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Registered number: 12968120









HOBART ACTIVUM HOLDINGS LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

 
HOBART ACTIVUM HOLDINGS LIMITED
 
 
COMPANY INFORMATION


Directors
J C R de Lusignan 
J M Walker (appointed 12 December 2022)
B J Betel (resigned 12 December 2022)




Registered number
12968120



Registered office
Eighth Floor
6 New Street Square

New Fetter Lane

London

EC4A 3AQ




Independent auditors
Grant Thornton UK LLP
Chartered Accountant & Statutory Auditor

110 Queen Street

Glasgow

G1 3BX




Accountants
Rawlinson & Hunter LLP
Chartered Accountants

Eighth Floor

6 New Street Square

New Fetter Lane

London

EC4A 3AQ





 
HOBART ACTIVUM HOLDINGS LIMITED
 

CONTENTS



Page
Directors' Report
1 - 2
Independent Auditors' Report
3 - 8
Statement of Profit and Loss
9
Balance Sheet
10
Statement of Changes in Equity
11
Notes to the Financial Statements
12 - 16


 
HOBART ACTIVUM HOLDINGS LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022

The directors present their report and the financial statements for the year ended 31 December 2022. The comparative figures are for the period from incorporation on 22 October 2020 to 31 December 2021.

Principal activity

The principal activity of the company is that of a holding company. 

Directors

The directors who served during the year were:

J C R de Lusignan 
J M Walker (appointed 12 December 2022)
B J Betel (resigned 12 December 2022)

Directors' responsibilities statement

The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards) and applicable law, including FRS 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

In preparing these financial statements, the directors are required to:


select suitable accounting policies and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
 
The directors confirm that:
 
so far as each director is aware, there is no relevant audit information of which the company's auditor is unaware, and

the directors have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.

Dividends

Following the year ended 31 December 2022, the Directors have declared dividends of £100,000. This represents £990 per share.

Page 1

 
HOBART ACTIVUM HOLDINGS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022

Auditor

The auditor, Grant Thornton UK LLP, will be automatically deemed reappointed under section 487 of the Companies Act 2006.

Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





J C R de Lusignan
Director

Date: 20 November 2023

Page 2

 
HOBART ACTIVUM HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HOBART ACTIVUM HOLDINGS LIMITED
 

Opinion


We have audited the financial statements of Hobart Activum (Holdings) Limited (the ‘company’) for the year ended 31 December 2022 which comprise the Statement of Profit and Loss, Balance Sheet, Statement of Changes in Equity and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the company's affairs as at 31 December 2022 and of its loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the ‘Auditor’s responsibilities for the audit of the financial statements’ section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Page 3

 
HOBART ACTIVUM HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HOBART ACTIVUM HOLDINGS LIMITED (CONTINUED)


Conclusions relating to going concern


We are responsible for concluding on the appropriateness of the directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify the auditor’s opinion. Our conclusions are based on the audit evidence obtained up to the date of our report. However, future events or conditions may cause the company to cease to continue as a going concern.
In our evaluation of the directors’ conclusions, we considered the inherent risks associated with the  company’s business model including effects arising from macro-economic uncertainties such as high inflation rates, we assessed and challenged the reasonableness of estimates made by the directors and the related disclosures and analysed how those risks might affect the company’s financial resources or ability to continue operations over the going concern period.  


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


In auditing the financial statements, we have concluded that the directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
The responsibilities of the directors with respect to going concern are described in the ‘Responsibilities of directors for the financial statements’ section of this report.


Other information


The directors are responsible for the other information. The other information comprises the information included in the annual report and financial statements, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Page 4

 
HOBART ACTIVUM HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HOBART ACTIVUM HOLDINGS LIMITED (CONTINUED)


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the directors' report has been prepared in accordance with applicable legal requirements.


Matter on which we are required to report under the Companies Act 2006
 

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report.


Matters on which we are required to report by exception
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the directors' report and from the requirement to prepare a strategic report.


Responsibilities of directors
 

As explained more fully in the directors' responsibility statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.


Page 5

 
HOBART ACTIVUM HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HOBART ACTIVUM HOLDINGS LIMITED (CONTINUED)


Auditor's responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors' report.
 
Page 6

 
HOBART ACTIVUM HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HOBART ACTIVUM HOLDINGS LIMITED (CONTINUED)



Explanation as to what extent the audit was considered capable of detecting irregularities, including
fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK).
 
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:


We obtained an understanding of the legal and regulatory frameworks that are applicable to the company and industry in which it operates through our general commercial and sector experience and discussions with management. We determined that the most significant which are directly relevant to specific assertions in the financial statements are those related to the reporting framework, including FRS 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ and the Companies Act 2006.
We assessed the susceptibility of the entity’s financial statements to material misstatement, including how fraud might occur, by making enquires of management. Audit procedures performed by the engagement team included:
Identifying and evaluating the design effectiveness of controls that management has in place to prevent and detect fraud;
challenging assumptions and judgements made by management in its significant accounting estimates; and
identifying and testing journals, with a focus on material manual journals and those considered by the engagement team to carry a higher risk of fraud.
We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or whether they had any knowledge of actual, suspected or alleged fraud.
These audit procedures were designed to provide reasonable assurance that the financial statements were free from fraud or error. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error and detecting irregularities that result from fraud is inherently more difficult than detecting those that result from error, as fraud may involve collusion, deliberate concealment, forgery or intentional misrepresentations. Also, the further removed non-compliance with laws and regulations is from events and transactions reflected in the financial statements, the less likely we would become aware of it.
The assessment of the appropriateness of the collective competence and capabilities of the engagement team included consideration of the engagement team’s:
understanding of, and practical experience with audit engagements of a similar nature and complexity through appropriate training and participation;
knowledge of the industry in which the client operates; and
understanding of the requirements of FRS 102 in conformity with the requirements of the Companies Act 2006 and the application of the legal and regulatory requirements to the company.
Team communications in respect of potential non-compliance with laws and regulations and fraud included the potential for fraud due to management override of controls.
 
Page 7

 
HOBART ACTIVUM HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HOBART ACTIVUM HOLDINGS LIMITED (CONTINUED)


Use of our report
 

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.



  
James Andersen
 
Senior Statutory Auditor
for and on behalf of Grant Thornton UK LLP
Statutory Auditor, Chartered Accountants
Glasgow
  

20 November 2023
Page 8

 
HOBART ACTIVUM HOLDINGS LIMITED
 
 
STATEMENT OF PROFIT AND LOSS
FOR THE YEAR ENDED 31 DECEMBER 2022

31 December
Period ended
31 December
2022
2021
£
£


Administrative expenses
(26,527)
(82,319)

Operating loss
(26,527)
(82,319)

Income from other fixed asset investments
-
2,000,000

Amounts written off investments
-
(1,714,790)

Interest receivable and similar income
1,749
-

(Loss)/profit before tax
(24,778)
202,891

(Loss)/profit for the financial year/period
(24,778)
202,891

There were no recognised gains and losses for 2022 or 2021 other than those included in the statement of profit and loss.

The notes on pages 12 to 16 form part of these financial statements.

Page 9

 
HOBART ACTIVUM HOLDINGS LIMITED
REGISTERED NUMBER: 12968120

BALANCE SHEET
AS AT 31 DECEMBER 2022

2022
2021
Note
£
£

Fixed assets
  

Investments
 5 
12,599,703
12,599,703

  
12,599,703
12,599,703

Current assets
  

Debtors: amounts falling due within one year
 6 
2,400,679
1,032,263

Cash at bank and in hand
 7 
329,754
2,013,290

  
2,730,433
3,045,553

Creditors: amounts falling due within one year
 8 
(7,027,939)
(7,318,281)

Net current liabilities
  
 
 
(4,297,506)
 
 
(4,272,728)

Total assets less current liabilities
  
8,302,197
8,326,975

  

Net assets
  
8,302,197
8,326,975


Capital and reserves
  

Called up share capital 
 9 
101
101

Share premium account
 10 
7,328,965
7,328,965

Profit and loss account
 10 
973,131
997,909

  
8,302,197
8,326,975


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 



J C R de Lusignan
Director

Date: 20 November 2023

The notes on pages 12 to 16 form part of these financial statements.

Page 10

 
HOBART ACTIVUM HOLDINGS LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£



Profit for the period
-
-
202,891
202,891
Total comprehensive income for the period
-
-
202,891
202,891

Dividends: Equity capital
-
-
(1,504,982)
(1,504,982)

Shares issued during the period
101
9,628,965
-
9,629,066

Capital reduction
-
(2,300,000)
2,300,000
-


Total transactions with owners
101
7,328,965
795,018
8,124,084



At 1 January 2022
101
7,328,965
997,909
8,326,975



Loss for the year
-
-
(24,778)
(24,778)
Total comprehensive income for the year
-
-
(24,778)
(24,778)


At 31 December 2022
101
7,328,965
973,131
8,302,197


The notes on pages 12 to 16 form part of these financial statements.

Page 11

 
HOBART ACTIVUM HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

1.


General information

Hobart Activum Holdings Limited is a private company, limited by shares, incorporated in England and Wales with registration number 12968120. The registered office is Eighth Floor, 6 New Street Square, New Fetter Lane, London, EC4A 3AQ. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on a going concern basis which the directors consider to be appropriate. The directors have considered the cash requirements of the company for a period of at least 12 months from the date of approval of the financial statements which indicate that the company will have sufficient funds to continue to meet its liabilities as they fall due.
Management anticipates any short-term funding gaps that arise over the course of operations will be met via intercompany funding from other Hobart-Activum entities, as described in the group's cash management policy.
Therefore, the directors have prepared the financial statements on a going concern basis.

  
2.3

Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of financial statements that comply with FRS 102 requires management to make judgements, estimates and assumptions which can affect the application of accounting policies and reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. These estimates and underlying assumptions are reviewed on an ongoing basis and revisions are recognised prospectively. In the opinion of the directors, there are no key judgements and estimates that affect these financial statements.

  
2.4

Investment income

Investment income is comprised of dividends received at fair value.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.7

Debtors

Short term debtors are measured at transaction price, less any impairment.

Page 12

 
HOBART ACTIVUM HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.9

Creditors

Short term creditors are measured at the transaction price.

 
2.10

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of
financial assets and liabilities like trade and other debtors and creditors.

 
2.11

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2021 - 2).


4.


Taxation


31 December
Period ended
31 December
2022
2021
£
£



Current tax on (loss)/profit for the year/period
-
-


Total current tax
-
-

Deferred tax

Total deferred tax
-
-


Taxation on (loss)/profit on ordinary activities
-
-
Page 13

 
HOBART ACTIVUM HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
 
4.Taxation (continued)


Factors affecting tax charge for the year/period

The tax assessed for the year is higher than (2021 - lower than) the standard rate of corporation tax in the UK of 19% (2021 - 19%). The differences are explained below:

31 December
Period ended
31 December
2022
2021
£
£


(Loss)/profit on ordinary activities before tax
(24,778)
202,891


(Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2021 - 19%)
(4,708)
38,549

Effects of:


Expenses not deductible for tax purposes
23
337,943

Group income
-
(380,000)

Group relief
4,685
3,508

Total tax charge for the year/period
-
-


5.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2022
12,599,703



At 31 December 2022
12,599,703




Page 14

 
HOBART ACTIVUM HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

Subsidiary undertakings


The following were subsidiary undertakings of the company:

Name

Country of incorporation

Principal activity

Class of shares

Holding

Hobart Activum (Lincoln) Limited
England and Wales
Property investment and rental
Ordinary
100%
Hobart Activum (Oldbury) Limited
England and Wales
Property investment and rental
Ordinary
100%
Hobart Activum (Peterborough) Limited
England and Wales
Property investment and rental
Ordinary
100%


6.


Debtors

2022
2021
£
£


Amounts owed by group undertakings
2,400,679
1,032,263



7.


Cash and cash equivalents

2022
2021
£
£

Cash at bank and in hand
329,754
2,013,290



8.


Creditors: Amounts falling due within one year

2022
2021
£
£

Trade creditors
4,326
1,266

Amounts owed to group undertakings
7,005,679
7,248,504

Accruals and deferred income
17,934
68,511

7,027,939
7,318,281


Page 15

 
HOBART ACTIVUM HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

9.


Share capital

2022
2021
£
£
Allotted, called up and fully paid



101 (2021 - 101) Ordinary shares of £1.00 each
101
101



10.


Reserves

Share premium account

The share premium account represents the premium arising on the issue of shares net of issue costs. 

Profit and loss account

The profit and loss account represents cumulative realised and unrealised profits and losses net of dividends and other adjustments.


11.


Related party transactions

The company has taken advantage of the exemption conferred in Financial Reporting Standard 102 from the requirement to disclose transactions with wholly owned group companies.  


12.


Controlling party

Hobart Activum Holding Limited is a wholly owned subsidiary of Hobart Activum JVCO Limited, a company incorporated in England and Wales. The ultimate controlling party is S A Goldstein.
 
The group headed by Hobart Activum JVCO Limited qualifies as small and therefore is exempt from producing consolidated accounts at that level.

Page 16