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REGISTERED NUMBER: 01934714 (England and Wales)















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: P H Hobson
Mrs B Hobson
D A Noon



SECRETARY: Mrs B Hobson



REGISTERED OFFICE: Station Road
Donington-On-Bain
Louth
North Lincolnshire
LN11 9TR



REGISTERED NUMBER: 01934714 (England and Wales)



BANKERS: Svenska Handelsbanken AB
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 11,649 13,855
Tangible assets 5 1,751,737 1,702,714
Investments 6 5,323 5,323
1,768,709 1,721,892

CURRENT ASSETS
Stocks 7 1,430,518 975,476
Debtors 8 672,002 369,024
Cash at bank and in hand 11,388 4,084
2,113,908 1,348,584
CREDITORS
Amounts falling due within one year 9 1,135,192 836,598
NET CURRENT ASSETS 978,716 511,986
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,747,425

2,233,878

CREDITORS
Amounts falling due after more than one
year

10

(1,883

)

(5,566

)

PROVISIONS FOR LIABILITIES (14,781 ) (14,418 )
NET ASSETS 2,730,761 2,213,894

CAPITAL AND RESERVES
Called up share capital 50 50
Retained earnings 2,730,711 2,213,844
2,730,761 2,213,894

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2022 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.

Hobson Industries Limited (Registered number: 01934714)

Balance Sheet - continued
31 March 2022


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 1 September 2022 and were signed on its behalf by:





Mrs B Hobson - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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.

Computer software is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 50% on cost

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 30 (2021 - 28 ) .

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 18,893
Additions 1,887
At 31 March 2022 20,780
AMORTISATION
At 1 April 2021 5,038
Charge for year 4,093
At 31 March 2022 9,131
NET BOOK VALUE
At 31 March 2022 11,649
At 31 March 2021 13,855

5. TANGIBLE FIXED ASSETS
Freehold Plant and Motor Computer
property machinery vehicles equipment Totals
£    £    £    £    £   
COST OR VALUATION
At 1 April 2021 1,600,000 555,161 115,690 24,719 2,295,570
Additions - 19,798 49,950 9,635 79,383
At 31 March 2022 1,600,000 574,959 165,640 34,354 2,374,953
DEPRECIATION
At 1 April 2021 - 483,511 94,155 15,190 592,856
Charge for year - 12,342 6,425 11,593 30,360
At 31 March 2022 - 495,853 100,580 26,783 623,216
NET BOOK VALUE
At 31 March 2022 1,600,000 79,106 65,060 7,571 1,751,737
At 31 March 2021 1,600,000 71,650 21,535 9,529 1,702,714

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 15,661
Additions 4,226
At 31 March 2022 19,887
DEPRECIATION
At 1 April 2021 7,178
Charge for year 9,592
At 31 March 2022 16,770
NET BOOK VALUE
At 31 March 2022 3,117
At 31 March 2021 8,483

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 1,290,182 847,697
Work-in-progress 140,336 127,779
1,430,518 975,476

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.22 31.3.21
£    £   
Trade debtors 663,379 277,940
Other debtors 8,623 91,084
672,002 369,024

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.22 31.3.21
£    £   
Bank loans and overdrafts - 297,382
Hire purchase contracts 6,254 5,878
Trade creditors 501,999 222,436
Taxation and social security 224,660 167,302
Other creditors 402,279 143,600
1,135,192 836,598

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.22 31.3.21
£    £   
Hire purchase contracts 1,833 5,516
Other creditors 50 50
1,883 5,566

11. SECURED DEBTS

The following secured debts are included within creditors:

31.3.22 31.3.21
£    £   
Bank overdraft - 297,382
Hire purchase contracts 8,087 11,394
8,087 308,776

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
£    £   
P H Hobson
Balance outstanding at start of year 19,728 (117,775 )
Amounts advanced 253,910 246,223
Amounts repaid (433,878 ) (108,720 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (160,240 ) 19,728

Mrs B Hobson
Balance outstanding at start of year 43,936 (63,000 )
Amounts advanced 119,396 239,656
Amounts repaid (284,440 ) (132,720 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (121,108 ) 43,936

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.