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Registration number: 07071608

Hamlet Automotive Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 November 2023

 

Hamlet Automotive Limited

Contents

Company Information

1

Director's Report

2

Accountants' Report

3

Statement of Income and Retained Earnings

4

Balance Sheet

5

Notes to the Unaudited Financial Statements

6 to 10

Detailed Profit and Loss Account

11 to 13

 

Hamlet Automotive Limited

Company Information

Director

T M Jackman

Registered office

1 - 3 Chester Road
Neston
Cheshire
CH64 9PA

Accountants

Phillip Bates and Co Limited
Chartered Accountants
1 - 3 Chester Road
Neston
Cheshire
CH64 9PA

 

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:

T M Jackman

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 director on 15 March 2024
 

.........................................
T M Jackman
Director

 

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.

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

Phillip Bates and Co Limited
Chartered Accountants
1 - 3 Chester Road
Neston
Cheshire
CH64 9PA

15 March 2024

 

Hamlet Automotive Limited

Profit and Loss Account and Statement of Retained Earnings for the Year Ended 30 November 2023

Note

2023
£

2022
£

Turnover

 

3,426,432

3,335,846

Cost of sales

 

(2,881,432)

(2,788,275)

Gross profit

 

545,000

547,571

Administrative expenses

 

(363,730)

(340,245)

Operating profit

 

181,270

207,326

Interest payable and similar charges

 

(10,895)

(11,447)

 

(10,895)

(11,447)

Profit before tax

4

170,375

195,879

Taxation

 

(39,439)

(37,078)

Profit for the financial year

 

130,936

158,801

Retained earnings brought forward

 

967,332

820,532

Dividends paid

 

(12,000)

(12,000)

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
£

Fixed assets

 

Tangible assets

5

3,296

4,735

Current assets

 

Stocks

6

896,717

809,593

Debtors

7

49,330

17,846

Cash at bank and in hand

 

433,775

365,380

 

1,379,822

1,192,819

Creditors: Amounts falling due within one year

8

(296,024)

(229,320)

Net current assets

 

1,083,798

963,499

Total assets less current liabilities

 

1,087,094

968,234

Provisions for liabilities

(824)

(899)

Net assets

 

1,086,270

967,335

Capital and reserves

 

Called up share capital

9

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 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 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 director on 15 March 2024
 

.........................................
T M Jackman
Director

 

Hamlet Automotive Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
1 - 3 Chester Road
Neston
Cheshire
CH64 9PA
United Kingdom

The principal place of business is:
Chester High Road
Neston
Cheshire
CH64 3RY

These financial statements were authorised for issue by the director 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.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 6 (2022 - 6).

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

1,647

4,332

 

Hamlet Automotive Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

5

Tangible assets

Fixtures and fittings
£

Total
£

Cost or valuation

At 1 December 2022

45,199

45,199

Additions

208

208

At 30 November 2023

45,407

45,407

Depreciation

At 1 December 2022

40,464

40,464

Charge for the year

1,647

1,647

At 30 November 2023

42,111

42,111

Carrying amount

At 30 November 2023

3,296

3,296

At 30 November 2022

4,735

4,735

6

Stocks

2023
£

2022
£

Finished goods and goods for resale

896,397

809,273

Other inventories

320

320

896,717

809,593

7

Debtors

Current

2023
£

2022
£

Trade debtors

46,063

17,684

Other debtors

3,267

162

 

49,330

17,846

 

Hamlet Automotive Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

8

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

56,386

17,773

Taxation and social security

99,447

47,603

Accruals and deferred income

13,800

3,700

Other creditors

126,391

160,244

296,024

229,320

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

2

2

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)