HAMILTON INDUSTRIAL FLOORING LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
Company Registration No. SC549185 (Scotland)
PAGES FOR FILING WITH REGISTRAR
HAMILTON INDUSTRIAL FLOORING LTD
COMPANY INFORMATION
Director
Mr Dougal Hamilton
Company number
SC549185
Registered office
Unit 5, Ninian Road
Brownsburn Industrial Estate
Airdrie
United Kingdom
ML6 9SE
Accountants
William Duncan + Co Ltd
44 Bank Street
Kilmarnock
Ayrshire
United Kingdom
KA1 1HA
HAMILTON INDUSTRIAL FLOORING LTD
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
HAMILTON INDUSTRIAL FLOORING LTD
REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY ACCOUNTS OF HAMILTON INDUSTRIAL FLOORING LTD
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Hamilton Industrial Flooring Ltd for the year ended 28 February 2023 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the ICAS we are subject to its ethical and other professional requirements which are detailed at https://icas.com/icas-framework-preparation-of-accounts.
This report is made solely to the Board of Directors of Hamilton Industrial Flooring 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 financial statements of Hamilton Industrial Flooring Ltd and state those matters that we have agreed to state to the Board of Directors of Hamilton Industrial Flooring Ltd, as a body, in this report in accordance with the requirements of the ICAS as detailed at https://icas.com/icas-framework-preparation-of-accounts. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Hamilton Industrial Flooring Ltd and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Hamilton Industrial Flooring Ltd 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 profit of Hamilton Industrial Flooring Ltd. You consider that Hamilton Industrial Flooring 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 financial statements of Hamilton Industrial Flooring 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 financial statements.
William Duncan + Co Ltd
6 November 2023
Chartered Accountants
44 Bank Street
Kilmarnock
Ayrshire
United Kingdom
KA1 1HA
HAMILTON INDUSTRIAL FLOORING LTD
BALANCE SHEET
AS AT
28 FEBRUARY 2023
28 February 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
10,539
12,879
Current assets
Stocks
18,861
26,149
Debtors
4
50,590
39,291
Cash at bank and in hand
11,957
17,255
81,408
82,695
Creditors: amounts falling due within one year
5
(65,878)
(42,052)
Net current assets
15,530
40,643
Total assets less current liabilities
26,069
53,522
Creditors: amounts falling due after more than one year
6
(22,500)
(32,500)
Provisions for liabilities
(2,635)
(3,220)
Net assets
934
17,802
Capital and reserves
Called up share capital
7
1
1
Profit and loss reserves
933
17,801
Total equity
934
17,802
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
HAMILTON INDUSTRIAL FLOORING LTD
BALANCE SHEET (CONTINUED)
AS AT
28 FEBRUARY 2023
28 February 2023
- 3 -
The financial statements were approved and signed by the director and authorised for issue on 6 November 2023
Mr Dougal Hamilton
Director
Company registration number SC549185 (Scotland)
HAMILTON INDUSTRIAL FLOORING LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 4 -
1
Accounting policies
Company information
Hamilton Industrial Flooring Ltd is a private company limited by shares incorporated in Scotland. The registered office is Unit 5, Ninian Road, Brownsburn Industrial Estate, Airdrie, United Kingdom, ML6 9SE.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Turnover is represented by the supply and installation of industrial resin flooring.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
20% on cost
Computers
33% on cost
Motor vehicles
25% on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
HAMILTON INDUSTRIAL FLOORING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
1
Accounting policies
(Continued)
- 5 -
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets & liabilities like trade & other accounts receivable and payable, loans from banks and other third parties, loans to or from related parties and investments in non-puttable ordinary shares.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
1.11
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
HAMILTON INDUSTRIAL FLOORING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
1
Accounting policies
(Continued)
- 6 -
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
1
1
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 March 2022
59,913
Additions
4,721
At 28 February 2023
64,634
Depreciation and impairment
At 1 March 2022
47,034
Depreciation charged in the year
7,061
At 28 February 2023
54,095
Carrying amount
At 28 February 2023
10,539
At 28 February 2022
12,879
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
31,449
7,025
Corporation tax recoverable
1,417
Other debtors
19,141
30,849
50,590
39,291
HAMILTON INDUSTRIAL FLOORING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 7 -
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
10,000
10,000
Trade creditors
26,316
1,870
Corporation tax
10,945
15,082
Other taxation and social security
587
Other creditors
18,030
15,100
65,878
42,052
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
22,500
32,500
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1
1
1
1
9
Directors' transactions
Dividends totalling £60,600 (2022 - £40,300) were paid in the year in respect of shares held by the company's directors.
During the year, the director made loans of £2,512 to the company and received repayments of £1,319, resulting in a closing balance of £11,891 (2022: £10,698) owed to the director at the balance sheet date.
In addition, the company owed the director £4,449 in unpaid salary at the balance sheet date (2022: £787).
This loan is interest free and repayable on demand.