Silverfin false false 30/06/2024 01/07/2023 30/06/2024 Mrs F E Hobill 04/01/2024 06/08/2012 Mr M D Hobill 30/12/1991 28 March 2025 The principal activity of the company is raising of other cattle and buffaloes. 02130188 2024-06-30 02130188 bus:Director1 2024-06-30 02130188 bus:Director2 2024-06-30 02130188 2023-06-30 02130188 core:CurrentFinancialInstruments 2024-06-30 02130188 core:CurrentFinancialInstruments 2023-06-30 02130188 core:Non-currentFinancialInstruments 2024-06-30 02130188 core:Non-currentFinancialInstruments 2023-06-30 02130188 core:ShareCapital 2024-06-30 02130188 core:ShareCapital 2023-06-30 02130188 core:RevaluationReserve 2024-06-30 02130188 core:RevaluationReserve 2023-06-30 02130188 core:CapitalRedemptionReserve 2024-06-30 02130188 core:CapitalRedemptionReserve 2023-06-30 02130188 core:RetainedEarningsAccumulatedLosses 2024-06-30 02130188 core:RetainedEarningsAccumulatedLosses 2023-06-30 02130188 core:Non-standardIntangibleAssetClass3ComponentIntangibleAssetsOtherThanGoodwill 2023-06-30 02130188 core:Non-standardIntangibleAssetClass3ComponentIntangibleAssetsOtherThanGoodwill 2024-06-30 02130188 core:LandBuildings 2023-06-30 02130188 core:LeaseholdImprovements 2023-06-30 02130188 core:PlantMachinery 2023-06-30 02130188 core:Vehicles 2023-06-30 02130188 core:FurnitureFittings 2023-06-30 02130188 core:LandBuildings 2024-06-30 02130188 core:LeaseholdImprovements 2024-06-30 02130188 core:PlantMachinery 2024-06-30 02130188 core:Vehicles 2024-06-30 02130188 core:FurnitureFittings 2024-06-30 02130188 bus:OrdinaryShareClass1 2024-06-30 02130188 2023-07-01 2024-06-30 02130188 bus:FilletedAccounts 2023-07-01 2024-06-30 02130188 bus:SmallEntities 2023-07-01 2024-06-30 02130188 bus:AuditExemptWithAccountantsReport 2023-07-01 2024-06-30 02130188 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 02130188 bus:Director1 2023-07-01 2024-06-30 02130188 bus:Director2 2023-07-01 2024-06-30 02130188 core:Non-standardIntangibleAssetClass3ComponentIntangibleAssetsOtherThanGoodwill core:TopRangeValue 2023-07-01 2024-06-30 02130188 core:LandBuildings core:TopRangeValue 2023-07-01 2024-06-30 02130188 core:LeaseholdImprovements core:TopRangeValue 2023-07-01 2024-06-30 02130188 core:PlantMachinery 2023-07-01 2024-06-30 02130188 core:Vehicles 2023-07-01 2024-06-30 02130188 core:FurnitureFittings 2023-07-01 2024-06-30 02130188 2022-07-01 2023-06-30 02130188 core:LandBuildings 2023-07-01 2024-06-30 02130188 core:LeaseholdImprovements 2023-07-01 2024-06-30 02130188 core:Non-currentFinancialInstruments 2023-07-01 2024-06-30 02130188 bus:OrdinaryShareClass1 2023-07-01 2024-06-30 02130188 bus:OrdinaryShareClass1 2022-07-01 2023-06-30 02130188 bus:OrdinaryShareClass2 2023-07-01 2024-06-30 02130188 bus:OrdinaryShareClass2 2022-07-01 2023-06-30 iso4217:GBP xbrli:pure xbrli:shares

Company No: 02130188 (England and Wales)

HOBILLS LIMITED

Unaudited Financial Statements
For the financial year ended 30 June 2024
Pages for filing with the registrar

HOBILLS LIMITED

Unaudited Financial Statements

For the financial year ended 30 June 2024

Contents

HOBILLS LIMITED

BALANCE SHEET

As at 30 June 2024
HOBILLS LIMITED

BALANCE SHEET (continued)

As at 30 June 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 4 3,215,982 3,236,163
Investment property 5 800,000 800,000
4,015,982 4,036,163
Current assets
Stocks 1,483,114 1,316,163
Debtors 6 624,727 268,025
2,107,841 1,584,188
Creditors: amounts falling due within one year 7 ( 1,504,789) ( 1,382,262)
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 ( 2,662,327) ( 919,154)
Provision for liabilities ( 413,971) ( 415,705)
Net assets 1,542,736 2,903,230
Capital and reserves
Called-up share capital 9 50 100
Revaluation reserve 841,757 841,757
Capital redemption reserve 50 0
Profit and loss account 700,879 2,061,373
Total shareholder's funds 1,542,736 2,903,230

For the financial year ending 30 June 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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: 02130188) were approved and authorised for issue by the Director on 28 March 2025. They were signed on its behalf by:

Mr M D Hobill
Director
HOBILLS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
HOBILLS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
1. Accounting policies

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.

General information and basis of accounting

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 £.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.

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.

Taxation

Current tax
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.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Entitlements 5 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 50 years straight line
Leasehold improvements 10 years straight line
Plant and machinery 15 - 25 % reducing balance
Vehicles 25 % reducing balance
Fixtures and fittings 15 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
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.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

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 instruments

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.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

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.

Reserves

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.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 5 6

3. Intangible assets

Entitlements Total
£ £
Cost
At 01 July 2023 18,000 18,000
At 30 June 2024 18,000 18,000
Accumulated amortisation
At 01 July 2023 18,000 18,000
At 30 June 2024 18,000 18,000
Net book value
At 30 June 2024 0 0
At 30 June 2023 0 0

4. Tangible assets

Land and buildings Leasehold improve-
ments
Plant and machinery Vehicles Fixtures and fittings Total
£ £ £ £ £ £
Cost
At 01 July 2023 2,890,209 157,512 794,463 321,068 57,432 4,220,684
Additions 950 7,821 186,440 0 3,338 198,549
Disposals 0 0 ( 161,400) 0 0 ( 161,400)
At 30 June 2024 2,891,159 165,333 819,503 321,068 60,770 4,257,833
Accumulated depreciation
At 01 July 2023 79,545 142,087 532,984 200,116 29,789 984,521
Charge for the financial year 7,855 6,730 52,838 30,239 4,603 102,265
Disposals 0 0 ( 44,935) 0 0 ( 44,935)
At 30 June 2024 87,400 148,817 540,887 230,355 34,392 1,041,851
Net book value
At 30 June 2024 2,803,759 16,516 278,616 90,713 26,378 3,215,982
At 30 June 2023 2,810,664 15,425 261,479 120,952 27,643 3,236,163

5. Investment property

Investment property
£
Valuation
As at 01 July 2023 800,000
As at 30 June 2024 800,000

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.

6. Debtors

2024 2023
£ £
Trade debtors 154,163 215,592
Amounts owed by director 361,705 0
Prepayments and accrued income 88,777 35,785
VAT recoverable 20,082 14,516
Other debtors 0 2,132
624,727 268,025

7. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans and overdrafts 842,278 633,144
Trade creditors 447,331 347,840
Amounts owed to director 0 170,757
Accruals 15,051 15,539
Taxation and social security 199,840 168,337
Other creditors 289 46,645
1,504,789 1,382,262

8. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans (secured) 2,662,327 919,154

The bank loans and bank overdrafts are secured by a fixed and floating charge over the property and undertaking of the company.

9. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
50 Ordinary A shares of £ 1.00 each 50 50
Nil Ordinary B shares (2023: 50 shares of £ 1.00 each) 0 50
50 100

10. Related party transactions

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.