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REGISTERED NUMBER: 01346415 (England and Wales)















Unaudited Financial Statements for the Year Ended 30 April 2024

for

Hubbway Limited

Hubbway Limited (Registered number: 01346415)






Contents of the Financial Statements
for the Year Ended 30 April 2024




Page

Company Information 1

Chartered Accountants' Report 2

Balance Sheet 3

Notes to the Financial Statements 5


Hubbway Limited

Company Information
for the Year Ended 30 April 2024







DIRECTORS: P Hickey
N Hubb
G E Hubb
G E Hubb





REGISTERED OFFICE: Bassington Avenue
Cramlington
Northumberland
NE23 8AG





REGISTERED NUMBER: 01346415 (England and Wales)





ACCOUNTANTS: Peter Weldon & Co. Ltd
87 Station Road
Ashington
Northumberland
NE63 8RS

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Hubbway 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 Hubbway Limited for the year ended 30 April 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 Hubbway 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 Hubbway Limited and state those matters that we have agreed to state to the Board of Directors of Hubbway 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 Hubbway Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Hubbway 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 Hubbway Limited. You consider that Hubbway 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 Hubbway 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.






Peter Weldon & Co. Ltd
87 Station Road
Ashington
Northumberland
NE63 8RS


22 January 2025

Hubbway Limited (Registered number: 01346415)

Balance Sheet
30 April 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 18,554,743 17,233,231

CURRENT ASSETS
Stocks 5 129,000 171,188
Debtors 6 1,825,640 1,507,874
Cash at bank and in hand 1,988,615 2,590,791
3,943,255 4,269,853
CREDITORS
Amounts falling due within one year 7 4,128,218 4,383,462
NET CURRENT LIABILITIES (184,963 ) (113,609 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

18,369,780

17,119,622

CREDITORS
Amounts falling due after more than one
year

8

(3,339,740

)

(3,259,548

)

PROVISIONS FOR LIABILITIES (1,601,264 ) (1,477,555 )
NET ASSETS 13,428,776 12,382,519

Hubbway Limited (Registered number: 01346415)

Balance Sheet - continued
30 April 2024

2024 2023
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 100,000 100,000
Retained earnings 13,328,776 12,282,519
SHAREHOLDERS' FUNDS 13,428,776 12,382,519

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2024 in accordance with Section 476 of the Companies Act 2006.

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.

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 Board of Directors and authorised for issue on 22 January 2025 and were signed on its behalf by:





N Hubb - Director


Hubbway Limited (Registered number: 01346415)

Notes to the Financial Statements
for the Year Ended 30 April 2024

1. STATUTORY INFORMATION

Hubbway 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
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 15% on reducing balance per annum
Fixtures and fittings - 15% on reducing balance per annum
Motor vehicles - 25% on reducing balance per annum
Site Plant - 15% on reducing balance per annum

Freehold Property

Depreciation is not provided on freehold land and buildings as the directors are of the opinion that market value exceeds historic cost.

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.


Hubbway Limited (Registered number: 01346415)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

2. ACCOUNTING POLICIES - continued
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
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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 48 (2023 - 43 ) .

Hubbway Limited (Registered number: 01346415)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

4. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
COST
At 1 May 2023 3,318,202 22,618,745 78,621
Additions 132,500 3,669,764 22,266
Disposals - (1,738,024 ) (447 )
At 30 April 2024 3,450,702 24,550,485 100,440
DEPRECIATION
At 1 May 2023 90,588 9,608,476 39,634
Charge for year - 2,178,075 6,196
Eliminated on disposal - (1,192,141 ) (446 )
At 30 April 2024 90,588 10,594,410 45,384
NET BOOK VALUE
At 30 April 2024 3,360,114 13,956,075 55,056
At 30 April 2023 3,227,614 13,010,269 38,987

Motor Site
vehicles Plant Totals
£    £    £   
COST
At 1 May 2023 1,254,673 660,777 27,931,018
Additions 343,985 174,334 4,342,849
Disposals (122,597 ) - (1,861,068 )
At 30 April 2024 1,476,061 835,111 30,412,799
DEPRECIATION
At 1 May 2023 645,495 313,594 10,697,787
Charge for year 186,780 67,042 2,438,093
Eliminated on disposal (85,237 ) - (1,277,824 )
At 30 April 2024 747,038 380,636 11,858,056
NET BOOK VALUE
At 30 April 2024 729,023 454,475 18,554,743
At 30 April 2023 609,178 347,183 17,233,231

Hubbway Limited (Registered number: 01346415)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor Site
machinery vehicles Plant Totals
£    £    £    £   
COST
At 1 May 2023 7,871,928 459,256 394,102 8,725,286
Additions 1,829,600 - - 1,829,600
Disposals (44,000 ) - - (44,000 )
Transfer to ownership (819,699 ) - - (819,699 )
At 30 April 2024 8,837,829 459,256 394,102 9,691,187
DEPRECIATION
At 1 May 2023 1,726,883 83,230 209,858 2,019,971
Charge for year 1,088,977 94,007 27,637 1,210,621
Eliminated on disposal (5,201 ) - - (5,201 )
Transfer to ownership (623,378 ) - - (623,378 )
At 30 April 2024 2,187,281 177,237 237,495 2,602,013
NET BOOK VALUE
At 30 April 2024 6,650,548 282,019 156,607 7,089,174
At 30 April 2023 6,145,045 376,026 184,244 6,705,315

5. STOCKS
2024 2023
£    £   
Stocks 129,000 171,188

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 1,570,214 1,367,635
VAT 91,301 -
Prepayments 164,125 140,239
1,825,640 1,507,874

Hubbway Limited (Registered number: 01346415)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 177,672 224,051
Hire purchase contracts 2,912,052 2,629,154
Trade creditors 640,455 1,111,621
Tax 240,188 166,743
Social security and other taxes 51,355 39,774
VAT - 21,860
Directors' current accounts 403 966
Accrued expenses 106,093 189,293
4,128,218 4,383,462

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans - 1-2 years 126,149 126,149
Bank loans 387,262 561,199
Hire purchase contracts 2,826,329 2,572,200
3,339,740 3,259,548

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank overdrafts 5,022 51,401
Bank loans 686,061 859,998
Hire purchase contracts 5,738,381 5,201,354
6,429,464 6,112,753

Bank Loans and overdrafts are secured against the fixed assets of the company.