Hubertnoble Ltd - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 12591008 (England and Wales)

HUBERTNOBLE LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2023

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

J Margetts

REGISTERED OFFICE:

6-7 Castle Gate

Castle Street

Hertford

Hertfordshire

SG14 1HD

REGISTERED NUMBER:

12591008 (England and Wales)

ACCOUNTANTS:

TC Group

6-7 Castle Gate

Castle Street

Hertford

Hertfordshire

SG14 1HD

CURRENT ASSETS

Stocks

6,052,643

3,993,785

Debtors

4

149,330

143,444

Cash at bank

64

1,012

6,202,037

4,138,241

CREDITORS

Amounts falling due within one year

5

6,254,218

4,144,606

NET CURRENT LIABILITIES

(52,181

)

(6,365

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(52,181

)

(6,365

)

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

(52,281

)

(6,465

)

(52,181

)

(6,365

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 21 February 2024 and were signed by:

J Margetts - Director

1.	STATUTORY INFORMATION

Hubertnoble 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.

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.

Stocks

Stocks are valued at the lower of cost and net realisable value, 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 balance sheet date.

Debtors

Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

Creditors

Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

Provisions

Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Other debtors

149,330

143,444

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Bank loans and overdrafts (see note 6)

5,405,971

3,463,500

Trade creditors

60,255

5,737

Other creditors

787,992

675,369

6,254,218

4,144,606

6.

LOANS

An analysis of the maturity of loans is given below:

2023

2022

£

£

Amounts falling due within one year or on demand:

Bank loans

5,405,971

3,463,500

7.	SECURED DEBTS

The following secured debts are included within creditors:

2023

2022

£

£

Bank loans

5,405,971

3,463,500

There are three secured loans. There is a loan of £3,611,944 and £1,494,027, secured by a fixed charge over the land and buildings at Gascoyne Way and Pegs Lane, Hertford (Former Gates site) and a floating charge covering all of the property or undertaking of the company. The second loan of £300,000 is secured by legal charges on properties owned by the director.

8.	RELATED PARTY DISCLOSURES

Margetts Investments (Leaseholds) Ltd (a company with common shareholder and director) has lent Hubertnoble Ltd the sum of £384,259 (2022: (£384,259).

Margetts Investments Ltd (a company with common shareholder and director) has lent Hubertnoble Ltd the sum of £49,408 (2022: £70,950).

Margetts Investments (Leases) Ltd (a company with common shareholder and director) has lent Hubertnoble Ltd the sum of £28,700 (2022: £28,700).

During the year the director, J Margetts loaned the company money with no set repayment date and no interest payable. At the year end, the amount due to the director was £29,038 (2022: nil).

9.	ULTIMATE CONTROLLING PARTY

The company is controlled by J Margetts by virtue of an 80% holding of the issued ordinary share capital of the company.

10.	GOING CONCERN

The director recognises that the company has an insolvent balance sheet and confirm that they will continue to support the company personally until it is in a solvent position again.