Company registration number SC401180 (Scotland)
HMS (883) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
HMS (883) LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 10
HMS (883) LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr G Celino
Mrs F Munro
Company number
SC401180
Registered office
223 Fenwick Road
Giffnock
Glasgow
Scotland
G46 6JG
Accountants
Consilium Chartered Accountants
169 West George Street
Glasgow
Scotland
G2 2LB
HMS (883) LIMITED
BALANCE SHEET
AS AT
30 JUNE 2023
30 June 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
2,406,042
1,327,232
Current assets
Stocks
39,792
37,292
Debtors
5
43,943
466,398
Investments
6
29,865
51,200
Cash at bank and in hand
46,988
34,459
160,588
589,349
Creditors: amounts falling due within one year
7
(572,433)
(446,548)
Net current (liabilities)/assets
(411,845)
142,801
Total assets less current liabilities
1,994,197
1,470,033
Creditors: amounts falling due after more than one year
8
(1,102,286)
(1,152,671)
Provisions for liabilities
9
(324,891)
(54,039)
Net assets
567,020
263,323
Capital and reserves
Called up share capital
11
2
2
Revaluation reserve
835,864
-
0
Profit and loss reserves
(268,846)
263,321
Total equity
567,020
263,323

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

HMS (883) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 JUNE 2023
30 June 2023
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 28 August 2024 and are signed on its behalf by:
Mr G Celino
Mrs F Munro
Director
Director
Company Registration No. SC401180
HMS (883) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 4 -
1
Accounting policies
Company information

HMS (883) Limited is a private company limited by shares incorporated in Scotland. The registered office is 223 Fenwick Road, Giffnock, Glasgow, Scotland, G46 6JG. The company's registration number is SC401180.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

The Turnover shown in the Statement of Comprehensive Income represents the value of all goods sold during the year, at selling price exclusive of Value Added Tax. Income is recognised at the point of sale to the customer.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
1% straight line
Plant and equipment
10% straight line
Motor vehicles
10% straight line

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 the profit and loss account.

1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.5
Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowances for obsolete and slow moving items.

 

Cost is calculated using the first-in first-out method and includes the normal cost of transporting stock to its present location and condition.

HMS (883) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 5 -
1.6
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 current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with 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.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

HMS (883) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 6 -
1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to the profit and loss account on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.13
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.14
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in the profit and loss account.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Total
54
53
HMS (883) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 7 -
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost or valuation
At 1 July 2022
1,253,200
379,253
1,632,453
Additions
-
0
2,500
2,500
Revaluation
946,800
-
0
946,800
At 30 June 2023
2,200,000
381,753
2,581,753
Depreciation and impairment
At 1 July 2022
167,685
137,536
305,221
Depreciation charged in the year
-
0
38,175
38,175
Revaluation
(167,685)
-
0
(167,685)
At 30 June 2023
-
0
175,711
175,711
Carrying amount
At 30 June 2023
2,200,000
206,042
2,406,042
At 30 June 2022
1,085,515
241,717
1,327,232

Land and buildings with a carrying amount of £2,200,000 were revalued at 9th May 2024 by DM Hall Chartered Surveyors, independent valuers not connected with the company on the basis of market value. The valuation conforms to International Valuation Standards and was based on recent market transactions on arm's length terms for similar properties.

Land and buildings are carried at valuation. If land and buildings were measured using the cost model, the carrying amounts would have been approximately £1,072,983 (2022 - £1,085,515), being cost £1,253,200 (2022 - £1,253,200) and depreciation £167,685 (2022 - £180,217).

Freehold Property
2023
2022
£
£
Cost
1,253,200
1,253,200
Accumulated depreciation
(180,217)
(167,685)
Carrying value
1,072,983
1,085,515
4
Financial instruments
2023
2022
£
£
Carrying amount of financial assets
Instruments measured at fair value through profit or loss
29,865
51,200
HMS (883) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 8 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
21,640
41,226
Other debtors
22,303
425,172
43,943
466,398
6
Current asset investments
2023
2022
£
£
Other investments
29,865
51,200
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
134,473
134,473
Trade creditors
48,598
39,538
Taxation and social security
238,295
117,096
Other creditors
151,067
155,441
572,433
446,548

Bank Loans are secured over the land and buildings along with a floating charge over the assets of the company.

 

8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans
1,102,286
1,152,671

Bank Loans are secured over the land and buildings along with a floating charge over the assets of the company.

 

9
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
10
324,891
54,039
HMS (883) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 9 -
10
Deferred taxation

The following are the major deferred tax liabilities recognised by the company and movements thereon:

2023
2022
Balances:
£
£
Accelerated capital allowances
46,270
54,039
Revaluations
278,621
-
324,891
54,039
2023
Movements in the year:
£
Liability at 1 July 2022
54,039
Credit to profit or loss
(7,769)
Charge to other comprehensive income
278,621
Liability at 30 June 2023
324,891
11
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
2 Ordinary shares of £1
2
2
12
Related party transactions

The company has taken advantage of exemption, under terms of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland", not to disclose related party transactions with wholly owned subsidiaries within the group,

 

During the year the company entered into the following transactions with related parties:

2023
2022
£
£
Amounts due from associates
-
349,705
Amounts due to directors
1,746
1,776

Amounts due to directors are unsecured, interest free and with no fixed repayment terms.

 

No further transactions with related parties were undertaken such as are required to be disclosed under the provision of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

 

HMS (883) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
12
Related party transactions
(Continued)
- 10 -

The following amounts were recognised as an expense in the period in respect of bad and doubtful debts due from related parties:

2023
2022
£
£
Amounts due from associates
442,775
-
Other related parties
64,027
-
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