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REGISTERED NUMBER: 05065287 (England and Wales)











UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

LOBB BROTHERS LIMITED

LOBB BROTHERS LIMITED (REGISTERED NUMBER: 05065287)






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


LOBB BROTHERS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: B F Lobb
Mrs V M Lobb
G S Lobb





SECRETARY: B F Lobb





REGISTERED OFFICE: Carnego Lane
Summercourt
Newquay
Cornwall
TR8 5DP





REGISTERED NUMBER: 05065287 (England and Wales)





ACCOUNTANTS: Whitakers
Chartered Accountants
Bryndon House
5/7 Berry Road
Newquay
Cornwall
TR7 1AD

LOBB BROTHERS LIMITED (REGISTERED NUMBER: 05065287)

BALANCE SHEET
31 MARCH 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 215,240 603,589

CURRENT ASSETS
Stocks 6,500 6,500
Debtors 5 145,057 313,896
Cash at bank - 60,599
151,557 380,995
CREDITORS
Amounts falling due within one year 6 455,563 647,834
NET CURRENT LIABILITIES (304,006 ) (266,839 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(88,766

)

336,750

CREDITORS
Amounts falling due after more than one
year

7

(7,770

)

(58,498

)

PROVISIONS FOR LIABILITIES (53,807 ) (150,893 )
NET (LIABILITIES)/ASSETS (150,343 ) 127,359

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (150,443 ) 127,259
SHAREHOLDERS' FUNDS (150,343 ) 127,359

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.

LOBB BROTHERS LIMITED (REGISTERED NUMBER: 05065287)

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 27 August 2024 and were signed on its behalf by:





B F Lobb - Director


LOBB BROTHERS LIMITED (REGISTERED NUMBER: 05065287)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

Lobb Brothers 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.

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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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 - 20% on reducing balance

Stocks
Stocks 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.

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 estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

LOBB BROTHERS LIMITED (REGISTERED NUMBER: 05065287)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

2. ACCOUNTING POLICIES - continued

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2023 - 15 ) .

4. TANGIBLE FIXED ASSETS
Improvements
to Plant and Motor Computer
property machinery vehicles equipment Totals
£    £    £    £    £   
COST
At 1 April 2023 13,307 1,341,692 32,858 2,318 1,390,175
Additions - 63,049 - - 63,049
Disposals - (926,880 ) (5,750 ) - (932,630 )
At 31 March 2024 13,307 477,861 27,108 2,318 520,594
DEPRECIATION
At 1 April 2023 - 761,954 22,739 1,893 786,586
Charge for year - 34,277 2,452 85 36,814
Eliminated on disposal - (512,611 ) (5,435 ) - (518,046 )
At 31 March 2024 - 283,620 19,756 1,978 305,354
NET BOOK VALUE
At 31 March 2024 13,307 194,241 7,352 340 215,240
At 31 March 2023 13,307 579,738 10,119 425 603,589

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST
At 1 April 2023 406,750
Disposals (263,000 )
At 31 March 2024 143,750
DEPRECIATION
At 1 April 2023 166,634
Charge for year 13,168
Eliminated on disposal (110,675 )
At 31 March 2024 69,127
NET BOOK VALUE
At 31 March 2024 74,623
At 31 March 2023 240,116

LOBB BROTHERS LIMITED (REGISTERED NUMBER: 05065287)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 108,759 269,495
Prepayments and accrued income 36,298 44,401
145,057 313,896

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans and overdrafts 48,671 -
Hire purchase contracts 16,197 73,210
Trade creditors 86,540 150,765
Corporation tax 3,434 49,951
Social security and other taxes 27,510 58,399
Other creditors 4,403 5,320
Directors' current accounts 268,724 310,047
Accrued expenses 84 142
455,563 647,834

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.24 31.3.23
£    £   
Hire purchase contracts 7,770 26,633
Other creditors - 31,865
7,770 58,498

8. SECURED DEBTS

The following secured debts are included within creditors:

31.3.24 31.3.23
£    £   
Hire purchase contracts 23,967 99,843

9. ULTIMATE CONTROLLING PARTY

During the period the company was controlled by its directors, Mr B F Lobb, Mrs V M Lobb and Mr G S Lobb, by virtue of the fact that, between them, they own 100% of the company's issued ordinary share capital.