments and accounting estimates that are reasonable and prudent;
state whether applicable United Kingdom Accounting Standards, comprising FRS102, have been followed subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of Disclosure of Information to Auditors

In the case of each director in office at the date the Directors' Report is approved:

so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware; and
they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Page 3

Page 4

MJ Hughes Limited

Directors' Report (continued)

For The Year Ended 31 October 2025

Independent Auditors

Previous year auditors, Bryan Grey & Co Limited resigned due to retirement during the year and Marriott Gibbs Rees Wallis Limited were appointed and have indicated their willingness to continue in office and a resolution concerning their re-appointment will be proposed at the Annual General Meeting.

On behalf of the board

Mrs Rebecca Hughes

Director

27 October 2026

Page 4

Page 5

Independent Auditor's Report

to the Members of

MJ Hughes Limited

Independent Auditor's Report

Opinion

We have audited the financial statements of M J Hughes Limited (the 'company') for the year ended 31 October 2025 which comprise the Statement of Income and Retained Earnings, Balance Sheet, Cash Flow Statement and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 October 2025 and of its profit for the year then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for Opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions Relating to Going Concern

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Other Information

The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on Other Matters Prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

- the information given in the Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the Strategic Report and the Report of the Director has been prepared in accordance with applicable legal requirements.

Page 5

Page 6

Independent Auditor's Report (continued)

to the Members of

MJ Hughes Limited

Matters on Which We Are Required to Report by Exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Director.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

- the financial statements are not in agreement with the accounting records and returns; or

- certain disclosures of director's remuneration specified by law are not made; or

- we have not received all the information and explanations we require for our audit.

Responsibilities of Directors

As explained more fully in the Statement of Director's Responsibilities set out on page two, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

Page 6

Page 7

Independent Auditor's Report (continued)

to the Members of

MJ Hughes Limited

Auditor's Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.

Based on our understanding of the company and its industry, we identified that the principal risks of non-compliance with laws and regulations related to UK tax legislation, pensions legislation, employment regulation and health and safety regulation, anti-bribery, corruption and fraud, money laundering, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements, such as the Companies Act 2006.

Our audit procedures were designed to respond to those identified risks, including non-compliance with laws and regulations (irregularities) and fraud that are material to the financial statements. Our audit procedures included but were not limited to:

- Discussing with the Directors and management their policies and procedures regarding compliance with laws and regulations;

- Communicating identified laws and regulations throughout our engagement team and remaining alert to any indications of non-compliance throughout our audit;

- Enquiring with management and directors concerning any actual or potential litigation or claims;

- Inspecting correspondence with regulators and legal advisors;

- Reviewing minutes of directors meetings; and

- Considering the risk of acts by the company which were contrary to applicable laws and regulations, including fraud.

Our audit procedures in relation to fraud included but were not limited to:

- Making enquiries of the Directors and management on whether they had knowledge of any actual, suspected or alleged fraud;

- Gaining an understanding of the internal controls established to mitigate risks related to fraud;

- Discussing amongst the engagement team the risks of fraud;

- Addressing the risks of fraud through management override of controls by reviewing transactions around the end of the reporting period and by testing the appropriateness of journals and other adjustments;

- Performing analytical procedures to identify unexpected changes or movements to account balances which may be indicative fraud;

- Assessing whether the judgements made in making accounting estimates are indicative of any potential bias; and

- Evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, misrepresentations, forgery, intentional omissions, collusion, or the override of internal controls.

The further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use Of Our Report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Page 7

Page 8

Independent Auditor's Report (continued)

to the Members of

MJ Hughes Limited

Alan Pickstone FCCA (Senior Statutory Auditor)

for and on behalf of Marriott Gibbs Rees Wallis Limited , Statutory Auditor

29 October 2026

Marriott Gibbs Rees Wallis Limited

First Floor

Unit 4, Broadfield Court

Sheffield

S8 0XF

Page 8

Page 9

MJ Hughes Limited

Statement of Income and Retained Earnings

For The Year Ended 31 October 2025

Statement of Income and Retained Earnings

		2025	2024 as restated
	Notes	£	£
TURNOVER		17,886,972	15,080,603
Cost of sales		(9,260,279 )	(7,684,036 )

GROSS PROFIT		8,626,693	7,396,567

Administrative expenses		(5,711,345 )	(5,228,783 )
Other operating income		111,252	-

OPERATING PROFIT	4	3,026,600	2,167,784
Profit on disposal of fixed assets		602	62,511
Other interest receivable and similar income	9	186	78
Interest payable and similar charges	10	(139,867 )	(90,463 )

PROFIT BEFORE TAXATION		2,887,521	2,139,910
Tax on Profit	11	(749,508 )	(546,256 )

PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR		2,138,013	1,593,654
RETAINED EARNINGS
As at 1 November 2024		7,090,268	5,682,614
Dividends paid		(225,182)	(186,000)
As at 31 October 2025		9,003,099	7,090,268

The notes on pages 12 to 19 form part of these financial statements.

Page 9

Page 10

MJ Hughes Limited

Balance Sheet

As At 31 October 2025

Balance Sheet

		2025		2024 as restated
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	12		3,559,154		2,657,510

			3,559,154		2,657,510
CURRENT ASSETS
Debtors	13	6,401,523		6,037,277
Cash at bank and in hand		3,079,019		2,029,911

		9,480,542		8,067,188
Creditors: Amounts Falling Due Within One Year	14	(2,253,090 )		(2,296,601 )

NET CURRENT ASSETS (LIABILITIES)			7,227,452		5,770,587

TOTAL ASSETS LESS CURRENT LIABILITIES			10,786,606		8,428,097

Creditors: Amounts Falling Due After More Than One Year	15		(1,230,375 )		(792,247 )

PROVISIONS FOR LIABILITIES
Deferred Taxation	17		(552,932 )		(545,382 )

NET ASSETS			9,003,299		7,090,468

CAPITAL AND RESERVES
Called up share capital	19		200		200
Profit and Loss Account			9,003,099		7,090,268

SHAREHOLDERS' FUNDS			9,003,299		7,090,468

The financial statements were approved by the board of directors and authorsied for issue on 27 October 2026 and were signed on its behalf by:

Mr Michael Hughes

Director

The notes on pages 12 to 19 form part of these financial statements.

Page 10

Page 11

MJ Hughes Limited

Statement of Cash Flows

For The Year Ended 31 October 2025

Statement of Cash Flows

		2025	2024 as restated
	Notes	£	£
Cash flows from operating activities
Net cash generated from operations	1	3,305,944	2,075,092
Interest paid		(139,867 )	(90,463 )
Tax (paid)/refunded		(422,797 )	35,025

Net cash generated from operating activities		2,743,280	2,019,654

Cash flows from investing activities
Purchase of tangible assets		(2,078,619 )	(1,178,416 )
Proceeds from disposal of tangible assets		2,500	93,315
Interest received		186	78

Net cash used in investing activities		(2,075,933 )	(1,085,023 )

Cash flows from financing activities
Equity dividends paid		(225,182 )	(186,000 )
Repayment of finance leases		457,183	118,360
Amount introduced by directors		149,760	136,285

Net cash generated from financing activities		381,761	68,645



Increase in cash and cash equivalents		1,049,108	1,003,276
Cash and cash equivalents at beginning of year	2	2,029,911	1,026,635

Cash and cash equivalents at end of year	2	3,079,019	2,029,911

Page 11

Page 12

MJ Hughes Limited

Notes to the Statement of Cash Flows

For The Year Ended 31 October 2025

Notes to the Statement of Cash Flows

1. Reconciliation of profit for the financial year to cash generated from operations

	2025	2024 as restated
	£	£
Profit for the financial year	2,138,013	1,593,654
Adjustments for:
Tax on profit	749,508	546,256
Interest expense	139,867	90,463
Interest income	(186 )	(78 )
Depreciation of tangible assets	1,175,077	885,138
Profit on disposal of tangible assets	(602)	(62,511)
Movements in working capital:
Increase in trade and other debtors	(191,361 )	(892,678 )
Decrease in trade and other creditors	(704,372 )	(85,152 )

Net cash generated from operations	3,305,944	2,075,092

2. Cash and cash equivalents

Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:

	2025	2024 as restated
	£	£
Cash at bank and in hand	3,079,019	2,029,911

3. Analysis of changes in net funds

	As at 1 November 2024	Cash flows	As at 31 October 2025
	£	£	£
Cash at bank and in hand	2,029,911	1,049,108	3,079,019
Finance leases	(1,565,846)	(457,183)	(2,023,029)

	464,065	591,925	1,055,990

Page 12

Page 13

MJ Hughes Limited

Notes to the Financial Statements

For The Year Ended 31 October 2025

Notes to the Financial Statements

1. General Information

MJ Hughes Limited is a private company, limited by shares, incorporated in England & Wales, registered number 04553661 . The registered office is c/o Jones Burns and Davies, 6a Station Road, Eckington, Sheffield, S21 4FX.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

2.2. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

2.3. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Plant & Machinery	reducing balance 25%
Motor Vehicles	reducing balance 25%
Fixtures & Fittings	reducing balance 15%

2.4. Leasing and Hire Purchase Contracts

Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.

2.5. Cash and Cash Equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.

Page 13

Page 14

MJ Hughes Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 October 2025

2.6. Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

3. Other Operating Income

	2025	2024 as restated
	£	£
Other operating income	111,252	-

	111,252	-

4. Operating Profit

The operating profit is stated after charging:

	2025	2024 as restated
	£	£
Operating lease rentals	1,275,229	959,953
Depreciation of tangible fixed assets - finance leases and hire purchase contracts	1,175,077	885,138

Profit on sale of tangible fixed assets £602 (2024 - £62,511)

5. Auditor's Remuneration

Remuneration received by the company's auditors and their associates during the year was as follows:

	2025	2024 as restated
	£	£
Audit Services
Audit of the company's financial statements	21,250	12,250

Page 14

Page 15

MJ Hughes Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 October 2025

6. Staff Costs

Staff costs, including directors' remuneration, were as follows:

	2025	2024 as restated
	£	£
Wages and salaries	1,709,490	1,277,589
Social security costs	185,952	127,082
Other pension costs	47,223	43,299

	1,942,665	1,447,970

7. Average Number of Employees

Average number of employees, including directors, during the year was: 30 (2024: 21)

8. Directors' remuneration

	2025	2024 as restated
	£	£
Emoluments	17,568	25,140
Company contributions to money purchase pension schemes	18,000	18,000

	35,568	43,140

The number of directors to whom retirement benefits were accruing was as follows:

	2025		2024 as restated
Money purchase pension schemes	1		1

9. Interest Receivable and Similar Income

	2025	2024 as restated
	£	£
Bank interest receivable	186	78

10. Interest Payable and Similar Charges

	2025	2024 as restated
	£	£
Finance charges payable under finance leases and hire purchase contracts	129,884	90,463
Late payment tax charges	9,983	-

	139,867	90,463

Page 15

Page 16

MJ Hughes Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 October 2025

11. Tax on Profit

The tax charge on the profit for the year was as follows:

	Tax Rate		2025	2024 as restated
	2025	2024	£	£
Current tax
UK Corporation Tax	25.0%	25.0%	711,994	401,432
Prior period adjustment			29,964	-

			741,958	401,432
Deferred Tax
Deferred taxation			7,550	144,824


Total tax charge for the period			749,508	546,256

The actual charge for the year can be reconciled to the expected charge for the year based on the profit and the standard rate of corporation tax as follows:

	2025	2024
	£	£
Profit before tax	2,887,521	2,139,910

Tax on profit at 25% (UK standard rate)	721,880	534,977
Expenses not deductible for tax purposes	1,541	1,438
Tax losses utilised	-	(109,786 )
Capital allowances	(11,427 )	(25,197 )
Short term timing differences	7,550	144,824
Prior period adjustment	29,964	-

Total tax charge for the period	749,508	546,256

12. Tangible Assets

	Plant & Machinery	Motor Vehicles	Fixtures & Fittings	Total
	£	£	£	£
Cost
As at 1 November 2024	5,950,977	1,632,569	28,374	7,611,920
Additions	1,880,884	197,069	666	2,078,619
Disposals	(8,000 )	-	-	(8,000 )

As at 31 October 2025	7,823,861	1,829,638	29,040	9,682,539

Depreciation
As at 1 November 2024	3,914,394	1,016,087	23,929	4,954,410
Provided during the period	970,922	203,388	767	1,175,077
Disposals	(6,102 )	-	-	(6,102 )

As at 31 October 2025	4,879,214	1,219,475	24,696	6,123,385

Net Book Value
As at 31 October 2025	2,944,647	610,163	4,344	3,559,154

As at 1 November 2024	2,036,583	616,482	4,445	2,657,510

Page 16

Page 17

MJ Hughes Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 October 2025

13. Debtors

	2025	2024 as restated
	£	£
Due within one year
Trade debtors	2,825,591	2,894,324
Other debtors	3,575,932	3,142,953

	6,401,523	6,037,277

Accrued income has been accounted for as work in progress in prior years. Accrued income has been reclassified this year and the prior year, from cost of sales to turnover on the Statement of Income and Retained Earnings and work in progress has been reclassified to other income debtor on the balance sheet. This adjustment has had no effect on profit or reserves for either financial year.

14. Creditors: Amounts Falling Due Within One Year

	2025	2024 as restated
	£	£
Net obligations under finance lease and hire purchase contracts	792,654	773,599
Trade creditors	423,683	633,031
Other creditors	27,331	183,778
Corporation tax	930,467	438,421
Taxation and social security	8,485	200,647
Accruals and deferred income	70,470	67,125

	2,253,090	2,296,601

15. Creditors: Amounts Falling Due After More Than One Year

	2025	2024 as restated
	£	£
Net obligations under finance lease and hire purchase contracts	1,230,375	792,247

16. Obligations Under Finance Leases and Hire Purchase

	2025	2024 as restated
	£	£
The future minimum finance lease payments are as follows:
Not later than one year	792,654	773,599
Later than one year and not later than five years	1,230,375	792,247

	2,023,029	1,565,846

	2,023,029	1,565,846

Hire purchase contracts are secured on the assets aquired.

Page 17

Page 18

MJ Hughes Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 October 2025

17. Deferred Taxation

The provision for deferred tax is made up as follows:

	2025	2024 as restated
	£	£
Accelerated capital allowances	552,932	545,382

18. Provisions for Liabilities


	Deferred Tax	Total
	£	£
As at 1 November 2024	545,382	545,382
Additions	7,550	7,550

Balance at 31 October 2025	552,932	552,932

19. Share Capital

	2025	2024 as restated
Allotted, called up and fully paid	£	£
100 Ordinary Shares of £ 1.00 each	100	100
100 Ordinary B shares of £ 1.00 each	100	100

	200	200

20. Pension Commitments

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.

During the year the charge to the profit and loss account in respect of defined contribution schemes was £47,223 (2024: £43,299).

At the balance sheet date contributions of £NIL were due to the fund and are included in creditors.

21. Directors Advances, Credits and Guarantees

Included within Debtors are the following loans to directors:

	As at 1 November 2024	Amounts advanced	Amounts repaid	Amounts written off	As at 31 October 2025
	£	£	£	£	£
Mr Michael Hughes	623,814	-	149,759	-	474,055

The above loan is unsecured, interest free and repayable on demand.

22. Dividends

	2025	2024 as restated
	£	£
On equity shares:
Final dividend paid	225,182	186,000

Page 18

Page 19

MJ Hughes Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 October 2025

23. Related Party Disclosures

M J Hughes is the sole director of the following companies which have traded with M J Hughes Limited during the year ended 31 October 2025. MRJ Plant Hire Ltd invoiced the company for goods and services supplied amounting to £74,058 (2024 - £133,333), by the end of the year all invoices had been settled to MRJ Plant Hire Ltd. MRJ Property Holdings Limited invoiced the company for rents and services amounting to £198,600 (£120,950 - 2024), by the end of the year all invoices had been settled. Included in debtors as at 31 October 2025 are loan account balances owed to the company by various companies controlled by M J Hughes. The company was owed £243,146 (2024 - £68,625) by MRJ Plant Hire Ltd, £200 (2024 - £200) by M J Hughes Structural Steel Limited and £674,222 (2024 - £663,813) by MRJ Property Holdings Limited

Page 19