Hobbs Properties Limited

Contents

Balance Sheet	1
Notes to the Financial Statements	2 to 9

Hobbs Properties Limited

Balance Sheet

31 March 2025

	Note	2025 £	2024 £
Fixed assets
Tangible assets	4	57,944	63,632
Investment property	5	14,342,256	13,989,372
Investments	6	200	200
Other financial assets	7	9,462,783	9,182,315
		23,863,183	23,235,519
Current assets
Debtors	8	327,473	389,427
Cash at bank and in hand		2,527,120	2,165,252
		2,854,593	2,554,679
Creditors: Amounts falling due within one year	9	(872,642)	(768,542)
Net current assets		1,981,951	1,786,137
Total assets less current liabilities		25,845,134	25,021,656
Creditors: Amounts falling due after more than one year	9	(46,282)	(47,127)
Provisions for liabilities		(1,052,000)	(1,011,000)
Net assets		24,746,852	23,963,529
Capital and reserves
Called up share capital	10	70,700	70,700
Capital redemption reserve		154,300	154,300
Other reserves		5,937	5,937
Profit and loss account		24,515,915	23,732,592
Shareholders' funds		24,746,852	23,963,529

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 4 December 2025 and signed on its behalf by:
 

......................................... M L Toogood Director

Company Registration Number: 00717405

Hobbs Properties Limited

Notes to the Financial Statements

Year Ended 31 March 2025

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office and principal place of business is:
37 Backwell Hill Road
Backwell
Bristol
BS48 3PL

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.

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 Section 1A and the Companies Act 2006. There are no material departures from FRS 102.

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.

The functional currency of Hobbs Properties Limited is considered to be pounds sterling because it is the currency of the primary economic environment in which the company operates.

Group accounts not prepared

In the opinion of the directors, the company and its subsidiary undertakings comprise a small group. The company has not exercised the option to prepare group accounts provided by Section 398 of the Companies Act 2006.

Going concern

The board of directors have considered the potential impact of the economic uncertainty and whilst royalty income is forecast to be lower, the strength of the company's balance sheet and access to its cash reserves suggests the company will be able to meet all of its liabilities as they fall due over the next 12 months.

Taking into account all available information to date, the board of directors have assessed the ability of the company to continue as a going concern, and consider the going concern assumption is appropriate when preparing the financial statements.

Hobbs Properties Limited

Notes to the Financial Statements

Year Ended 31 March 2025

Key sources of estimation uncertainty

Investment property includes operational quarries which the directors have valued using a methodology based on discounted (10%) expected future royalty income receivable over the next 30 years. Estimates have been made surrounding the quantity of materials available in the quarries for which operators will have to pay royalties to the company on. Demand for and amounts of such materials may have a significant impact on the valuation of quarries in the future.

Revenue recognition

Revenue is recognised to the extent that the company obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, VAT and other sales taxes or duty. The following criteria must also be met before revenue is recognised:

Property management
Revenue in respect of property management is recognised on an accruals basis in the period to which the rent applies.

Royalties
Revenue in respect of royalty income is recognised on an accruals basis in the period for which the minerals were extracted.

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.

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

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
Plant and equipment	2 to 10 years
Motor vehicles	4 years

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable property determined annually by the directors. The directors use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Hobbs Properties Limited

Notes to the Financial Statements

Year Ended 31 March 2025

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

Financial instruments

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Amounts due to and from group undertakings; and
• Cash and bank balances.

All financial instruments are classified as basic.

Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment judgements.

 

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 7 (2024 - 7).

Hobbs Properties Limited

Notes to the Financial Statements

Year Ended 31 March 2025

4	Tangible assets

	Plant and machinery £	Total £
Cost or valuation
At 1 April 2024	366,421	366,421
Disposals	(6,274)	(6,274)
At 31 March 2025	360,147	360,147
Depreciation
At 1 April 2024	302,789	302,789
Charge for the year	5,688	5,688
Eliminated on disposal	(6,274)	(6,274)
At 31 March 2025	302,203	302,203
Carrying amount
At 31 March 2025	57,944	57,944
At 31 March 2024	63,632	63,632

5	Investment properties

	2025 £
At 1 April	13,989,372
Fair value adjustments	352,884
At 31 March	14,342,256

Investment properties are included in the balance sheet at the directors' valuation as at 31 March, based on an existing use open market value.

Hobbs Properties Limited

Notes to the Financial Statements

Year Ended 31 March 2025

6	Investments

	Investments in subsidiaries £
Cost or valuation
At 1 April 2024	200
At 31 March 2025	200
Carrying amount
At 31 March 2025	200
At 31 March 2024	200

Details of undertakings

Undertaking	Registered office	Holding	Proportion of voting rights and shares held
			2025	2024
Subsidiary undertakings
Backwell House Limited	37 Backwell Hill Road Backwell Bristol BS48 3PL	Ordinary	100%	100%
Bourton Combe Wood Limited	37 Backwell Hill Road Backwell Bristol BS48 3PL	Ordinary	100%	100%
Bristol & Provincial Property Investment Corporation Limited	37 Backwell Hill Road Backwell Bristol BS48 3PL	Ordinary	100%	100%