Hobhouse Limited 08459713 false 2024-10-01 2025-09-30 2025-09-30 The principal activity of the company is an art dealer. Digita Accounts Production Advanced 6.30.9574.0 true true 08459713 2024-10-01 2025-09-30 08459713 2025-09-30 08459713 core:CurrentFinancialInstruments 2025-09-30 08459713 core:CurrentFinancialInstruments core:WithinOneYear 2025-09-30 08459713 core:Goodwill 2025-09-30 08459713 core:FurnitureFittings 2025-09-30 08459713 core:LandBuildings core:OwnedOrFreeholdAssets 2025-09-30 08459713 core:MotorVehicles 2025-09-30 08459713 core:OfficeEquipment 2025-09-30 08459713 core:PlantMachinery 2025-09-30 08459713 bus:SmallEntities 2024-10-01 2025-09-30 08459713 bus:AuditExemptWithAccountantsReport 2024-10-01 2025-09-30 08459713 bus:FilletedAccounts 2024-10-01 2025-09-30 08459713 bus:SmallCompaniesRegimeForAccounts 2024-10-01 2025-09-30 08459713 bus:RegisteredOffice 2024-10-01 2025-09-30 08459713 bus:Director1 2024-10-01 2025-09-30 08459713 bus:PrivateLimitedCompanyLtd 2024-10-01 2025-09-30 08459713 core:Goodwill 2024-10-01 2025-09-30 08459713 core:FurnitureFittings 2024-10-01 2025-09-30 08459713 core:LandBuildings 2024-10-01 2025-09-30 08459713 core:LandBuildings core:OwnedOrFreeholdAssets 2024-10-01 2025-09-30 08459713 core:MotorVehicles 2024-10-01 2025-09-30 08459713 core:OfficeEquipment 2024-10-01 2025-09-30 08459713 core:PlantMachinery 2024-10-01 2025-09-30 08459713 countries:EnglandWales 2024-10-01 2025-09-30 08459713 2024-09-30 08459713 core:Goodwill 2024-09-30 08459713 core:FurnitureFittings 2024-09-30 08459713 core:LandBuildings core:OwnedOrFreeholdAssets 2024-09-30 08459713 core:MotorVehicles 2024-09-30 08459713 core:OfficeEquipment 2024-09-30 08459713 core:PlantMachinery 2024-09-30 08459713 2023-10-01 2024-09-30 08459713 2024-09-30 08459713 core:CurrentFinancialInstruments 2024-09-30 08459713 core:CurrentFinancialInstruments core:WithinOneYear 2024-09-30 08459713 core:FurnitureFittings 2024-09-30 08459713 core:LandBuildings core:OwnedOrFreeholdAssets 2024-09-30 08459713 core:MotorVehicles 2024-09-30 08459713 core:OfficeEquipment 2024-09-30 08459713 core:PlantMachinery 2024-09-30 iso4217:GBP xbrli:pure

Registration number: 08459713

Hobhouse Limited
Unaudited Filleted Financial Statements
for the Year Ended 30 September 2025

Hobhouse Limited

Contents

Statement of Financial Position | 1
Notes to the Unaudited Financial Statements | 2 to 8

Hobhouse Limited

(Registration number: 08459713)
Statement of Financial Position as at 30 September 2025

| Note | 2025 £ | 2024 £
Fixed assets |  |  |
Tangible assets | 5 | 188,801 | 202,138
Current assets |  |  |
Stocks | 6 | 1,021,376 | 994,299
Debtors | 7 | 2,596,169 | 2,521,483
Cash at bank and in hand |  | 486 | 23,989
|  | 3,618,031 | 3,539,771
Creditors: Amounts falling due within one year | 8 | (2,738,036) | (2,463,565)
Net current assets |  | 879,995 | 1,076,206
Net assets |  | 1,068,796 | 1,278,344
Capital and reserves |  |  |
Called up share capital |  | 2,150,001 | 2,150,001
Profit and loss account |  | (1,081,205) | (871,657)
Shareholders' funds |  | 1,068,796 | 1,278,344

For the financial year ending 30 September 2025 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 their 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 Statement of Comprehensive Income.

Approved and authorised by the director on 12 August 2026

Niall Hobhouse Director

Hobhouse Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 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 is:
3 Drill Hall Lane
Shepton Mallet
BA4 5AR

Principal activity

The company continued to trade as an art dealer during the year.

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.

The financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis.

Hobhouse Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2025 (continued)

2 | Accounting policies (continued)

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.
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

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 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.

Tangible assets

Tangible assets are stated in the statement of financial position 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
Tenant improvements | Straight line over 10 years
Library | 5% straight line over 10 years to residual value of 50% of cost
Furniture and fixtures | 15% reducing balance
Motor vehicles | 20% reducing balance
Office equipment | 1/3 reducing balance

Impairment

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.

Hobhouse Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2025 (continued)

2 | Accounting policies (continued)

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class | Amortisation method and rate
Goodwill | 5 years straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, 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. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition. .
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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the statement of comprehensive income over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Hobhouse Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2025 (continued)

2 | Accounting policies (continued)

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

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes 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.

3 | Staff numbers

The average number of persons employed by the company (including the director) during the year, was 9 (2024 - 9).

Hobhouse Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2025 (continued)

4 | Intangible assets

| Goodwill £ | Total £
Cost or valuation
At 1 October 2024 | 1 | 1
At 30 September 2025 | 1 | 1
Amortisation
At 1 October 2024 | 1 | 1
At 30 September 2025 | 1 | 1
Carrying amount
At 30 September 2025 | - | -

5 | Tangible assets

| Tenant's improvements £ | Furniture & fixtures £ | Library £ | Office equipment £ | Motor vehicles £ | Total £
Cost or valuation
At 1 October 2024 | 34,024 | 186,433 | 242,916 | 7,895 | 3,495 | 474,763
Additions | - | 1,225 | 1,505 | - | - | 2,730
At 30 September 2025 | 34,024 | 187,658 | 244,421 | 7,895 | 3,495 | 477,493
Depreciation
At 1 October 2024 | 22,934 | 127,695 | 111,641 | 7,348 | 3,007 | 272,625
Charge for the year | 3,402 | 8,981 | 3,403 | 183 | 98 | 16,067
At 30 September 2025 | 26,336 | 136,676 | 115,044 | 7,531 | 3,105 | 288,692
Carrying amount
At 30 September 2025 | 7,688 | 50,982 | 129,377 | 364 | 390 | 188,801
At 30 September 2024 | 11,090 | 58,738 | 131,275 | 547 | 488 | 202,138

6 | Stocks

| 2025 £ | 2024 £
Finished goods and goods for resale | 1,021,376 | 994,299

Hobhouse Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2025 (continued)

7 | Debtors

| 2025 £ | 2024 £
Trade debtors | 118 | 4,264
Other debtors | 2,595,801 | 2,514,127
Prepayments | 250 | 3,092
| 2,596,169 | 2,521,483

8 | Creditors

Creditors: amounts falling due within one year

| Note | 2025 £ | 2024 £
Due within one year |  |  |
Loans and borrowings | 10 | 24 | 11
Trade creditors |  | 11,043 | 4,850
Taxation and social security |  | 4,644 | 5,367
Accruals and deferred income |  | 6,320 | 7,309
Other creditors |  | 2,716,005 | 2,446,028
|  | 2,738,036 | 2,463,565

The balances owing on the credit card and bank overdrafts are secured on assets held by the director. At 30 September 2025 the balance owing on the credit card amounted to £1,749 (2024: £1,083).

9 | Reserves

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

Hobhouse Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2025 (continued)

10 | Loans and borrowings

Current loans and borrowings

| 2025 £ | 2024 £
Bank overdrafts | 24 | 11

11 | Related party transactions

At 30 September 2025 amounts owed to directors by way of loan were £2,575,700 (2024: £2,306,104). Directors' loans are repayable on demand and subject to interest on overdrawn balances at the official rate.