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Company registration number: NI051131
Hannaway Hilltown Ltd
Unaudited filleted financial statements
31 July 2023
Hannaway Hilltown Ltd
Contents
Directors and other information
Accountants report
Balance sheet
Notes to the financial statements
Hannaway Hilltown Ltd
Directors and other information
Directors Mr Shane Hannaway
Mrs Patricia Hannaway
Company number NI051131
Registered office 44 Main Street
Hilltown
Newry
Co Down
BT34 5JU
Business address 44 Main Street
Hilltown
Newry
Co Down
BT34 5JU
Accountants McPolin & Murdock
37 Church Street
Warrenpoint
Co Down
BT34 3HN
Bankers Ulster Bank
86 Hill Street
Newry
Co Down
BT34 1BT
Hannaway Hilltown Ltd
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Hannaway Hilltown Ltd
Year ended 31 July 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Hannaway Hilltown Ltd for the year ended 31 July 2023 which comprise the Balance Sheet and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of Chartered Accountants Ireland , we are subject to its ethical and other professional requirements which are detailed at www.charteredaccountants.ie.
This report is made solely to the board of directors of Hannaway Hilltown Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Hannaway Hilltown Ltd and state those matters that we have agreed to state to the board of directors of Hannaway Hilltown Ltd as a body, in this report in accordance with the requirements of Chartered Accountants Ireland as detailed at www.charteredaccountants.ie. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Hannaway Hilltown Ltd and its board of directors as a body for our work or for this report.
It is your duty to ensure that Hannaway Hilltown Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Hannaway Hilltown Ltd. You consider that Hannaway Hilltown Ltd 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 financial statements of Hannaway Hilltown Ltd. 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 financial statements.
McPolin & Murdock
Chartered Accountants
37 Church Street
Warrenpoint
Co Down
BT34 3HN
18 June 2024
Hannaway Hilltown Ltd
Balance sheet
31 July 2023
2023 2022
Note £ £ £ £
Fixed assets
Intangible assets 5 4,315 6,473
Tangible assets 6 388,598 386,739
Investments 7 145,217 145,217
_______ _______
538,130 538,429
Current assets
Stocks 51,818 51,306
Debtors 8 8,662 87,853
Cash at bank and in hand 176,671 207,006
_______ _______
237,151 346,165
Creditors: amounts falling due
within one year 9 ( 213,135) ( 370,689)
_______ _______
Net current assets/(liabilities) 24,016 ( 24,524)
_______ _______
Total assets less current liabilities 562,146 513,905
_______ _______
Net assets 562,146 513,905
_______ _______
Capital and reserves
Called up share capital 4 4
Profit and loss account 562,142 513,901
_______ _______
Shareholders funds 562,146 513,905
_______ _______
For the year ending 31 July 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.
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 Profit and Loss Account has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 18 June 2024 , and are signed on behalf of the board by:
Mr Shane Hannaway
Director
Company registration number: NI051131
Hannaway Hilltown Ltd
Notes to the financial statements
Year ended 31 July 2023
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 44 Main Street, Hilltown, Newry, Co Down, BT34 5JU.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. 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.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill - 5 % straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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:
Long leasehold property - 2 % straight line
Plant and machinery - 15 % reducing balance
Fittings fixtures and equipment - 15 % reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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 stocks to their present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company 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. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 18 (2022: 20 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 August 2022 and 31 July 2023 43,154 43,154
_______ _______
Amortisation
At 1 August 2022 36,681 36,681
Charge for the year 2,158 2,158
_______ _______
At 31 July 2023 38,839 38,839
_______ _______
Carrying amount
At 31 July 2023 4,315 4,315
_______ _______
At 31 July 2022 6,473 6,473
_______ _______
6. Tangible assets
Long leasehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £ £
Cost
At 1 August 2022 30,452 587,752 155,062 84,274 857,540
Additions - 53,432 3,596 16,900 73,928
_______ _______ _______ _______ _______
At 31 July 2023 30,452 641,184 158,658 101,174 931,468
_______ _______ _______ _______ _______
Depreciation
At 1 August 2022 7,352 321,087 99,448 42,914 470,801
Charge for the year 609 48,014 8,881 14,565 72,069
_______ _______ _______ _______ _______
At 31 July 2023 7,961 369,101 108,329 57,479 542,870
_______ _______ _______ _______ _______
Carrying amount
At 31 July 2023 22,491 272,083 50,329 43,695 388,598
_______ _______ _______ _______ _______
At 31 July 2022 23,100 266,665 55,614 41,360 386,739
_______ _______ _______ _______ _______
7. Investments
Other investments other than loans Total
£ £
Cost
At 1 August 2022 - -
Additions 145,217 145,217
_______ _______
At 31 July 2023 145,217 145,217
_______ _______
Impairment
At 1 August 2022 and 31 July 2023 - -
_______ _______
Carrying amount
At 31 July 2023 145,217 145,217
_______ _______
At 31 July 2022 - -
_______ _______
8. Debtors
2023 2022
£ £
Other debtors 8,662 87,853
_______ _______
9. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 48,514 187,991
Corporation tax 30,652 26,094
Social security and other taxes 22,783 19,128
Other creditors 111,186 137,476
_______ _______
213,135 370,689
_______ _______
10. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr Shane Hannaway 41,450 ( 43,000) ( 1,550)
Mrs Patricia Hannaway 41,450 ( 43,000) ( 1,550)
_______ _______ _______
82,900 ( 86,000) ( 3,100)
_______ _______ _______
2022
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr Shane Hannaway ( 16,875) 58,325 41,450
Mrs Patricia Hannaway ( 59,325) 100,775 41,450
_______ _______ _______
( 76,200) 159,100 82,900
_______ _______ _______