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Registered number: 06681003
Hub Holdings Limited
Financial Statements
For The Year Ended 30 September 2024
AJM Accountancy & Taxation Ltd
21 Goldings Close
Kings Hill
Kent
ME19 4BE
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 06681003
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 - 634
Investment Properties 5 350,000 286,007
Investments 6 - 200
350,000 286,841
CURRENT ASSETS
Debtors 7 - 7,852
Cash at bank and in hand 8,257 12,381
8,257 20,233
Creditors: Amounts Falling Due Within One Year 8 (33,180 ) (29,737 )
NET CURRENT ASSETS (LIABILITIES) (24,923 ) (9,504 )
TOTAL ASSETS LESS CURRENT LIABILITIES 325,077 277,337
Creditors: Amounts Falling Due After More Than One Year 9 (4,869 ) (8,217 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (15,998 ) (120 )
NET ASSETS 304,210 269,000
CAPITAL AND RESERVES
Called up share capital 11 1 1
Fair value reserve 13 47,995 -
Profit and Loss Account 256,214 268,999
SHAREHOLDERS' FUNDS 304,210 269,000
Page 1
Page 2
For the year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Martin Loat
Director
26 November 2024
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Hub Holdings Limited is a private company, limited by shares, incorporated in England & Wales, registered number 06681003 . The registered office is 98 Windermere Road, London, W5 4TH.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes dividend income from investments, management charges, consultancy income and rental income. Turnover is reduced for estimated rebates and other similar allowances.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Fixtures & Fittings 33% on cost
2.4. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
...CONTINUED
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2.5. Taxation - continued
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2023: 2)
1 2
4. Tangible Assets
Fixtures & Fittings
£
Cost or Valuation
As at 1 October 2023 86,347
As at 30 September 2024 86,347
Depreciation
As at 1 October 2023 85,713
Provided during the period 634
As at 30 September 2024 86,347
Net Book Value
As at 30 September 2024 -
As at 1 October 2023 634
5. Investment Property
2024
£
Fair Value
As at 1 October 2023 286,007
Revaluations 63,993
As at 30 September 2024 350,000
The valuation of investment property was made as of 30 September 2024 by the director on an open market basis.  The value of the increase, less the deferred taxation provision thereon, has been transferred to the non-distributable fair value reserve.
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6. Investments
Subsidiaries
£
Cost
As at 1 October 2023 200
Disposals (200 )
As at 30 September 2024 -
Provision
As at 1 October 2023 -
As at 30 September 2024 -
Net Book Value
As at 30 September 2024 -
As at 1 October 2023 200
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors - 5,669
Other debtors - 2,183
- 7,852
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 760 2,640
Bank loans and overdrafts 3,687 3,711
Other creditors 27,991 23,386
Taxation and social security 742 -
33,180 29,737
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 4,869 8,217
Page 5
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10. Provisions for Liabilities
Deferred Tax Total
£ £
As at 1 October 2023 120 120
Additions 15,998 15,998
Reversals (120 ) (120)
Balance at 30 September 2024 15,998 15,998
The addition to the deferred tax provision relates to investment property revaluation at 30 September 2024.
11. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1 1
12. Directors Advances, Credits and Guarantees
Dividends paid to directors amounted to £5,000 (2023: £20,000).
13. Reserves
Fair Value Reserve
£
Transfer to profit and loss 47,995
As at 30 September 2024 47,995
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