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REGISTERED NUMBER: 03312759 (England and Wales)











FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

FOR

HOBSON FARMING LIMITED

HOBSON FARMING LIMITED (REGISTERED NUMBER: 03312759)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


HOBSON FARMING LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2024







DIRECTORS: R T Hobson
V L Hobson





SECRETARY: V L Hobson





REGISTERED OFFICE: Naburn Hill Farm
Crockey Hill
York
North Yorkshire
YO19 4SR





REGISTERED NUMBER: 03312759 (England and Wales)





ACCOUNTANTS: Lloyd Dowson Limited
Medina House
2 Station Avenue
Bridlington
East Yorkshire
YO16 4LZ

HOBSON FARMING LIMITED (REGISTERED NUMBER: 03312759)

BALANCE SHEET
30 JUNE 2024

30.6.24 30.6.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 8,034,885 7,453,973
Investments 5 50 50
8,034,935 7,454,023

CURRENT ASSETS
Stocks 1,236,674 1,300,855
Debtors 6 1,745,714 2,337,045
2,982,388 3,637,900
CREDITORS
Amounts falling due within one year 7 3,314,373 4,257,730
NET CURRENT LIABILITIES (331,985 ) (619,830 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,702,950

6,834,193

CREDITORS
Amounts falling due after more than one
year

8

(558,107

)

(296,925

)

PROVISIONS FOR LIABILITIES (857,010 ) (634,000 )
NET ASSETS 6,287,833 5,903,268

CAPITAL AND RESERVES
Called up share capital 10 1,070 1,070
Share premium 166,695 166,695
Revaluation reserve 11 462,406 462,406
Retained earnings 5,657,662 5,273,097
SHAREHOLDERS' FUNDS 6,287,833 5,903,268

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

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 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.

HOBSON FARMING LIMITED (REGISTERED NUMBER: 03312759)

BALANCE SHEET - continued
30 JUNE 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 10 February 2025 and were signed on its behalf by:





R T Hobson - Director


HOBSON FARMING LIMITED (REGISTERED NUMBER: 03312759)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1. STATUTORY INFORMATION

Hobson Farming 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 represents contracting income excluding discounts, rebates, value added tax and other taxes. Turnover is generated from farming activities and recognised on the exchange of goods.

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.
Freehold property - Nil
Plant and machinery - 20% on reducing balance
Tractors - 20% on reducing balance
Motor vehicles - 20% on reducing balance
Other assets - 10% 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 Statement of Income and Retained Earnings, 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.

HOBSON FARMING LIMITED (REGISTERED NUMBER: 03312759)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

2. ACCOUNTING POLICIES - continued

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 the statement of income and retained earnings over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the statement of income and retained earnings on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company has implemented auto-enrolment pension in respect of all employees. Contributions are charged to the statement of income and retained earnings in the period to which they relate.

Valuation of investments
Investments in unlisted company shares where market value cannot be reliably determined are stated at historic cost less impairment.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 25 (2023 - 25 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 July 2023 4,069,241 8,012,827 12,082,068
Additions 177,639 1,338,339 1,515,978
Disposals - (497,298 ) (497,298 )
At 30 June 2024 4,246,880 8,853,868 13,100,748
DEPRECIATION
At 1 July 2023 - 4,628,095 4,628,095
Charge for year - 783,447 783,447
Eliminated on disposal - (345,679 ) (345,679 )
At 30 June 2024 - 5,065,863 5,065,863
NET BOOK VALUE
At 30 June 2024 4,246,880 3,788,005 8,034,885
At 30 June 2023 4,069,241 3,384,732 7,453,973

Since transition to FRS 102 1a, the valuation of the land and buildings is classed as deemed cost.

The net book value of tangible fixed assets includes £ 1,666,829 (2023 - £ 1,701,576 ) in respect of assets held under hire purchase contracts.

HOBSON FARMING LIMITED (REGISTERED NUMBER: 03312759)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 July 2023
and 30 June 2024 50
NET BOOK VALUE
At 30 June 2024 50
At 30 June 2023 50

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.24 30.6.23
£    £   
Trade debtors 1,107,825 1,485,428
Other debtors 637,889 851,617
1,745,714 2,337,045

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.24 30.6.23
£    £   
Bank loans and overdrafts 1,354,258 2,092,445
Hire purchase contracts 462,711 564,706
Trade creditors 794,148 934,551
Taxation and social security 42,392 71,780
Other creditors 660,864 594,248
3,314,373 4,257,730

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.6.24 30.6.23
£    £   
Bank loans 25,947 58,207
Hire purchase contracts 532,160 238,718
558,107 296,925

HOBSON FARMING LIMITED (REGISTERED NUMBER: 03312759)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

9. SECURED DEBTS

The following secured debts are included within creditors:

30.6.24 30.6.23
£    £   
Bank overdrafts 1,292,782 1,966,839
Hire purchase contracts 994,871 803,424
Bank loans 63,257 149,647
2,350,910 2,919,910

Obligations under hire purchase agreements are secured on the asset to which they relate.

The bank loan and overdraft are secured by way of legal charges over certain land holdings.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.6.24 30.6.23
value: £    £   
1,070 Ordinary A £1 1,070 1,070

11. RESERVES
Revaluation
reserve
£   
At 1 July 2023
and 30 June 2024 462,406

12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 June 2024 and 30 June 2023:

30.6.24 30.6.23
£    £   
R T Hobson and V L Hobson
Balance outstanding at start of year 463,658 627,428
Amounts repaid (201,436 ) (163,770 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 262,222 463,658