Hope Macaulay Ltd NI671472 false 2022-08-01 2023-07-31 2023-07-31 The principal activity of the company is Fashion Design Digita Accounts Production Advanced 6.30.9574.0 true true NI671472 2022-08-01 2023-07-31 NI671472 2023-07-31 NI671472 bus:OrdinaryShareClass1 2023-07-31 NI671472 core:RetainedEarningsAccumulatedLosses 2023-07-31 NI671472 core:ShareCapital 2023-07-31 NI671472 core:CurrentFinancialInstruments 2023-07-31 NI671472 core:CurrentFinancialInstruments core:WithinOneYear 2023-07-31 NI671472 core:PatentsTrademarksLicencesConcessionsSimilar 2023-07-31 NI671472 core:FurnitureFittingsToolsEquipment 2023-07-31 NI671472 bus:SmallEntities 2022-08-01 2023-07-31 NI671472 bus:AuditExemptWithAccountantsReport 2022-08-01 2023-07-31 NI671472 bus:FullAccounts 2022-08-01 2023-07-31 NI671472 bus:SmallCompaniesRegimeForAccounts 2022-08-01 2023-07-31 NI671472 bus:RegisteredOffice 2022-08-01 2023-07-31 NI671472 bus:Director1 2022-08-01 2023-07-31 NI671472 bus:Director2 2022-08-01 2023-07-31 NI671472 bus:Director3 2022-08-01 2023-07-31 NI671472 bus:OrdinaryShareClass1 2022-08-01 2023-07-31 NI671472 bus:PrivateLimitedCompanyLtd 2022-08-01 2023-07-31 NI671472 bus:Agent1 2022-08-01 2023-07-31 NI671472 core:RetainedEarningsAccumulatedLosses 2022-08-01 2023-07-31 NI671472 core:ShareCapital 2022-08-01 2023-07-31 NI671472 core:PatentsTrademarksLicencesConcessionsSimilar 2022-08-01 2023-07-31 NI671472 core:FurnitureFittings 2022-08-01 2023-07-31 NI671472 core:FurnitureFittingsToolsEquipment 2022-08-01 2023-07-31 NI671472 countries:NorthernIreland 2022-08-01 2023-07-31 NI671472 2022-07-31 NI671472 core:RetainedEarningsAccumulatedLosses 2022-07-31 NI671472 core:ShareCapital 2022-07-31 NI671472 core:PatentsTrademarksLicencesConcessionsSimilar 2022-07-31 NI671472 core:FurnitureFittingsToolsEquipment 2022-07-31 NI671472 2021-08-01 2022-07-31 NI671472 2022-07-31 NI671472 bus:OrdinaryShareClass1 2022-07-31 NI671472 core:RetainedEarningsAccumulatedLosses 2022-07-31 NI671472 core:ShareCapital 2022-07-31 NI671472 core:CurrentFinancialInstruments 2022-07-31 NI671472 core:CurrentFinancialInstruments core:WithinOneYear 2022-07-31 NI671472 core:PatentsTrademarksLicencesConcessionsSimilar 2022-07-31 NI671472 core:FurnitureFittingsToolsEquipment 2022-07-31 NI671472 bus:OrdinaryShareClass1 2021-08-01 2022-07-31 NI671472 core:RetainedEarningsAccumulatedLosses 2021-08-01 2022-07-31 NI671472 core:ShareCapital 2021-08-01 2022-07-31 NI671472 2021-07-31 NI671472 core:RetainedEarningsAccumulatedLosses 2021-07-31 NI671472 core:ShareCapital 2021-07-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: NI671472

Hope Macaulay Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 July 2023

 

Hope Macaulay Ltd

Contents

Company Information

1

Directors' Report

2

Accountants' Report

3

Profit and Loss Account

4

Statement of Comprehensive Income

5

Balance Sheet

6 to 7

Statement of Changes in Equity

8

Notes to the Unaudited Financial Statements

9 to 15

Detailed Profit and Loss Account

16 to 18

 

Hope Macaulay Ltd

Company Information

Directors

Mrs Leslie Ann Macaulay

Mr Tony Macaulay

Ms Hope Macaulay

Registered office

233 Loughan Road
Colebreene Yard
Coleraine
Londonderry
BT52 1UD

Accountants

Thomas Oliver and Associates Limited
1 Moygashel Mills Park
Dungannon
Co Tyrone
BT71 7DH

 

Hope Macaulay Ltd

Directors' Report for the Year Ended 31 July 2023

The directors present their report and the financial statements for the year ended 31 July 2023.

Directors of the company

The directors who held office during the year were as follows:

Mrs Leslie Ann Macaulay

Mr Tony Macaulay

Ms Hope Macaulay

Principal activity

The principal activity of the company is Fashion Design

Small companies provision statement

This report has 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.

Approved and authorised by the Board on 23 October 2023 and signed on its behalf by:
 

.........................................
Ms Hope Macaulay
Director

 

Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Hope Macaulay Ltd
for the Year Ended 31 July 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Hope Macaulay Ltd for the year ended 31 July 2023 as set out on pages 4 to 15 from the company's accounting records and from information and explanations you have given us.

This report is made solely to the Board of Directors of Hope Macaulay Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Hope Macaulay Ltd and state those matters that we have agreed to state to the Board of Directors of Hope Macaulay Ltd, as a body. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Hope Macaulay Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Hope Macaulay Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Hope Macaulay Ltd. You consider that Hope Macaulay Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Hope Macaulay Ltd. 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 accounts.

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

Thomas Oliver and Associates Limited
1 Moygashel Mills Park
Dungannon
Co Tyrone
BT71 7DH

23 October 2023

 

Hope Macaulay Ltd

Profit and Loss Account for the Year Ended 31 July 2023

Note

2023
£

2022
£

Turnover

 

343,670

362,488

Cost of sales

 

(202,194)

(191,551)

Gross profit

 

141,476

170,937

Administrative expenses

 

(156,026)

(77,581)

Other operating income

 

15,410

-

Operating profit

 

860

93,356

Interest payable and similar expenses

 

182

(601)

Profit before tax

4

1,042

92,755

Tax on profit

 

(202)

(17,200)

Profit for the financial year

 

840

75,555

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Hope Macaulay Ltd

Statement of Comprehensive Income for the Year Ended 31 July 2023

2023
£

2022
£

Profit for the year

840

75,555

Total comprehensive income for the year

840

75,555

 

Hope Macaulay Ltd

(Registration number: NI671472)
Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

5

1,346

1,346

Tangible assets

6

8,495

9,641

 

9,841

10,987

Current assets

 

Stocks

7

24,094

29,478

Debtors

8

9,960

11,308

Cash at bank and in hand

 

46,050

101,888

 

80,104

142,674

Creditors: Amounts falling due within one year

9

(2,836)

(17,178)

Net current assets

 

77,268

125,496

Total assets less current liabilities

 

87,109

136,483

Provisions for liabilities

(1,614)

(1,828)

Net assets

 

85,495

134,655

Capital and reserves

 

Called up share capital

10

100

100

Retained earnings

85,395

134,555

Shareholders' funds

 

85,495

134,655

For the financial year ending 31 July 2023 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their 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.

Approved and authorised by the Board on 23 October 2023 and signed on its behalf by:
 

 

Hope Macaulay Ltd

(Registration number: NI671472)
Balance Sheet as at 31 July 2023

.........................................
Ms Hope Macaulay
Director

 

Hope Macaulay Ltd

Statement of Changes in Equity for the Year Ended 31 July 2023

Share capital
£

Retained earnings
£

Total
£

At 1 August 2022

100

134,555

134,655

Profit for the year

-

840

840

Dividends

-

(50,000)

(50,000)

At 31 July 2023

100

85,395

85,495

Share capital
£

Retained earnings
£

Total
£

At 1 August 2021

100

109,000

109,100

Profit for the year

-

75,555

75,555

Dividends

-

(50,000)

(50,000)

At 31 July 2022

100

134,555

134,655

 

Hope Macaulay Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is:
233 Loughan Road
Colebreene Yard
Coleraine
Londonderry
BT52 1UD
Northern Ireland

These financial statements were authorised for issue by the Board on 23 October 2023.

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

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 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.

 

Hope Macaulay Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

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.

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

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet 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.

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

Furmiture, Fittings & Equipment

25% Reducing Balance

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

 

Hope Macaulay Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Trademarks

0%

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. 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.

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.

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.

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.

 

Hope Macaulay Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2022 - 1).

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

2,494

2,229

 

Hope Macaulay Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

5

Intangible assets

Trademarks, patents and licenses
 £

Total
£

Cost or valuation

At 1 August 2022

1,346

1,346

At 31 July 2023

1,346

1,346

Amortisation

Carrying amount

At 31 July 2023

1,346

1,346

At 31 July 2022

1,346

1,346

6

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 August 2022

12,590

12,590

Additions

1,349

1,349

At 31 July 2023

13,939

13,939

Depreciation

At 1 August 2022

2,949

2,949

Charge for the year

2,495

2,495

At 31 July 2023

5,444

5,444

Carrying amount

At 31 July 2023

8,495

8,495

At 31 July 2022

9,641

9,641

7

Stocks

2023
£

2022
£

Other inventories

24,094

29,478

 

Hope Macaulay Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

8

Debtors

Current

2023
£

2022
£

Trade debtors

3,528

3,186

Other debtors

6,432

8,122

 

9,960

11,308

9

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

1,104

-

Taxation and social security

782

16,228

Accruals and deferred income

950

950

2,836

17,178

10

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary Shares of £1 each

100

100

100

100

         

11

Dividends

Interim dividends paid

   

2023
£

 

2022
£

Interim dividend of £500.00 per each Ordinary Shares

 

50,000

 

50,000

         

12

Related party transactions

 

Hope Macaulay Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

8,305

-

 

Hope Macaulay Ltd

Detailed Profit and Loss Account for the Year Ended 31 July 2023

2023
 £

2022
 £

turnover (analysed below)

343,670

362,488

Cost of sales (analysed below)

(202,194)

(191,551)

Gross profit

141,476

170,937

Gross profit (%)

41.17%

47.16%

Administrative expenses

Employment costs (analysed below)

(68,133)

(7,611)

Establishment costs (analysed below)

(29,475)

(20,895)

General administrative expenses (analysed below)

(51,906)

(46,590)

Finance charges (analysed below)

(4,018)

(256)

Depreciation costs (analysed below)

(2,494)

(2,229)

(156,026)

(77,581)

Other operating income (analysed below)

15,410

-

Operating profit

860

93,356

Interest payable and similar charges (analysed below)

182

(601)

Profit before tax

1,042

92,755

 

Hope Macaulay Ltd

Detailed Profit and Loss Account for the Year Ended 31 July 2023

2023
£

2022
£

   

Turnover

Sale of goods, Worldwide

343,670

362,488

   

Cost of sales

Opening raw materials

(29,478)

(21,570)

Fabric / Materials

(66,933)

(55,059)

Closing raw materials

24,094

29,478

Subcontract cost

(77,650)

(83,727)

Packaging material

(3,836)

(4,802)

Carriage

(46,740)

(54,943)

Booklets

(1,651)

(928)

(202,194)

(191,551)

   

Employment costs

Wages and salaries (excluding directors)

(58,319)

(7,611)

Directors remuneration

(8,305)

-

Staff pensions (Other)

(1,179)

-

Staff welfare

(330)

-

(68,133)

(7,611)

   

Establishment costs

Pop Up Shop / Showroom Fees

(9,696)

-

Rent

(11,778)

(9,578)

Rates

-

(1,258)

Light, heat and power

(1,378)

(3,075)

Insurance

(4,406)

(3,444)

Repairs and renewals

(116)

(1,716)

Studio Equipment

(2,101)

(1,824)

(29,475)

(20,895)

   

General administrative expenses

Rail Rental Fee

(2,676)

-

Telephone and fax

(774)

(787)

Photoshoot expenses

(12,544)

(19,643)

Computer software and maintenance costs

(4,953)

(1,776)

Printing, postage and stationery

(419)

(84)

Trade subscriptions

(535)

-

Charitable donations

(798)

(745)

Sundry expenses

-

(324)

 

Hope Macaulay Ltd

Detailed Profit and Loss Account for the Year Ended 31 July 2023

2023
£

2022
£

   

Motor expenses

(165)

(256)

Travel and subsistence

(20,658)

(14,673)

Advertising

(426)

(2,197)

Accountancy fees

(2,950)

(2,145)

Legal and professional fees

(5,008)

(3,960)

(51,906)

(46,590)

   

Finance charges

Bank charges

(155)

(256)

Credit card charges

(3,863)

-

(4,018)

(256)

   

Depreciation costs

Depreciation of fixtures and fittings (owned)

(2,494)

(2,229)

   

Other operating income

Other operating income

15,410

-

   

Interest payable and similar expenses

Other interest payable

(3)

-

Foreign currency (gains)/losses

185

(601)

182

(601)