Registered number:
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 OCTOBER 2021
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HOBS REPROGRAPHICS LIMITED
COMPANY INFORMATION
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HOBS REPROGRAPHICS LIMITED
CONTENTS
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HOBS REPROGRAPHICS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 OCTOBER 2021
The directors present the strategic report for the period ended 31 October 2021.
Hobs Reprographics Limited (‘Hobs’) provides a fully integrated print and document management service to support customers in designing, producing, sharing, storing and retrieving their documents and data.
Hobs has been a leading name in its sector for the last 52 years and over time has developed deep and loyal relationships with its customers. From supporting some of the UK’s largest companies in the full range of document management services, Hobs has become an invaluable and seamless extension of its clients’ businesses. Throughout its history, Hobs has focused on providing the highest level of service, on-time, every time. This consistency of service has ensured a high level of customer loyalty in the Company’s key market sectors, with the customers of Hobs finding the services exceptional value for money.
The Company was established in Liverpool over 52 years ago and initially focused on providing construction drawing printing services to companies in the Architecture, Engineering and Construction (‘AEC’) sector. Whilst the AEC sector remains Hobs’ largest sector its current multi-layered, technology-driven service solution has evolved significantly from the company’s original offering. The company was proud to be awarded a Royal Warrant in 2003.
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HOBS REPROGRAPHICS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2021
The Covid pandemic had a major negative impact on the business from the moment it emerged in March 2020, leading to a major cost restructuring exercise carried out in that year to protect the business, which also entailed full use of the Government furlough scheme and deferral of statutory and other liabilities where possible.
The effects of the pandemic on the business continued throughout 2021, with the continuation of various forms of lockdowns and restriction on working patterns. This resulted in a small loss before tax for the company of £0.2m in the year (excluding exceptional write-down of £2.5m in respect of an intercompany loan), but a positive EBITDA of £0.5m as compared to a negative EBITDA of £1.87m in the 18 months to 31st October 2020. The majority of the EBITDA was earned in the second half of the year which is indicative of the resurgence of the business as lockdowns were gradually eased, with 54% of revenue generated in the second half. The turn-around in EBITDA is also reflective of the cost reduction measures taken by the directors. Close management of working capital has resulted in a healthy ratio of current assets to current liabilities for the group of 1.47 being maintained, down from 1.78 at October 2020. As at 31st October 2021 the company had cash reserves of £0.6m. The above are considered to be KPI's of the Group. The directors monitor performance through the production of a 2-year business plan, supported by the production of detailed annual budgets and forecasts and the comparison of actual performance against these budgets. The business has emerged from the pandemic and is now in a period of growth whilst at the same time repaying debt built up during the pandemic. Working capital is managed closely to protect the business during this period but, given the financial strength of the company, the varied nature of industries we sell to, and with continued focus on credit risk and cost control, the Board are confident of the going concern status of the company, and therefore have prepared the financial statements on a going concern basis. The company’s business activities, together with the factors likely to affect its future development, performance and position are set out in this report. The directors would like to go on record to express their sincere thanks to all staff within the company for their continued support through what has been a very difficult period over the last two years.
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HOBS REPROGRAPHICS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2021
ISO 9001
The business is now fully accredited under ISO9001 and has its own Quality Management System to ensure continued compliance with the standard. Health & Safety The business has also implemented its own Health & Safety Management System with a dedicated director responsible for this area. Corporate social responsibility Environment Hobs has always been conscious of the impact we have on the local community, the environment and our sustainability. We are committed to reducing our impact on the environment. The business is fully accredited under ISO14001, and this forms part of the Quality Management System mentioned above. Through our network of suppliers, we continue to use FSC paper as standard, and for bespoke jobs wherever possible. We print onto various recycled papers and we use various inks including vegetable-based inks that have a low impact on the environment. We continually review our production processes to minimise levels of waste, reuse or recycle materials and product whenever possible, and only dispose of waste via licensed waste contractors. During the year the company partnered with Print Releaf, whereby Hobs customers can offset their carbon footprint by measuring, offsetting, and verifying the successful reforestation of their paper consumption. Charities As a business, Hobs sponsors a number of charity fundraising events each year, either from individual branches or from Head Office. In addition, Hobs employees undertake a number of charity fundraising challenges each year.
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HOBS REPROGRAPHICS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2021
The principal risks and uncertainty facing the group's business are as follows:
• The impact of the wider economy and specifically the AEC sector. In the short term the major risk relates to the recovery from the Covid pandemic. As stated above, the directors have taken every step available to “right-size” the business and manage cash flow to mitigate against the pandemic risk. • Price risk has now increased due to the war in Ukraine. The directors took the decision in April 2022 to implement a price increase to Hobs customers having absorbed all supplier price increases for the last two years. • Technology - Printing technology is constantly evolving, and Hobs intends to stay at the forefront of this by investing in the best printers available so that it can continue to enhance its service offering. • Competition - Hobs Group is now the largest independent national suppliers of printing and reprographics services. However, the directors are aware of market competition at both national and local level, and constantly strive to capture new business as well as retain existing customers by close scrutiny of management information data and the setting of targeted sales incentives. • Cyber and Internet Security - As businesses become more reliant on technology the risks increase. This year saw us invest in various steps to make our business more resilient. • GDPR - the regulation effective in May 2018 further crystallises the risk in information security. This year saw us continue to invest in this area, including obtaining ISO27001 accreditation. The directors carry out a regular review of the risk environment in which the company operates. The board believes that the company has adequate procedures and processes in place to ensure these risks are monitored and managed appropriately.
This report was approved by the board on 25 July 2022
and signed on its behalf.
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HOBS REPROGRAPHICS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 OCTOBER 2021
The directors present their report and the financial statements for the year ended 31 October 2021.
The loss for the year, after taxation, amounted to £
2,851,505
(2020 -
loss
£
3,304,052
)
.
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
The directors who served during the year were:
The directors are responsible for preparing the Strategic report, the Directors' report and the
financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year
. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.
In preparing these financial statements, the directors are required to:
∙
select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙
make judgments and accounting estimates that are reasonable and prudent;
∙
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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HOBS REPROGRAPHICS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2021
As mentioned in the Strategic Report above, the company is now experiencing a post-Covid recovery, although it is gradual one, and caution is still observed due to the head-winds of inflation and supply chain issues currently being experienced in the wider economy. The business forecasts have been prepared on this basis, and the directors continue to constantly monitor trading levels.
The company continues on course in its planned recovery from Covid. Further investment in high quality digital printing equipment has provided new areas of growth in certain sectors as they also find new ways to communicate with their strategic plans. Our commitment to the environment has seen new opportunities arise through the introduction of Print Releaf, an organisation that allows its members the opportunity to help with reforestation around the world by offsetting their printed pages. The business has also continued to work towards its future hub and spoke property strategy with two more new locations acquired. Scanning and archiving continue in growth, offering clients back scanning services or live process digitisation. Direct mail has also contributed well in the business results with higher demand from clients struggling to communicate with a decentralised national workforce.
There have been no significant events affecting the Company since the year end.
The auditors, Langtons Professional Services Limited, will be proposed for reappointment in accordance with
section 485 of the Companies Act 2006.
This report was approved by the board on
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HOBS REPROGRAPHICS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HOBS REPROGRAPHICS LIMITED
We have audited the financial statements of Hobs Reprographics Limited (the 'Company') for the year ended 31 October 2021, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of changes in equity
and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards,
including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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HOBS REPROGRAPHICS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HOBS REPROGRAPHICS LIMITED (CONTINUED)
In our opinion, based on the work undertaken in the course of the audit:
∙
the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙
the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.
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HOBS REPROGRAPHICS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HOBS REPROGRAPHICS LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
The objectives of our audit, in respect to fraud, are: • to identify and assess the risks of material misstatement of the financial statements due to fraud; • to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; and • to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management. Our approach was as follows: • We obtained an understanding of the legal and regulatory frameworks that are applicable to the Company and determined that the most significant are those that relate to the reporting framework (FRS 102 and the Companies Act 2006), the relevant tax compliance regulations in the UK and the EU General Data Protection Regulation (GDPR). • We understood how the Company is complying with those frameworks by making enquiries of management. Through consideration of the results of our audit procedures we were able to either corroborate or provide contrary evidence which was then followed up. • Based on our understanding we designed our audit procedures to identify non-compliance with laws and regulations. Our procedures involved: enquiries of management; and journal entry testing, with a focus on journals indicating large or unusual transactions based on our understanding of the business. • We assessed the susceptibility of the Company’s financial statements to material misstatement, including how fraud might occur by meeting with management to understand where it considered there was susceptibility to fraud. We also considered performance targets and their propensity to influence efforts made by management to manage revenue and earnings. Where the risk was considered to be higher, including areas impacting key performance indicators or management remuneration, we performed audit procedures to address each identified fraud risk or other risk of material misstatement. These procedures included those on revenue recognition detailed above, the assessment of items identified by management as non-recurring and testing manual journals and were designed to provide reasonable assurance that the financial statements were free from material fraud or error.
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HOBS REPROGRAPHICS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HOBS REPROGRAPHICS LIMITED (CONTINUED)
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at:
www.frc.org.uk/auditorsresponsibilities
. This description forms part of our Auditors' report.
This report is made solely to the Company's members, as a body,
in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditors
The Plaza
100 Old Hall Street
L3 9QJ
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HOBS REPROGRAPHICS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 OCTOBER 2021
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HOBS REPROGRAPHICS LIMITED
REGISTERED NUMBER:
00511368
STATEMENT OF FINANCIAL POSITION
AS AT
31 OCTOBER 2021
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HOBS REPROGRAPHICS LIMITED
REGISTERED NUMBER:
00511368
STATEMENT OF FINANCIAL POSITION
(CONTINUED)
AS AT
31 OCTOBER 2021
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 15 to 35 form part of these financial statements.
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HOBS REPROGRAPHICS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED
31 OCTOBER 2021
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HOBS REPROGRAPHICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2021
Hobs Reprographics Limited is a private company limited by shares incorporated in England and Wales. The registered office is Lower Ground Floor, 3 Temple Lane, Liverpool, L2 5BA.
The principal activity of the Company is the supply of reprographic services.
2.
Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in
the UK and the Republic of Ireland and the Companies Act 2006
.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The financial statements have been prepared on the going-concern basis which assumes that the company will be able to continue to trade for at least 12 months from the date these accounts are signed. In assessing the future viability of the business, the directors have reviewed the forecasts for the period up to October 2023.
Like many businesses across the world, the company was severely affected by the Coronavirus pandemic (Covid-19) with turnover falling dramatically from April 2020. Significant measures were taken by the directors in the months following to reduce the cost base accordingly and defer payments wherever possible to protect the cash flow of the business. These actions helped stabilise the business, whilst revenue gradually increased during 2021 as Covid restrictions were slowly eased. Revenue has continued to increase in 2022 with the company starting to transition from loss-making to profit-making in recent months. The directors are confident that the business is structured properly for the future, but are keenly aware that trade has not yet returned to pre-Covid levels. It is for that reason the business forecasts are conservatively based with revenue forecast to grow slowly. Based on these projections, the directors have a reasonable expectation that the business will continue to operate as a going-concern for the foreseeable future and have therefore adopted the going-concern basis of accounting in preparing these financial statements.
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HOBS REPROGRAPHICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2021
2.
Accounting policies (continued)
Functional and presentation currency
Transactions and balances
Turnover represents the invoiced amount of goods and services sold, net of trade discounts and value added tax. Sales are recognised when the rights to receive consideration have been met in full.
Turnover is recognised in relation to separately identifiable components of a single transaction when necessary to reflect the substance of the arrangement and in relation to two or more linked transactions when necessary to understand the commercial effect. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
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HOBS REPROGRAPHICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2021
2.
Accounting policies (continued)
Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.
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HOBS REPROGRAPHICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2021
2.
Accounting policies (continued)
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HOBS REPROGRAPHICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2021
2.
Accounting policies (continued)
Goodwill
Other intangible assets
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
The estimated useful lives range as follows:
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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HOBS REPROGRAPHICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2021
2.
Accounting policies (continued)
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Statement of financial position.
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HOBS REPROGRAPHICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2021
2.
Accounting policies (continued)
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HOBS REPROGRAPHICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2021
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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. Critical judgements The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements. Categorisation of leases In categorising leases as finance leases or operating leases, management makes judgements as to whether significant risks and rewards of ownership have transferred to the company as lessee. Key sources of estimation uncertainty The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows. Useful life of fixed assets In making decisions regarding the depreciation of fixed assets, management must estimate the useful life of said assets to the business. A change in the estimate would result in a change in the depreciation charged to profit or loss each year. Valuation of intangible assets The recoverable amount of goodwill and other intangible assets is based on value in use which requires estimates in respect of the allocation of goodwill to cash generating units, the future cash flows and an appropriate discount rate. The key inputs to the value in use calculations are the discount rate and the future earnings growth; a change in these assumptions could impact on the level of goodwill recognised. Provisions Management must estimate at each reporting date the impact of dilapidations resulting from the occupation of leased properties.
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HOBS REPROGRAPHICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2021
The whole of the turnover is attributable to the principal activity of the company.
Analysis of turnover by country of destination:
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2021
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2021
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2021
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HOBS REPROGRAPHICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2021
12.
Taxation (continued)
Trade losses of £3,098,772 (2020 - £2,722,775) are carried forward and are available to reduce the tax liability arising from future trading profits.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2021
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2021
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2021
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2021
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2021
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2021
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HOBS REPROGRAPHICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2021
Profit and loss account
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund. Contributions totalling £25,566 (2020 - £69,037) were payable to the fund at the reporting date and are included in creditors.
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HOBS REPROGRAPHICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2021
30.
Other financial commitments
The Company is party to a cross guarantee relating to amounts owed to HSBC UK Bank PLC. The amount outstanding at the year end was £520,444 (2020 - £678,450).
Borrowings in other group companies are secured by way of fixed and floating charges in favour of BGF Nominee, other loan note holders and HSBC UK Bank PLC.
The immediate and ultimate parent company is Hobs Group Limited, a company registered in England and Wales.
The directors consider there to be no ultimate controlling party of Hobs Group Limited. Hobs Group Limited is the smallest and largest group for which consolidated accounts including Hobs Reprographics Limited are prepared. The consolidated accounts of Hobs Group Limited are available to the public from its registered office: Lower Ground Floor 3 Temple Lane Liverpool L2 5BA
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