Home Hub Group Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 08454588 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2022

for

Home Hub Group Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Ms S L Tuck

Mr L Tuck

REGISTERED OFFICE:

Unit 6, The Western Centre

Western Road

Bracknell

Berkshire

RG12 1RW

REGISTERED NUMBER:

08454588 (England and Wales)

ACCOUNTANTS:

Wilson Partners Limited

Chartered Accountants

TOR

Saint-Cloud Way

Maidenhead

Berkshire

SL6 8BN

FIXED ASSETS

Intangible assets

4

192,500

302,500

Tangible assets

5

75,550

105,833

268,050

408,333

CURRENT ASSETS

Stocks

175,635

137,204

Debtors

6

1,617,010

1,100,871

Cash at bank and in hand

16,214

137,916

1,808,859

1,375,991

CREDITORS

Amounts falling due within one year

7

(2,655,984

)

(1,973,289

)

NET CURRENT LIABILITIES

(847,125

)

(597,298

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(579,075

)

(188,965

)

CREDITORS

Amounts falling due after more than one year

8

(25,000

)

(45,000

)

PROVISIONS FOR LIABILITIES

(8,911

)

(10,909

)

NET LIABILITIES

(612,986

)

(244,874

)

CAPITAL AND RESERVES

Called up share capital

4

4

Retained earnings

(612,990

)

(244,878

)

(612,986

)

(244,874

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 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 18 December 2023 and were signed on its behalf by:

Mr L Tuck - Director

1.	STATUTORY INFORMATION

Home Hub 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.

The accounts are prepared on a going concern basis as in the opinion of the directors the company has sufficient finance available to it to meet its obligations as they fall due for the foreseeable future, that is at least 12 months from the date of approval of the accounts.

Significant judgements and estimates

In the application of the company's accounting policies the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The company does not make significant estimates and assumptions concerning the future that affect the position shown in the accounts.

Turnover

Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. Turnover relates to the sales within the UK market. The policies adopted for the recognition of turnover are as follows:

Sale of goods

Turnover is recognised when significant risks and rewards of ownership of the goods have been transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on dispatch of the goods.

Rendering of Services

When the outcome of a transaction can be estimated reliably, turnover from the rendering services is recognised as the service is performed.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2014, is being amortised evenly over its estimated useful life of ten years.

Tangible fixed assets

For assets purchased before the 31st December 2020 depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life:

Plant and machinery - 25% on reducing balance

Fixtures and fittings - 25% on reducing balance

Lease improvements - 9 years on straight line basis

For assets purchased after the 31st December 2020 depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life:

Plant and machinery - 25% on straight line basis

Fixtures and fittings - 25% on straight line basis

Lease improvements - on straight line basis for the remaining lease length

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Financial instruments

Basic financial instruments are recognised at amortised cost using the effective interest method, except for investments in non-convertible preference and non-puttable preference and 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 and 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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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 31 (2021 - 29 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2022

and 31 December 2022

1,100,000

AMORTISATION

At 1 January 2022

797,500

Charge for year

110,000

At 31 December 2022

907,500

NET BOOK VALUE

At 31 December 2022

192,500

At 31 December 2021

302,500

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 January 2022

126,304

107,892

234,196

Additions

13,881

6,464

20,345

At 31 December 2022

140,185

114,356

254,541

DEPRECIATION

At 1 January 2022

77,889

50,474

128,363

Charge for year

33,646

16,982

50,628

At 31 December 2022

111,535

67,456

178,991

NET BOOK VALUE

At 31 December 2022

28,650

46,900

75,550

At 31 December 2021

48,415

57,418

105,833

6.

DEBTORS

31.12.22

31.12.21

£

£

Amounts falling due within one year:

Trade debtors

162,971

114,596

Other debtors

1,440,039

972,275

1,603,010

1,086,871

Amounts falling due after more than one year:

Other debtors

14,000

14,000

Aggregate amounts

1,617,010

1,100,871

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.22

31.12.21

£

£

Bank loans and overdrafts

48,474

-

Trade creditors

817,853

665,012

Taxation and social security

617,476

377,890

Other creditors

1,172,181

930,387

2,655,984

1,973,289

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.22

31.12.21

£

£

Bank loans

25,000

45,000

9.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.12.22

31.12.21

£

£

Within one year

237,240

202,430

Between one and five years

780,960

822,960

In more than five years

536,910

732,150

1,555,110

1,757,540

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2022 and 31 December 2021:

31.12.22

31.12.21

£

£

Mr L Tuck

Balance outstanding at start of year

471,090

-

Amounts advanced

369,780

471,090

Amounts repaid

(128,778

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

712,092

471,090

11.	RELATED PARTY DISCLOSURES

Included in debtors is an amount owed to the company by one of the shareholders, Mr J Tuck, of £287,358 (2022: £194,508).

12.	ULTIMATE CONTROLLING PARTY

There is no single ultimate controlling party of the company.