Company Registration No. 05232529 (England and Wales)
HOBBS ELECTRICAL CONTRACTORS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025
PAGES FOR FILING WITH REGISTRAR
HOBBS ELECTRICAL CONTRACTORS LIMITED
COMPANY INFORMATION
Director
Mr T D Richards
Secretary
Mr A Hobbs
Company number
05232529
Registered office
21 Bampton Street
Tiverton
Devon
EX16 6AA
Accountants
Apsleys Chartered Accountants
21 Bampton Street
Tiverton
Devon
EX16 6AA
HOBBS ELECTRICAL CONTRACTORS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
HOBBS ELECTRICAL CONTRACTORS LIMITED
BALANCE SHEET
AS AT
28 FEBRUARY 2025
28 February 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
4
10,410
14,080
Current assets
Stocks
3,661
3,787
Debtors
5
32,188
30,165
Cash at bank and in hand
1,329
6,329
37,178
40,281
Creditors: amounts falling due within one year
6
(44,581)
(37,984)
Net current (liabilities)/assets
(7,403)
2,297
Total assets less current liabilities
3,007
16,377
Creditors: amounts falling due after more than one year
7
(6,604)
(13,213)
Provisions for liabilities
(1,978)
(2,675)
Net (liabilities)/assets
(5,575)
489
Capital and reserves
Called up share capital
8
200
200
Profit and loss reserves
(5,775)
289
Total equity
(5,575)
489
The director of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 28 February 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and signed by the director and authorised for issue on 6 June 2025
Mr T D Richards
HOBBS ELECTRICAL CONTRACTORS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
28 FEBRUARY 2025
28 February 2025
- 2 -
Director
Company Registration No. 05232529
HOBBS ELECTRICAL CONTRACTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 3 -
1
Accounting policies
Company information
Hobbs Electrical Contractors Limited is a private company limited by shares incorporated in England and Wales within the United Kingdom.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
1.2
Turnover
Turnover represents the invoiced value, excluding VAT, of goods and services supplied by the company.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Plant and machinery
15% Reducing balance
Computer equipment
3 years straight line
Motor vehicles
25% Reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Stocks
Stocks represent stocks and work in progress and are stated at the lower of cost and net realisable value.
HOBBS ELECTRICAL CONTRACTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
1
Accounting policies
(Continued)
- 4 -
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.
1.6
Financial instruments
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Deferred tax
Deferred taxation is provided on the liability method to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the profit and loss account on a straight line basis over the life of the lease.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 3 (2024 - 3).
HOBBS ELECTRICAL CONTRACTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 5 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 March 2024 and 28 February 2025
38,500
Amortisation and impairment
At 1 March 2024 and 28 February 2025
38,500
Carrying amount
At 28 February 2025
At 29 February 2024
4
Tangible fixed assets
Plant and machinery
Computer equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 March 2024 and 28 February 2025
3,117
4,532
23,478
31,127
Depreciation and impairment
At 1 March 2024
2,921
3,855
10,271
17,047
Depreciation charged in the year
29
339
3,302
3,670
At 28 February 2025
2,950
4,194
13,573
20,717
Carrying amount
At 28 February 2025
167
338
9,905
10,410
At 29 February 2024
196
677
13,207
14,080
5
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
13,952
12,168
Other debtors
17,659
17,437
Prepayments and accrued income
577
560
32,188
30,165
HOBBS ELECTRICAL CONTRACTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 6 -
6
Creditors: amounts falling due within one year
2025
2024
£
£
Bank loans and overdrafts
6,100
7,635
Obligations under finance leases
3,296
3,296
Trade creditors
21,914
15,565
Other taxation and social security
10,460
9,071
Other creditors
800
1,104
Accruals and deferred income
2,011
1,313
44,581
37,984
7
Creditors: amounts falling due after more than one year
2025
2024
£
£
Bank loans and overdrafts
1,386
4,699
Obligations under finance leases
5,218
8,514
6,604
13,213
8
Called up share capital
2025
2024
£
£
Ordinary share capital
Issued and fully paid
100 A shares of £1 each
100
100
Preference share capital
Issued and fully paid
100 B shares of £1 each
100
100
9
Directors' transactions
Interest free loans have been granted by the company to its directors and secretary as follows:
Description
% Rate
Opening balance
Amounts advanced
Closing balance
£
£
£
Mr T D Richards -
-
987
75
1,062
Mr A Hobbs -
-
14,011
-
14,011
14,998
75
15,073