Silverfin false false 31/03/2024 01/04/2023 31/03/2024 Peter Andrew Mckillop 20/12/2005 Susan Mary Mckillop 08/01/2018 18 June 2024 The company’s principal activities continue to be those of the development of residential properties. 05658766 2024-03-31 05658766 bus:Director1 2024-03-31 05658766 bus:Director2 2024-03-31 05658766 2023-03-31 05658766 core:CurrentFinancialInstruments 2024-03-31 05658766 core:CurrentFinancialInstruments 2023-03-31 05658766 core:Non-currentFinancialInstruments 2024-03-31 05658766 core:Non-currentFinancialInstruments 2023-03-31 05658766 core:ShareCapital 2024-03-31 05658766 core:ShareCapital 2023-03-31 05658766 core:RetainedEarningsAccumulatedLosses 2024-03-31 05658766 core:RetainedEarningsAccumulatedLosses 2023-03-31 05658766 core:Vehicles 2023-03-31 05658766 core:FurnitureFittings 2023-03-31 05658766 core:OfficeEquipment 2023-03-31 05658766 core:ComputerEquipment 2023-03-31 05658766 core:Vehicles 2024-03-31 05658766 core:FurnitureFittings 2024-03-31 05658766 core:OfficeEquipment 2024-03-31 05658766 core:ComputerEquipment 2024-03-31 05658766 core:CurrentFinancialInstruments 1 2024-03-31 05658766 core:CurrentFinancialInstruments 1 2023-03-31 05658766 bus:OrdinaryShareClass1 2024-03-31 05658766 2023-04-01 2024-03-31 05658766 bus:FilletedAccounts 2023-04-01 2024-03-31 05658766 bus:SmallEntities 2023-04-01 2024-03-31 05658766 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 05658766 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 05658766 bus:Director1 2023-04-01 2024-03-31 05658766 bus:Director2 2023-04-01 2024-03-31 05658766 core:Vehicles 2023-04-01 2024-03-31 05658766 core:FurnitureFittings 2023-04-01 2024-03-31 05658766 core:OfficeEquipment 2023-04-01 2024-03-31 05658766 core:ComputerEquipment 2023-04-01 2024-03-31 05658766 2022-04-01 2023-03-31 05658766 core:Non-currentFinancialInstruments 2023-04-01 2024-03-31 05658766 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 05658766 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 05658766 (England and Wales)

HAMILTON PARK LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

HAMILTON PARK LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

HAMILTON PARK LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 March 2024
HAMILTON PARK LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 4 14,075 13,918
14,075 13,918
Current assets
Stocks 5 9,906 17,670
Debtors 6 152,333 158,847
Cash at bank and in hand 79,525 149,701
241,764 326,218
Creditors: amounts falling due within one year 7 ( 172,990) ( 240,413)
Net current assets 68,774 85,805
Total assets less current liabilities 82,849 99,723
Creditors: amounts falling due after more than one year 8 ( 26,109) ( 53,480)
Net assets 56,740 46,243
Capital and reserves
Called-up share capital 9 10 10
Profit and loss account 56,730 46,233
Total shareholders' funds 56,740 46,243

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Hamilton Park Limited (registered number: 05658766) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

Peter Andrew Mckillop
Director

18 June 2024

HAMILTON PARK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
HAMILTON PARK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Hamilton Park Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the company's registered office is 35 Ballards Lane, London, N3 1XW, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Vehicles 18 % reducing balance
Fixtures and fittings 18 % reducing balance
Office equipment 18 % reducing balance
Computer equipment 18 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to and from related parties and investments in non-puttable ordinary shares.

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings/Statement of Comprehensive Income.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

2. Critical accounting judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements that have a significant impact on the amounts recognised. The following are the critical judgements that the directors have made in the process of applying the company’s accounting policies and that have the most significant effect on the amounts recognised in the financial statements.

3. Employees

2024 2023
Number Number
Monthly average number of persons employed by the company during the year, including directors 3 3

4. Tangible assets

Vehicles Fixtures and fittings Office equipment Computer equipment Total
£ £ £ £ £
Cost
At 01 April 2023 34,500 5,012 4,121 4,378 48,011
Additions 0 0 290 2,641 2,931
At 31 March 2024 34,500 5,012 4,411 7,019 50,942
Accumulated depreciation
At 01 April 2023 23,962 3,684 3,826 2,621 34,093
Charge for the financial year 1,896 239 61 578 2,774
At 31 March 2024 25,858 3,923 3,887 3,199 36,867
Net book value
At 31 March 2024 8,642 1,089 524 3,820 14,075
At 31 March 2023 10,538 1,328 295 1,757 13,918

5. Stocks

2024 2023
£ £
Work in progress 9,906 17,670

6. Debtors

2024 2023
£ £
Trade debtors 152,333 158,847

7. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 0 22,704
Trade creditors 39,567 42,124
CIS withheld 4,721 9,773
Taxation and social security 105,434 80,292
Other creditors 23,268 85,520
172,990 240,413

8. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans (secured) 26,109 53,480

The bank loans are secured by a fixed and floating charge on the assets of the Company

9. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
10 Ordinary shares of £ 1.00 each 10 10