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REGISTERED NUMBER: NI016622 (Northern Ireland)















T.J.HAMILTON & COMPANY LIMITED

Financial Statements for the Year Ended 31 December 2023






T.J.HAMILTON & COMPANY LIMITED (REGISTERED NUMBER: NI016622)






Contents of the Financial Statements
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


T.J.HAMILTON & COMPANY LIMITED

Company Information
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: Paul McGurk
Nigel McGurk
Kevin James Lynch





REGISTERED OFFICE: Brookmount
18 Dungannon Road
Cookstown
Co. Tyrone
BT80 8TL





REGISTERED NUMBER: NI016622 (Northern Ireland)





INDEPENDENT AUDITORS: CavanaghKelly
Chartered Accountants and Statutory Auditors
36-38 Northland Row
Dungannon
Co. Tyrone
BT71 6AP

T.J.HAMILTON & COMPANY LIMITED (REGISTERED NUMBER: NI016622)

Statement of Financial Position
31 DECEMBER 2023

2023 2022
Notes £ £
NON-CURRENT ASSETS
Property, plant and equipment 5 92,415 111,502

CURRENT ASSETS
Inventories 6 3,686,483 3,997,754
Receivables: amounts falling due within
one year

7

238,428

48,326
Cash at bank and in hand 277,098 169,917
4,202,009 4,215,997
PAYABLES
Amounts falling due within one year 8 (2,575,182 ) (2,679,683 )
NET CURRENT ASSETS 1,626,827 1,536,314
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,719,242

1,647,816

PROVISIONS FOR LIABILITIES (21,024 ) (25,397 )
NET ASSETS 1,698,218 1,622,419

CAPITAL AND RESERVES
Called up share capital 9 250,000 250,000
Retained earnings 1,448,218 1,372,419
SHAREHOLDERS' FUNDS 1,698,218 1,622,419

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 9 August 2024 and were signed on its behalf by:




Nigel McGurk - Director



Kevin James Lynch - Director


T.J.HAMILTON & COMPANY LIMITED (REGISTERED NUMBER: NI016622)

Notes to the Financial Statements
FOR THE YEAR ENDED 31 DECEMBER 2023

1. STATUTORY INFORMATION

T.J.Hamilton is a private company, limited by shares, registered in Northern Ireland, within the United Kingdom. The company's registered number and registered address can be found on the Company Information page. The nature of the company's operations and its principal activities are set out in the Directors' Report. The financial statements have been presented in Pound Sterling (£) which is also the functional currency of the company.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparation
The financial statements have been prepared on a going concern basis under the historical cost convention. Historical cost is generally based on the fair value of the consideration given the exchange for assets. The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.

Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods:
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

- the significant risks and rewards of ownership have been transferred to the buyer;
- the company retains no continuing involvement or control over the goods;
- the amount of revenue can be measured reliably;
- it is probable that future economic benefits will flow to the company
- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Property, plant and equipment and depreciation
Property, plant and equipment are stated at cost, less accumulated depreciation. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. The charge to depreciation is calculated to write off the original cost or valuation of property, plant and equipment, less their estimated residual value, over their expected useful lives as follows:

Plant and machinery20% straight line
Fixtures, fittings and equipment20% - 33% straight line

The carrying values of property, plant and equipment are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.

Inventories
Inventories are valued at the lower of cost and net realisable value. Cost comprises expenditure incurred in the normal course of business in bringing inventories to their present location and condition. Full provision is made for obsolete and slow moving items. Net realisable value comprises actual or estimated selling price (net of trade discounts) less all further costs to completion or to be incurred in marketing and selling.

Consignment inventory is not recognised until there has been a substantial transfer of the risk and rewards of ownership.

T.J.HAMILTON & COMPANY LIMITED (REGISTERED NUMBER: NI016622)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

3. ACCOUNTING POLICIES - continued

Financial instruments
The company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.

(i) Financial assets

Basic financial assets, including trade and other receivables, cash and bank balances and amounts owed by related parties and 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 profit or loss.

If there is decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

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) despite having retained some significant risks and rewards of ownership, 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.

(ii) Financial liabilities

Basic financial liabilities, including trade and other payables, bank loans and overdrafts and amounts owed to related parties 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. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw-down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalised as a pre-payment for liquidity services and amortised over the period of the facility to which it relates.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables 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.

(iii) Offsetting

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.


T.J.HAMILTON & COMPANY LIMITED (REGISTERED NUMBER: NI016622)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

3. ACCOUNTING POLICIES - continued
Taxation and deferred taxation
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Statement of Financial Position date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the Statement of Financial Position date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements.

Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the Statement of Financial Position date.

Pension costs
The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. Annual contributions payable to the company's pension scheme are charged to the Income Statement in the period to which they relate.

Cash flow statement
The company has availed of the exemption in FRS 102 Section 1A from the requirement to prepare a Statement of Cash Flows because it is classified as a small company.

Cash and cash equivalents
Cash and cash equivalents includes cash in hand and deposits held at call with banks.

Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.

Distributions to equity holders
Dividends and other distributions to the Company's shareholders are recognised as a liability in the financial statements in the period in which the dividends and other distributions are approved by the Company's shareholders. These amounts are recognised in the statement of changes in equity.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 36 (2022 - 33 ) .

5. PROPERTY, PLANT AND EQUIPMENT
Fixtures
Plant and and
machinery fittings Totals
£ £ £
COST
At 1 January 2023 216,880 308,321 525,201
Additions 13,976 2,860 16,836
At 31 December 2023 230,856 311,181 542,037
DEPRECIATION
At 1 January 2023 162,741 250,958 413,699
Charge for year 16,457 19,466 35,923
At 31 December 2023 179,198 270,424 449,622
NET BOOK VALUE
At 31 December 2023 51,658 40,757 92,415
At 31 December 2022 54,139 57,363 111,502

T.J.HAMILTON & COMPANY LIMITED (REGISTERED NUMBER: NI016622)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

6. INVENTORIES
2023 2022
£ £
Goods held for resale 3,686,483 3,997,754

Stock on consignment is not recognised in the balance sheet because the terms of the contract state:

i) title to the vehicle does not pass to the dealer until full payment is due;
ii) the manufacturer can demand the return of stock within the consignment year; and
iii) no interest is payable on consignment stock within terms set out in the individual franchise agreements.

At 31 December 2023, the value of consignment stock off balance sheet was £709,960 (2022: £776,050).

7. RECEIVABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Trade receivables 58,730 23,213
Other receivables - 9,215
Amounts owed by group undertakings 169,488 -
Prepayments and accrued income 10,210 15,898
238,428 48,326

8. PAYABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Trade payables 271,162 252,373
Amounts owed to group undertakings 1,557,597 1,684,097
Amounts owed to related parties 400,000 500,000
Social security and other taxes 115,946 55,681
Other payables 36,032 41,570
Accruals and deferred income 194,445 145,962
2,575,182 2,679,683

Amounts owed to group undertakings and related parties are unsecured, interest free and repayable on demand.

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £ £
250,000 Ordinary 1 250,000 250,000

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Auditors' Report was unqualified.

Mr Desmond Kelly FCA (Senior Statutory Auditor)
for and on behalf of CavanaghKelly

T.J.HAMILTON & COMPANY LIMITED (REGISTERED NUMBER: NI016622)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

11. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the 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.

The company has identified the following transactions which require disclosure in line with paragraph 33.1A from the provisions of FRS 102 "Related Parties Disclosures".

Northern View Leisure Limited is regarded as a related entity due to directors of the company also being directors of T.J.Hamilton & Company Limited.

At the 31st of December 2023, T.J.Hamilton & Company Limited owed £400,000 (2022: £500,000) from Northern View Leisure Limited. This balance is disclosed in amounts owed to related parties within Note 8 of the financial statements.

Directors of the company are considered to be related parties due to their position with the company. At the 31st of December 2023, amounts owing/due to and from directors is £Nil (2022: £Nil).

12. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Brookmount Holdings Ltd.

The address of Brookmount Holdings Ltd is 18 Dungannon Road, Cookstown, BT80 8TL.

The parent of the largest group in which the results are consolidated is Brookmount Holdings Ltd.