Accounts filed on 31-01-2016
Accounts filed on 31-01-2016
trueTom Hughes Limited044633082016-01-31-45684-59368-45584-59268100100-45584-5926830683519875039963644987438872009811525190803157406210901168931103812573629683410131410000100002552552488932362400080002088924362Basis of accounting
The financial statements have been prepared under the historical cost convention, and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
Turnover
The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax.
GoodwillGoodwill relates to the amount paid to the Tom Hughes Partnership upon commencement of the business in 2002.Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over
the useful economic life of that asset as follows:
Goodwill-Straight line over 15 years
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance
for obsolete and slow moving items.
Operating lease agreements
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.
Deferred taxation
Deferred tax is recognised in respect of all material timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax, with the following exceptions:
rolled over into replacement assets, only to the extent that, at the balance sheet date, there is a binding agreement to dispose of the assets concerned. However, no provision is made where, on the basis of all available evidence at the balance sheet date, it is more likely than not that the taxable gain will be rolled over into replacement assets and charged to tax only where the replacement assets are sold.
reversal of the underlying timing differences can be deducted.
Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
Fixed Assets
All fixed assets are initially recorded at cost.
Financial Instruments
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 entity after deducting all of its financial liabilities.
Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.
Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
Land & Buildingsstraight line basis0.1000Plant & Machineryon a reducing balance basis0.1500Computer Equipmenton a reducing balance basis0.20006000060000560005200040002196482192623861987591949003859279648279262386254759246900785987503996364080754777
The bank loans and overdraft are secured by a Legal Charge dated 18th November 2011, held by Barclays Bank Plc over the freehold property adjacent to Manor House, Little Haven, Haverfordwest, SA62 3UG. Ordinary 'A' shares1505050Ordinary 'B' shares1505050Creditors: Amounts falling due within one yearThe following liabilities disclosed under creditors falling due within one year are secured by the company:Bank Loans and overdrafts 2016 - £62,678 (2015 - £54,901).Related party transactionsThe company was under the joint control of Mr M Hughes and Miss E Black throughout the current and previous year by virtue of their equal shareholding.
Included in other debtors is an amount of £98,665 (2015 - £52,342) relating to monies owed to the company by its directors, Mr M Hughes and Miss E Black.2016-10-26Mr M Hughestruetruetruetruexbrli:sharesiso4217:GBPxbrli:pureTom Hughes Limited2015-02-012016-01-31Tom Hughes Limited2014-02-012015-01-31Tom Hughes Limited2014-01-31Tom Hughes Limited2015-01-31Tom Hughes Limited2015-01-31Tom Hughes Limited2016-01-31 2016-10-28
