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Registered number: 14509463
Hobans Contracting Cars Limited
Unaudited Financial Statements
For The Year Ended 31 August 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 14509463
31 August 2024 31 August 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 83,475 80,220
Tangible Assets 5 38,959 100,869
Investments 6 10,000 -
132,434 181,089
CURRENT ASSETS
Debtors 7 947,716 253,109
Cash at bank and in hand 3,442 4,497
951,158 257,606
Creditors: Amounts Falling Due Within One Year 8 (924,430 ) (299,641 )
NET CURRENT ASSETS (LIABILITIES) 26,728 (42,035 )
TOTAL ASSETS LESS CURRENT LIABILITIES 159,162 139,054
Creditors: Amounts Falling Due After More Than One Year 9 (103,436 ) -
PROVISIONS FOR LIABILITIES
Deferred Taxation (9,227 ) (2,372 )
NET ASSETS 46,499 136,682
CAPITAL AND RESERVES
Called up share capital 10 100 100
Profit and Loss Account 46,399 136,582
SHAREHOLDERS' FUNDS 46,499 136,682
Page 1
Page 2
For the year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr R Hoban
Director
13 May 2025
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Hobans Contracting Cars Limited is a private company, limited by shares, incorporated in England & Wales, registered number 14509463 . The registered office is 1st Floor Maybrook House , 27 Grainger Street, Newcastle Upon Tyne, NE1 5JE.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 5 years.
2.4. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are trademarks. It is amortised to profit and loss account over its estimated economic life of 5 years.
2.5. Research and Development
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research is recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised to ... on a straight line basis over their expected useful economic lives, which range from ... to ... years.
If it is not possible to distinguish between the research phase and the development phase of an internal project the expenditure is treated as if it were all incurred in the research phase only.
2.6. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 15% Reducing Balance
Motor Vehicles 15% Reducing Balance
Fixtures & Fittings 15% Reducing Balance
Computer Equipment 33% Straight Line
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2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 64 (2023: 23)
64 23
4. Intangible Assets
Goodwill Other Development Costs Total
£ £ £ £
Cost
As at 1 September 2023 85,950 - - 85,950
Additions - 869 19,750 20,619
As at 31 August 2024 85,950 869 19,750 106,569
Amortisation
As at 1 September 2023 5,730 - - 5,730
Provided during the period 17,190 174 - 17,364
As at 31 August 2024 22,920 174 - 23,094
Net Book Value
As at 31 August 2024 63,030 695 19,750 83,475
As at 1 September 2023 80,220 - - 80,220
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Page 5
5. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 September 2023 - 105,850 292 - 106,142
Additions 15,174 5,331 - 23,356 43,861
Disposals - (104,014 ) - - (104,014 )
As at 31 August 2024 15,174 7,167 292 23,356 45,989
Depreciation
As at 1 September 2023 - 5,269 4 - 5,273
Provided during the period 2,184 11,676 43 3,211 17,114
Disposals - (15,357 ) - - (15,357 )
As at 31 August 2024 2,184 1,588 47 3,211 7,030
Net Book Value
As at 31 August 2024 12,990 5,579 245 20,145 38,959
As at 1 September 2023 - 100,581 288 - 100,869
6. Investments
Unlisted
£
Cost
As at 1 September 2023 -
Additions 10,000
As at 31 August 2024 10,000
Provision
As at 1 September 2023 -
As at 31 August 2024 -
Net Book Value
As at 31 August 2024 10,000
As at 1 September 2023 -
7. Debtors
31 August 2024 31 August 2023
£ £
Due within one year
Trade debtors 59,586 50,704
Prepayments and accrued income 52,390 28,870
Other debtors 835,740 173,535
947,716 253,109
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8. Creditors: Amounts Falling Due Within One Year
31 August 2024 31 August 2023
£ £
Trade creditors 95,685 36,411
Bank loans and overdrafts 56,413 -
Corporation tax 2,520 50,322
Other taxes and social security 239,527 14,285
VAT 356,713 55,060
Net wages 79,803 34,550
Other creditors 59,883 41,634
Accruals and deferred income 33,886 31,319
Directors' loan accounts - 36,060
924,430 299,641
9. Creditors: Amounts Falling Due After More Than One Year
31 August 2024 31 August 2023
£ £
Bank loans 103,436 -
10. Share Capital
31 August 2024 31 August 2023
£ £
Allotted, Called up and fully paid 100 100
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