2022-04-012023-03-312023-03-31false07992416Hobbs Enterprise (UK) 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Hobbs Enterprise (UK) Ltd

Registered Number
07992416
(England and Wales)

Unaudited Financial Statements for the Year ended
31 March 2023

Hobbs Enterprise (UK) Ltd
Company Information
for the year from 1 April 2022 to 31 March 2023

Director

Hobbs, Michael John

Registered Address

Unit 3 Babylon View
Pen Mill Trading Estate
Yeovil
BA21 5HR

Registered Number

07992416 (England and Wales)
Hobbs Enterprise (UK) Ltd
Balance Sheet as at
31 March 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets6188,400196,700
188,400196,700
Current assets
Stocks8,76129,474
Debtors91,58344,558
Cash at bank and on hand13,79019,894
114,13493,926
Creditors amounts falling due within one year9(91,534)(50,067)
Net current assets (liabilities)22,60043,859
Total assets less current liabilities211,000240,559
Creditors amounts falling due after one year10(153,737)(179,878)
Provisions for liabilities(12,205)(13,290)
Net assets45,05847,391
Capital and reserves
Called up share capital452452
Revaluation reserve44,30946,037
Other reserves5050
Profit and loss account247852
Shareholders' funds45,05847,391
The financial statements were approved and authorised for issue by the Director on 27 November 2023, and are signed on its behalf by:
Hobbs, Michael John
Director
Registered Company No. 07992416
Hobbs Enterprise (UK) Ltd
Notes to the Financial Statements
for the year ended 31 March 2023

1.Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
2.Compliance with applicable reporting framework
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
3.Accounting policies
Property, plant and equipment policy
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows: Land and buildings - 2% on cost Plant and machinery etc - 30% on reducing balance, 25% on reducing balance, 15% on reducing balance and 2% on cost Excess depreciation on revalued assets is transfered to the revaluation reserve.
Intangible assets policy
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. The intangible asset, being goodwill, is being the amount paid in connection with the acquisition of a business in 2012 and is being amortised evenly over its useful estimated useful life of ten years.
Stocks policy
Inventories are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).
Revenue recognition policy
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Deferred tax policy
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Leases policy
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease.
Employee benefits policy
Contributions to defined contribution plans are expensed in the period to which they relate.
4.Employee information
The following average number of employees includes the director.

20232022
Average number of employees during the year77
5.Intangible assets

Total

£
Cost or valuation
At 01 April 2210,000
At 31 March 2310,000
Amortisation and impairment
At 01 April 2210,000
At 31 March 2310,000
Net book value
At 31 March 23-
At 31 March 22-
6.Property, plant and equipment

Total

£
Cost or valuation
At 01 April 22230,503
Additions461
At 31 March 23230,964
Depreciation and impairment
At 01 April 2233,803
Charge for year8,757
Other adjustments4
At 31 March 2342,564
Net book value
At 31 March 23188,400
At 31 March 22196,700
7.Revaluation of property, plant and equipment
If the freehold commercial property had not been revalued it would have been included at the following historical cost:- 31 03 23 31 03 22 £ £ Cost 137,998 137,998 Aggregate depreciation 21,970 19,210 The freehold commercial property was independently valued on an open market basis in November 2021. If the motor vehicle had not been revalued it would have been included at the following historical cost:- 31 03 23 31 03 22 £ £ Cost 5,800 5,800 Aggregate depreciation 4,424 3,965 The motor vehicle was independently valued on an open market basis in February 2022.

2023

2022

££
Property, plant and equipment / tangible fixed assets230,964230,503
8.Debtors within one year

2023

2022

££
Trade debtors / trade receivables66,75020,578
Other debtors19,04521,359
Prepayments and accrued income5,7882,621
Total91,58344,558
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
9.Creditors within one year

2023

2022

££
Trade creditors / trade payables20,4214,522
Bank borrowings and overdrafts24,5739,847
Taxation and social security28,90926,452
Other creditors10,7966,379
Accrued liabilities and deferred income6,8352,867
Total91,53450,067
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
10.Creditors after one year

2023

2022

££
Bank borrowings and overdrafts35,03140,031
Other creditors118,706139,847
Total153,737179,878