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Registration number: SC390738

Hawksworth Retail Asset Management Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Hawksworth Retail Asset Management Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 10

 

Hawksworth Retail Asset Management Limited

Company Information

Directors

Mr M A Holt

Mr R T Stevenson

Registered office

 

Argyll House
Quarrywood Court
Livingston
West Lothian
EH54 6AX

Accountants

Glen Drummond Ltd
Chartered Accountants
Argyll House
Quarrywood Court
Livingston
West Lothian
EH54 6AX

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Hawksworth Retail Asset Management Limited
for the Year Ended 31 December 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Hawksworth Retail Asset Management Limited for the year ended 31 December 2023 as set out on pages 3 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 of Scotland, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of Hawksworth Retail Asset Management Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Hawksworth Retail Asset Management Limited and state those matters that we have agreed to state to the Board of Directors of Hawksworth Retail Asset Management Limited, as a body, in this report in accordance with the requirements of the Institute of Chartered Accountants of Scotland as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Hawksworth Retail Asset Management Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Hawksworth Retail Asset Management 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 Hawksworth Retail Asset Management Limited. You consider that Hawksworth Retail Asset Management 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 Hawksworth Retail Asset Management 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.

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

Glen Drummond Ltd
Chartered Accountants
Argyll House
Quarrywood Court
Livingston
West Lothian
EH54 6AX

20 August 2024

 

Hawksworth Retail Asset Management Limited

(Registration number: SC390738)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

1,339

1,412

Current assets

 

Debtors

5

23,109

71,287

Cash at bank and in hand

 

492,900

356,006

 

516,009

427,293

Creditors: Amounts falling due within one year

6

(144,348)

(147,566)

Net current assets

 

371,661

279,727

Total assets less current liabilities

 

373,000

281,139

Provisions for liabilities

(335)

(269)

Net assets

 

372,665

280,870

Capital and reserves

 

Called up share capital

7

1

1

Retained earnings

372,664

280,869

Shareholders' funds

 

372,665

280,870

For the financial year ending 31 December 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Hawksworth Retail Asset Management Limited

(Registration number: SC390738)
Balance Sheet as at 31 December 2023

Approved and authorised by the Board on 20 August 2024 and signed on its behalf by:
 

.........................................
Mr M A Holt
Director

 

Hawksworth Retail Asset Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
Argyll House
Quarrywood Court
Livingston
West Lothian
EH54 6AX

These financial statements were authorised for issue by the Board on 20 August 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. There were no material departures from that standard.

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.

The presentation currency of the financial statements is the Pound Sterling (£).

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration derived from the provision of consultancy services to the retail property industry. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

 

Hawksworth Retail Asset Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

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.

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 statement of financial position 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.

At the balance sheet date, the company reviews the carrying amounts of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Expenditure of £500 or more on individual tangible fixed assets is capitalised at cost. Expenditure on assets below this threshold is charged directly to the profit and loss account in the period it is incurred.

 

Hawksworth Retail Asset Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

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

Furniture, fittings and equipment

20% on cost

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 3 (2022 - 3).

 

Hawksworth Retail Asset Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2023

1,997

1,997

Additions

874

874

Disposals

(931)

(931)

At 31 December 2023

1,940

1,940

Depreciation

At 1 January 2023

585

585

Charge for the year

388

388

Eliminated on disposal

(372)

(372)

At 31 December 2023

601

601

Carrying amount

At 31 December 2023

1,339

1,339

At 31 December 2022

1,412

1,412

5

Debtors

2023
£

2022
£

Trade debtors

21,670

69,630

Prepayments

360

308

Other debtors

1,079

1,349

23,109

71,287

 

Hawksworth Retail Asset Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

705

705

Amounts owed to group undertakings and undertakings in which the company has a participating interest

8

60,739

61,819

Taxation and social security

 

46,836

47,761

Other creditors

 

36,068

37,281

 

144,348

147,566

7

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary share of £1 each

1

1

1

1

       
 

Hawksworth Retail Asset Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

8

Related party transactions

The company operates a loan account with the director, Mr R T Stevenson.
During the year, the company repaid loans totalling £2,466 to the director. At the year end, the balance due to the director was £2,589 (2022 - £5,055). This loan is unsecured, interest free and has no fixed repayment terms.

The company operates a loan account with the director, Mr M A Holt.
During the year, the director advanced loans totalling £1,254 to the company. At the year end, the balance due to the director was £33,480 (2022 - £32,226). This loan is unsecured, interest free and has no fixed repayment
terms.

The company operates a loan account with the parent company, Hawksworth Retail Group Limited.
During the year, dividends totalling £59,500 (2022 - £70,300) were declared and paid to the parent company. During the year, the company repaid loans to the parent company totalling £1,080. At the year end, the balance due to the parent company was £60,739 (2022 - £61,819). This loan is unsecured, interest free and has no fixed repayment terms.