REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 March 2022 |
for |
Hobson Industries Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 March 2022 |
for |
Hobson Industries Limited |
Hobson Industries Limited (Registered number: 01934714) |
Contents of the Financial Statements |
for the Year Ended 31 March 2022 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Hobson Industries Limited |
Company Information |
for the Year Ended 31 March 2022 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
BANKERS: |
Unit 7 |
Europa Park |
Appian Way |
Grimsby |
North East Lincs |
DN31 2UT |
Hobson Industries Limited (Registered number: 01934714) |
Balance Sheet |
31 March 2022 |
31.3.22 | 31.3.21 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
Investments | 6 |
CURRENT ASSETS |
Stocks | 7 |
Debtors | 8 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 9 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
10 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
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. |
Hobson Industries Limited (Registered number: 01934714) |
Balance Sheet - continued |
31 March 2022 |
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 |
Hobson Industries Limited (Registered number: 01934714) |
Notes to the Financial Statements |
for the Year Ended 31 March 2022 |
1. | STATUTORY INFORMATION |
Hobson Industries Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents net invoiced sales of goods and services, excluding value added tax except in respect of service contracts where turnover is recognised when the company obtains the right to consideration. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Plant and machinery | - |
Motor vehicles | - |
Computer equipment | - |
Stocks |
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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. |
Hobson Industries Limited (Registered number: 01934714) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2022 |
2. | ACCOUNTING POLICIES - continued |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
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 estimate useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to the profit and loss account over the relevant period. The capital element of the future payments is treated as a liability. |
Rentals paid under the operating leases are charged to the profit and loss account on a straight line bases over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Fixed asset investments |
Fixed asset investments are stated at cost, being best estimate of market value. |
Dividends are brought to account in the profit and loss account when received. |
Amounts to be billed to clients |
Services provided to clients during the year, which at the balance sheet date have not been billed to clients, have been recognised as turnover in accordance with Financial Reporting Standard 5 'Reporting the substance of transactions: Application Note G Revenue Recognition'. Turnover recognised in this manner is based on an assessment of the fair value of the services provided at the balance sheet date as a proportion of the total value of the engagement. Provision is made against unbilled amounts on those engagements where the right to receive payment is contingent on factors outside the control of the company. Unbilled revenue is included in debtors. |
Preference shares |
In accordance with FRS 25, the preference shares of £50 have been classified as a financial liability, within other creditors, as the distributions to the holders of the preference shares are not at the discretion of the company. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Hobson Industries Limited (Registered number: 01934714) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2022 |
4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
£ |
COST |
At 1 April 2021 |
Additions |
At 31 March 2022 |
AMORTISATION |
At 1 April 2021 |
Charge for year |
At 31 March 2022 |
NET BOOK VALUE |
At 31 March 2022 |
At 31 March 2021 |
5. | TANGIBLE FIXED ASSETS |
Freehold | Plant and | Motor | Computer |
property | machinery | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST OR VALUATION |
At 1 April 2021 |
Additions |
At 31 March 2022 |
DEPRECIATION |
At 1 April 2021 |
Charge for year |
At 31 March 2022 |
NET BOOK VALUE |
At 31 March 2022 |
At 31 March 2021 |
Hobson Industries Limited (Registered number: 01934714) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2022 |
5. | TANGIBLE FIXED ASSETS - continued |
Cost or valuation at 31 March 2022 is represented by: |
Freehold | Plant and | Motor | Computer |
property | machinery | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
Valuation in 1996 | 24,154 | - | - | - | 24,154 |
Valuation in 2001 | (295,317 | ) | - | - | - | (295,317 | ) |
Valuation in 2004 | (245,536 | ) | - | - | - | (245,536 | ) |
Valuation in 2007 | 3,913 | - | - | - | 3,913 |
Valuation in 2009 | 400,000 | - | - | - | 400,000 |
Valuation in 2016 | (200,000 | ) | - | - | - | (200,000 | ) |
Valuation in 2021 | 229,123 | - | - | - | 229,123 |
Cost | 1,683,663 | 574,959 | 165,640 | 34,354 | 2,458,616 |
1,600,000 | 574,959 | 165,640 | 34,354 | 2,374,953 |
The freehold land and buildings were valued by Musson Liggins Ltd (MRICS) on an open market basis at £1,600,000 on 28 July 2021. |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Computer |
equipment |
£ |
COST OR VALUATION |
At 1 April 2021 |
Additions |
At 31 March 2022 |
DEPRECIATION |
At 1 April 2021 |
Charge for year |
At 31 March 2022 |
NET BOOK VALUE |
At 31 March 2022 |
At 31 March 2021 |
6. | FIXED ASSET INVESTMENTS |
Investments (neither listed nor unlisted) were as follows: |
31.3.22 | 31.3.21 |
£ | £ |
Other investments | 5,323 | 5,323 |
Hobson Industries Limited (Registered number: 01934714) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2022 |
7. | STOCKS |
31.3.22 | 31.3.21 |
£ | £ |
Stocks |
Work-in-progress |
8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.22 | 31.3.21 |
£ | £ |
Trade debtors |
Other debtors |
9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.22 | 31.3.21 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts |
Trade creditors |
Taxation and social security |
Other creditors |
10. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.3.22 | 31.3.21 |
£ | £ |
Hire purchase contracts |
Other creditors |
11. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.3.22 | 31.3.21 |
£ | £ |
Bank overdraft |
Hire purchase contracts | 8,087 | 11,394 |
Hobson Industries Limited (Registered number: 01934714) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2022 |
12. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to directors subsisted during the years ended 31 March 2022 and 31 March 2021: |
31.3.22 | 31.3.21 |
£ | £ |
Balance outstanding at start of year | ( |
) |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | ( |
) |
Balance outstanding at start of year | ( |
) |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | ( |
) |
Interest of £NIL (2021: £145) has been charged at a rate of 2.5% per annum. |
13. | RELATED PARTY DISCLOSURES |
During the year a director sold a vehicle to the company at current market value. |
14. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is the directors, Mr P H Hobson and Mrs B Hobson, by virtue of their shareholding. |