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Registration number: 01780734

Hoverstock Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2024

 

Hoverstock Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Hoverstock Limited

Company Information

Directors

Mr E L Perrott

Mr G E Perrott

Registered office

Netherhampton Farm
Netherhampton
Salisbury
Wiltshire
SP2 8PU

Accountants

Numeric Accounting
Chartered Certified AccountantsSuite 1 The Portway Centre
Old Sarum Park
Old Sarum
Salisbury
Wiltshire
SP4 6EB

 

Hoverstock Limited

(Registration number: 01780734)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

1,099,132

1,094,943

Investment property

5

370,000

370,000

Other financial assets

6

280,660

269,574

 

1,749,792

1,734,517

Current assets

 

Stocks

7

42,036

50,713

Debtors

8

23,063

25,110

Cash at bank and in hand

 

757,409

805,464

 

822,508

881,287

Creditors: Amounts falling due within one year

9

(13,480)

(23,890)

Net current assets

 

809,028

857,397

Total assets less current liabilities

 

2,558,820

2,591,914

Provisions for liabilities

(22,065)

(29,651)

Net assets

 

2,536,755

2,562,263

Capital and reserves

 

Called up share capital

10

1,000

1,000

Retained earnings

2,535,755

2,561,263

Shareholders' funds

 

2,536,755

2,562,263

For the financial year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 10 April 2025 and signed on its behalf by:
 

 

Hoverstock Limited

(Registration number: 01780734)
Balance Sheet as at 31 December 2024 (continued)

.........................................
Mr E L Perrott
Director

 

Hoverstock Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
Netherhampton Farm
Netherhampton
Salisbury
Wiltshire
SP2 8PU

These financial statements were authorised for issue by the Board on 10 April 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

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 sales/value added tax, returns, rebates and discounts.

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

The tax expense for the period comprises current and deferred 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 income 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.

 

Hoverstock Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

2

Accounting policies (continued)

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Farmland

N/A

Farm Buildings

2% straight Line

Plant & Machinery

15% reducing balance

Motor Vehicles

20% reducing balance

Computer Equipment

25% reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the director. Changes in fair value are recognised in profit or loss.

Stocks

Stocks and growing crops have been valued at the lower of cost and net realisable value.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Hoverstock Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

2

Accounting policies (continued)

Financial instruments

Classification
A financial instrument is a contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.
 Recognition and measurement
When a financial asset or financial liabilty is recognised initially, the entity shall measure it at the transaction price unless the arrangement constitutes, in effect, a financing transaction. An arrangement constitutes a financing transaction if payment is deferred beyond normal business terms or is at a rate of interest that is not market rate.

At the end of each reporting period, an entity shall measure all financial instruments which constitute a financing arrangement at fair value and recognise changes in fair value in profit or loss.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 3).

 

Hoverstock Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

4

Tangible assets

Land and buildings
£

Long leasehold land and buildings
£

Plant and machinery
£

Office equipment
£

Cost or valuation

At 1 January 2024

990,447

25,067

192,999

1,308

Additions

-

-

18,975

-

At 31 December 2024

990,447

25,067

211,974

1,308

Depreciation

At 1 January 2024

-

13,923

100,285

1,068

Charge for the year

-

501

14,145

60

At 31 December 2024

-

14,424

114,430

1,128

Carrying amount

At 31 December 2024

990,447

10,643

97,544

180

At 31 December 2023

990,447

11,144

92,714

240

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2024

2,000

1,211,821

Additions

-

18,975

At 31 December 2024

2,000

1,230,796

Depreciation

At 1 January 2024

1,602

116,878

Charge for the year

80

14,786

At 31 December 2024

1,682

131,664

Carrying amount

At 31 December 2024

318

1,099,132

At 31 December 2023

398

1,094,943

 

Hoverstock Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

4

Tangible assets (continued)

Included within the net book value of land and buildings above is £990,447 (2023 - £990,447) in respect of freehold land and buildings and £10,643 (2023 - £11,144) in respect of long leasehold land and buildings.
 

5

Investment properties

2024
£

At 1 January

370,000

At 31 December

370,000

The director has confirmed that there has been no change in the value of investment properties during the year to 31 December 2024.

 

Hoverstock Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

6

Other financial assets (current and non-current)

Financial assets at fair value through profit and loss
£

Total
£

Non-current financial assets

Cost or valuation

At 1 January 2024

269,574

269,574

Additions

11,086

11,086

At 31 December 2024

280,660

280,660

Impairment

Carrying amount

At 31 December 2024

280,660

280,660

7

Stocks

2024
£

2023
£

Other inventories

42,036

50,713

8

Debtors

Current

2024
£

2023
£

Prepayments

15,510

14,888

Other debtors

7,553

10,222

 

23,063

25,110

 

Hoverstock Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

9

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Taxation and social security

2,737

18,850

Accruals and deferred income

3,780

4,797

Other creditors

6,963

243

13,480

23,890

10

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

1,000

1,000

1,000

1,000

       

11

Dividends

2024

2023

£

£

Interim dividend of £39.16 (2023 - £24.40) per ordinary share

45,945

24,400

 

 
 

Hoverstock Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

12

Related party transactions

Transactions with directors

2024

At 1 January 2024
£

Advances to director
£

Repayments by director
£

Other payments made to company by director
£

At 31 December 2024
£

Mr E L Perrott

Loan from Mr E Perrot is interest free and repayable on demand

2,576

3,176

(2,576)

(9,176)

(6,000)