Liz Hobbs Group Limited - Accounts to registrar (filleted) - small 18.2

Liz Hobbs Group Limited - Accounts to registrar (filleted) - small 18.2

LIZ HOBBS GROUP LIMITED - Company Information

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REGISTERED NUMBER: 03995769 (England and Wales)















LIZ HOBBS GROUP LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2019






LIZ HOBBS GROUP LIMITED (REGISTERED NUMBER: 03995769)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3 to 5


LIZ HOBBS GROUP LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2019







DIRECTOR: Mrs E L Doogan-Hobbs





REGISTERED OFFICE: Music Factory
Jessop Way
Newark
Nottinghamshire
NG24 2ER





REGISTERED NUMBER: 03995769 (England and Wales)





Page 1
LIZ HOBBS GROUP LIMITED (REGISTERED NUMBER: 03995769)

STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2019

2019 2018
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 4 2,176,032 2,271,770
Investments 5 6 6
2,176,038 2,271,776

CURRENT ASSETS
Inventories - 17,105
Debtors 6 1,632,477 638,260
Cash at bank 317,079 570,734
1,949,556 1,226,099
CREDITORS
Amounts falling due within one year 7 3,491,125 1,498,547
NET CURRENT LIABILITIES (1,541,569 ) (272,448 )
TOTAL ASSETS LESS CURRENT LIABILITIES 634,469 1,999,328

CREDITORS
Amounts falling due after more than one year 8 (409,224 ) (513,857 )

PROVISIONS FOR LIABILITIES (221,370 ) (184,826 )
NET ASSETS 3,875 1,300,645

CAPITAL AND RESERVES
Called up share capital 10 1 1
Retained earnings 3,874 1,300,644
SHAREHOLDERS' FUNDS 3,875 1,300,645

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2019 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 23 December 2020 and were signed by:



Mrs E L Doogan-Hobbs - Director


The notes form part of these financial statements

Page 2
LIZ HOBBS GROUP LIMITED (REGISTERED NUMBER: 03995769)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019

1. STATUTORY INFORMATION

Liz Hobbs Group Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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. The financial statements have been prepared under the historical cost convention.

Preparation of consolidated financial statements
The company has taken the option under Section 398 of the Companies Act 2006 not to prepare consolidated financial statements.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Changes in accounting estimates
During the financial year ending 31 December 2018, the directors considered the appropriateness of the depreciation accounting estimates. It was concluded that the previous rates did not fully reflect the estimated useful life and estimated residual value of the underlying assets. The directors decided to adopt more appropriate estimates which were reflected in the financial statements to 31 December 2018.

This change in accounting estimate resulted in the carrying value of the assets being increased by £181,928.

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

Property, plant and equipment
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on reducing balance, 10% on reducing balance and at varying rates on cost

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Inventories
Stocks are valued at the lower of cost and fair value less costs to complete and sell, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 statement of financial position date.


Page 3
LIZ HOBBS GROUP LIMITED (REGISTERED NUMBER: 03995769)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2019

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 23 (2018 - 27 ) .

4. PROPERTY, PLANT AND EQUIPMENT
Plant and
machinery
etc
£   
COST
At 1 January 2019 3,402,932
Additions 125,026
At 31 December 2019 3,527,958
DEPRECIATION
At 1 January 2019 1,131,162
Charge for year 220,764
At 31 December 2019 1,351,926
NET BOOK VALUE
At 31 December 2019 2,176,032
At 31 December 2018 2,271,770


5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 January 2019
and 31 December 2019 6
NET BOOK VALUE
At 31 December 2019 6
At 31 December 2018 6

Page 4
LIZ HOBBS GROUP LIMITED (REGISTERED NUMBER: 03995769)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2019

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2019 2018
£    £   
Trade debtors 1,331,134 61,729
Other debtors 301,343 576,531
1,632,477 638,260

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2019 2018
£    £   
Hire purchase contracts 212,143 327,174
Trade creditors 2,192,443 102,904
Taxation and social security 235,136 307,981
Other creditors 851,403 760,488
3,491,125 1,498,547

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2019 2018
£    £   
Hire purchase contracts 409,224 513,857

9. SECURED DEBTS

The following secured debts are included within creditors:

2019 2018
£    £   
Hire purchase contracts 621,367 841,031

A bank overdraft facility not currently in use is secured by way of fixed and floating charges over the company's assets.
Hire purchase agreements are secured by a fixed charge over the relevant asset.

10. CALLED UP SHARE CAPITAL


Allotted, issued and fully paid:
Number: Class: Nominal 2019 2018
value: £    £   
1 Ordinary share 1 1 1

11. OTHER FINANCIAL COMMITMENTS

The company has the following commitments due as follows:

20192018
££
Due in less than one year127,16044,660
Due between two and five years418,815172,225
Due in over five years-14,875
545,975231,760

12. RELATED PARTY DISCLOSURES

At the financial reporting date, intergroup balances were fully reserved and amounts due from companies in which the director has a controlling interest totalled £1,288,156 (2018: £nil).

Page 5