Hampton Estate Agency Limited NI055573 false 2022-04-01 2023-03-31 2023-03-31 The principal activity of the company is operation of an estate agency. Digita Accounts Production Advanced 6.30.9574.0 true true NI055573 2022-04-01 2023-03-31 NI055573 2023-03-31 NI055573 bus:OrdinaryShareClass1 2023-03-31 NI055573 core:RetainedEarningsAccumulatedLosses 2023-03-31 NI055573 core:ShareCapital 2023-03-31 NI055573 core:CurrentFinancialInstruments 2023-03-31 NI055573 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 NI055573 core:Non-currentFinancialInstruments 2023-03-31 NI055573 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 NI055573 core:Goodwill 2023-03-31 NI055573 core:FurnitureFittingsToolsEquipment 2023-03-31 NI055573 bus:SmallEntities 2022-04-01 2023-03-31 NI055573 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 NI055573 bus:FullAccounts 2022-04-01 2023-03-31 NI055573 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 NI055573 bus:RegisteredOffice 2022-04-01 2023-03-31 NI055573 bus:Director1 2022-04-01 2023-03-31 NI055573 bus:Director2 2022-04-01 2023-03-31 NI055573 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 NI055573 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 NI055573 core:Goodwill 2022-04-01 2023-03-31 NI055573 core:FurnitureFittings 2022-04-01 2023-03-31 NI055573 core:FurnitureFittingsToolsEquipment 2022-04-01 2023-03-31 NI055573 countries:AllCountries 2022-04-01 2023-03-31 NI055573 2022-03-31 NI055573 core:Goodwill 2022-03-31 NI055573 core:FurnitureFittingsToolsEquipment 2022-03-31 NI055573 2021-04-01 2022-03-31 NI055573 2022-03-31 NI055573 bus:OrdinaryShareClass1 2022-03-31 NI055573 core:RetainedEarningsAccumulatedLosses 2022-03-31 NI055573 core:ShareCapital 2022-03-31 NI055573 core:CurrentFinancialInstruments 2022-03-31 NI055573 core:CurrentFinancialInstruments core:WithinOneYear 2022-03-31 NI055573 core:Non-currentFinancialInstruments 2022-03-31 NI055573 core:Non-currentFinancialInstruments core:AfterOneYear 2022-03-31 NI055573 core:FurnitureFittingsToolsEquipment 2022-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: NI055573

Hampton Estate Agency Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

 

Hampton Estate Agency Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Hampton Estate Agency Limited

Company Information

Directors

Mr M Devlin

Mrs B Devlin

Registered office

373 Ormeau Road
Belfast
BT7 3GP

Accountants

McKeague Morgan & Company
Chartered Accountants
27 College Gardens
Belfast
BT9 6BS

 

Hampton Estate Agency Limited

(Registration number: NI055573)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

2,172

2,568

Current assets

 

Stocks

6

26,175

42,174

Debtors

7

66,330

55,879

Monies held on behalf of clients

508,501

656,670

Cash at bank and in hand

 

16,340

15,531

 

617,346

770,254

Creditors: Amounts falling due within one year

8

(605,380)

(748,878)

Net current assets

 

11,966

21,376

Total assets less current liabilities

 

14,138

23,944

Creditors: Amounts falling due after more than one year

8

(11,944)

(15,751)

Provisions for liabilities

(413)

(488)

Net assets

 

1,781

7,705

Capital and reserves

 

Called up share capital

2

2

Profit and loss account

1,779

7,703

Total equity

 

1,781

7,705

For the financial year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

 

Hampton Estate Agency Limited

(Registration number: NI055573)
Balance Sheet as at 31 March 2023

Approved and authorised by the Board on 15 March 2024 and signed on its behalf by:
 

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

Mr M Devlin
Director

 

Hampton Estate Agency Limited

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

1

General information

The company is a private company limited by share capital, incorporated in the United Kingdom.

The address of its registered office is:
373 Ormeau Road
Belfast
BT7 3GP

These financial statements were authorised for issue by the Board on 15 March 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Hampton Estate Agency Limited

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

2

Accounting policies (continued)

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

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures & Fittings

25% Straight Line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

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

Asset class

Amortisation method and rate

Goodwill

Fully amortised

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Hampton Estate Agency Limited

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

2

Accounting policies (continued)

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

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

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

Hampton Estate Agency Limited

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

2

Accounting policies (continued)

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 10 (2022 - 11).

 

Hampton Estate Agency Limited

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

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2022

550,000

550,000

At 31 March 2023

550,000

550,000

Amortisation

At 1 April 2022

550,000

550,000

At 31 March 2023

550,000

550,000

Carrying amount

At 31 March 2023

-

-

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2022

16,478

16,478

Additions

450

450

At 31 March 2023

16,928

16,928

Depreciation

At 1 April 2022

13,910

13,910

Charge for the year

846

846

At 31 March 2023

14,756

14,756

Carrying amount

At 31 March 2023

2,172

2,172

At 31 March 2022

2,568

2,568

6

Stocks

2023
£

2022
£

Work in progress

26,175

42,174

 

Hampton Estate Agency Limited

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

7

Debtors

2023
£

2022
£

Trade debtors

12,989

34,106

Prepayments and accrued income

19,099

17,271

Other debtors

34,242

4,502

66,330

55,879

 

Hampton Estate Agency Limited

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

8

Creditors

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

10

25,061

5,570

Trade creditors

 

5,569

38,949

Corporation tax liability

 

11,524

9,690

Taxation and social security

 

22,582

22,718

Monies held on behalf on clients

 

508,501

656,670

Loans from directors

 

-

81

Accruals and deferred income

 

27,712

13,142

Other creditors

 

4,431

2,058

 

605,380

748,878

Due after one year

 

Loans and borrowings

10

11,944

15,751

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

2

2

2

2

         

10

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

25,061

5,570

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

11,944

15,751

11

Related party transactions

 

Hampton Estate Agency Limited

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

11

Related party transactions (continued)

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

16,833

10,488