Hughes Exploration And Environmental Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03153115 (England and Wales)

HUGHES EXPLORATION AND ENVIRONMENTAL

LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2019

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

Chartered Certified Accountants' Report

8

DIRECTORS:

P M G Hughes

Mrs J Hughes

REGISTERED OFFICE:

Greenfields

Leebotwood

Church Stretton

Shropshire

SY6 6LU

REGISTERED NUMBER:

03153115 (England and Wales)

ACCOUNTANTS:

JCWallace & Co

Chartered Certified Accountants

1875 Great Western Road

Glasgow

G13 2YD

FIXED ASSETS

Tangible assets

4

189,664

225,791

CURRENT ASSETS

Debtors

5

95,185

76,437

Cash at bank and in hand

6,208

3,102

101,393

79,539

CREDITORS

Amounts falling due within one year

6

157,143

178,754

NET CURRENT LIABILITIES

(55,750

)

(99,215

)

TOTAL ASSETS LESS CURRENT LIABILITIES

133,914

126,576

CREDITORS

Amounts falling due after more than one year

7

(194,027

)

(225,708

)

PROVISIONS FOR LIABILITIES

10

(7,958

)

(1,137

)

NET LIABILITIES

(68,071

)

(100,269

)

CAPITAL AND RESERVES

Called up share capital

11

2

2

Retained earnings

12

(68,073

)

(100,271

)

SHAREHOLDERS' FUNDS

(68,071

)

(100,269

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2019 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 14 August 2020 and were signed on its behalf by:

P M G Hughes - Director

1.	STATUTORY INFORMATION

Hughes Exploration And Environmental Limited is a private company, limited by shares , registered in England

and Wales. 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.

The directors are of the opinion that the going concern basis is appropriate for the preparation of these financial

statements. They are also of the opinion that sufficient resources are available to enable the company to

continue trading for the next twelve months.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

25% on reducing balance and 15% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

balance sheet 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 or other future taxable profits.

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.

Rentals paid under operating leases are charged to the profit or loss on a straight line basis over the period of

the leases.

Debt factoring

The company factors its sales, and a separate presentation is adopted. A gross asset (equivalent in amount to

the gross amount of the debts) is shown on the balance sheet within assets and a corresponding liability in

respect of the proceeds received from the factor is shown within liabilities. The interest element of the factor’s

charges and other factoring costs are recognised as they accrue and are included in the profit and loss account

with other interest charges.

Government grants

Government grants toward the cost of fixed assets are treated as deferred income and released to the profit and

loss account over the useful life of the asset concerned.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2018 - 8 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 September 2018

556,270

2,019

93,532

2,770

654,591

Additions

3,225

-

29,182

1,837

34,244

Disposals

-

-

(47,932

)

-

(47,932

)

At 31 August 2019

559,495

2,019

74,782

4,607

640,903

DEPRECIATION

At 1 September 2018

378,159

1,733

47,462

1,446

428,800

Charge for year

36,668

71

11,419

653

48,811

Eliminated on disposal

-

-

(26,372

)

-

(26,372

)

At 31 August 2019

414,827

1,804

32,509

2,099

451,239

NET BOOK VALUE

At 31 August 2019

144,668

215

42,273

2,508

189,664

At 31 August 2018

178,111

286

46,070

1,324

225,791

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

45,388

58,327

Amounts recoverable on contracts

12,220

7,922

Other debtors

892

-

Directors' current accounts

24,192

-

Corporation tax

7,862

4,843

Prepayments and accrued income

4,631

5,345

95,185

76,437

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Bank loans and overdrafts

5,395

5,144

Other loans

7,509

7,307

Hire purchase contracts (see note 8)

40,304

40,814

Trade creditors

32,729

58,362

Corporation tax

3,020

-

Social security and other taxes

2,345

2,434

VAT

17,232

9,018

Other creditors

8,152

1,428

Amount due to factor

28,560

39,934

Directors' current accounts

-

4,795

Accrued charges

8,668

3,789

Deferred government grants

3,229

5,729

157,143

178,754

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Bank loans - 1-2 years

6,379

5,429

Bank loans - 2-5 years

7,008

11,122

Bank loans due after 5 years

-

2,049

Other loans - 1-2 years

7,872

7,702

Other loans - 2-5 years

130,972

127,807

Hire purchase contracts (see note 8)

41,796

71,599

194,027

225,708

Amounts falling due in more than five years:

Repayable by instalments

Bank loans due after 5 years

-

2,049

8.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

2019

2018

£

£

Net obligations repayable:

Within one year

40,304

40,814

Between one and five years

41,796

71,599

82,100

112,413

Non-cancellable operating

leases

2019

2018

£

£

Within one year

15,084

-

Between one and five years

20,479

17,359

35,563

17,359

9.	SECURED DEBTS

The following secured debts are included within creditors:

2019

2018

£

£

Bank loans

18,782

23,744

Other loans

146,353

142,816

Hire purchase contracts

82,100

112,413

Amount due to factor

28,560

39,934

275,795

318,907

The hire purchase and other loan liabilities are secured over the assets to which the contracts relate. The bank

loan is secured by a personal guarantee by a director. The debt to the factor is secured over the company's

trade debtors.

10.	PROVISIONS FOR LIABILITIES

2019

2018

£

£

Deferred tax

7,958

1,137

Deferred

tax

£

Balance at 1 September 2018

1,137

Charge to Income Statement during year

6,821

Balance at 31 August 2019

7,958

The provision for deferred tax consists of the tax effect of timing differences in respect of the excess of taxation

allowances over depreciation on fixed assets.

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2019

2018

value:

£

£

2

Ordinary

£1

2

2

12.

RESERVES

Retained

earnings

£

At 1 September 2018

(100,271

)

Profit for the year

32,198

At 31 August 2019

(68,073

)

13.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 August 2019 and

31 August 2018:

2019

2018

£

£

P M G Hughes and Mrs J Hughes

Balance outstanding at start of year

(4,795

)

14,900

Amounts advanced

28,987

1,388

Amounts repaid

-

(21,083

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

24,192

(4,795

)

The loan is interest free and repayable on demand.

14.	RELATED PARTY DISCLOSURES

The property occupied by the company is owned by the pension fund of the directors and rent amounting to

£6,400 per annum is paid by the company to the pension fund.

The Company is controlled by the directors P M G Hughes and Mrs J Hughes.

The following reproduces the text of the report prepared for the directors in respect of the company's annual

unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file

a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the

Report of the Directors are not required to be filed with the Registrar of Companies.

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 Exploration And Environmental Limited for the year ended 31 August 2019 which

comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from

information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the Board of Directors of Hughes Exploration And Environmental Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Hughes Exploration And Environmental Limited and state those matters that we have agreed to state to the Board of Directors of Hughes Exploration And Environmental Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Hughes Exploration And Environmental Limited 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 Exploration And Environmental Limited. You consider that Hughes Exploration And Environmental Limited 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 Exploration And Environmental Limited. 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.

JCWallace & Co

Chartered Certified Accountants

1875 Great Western Road

Glasgow

G13 2YD

14 August 2020