Registration number:
Hamlet Automotive Limited
for the Year Ended 30 November 2023
Hamlet Automotive Limited
Contents
Company Information |
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Director's Report |
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Accountants' Report |
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Statement of Income and Retained Earnings |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
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Detailed Profit and Loss Account |
Hamlet Automotive Limited
Company Information
Director |
T M Jackman |
Registered office |
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Accountants |
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Hamlet Automotive Limited
Director's Report for the Year Ended 30 November 2023
The director presents his report and the financial statements for the year ended 30 November 2023.
Director of the company
The director who held office during the year was as follows:
Principal activity
The principal activity of the company is the retailing of used cars
Small companies provision statement
This report has 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.
Approved and authorised by the
......................................... |
Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Hamlet Automotive Limited
for the Year Ended 30 November 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Hamlet Automotive Limited for the year ended 30 November 2023 as set out on pages 4 to 10 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.
This report is made solely to the Board of Directors of Hamlet Automotive Limited, as a body, in accordance with the terms of our engagement letter dated 28 February 2019. Our work has been undertaken solely to prepare for your approval the accounts of Hamlet Automotive Limited and state those matters that we have agreed to state to the Board of Directors of Hamlet Automotive Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Hamlet Automotive Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Hamlet Automotive Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Hamlet Automotive Limited. You consider that Hamlet Automotive Limited 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 accounts of Hamlet Automotive Limited. 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 accounts.
......................................
Chartered Accountants
Neston
Cheshire
CH64 9PA
Hamlet Automotive Limited
Profit and Loss Account and Statement of Retained Earnings for the Year Ended 30 November 2023
Note |
2023 |
2022 |
|
Turnover |
|
|
|
Cost of sales |
( |
( |
|
Gross profit |
|
|
|
Administrative expenses |
( |
( |
|
Operating profit |
|
|
|
Interest payable and similar charges |
( |
( |
|
(10,895) |
(11,447) |
||
Profit before tax |
|
|
|
Taxation |
( |
( |
|
Profit for the financial year |
|
|
|
Retained earnings brought forward |
967,332 |
820,532 |
|
Dividends paid |
( |
( |
|
Retained earnings carried forward |
1,086,268 |
967,333 |
Hamlet Automotive Limited
(Registration number: 07071608)
Balance Sheet as at 30 November 2023
Note |
2023 |
2022 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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|
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Debtors |
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|
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Cash at bank and in hand |
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|
|
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|
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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|
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Total assets less current liabilities |
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|
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Provisions for liabilities |
( |
( |
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Net assets |
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|
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Capital and reserves |
|||
Called up share capital |
2 |
2 |
|
Retained earnings |
1,086,268 |
967,333 |
|
Shareholders' funds |
1,086,270 |
967,335 |
For the financial year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
• |
|
• |
The director acknowledges his 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.
Approved and authorised by the
......................................... |
Hamlet Automotive Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
United Kingdom
The principal place of business is:
Chester High Road
Neston
Cheshire
CH64 3RY
These financial statements were authorised for issue by the
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.
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.
Hamlet Automotive Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023
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 and fittings |
20% straight line basis |
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.
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.
Hamlet Automotive Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023
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.
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.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Profit before tax |
Arrived at after charging/(crediting)
2023 |
2022 |
|
Depreciation expense |
|
|
Hamlet Automotive Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023
Tangible assets |
Fixtures and fittings |
Total |
|
Cost or valuation |
||
At 1 December 2022 |
|
|
Additions |
|
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At 30 November 2023 |
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Depreciation |
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At 1 December 2022 |
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Charge for the year |
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At 30 November 2023 |
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Carrying amount |
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At 30 November 2023 |
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At 30 November 2022 |
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Stocks |
2023 |
2022 |
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Finished goods and goods for resale |
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Other inventories |
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|
|
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Debtors |
Current |
2023 |
2022 |
Trade debtors |
|
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Other debtors |
|
|
|
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Hamlet Automotive Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023
Creditors |
Creditors: amounts falling due within one year
2023 |
2022 |
|
Due within one year |
||
Trade creditors |
|
|
Taxation and social security |
|
|
Accruals and deferred income |
|
|
Other creditors |
|
|
|
|
Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
|||
No. |
£ |
No. |
£ |
|
|
|
2 |
|
2 |
Hamlet Automotive Limited
Detailed Profit and Loss Account for the Year Ended 30 November 2023
2023 |
2022 |
|
Turnover (analysed below) |
3,426,432 |
3,335,846 |
Cost of sales (analysed below) |
(2,881,432) |
(2,788,275) |
Gross profit |
545,000 |
547,571 |
Gross profit (%) |
15.91% |
16.41% |
Administrative expenses |
||
Employment costs (analysed below) |
(189,490) |
(183,011) |
Establishment costs (analysed below) |
(54,591) |
(52,065) |
General administrative expenses (analysed below) |
(114,291) |
(99,361) |
Finance charges (analysed below) |
(3,711) |
(1,476) |
Depreciation costs (analysed below) |
(1,647) |
(4,332) |
(363,730) |
(340,245) |
|
Operating profit |
181,270 |
207,326 |
Interest payable and similar charges (analysed below) |
(10,895) |
(11,447) |
Profit before tax |
170,375 |
195,879 |
Hamlet Automotive Limited
Detailed Profit and Loss Account for the Year Ended 30 November 2023
2023 |
2022 |
Turnover |
||
Sales |
3,247,645 |
3,143,012 |
Workshop and MOT sales |
177,409 |
187,516 |
Commissions received |
4,024 |
9,880 |
Road Fund Licences |
(2,646) |
(4,562) |
3,426,432 |
3,335,846 |
Cost of sales |
||
Opening stock and work in progress |
(809,593) |
(497,078) |
Vehicle purchases |
(2,725,018) |
(2,847,845) |
Workshop purchases |
(196,772) |
(210,951) |
MOT purchases |
(7,636) |
(5,525) |
Paintwork and valet expenses |
(26,917) |
(25,858) |
Warranties |
(12,213) |
(10,612) |
Closing stock |
896,717 |
809,594 |
(2,881,432) |
(2,788,275) |
Employment costs |
||
Wages and salaries |
(155,236) |
(152,958) |
Staff NIC (Employers) |
(10,511) |
(10,097) |
Directors remuneration |
(8,944) |
(8,944) |
Directors NIC (Employers) |
(594) |
(507) |
Staff pensions |
(2,842) |
(2,731) |
Private health insurance |
(3,248) |
(3,767) |
Travelling |
(8,115) |
(4,007) |
(189,490) |
(183,011) |
Establishment costs |
||
Rent |
(15,000) |
(13,200) |
Rates |
(12,626) |
(10,477) |
Light, heat and power |
(5,552) |
(2,878) |
Insurance |
(13,064) |
(12,161) |
Repairs and maintenance |
(8,349) |
(13,349) |
(54,591) |
(52,065) |
General administrative expenses |
||
Telephone and fax |
(3,889) |
(3,422) |
Vehicle delivery costs |
(8,115) |
(3,824) |
Computer software and maintenance costs |
(2,984) |
(2,899) |
Printing, postage and stationery |
(2,101) |
(1,610) |
Trade subscriptions |
(9,359) |
(10,716) |
Sundry expenses |
(5,289) |
(6,270) |
Hamlet Automotive Limited
Detailed Profit and Loss Account for the Year Ended 30 November 2023
2023 |
2022 |
Motor expenses |
(16,642) |
(16,653) |
Advertising |
(49,635) |
(42,222) |
Entertaining |
(3,147) |
(1,937) |
Accountancy fees |
(4,955) |
(4,600) |
Bookkeeping costs |
(6,760) |
(5,365) |
Payroll costs |
(1,415) |
(1,393) |
Bad debts written off |
- |
1,550 |
(114,291) |
(99,361) |
Finance charges |
||
Bank charges |
(3,711) |
(1,476) |
Depreciation costs |
||
Depreciation of fixtures and fittings (owned) |
(1,647) |
(4,332) |
Interest payable and similar expenses |
||
Bank interest payable |
- |
(1,568) |
Other interest payable |
(10,895) |
(9,879) |
(10,895) |
(11,447) |