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Registration number: 08766844

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Hamilton Cars Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 30 November 2021

 

Hamilton Cars Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Hamilton Cars Ltd

Company Information

Director

Mr A P Hamilton

Registered office

21 Pagewood Close
Maidenbower
Crawley
West Sussex
RH10 7ZL

Accountants

MJD Accounting Limited
Chartered Accountant
165 Apex
West Green Drive
Crawley
West Sussex
RH11 7QL

 

Hamilton Cars Ltd

(Registration number: 08766844)
Balance Sheet as at 30 November 2021

Note

2021
£

2020
£

Fixed assets

 

Tangible assets

4

1,103

1,943

Current assets

 

Stocks

5

185,600

173,462

Debtors

6

25,915

60,170

Cash at bank and in hand

 

27,840

-

 

239,355

233,632

Creditors: Amounts falling due within one year

7

(141,568)

(106,193)

Net current assets

 

97,787

127,439

Total assets less current liabilities

 

98,890

129,382

Creditors: Amounts falling due after more than one year

7

(92,696)

(120,339)

Provisions for liabilities

(209)

(369)

Net assets

 

5,985

8,674

Capital and reserves

 

Called up share capital

8

1

1

Profit and loss account

5,984

8,673

Shareholders' funds

 

5,985

8,674

For the financial year ending 30 November 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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 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.

 

Hamilton Cars Ltd

(Registration number: 08766844)
Balance Sheet as at 30 November 2021

Approved and authorised by the director on 18 August 2022
 

.......................................................

Mr A P Hamilton
Director

 

Hamilton Cars Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2021

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
21 Pagewood Close
Maidenbower
Crawley
West Sussex
RH10 7ZL

2

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.

The presentational currency is sterling.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods 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 and deferred 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.

 

Hamilton Cars Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2021

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation.

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Computer and office equipment

25% straight line basis

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2020 - 1).

 

Hamilton Cars Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2021

4

Tangible assets

Computer & office equipment
£

Total
£

Cost or valuation

At 1 December 2020

4,948

4,948

Additions

725

725

Disposals

(294)

(294)

At 30 November 2021

5,379

5,379

Depreciation

At 1 December 2020

3,005

3,005

Charge for the year

1,345

1,345

Eliminated on disposal

(74)

(74)

At 30 November 2021

4,276

4,276

Carrying amount

At 30 November 2021

1,103

1,103

At 30 November 2020

1,943

1,943

5

Stocks

2021
£

2020
£

Other inventories

185,600

173,462

6

Debtors

2021
£

2020
£

Trade debtors

50

1,329

Prepayments

20,575

39,531

Other debtors

5,290

19,310

25,915

60,170

 

Hamilton Cars Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2021

7

Creditors

Creditors: amounts falling due within one year

Note

2021
£

2020
£

Due within one year

 

Loans and borrowings

9

27,438

14,158

Trade creditors

 

59,302

39,520

Taxation and social security

 

18,016

4,297

Accruals and deferred income

 

2,915

1,253

Other creditors

 

33,897

46,965

 

141,568

106,193

Creditors: amounts falling due after more than one year

Note

2021
£

2020
£

Due after one year

 

Loans and borrowings

9

92,696

120,339

2021
£

2020
£

Due after more than five years

After more than five years by instalments

-

5,209

-

-

Creditors include bank loans repayable by instalments of £0.00 (2020 - £5,209.00) due after more than five years.

8

Share capital

Allotted, called up and fully paid shares

 

2021

2020

 

No.

£

No.

£

Ordinary shares of £1 each

1

1

1

1

         
 

Hamilton Cars Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2021

9

Loans and borrowings

2021
£

2020
£

Current loans and borrowings

Bank borrowings

10,000

4,795

Bank overdrafts

-

6,497

Other borrowings

17,438

2,866

27,438

14,158

2021
£

2020
£

Non-current loans and borrowings

Bank borrowings

35,000

45,205

Other borrowings

57,696

75,134

92,696

120,339