REGISTERED NUMBER: 02349169 (England and Wales)

Unaudited Financial Statements for the Year Ended 17 February 2025

for

Hovebay Limited

Page

Balance Sheet

1

Notes to the Financial Statements

3

Fixed assets

Tangible assets

5

9,414

11,075

Investment property

6

1,410,461

829,691

1,419,875

840,766

Current assets

Debtors

7

1,612

835

Cash at bank

31,382

43,852

32,994

44,687

Creditors

Amounts falling due within one year

8

(363,444

)

(362,650

)

Net current liabilities

(330,450

)

(317,963

)

Total assets less current liabilities

1,089,425

522,803

Creditors

Amounts falling due after more than one year

9

(68,441

)

(77,465

)

Provisions for liabilities

(171,390

)

(26,613

)

Net assets

849,594

418,725

Capital and reserves

Called up share capital

19

19

Revaluation reserve

10

798,085

-

Capital redemption reserve

9

9

Retained earnings

51,481

418,697

849,594

418,725

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 17 February 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 17 February 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 14 October 2025 and were signed on its behalf by:

Mr A P Gissing - Director

1.	Statutory information

Hovebay Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number:

02349169

Registered office:

Shirvan

Market Lane

Blundeston

Lowestoft

Suffolk

NR32 5AN

The presentation currency of the financial statements is the Pound Sterling (£).

2.	Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3.	Accounting policies

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Critical accounting judgements and key sources of estimation uncertainty

The preparation of the financial statements in conformity with IFRS 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.

Given the straightforward operations and financial position of the company, there are not considered to be any key sources of judgement or estimation uncertainty within these financial statements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Tangible fixed 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 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:

Plant and machinery - 15% on reducing balance

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

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.

4.	Employees and directors

The average number of employees during the year was 3 (2024 - 2 ) .

5.	Tangible fixed assets

Plant and

machinery

£

Cost

At 18 February 2024

and 17 February 2025

15,493

Depreciation

At 18 February 2024

4,418

Charge for year

1,661

At 17 February 2025

6,079

Net book value

At 17 February 2025

9,414

At 17 February 2024

11,075

6.	Investment property

Total

£

Cost or valuation

At 18 February 2024

829,691

Revaluations

580,770

At 17 February 2025

1,410,461

Net book value

At 17 February 2025

1,410,461

At 17 February 2024

829,691

The investment property valuations were made by the directors, on an open market value basis and are considered appropriate at the balance sheet date.

Had the investment properties not been revalued, they would have been included at their historical cost of £612,376 (2024 - £612,376).

Cost or valuation at 17 February 2025 is represented by:

£

Valuation in 2002

174,940

Valuation in 2004

(66,592

)

Valuation in 2005

38,372

Valuation in 2007

25,000

Valuation in 2009

(45,200

)

Valuation in 2017

90,000

Valuation in 2021

795

Valuation in 2025

580,770

Cost

612,376

1,410,461

7.

Debtors: amounts falling due within one year

2025

2024

£

£

Other debtors

1,612

835

8.

Creditors: amounts falling due within one year

2025

2024

£

£

Bank loans and overdrafts

6,962

4,900

Trade creditors

-

143

Taxation and social security

-

1,708

Other creditors

356,482

355,899

363,444

362,650

9.

Creditors: amounts falling due after more than one year

2025

2024

£

£

Bank loans

68,441

77,465

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

37,713

57,865

10.

Reserves

Revaluation

reserve

£

Property revaluation

798,085

At 17 February 2025

798,085

Profit and loss account - This reserve records distributable retained earnings and accumulated losses.