Hobbs Estates Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 00600419 (England and Wales)

Unaudited Financial Statements

for the Year Ended 30 April 2021

for

Hobbs Estates Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mrs S A Blackwell

M E Hobbs

B S Hobbs

SECRETARY:

Mrs S A Blackwell

REGISTERED OFFICE:

Warden House

37 Manor Road

Colchester

Essex

CO3 3LX

REGISTERED NUMBER:

00600419 (England and Wales)

ACCOUNTANTS:

Tile & Co

Warden House

37 Manor Road

Colchester

Essex

CO3 3LX

SOLICITORS:

Ellisons

Headgate Court

Head Street

Colchester

Essex

CO1 1NP

FIXED ASSETS

Tangible assets

4

50,180,530

35,137,983

Investment property

5

6,000,000

6,000,000

56,180,530

41,137,983

CURRENT ASSETS

Debtors

6

1,632,408

1,487,978

Investments

7

50

50

Cash at bank and in hand

1,520,927

1,828,216

3,153,385

3,316,244

CREDITORS

Amounts falling due within one year

8

1,652,856

1,695,047

NET CURRENT ASSETS

1,500,529

1,621,197

TOTAL ASSETS LESS CURRENT LIABILITIES

57,681,059

42,759,180

CREDITORS

Amounts falling due after more than one year

9

(3,614,186

)

(4,207,559

)

PROVISIONS FOR LIABILITIES

(6,983,450

)

(4,160,813

)

NET ASSETS

47,083,423

34,390,808

CAPITAL AND RESERVES

Called up share capital

100

100

Revaluation reserve

11

28,337,317

16,061,923

Fair value reserve

11

1,749,297

1,749,297

Retained earnings

16,996,709

16,579,488

SHAREHOLDERS' FUNDS

47,083,423

34,390,808

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2021 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 14 April 2022 and were signed on its behalf by:

M E Hobbs - Director

1.	STATUTORY INFORMATION

Hobbs Estates Ltd 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 as modified by the revaluation of certain assets.

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

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

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

Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.

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 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.

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 14 (2020 - 12 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST OR VALUATION

At 1 May 2020

35,067,395

953,512

36,020,907

Additions

294,890

110,116

405,006

Disposals

-

(127,156

)

(127,156

)

Revaluations

14,705,110

-

14,705,110

At 30 April 2021

50,067,395

936,472

51,003,867

DEPRECIATION

At 1 May 2020

67,394

815,530

882,924

Charge for year

-

59,829

59,829

Eliminated on disposal

-

(119,416

)

(119,416

)

At 30 April 2021

67,394

755,943

823,337

NET BOOK VALUE

At 30 April 2021

50,000,001

180,529

50,180,530

At 30 April 2020

35,000,001

137,982

35,137,983

Cost or valuation at 30 April 2021 is represented by:

Land and buildings

£

Valuation in 2007

10,383,709

Valuation in 2009

11,434,794

Valuation in 2012

(8,428,669

)

Valuation in 2013

1,151,726

Valuation in 2014

396,879

Valuation in 2015

1,515,787

Valuation in 2017

(109,405

)

Valuation in 2018

4,850,303

Valuation in 2019

(617,963

)

Valuation in 2020

(229,665

)

Valuation in 2021

14,498,415

Cost

15,154,090

50,000,001

If freehold land and buildings had not been revalued they would have been included at the following historical cost:

2021

2020

£

£

Cost

13,807,535

13,807,535

Value of land in freehold land and buildings

212,111

212,111

Freehold land and buildings were valued on an open market basis on 30 April 2021 by the Directors.

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 May 2020

and 30 April 2021

6,000,000

NET BOOK VALUE

At 30 April 2021

6,000,000

At 30 April 2020

6,000,000

Fair value at 30 April 2021 is represented by:

£

Valuation in 2015

52,496

Valuation in 2016

(377,935

)

Valuation in 2017

1,565,448

Valuation in 2018

(1,005,542

)

Valuation in 2019

1,941,778

Valuation in 2020

(24,655

)

Cost

3,848,410

6,000,000

If freehold investment property had not been revalued it would have been included at the following historical cost:

2021

2020

£

£

Cost

3,848,410

3,848,410

Freehold investment property was valued on an open market basis on 30 April 2021 by the Directors .

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

614,637

470,166

Other debtors

1,017,771

1,017,812

1,632,408

1,487,978

7.	CURRENT ASSET INVESTMENTS

2021

2020

£

£

Shares in group undertakings

50

50

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

599,268

599,921

Trade creditors

511,674

484,226

Taxation and social security

438,709

515,646

Other creditors

103,205

95,254

1,652,856

1,695,047

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans

3,614,186

4,207,559

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

550,000

750,000

10.	SECURED DEBTS

The following secured debts are included within creditors:

2021

2020

£

£

Bank loans

4,213,454

4,807,480

The bank loans are secured by a fixed charge over the freehold land known as Honeywood Farm, Earls Colne.

11.

RESERVES

Fair

Revaluation

value

reserve

reserve

Totals

£

£

£

At 1 May 2020

16,061,923

1,749,297

17,811,220

Property revaluation

12,275,394

-

12,275,394

At 30 April 2021

28,337,317

1,749,297

30,086,614

12.	GUARANTEES AND FINANCIAL COMMITMENTS

The company has an unlimited guarantee on the borrowings of Honeywood Enterprises Limited, a company with common directors. No provision has been made for this as the liability is unlikely to arise.

At the balance sheet date the total commitment to receive income from non-cancellable operating leases was £26,182,425 (2020 - £20,934,690)

13.	RELATED PARTY DISCLOSURES

At the balance sheet date loans of £62,383 (2020 - £55,457) were owed to the Directors. These loans are unsecured, interest free and repayable on demand.