Registration number:
D C Hughes Falmouth Limited
for the Year Ended 31 August 2022
D C Hughes Falmouth Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
D C Hughes Falmouth Limited
Company Information
Director |
Mr D C Hughes |
Registered office |
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Accountants |
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D C Hughes Falmouth Limited
(Registration number: 06678201)
Balance Sheet as at 31 August 2022
Note |
2022 |
2021 |
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Fixed assets |
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Intangible assets |
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- |
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Tangible assets |
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Investments |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current (liabilities)/assets |
( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
21,053 |
21,053 |
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Retained earnings |
1,748,137 |
1,958,644 |
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Shareholders' funds |
1,769,190 |
1,979,697 |
For the financial year ending 31 August 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
D C Hughes Falmouth Limited
(Registration number: 06678201)
Balance Sheet as at 31 August 2022
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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D C Hughes Falmouth Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2022
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Group accounts not prepared
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
D C Hughes Falmouth Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2022
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Course machinery and equipment |
at varying rates on cost |
Fixtures, fittings and equipment |
20% on cost |
Office equipment |
at varying rates on cost |
Buildings |
2% on cost |
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Website |
25% reducing balance |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
D C Hughes Falmouth Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2022
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Defined contribution pension obligation
The company operates a defined contribution pension scheme. Contributions payable are charged to the profit and loss account in the period to which they relate.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
D C Hughes Falmouth Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2022
Intangible assets |
Other intangible assets |
Total |
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Cost or valuation |
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Additions internally developed |
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At 31 August 2022 |
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Amortisation |
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Amortisation charge |
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At 31 August 2022 |
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Carrying amount |
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At 31 August 2022 |
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Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Properties under construction |
Other tangible assets |
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Cost or valuation |
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At 1 September 2021 |
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Additions |
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- |
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Disposals |
- |
( |
( |
- |
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At 31 August 2022 |
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- |
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Depreciation |
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At 1 September 2021 |
- |
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- |
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Charge for the year |
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- |
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Eliminated on disposal |
- |
( |
- |
- |
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At 31 August 2022 |
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- |
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Carrying amount |
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At 31 August 2022 |
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- |
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At 31 August 2021 |
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D C Hughes Falmouth Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2022
Total |
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Cost or valuation |
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At 1 September 2021 |
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Additions |
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Disposals |
( |
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At 31 August 2022 |
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Depreciation |
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At 1 September 2021 |
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Charge for the year |
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Eliminated on disposal |
( |
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At 31 August 2022 |
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Carrying amount |
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At 31 August 2022 |
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At 31 August 2021 |
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Included within the net book value of land and buildings above is £3,490,928 (2021 - £1,044,146) in respect of freehold land and buildings.
Investments |
2022 |
2021 |
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Investments in subsidiaries |
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Subsidiaries |
£ |
Cost or valuation |
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At 1 September 2021 |
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Provision |
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Carrying amount |
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At 31 August 2022 |
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At 31 August 2021 |
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D C Hughes Falmouth Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2022
Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
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2022 |
2021 |
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Subsidiary undertakings |
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2nd Floor Stratus House
England and Wales |
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Subsidiary undertakings |
FGC Land Limited The principal activity of FGC Land Limited is |
D C Hughes Falmouth Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2022
Share capital |
Allotted, called up and fully paid shares
2022 |
2021 |
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No. |
£ |
No. |
£ |
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16,253 |
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16,253 |
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4,800 |
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4,800 |
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