Company No:
Contents
Note | 2024 | 2023 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 4 |
|
|
|
Investment property | 5 |
|
|
|
4,015,982 | 4,036,163 | |||
Current assets | ||||
Stocks |
|
|
||
Debtors | 6 |
|
|
|
2,107,841 | 1,584,188 | |||
Creditors: amounts falling due within one year | 7 | (
|
(
|
|
Net current assets | 603,052 | 201,926 | ||
Total assets less current liabilities | 4,619,034 | 4,238,089 | ||
Creditors: amounts falling due after more than one year | 8 | (
|
(
|
|
Provision for liabilities | (
|
(
|
||
Net assets |
|
|
||
Capital and reserves | ||||
Called-up share capital | 9 |
|
|
|
Revaluation reserve |
|
|
||
Capital redemption reserve |
|
|
||
Profit and loss account |
|
|
||
Total shareholder's funds |
|
|
Director's responsibilities:
These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Hobills Limited (registered number:
Mr M D Hobill
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Hobills Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Wolds Farm, Scalford Melton Mowbray, Leicestershire, LE14 4SY, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current corporation 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 taxable income.
Deferred tax
Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Entitlements |
|
Land and buildings |
|
Leasehold improvements |
|
Plant and machinery | 15 -
|
Vehicles |
|
Fixtures and fittings |
|
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
As at 30 June 2024, the profit and loss account included £296,831 (2023: £296,831) of non-distributable reserves. This relates to the revaluation surplus on investment properties.
2024 | 2023 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including the director |
|
|
Entitlements | Total | ||
£ | £ | ||
Cost | |||
At 01 July 2023 |
|
|
|
At 30 June 2024 |
|
|
|
Accumulated amortisation | |||
At 01 July 2023 |
|
|
|
At 30 June 2024 |
|
|
|
Net book value | |||
At 30 June 2024 |
|
|
|
At 30 June 2023 |
|
|
Land and buildings | Leasehold improve- ments |
Plant and machinery | Vehicles | Fixtures and fittings | Total | ||||||
£ | £ | £ | £ | £ | £ | ||||||
Cost | |||||||||||
At 01 July 2023 |
|
|
|
|
|
|
|||||
Additions |
|
|
|
|
|
|
|||||
Disposals |
|
|
(
|
|
|
(
|
|||||
At 30 June 2024 |
|
|
|
|
|
|
|||||
Accumulated depreciation | |||||||||||
At 01 July 2023 |
|
|
|
|
|
|
|||||
Charge for the financial year |
|
|
|
|
|
|
|||||
Disposals |
|
|
(
|
|
|
(
|
|||||
At 30 June 2024 |
|
|
|
|
|
|
|||||
Net book value | |||||||||||
At 30 June 2024 |
|
|
|
|
|
|
|||||
At 30 June 2023 |
|
|
|
|
|
|
Investment property | |
£ | |
Valuation | |
As at 01 July 2023 |
|
As at 30 June 2024 |
|
Investment property comprises of investment land and a single dwelling. The fair value of the investment property has been arrived at on the basis of a valuation carried out by the directors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. The directors agree that this is the fair value of the property.
There has been no valuation of investment property by an independent valuer.
2024 | 2023 | ||
£ | £ | ||
Trade debtors |
|
|
|
Amounts owed by director |
|
|
|
Prepayments and accrued income |
|
|
|
VAT recoverable |
|
|
|
Other debtors |
|
|
|
|
|
2024 | 2023 | ||
£ | £ | ||
Bank loans and overdrafts |
|
|
|
Trade creditors |
|
|
|
Amounts owed to director |
|
|
|
Accruals |
|
|
|
Taxation and social security |
|
|
|
Other creditors |
|
|
|
|
|
2024 | 2023 | ||
£ | £ | ||
Bank loans (secured) |
|
|
2024 | 2023 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
|
|
|
|
Nil
|
|
|
|
50 | 100 |
Transactions with the entity's director
2024 | 2023 | ||
£ | £ | ||
M D Hobill | 361,705 | 0 |
As at 30 June 2024, the amount due to the company was £361,705 (2023: £0). Interest is charged on the loan at HMRC's official rate of interest, and the loan is repayable on demand.