Hobsons CA Limited 30/11/2020 iXBRL

Hobsons CA Limited 30/11/2020 iXBRL

HOBSONS CA LIMITED - Company Information

Print Friendly Version

39 30/11/2020 2020-11-30 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 2019-12-01 Sage Accounts Production 2020 Update 1 - FRS102_2019 xbrli:pure xbrli:shares iso4217:GBP 08765832 2019-12-01 2020-11-30 08765832 2020-11-30 08765832 2019-11-30 08765832 2018-12-01 2019-11-30 08765832 2019-11-30 08765832 core:NetGoodwill 2019-12-01 2020-11-30 08765832 core:FurnitureFittingsToolsEquipment 2019-12-01 2020-11-30 08765832 bus:Director1 2019-12-01 2020-11-30 08765832 core:NetGoodwill 2020-11-30 08765832 core:PlantMachinery 2019-11-30 08765832 core:FurnitureFittingsToolsEquipment 2019-11-30 08765832 core:PlantMachinery 2020-11-30 08765832 core:FurnitureFittingsToolsEquipment 2020-11-30 08765832 core:WithinOneYear 2020-11-30 08765832 core:WithinOneYear 2019-11-30 08765832 core:AfterOneYear 2020-11-30 08765832 core:AfterOneYear 2019-11-30 08765832 core:PlantMachinery 2019-12-01 2020-11-30 08765832 core:ShareCapital 2020-11-30 08765832 core:ShareCapital 2019-11-30 08765832 core:RetainedEarningsAccumulatedLosses 2020-11-30 08765832 core:RetainedEarningsAccumulatedLosses 2019-11-30 08765832 core:NetGoodwill 2019-11-30 08765832 core:PlantMachinery 2019-11-30 08765832 core:FurnitureFittingsToolsEquipment 2019-11-30 08765832 bus:SmallEntities 2019-12-01 2020-11-30 08765832 bus:AuditExempt-NoAccountantsReport 2019-12-01 2020-11-30 08765832 bus:FullAccounts 2019-12-01 2020-11-30 08765832 bus:SmallCompaniesRegimeForAccounts 2019-12-01 2020-11-30 08765832 bus:PrivateLimitedCompanyLtd 2019-12-01 2020-11-30 08765832 core:Associate1 2019-12-01 2020-11-30
Company registration number: 08765832
Hobsons CA Limited
Trading as Hobsons
Unaudited filleted financial statements
30 November 2020
Hobsons CA Limited
Contents
Statement of financial position
Notes to the financial statements
Hobsons CA Limited
Statement of financial position
30 November 2020
2020 2019
Note £ £ £ £
Fixed assets
Intangible assets 5 - -
Tangible assets 6 45,108 28,446
_______ _______
45,108 28,446
Current assets
Stocks 287,480 214,948
Debtors 7 325,270 362,966
Cash at bank and in hand 337,231 255,527
_______ _______
949,981 833,441
Creditors: amounts falling due
within one year 8 ( 664,215) ( 662,653)
_______ _______
Net current assets 285,766 170,788
_______ _______
Total assets less current liabilities 330,874 199,234
Creditors: amounts falling due
after more than one year 9 ( 133,328) ( 166,664)
Provisions for liabilities ( 7,327) ( 4,901)
_______ _______
Net assets 190,219 27,669
_______ _______
Capital and reserves
Called up share capital 10,379 10,379
Profit and loss account 179,840 17,290
_______ _______
Shareholders funds 190,219 27,669
_______ _______
For the year ending 30 November 2020 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 16 July 2021 , 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 2020
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'.
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.
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.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
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 39 (2019: 38 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 December 2019 and 30 November 2020 1,083,257 1,083,257
_________ _________
Amortisation
At 1 December 2019 and 30 November 2020 1,083,257 1,083,257
_________ _________
Carrying amount
At 30 November 2020 - -
_________ _________
At 30 November 2019 - -
_________ _________
6. Tangible assets
Computer equipment Fixtures, fittings and equipment Total
£ £ £
Cost
At 1 December 2019 58,580 40,443 99,023
Additions 21,269 17,754 39,023
Disposals ( 18,399) ( 3,942) ( 22,341)
_______ _______ _______
At 30 November 2020 61,450 54,255 115,705
_______ _______ _______
Depreciation
At 1 December 2019 41,574 29,003 70,577
Charge for the year 12,763 8,258 21,021
Disposals ( 17,995) ( 3,006) ( 21,001)
_______ _______ _______
At 30 November 2020 36,342 34,255 70,597
_______ _______ _______
Carrying amount
At 30 November 2020 25,108 20,000 45,108
_______ _______ _______
At 30 November 2019 17,006 11,440 28,446
_______ _______ _______
7. Debtors
2020 2019
£ £
Trade debtors 277,496 313,904
Other debtors 47,774 49,062
_______ _______
325,270 362,966
_______ _______
8. Creditors: amounts falling due within one year
2020 2019
£ £
Bank loan 50,000 -
Trade creditors 36,562 44,155
Corporation tax 45,599 61,035
Social security and other taxes 185,439 93,663
Other creditors 346,615 463,800
_______ _______
664,215 662,653
_______ _______
9. Creditors: amounts falling due after more than one year
2020 2019
£ £
Other creditors 133,328 166,664
_______ _______
10. Related party transactions
Included in creditors is the sum of £240,648 (2019 - £372,892) owing to the directors of the company.