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Registration number: NI051642

Hamac Trading Company Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Hamac Trading Company Limited

(Registration number: NI051642)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

45,200

67,348

Current assets

 

Stocks

6

895,250

992,275

Debtors

7

230,090

301,152

Cash at bank and in hand

 

1,900,399

1,367,771

 

3,025,739

2,661,198

Creditors: due within one year

8

(709,916)

(667,418)

Net current assets

 

2,315,823

1,993,780

Total assets less current liabilities

 

2,361,023

2,061,128

Creditors: due after more than one year

9

(28,505)

(46,888)

Provisions for liabilities

(10,177)

(11,755)

Net assets

 

2,322,341

2,002,485

Capital and reserves

 

Called up share capital

10

100

100

Retained earnings

2,322,241

2,002,385

Shareholders' funds

 

2,322,341

2,002,485

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.

 

Hamac Trading Company Limited

(Registration number: NI051642)
Balance Sheet as at 31 December 2023

Approved and authorised by the Board on 12 August 2024 and signed on its behalf by:
 

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

Mr Brian Hamilton

Director

 

Hamac Trading Company 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 Northern Ireland.

The address of its registered office is:
29 Church Road
Ballymena
Co Antrim
BT42 3EQ

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 Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Going concern

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

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts. The company recognises revenue at the point of supply when the amount of revenue can be reliably measured and it is probable that future economic benefits will flow to the entity.

Taxation

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date.

 

Hamac Trading Company Limited

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

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

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.

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

Motor vehicles

20% straight line

Plant and equipment

20% straight line

Goodwill

Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised over its useful life.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

20% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Short-term debtors and creditors

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the Profit and Loss Account under operating expenses.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

 

Hamac Trading Company Limited

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

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing. Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges. Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 15 (2022 - 15).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 January 2023

8,350

8,350

At 31 December 2023

8,350

8,350

Amortisation

At 1 January 2023

8,350

8,350

At 31 December 2023

8,350

8,350

Carrying amount

At 31 December 2023

-

-

 

Hamac Trading Company Limited

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

5

Tangible assets

Motor vehicles
 £

Plant & equipment
£

Total
£

Cost or valuation

At 1 January 2023

46,375

331,268

377,643

Additions

-

11,614

11,614

At 31 December 2023

46,375

342,882

389,257

Depreciation

At 1 January 2023

44,969

265,326

310,295

Charge for the year

1,406

32,356

33,762

At 31 December 2023

46,375

297,682

344,057

Carrying amount

At 31 December 2023

-

45,200

45,200

At 31 December 2022

1,406

65,942

67,348

6

Stocks

2023
£

2022
£

Finished goods and goods for resale

895,250

992,275

7

Debtors

2023
£

2022
£

Trade debtors

69,918

136,150

Prepayments

83,691

83,663

Other debtors

76,481

81,339

 

230,090

301,152

 

Hamac Trading Company Limited

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

8

Creditors: due within one year

2023
£

2022
£

Loans and borrowings

18,387

20,663

Trade creditors

458,893

459,095

Taxation and social security

217,965

167,925

Accruals and deferred income

9,404

16,980

Other creditors

5,267

2,755

709,916

667,418

9

Creditors: due after more than one year

2023
£

2022
£

Bank borrowings

15,033

24,919

Other borrowings

13,472

21,969

28,505

46,888

10

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100