The Welshman was linked with moves for Sunderland midfielder Lee Cattermole and Stade Rennais winger Jonathan Pitroipa but neither transfer materialised.
Hughes did, however, secure the services of Peter Odemwingie, Stephen Ireland and John Guidetti earlier in January, and believes his squad is now stronger for the run-in.
"We were disappointed on the final day of the window because a couple of deals that we thought we would conclude fell away from us," he told reporters.
"But in the window as a whole we improved the squad.
"We can't legislate for things falling out of our hands - as was the case with the deals on deadline day.
"It was always important for me to have a stronger squad at the end of the month than we had at the start, and I certainly feel we have that now."
Hughes also saw a handful of players leave during the transfer window, with Kenwyne Jones joining Cardiff City as part of the Odemwingie deal, and Maurice Edu returning to Major League Soccer with Philadelphia Union.