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Registration number: 13096771

Hobbs Potatoes Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2024

image-name
 

Hobbs Potatoes Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Hobbs Potatoes Limited

Company Information

Director

Mr Joseph Oliver Hobbs

Registered office

Unit 1H Grovemere House
Lancaster Way Business Park
Ely
Cambridgeshire
CB6 3NW

Accountants

ProEdge Associates Limited Unit 1H Grovemere House
Lancaster Way Business Park
Ely
Cambridgeshire
CB6 3NW

 

Hobbs Potatoes Limited

(Registration number: 13096771)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

119,252

105,421

Current assets

 

Stocks

5

1,500

1,500

Debtors

6

452,543

477,888

Cash at bank and in hand

 

309,732

338,459

 

763,775

817,847

Creditors: Amounts falling due within one year

7

(719,560)

(791,102)

Net current assets

 

44,215

26,745

Net assets

 

163,467

132,166

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

163,367

132,066

Shareholders' funds

 

163,467

132,166

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.

Director's 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 director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 13 May 2025
 

.........................................
Mr Joseph Oliver Hobbs
Director

 

Hobbs Potatoes 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 England.

The address of its registered office is:
Unit 1H Grovemere House
Lancaster Way Business Park
Ely
Cambridgeshire
CB6 3NW

These financial statements were authorised for issue by the director on 13 May 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 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.

 

Hobbs Potatoes Limited

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

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

Motor Vehicles

Reducing balance 25%

Office Equipment

Reducing balance 25%

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

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. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. 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 receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

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. Accounts payable 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 subsequently measured at amortised cost using the effective interest method.

 

Hobbs Potatoes Limited

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

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.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

 

Hobbs Potatoes Limited

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

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 January 2024

812

37,175

89,972

127,959

Additions

582

47,483

-

48,065

Disposals

-

(32,967)

-

(32,967)

At 31 December 2024

1,394

51,691

89,972

143,057

Depreciation

At 1 January 2024

418

22,120

-

22,538

Charge for the year

244

11,871

-

12,115

Eliminated on disposal

-

(10,848)

-

(10,848)

At 31 December 2024

662

23,143

-

23,805

Carrying amount

At 31 December 2024

732

28,548

89,972

119,252

At 31 December 2023

394

15,055

89,972

105,421

5

Stocks

2024
£

2023
£

Raw materials and consumables

1,500

1,500

6

Debtors

Current

2024
£

2023
£

Trade debtors

451,937

477,100

Other debtors

606

788

 

452,543

477,888

7

Creditors

Creditors: amounts falling due within one year

 

Hobbs Potatoes Limited

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

2024
£

2023
£

Due within one year

Trade creditors

719,560

782,173

Taxation and social security

-

8,929

719,560

791,102

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

       

9

Dividends

2024

2023

£

£