Hobsons CA Limited 30/11/2019 iXBRL

Hobsons CA Limited 30/11/2019 iXBRL

HOBSONS CA LIMITED - Company Information

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30/11/2019 2019-11-30 false false false false false false false false false false true false false true false false false false false true false No description of principal activities is disclosed 2018-12-01 Sage Accounts Production 19.0 - FRS102_2019 xbrli:pure xbrli:shares iso4217:GBP 08765832 2018-12-01 2019-11-30 08765832 2019-11-30 08765832 2018-11-30 08765832 2017-12-01 2018-11-30 08765832 2018-11-30 08765832 core:NetGoodwill 2018-12-01 2019-11-30 08765832 core:FurnitureFittingsToolsEquipment 2018-12-01 2019-11-30 08765832 bus:Director1 2018-12-01 2019-11-30 08765832 core:NetGoodwill 2018-11-30 08765832 core:NetGoodwill 2019-11-30 08765832 core:PlantMachinery 2018-11-30 08765832 core:FurnitureFittingsToolsEquipment 2018-11-30 08765832 core:PlantMachinery 2019-11-30 08765832 core:FurnitureFittingsToolsEquipment 2019-11-30 08765832 core:WithinOneYear 2019-11-30 08765832 core:WithinOneYear 2018-11-30 08765832 core:AfterOneYear 2019-11-30 08765832 core:AfterOneYear 2018-11-30 08765832 core:PlantMachinery 2018-12-01 2019-11-30 08765832 core:ShareCapital 2019-11-30 08765832 core:ShareCapital 2018-11-30 08765832 core:RetainedEarningsAccumulatedLosses 2019-11-30 08765832 core:RetainedEarningsAccumulatedLosses 2018-11-30 08765832 core:NetGoodwill 2018-11-30 08765832 core:PlantMachinery 2018-11-30 08765832 core:FurnitureFittingsToolsEquipment 2018-11-30 08765832 bus:SmallEntities 2018-12-01 2019-11-30 08765832 bus:AuditExempt-NoAccountantsReport 2018-12-01 2019-11-30 08765832 bus:FullAccounts 2018-12-01 2019-11-30 08765832 bus:SmallCompaniesRegimeForAccounts 2018-12-01 2019-11-30 08765832 bus:PrivateLimitedCompanyLtd 2018-12-01 2019-11-30
Company registration number: 08765832
Hobsons CA Limited
Trading as Hobsons
Unaudited filleted financial statements
30 November 2019
Hobsons CA Limited
Contents
Statement of financial position
Notes to the financial statements
Hobsons CA Limited
Statement of financial position
30 November 2019
2019 2018
Note £ £ £ £
Fixed assets
Intangible assets 5 - 216,652
Tangible assets 6 28,446 20,889
_______ _______
28,446 237,541
Current assets
Stocks 214,948 164,144
Debtors 7 362,966 391,101
Cash at bank and in hand 255,527 143,692
_______ _______
833,441 698,937
Creditors: amounts falling due
within one year 8 ( 662,653) ( 516,290)
_______ _______
Net current assets 170,788 182,647
_______ _______
Total assets less current liabilities 199,234 420,188
Creditors: amounts falling due
after more than one year 9 ( 166,664) ( 380,000)
Provisions for liabilities ( 4,901) ( 3,354)
_______ _______
Net assets 27,669 36,834
_______ _______
Capital and reserves
Called up share capital - allotted and fully paid 10,379 10,379
Profit and loss account 17,290 26,455
_______ _______
Shareholders funds 27,669 36,834
_______ _______
For the year ending 30 November 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 30 June 2020 , and are signed on behalf of the board by:
Mr James Scully
Director
Company registration number: 08765832
Hobsons CA Limited
Notes to the financial statements
Year ended 30 November 2019
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Alexandra House, 43 Alexandra Street, Nottingham, NG5 1AY. The principal activity of the company is that of a Chartered Accountancy practice.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. The Triennial review 2017 amendments to the standard have been early adopted.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.The financial statements are prepared in sterling, which is the functional currency of the entity rounded to the nearest £.
Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period.When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Taxation
The taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period. 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. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted at the reporting date.Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill - 20 % straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Computer equipment - 3 years straight line
Fittings fixtures and equipment - 25 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stock largely comprises Work in Progress representing unbilled client work that has not yet reached an appropriate stage for billing. Due allowance has been made for irrecoverable sums.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 38 (2018: 39 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 December 2018 and 30 November 2019 1,083,257 1,083,257
_________ _________
Amortisation
At 1 December 2018 866,606 866,606
Charge for the year 216,651 216,651
_________ _________
At 30 November 2019 1,083,257 1,083,257
_________ _________
Carrying amount
At 30 November 2019 - -
_________ _________
At 30 November 2018 216,651 216,651
_________ _________
6. Tangible assets
Computer equipment Fixtures, fittings and equipment Total
£ £ £
Cost
At 1 December 2018 46,414 39,784 86,198
Additions 20,571 3,896 24,467
Disposals ( 8,404) ( 3,238) ( 11,642)
_______ _______ _______
At 30 November 2019 58,581 40,442 99,023
_______ _______ _______
Depreciation
At 1 December 2018 39,721 25,589 65,310
Charge for the year 10,258 6,453 16,711
Disposals ( 8,404) ( 3,040) ( 11,444)
_______ _______ _______
At 30 November 2019 41,575 29,002 70,577
_______ _______ _______
Carrying amount
At 30 November 2019 17,006 11,440 28,446
_______ _______ _______
At 30 November 2018 6,693 14,195 20,888
_______ _______ _______
7. Debtors
2019 2018
£ £
Trade debtors 313,904 344,624
Other debtors 49,062 46,477
_______ _______
362,966 391,101
_______ _______
8. Creditors: amounts falling due within one year
2019 2018
£ £
Trade creditors 44,155 43,487
Corporation tax 61,035 27,811
Social security and other taxes 93,663 128,572
Other creditors 463,800 316,420
_______ _______
662,653 516,290
_______ _______
9. Creditors: amounts falling due after more than one year
2019 2018
£ £
Other creditors 166,664 380,000
_______ _______