2 26 April 2024 false false false false false false false false false false true false false false false false false No description of principal activity 2022-11-01 Sage Accounts Production Advanced 2023 - FRS102_2023 2,209 1,920 72 1,992 217 289 xbrli:pure xbrli:shares iso4217:GBP SC434756 2022-11-01 2023-10-31 SC434756 2023-10-31 SC434756 2022-10-31 SC434756 2021-11-01 2022-10-31 SC434756 2022-10-31 SC434756 2021-10-31 SC434756 bus:Director1 2022-11-01 2023-10-31 SC434756 core:WithinOneYear 2023-10-31 SC434756 core:WithinOneYear 2022-10-31 SC434756 core:RetainedEarningsAccumulatedLosses 2023-10-31 SC434756 core:RetainedEarningsAccumulatedLosses 2022-10-31 SC434756 bus:SmallEntities 2022-11-01 2023-10-31 SC434756 bus:Audited 2022-11-01 2023-10-31 SC434756 bus:SmallCompaniesRegimeForAccounts 2022-11-01 2023-10-31 SC434756 bus:CompanyLimitedByGuarantee 2022-11-01 2023-10-31 SC434756 bus:FullAccounts 2022-11-01 2023-10-31 SC434756 core:ComputerEquipment 2022-11-01 2023-10-31 SC434756 core:ComputerEquipment 2023-10-31 SC434756 core:ComputerEquipment 2022-10-31
COMPANY REGISTRATION NUMBER: SC434756
Hamilton BID Ltd
Company Limited by Guarantee
Filleted Financial Statements
For the year ended
31 October 2023
Hamilton BID Ltd
Company Limited by Guarantee
Statement of Financial Position
31 October 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
6
217
289
Current assets
Debtors
7
24,285
24,194
Cash at bank and in hand
46,798
35,416
--------
--------
71,083
59,610
Creditors: amounts falling due within one year
8
27,108
9,462
--------
--------
Net current assets
43,975
50,148
--------
--------
Total assets less current liabilities
44,192
50,437
--------
--------
Net assets
44,192
50,437
--------
--------
Capital and reserves
Profit and loss account
44,192
50,437
--------
--------
Members funds
44,192
50,437
--------
--------
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 statement of income and retained earnings has not been delivered.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements were approved by the board of directors and authorised for issue on 26 April 2024 , and are signed on behalf of the board by:
Mrs J M Smith - Chair
Director
Company registration number: SC434756
Hamilton BID Ltd
Company Limited by Guarantee
Notes to the Financial Statements
Year ended 31 October 2023
1. General information
The company is a private company limited by guarantee, registered in Scotland. The address of the registered office is C/O J. Watson Scott & Co, McAdam House, 1 Cadzow Lane, Hamilton, South Lanarkshire, ML3 6AY.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.
Revenue recognition
The turnover shown in the income and expenditure account represents grants claimed from South Lanarkshire Council in the period. Turnover shown excludes any Value Added Tax arising.
Tangible assets
Tangible assets are initially recorded at cost, and 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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:
Equipment
-
20% straight line
Impairment of fixed assets
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. For the purposes of impairment testing, 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 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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Company limited by guarantee
The company is limited by guarantee and does not have a share capital. In the event of a winding up each of the members liability is limited to £1.
5. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
6. Tangible assets
Equipment
Total
£
£
Cost
At 1 November 2022 and 31 October 2023
2,209
2,209
-------
-------
Depreciation
At 1 November 2022
1,920
1,920
Charge for the year
72
72
-------
-------
At 31 October 2023
1,992
1,992
-------
-------
Carrying amount
At 31 October 2023
217
217
-------
-------
At 31 October 2022
289
289
-------
-------
7. Debtors
2023
2022
£
£
Trade debtors
85
3,600
Other debtors
24,200
20,594
--------
--------
24,285
24,194
--------
--------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
14,324
815
Social security and other taxes
9,907
5,606
Other creditors
2,877
3,041
--------
-------
27,108
9,462
--------
-------
9. Summary audit opinion
The auditor's report dated 26 April 2024 was unqualified .
The senior statutory auditor was Andrew B Wilson , for and on behalf of Nelson Gilmour Smith .
10. Related party transactions
No transactions were entered into with Related Parties in the year that are required to be disclosed under the terms of FRS102 Section 1A.
11. Ethical standards
In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.