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REGISTERED NUMBER: 03302078 (England and Wales)
























UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2024

FOR

HOBBS ELECTRICAL SERVICES LIMITED

HOBBS ELECTRICAL SERVICES LIMITED (REGISTERED NUMBER: 03302078)

CONTENTS OF THE FINANCIAL STATEMENTS
For The Year Ended 31 January 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


HOBBS ELECTRICAL SERVICES LIMITED

COMPANY INFORMATION
For The Year Ended 31 January 2024







DIRECTOR: J Hobbs





REGISTERED OFFICE: 7a St Pauls Court
Stony Stratford
Buckinghamshire
MK11 1LJ





REGISTERED NUMBER: 03302078 (England and Wales)





ACCOUNTANTS: TC CH Limited
4 Office Village
Forder Way
Cygnet Park, Hampton
Peterborough
Cambridgeshire
PE7 8GX

HOBBS ELECTRICAL SERVICES LIMITED (REGISTERED NUMBER: 03302078)

BALANCE SHEET
31 January 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 2,800,000 3,000,000
Tangible assets 5 102,194 75,035
2,902,194 3,075,035

CURRENT ASSETS
Stocks 6 10,000 10,000
Debtors 7 1,189,512 954,418
Cash at bank 906,453 186,478
2,105,965 1,150,896
CREDITORS
Amounts falling due within one year 8 1,503,968 776,086
NET CURRENT ASSETS 601,997 374,810
TOTAL ASSETS LESS CURRENT LIABILITIES 3,504,191 3,449,845

CREDITORS
Amounts falling due after more than one
year

9

(1,525,295

)

(2,270,637

)

PROVISIONS FOR LIABILITIES 11 (25,549 ) (19,337 )

ACCRUALS AND DEFERRED INCOME (202,500 ) -
NET ASSETS 1,750,847 1,159,871

CAPITAL AND RESERVES
Called up share capital 12 91 91
Capital redemption reserve 13 10 10
Retained earnings 13 1,750,746 1,159,770
SHAREHOLDERS' FUNDS 1,750,847 1,159,871

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

HOBBS ELECTRICAL SERVICES LIMITED (REGISTERED NUMBER: 03302078)

BALANCE SHEET - continued
31 January 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 director and authorised for issue on 20 September 2024 and were signed by:





J Hobbs - Director


HOBBS ELECTRICAL SERVICES LIMITED (REGISTERED NUMBER: 03302078)

NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 31 January 2024


1. STATUTORY INFORMATION

Hobbs Electrical Services 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
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and have also been consistently applied within the same accounts.

Significant judgements and estimates
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

No significant judgements (apart from those involving estimations) have been made by management in the process of applying the entity's accounting policies and preparing these financial statements.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. There have been no key assumptions or there sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

Financial instruments
The company holds basic financial instruments as defined in FRS102. The financial assets and financial liabilities of the company and their measurement basis are as follows:

Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments. Cash at bank is classified as a basic financial instrument and is measured at amortised cost.

Financial liabilities - trade creditors, accruals and other creditors and basic financial instruments and are measured at amortised cost. Taxation and social security and not included in the financial instruments disclosure definition.

Debtors
Short term debtors are initially measured at transaction price less attributable costs and then subsequently measured at amortised costs using EIR. 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.

Creditors
Short term trade creditors are initially measured at transaction price less attributable costs. 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.

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

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2023, is being amortised evenly over its estimated useful life of fifteen years.

HOBBS ELECTRICAL SERVICES LIMITED (REGISTERED NUMBER: 03302078)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 January 2024


2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Computer equipment - 15% 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
Rentals paid under operating leases are charged to profit or loss on a straight line basis 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2023 - 13 ) .

HOBBS ELECTRICAL SERVICES LIMITED (REGISTERED NUMBER: 03302078)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 January 2024


4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 February 2023
and 31 January 2024 3,000,000
AMORTISATION
Amortisation for year 200,000
At 31 January 2024 200,000
NET BOOK VALUE
At 31 January 2024 2,800,000
At 31 January 2023 3,000,000

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Computer
machinery fittings equipment Totals
£    £    £    £   
COST
At 1 February 2023 165,791 4,090 23,129 193,010
Additions 23,212 2,651 19,331 45,194
At 31 January 2024 189,003 6,741 42,460 238,204
DEPRECIATION
At 1 February 2023 105,095 1,792 11,088 117,975
Charge for year 12,587 743 4,705 18,035
At 31 January 2024 117,682 2,535 15,793 136,010
NET BOOK VALUE
At 31 January 2024 71,321 4,206 26,667 102,194
At 31 January 2023 60,696 2,298 12,041 75,035

6. STOCKS
2024 2023
£    £   
Stocks 10,000 10,000

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 671,020 354,605
Other debtors - 10,389
Hobbs Electrical Property Ltd 415,745 414,092
Directors' loan accounts - 7,940
VAT 92,039 163,392
Prepayments 10,708 4,000
1,189,512 954,418

HOBBS ELECTRICAL SERVICES LIMITED (REGISTERED NUMBER: 03302078)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 January 2024


8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 10) - 16,855
Trade creditors 1,069,323 456,551
Corporation tax 357,917 99,351
Social security and other taxes 34,868 (1,180 )
Hobbs Capital Ltd 30,692 -
Pension control account 3,163 834
Sophie Hobbs - 200,000
NW Credit Card 1,101 -
Capital on Tap 6,904 -
Accrued expenses - 3,675
1,503,968 776,086

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Deferred Consideration 1,525,295 2,270,637

10. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank loans - 16,855

11. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 25,549 19,337

Deferred
tax
£   
Balance at 1 February 2023 19,337
Provided during year 6,212
Balance at 31 January 2024 25,549

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
90 Ordinary 'A' £1 90 90
1 Ordinary 'B' £1 1 1
91 91

HOBBS ELECTRICAL SERVICES LIMITED (REGISTERED NUMBER: 03302078)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 January 2024


13. RESERVES
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 February 2023 1,159,770 10 1,159,780
Profit for the year 941,338 941,338
Dividends (350,362 ) (350,362 )
At 31 January 2024 1,750,746 10 1,750,756

14. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 January 2024 and 31 January 2023:

2024 2023
£    £   
J Hobbs
Balance outstanding at start of year 7,940 259,059
Amounts advanced 252,060 -
Amounts repaid (260,000 ) (251,119 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 7,940

15. RELATED PARTY DISCLOSURES

Included in other debtors is a loan of £415,745 given by the company to Hobbs Electrical Property Ltd. This loan is interest free and payable on demand.

Included in other creditors is a loan of £30,692 given by Hobbs Capital Ltd to the company. This loan is interest free and payable on demand.

16. ULTIMATE CONTROLLING PARTY

Hobbs Capital Limited has a 100% controlling interest in the company by virtue of their shareholding.