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COMPANY REGISTRATION NUMBER: 00759731
ASSETRO LIMITED
(formerly trading as Hobby Homes Limited)
Filleted Unaudited Accounts
17 January 2025
ASSETRO LIMITED
(formerly trading as Hobby Homes Limited)
Statement of Financial Position
17 January 2025
17 Jan 25
31 Dec 23
Note
£
£
Fixed assets
Tangible assets
5
4,428,705
4,551,550
Current assets
Stocks
484,646
Debtors
6
1,097,301
581,183
Cash at bank and in hand
476,032
529,300
------------
------------
1,573,333
1,595,129
Creditors: amounts falling due within one year
7
440,631
528,318
------------
------------
Net current assets
1,132,702
1,066,811
------------
------------
Total assets less current liabilities
5,561,407
5,618,361
Provisions
24,013
------------
------------
Net assets
5,561,407
5,594,348
------------
------------
Capital and reserves
Called up share capital
11
10,000
10,000
Profit and loss account
5,551,407
5,584,348
------------
------------
Shareholders funds
5,561,407
5,594,348
------------
------------
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the period ending 17 January 2025 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 period in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts .
ASSETRO LIMITED
Statement of Financial Position (continued)
17 January 2025
These accounts were approved by the board of directors and authorised for issue on 20 May 2025 , and are signed on behalf of the board by:
D P Tottman
Director
Company registration number: 00759731
ASSETRO LIMITED
(formerly trading as Hobby Homes Limited)
Notes to the Accounts
Period from 1 January 2024 to 17 January 2025
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Appledorn, Woodhill Road, Sandon, Chelmsford, Essex, CM2 7SF.
2. Statement of compliance
These accounts have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The accounts have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The accounts are prepared in sterling, which is the functional currency of the entity.
Going concern
In the opinion of the directors, the company remains a going concern as it has the financial resources from which to meet its ongoing trading liabilities for the foreseeable future, being not less that one year from the date of approval of these accounts. As such, the accounts have been prepared on the going concern basis.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The directors have reviewed the financial statements and consider that there are no material judgements or key sources of estimation uncertainty.
Revenue recognition
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Sale of goods Revenue from the sale of goods is recognised when goods are despatched.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property
-
50 years straight line on reinstatement value
Plant and machinery
-
15% - 20% of cost per annum
Fixtures and fittings
-
10% per annum on written down value
Motor vehicles
-
25% per annum on written down value
Freehold property is depreciated evenly over 50 years based on the reinstatement value of £1,530,856.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition. At each reporting date, stocks are assessed for impairment. If stock is 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.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. Financial assets measured at fair value through profit or loss comprise of cash. Financial assets measured at amortised cost comprise of trade debtors. Financial liabilities measured at amortised cost comprise of trade creditors, other creditors and accrual and deferred income.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 21 (2023: 21 ).
5. Tangible assets
Freehold property
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2024
4,671,245
45,985
82,619
213,727
5,013,576
Additions
8,373
9,250
56,975
74,598
Disposals
( 54,358)
( 91,869)
( 270,702)
( 416,929)
------------
--------
--------
---------
------------
At 17 January 2025
4,671,245
4,671,245
------------
--------
--------
---------
------------
Depreciation
At 1 January 2024
212,540
41,428
46,984
161,074
462,026
Charge for the period
30,000
4,154
3,850
23,311
61,315
Disposals
( 45,582)
( 50,834)
( 184,385)
( 280,801)
------------
--------
--------
---------
------------
At 17 January 2025
242,540
242,540
------------
--------
--------
---------
------------
Carrying amount
At 17 January 2025
4,428,705
4,428,705
------------
--------
--------
---------
------------
At 31 December 2023
4,458,705
4,557
35,635
52,653
4,551,550
------------
--------
--------
---------
------------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Motor vehicles
Equipment
Total
£
£
£
At 17 January 2025
----
----
----
At 31 December 2023
21,033
2,694
23,727
--------
-------
--------
6. Debtors
17 Jan 25
31 Dec 23
£
£
Trade debtors
612,646
574,183
Other debtors
484,655
7,000
------------
---------
1,097,301
581,183
------------
---------
7. Creditors: amounts falling due within one year
17 Jan 25
31 Dec 23
£
£
Trade creditors
358,512
415,240
Accruals and deferred income
11,057
5,000
Corporation tax
19,109
27,942
Social security and other taxes
50,581
65,301
Obligations under finance leases and hire purchase contracts
14,106
Other creditors
1,372
729
---------
---------
440,631
528,318
---------
---------
8. Finance leases and hire purchase contracts
The total future minimum lease payments under finance leases and hire purchase contracts are as follows:
17 Jan 25
31 Dec 23
£
£
Not later than 1 year
14,106
----
--------
9. Deferred tax
The deferred tax included in the statement of financial position is as follows:
17 Jan 25
31 Dec 23
£
£
Included in provisions
24,013
----
--------
The deferred tax account consists of the tax effect of timing differences in respect of:
17 Jan 25
31 Dec 23
£
£
Accelerated capital allowances
24,013
----
--------
10. Pension commitments
The company operates two defined contribution pension schemes. The assets of the schemes are held separately from those of the company in independently administered funds. The pension cost charge represents contributions payable by the company to the funds in the period to 17 January 2025: £23,760 (2023: £20,121).
11. Called up share capital
Issued, called up and fully paid
17 Jan 25
31 Dec 23
No.
£
No.
£
Ordinary shares of £ 1 each
10,000
10,000
10,000
10,000
--------
--------
--------
--------