Liz Hobbs Group Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 03995769

LIZ HOBBS GROUP LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 December 2024

LIZ HOBBS GROUP LIMITED

STATEMENT OF FINANCIAL POSITION

31 December 2024

	2024	2023
Note	£	£

Fixed assets

Tangible assets	5	188,730	563,702

Current assets

Stocks		–	6,363
Debtors	6	345,617	385,665
Cash at bank and in hand		44,673	81,253
		----------	----------
		390,290	473,281

Creditors: amounts falling due within one year	7	( 715,585)	( 666,156)
		----------	----------
Net current liabilities		( 325,295)	( 192,875)
		----------	----------
Total assets less current liabilities		( 136,565)	370,827

Creditors: amounts falling due after more than one year	8	( 134,846)	( 157,955)
		----------	----------
Net (liabilities)/assets		( 271,411)	212,872
		----------	----------

Capital and reserves

Called up share capital	1	1
Profit and loss account	( 271,412)	212,871
	----------	----------
Shareholders (deficit)/funds	( 271,411)	212,872
	----------	----------

These financial statements 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 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.

Directors' responsibilities:

- 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 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

LIZ HOBBS GROUP LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

31 December 2024

These financial statements were approved by the board of directors and authorised for issue on 23 December 2025 , and are signed on behalf of the board by:

E L Doogan-Hobbs

Director

Company registration number: 03995769

LIZ HOBBS GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2024

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Music Factory, Jessop Way, Newark, Notts, NG24 2ER.

2. Statement of compliance

These financial statements 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 financial statements have been prepared on the historical cost basis and in sterling, which is the functional currency of the entity.

Going concern

It was a difficult trading period for the company where opportunities remained suppressed due to an increasingly dominant market leader. This together with significant one-off costs for restructuring and provisions for historic liabilities has resulted in a loss for the year and accordingly, a shareholder deficit. However trading opportunities increased in 2025 with both group companies and third-party operators. The increased trading opportunities and lower cost base, together with full support of of both group companies and creditors of the company, allows the Directors to view the future with confidence. Accordingly, the accounts have been prepared on a 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. The actual outcome may diverge from these estimates if other assumptions are made, or other conditions arise. The only judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies are in relation to the recognition of income and expenditure from events. This is only recognised once the event has taken place and until that point income and costs are deferred. At 31 December 2023 income totalling £1,123 (2022 - £nil) and expenditure of £nil (2022 - £nil) has been deferred into the following year. No significant estimates have been made by management in the process of applying the entity's accounting policies that would have a significant effect on the amounts recognised in the financial statements.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

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.

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:

Long leasehold property	-	varying rates over a 10 year useful economic life
Plant and machinery	-	varying rates over a 10 year useful economic life
Motor vehicles	-	varying rates over a 4 year useful economic life

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.

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.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. The Coronavirus Job Retention Scheme, Coronavirus Local Restriction Support, the Restart grant and Arts Council England grants have been recognised under the accrual model, and are shown as Government Grant Income within the financial statements.

Financial instruments

The company only holds basic financial instruments as defined in FRS 102. The financial assets and financial liabilities of the company and their measurement basis are as follows: Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments. Cash at bank is classified as a basic financial instrument and is measured at amortised cost. Financial liabilities - trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost. Taxation and social security are not included in the financial instruments disclosure definition.

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 year amounted to 12 (2023: 12 ).

5. Tangible assets

	Long leasehold property	Plant and machinery	Motor vehicles	Total
	£	£	£	£
Cost
At 1 January 2024	378,787	603,361	169,125	1,151,273
Disposals	–	( 593,790)	–	( 593,790)
	----------	----------	----------	-------------
At 31 December 2024	378,787	9,571	169,125	557,483
	----------	----------	----------	-------------
Depreciation
At 1 January 2024	289,322	292,835	5,414	587,571
Charge for the year	30,300	45,491	42,281	118,072
Disposals	–	( 336,890)	–	( 336,890)
	----------	----------	----------	-------------
At 31 December 2024	319,622	1,436	47,695	368,753
	----------	----------	----------	-------------
Carrying amount
At 31 December 2024	59,165	8,135	121,430	188,730
	----------	----------	----------	-------------
At 31 December 2023	89,465	310,526	163,711	563,702
	----------	----------	----------	-------------

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:

	Plant and machinery	Motor vehicles	Total
	£	£	£
At 31 December 2024	–	121,430	121,430
	----	----------	----------
At 31 December 2023	95,115	163,711	258,826
	---------	----------	----------

6. Debtors

	2024	2023
	£	£
Trade debtors	–	238
Other debtors	345,617	385,427
	----------	----------
	345,617	385,665
	----------	----------

Included in other debtors are loans to related parties of £88,124 (2023 - £212,562)

7. Creditors: amounts falling due within one year

	2024	2023
	£	£
Bank loans and overdrafts	5,768	5,616
Trade creditors	235,090	57,465
Social security and other taxes	104,665	10,543
Credit card	27,588	28,061
Other creditors	342,474	564,471
	----------	----------
	715,585	666,156
	----------	----------

Included in other creditors are loans from related parties of £196,608 (2023 - £422,003)

8. Creditors: amounts falling due after more than one year

	2024	2023
	£	£
Bank loans and overdrafts	27,744	33,518
Other creditors	107,102	124,437
	----------	----------
	134,846	157,955
	----------	----------

Included within creditors: amounts falling due after more than one year is an amount of £3,246 (2023: £9,623) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.

The bank loan which is due for repayment after more than 5 years is subject to a market rate of interest and is repayable in monthly installments.

9. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2024	2023
	£	£
Not later than 1 year	7,016	32,016
Later than 1 year and not later than 5 years	8,185	15,200
	---------	---------
	15,201	47,216
	---------	---------

10. Directors' advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company:

	2024
	Balance brought forward	Amounts repaid	Balance outstanding
	£	£	£
E L Doogan-Hobbs	–	–	–
	----	----	----

	2023
	Balance brought forward	Amounts repaid	Balance outstanding
	£	£	£
E L Doogan-Hobbs	7,054	( 7,054)	–
	-------	-------	----

11. Controlling party

The company is under the control of Mrs E L Doogan-Hobbs