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COMPANY REGISTRATION NUMBER: 04379729
PAUL HAMILTON (MO-TECH) LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
27 February 2023
PAUL HAMILTON (MO-TECH) LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 27th FEBRUARY 2023
CONTENTS
PAGES
Statement of financial position
1 to 2
Notes to the financial statements
3 to 7
PAUL HAMILTON (MO-TECH) LIMITED
STATEMENT OF FINANCIAL POSITION
27 February 2023
2023
2022
Note
£
£
£
£
FIXED ASSETS
Tangible assets
5
111,039
115,642
CURRENT ASSETS
Stocks
6
330,135
114,911
Debtors
7
2,140
25,929
Cash at bank and in hand
58,833
66,102
----------
----------
391,108
206,942
CREDITORS: amounts falling due within one year
8
305,730
116,328
----------
----------
NET CURRENT ASSETS
85,378
90,614
----------
----------
TOTAL ASSETS LESS CURRENT LIABILITIES
196,417
206,256
----------
----------
NET ASSETS
196,417
206,256
----------
----------
CAPITAL AND RESERVES
Called up share capital
9
100
100
Profit and loss account
196,317
206,156
----------
----------
SHAREHOLDERS FUNDS
196,417
206,256
----------
----------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 27th February 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
PAUL HAMILTON (MO-TECH) LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
27 February 2023
These financial statements were approved by the board of directors and authorised for issue on 24 November 2023 , and are signed on behalf of the board by:
N. Hamilton
Director
Company registration number: 04379729
PAUL HAMILTON (MO-TECH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 27th FEBRUARY 2023
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Old Post Office, 63 Saville Street, North Shields, Tyne and Wear, NE30 1AY.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity. Monetary amounts in these financial statements are rounded to the nearest £.
Going concern
The financial statements have been prepared on the going concern basis. The directors consider that this basis is appropriate following due consideration of the present financial position, the expected prospects of the company during the twelve months from the date of approval of these financial statements and the continued support of the company's directors, bankers and other lending agents during this time.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property
-
2% straight line
Leasehold improvements
-
2% straight line
Plant and machinery
-
25% straight line
Fixtures and fittings
-
25% straight line
Motor vehicles
-
25% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 8 (2022: 8 ).
5. TANGIBLE ASSETS
Freehold property
Leasehold improvements
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 28 Feb 2022
111,624
52,863
14,139
65,068
39,070
282,764
Disposals
( 7,900)
( 7,900)
----------
---------
---------
---------
---------
----------
At 27 Feb 2023
111,624
52,863
14,139
65,068
31,170
274,864
----------
---------
---------
---------
---------
----------
Depreciation
At 28 Feb 2022
40,799
10,159
13,196
64,460
38,508
167,122
Charge for the year
2,233
1,059
396
353
562
4,603
Disposals
( 7,900)
( 7,900)
----------
---------
---------
---------
---------
----------
At 27 Feb 2023
43,032
11,218
13,592
64,813
31,170
163,825
----------
---------
---------
---------
---------
----------
Carrying amount
At 27 Feb 2023
68,592
41,645
547
255
111,039
----------
---------
---------
---------
---------
----------
At 27 Feb 2022
70,825
42,704
943
608
562
115,642
----------
---------
---------
---------
---------
----------
6. STOCKS
2023
2022
£
£
Goods for resale
330,135
114,911
----------
----------
7. DEBTORS
2023
2022
£
£
Prepayments
1,753
2,608
Valmoto NE Limited
23,321
Other debtors
387
-------
---------
2,140
25,929
-------
---------
8. CREDITORS: amounts falling due within one year
2023
2022
£
£
Bank loan
6,683
Payments received on account
46,931
15,668
Trade creditors
187,425
14,019
Accruals
7,376
7,414
Corporation tax
27,004
21,439
Social security and other taxes
3,621
5,905
Director loan accounts
20,307
24,211
Company credit card
2,316
1,989
Valmoto NE Limited
700
Other creditors
10,050
19,000
----------
----------
305,730
116,328
----------
----------
9. CALLED UP SHARE CAPITAL
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
10. RELATED PARTY TRANSACTIONS
The company rents premises from a Small Self Invested Pension Scheme and the major beneficiary of this scheme is P. Hamilton, a director of the company. The company paid rent during the year of £18,500 (2022: £18,500 ). During the year transactions took place with Valmoto NE Limited , a connected company. At the year end an amount of £700 was owed to Valmoto NE Limited and this is shown within creditors: amounts falling due within one year. At the end of last year £23,321 was due from Valmoto NE Limited and this was shown within debtors. No further transactions with related parties were undertaken such as are required to be disclosed under FRS102 Section 1A small entities.