Hughes Exploration And Environmental Ltd - Accounts to registrar (filleted) - small 18.2
Hughes Exploration And Environmental Ltd - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| HUGHES EXPLORATION AND ENVIRONMENTAL |
| LIMITED |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 AUGUST 2020 |
| HUGHES EXPLORATION AND ENVIRONMENTAL |
| LIMITED (REGISTERED NUMBER: 03153115) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 AUGUST 2020 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| Chartered Certified Accountants' Report | 8 |
| HUGHES EXPLORATION AND ENVIRONMENTAL |
| LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 AUGUST 2020 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Certified Accountants |
| 1875 Great Western Road |
| Glasgow |
| G13 2YD |
| HUGHES EXPLORATION AND ENVIRONMENTAL |
| LIMITED (REGISTERED NUMBER: 03153115) |
| BALANCE SHEET |
| 31 AUGUST 2020 |
| 2020 | 2019 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Debtors | 5 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | 10 | ( |
) | ( |
) |
| NET LIABILITIES | ( |
) | ( |
) |
| CAPITAL AND RESERVES |
| Called up share capital | 11 |
| Retained earnings | 12 | ( |
) | ( |
) |
| SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
| 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. |
| 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 |
| HUGHES EXPLORATION AND ENVIRONMENTAL |
| LIMITED (REGISTERED NUMBER: 03153115) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 AUGUST 2020 |
| 1. | STATUTORY INFORMATION |
| Hughes Exploration And Environmental Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| 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 |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| Computer equipment | - |
| 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. |
| HUGHES EXPLORATION AND ENVIRONMENTAL |
| LIMITED (REGISTERED NUMBER: 03153115) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 AUGUST 2020 |
| 2. | ACCOUNTING POLICIES - continued |
| 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 |
| 4. | TANGIBLE FIXED ASSETS |
| Fixtures |
| Plant and | and | Motor | Computer |
| machinery | fittings | vehicles | equipment | Totals |
| £ | £ | £ | £ | £ |
| COST |
| At 1 September 2019 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 31 August 2020 |
| DEPRECIATION |
| At 1 September 2019 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 31 August 2020 |
| NET BOOK VALUE |
| At 31 August 2020 |
| At 31 August 2019 |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2020 | 2019 |
| £ | £ |
| Trade debtors |
| Amounts recoverable on contracts |
| Other debtors |
| Directors' current accounts |
| Corporation tax |
| Prepayments and accrued income |
| HUGHES EXPLORATION AND ENVIRONMENTAL |
| LIMITED (REGISTERED NUMBER: 03153115) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 AUGUST 2020 |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2020 | 2019 |
| £ | £ |
| Bank loans and overdrafts |
| Other loans |
| Hire purchase contracts (see note 8) |
| Trade creditors |
| Corporation tax |
| Social security and other taxes |
| VAT |
| Other creditors |
| Amount due to factor | 495 | 28,560 |
| Accrued charges |
| Deferred government grants |
| 7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2020 | 2019 |
| £ | £ |
| Bank loans - 1-2 years |
| Bank loans - 2-5 years |
| Bank loans due after 5 years |
| Other loans - 1-2 years |
| Other loans - 2-5 years |
| Hire purchase contracts (see note 8) |
| Deferred government grants |
| Amounts falling due in more than five years: |
| Repayable by instalments |
| Bank loans due after 5 years | 3,523 | - |
| 8. | LEASING AGREEMENTS |
| Minimum lease payments fall due as follows: |
| Hire purchase contracts |
| 2020 | 2019 |
| £ | £ |
| Net obligations repayable: |
| Within one year |
| Between one and five years |
| Non-cancellable operating | leases |
| 2020 | 2019 |
| £ | £ |
| Within one year |
| Between one and five years |
| HUGHES EXPLORATION AND ENVIRONMENTAL |
| LIMITED (REGISTERED NUMBER: 03153115) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 AUGUST 2020 |
| 9. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2020 | 2019 |
| £ | £ |
| Bank overdraft |
| Bank loans |
| Other loans |
| Hire purchase contracts | 78,861 | 82,100 |
| Amount due to factor | - | 28,560 |
| 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 |
| 2020 | 2019 |
| £ | £ |
| Deferred tax | 6,238 | 7,958 |
| Deferred |
| tax |
| £ |
| Balance at 1 September 2019 |
| Credit to Income Statement during year | ( |
) |
| Balance at 31 August 2020 |
| 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 | 2020 | 2019 |
| value: | £ | £ |
| Ordinary | £1 | 2 | 2 |
| 12. | RESERVES |
| Retained |
| earnings |
| £ |
| At 1 September 2019 | ( |
) |
| Profit for the year |
| At 31 August 2020 | ( |
) |
| HUGHES EXPLORATION AND ENVIRONMENTAL |
| LIMITED (REGISTERED NUMBER: 03153115) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 AUGUST 2020 |
| 13. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to directors subsisted during the years ended 31 August 2020 and 31 August 2019: |
| 2020 | 2019 |
| £ | £ |
| Balance outstanding at start of year | ( |
) |
| Amounts advanced |
| Amounts repaid |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year |
| 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. |
| CHARTERED CERTIFIED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS |
| ON THE UNAUDITED FINANCIAL STATEMENTS OF |
| HUGHES EXPLORATION AND ENVIRONMENTAL |
| LIMITED |
| 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 2020 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. |
| Chartered Certified Accountants |
| 1875 Great Western Road |
| Glasgow |
| G13 2YD |