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Registered number: 02577292










HOBS 3D LIMITED










FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2023

 
HOBS 3D LIMITED
REGISTERED NUMBER: 02577292

STATEMENT OF FINANCIAL POSITION
AS AT 31 OCTOBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
2,359
6,158

Tangible assets
 5 
4,494
27,950

  
6,853
34,108

Current assets
  

Stocks
  
190,739
227,302

Debtors: amounts falling due within one year
 6 
245,090
247,487

Cash at bank and in hand
 7 
21,461
66,352

  
457,290
541,141

Creditors: amounts falling due within one year
 8 
(613,768)
(506,878)

Net current (liabilities)/assets
  
 
 
(156,478)
 
 
34,263

Total assets less current liabilities
  
(149,625)
68,371

  

Net (liabilities)/assets
  
(149,625)
68,371


Capital and reserves
  

Called up share capital 
  
2
2

Profit and loss account
  
(149,627)
68,369

  
(149,625)
68,371


Page 1

 
HOBS 3D LIMITED
REGISTERED NUMBER: 02577292
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 OCTOBER 2023

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 statement of comprehensive income 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 on 28 November 2024.






S. D. Austin
Director

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
HOBS 3D LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

1.


General information

Hobs 30 Limited is a private company limited by  shares  incorporated  in  England  and  Wales.  The registered office is Lower Ground Floor, 3 Temple Lane, Liverpool, England, L2 5BA.

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 following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on the going-concern basis which assumes that the company will be able to continue to trade for at least 12 months from the date these accounts are signed. In assessing the future viability of the business, the directors have reviewed the group forecasts for the period up to November 2025.
The company still remains in a transitional phase following the covid pandemic and certain measures have been taken post year end to reduce its cost base further. These will feed through in full in 2025. Measures are also in train to significantly reduce the property costs of the business. On this basis the company still requires some financial support from the wider Hobs Group, but this is expected to diminish over the next 18 months.
The Group projections incorporate significant assumptions in relation to deferral of various payments in December 2024 to February 2025 together with several cost saving measures to ensure that the Group remains within its banking facilities during this period. Under these assumptions, the projections provide for sufficient liquidity for the Group to continue as a going concern, however the directors recognise that, whilst they are confident that the deferral of various payments will be agreed, the cost saving measures will be implemented and they expect the trading performance to improve as per the financial projections, there is a material uncertainty as to the ability of the business to continue to operate as a going concern.
It should be noted that it has been agreed with the group’s loan note holders that any redemptions due before December 2025 will now be deferred until August 2026 to allow the group to rebuild its cash reserves.  We are also in the process of agreeing with all loan note holders that no loan note interest will be paid for the foreseeable future and the cashflow projections do not include any loan note interest payments.
Based on these projections, and with the on-going support of Hobs Group, the directors have a reasonable expectation that the business will continue to operate as a going-concern for the foreseeable future and have therefore adopted the going-concern basis of accounting in preparing these financial statements.

Page 3

 
HOBS 3D LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

  
2.4

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Turnover is recognised in relation to separately identifiable components of a single transaction when necessary  to reflect the substance of the arrangement  and in relation to two or more linked transactions when necessary to understand the commercial effect.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods),  the  amount  of revenue  can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.5

Operating leases: the Company as lessee

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.

Page 4

 
HOBS 3D LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.8

Borrowing costs

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

 
2.9

Pensions

Defined contribution pension plan

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 profit or loss 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.

 
2.10

Taxation

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.


 
2.11

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Software
-
3
years

 
2.12

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.

Page 5

 
HOBS 3D LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)


2.12
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Short-term leasehold improvements
-
20%
straight line
Plant and machinery
-
25%
straight line
Motor vehicles
-
25%
straight line
Fixtures and fittings
-
25%
straight line
IT equipment
-
33%
straight line

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.

 
2.13

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.

 
2.14

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.

 
2.15

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.

 
2.16

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.

Page 6

 
HOBS 3D LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

3.


Employees

The average monthly number of employees, including directors, during the year was 8 (2022 - 10).


4.


Intangible assets




Software

£



Cost


At 1 November 2022
156,803



At 31 October 2023

156,803



Amortisation


At 1 November 2022
150,645


Charge for the year on owned assets
3,799



At 31 October 2023

154,444



Net book value



At 31 October 2023
2,359



At 31 October 2022
6,158



Page 7

 
HOBS 3D LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

5.


Tangible fixed assets





Short-term leasehold improve-  ments
Plant and machinery
Fixtures and fittings
IT equipment
Total

£
£
£
£
£



Cost or valuation


At 1 November 2022
540,489
619,494
76,764
189,751
1,426,498


Disposals
-
(54,127)
-
(174)
(54,301)



At 31 October 2023

540,489
565,367
76,764
189,577
1,372,197



Depreciation


At 1 November 2022
520,013
614,166
76,271
188,099
1,398,549


Charge for the year on owned assets
16,802
4,624
376
1,653
23,455


Disposals
-
(54,127)
-
(174)
(54,301)



At 31 October 2023

536,815
564,663
76,647
189,578
1,367,703



Net book value



At 31 October 2023
3,674
704
117
(1)
4,494



At 31 October 2022
20,476
5,328
493
1,653
27,950

Page 8

 
HOBS 3D LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

6.


Debtors

2023
2022
£
£


Trade debtors
123,942
150,373

Other debtors
232
48

Prepayments and accrued income
120,916
97,066

245,090
247,487



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
21,461
66,352

21,461
66,352



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
93,745
-

Trade creditors
116,983
152,108

Other taxation and social security
28,180
51,295

Other creditors
635
-

Accruals and deferred income
374,225
303,475

613,768
506,878


Bank loans are secured on the book debts of the company.


9.


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 £8,032 (2022 - £8,569). Contributions totalling £Nil (2022 - £Nil) were payable to the fund at the reporting date and are included in creditors.

Page 9

 
HOBS 3D LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

10.


Commitments under operating leases

At 31 October 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
245,000
164,137

Later than 1 year and not later than 5 years
740,370
656,548

Later than 5 years
-
3,598

985,370
824,283


11.Other financial commitments

The Company is party to a cross guarantee relating to amounts owed to IGF Business Credit Limited. The amount outstanding at the year end was £1,032,288 (2022 - £690,835 owed to HSBC UK Bank PLC).
Borrowings in other group companies are secured by way of fixed and floating charges in favour of BGF Nominee, other loan note holders and IGF Business Credit Limited.


12.


Controlling party

Hobs Group Limited is the parent of the smallest group for which consolidated accounts including Hobs 3D Limited are prepared. The consolidated accounts of Hobs Group Limited are available to the public from its registered office:
Lower Ground Floor
3 Temple Street
Liverpool
L2 5BA

Page 10

 
HOBS 3D LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

13.


Auditors' information

The auditors' report on the financial statements for the year ended 31 October 2023 was unqualified.

In their report, the auditors emphasised the following matter without qualifying their report:

Material uncertainty related to going concern
We draw attention to note 2.2 in the financial statements, which indicates that due to the difficult trading circumstances over the past few years, there are scenarios where the Group may exceed its banking facilities within the next 12 months. As stated in note 2.2, these events or conditions, along with the other matters as set forth in note 2.2, indicate that a material uncertainty exists that may cast significant doubt on the Company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Our evaluation of the directors' assessment of the Company's ability to continue to adopt the going concern basis of accounting included a detailed review of the Group's current trading results and Group's projections prepared by the directors.

The audit report was signed on 28 November 2024 by Andrew McCall (Senior statutory auditor) on behalf of Langtons Professional Services Limited.

 
Page 11