Hobbs Electrical Property Ltd - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 09965076 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2023

FOR

HOBBS ELECTRICAL PROPERTY LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

J Hobbs

S P Hobbs

REGISTERED OFFICE:

7A St Pauls Court

Stony Stratford

Buckinghamshire

MK11 1LJ

REGISTERED NUMBER:

09965076 (England and Wales)

ACCOUNTANTS:

TC Group

4 Office Village

Forder Way

Cygnet Park, Hampton

Peterborough

Cambridgeshire

PE7 8GX

FIXED ASSETS

Tangible assets

4

2,668

3,558

Investment property

5

1,294,142

1,161,142

1,296,810

1,164,700

CURRENT ASSETS

Debtors

6

-

18

Cash at bank

3,542

1,917

3,542

1,935

CREDITORS

Amounts falling due within one year

7

406,198

398,798

NET CURRENT LIABILITIES

(402,656

)

(396,863

)

TOTAL ASSETS LESS CURRENT LIABILITIES

894,154

767,837

CREDITORS

Amounts falling due after more than one year

8

(804,100

)

(804,100

)

PROVISIONS FOR LIABILITIES

10

(17,343

)

-

NET ASSETS/(LIABILITIES)

72,711

(36,263

)

CAPITAL AND RESERVES

Called up share capital

11

100

-

Fair value reserve

12

133,000

-

Retained earnings

12

(60,389

)

(36,263

)

SHAREHOLDERS' FUNDS

72,711

(36,263

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2023 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 17 October 2023 and were signed on its behalf by:

J Hobbs - Director

1.	STATUTORY INFORMATION

Hobbs Electrical Property 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.

Significant judgements and estimates

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.

No significant judgements (apart from those involving estimations) have been made by management in the process of applying the entity's accounting policies and preparing these financial statements.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. There have been no key assumptions or there sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

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.

Fixtures and fittings

-

25% on reducing balance

At each balance sheet date assets not carried at fair value are assessed to determine whether there is an indication that the asset may be impaired. If there is such an indication the recoverable amount of the asset is compared to the carrying amount of the asset.

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

The company holds basic financial instruments as defined in FRS102. 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 and basic financial instruments and are measured at amortised cost. Taxation and social security and not included in the financial instruments disclosure definition.

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.

Debtors

Short term debtors are initially measured at transaction price less attributable costs and then subsequently measured at amortised costs using EIR. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Creditors

Short term trade creditors are initially measured at transaction price less attributable costs. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1 February 2022

and 31 January 2023

8,275

DEPRECIATION

At 1 February 2022

4,717

Charge for year

890

At 31 January 2023

5,607

NET BOOK VALUE

At 31 January 2023

2,668

At 31 January 2022

3,558

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 February 2022

1,161,142

Revaluations

133,000

At 31 January 2023

1,294,142

NET BOOK VALUE

At 31 January 2023

1,294,142

At 31 January 2022

1,161,142

Fair value at 31 January 2023 is represented by:

£

Valuation in 2023

133,000

Cost

1,161,142

1,294,142

If the investment properties had not been revalued they would have been included at the following historical cost:

2023

2022

£

£

Cost

1,161,142

1,161,142

The investment properties were valued on an open market basis on 31 January 2023 by the directors .

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

(19

)

-

Other debtors

19

18

-

18

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Bank loans and overdrafts (see note 9)

-

373,745

Other creditors

398,925

-

Directors' current accounts

5,313

22,413

Accrued expenses

1,960

2,640

406,198

398,798

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2022

£

£

Bank loans (see note 9)

804,100

804,100

9.

LOANS

An analysis of the maturity of loans is given below:

2023

2022

£

£

Amounts falling due within one year or on demand:

Bank loans

-

373,745

Amounts falling due between one and two years:

Bank loans - 1-2 years

804,100

804,100

10.	PROVISIONS FOR LIABILITIES

2023

2022

£

£

Deferred tax

17,343

-

Deferred

tax

£

Provided during year

17,343

Balance at 31 January 2023

17,343

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2023

2022

value:

£

£

100

Ordinary

1

100

-

12.

RESERVES

Fair

Retained

value

earnings

reserve

Totals

£

£

£

At 1 February 2022

(36,263

)

-

(36,263

)

Profit for the year

108,874

108,874

Retained Earnings

(133,000

)

133,000

-

At 31 January 2023

(60,389

)

133,000

72,611

13.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At the year end a director Joe Hobbs was owed £2,656.50 (2022 - £11,206.50). This loan is unsecured, interest free and repayable on demand.

At the year end a director Steven Hobbs was owed £2,656.50 (2022 - £11,206.50). This loan is unsecured, interest free and repayable on demand.

14.	RELATED PARTY DISCLOSURES

As at the year end, the company owed £398,925 (2022 - £373,745) by a connected company. This loan is unsecured, interest free and repayable on demand. The balance is included within other creditors.

15.	ULTIMATE CONTROLLING PARTY

There is no Ultimate controlling party. J Hobbs and S P Hobbs split the voting rights 50/50.