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Registration number: 00433606

Prepared for the registrar

Hopkins & Jones Limited

Annual Report and Financial Statements

for the Year Ended 31 December 2024

 

Hopkins & Jones Limited

Company Information

Directors

K N Parish

J Tannahill

P Aitken

R C Palmer

Registered office

127 Victoria Street
London
SW1E 6RD

Auditors

Menzies LLP
Chartered Accountants
Statutory Auditor
Magna House
18-32 London Road
Staines-Upon-Thames
TW18 4BP

 

Hopkins & Jones Limited

(Registration number: 00433606)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

350,177

425,230

Tangible assets

5

399,838

395,572

 

750,015

820,802

Current assets

 

Stocks

1,132,992

1,421,682

Debtors

6

13,997,540

13,841,630

Debtors > 1 year

 

93,940

93,940

Cash at bank and in hand

 

2,524,339

545,068

 

17,748,811

15,902,320

Creditors: Amounts falling due within one year

7

(22,225,116)

(20,016,353)

Net current liabilities

 

(4,476,305)

(4,114,033)

Total assets less current liabilities

 

(3,726,290)

(3,293,231)

Provisions

9

(351,900)

(434,348)

Deferred tax liabilities

10

(76,224)

-

Provisions for liabilities

(428,124)

(434,348)

Net liabilities

 

(4,154,414)

(3,727,579)

Capital and reserves

 

Called up share capital

7,500

7,500

Retained earnings

(4,161,914)

(3,735,079)

Shareholders' deficit

 

(4,154,414)

(3,727,579)

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime.

These financial statements have been 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 24 April 2025 and signed on its behalf by:
 


J Tannahill
Director

 

Hopkins & Jones Limited

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

 

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
127 Victoria Street
London
SW1E 6RD
England

 

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'.

Basis of preparation

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

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Going concern

After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources, with the ongoing support of its shareholders to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The following estimates and judgements are included:
 

1)

Stock Provision

The directors make an estimate of the recoverable value of the stock items on an line by line basis. When assessing the impairment, management considers factors including ageing profile of the receivable, nature of the items held and current market trends for the type of stock item. Where the net realisable value is less than the carrying value, an impairment against the stock item is recognised.

2)

Impairment of loan book

The directors make an estimate of the recoverable value of the loan book. When assessing the impairment, management considers factors including ageing profile of the receivable, nature of the pledge stock held as security and historical experience of the market for the type of pledge.

3)

Dilapidation provision

The directors have assessed the dilapidation provisions for all shops based on a 3rd party valuation obtained for the restoration costs in returning the premises back to its original condition before the lease was entered into. The dilapidation estimate will be continually reviewed based on experience and other factors, including expectation of future events.

 

Hopkins & Jones Limited

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

Revenue recognition

The Company recognises revenue from the following major sources:
- Pawnbroking
- Retail

Pawnbroking revenue comprises contractual interest earned on pledge loans, plus auction profit or loss, less any auction commissions payable and less surplus payable to the customer.

Retail revenue is recognised when control of the goods has transferred, being at the point the customer purchases the goods at the store or the goods purchased online are delivered. Revenue is recognised when control of the goods has transferred, being at the point the smelter purchases the relevant metals.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge 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 corporation tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income 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.

Tangible assets

Tangible assets are stated in the statement of financial position 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

Land and buildings

10% straight line

Furniture, fittings and equipment

10% reducing balance

Intangible assets

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date.

Negative goodwill arising on an acquisition is recognised on the face of the balance sheet on the acquisition date and subsequently the excess up to the fair value of non-monetary assets acquired is recognised in profit or loss in the periods in which the non-monetary assets are recovered.

Website development costs are stated in the statement of financial position at cost, less any subsequent accumulated amortisation.

 

Hopkins & Jones Limited

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

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Amortised over expected life of 10 years

Website development costs

Amortised over expected life of 2 years

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

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 inventories 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Provisions

Provisions are recognised when the company has an obligation at the reporting date 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.

Leases

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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Hopkins & Jones Limited

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

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.

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 27 (2023 - 27).

 

4

Intangible assets

Goodwill
 £

Website development costs
 £

Total
£

Cost

At 1 January 2024

675,594

26,381

701,975

Additions acquired separately

-

3,883

3,883

At 31 December 2024

675,594

30,264

705,858

Amortisation

At 1 January 2024

270,237

6,508

276,745

Amortisation charge

67,559

11,377

78,936

At 31 December 2024

337,796

17,885

355,681

Carrying amount

At 31 December 2024

337,798

12,379

350,177

At 31 December 2023

405,357

19,873

425,230

 

Hopkins & Jones Limited

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

 

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost

At 1 January 2024

340,398

199,327

539,725

Additions

2,275

44,039

46,314

At 31 December 2024

342,673

243,366

586,039

Depreciation

At 1 January 2024

51,551

92,602

144,153

Charge for the year

29,336

12,712

42,048

At 31 December 2024

80,887

105,314

186,201

Carrying amount

At 31 December 2024

261,786

138,052

399,838

At 31 December 2023

288,847

106,725

395,572

 

6

Debtors

2024
£

2023
£

Rent deposits over 1 year

93,940

93,940

Prepayments

191,298

154,590

Loan book

11,711,232

11,731,007

Interest receivable

2,095,010

1,881,604

Deferred tax

-

74,429

 

14,091,480

13,935,570

Less non-current portion

(93,940)

(93,940)

13,997,540

13,841,630

 

7

Creditors

2024
£

2023
£

Due within one year

Bank overdrafts

900

-

Other loans

20,518,472

19,056,508

Trade creditors

63,100

74,921

Social security and other taxes

234,424

112,646

Accruals and deferred income

1,310,276

644,712

Payments on account

617

17,743

Auction surplus

89,571

102,210

Outstanding defined contribution pension costs

7,756

7,613

22,225,116

20,016,353

Included in other loans is an amount due to Crestline Opportunity Fund III (Europe) Master Fund D SCSP of £20,183,440 (2023: £18,721,476) . After the balance sheet date, the terms of the loan notes were extended to 19 December 2026.

 

Hopkins & Jones Limited

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

 

8

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

325,550

316,350

Later than one year and not later than five years

928,898

1,065,900

Later than five years

319,611

469,313

1,574,059

1,851,563

 

9

Provisions

Dilapidations provisions
£

Total
£

At 1 January 2024

434,348

434,348

Decrease (increase) through disposals

(86,889)

(86,889)

Increase due to passage of time or unwinding of discount

4,441

4,441

At 31 December 2024

351,900

351,900

The nature of the dilapidation provision is for the removal of structural and non-structural elements to restore the leased premises to its original condition at the inception of the contract as required by the terms of the lease agreement.

 

10

Deferred tax

Deferred tax assets and liabilities

2024

Liability
£

Accelerated tax depreciation

77,083

Accrued liabilities

(859)

76,224

2023

Asset
£

Accelerated tax depreciation

(69,318)

Accrued liabilities

873

Tax losses carry forward

142,874

74,429

 

Hopkins & Jones Limited

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

 

11

Related party transactions

Included in other loans is an amount due to J Tannahill's spouse of £335,032 (2023: £335,032). Interest of £33,594 (2023: £36,616) was accrued / paid on the loan during the year.

Transactions with other related parties

Included in other loans and accruals is an amount due of £20,183,440 (2023: £18,721,476) and £529,743 (2023: £nil) respectively to Crestline Opportunity Fund III (Europe) Master Fund D SCSP. Interest of £1,979,431 (2023: £1,752,853) was accrued / paid on the loan during the year. After the balance sheet date, the terms of the loan notes were extended to 19 December 2026.

During the year, £37,500 (2023 - £50,000) was accrued for the monitoring fee payable to Crestline Management, LP, Fund Manager of Crestline Opportunity Fund III (Europe) Master Fund E SCSP . The total accrual as at 31 December 2024 was £239,314 (2023 - £201,814).

 

12

Parent and ultimate parent undertaking

The day to day control of the company is exercised by J Tannahill, a director of the company.

The ultimate controlling party is Crestline Opportunity Fund III (Europe) Master Fund E SCSP.

 

13

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 24 April 2025 was Sophie Said FCA, who signed for and on behalf of Menzies LLP.