REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2024 |
FOR |
DYER & HOBBIS 2 LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2024 |
FOR |
DYER & HOBBIS 2 LIMITED |
DYER & HOBBIS 2 LIMITED (REGISTERED NUMBER: 11360482) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Chartered Accountants' Report | 7 |
DYER & HOBBIS 2 LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MAY 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants & Business Advisers |
20 Havelock Road |
Hastings |
East Sussex |
TN34 1BP |
DYER & HOBBIS 2 LIMITED (REGISTERED NUMBER: 11360482) |
BALANCE SHEET |
31 MAY 2024 |
31.5.24 | 31.5.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
DYER & HOBBIS 2 LIMITED (REGISTERED NUMBER: 11360482) |
BALANCE SHEET - continued |
31 MAY 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
DYER & HOBBIS 2 LIMITED (REGISTERED NUMBER: 11360482) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2024 |
1. | STATUTORY INFORMATION |
Dyer & Hobbis 2 Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
In preparing the financial statements, the directors are required to make an assessment of the ability of the company to continue as a going concern. The directors have considered all available evidence for the company which covers the 12 month period from the date of signing these financial statements. Against the backdrop of the COVID-19 Pandemic the directors have paid particular attention to likely cashflow requirements and the future availability of adequate cashflow to the company. |
On the basis of this consideration, the directors are satisfied that the company has adequate resources to continue in operational existence and to meet its liabilities as they fall due for the foreseeable future. In reaching this conclusion they consider that no material uncertainty exists. As a result, the directors have concluded that it remains appropriate to adopt a going concern basis of preparation in these financial statements. |
Turnover |
Turnover represents rental income due. |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2023 - NIL). |
DYER & HOBBIS 2 LIMITED (REGISTERED NUMBER: 11360482) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2024 |
4. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 June 2023 |
and 31 May 2024 |
NET BOOK VALUE |
At 31 May 2024 |
At 31 May 2023 |
Fair value at 31 May 2024 is represented by: |
£ |
Valuation in 2019 | 1,297 |
Valuation in 2021 | 14,000 |
Valuation in 2022 | 46,000 |
Valuation in 2023 | 10,547 |
Cost | 358,156 |
430,000 |
If investment property had not been revalued it would have been included at the following historical cost: |
31.5.24 | 31.5.23 |
£ | £ |
Cost | 358,156 | 358,156 |
investment property was valued on an open market basis on 4 December 2024 by the directors . |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.5.24 | 31.5.23 |
£ | £ |
Trade debtors |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.5.24 | 31.5.23 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Tax |
VAT | 643 | 722 |
Other creditors |
Accrued expenses |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.5.24 | 31.5.23 |
£ | £ |
Bank loans - 1-2 years |
Bank loans - 2-5 years |
Bank loans more 5 yr by instal |
DYER & HOBBIS 2 LIMITED (REGISTERED NUMBER: 11360482) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2024 |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued |
31.5.24 | 31.5.23 |
£ | £ |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 154,552 | 173,030 |
8. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.5.24 | 31.5.23 |
£ | £ |
Bank loans |
There are three charges in place in respect of the loans, two are provided by HSBC Bank PLC. The other one is provided by Shawbrook Bank Limited.These are fixed and floating charges secured on the assets of the company. |
9. | RELATED PARTY DISCLOSURES |
As at the balance sheet date there was an inter company loan in place from Dyer and Hobbis Ltd for £14,848 (2023 - £14,848), a company under the joint control of the directors. |
As at the balance sheet date there was an inter company loan in place from Dyer and Hobbis Investments Ltd for £115,000 (2023 - £115,000), a company under the joint control of the directors. |
10. | GOING CONCERN |
Although current liabilities exceed current assets, the company has the full support of the directors and the intention to trade as normal going forward. The accounts have therefore been prepared on the assumption that the company will continue to trade for more than 12 months. |
Within current liabilities as other creditors are loans of £129,848 (2023 £129,848), this consists of amounts payable to Dyer and Hobbis Ltd of £14,848 (2023 £14,848) and Dyer and Hobbis Investments Ltd of £115,000 (2023 £115,000). Due to these loans having no terms attached and being repayable on demand the liability is shown within the accounts as current. |
Dyer and Hobbis Ltd and Dyer and Hobbis Investments Ltd are under the same control as Dyer and Hobbis 2 Ltd therefore, the directors can dictate at what point and how much of the loan is repayable. The loan will only be required for repayment when Dyer and Hobbis 2 Ltd has sufficient funds to do so. |
Therefore through their direct control of Dyer and Hobbis 2 Ltd and indirectly through their control of Dyer and Hobbis Ltd and Dyer and Hobbis Investments Ltd the directors fully support the company and confirm their assessment of its ability to continue to trade. |
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS |
ON THE UNAUDITED FINANCIAL STATEMENTS OF |
DYER & HOBBIS 2 LIMITED |
The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Dyer & Hobbis 2 Limited for the year ended 31 May 2024 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us. |
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
This report is made solely to the Board of Directors of Dyer & Hobbis 2 Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Dyer & Hobbis 2 Limited and state those matters that we have agreed to state to the Board of Directors of Dyer & Hobbis 2 Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Dyer & Hobbis 2 Limited and its Board of Directors, as a body, for our work or for this report. |
It is your duty to ensure that Dyer & Hobbis 2 Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Dyer & Hobbis 2 Limited. You consider that Dyer & Hobbis 2 Limited is exempt from the statutory audit requirement for the year. |
We have not been instructed to carry out an audit or a review of the financial statements of Dyer & Hobbis 2 Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
Chartered Accountants & Business Advisers |
20 Havelock Road |
Hastings |
East Sussex |
TN34 1BP |