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Registered number: 08214098









HAMILTON STUART CAPITAL LTD









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE 18 MONTH PERIOD ENDED 31 MARCH 2023

 
HAMILTON STUART CAPITAL LTD
 
 
COMPANY INFORMATION


Director
R MacIntyre 




Registered number
08214098



Registered office
101 Wigmore Street 5th Floor

London

W1U 1QU




Independent auditors
BKL Audit LLP
Chartered Accountants & Statutory Auditor

35 Ballards Lane

London

N3 1XW





 
HAMILTON STUART CAPITAL LTD
 

CONTENTS



Page
Strategic report
 
 
1
Director's report
 
 
2 - 3
Independent auditors' report
 
 
4 - 7
Statement of comprehensive income
 
 
8
Statement of financial position
 
 
9
Statement of changes in equity
 
 
10
Statement of cash flows
 
 
11
Notes to the financial statements
 
 
12 - 20

 
HAMILTON STUART CAPITAL LTD
 
 
STRATEGIC REPORT
FOR THE 18 MONTH PERIOD ENDED 31 MARCH 2023

Introduction
 
Hamilton Stuart Capital Limited’s principal activity is that of investing in financial instruments on behalf of its client.  The Firm is incorporated in the UK and is authorised and regulated by the FCA as an Investment Management/Advisory Firm. 

Business review
 
Another profitable year demonstrating our ability to consistently deliver uncorrelated market returns. Profits were down on the previous period due to two factors. Last year had been unusually strong, following the dislocation in markets during and following COVID. This year the rising interest rate environment and associated uncertainties made for a tougher environment to invest in.

Principal risks and uncertainties
 
Market Risk
The company’s performance is linked to the returns it generates from the financial instruments it invests in. Strong risk management procedures are in place and continually monitored.
Business Risk
The principal risk is that the company fails to generate returns for our client thereby reducing our income. Income and expenditure are monitored to ensure we don’t move into a loss.
Regulatory Risk
We monitor regulatory developments and employ compliance consultants to ensure we are always compliant.

Financial key performance indicators
 
Key financial performance indicators are revenue and operating profit. Revenue has decreased in the 18 month period to 31 March 2023 to £2,325,572 from £4,091,858 for the year ended 30 September 2021. Operating profit has decreased in the 18 month period to 31 March 2023 to £1,150,056 from £2,954,700 in the year ended 30 September 2021. 

Other key performance indicators
 
There are no other key performance indicators

Director's statement of compliance with duty to promote the success of the Company
 
The director is fully aware of his obligations under S172 of the Companies Act 2006. Long term consequences of any business decisions are always considered. We aim to foster close relationships with all trading partners and our client. We seek to maintain high standards of conduct and act with integrity at all times.


This report was approved by the board and signed on its behalf.



R MacIntyre
Director

Date: 28 July 2023
Page 1

 
HAMILTON STUART CAPITAL LTD
 
 
 
DIRECTOR'S REPORT
FOR THE 18 MONTH PERIOD ENDED 31 MARCH 2023

The Director presents his report and the financial statements for the 18 month period ended 31 March 2023.

Director's responsibilities statement

The Director is responsible for preparing the Strategic report, the Director's report 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

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 to enable him to ensure that the financial statements comply with the Companies Act 2006He 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.

Principal activity

The principal activity of the company continued to be that of investment management. 

Results and dividends

The profit for the 18 month period, after taxation, amounted to £930,156 (2021 - £2,200,946).

The directors declared a dividend of £2,000,000 (2021: £2,000,000) in the period. 

Director

The Director who served during the 18 month period was:

R MacIntyre 

Future developments

The company’s financial year has started well, and we remain confident of another profitable year. Future plans are to continue investing as we are, adapting to market conditions, and investigating new strategies and markets.

Page 2

 
HAMILTON STUART CAPITAL LTD
 
 
 
DIRECTOR'S REPORT (CONTINUED)
FOR THE 18 MONTH PERIOD ENDED 31 MARCH 2023

Disclosure of information to auditors

The Director at the time when this Director's report is approved has confirmed that:
 
so far as he is aware, there is no relevant audit information of which the Company's auditors are unaware, and

he has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

Subsequent to the year end, Mercer & Hole LLP resigned as auditors and BKL Audit LLP were appointed in their stead. 
Under section 487(2) of the Companies Act 2006, BKL Audit LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days  after the latest date prescribed for filing the accounts with the registrar, whichever is earlier

This report was approved by the board and signed on its behalf.
 





R MacIntyre
Director

Date: 28 July 2023
Page 3

 
HAMILTON STUART CAPITAL LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HAMILTON STUART CAPITAL LTD
 

Opinion


We have audited the financial statements of Hamilton Stuart Capital Ltd (the 'Company') for the 18 month period ended 31 March 2023, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of cash flows, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe 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 18 month period 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 United Kingdom, including the Financial Reporting Council'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.


Page 4

 
HAMILTON STUART CAPITAL LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HAMILTON STUART CAPITAL LTD (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The Director is responsible for the other information contained within the Annual ReportOur 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. 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 course of 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.


Opinion 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 Director's report for the financial 18 month period for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Director's report 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 Director's report.


We have nothing to report in respect of the following matters in relation to which 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 directors
 

As explained more fully in the Director's responsibilities statement set out on page 2, 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 is 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 have no realistic alternative but to do so.


Page 5

 
HAMILTON STUART CAPITAL LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HAMILTON STUART CAPITAL LTD (CONTINUED)


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 an Auditors' report 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.


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:

Enquiring of management around actual and potential litigation and claims;
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:


Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion of the effectiveness of the Company's internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Director.
Conclude on the appropriateness of the Director's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditors' report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditors' report. However, future events or conditions may cause the Company to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
Page 6

 
HAMILTON STUART CAPITAL LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HAMILTON STUART CAPITAL LTD (CONTINUED)




We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.


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 2006Our 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 an Auditors' report 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.





Nick Bishop FCA (Senior statutory auditor)
  
for and on behalf of
BKL Audit LLP
 
Chartered Accountants
Statutory Auditor
  
London

28 July 2023
Page 7

 
HAMILTON STUART CAPITAL LTD
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE 18 MONTH PERIOD ENDED 31 MARCH 2023

18 month period ended
31 March
As restated
12 month period ended
30 September
2023
2021
Note
£
£

  

Turnover
 4 
2,325,572
4,091,858

Cost of sales
 16 
(826,495)
(1,313,825)

Gross profit
  
1,499,077
2,778,033

Administrative expenses
  
(349,021)
(183,333)

Operating profit
 5 
1,150,056
2,594,700

Interest receivable and similar income
  
160
-

Profit before tax
  
1,150,216
2,594,700

Tax on profit
 9 
(220,060)
(393,754)

Profit for the financial 18 month period
  
930,156
2,200,946

There was no other comprehensive income for 2023 (2021:£NIL).

The notes on pages 12 to 20 form part of these financial statements.

Page 8

 
HAMILTON STUART CAPITAL LTD
REGISTERED NUMBER: 08214098

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2023

31 March
As restated
30 September
2023
2021
Note
£
£

Fixed assets
  

Tangible assets
 11 
566
1,104

  
566
1,104

Current assets
  

Debtors: amounts falling due within one year
 12 
152,795
1,056,871

Cash at bank and in hand
  
928,501
1,031,318

  
1,081,296
2,088,189

Creditors: amounts falling due within one year
 13 
(543,810)
(481,397)

Net current assets
  
 
 
537,486
 
 
1,606,792

Total assets less current liabilities
  
538,052
1,607,896

  

Net assets
  
538,052
1,607,896


Capital and reserves
  

Called up share capital 
 14 
60,000
60,000

Profit and loss account
 15 
478,052
1,547,896

  
538,052
1,607,896


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




R MacIntyre
Director

Date: 28 July 2023

The notes on pages 12 to 20 form part of these financial statements.
Page 9

 
HAMILTON STUART CAPITAL LTD
 

STATEMENT OF CHANGES IN EQUITY
FOR THE 18 MONTH PERIOD ENDED 31 MARCH 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 October 2020 (as previously stated)
60,000
1,497,293
1,557,293

Prior year adjustment - correction of error
-
(150,343)
(150,343)


At 1 October 2020 (as restated)
60,000
1,346,950
1,406,950


Comprehensive income for the year

Profit for the year
-
2,200,946
2,200,946
Total comprehensive income for the year
-
2,200,946
2,200,946


Contributions by and distributions to owners

Dividends: Equity capital
-
(2,000,000)
(2,000,000)


Total transactions with owners
-
(2,000,000)
(2,000,000)



At 1 October 2021 (as previously stated)
60,000
1,598,206
1,658,206

Prior year adjustment - correction of error
-
(50,310)
(50,310)


At 1 October 2021 (as restated)
60,000
1,547,896
1,607,896


Comprehensive income for the 18 month period

Profit for the 18 month period
-
930,156
930,156
Total comprehensive income for the 18 month period
-
930,156
930,156


Contributions by and distributions to owners

Dividends: Equity capital
-
(2,000,000)
(2,000,000)


Total transactions with owners
-
(2,000,000)
(2,000,000)


At 31 March 2023
60,000
478,052
538,052


The notes on pages 12 to 20 form part of these financial statements.
Page 10

 
HAMILTON STUART CAPITAL LTD
 

STATEMENT OF CASH FLOWS
FOR THE 18 MONTH PERIOD ENDED 31 MARCH 2023

31 March
As restated
30 September
2023
2021
£
£

Cash flows from operating activities

Profit for the financial 18 month period
930,156
2,200,946

Adjustments for:

Depreciation of tangible assets
1,145
743

Interest paid
(160)
-

Taxation charge
220,060
393,754

Decrease/(increase) in debtors
904,076
(615,141)

Increase in creditors
146,140
86,225

Corporation tax (paid)
(303,787)
(534,869)

Net cash generated from operating activities

1,897,630
1,531,658


Cash flows from investing activities

Purchase of tangible fixed assets
(607)
-

Interest received
160
-

Net cash from investing activities

(447)
-

Cash flows from financing activities

Dividends paid
(2,000,000)
(2,000,000)

Net cash used in financing activities
(2,000,000)
(2,000,000)

Net (decrease) in cash and cash equivalents
(102,817)
(468,342)

Cash and cash equivalents at beginning of 18 month period
1,031,318
1,499,660

Cash and cash equivalents at the end of 18 month period
928,501
1,031,318


Cash and cash equivalents at the end of 18 month period comprise:

Cash at bank and in hand
928,501
1,031,318

928,501
1,031,318


The notes on pages 12 to 20 form part of these financial statements.

Page 11

 
HAMILTON STUART CAPITAL LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 18 MONTH PERIOD ENDED 31 MARCH 2023

1.


General information

The principal activity of the company continued to be that of investment management. 
The Company is a private company limited by shares incorporated in England and Wales.
The registered office is 101 Wigmore Street 5th Floor, London, W1U 1QU. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements are prepared on a going concern bases, which assumes the Company will continue to trade for the foreseeable future, being a period of at least twelve months from the date of approval of these financial statements, and will be able to meet all of its debts as they fall due. 
The Director believes the Company has adequate resources to continue operating for the foreseeable future and that it is appropriate to continue to use the going concern basis for the preparation of the financial statements. 

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable for investment management service provided in the normal course of business. 

Revenue relates to profit share received from the LLP in which it is a member and is receivable in the period in which it is generated. 

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 12

 
HAMILTON STUART CAPITAL LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 18 MONTH PERIOD ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.5

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Equipment
-
25%
Computer equipment
-
25%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

 
2.8

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
(i) Financial assets
Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
 
Page 13

 
HAMILTON STUART CAPITAL LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 18 MONTH PERIOD ENDED 31 MARCH 2023

2.Accounting policies (continued)


2.8
Financial instruments (continued)


Such assets are subsequently carried at amortised cost using the effective interest method. At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Comprehensive Income.
(ii) Financial liabilities
Basic financial liabilities, including trade and other creditors and amounts owed to group undertaking, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires
.
(iii) Offsetting
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 
2.9

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgments, estimates and assumptions that affect the amounts reported for assets and liabilities as at the year end date and the amounts reported for revenue and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements:
There are no judgements or estimates which materially effect the amounts in the accounts.

Page 14

 
HAMILTON STUART CAPITAL LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 18 MONTH PERIOD ENDED 31 MARCH 2023

4.


Turnover

An analysis of turnover by class of business is as follows:


18 month period ended
31 March
12 month period ended
30 September
2023
2021
£
£

Investment management
2,325,572
4,091,858

2,325,572
4,091,858


All turnover arose within the United Kingdom.


5.


Operating profit

The operating profit is stated after charging:

18 month period ended
31 March
12 month period ended
30 September
2023
2021
£
£

Depreciation
1,145
743


6.


Auditors' remuneration

During the 18 month period, the Company obtained the following services from the Company's auditors and their associates:


18 month period ended
31 March
12 month period ended
30 September
2023
2021
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
10,250
5,100

Fees payable to the Company's auditors in respect of:

Audit-related assurance services
2,000
-

Taxation compliance services
1,800
-

Taxation advisory
5,500
-
Page 15

 
HAMILTON STUART CAPITAL LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 18 MONTH PERIOD ENDED 31 MARCH 2023

7.


Employees

Staff costs, including Director's remuneration, were as follows:


18 month period ended
31 March
12 month period ended
30 September
2023
2021
£
£

Wages and salaries
18,738
12,492

Social security costs
660
511

19,398
13,003


The average monthly number of employees, including the Director, during the 18 month period was as follows:


18 month period ended
       31 March
12 month period ended
     30 September
        2023
        2021
            No.
            No.







Director
1
1


8.


Director's remuneration

18 month period ended
31 March
12 month period ended
30 September
2023
2021
£
£

Director's emoluments
18,738
12,492

18,738
12,492


Page 16

 
HAMILTON STUART CAPITAL LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 18 MONTH PERIOD ENDED 31 MARCH 2023

9.


Taxation


18 month period ended
31 March
12 month period ended
30 September
2023
2021
£
£

Corporation tax


Current tax on profits for the year
220,060
393,754


Total current tax
220,060
393,754

Factors affecting tax charge for the 18 month period/year

The tax assessed for the 18 month period/year is higher than (2021 - lower than) the standard rate of corporation tax in the UK of 19% (2021 - 19   %). The differences are explained below:

18 month period ended
31 March
As restated
12 month period ended
30 September
2023
2021
£
£


Profit on ordinary activities before tax
1,150,216
2,594,700


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2021 - 19   %)
218,759
492,993

Effects of:


Fixed asset differences
(181)
141

Tax effect of expenses that are not deductible in determining taxable profit
1,482
653

Adjustments to tax charge in respect of prior periods
-
(100,033)

Total tax charge for the 18 month period/year
220,060
393,754


Factors that may affect future tax charges

The UK Government will increase the rate of UK corporation tax from 19% to 25% with effect from 1 April 2023. The increase in the rate of UK corporation tax was enacted in the Finance Act 2022, which received Royal Assent on 10 June 2021.

Page 17

 
HAMILTON STUART CAPITAL LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 18 MONTH PERIOD ENDED 31 MARCH 2023

10.


Dividends

31 March
30 September
2023
2021
£
£


Dividends paid
2,000,000
2,000,000

2,000,000
2,000,000


11.


Tangible fixed assets







Fixtures and fittings
Computer equipment
Total

£
£
£



Cost 


At 1 October 2021
864
3,109
3,973


Additions
-
607
607



At 31 March 2023

864
3,716
4,580



Depreciation


At 1 October 2021
648
2,221
2,869


Charge for the 18 month period on owned assets
216
929
1,145



At 31 March 2023

864
3,150
4,014



Net book value



At 31 March 2023
-
566
566



At 30 September 2021
216
888
1,104

Page 18

 
HAMILTON STUART CAPITAL LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 18 MONTH PERIOD ENDED 31 MARCH 2023

12.


Debtors

31 March
30 September
2023
2021
£
£


Trade debtors
152,444
1,056,871

Other debtors
351
-

152,795
1,056,871



13.


Creditors: Amounts falling due within one year

31 March
As restated
30 September
2023
2021
£
£

Corporation tax
270,370
354,097

Other taxation and social security
742
625

Other creditors
29,381
28,914

Accruals and deferred income
243,317
97,761

543,810
481,397



14.


Share capital

31 March
30 September
2023
2021
£
£
Allotted, called up and fully paid



60,000 (2021 - 60,000) Ordinary shares of £1 each
60,000
60,000



15.


Reserves

Profit and loss account

Includes all current and prior period retained profit and losses, less dividends paid. 

Page 19

 
HAMILTON STUART CAPITAL LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 18 MONTH PERIOD ENDED 31 MARCH 2023

16.


Prior year adjustment

The comparative information has been restated from the figures previously reported in the prior year financial statements to reclassify costs directly attributable to turnover totalling £1,313,825 from administration expenses to cost of sales. This presentational adjustment has no impact on net assets or profit as previously reported. 
The comparative information presented within these financial statements was also adjusted to correct previously misstated corporation tax charge and and liability. This has:
- reduced opening reserves and net assets previously stated as at 01 October 2020 by £150,343.
- reduced closing reserves and net assets previously stated as at 30 September 2021 by £50,310.
This has also resulted in a reduction to the tax charge recognised in the year ended 30 September 2021 of £100,033 and increased the corporation tax liability previously stated by £50,310.


17.


Related party transactions

Amounts owed to Key management personnel are disclosed in Note 8 of the financial statements. 
Included within other creditors is a balance of £28,714 (2021: £28,714) owed to the Director. This amount is interest free, unsecured and repayable on demand. 


18.


Controlling party

R MacIntyre is the ultimate controlling party. 
 
Page 20