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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2018 |
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FOR |
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SINGER & HAMILTON LIMITED |
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REGISTERED NUMBER:
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2018 |
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FOR |
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SINGER & HAMILTON LIMITED |
SINGER & HAMILTON LIMITED (REGISTERED NUMBER: 02885872) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 31 December 2018 |
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Company Information | 1 |
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Abridged Statement of Financial Position | 2 |
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Notes to the Financial Statements | 3 |
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Chartered Accountants' Report | 6 |
SINGER & HAMILTON LIMITED |
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COMPANY INFORMATION |
for the year ended 31 December 2018 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
88 Crawford Street |
London |
W1H 2EJ |
SINGER & HAMILTON LIMITED (REGISTERED NUMBER: 02885872) |
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ABRIDGED STATEMENT OF FINANCIAL POSITION |
31 December 2018 |
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2018 | 2017 |
Notes | £ | £ |
CURRENT ASSETS |
Debtors |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
( |
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( |
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CAPITAL AND RESERVES |
Called up share capital | 4 |
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Retained earnings | ( |
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SHAREHOLDERS' FUNDS | ( |
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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. |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
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SINGER & HAMILTON LIMITED (REGISTERED NUMBER: 02885872) |
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NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 31 December 2018 |
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1. | STATUTORY INFORMATION |
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Singer & Hamilton Limited is a
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company's registered number and registered office address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
The principal accounting policies adopted in the preparation of the financial statements are set out below and |
have remained unchanged from the previous year, and also have been consistently applied within the same |
accounts. |
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The financial statements are prepared on the going concern basis, under the historical cost convention, and |
comply with the financial reporting standards of the Financial Reporting Council including FRS 102 "The |
Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") as adapted by Section |
1A of FRS 102, the Companies Act 2006. |
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The financial statements are prepared in UK Pound Sterling which is the functional currency of the company. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable on the completion of services |
rendered, net of discounts, rebates and sales taxes. |
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Income is recognised when the significant risks and rewards of the transaction have passed to the buyer, usually |
on contract date, 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. |
SINGER & HAMILTON LIMITED (REGISTERED NUMBER: 02885872) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2018 |
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2. | ACCOUNTING POLICIES - continued |
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Tangible fixed assets |
Property, fixtures and fittings and computer equipment are stated at historical cost less accumulated |
depreciation and accumulated impairment losses. |
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Depreciation is recognised to write off the cost of assets less their residual values over their useful lives. |
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The method of depreciation of each category of asset is as follows: |
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Plant & machinery | - 25% Reducing Balance method. |
Computer equipment | - 3 year straight line method. |
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The company's policy is to review the remaining useful economic lives and residual values of fixed assets on an |
on-going basis and to adjust the depreciation charge to reflect the remaining estimated useful economic life and |
residual value. |
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Fully depreciated fixed assets are retained in cost until they are removed from service. In case of disposals, |
assets and related depreciation are removed from the financial statements and the net amount, less proceeds |
from disposal, is charged or credited to the profit and loss account. |
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Assets not carried at fair value are also reviewed for impairment whenever events or changes in circumstances |
indicate that the carrying value may not be recoverable. An impairment loss is recognised for the amount by |
which the asset's carrying value exceeds its recoverable amount. |
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The recoverable amount is the higher of an asset's fair value less costs to sell and value in use. Value in use is |
defined as the present value of the future pre-tax and interest cash flows obtainable as a result of the asset's |
continued use. The pre-tax and interest cash flows are discounted using a pre-tax discount rate that represents |
the current market risk free rate and risks inherent in the asset. For the purposes of assessing impairment, |
assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash-generating |
units). |
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If the recoverable amount of the asset (or asset's cash generating unit) is estimated to be lower than the carrying |
amount, the carrying amount is reduced to the recoverable amount. An impairment loss is recognised in the |
profit and loss account, unless the asset has been revalued when the amount is recognised in other |
comprehensive income to the extent of any previously recognised revaluation. Thereafter any excess is |
recognised in profit and loss. |
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If an impairment loss is subsequently reversed, the carrying amount of the asset (or asset's cash generating |
unit) is increased to the revised estimate of its recoverable amount, but only to the extent that the revised |
carrying amount does not exceed the carrying amount that would have been determined (net of depreciation) |
had no impairment loss been recognised in prior periods. A reversal of an impairment loss is recognised in the |
profit and loss account. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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 statement of financial position date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
statement of financial position date. |
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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. |
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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. |
SINGER & HAMILTON LIMITED (REGISTERED NUMBER: 02885872) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2018 |
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2. | ACCOUNTING POLICIES - continued |
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Foreign currencies |
Items included in the financial statements of the company are measured using the currency of the primary |
economic environment in which the company operates ("the functional currency"). The financial statements are |
presented in Sterling, which is the company's functional and presentation currency and is denoted by the symbol |
"£". |
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Foreign currency transactions are translated into the functional currency using the spot exchange rates at the |
dates of the transactions. |
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At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items |
measured at historical cost are translated using the exchange rate at the date of the transaction and |
non-monetary items measured at fair value are measured using the exchange rate when fair value was |
determined. |
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Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents and all other |
foreign exchange gains and losses are presented in the profit and loss account within ‘Foreign exchange losses |
or gains’. |
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Cash and cash equivalents |
Cash and cash equivalents include cash on hand, demand deposits and other short- term highly liquid |
investments with original maturities of three months or less. Bank overdrafts are shown within borrowings in |
current liabilities on the statement of financial position. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was NIL (2017 - NIL). |
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4. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2018 | 2017 |
value: | £ | £ |
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Ordinary | £1 | 2 | 2 |
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Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary |
shares or options are shown in equity as a deduction, net of tax, from the proceeds. |
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5. | RELATED PARTY DISCLOSURES |
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The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The |
Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party |
transactions with wholly owned subsidiaries within the group. |
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6. | ULTIMATE CONTROLLING PARTY |
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The ultimate controlling party is
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7. | GOING CONCERN |
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The accounts have been prepared on a going concern basis, assuming continuing support from the company's |
parent company, Singer & Hamilton SA (incorporated in France). |
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS |
ON THE UNAUDITED FINANCIAL STATEMENTS OF |
SINGER & HAMILTON LIMITED |
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The following reproduces the text of the report prepared for the directors in respect of the company's annual |
unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file |
a Statement of Financial Position. Readers are cautioned that the Abridged Statement of Comprehensive |
Income and certain other primary statements and the Report of the Directors are not required to be filed with the |
Registrar of Companies. |
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In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the |
financial statements of Singer & Hamilton Limited for the year ended 31 December 2018 which comprise the Abridged |
Income Statement, Abridged Statement of Financial Position and the related notes from the company's accounting |
records and from information and explanations you have given us. |
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As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
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This report is made solely to the Board of Directors of Singer & Hamilton Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Singer & Hamilton Limited and state those matters that we have agreed to state to the Board of Directors of Singer & Hamilton Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Singer & Hamilton Limited and its Board of Directors, as a body, for our work or for this report. |
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It is your duty to ensure that Singer & Hamilton Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Singer & Hamilton Limited. You consider that Singer & Hamilton Limited is exempt from the statutory audit requirement for the year. |
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We have not been instructed to carry out an audit or a review of the financial statements of Singer & Hamilton Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
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Chartered Accountants |
88 Crawford Street |
London |
W1H 2EJ |
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