Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false102023-01-01The principal activity of the company continued to be that of wholesaling.10truetruefalse 01404875 2023-01-01 2023-12-31 01404875 2022-01-01 2022-12-31 01404875 2023-12-31 01404875 2022-12-31 01404875 2022-01-01 01404875 c:Director2 2023-01-01 2023-12-31 01404875 d:Buildings 2023-01-01 2023-12-31 01404875 d:Buildings 2023-12-31 01404875 d:Buildings 2022-12-31 01404875 d:Buildings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 01404875 d:PlantMachinery 2023-01-01 2023-12-31 01404875 d:PlantMachinery 2023-12-31 01404875 d:PlantMachinery 2022-12-31 01404875 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 01404875 d:MotorVehicles 2023-01-01 2023-12-31 01404875 d:MotorVehicles 2023-12-31 01404875 d:MotorVehicles 2022-12-31 01404875 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 01404875 d:FurnitureFittings 2023-01-01 2023-12-31 01404875 d:FurnitureFittings 2023-12-31 01404875 d:FurnitureFittings 2022-12-31 01404875 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 01404875 d:OtherPropertyPlantEquipment 2023-01-01 2023-12-31 01404875 d:OtherPropertyPlantEquipment 2023-12-31 01404875 d:OtherPropertyPlantEquipment 2022-12-31 01404875 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 01404875 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 01404875 d:CurrentFinancialInstruments 2023-12-31 01404875 d:CurrentFinancialInstruments 2022-12-31 01404875 d:Non-currentFinancialInstruments 2023-12-31 01404875 d:Non-currentFinancialInstruments 2022-12-31 01404875 d:Non-currentFinancialInstruments 1 2023-12-31 01404875 d:Non-currentFinancialInstruments 1 2022-12-31 01404875 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 01404875 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 01404875 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 01404875 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 01404875 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-12-31 01404875 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-12-31 01404875 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-12-31 01404875 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-12-31 01404875 d:UKTax 2023-01-01 2023-12-31 01404875 d:UKTax 2022-01-01 2022-12-31 01404875 d:ShareCapital 2023-12-31 01404875 d:ShareCapital 2022-12-31 01404875 d:RetainedEarningsAccumulatedLosses 2023-12-31 01404875 d:RetainedEarningsAccumulatedLosses 2022-12-31 01404875 c:OrdinaryShareClass1 2023-01-01 2023-12-31 01404875 c:OrdinaryShareClass1 2023-12-31 01404875 c:OrdinaryShareClass1 2022-12-31 01404875 c:PreferenceShareClass1 2023-01-01 2023-12-31 01404875 c:PreferenceShareClass1 2023-12-31 01404875 c:PreferenceShareClass1 2022-12-31 01404875 c:FRS102 2023-01-01 2023-12-31 01404875 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 01404875 c:FullAccounts 2023-01-01 2023-12-31 01404875 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 01404875 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 01404875 d:AcceleratedTaxDepreciationDeferredTax 2022-12-31 01404875 d:TaxLossesCarry-forwardsDeferredTax 2023-12-31 01404875 d:TaxLossesCarry-forwardsDeferredTax 2022-12-31 01404875 f:PoundSterling 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 01404875










D.S. HOBBS & SON LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
D.S. HOBBS & SON LIMITED
REGISTERED NUMBER:01404875

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
375,668
129,534

  
375,668
129,534

Current assets
  

Stocks
  
200,349
316,929

Debtors: amounts falling due within one year
 5 
99,782
134,080

Cash at bank and in hand
  
118,937
268,059

  
419,068
719,068

Creditors: amounts falling due within one year
 6 
(94,914)
(46,307)

Net current assets
  
 
 
324,154
 
 
672,761

Total assets less current liabilities
  
699,822
802,295

Creditors: amounts falling due after more than one year
 7 
(84,167)
(94,166)

Provisions for liabilities
  

Deferred tax
 9 
-
(4,101)

  
 
 
-
 
 
(4,101)

Net assets
  
615,655
704,028


Capital and reserves
  

Called up share capital 
 10 
25,000
25,000

Profit and loss account
  
590,655
679,028

  
615,655
704,028


Page 1

 
D.S. HOBBS & SON LIMITED
REGISTERED NUMBER:01404875
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023

The Directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The Directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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 have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the income statement in accordance with provisions applicable to companies subject to the small companies' regime.

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




................................................
M R D Hobbs
Director
Date: 25 June 2024

The notes on pages 3 to 12 form part of these financial statements.

Page 2

 
D.S. HOBBS & SON LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

D.S. Hobbs & Son Limited is a private company limited by shares and incorporated in England and Wales, registration number 01404875. The registered office address is Market Place, Foulsham, Dereham, Norfolk, NR20 5RY.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £. 
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

 
2.2

Going concern

The Directors have considered the Company’s position at the time of signing the financial statements, and in particular the effects on the Company of the wider economy. As part of their assessment, they have taken into consideration a number of possible trading performance, profitability and cash flow scenarios.
Based on this, the Directors have concluded that they have a reasonable expectation that the Company will have adequate resources to continue in operational existence for the foreseeable future, being at least twelve months from the date of signing these financial statements, and they therefore continue to adopt the going concern basis of accounting in preparing these financial statements.

Page 3

 
D.S. HOBBS & SON LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on the following basis.

Depreciation is provided on the following basis:

Freehold buildings
-
2% straight line
Plant & machinery
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Fixtures, fittings & office equipment
-
15% reducing balance
Other fixed assets
-
No depreciation

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 4

 
D.S. HOBBS & SON LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.7

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.

 
2.8

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, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

  
2.10
Pensions

The Company operates a defined contribution plan for its employees. A defined contribution plan is
a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in the Income statement when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds

 
2.11

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 5

 
D.S. HOBBS & SON LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.12

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


3.


Taxation


2023
2022
£
£



Current tax on profits for the year
(4,873)
4,873


(4,873)
4,873


Total current tax
(4,873)
4,873

Deferred tax


Origination and reversal of timing differences
(14,274)
(2,715)

Total deferred tax
(14,274)
(2,715)


Taxation on (loss)/profit on ordinary activities
(19,147)
2,158
Page 6

 
D.S. HOBBS & SON LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
3.Taxation (continued)


Factors affecting tax charge for the year

The Company made a tax adjusted loss in the year, and therefore has no corporation tax liability for the year. Losses of £25,647 have been carried back to the previous year, resulting in a repayment of £4,873 becoming due to the Company. This amount is included within Other Debtors at the year end. 



Factors that may affect future tax charges

As at 31 December 2023, the Company has unused losses of £194,247, avaiable to carry forward for use against future trading profits. 

Page 7

 
D.S. HOBBS & SON LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Tangible fixed assets





Freehold property
Plant & machinery
Motor vehicles
Fixtures & fittings
Other  assets
Total

£
£
£
£
£
£



Cost


At 1 January 2023
130,590
-
101,384
70,811
2,392
305,177


Additions
218,076
10,250
15,900
21,879
845
266,950


Disposals
-
-
(10,499)
-
-
(10,499)



At 31 December 2023

348,666
10,250
106,785
92,690
3,237
561,628



Depreciation


At 1 January 2023
35,168
-
77,458
63,017
-
175,643


Charge for the year on owned assets
5,530
2,562
9,810
2,323
-
20,225


Disposals
-
-
(9,908)
-
-
(9,908)



At 31 December 2023

40,698
2,562
77,360
65,340
-
185,960



Net book value



At 31 December 2023
307,968
7,688
29,425
27,350
3,237
375,668



At 31 December 2022
95,422
-
23,926
7,794
2,392
129,534


5.


Debtors

2023
2022
£
£


Trade debtors
70,742
127,371

Other debtors
12,395
1,658

Prepayments and accrued income
6,472
5,051

Deferred taxation
10,173
-

99,782
134,080


Page 8

 
D.S. HOBBS & SON LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
10,000
10,000

Trade creditors
40,713
14,044

Corporation tax
-
4,873

Taxation and social security
6,177
9,705

Other creditors
1,034
743

Accruals and deferred income
36,990
6,942

94,914
46,307



7.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
14,167
24,166

Share capital treated as debt
70,000
70,000

84,167
94,166


Page 9

 
D.S. HOBBS & SON LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
10,000
10,000


10,000
10,000

Amounts falling due 1-2 years

Bank loans
10,000
10,000


10,000
10,000

Amounts falling due 2-5 years

Bank loans
4,167
14,166


4,167
14,166


24,167
34,166


Page 10

 
D.S. HOBBS & SON LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Deferred taxation




2023
2022


£

£






At beginning of year
(4,101)
(6,816)


Charged to profit or loss
14,274
2,715



At end of year
10,173
(4,101)

The deferred taxation balance is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(38,388)
(4,101)

Tax losses carried forward
48,561
-

10,173
(4,101)





10.


Share capital

2023
2022
£
£
Shares classified as equity

Allotted, called up and fully paid



25,000 (2022 - 25,000) Ordinary shares of £1.00 each
25,000
25,000

2023
2022
£
£
Shares classified as debt

Allotted, called up and fully paid



70,000 (2022 - 70,000) Preference  shares of £1.00 each
70,000
70,000


The Company has an obligation to redeem the 70,000 £1.00 Preference shares on 27th May 2027. No premium will be payable on redemption.

Page 11

 
D.S. HOBBS & SON LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £3,000 (2022 - £3,778). Contributions totalling £877 (2022 - £586) were payable to the fund at the reporting date and are included in creditors.

 
Page 12