Hughes Galleries Ltd - Abbreviated accounts 16.1

REGISTERED NUMBER: NI048454 (Northern Ireland)

Hughes Galleries Ltd

Abbreviated Unaudited Accounts

for the Year Ended 31 March 2016

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

Mr. M Hughes

Mrs. P Hughes

SECRETARY:

Mr M D Hughes

REGISTERED OFFICE:

The O'Connor Gallery

49 The Promenade

Portstewart

Co. Londonderry

BT55 7AE

REGISTERED NUMBER:

NI048454 (Northern Ireland)

ACCOUNTANTS:

Agnew Mitchell & Cairns

184 Rashee Road

Ballyclare

Co. Antrim

BT39 9JB

BANKERS:

Northern Bank

22 The Diamond

Coleraine

Londonderry

BT52 1DA

SOLICITORS:

Babington & Croasdaile

23 New Row

Coleraine

Co Londonderry

BT52 1AD

FIXED ASSETS

Intangible assets

2

1

Tangible assets

3

95,603

95,157

95,604

95,158

CURRENT ASSETS

Stocks

93,163

97,026

Debtors

-

300

Cash at bank and in hand

6,595

160

99,758

97,486

CREDITORS

Amounts falling due within one year

146,818

141,063

NET CURRENT LIABILITIES

(47,060

)

(43,577

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

48,544

51,581

CAPITAL AND RESERVES

Called up share capital

4

2

Profit and loss account

48,542

51,579

SHAREHOLDERS' FUNDS

48,544

51,581

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2016 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 24 October 2016 and were signed on its behalf by:

Mr. M Hughes - Director

1.	ACCOUNTING POLICIES

Accounting convention

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

Turnover represents net invoiced sales of goods, excluding value added tax.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2003, is being amortised evenly over its estimated useful life of ten years.

Tangible fixed assets

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

Land and buildings

-

not provided

Plant and machinery etc

-

25% on reducing balance

The director considers that the value of land and buildings is not less than cost and does not expect the value to

reduce in the foreseeable future. Consequently depreciation charged on this asset has been written back and the

property is now stated at the original cost.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Deferred tax

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

sheet date.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the

period of the lease.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1 April 2015

and 31 March 2016

1

NET BOOK VALUE

At 31 March 2016

1

At 31 March 2015

1

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 April 2015

105,847

Additions

1,339

At 31 March 2016

107,186

DEPRECIATION

At 1 April 2015

10,690

Charge for year

893

At 31 March 2016

11,583

NET BOOK VALUE

At 31 March 2016

95,603

At 31 March 2015

95,157

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

2

Ordinary A shares - Voting

1

2

5.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr M Hughes and Mrs P Hughes jointly..

6.	SECURED DEBTS

Northern Bank holds the following security over monies borrowed by Hughes Galleries Ltd:

Fixed and floating charge.

Joint and several letter of guarantee in the name of Mr and Mrs Hughes for £50,000.

Legal Mortgage over 100A Glenshesk Road, Armoy.