IRIS Accounts Production v23.2.0.158 NI006169 director 1.4.22 31.3.23 31.3.23 true false true true false false false true false Fair value model Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhNI0061692022-03-31NI0061692023-03-31NI0061692022-04-012023-03-31NI0061692021-03-31NI0061692021-04-012022-03-31NI0061692022-03-31NI006169ns10:Originalns15:NorthernIreland2022-04-012023-03-31NI006169ns14:PoundSterlingns10:Original2022-04-012023-03-31NI006169ns10:Originalns10:Director12022-04-012023-03-31NI006169ns10:Original2022-04-012023-03-31NI006169ns10:Original2023-03-31NI006169ns10:Originalns10:PrivateLimitedCompanyLtd2022-04-012023-03-31NI006169ns10:Originalns10:FRS1022022-04-012023-03-31NI006169ns10:Originalns10:Audited2022-04-012023-03-31NI006169ns10:Originalns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2022-04-012023-03-31NI006169ns10:LargeMedium-sizedCompaniesRegimeForAccountsns10:Original2022-04-012023-03-31NI006169ns10:Originalns10:FullAccounts2022-04-012023-03-31NI006169ns10:Original12022-04-012023-03-31NI006169ns10:Originalns10:OrdinaryShareClass12022-04-012023-03-31NI006169ns10:Originalns10:RegisteredOffice2022-04-012023-03-31NI006169ns10:Originalns10:Director22022-04-012023-03-31NI006169ns10:Originalns10:Director52022-04-012023-03-31NI006169ns10:Originalns10:Director42022-04-012023-03-31NI006169ns10:Originalns10:Director32022-04-012023-03-31NI006169ns10:Original2021-04-012022-03-31NI006169ns10:Original12022-04-012023-03-31NI006169ns10:Original12021-04-012022-03-31NI006169ns10:Original2022-03-31NI006169ns10:Originalns5:CurrentFinancialInstruments2023-03-31NI006169ns10:Originalns5:CurrentFinancialInstruments2022-03-31NI006169ns10:Originalns5:Non-currentFinancialInstruments2023-03-31NI006169ns10:Originalns5:Non-currentFinancialInstruments2022-03-31NI006169ns5:ShareCapitalns10:Original2023-03-31NI006169ns5:ShareCapitalns10:Original2022-03-31NI006169ns10:Originalns5:RevaluationReserve2023-03-31NI006169ns10:Originalns5:RevaluationReserve2022-03-31NI006169ns10:Originalns5:RetainedEarningsAccumulatedLosses2023-03-31NI006169ns10:Originalns5:RetainedEarningsAccumulatedLosses2022-03-31NI006169ns5:ShareCapitalns10:Original2021-03-31NI006169ns10:Originalns5:RetainedEarningsAccumulatedLosses2021-03-31NI006169ns10:Originalns5:RevaluationReserve2021-03-31NI006169ns10:Original2021-03-31NI006169ns10:Originalns5:RetainedEarningsAccumulatedLosses2021-04-012022-03-31NI006169ns10:Originalns5:RevaluationReserve2021-04-012022-03-31NI006169ns10:Originalns5:RetainedEarningsAccumulatedLosses2022-04-012023-03-31NI006169ns10:Originalns5:RevaluationReserve2022-04-012023-03-31NI006169ns10:Original2022-03-31NI006169ns10:Originalns5:NetGoodwill2022-04-012023-03-31NI006169ns5:IntangibleAssetsOtherThanGoodwillns10:Original2022-04-012023-03-31NI006169ns10:Originalns5:OwnedOrFreeholdAssetsns5:LandBuildings2022-04-012023-03-31NI006169ns10:Originalns5:PlantMachinery2022-04-012023-03-31NI006169ns10:Originalns5:FurnitureFittings2022-04-012023-03-31NI006169ns10:Originalns5:MotorVehicles2022-04-012023-03-31NI006169ns10:Originalns15:UnitedKingdom2022-04-012023-03-31NI006169ns10:Originalns15:UnitedKingdom2021-04-012022-03-31NI006169ns15:Europens10:Original2022-04-012023-03-31NI006169ns15:Europens10:Original2021-04-012022-03-31NI006169ns10:Originalns5:TotalGeographicSegmentsIncludingAnyUnallocatedAmount2022-04-012023-03-31NI006169ns10:Originalns5:TotalGeographicSegmentsIncludingAnyUnallocatedAmount2021-04-012022-03-31NI006169ns5:OwnedAssetsns10:Original2022-04-012023-03-31NI006169ns5:OwnedAssetsns10:Original2021-04-012022-03-31NI006169ns10:Originalns5:NetGoodwill2021-04-012022-03-31NI006169ns10:Original52022-04-012023-03-31NI006169ns10:Original52021-04-012022-03-31NI006169ns10:Originalns5:HirePurchaseContracts2022-04-012023-03-31NI006169ns10:Originalns5:HirePurchaseContracts2021-04-012022-03-31NI006169ns10:Originalns10:OrdinaryShareClass12021-04-012022-03-31NI006169ns10:Originalns5:NetGoodwill2022-03-31NI006169ns10:Originalns5:NetGoodwill2023-03-31NI006169ns10:Originalns5:NetGoodwill2022-03-31NI006169ns10:Originalns5:LandBuildings2022-03-31NI006169ns10:Originalns5:PlantMachinery2022-03-31NI006169ns10:Originalns5:FurnitureFittings2022-03-31NI006169ns10:Originalns5:MotorVehicles2022-03-31NI006169ns10:Originalns5:LandBuildings2022-04-012023-03-31NI006169ns10:Originalns5:LandBuildings2023-03-31NI006169ns10:Originalns5:PlantMachinery2023-03-31NI006169ns10:Originalns5:FurnitureFittings2023-03-31NI006169ns10:Originalns5:MotorVehicles2023-03-31NI006169ns10:Originalns5:LandBuildings2022-03-31NI006169ns10:Originalns5:PlantMachinery2022-03-31NI006169ns10:Originalns5:FurnitureFittings2022-03-31NI006169ns10:Originalns5:MotorVehicles2022-03-31NI006169ns10:Originalns5:ListedExchangeTradedns5:CostValuation2022-03-31NI006169ns10:Originalns5:UnlistedNon-exchangeTradedns5:CostValuation2022-03-31NI006169ns10:Originalns5:ListedExchangeTradedns5:AdditionsToInvestments2023-03-31NI006169ns10:Originalns5:UnlistedNon-exchangeTradedns5:AdditionsToInvestments2023-03-31NI006169ns10:Originalns5:ListedExchangeTradedns5:RevaluationsIncreaseDecreaseInInvestments2023-03-31NI006169ns10:Originalns5:UnlistedNon-exchangeTradedns5:RevaluationsIncreaseDecreaseInInvestments2023-03-31NI006169ns10:Originalns5:ListedExchangeTradedns5:CostValuation2023-03-31NI006169ns10:Originalns5:UnlistedNon-exchangeTradedns5:CostValuation2023-03-31NI006169ns10:Originalns5:ListedExchangeTraded2023-03-31NI006169ns10:Originalns5:UnlistedNon-exchangeTraded2023-03-31NI006169ns10:Originalns5:ListedExchangeTraded2022-03-31NI006169ns10:Originalns5:UnlistedNon-exchangeTraded2022-03-31NI006169ns10:Originalns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-03-31NI006169ns10:Originalns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-03-31NI006169ns10:Originalns5:CurrentFinancialInstruments2022-04-012023-03-31NI006169ns10:Originalns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2023-03-31NI006169ns10:Originalns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2022-03-31NI006169ns10:Originalns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2023-03-31NI006169ns10:Originalns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2022-03-31NI006169ns10:Originalns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-03-31NI006169ns10:Originalns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-03-31NI006169ns5:BetweenOneFiveYearsns10:Originalns5:HirePurchaseContracts2023-03-31NI006169ns5:BetweenOneFiveYearsns10:Originalns5:HirePurchaseContracts2022-03-31NI006169ns10:Originalns5:HirePurchaseContracts2023-03-31NI006169ns10:Originalns5:HirePurchaseContracts2022-03-31NI006169ns5:Securedns10:Original2023-03-31NI006169ns5:Securedns10:Original2022-03-31NI006169ns10:Originalns5:DeferredTaxation2022-03-31NI006169ns10:Originalns5:DeferredTaxation2023-03-31NI006169ns10:Originalns10:OrdinaryShareClass12023-03-31NI006169ns10:Originalns5:RetainedEarningsAccumulatedLosses2022-03-31NI006169ns10:Originalns5:RevaluationReserve2022-03-31NI00616912022-04-012023-03-31
REGISTERED NUMBER: NI006169 (Northern Ireland)















Strategic Report, Report of the Director and

Financial Statements

for the Year Ended 31 March 2023

for

James Hamilton & Company (Lurgan) Ltd

James Hamilton & Company (Lurgan) Ltd (Registered number: NI006169)






Contents of the Financial Statements
for the Year Ended 31 March 2023




Page

Company Information 1

Strategic Report 2

Report of the Director 3

Report of the Independent Auditors 5

Income Statement 9

Other Comprehensive Income 10

Balance Sheet 11

Statement of Changes in Equity 12

Cash Flow Statement 13

Notes to the Cash Flow Statement 14

Notes to the Financial Statements 16


James Hamilton & Company (Lurgan) Ltd

Company Information
for the Year Ended 31 March 2023







DIRECTOR: Mr Brian O'Sullivan



REGISTERED OFFICE: Quaker Buildings
High Street
Lurgan
Craigavon
Co. Armagh
BT66 8BB



BUSINESS ADDRESS: 50 Millennium Way
Lurgan
Craigavon
Co. Armagh
BT66 8DH



REGISTERED NUMBER: NI006169 (Northern Ireland)



AUDITORS: McCleary & Company Ltd
Chartered Accountants and Registered Auditors
Quaker Buildings
High Street
Lurgan
Craigavon
Co. Armagh
BT66 8BB



BANKERS: Danske Bank
39 Market Street
Lurgan
Co. Armagh
BT66 6AB

James Hamilton & Company (Lurgan) Ltd (Registered number: NI006169)

Strategic Report
for the Year Ended 31 March 2023

The director presents his strategic report for the year ended 31 March 2023.

REVIEW OF BUSINESS
The results for the year show a pre-tax profit of £859,748, compared to £1,065,229 in the previous year.
Gross profit for the year was 26.31% (2022: 28.67%). The company has net funds of £1,847,303 (2022: net funds £1,617,722).

The external commercial environment is expected to be very challenging in the year to 31 March 2024, however we remain confident that we will maintain our current level of performance in the future.

PRINCIPAL RISKS AND UNCERTAINTIES
The management of the business and the execution of the company's strategy are subject to a number of risks. The key business risks and uncertainties affecting the business are considered to relate to competition and the general economic climate.

ON BEHALF OF THE BOARD:





Mr Brian O'Sullivan - Director


13 November 2023

James Hamilton & Company (Lurgan) Ltd (Registered number: NI006169)

Report of the Director
for the Year Ended 31 March 2023

The director presents his report with the financial statements of the company for the year ended 31 March 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of the manufacture of printed stationery and folding boxes, the wholesale distribution of paper and industrial disposable wipes, the retail distribution of office stationery and equipment and the distribution of bearings to industry.

DIVIDENDS
The total distribution of dividends for the year ended 31 March 2023 will be £ 3,997 .

DIRECTORS
The directors who have held office during the period from 1 April 2022 to the date of this report are as follows:

Mr Alex Hamilton (Deceased) - deceased 18 January 2023

Mr Brian O'Sullivan was appointed as a director after 31 March 2023 but prior to the date of this report.

Mr Alan James Hamilton , Mr Keith Alistair Hamilton and Mrs Joan Rona Murray Ralston Hamilton ceased to be directors after 31 March 2023 but prior to the date of this report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is 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 director is required to:

-select suitable accounting policies and then apply them consistently;
-make judgements 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 director is 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 enable him to ensure that the financial statements comply with the Companies Act 2006. He is 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.

James Hamilton & Company (Lurgan) Ltd (Registered number: NI006169)

Report of the Director
for the Year Ended 31 March 2023


STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:





Mr Brian O'Sullivan - Director


13 November 2023

Report of the Independent Auditors to the Members of
James Hamilton & Company (Lurgan) Ltd

Opinion
We have audited the financial statements of James Hamilton & Company (Lurgan) Ltd (the 'company') for the year ended 31 March 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, 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).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 March 2023 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
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 UK, including the FRC'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.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's 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 director with respect to going concern are described in the relevant sections of this report.

Other information
The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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.

Report of the Independent Auditors to the Members of
James Hamilton & Company (Lurgan) Ltd


Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
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 Report of the Director.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
James Hamilton & Company (Lurgan) Ltd


Auditors' responsibilities for the audit of the financial statements
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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

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.

Having considered the nature of the business and the sector in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to breaches of health and safety laws and the potential for Fraud. We considered the extent to which non-compliance might have a material effect on the financial statements. We also considered the laws and regulations that do not have a direct impact on the preparation of the financial statements but compliance with which may be fundamental to the Company's ability to operate, such as the companies Act 2006. We evaluated the management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to fixed asset valuation and misstatement of inter-company balances. Audit procedures performed included:

- Assessment of compliance with key laws and regulations;
- Enquiry of those charged with management including any known or suspected instances of non-compliance with laws and regulations, potential litigation and fraud;
- Identifying and testing journal entries for appropriateness, evaluating the rationale for significant transactions outside what is normal for the company and assessing whether the judgments made in making accounting estimates are indicative of potential bias, in order to assess the risk of fraud through management override of controls;
- Analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
- Challenging assumptions and judgments made by management in significant accounting estimates;
- Reviewing the disclosures in the financial statements against the specific legal requirements. We communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

There are inherent limitations in the audit procedures outlined above. We are less likely to become aware of
instances of non compliance with laws and regulations that are not closely related to events and transactions
reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is
higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment.

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 Report of the Auditors.

Report of the Independent Auditors to the Members of
James Hamilton & Company (Lurgan) Ltd


Use of our 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 a Report of the Auditors 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.




Warren McCleary (Senior Statutory Auditor)
for and on behalf of McCleary & Company Ltd
Chartered Accountants and Registered Auditors
Quaker Buildings
High Street
Lurgan
Craigavon
Co. Armagh
BT66 8BB

13 November 2023


McCleary & Company Ltd.

James Hamilton & Company (Lurgan) Ltd (Registered number: NI006169)

Income Statement
for the Year Ended 31 March 2023

31.3.23 31.3.22
Notes £    £    £    £   

TURNOVER 3 14,380,580 13,586,057

Cost of sales 10,597,203 9,691,454
GROSS PROFIT 3,783,377 3,894,603

Administrative expenses 3,114,155 3,073,296
669,222 821,307

Other operating income 224,115 275,511
OPERATING PROFIT 6 893,337 1,096,818

Income from fixed asset investments 1,720 1,622
Interest receivable and similar income 1,523 1,513
3,243 3,135
896,580 1,099,953

Interest payable and similar expenses 7 36,832 34,724
PROFIT BEFORE TAXATION 859,748 1,065,229

Tax on profit 8 183,569 185,189
PROFIT FOR THE FINANCIAL
YEAR

676,179

880,040

James Hamilton & Company (Lurgan) Ltd (Registered number: NI006169)

Other Comprehensive Income
for the Year Ended 31 March 2023

31.3.23 31.3.22
Notes £    £   

PROFIT FOR THE YEAR 676,179 880,040


OTHER COMPREHENSIVE INCOME
Revaluation of listed investments 281 (9,758 )
Income tax relating to other
comprehensive income

-

-
OTHER COMPREHENSIVE
INCOME FOR THE YEAR, NET OF
INCOME TAX


281


(9,758


)
TOTAL COMPREHENSIVE
INCOME FOR THE YEAR

676,460

870,282

James Hamilton & Company (Lurgan) Ltd (Registered number: NI006169)

Balance Sheet
31 March 2023

31.3.23 31.3.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 - -
Tangible assets 11 3,239,624 3,270,641
Investments 12 32,091 36,404
Investment property 13 810,000 675,000
4,081,715 3,982,045

CURRENT ASSETS
Stocks 14 2,189,413 2,085,498
Debtors 15 5,522,065 5,940,359
Cash at bank and in hand 1,847,303 1,617,722
9,558,781 9,643,579
CREDITORS
Amounts falling due within one year 16 2,136,089 2,738,006
NET CURRENT ASSETS 7,422,692 6,905,573
TOTAL ASSETS LESS CURRENT
LIABILITIES

11,504,407

10,887,618

CREDITORS
Amounts falling due after more than one
year

17

(338,042

)

(430,992

)

PROVISIONS FOR LIABILITIES 21 (126,982 ) (89,706 )
NET ASSETS 11,039,383 10,366,920

CAPITAL AND RESERVES
Called up share capital 22 5,003 5,003
Revaluation reserve 23 143,363 8,363
Retained earnings 23 10,891,017 10,353,554
SHAREHOLDERS' FUNDS 11,039,383 10,366,920

The financial statements were approved by the director and authorised for issue on 13 November 2023 and were signed by:




Mr Brian O'Sullivan - Director


James Hamilton & Company (Lurgan) Ltd (Registered number: NI006169)

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

Called up
share Retained Revaluation Total
capital earnings reserve equity
£    £    £    £   

Balance at 1 April 2021 5,003 9,487,224 8,363 9,500,590

Changes in equity
Dividends - (3,952 ) - (3,952 )
Total comprehensive income - 870,282 - 870,282
Balance at 31 March 2022 5,003 10,353,554 8,363 10,366,920

Changes in equity
Dividends - (3,997 ) - (3,997 )
Total comprehensive income - 541,460 135,000 676,460
Balance at 31 March 2023 5,003 10,891,017 143,363 11,039,383

James Hamilton & Company (Lurgan) Ltd (Registered number: NI006169)

Cash Flow Statement
for the Year Ended 31 March 2023

31.3.23 31.3.22
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 921,869 972,419
Interest paid (32,795 ) (28,080 )
Interest element of hire purchase
payments paid

(4,037

)

(6,644

)
Tax paid (212,840 ) (182,378 )
Net cash from operating activities 672,197 755,317

Cash flows from investing activities
Purchase of tangible fixed assets (313,815 ) (171,494 )
Purchase of fixed asset investments (1,720 ) (1,622 )
Sale of tangible fixed assets 27,850 22,850
Interest received 1,523 1,513
Dividends received 1,720 1,622
Net cash from investing activities (284,442 ) (147,131 )

Cash flows from financing activities
Loan repayments in year (45,179 ) (54,654 )
Capital repayments in year (53,492 ) (50,885 )
Amount introduced by directors 537 36,439
Amount withdrawn by directors (56,043 ) -
Equity dividends paid (3,997 ) (3,952 )
Net cash from financing activities (158,174 ) (73,052 )

Increase in cash and cash equivalents 229,581 535,134
Cash and cash equivalents at
beginning of year

2

1,617,722

1,082,588

Cash and cash equivalents at end of
year

2

1,847,303

1,617,722

James Hamilton & Company (Lurgan) Ltd (Registered number: NI006169)

Notes to the Cash Flow Statement
for the Year Ended 31 March 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
31.3.23 31.3.22
£    £   
Profit before taxation 859,748 1,065,229
Depreciation charges 328,268 321,717
(Profit)/loss on disposal of fixed assets (11,286 ) 2,310
Gain on revaluation of fixed assets (128,686 ) -
Finance costs 36,832 34,724
Finance income (3,243 ) (3,135 )
1,081,633 1,420,845
Increase in stocks (103,915 ) (156,078 )
Decrease/(increase) in trade and other debtors 417,797 (419,494 )
(Decrease)/increase in trade and other creditors (473,646 ) 127,146
Cash generated from operations 921,869 972,419

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 March 2023
31.3.23 1.4.22
£    £   
Cash and cash equivalents 1,847,303 1,617,722
Year ended 31 March 2022
31.3.22 1.4.21
£    £   
Cash and cash equivalents 1,617,722 1,082,588


James Hamilton & Company (Lurgan) Ltd (Registered number: NI006169)

Notes to the Cash Flow Statement
for the Year Ended 31 March 2023

3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.22 Cash flow At 31.3.23
£    £    £   
Net cash
Cash at bank and in hand 1,617,722 229,581 1,847,303
1,617,722 229,581 1,847,303
Debt
Finance leases (104,930 ) 53,492 (51,438 )
Debts falling due within 1 year (56,858 ) (3,866 ) (60,724 )
Debts falling due after 1 year (379,554 ) 49,046 (330,508 )
(541,342 ) 98,672 (442,670 )
Total 1,076,380 328,253 1,404,633

James Hamilton & Company (Lurgan) Ltd (Registered number: NI006169)

Notes to the Financial Statements
for the Year Ended 31 March 2023

1. STATUTORY INFORMATION

James Hamilton & Company (Lurgan) Ltd is a private company, limited by shares , registered in Northern Ireland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover represents the total invoice value, excluding value added tax, of sales made during the year and derives from the provision of goods and services falling within the company's ordinary activities.

Goodwill
Goodwill arising on business combinations is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful life. The period chosen for writing off goodwill is two years. The reason for choosing this period is due to the expected useful life of the customer list benefits. Provision is made for any impairment.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 20% on cost and 15% on reducing balance
Motor vehicles - 33% on reducing balance

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.


James Hamilton & Company (Lurgan) Ltd (Registered number: NI006169)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

2. ACCOUNTING POLICIES - continued
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.

Current or deferred taxation assets and liabilities are not discounted.

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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

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.

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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Assets acquired under finance leases are capitalised and depreciated over the shorter of the lease term and the expected useful life of the asset. Minimum lease payments are apportioned between the finance charge and the reduction of the outstanding lease liability using the effective interest method. The related obligations, net of future finance charges, are included in creditors.

Where goods are sold using finance leases, the entity recognises turnover from the sale of goods and the rights to receive future lease payments as a debtor. Minimum lease payments are apportioned between finance income and the reduction of the lease debtor with finance income allocated so as to produce a constant periodic rate of interest on the net investment in the finance lease.

Rentals payable and receivable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

James Hamilton & Company (Lurgan) Ltd (Registered number: NI006169)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

2. ACCOUNTING POLICIES - continued

Government grants
Capital grants and other contributions received towards the cost of tangible fixed assets are included in creditors as deferred income and credited to the profit and loss account over the life of the asset. Revenue grants are credited to the profit and loss account so as to match them with the expenditure to which they relate.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

31.3.23 31.3.22
£    £   
United Kingdom 13,346,131 12,689,965
Europe 1,034,449 896,092
14,380,580 13,586,057

4. EMPLOYEES AND DIRECTORS
31.3.23 31.3.22
£    £   
Wages and salaries 2,510,734 2,403,881
Social security costs 276,004 239,541
Other pension costs 98,846 99,528
2,885,584 2,742,950

The average number of employees during the year was as follows:
31.3.23 31.3.22

Administrative staff 38 38
Other 52 52
90 90

5. DIRECTORS' EMOLUMENTS
31.3.23 31.3.22
£    £   
Directors' remuneration 184,025 188,846
Directors' pension contributions to money purchase schemes 21,600 21,600

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 2 2

James Hamilton & Company (Lurgan) Ltd (Registered number: NI006169)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

6. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

31.3.23 31.3.22
£    £   
Other operating leases 57,256 45,707
Depreciation - owned assets 328,268 306,717
(Profit)/loss on disposal of fixed assets (11,286 ) 2,310
Goodwill amortisation - 15,000
Auditors' remuneration 15,110 13,921
Auditors' remuneration for non audit work 7,250 7,250
Foreign exchange differences 100,442 79,363

7. INTEREST PAYABLE AND SIMILAR EXPENSES
31.3.23 31.3.22
£    £   
Bank loan interest 24,135 16,958
Other interest 8,660 11,122
Hire purchase 4,037 6,644
36,832 34,724

8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.3.23 31.3.22
£    £   
Current tax:
UK corporation tax 146,293 179,800

Deferred tax 37,276 5,389
Tax on profit 183,569 185,189

James Hamilton & Company (Lurgan) Ltd (Registered number: NI006169)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

8. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

31.3.23 31.3.22
£    £   
Profit before tax 859,748 1,065,229
Profit multiplied by the standard rate of corporation tax in the UK
of 19% (2022 - 19%)

163,352

202,394

Effects of:
Expenses not deductible for tax purposes 2,120 4,184
Income not taxable for tax purposes (327 ) (308 )
Depreciation in excess of capital allowances 6,946 3,689
Adjustments to tax charge in respect of previous periods - (33,040 )
Profits/(Losses) from JH Label Solutions LLP 7,599 8,270
Revaluation (Gains)/losses (24,450 ) -
Change in Deferred tax rate 28,329 -
Total tax charge 183,569 185,189

Tax effects relating to effects of other comprehensive income

31.3.23
Gross Tax Net
£    £    £   
Revaluation of listed investments 281 - 281

31.3.22
Gross Tax Net
£    £    £   
Revaluation of listed investments (9,758 ) - (9,758 )

9. DIVIDENDS
31.3.23 31.3.22
£    £   
Interim 3,997 3,952

James Hamilton & Company (Lurgan) Ltd (Registered number: NI006169)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

10. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2022
and 31 March 2023 30,000
AMORTISATION
At 1 April 2022
and 31 March 2023 30,000
NET BOOK VALUE
At 31 March 2023 -
At 31 March 2022 -

Goodwill relates to Customer Lists, purchased in the year ending 31 March 2021. The expected useful life of this asset is two years.

11. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 April 2022 2,940,541 1,974,883 614,338 724,037 6,253,799
Additions - - 108,500 205,315 313,815
Disposals - - (60,000 ) (15,400 ) (75,400 )
At 31 March 2023 2,940,541 1,974,883 662,838 913,952 6,492,214
DEPRECIATION
At 1 April 2022 758,909 1,132,744 537,514 553,991 2,983,158
Charge for year 58,811 140,254 38,827 90,376 328,268
Eliminated on disposal - - (48,000 ) (10,836 ) (58,836 )
At 31 March 2023 817,720 1,272,998 528,341 633,531 3,252,590
NET BOOK VALUE
At 31 March 2023 2,122,821 701,885 134,497 280,421 3,239,624
At 31 March 2022 2,181,632 842,139 76,824 170,046 3,270,641

James Hamilton & Company (Lurgan) Ltd (Registered number: NI006169)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

12. FIXED ASSET INVESTMENTS
Listed Unlisted
investments investments Totals
£    £    £   
COST OR VALUATION
At 1 April 2022 24,090 12,314 36,404
Additions 1,720 - 1,720
Revaluations 281 (6,314 ) (6,033 )
At 31 March 2023 26,091 6,000 32,091
NET BOOK VALUE
At 31 March 2023 26,091 6,000 32,091
At 31 March 2022 24,090 12,314 36,404

Cost or valuation at 31 March 2023 is represented by:

Listed Unlisted
investments investments Totals
£    £    £   
Valuation in 2023 26,091 6,000 32,091

13. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2022 675,000
Revaluations 135,000
At 31 March 2023 810,000
NET BOOK VALUE
At 31 March 2023 810,000
At 31 March 2022 675,000

Fair value at 31 March 2023 is represented by:
£   
Valuation in 2023 810,000

In accordance with FRS102, Investment property is not being depreciated and is valued at fair value. Investment property consists of three properties, with a total fair value of £810,000. In 2022 the three properties were revalued at £675,000, £85,000 and £50,000 by an independent estate agent. The Directors feel the fair value at the year end, has not changed significantly since the last valuation.

James Hamilton & Company (Lurgan) Ltd (Registered number: NI006169)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

14. STOCKS
31.3.23 31.3.22
£    £   
Raw materials 41,968 162,310
Work-in-progress 90,653 19,611
Finished goods 2,056,792 1,903,577
2,189,413 2,085,498

15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade debtors 2,622,108 2,713,431
Amounts owed by participating interests 2,754,412 3,053,919
Other debtors 29,295 59,559
Directors' current accounts 74,929 75,425
Prepayments 41,321 38,025
5,522,065 5,940,359

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Bank loans and overdrafts (see note 18) 60,724 56,858
Hire purchase contracts (see note 19) 43,904 53,492
Trade creditors 921,590 1,336,820
Tax 146,293 212,840
Social security and other taxes 48,961 112,102
VAT 398,799 382,922
Other creditors 44,053 53,397
Directors' current accounts 388,363 444,365
Accrued expenses 83,402 85,210
2,136,089 2,738,006

Bank borrowings are secured by a floating charge over all monies, and fixed charge over property at Millenium Way Lurgan.

17. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
31.3.23 31.3.22
£    £   
Bank loans (see note 18) 330,508 379,554
Hire purchase contracts (see note 19) 7,534 51,438
338,042 430,992

James Hamilton & Company (Lurgan) Ltd (Registered number: NI006169)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

18. LOANS

An analysis of the maturity of loans is given below:

31.3.23 31.3.22
£    £   
Amounts falling due within one year or on demand:
Bank loans 60,724 56,858

Amounts falling due between one and two years:
Bank loans - 1-2 years 62,973 58,622

Amounts falling due between two and five years:
Bank loans - 2-5 years 203,055 188,987

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more than 5 years 64,480 131,945

19. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

31.3.23 31.3.22
£    £   
Net obligations repayable:
Within one year 43,904 53,492
Between one and five years 7,534 51,438
51,438 104,930

20. SECURED DEBTS

The following secured debts are included within creditors:

31.3.23 31.3.22
£    £   
Bank loans 391,232 436,412
Hire purchase contracts 51,438 104,930
442,670 541,342

James Hamilton & Company (Lurgan) Ltd (Registered number: NI006169)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

21. PROVISIONS FOR LIABILITIES
31.3.23 31.3.22
£    £   
Deferred tax 126,982 89,706

Deferred
tax
£   
Balance at 1 April 2022 89,706
Movement due to:
Capital allowances 8,947
Change in tax rates 28,329
Balance at 31 March 2023 126,982

22. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.23 31.3.22
value: £    £   
5,003 Ordinary £1 5,003 5,003

23. RESERVES
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1 April 2022 10,353,554 8,363 10,361,917
Profit for the year 676,179 676,179
Dividends (3,997 ) (3,997 )
Transfer from other reserves (135,000 ) - (135,000 )
Revaluation of property - 135,000 135,000
Revaluation of investments 281 - 281
At 31 March 2023 10,891,017 143,363 11,034,380

James Hamilton & Company (Lurgan) Ltd (Registered number: NI006169)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

24. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following loans to directors subsisted during the years ended 31 March 2023 and 31 March 2022:

31.3.2331.3.22
££
Mr Keith Alistair Hamilton
Balance outstanding at start of year75,42475,888
Amounts advanced1,5041,513
Amounts repaid(1,999)(1,977)
Balance outstanding at end of year74,92975,424



Interest on loans to directors is charged at the current official rate for beneficial loan arrangements.


25. RELATED PARTY DISCLOSURES

At the start of the year James Hamilton & Company Ltd was owed £3,223,333 by JH Label Solutions LLP. Various expenses were paid on behalf of, and payments received from JH Label Solutions LLP. The amount owed by the LLP at the year end was £2,909,606. The company is a corporate member of this limited liability partnership. The directors, Mr K A Hamilton and Mr A J Hamilton, are both designated members of JH Label Solutions LLP. During the year, Profits from the LLP amounting to £14,220 have been allocated to the James Hamilton & Company Ltd current account. At the year end £155,194 was owed to JH Label Solutions LLP.

On 13 June 2023 the ultimate controlling party changed from Mr Keith Hamilton to Zeus Packaging Investments (UK) Limited. On that date the company became a wholly owned subsidiary of Zeus Packaging Investments (UK) Limited.