Registration number:
Hamilton Corporation Limited
for the Period from 1 April 2017 to 30 June 2018
Kajaine House
57-67 High Street
Edgware
HA8 7DD
Hamilton Corporation Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Hamilton Corporation Limited
Company Information
Director |
Mr V Hamilton |
Company secretary |
Mr CD Gerstein |
Registered office |
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Accountants |
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Page 1 |
Hamilton Corporation Limited
(Registration number: 03119934)
Balance Sheet as at 30 June 2018
Note |
2018 |
2017 |
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Fixed assets |
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Tangible assets |
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Investment property |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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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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Creditors: Amounts falling due after more than one year |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Revaluation reserve |
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Profit and loss account |
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Total equity |
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For the financial period ending 30 June 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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Mr V Hamilton
Director
Page 2 |
Hamilton Corporation Limited
Notes to the Financial Statements for the Period from 1 April 2017 to 30 June 2018
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
United Kingdom
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Page 3 |
Hamilton Corporation Limited
Notes to the Financial Statements for the Period from 1 April 2017 to 30 June 2018
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Furniture, Fittings and Equipment |
20% Reducing balance |
Motor Vehicles |
25% Reducing balance |
Investment property
Investment property is carried at fair value and is assessed internally by the directors at the year-end. Changes in fair value are recognised in profit or loss.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Page 4 |
Hamilton Corporation Limited
Notes to the Financial Statements for the Period from 1 April 2017 to 30 June 2018
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company (including the director) during the period, was
Page 5 |
Hamilton Corporation Limited
Notes to the Financial Statements for the Period from 1 April 2017 to 30 June 2018
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 April 2017 |
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Disposals |
- |
- |
( |
( |
At 30 June 2018 |
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- |
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Depreciation |
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At 1 April 2017 |
- |
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Charge for the period |
- |
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- |
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Eliminated on disposal |
- |
- |
( |
( |
At 30 June 2018 |
- |
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- |
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Carrying amount |
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At 30 June 2018 |
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- |
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At 31 March 2017 |
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Investment properties |
2018 |
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At 1 April |
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At 30 June |
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The fair value of the investment properties at the date of the balance sheet was £450,000 (2017: £450,000). The fair value of the investment properties were assessed internally by the directors at the year-end.
Investment Property and Land & Buildings are part of one property and were revalued at £800,000 of which £450,000 is classed as Investment Property and £350,000 is classed as Land and Buildings.
Debtors |
2018 |
2017 |
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Trade debtors |
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Other debtors |
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Prepayments |
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Total current trade and other debtors |
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Page 6 |
Hamilton Corporation Limited
Notes to the Financial Statements for the Period from 1 April 2017 to 30 June 2018
Creditors |
Creditors: amounts falling due within one year
Note |
2018 |
2017 |
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Due within one year |
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Bank loans and overdrafts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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Accrued expenses |
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Corporation tax payable |
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Directors current account |
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Due after one year |
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Loans and borrowings |
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Creditors: amounts falling due after more than one year
Note |
2018 |
2017 |
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Due after one year |
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Loans and borrowings |
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Share capital |
Allotted, called up and fully paid shares
2018 |
2017 |
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No. |
£ |
No. |
£ |
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132 |
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132 |
Page 7 |
Hamilton Corporation Limited
Notes to the Financial Statements for the Period from 1 April 2017 to 30 June 2018
Loans and borrowings |
Creditors includes the following liabilities, on which security has been given by the company:
2018 |
2017 |
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Non-current loans and borrowings |
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Bank borrowings |
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2018 |
2017 |
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Current loans and borrowings |
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Bank borrowings |
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The bank loans are secured by a fixed and floating charge over the assets and related undertakings of the company.
Page 8 |