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REGISTERED NUMBER: 01934714 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 March 2024

for

Hobson Industries Limited

Hobson Industries Limited (Registered number: 01934714)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Hobson Industries Limited

Company Information
for the Year Ended 31 March 2024







DIRECTORS: P H Hobson
Ms S Banks
T Hill



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 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 3,337 7,493
Tangible assets 5 1,704,042 1,722,840
Investments 6 1 1
1,707,380 1,730,334

CURRENT ASSETS
Stocks 7 1,627,054 1,615,323
Debtors 8 419,679 233,706
Cash at bank and in hand 46,591 21,451
2,093,324 1,870,480
CREDITORS
Amounts falling due within one year 9 1,484,974 637,671
NET CURRENT ASSETS 608,350 1,232,809
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,315,730

2,963,143

CREDITORS
Amounts falling due after more than one
year

10

(50

)

(508

)

PROVISIONS FOR LIABILITIES (5,906 ) (12,313 )
NET ASSETS 2,309,774 2,950,322

CAPITAL AND RESERVES
Called up share capital 50 50
Retained earnings 2,309,724 2,950,272
2,309,774 2,950,322

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 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 2024


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 6 August 2024 and were signed on its behalf by:





P H Hobson - Director


Hobson Industries Limited (Registered number: 01934714)

Notes to the Financial Statements
for the Year Ended 31 March 2024

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 the cost less estimated residual value of 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 etc - 50% on cost, 25% on reducing balance and 15% on reducing balance

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Stock is valued in FIFO basis.

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 2024

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.

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 27 (2023 - 28 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 April 2023
and 31 March 2024 20,780
AMORTISATION
At 1 April 2023 13,287
Charge for year 4,156
At 31 March 2024 17,443
NET BOOK VALUE
At 31 March 2024 3,337
At 31 March 2023 7,493

Hobson Industries Limited (Registered number: 01934714)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST OR VALUATION
At 1 April 2023 1,600,000 780,755 2,380,755
Additions - 9,886 9,886
At 31 March 2024 1,600,000 790,641 2,390,641
DEPRECIATION
At 1 April 2023 - 657,915 657,915
Charge for year - 28,684 28,684
At 31 March 2024 - 686,599 686,599
NET BOOK VALUE
At 31 March 2024 1,600,000 104,042 1,704,042
At 31 March 2023 1,600,000 122,840 1,722,840

Cost or valuation at 31 March 2024 is represented by:

Plant and
Land and machinery
buildings etc 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 1,683,663 790,641 2,474,304
1,600,000 790,641 2,390,641

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.

Hobson Industries Limited (Registered number: 01934714)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST OR VALUATION
At 1 April 2023
and 31 March 2024 19,887
DEPRECIATION
At 1 April 2023 19,535
Charge for year 352
At 31 March 2024 19,887
NET BOOK VALUE
At 31 March 2024 -
At 31 March 2023 352

6. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 April 2023
and 31 March 2024 1
NET BOOK VALUE
At 31 March 2024 1
At 31 March 2023 1

7. STOCKS
31.3.24 31.3.23
£    £   
Stocks 1,427,731 1,361,152
Work-in-progress 199,323 254,171
1,627,054 1,615,323

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 408,976 129,489
Other debtors 10,703 104,217
419,679 233,706

Hobson Industries Limited (Registered number: 01934714)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Hire purchase contracts 458 1,375
Trade creditors 547,860 253,620
Taxation and social security 100,366 34,918
Other creditors 836,290 347,758
1,484,974 637,671

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.24 31.3.23
£    £   
Hire purchase contracts - 458
Other creditors 50 50
50 508

11. SECURED DEBTS

The following secured debts are included within creditors:

31.3.24 31.3.23
£    £   
Other loans 645,500 138,889
Hire purchase contracts 458 1,833
645,958 140,722

Hire purchase liabilities are secured against the assets acquired.

The other loans are secured by way of a fixed and floating charge over the assets of the company.

12. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is P Hobson.