Company registration number 01857160 (England and Wales)
HAMILTON HOUSE MEDICAL LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
HAMILTON HOUSE MEDICAL LIMITED
CONTENTS
Page
Statement of comprehensive income
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 9
HAMILTON HOUSE MEDICAL LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
6
4,060,912
4,034,293
Current assets
Stocks
9
9,000
9,000
Debtors
8
240,498
230,554
Investments
11
455,215
328,287
Cash at bank and in hand
349,403
109,288
1,054,116
677,129
Creditors: amounts falling due within one year
10
(1,190,408)
(1,346,225)
Net current liabilities
(136,292)
(669,096)
Total assets less current liabilities
3,924,620
3,365,197
Provisions for liabilities
Deferred tax liability
13
77,097
78,203
(77,097)
(78,203)
Net assets
3,847,523
3,286,994
Capital and reserves
Called up share capital
14
425,886
425,886
Capital redemption reserve
244,949
244,949
Distributable profit and loss reserves
3,176,688
2,616,159
Total equity
3,847,523
3,286,994

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

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

The financial statements were approved by the board of directors and authorised for issue on 8 November 2024 and are signed on its behalf by:
Mr D A Edmondson
Director
Company Registration No. 01857160
HAMILTON HOUSE MEDICAL LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 April 2022
425,886
244,949
3,448,227
4,119,062
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
-
39,983
39,983
Dividends
-
-
(872,050)
(872,050)
Balance at 31 March 2023
425,886
244,949
2,616,160
3,286,995
Year ended 31 March 2024:
Profit and total comprehensive income for the year
-
-
1,099,275
1,099,275
Dividends
-
-
(538,746)
(538,746)
Balance at 31 March 2024
425,886
244,949
3,176,689
3,847,524
HAMILTON HOUSE MEDICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information

Hamilton House Medical Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Cookham Riverside, Berries Road, Cookham, Maidenhead, Berkshire, United Kingdom, SL6 9SD.

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.

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, modified to include the revaluation of freehold properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

 

 

Based on these assessments and having regard to the resources available to the entity, the Directors have concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the accounts.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

1.4
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
(see below)
Fixtures and fittings
15% on cost
Computer equipment
25% on cost
20% on cost

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.

Freehold properties are shown at deemed cost. On the basis that the properties are kept in a good condition in order to facilitate the company's operations, and that the property prices in the locations of the assets have increased in recent years the directors consider the ultimate residual value of the properties to be in excess of their carrying value in these financial statements. As a result the directors consider that no depreciation charge is necessary.

HAMILTON HOUSE MEDICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.5
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.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

1.7
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.

1.8
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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

HAMILTON HOUSE MEDICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts 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 creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.9
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.

1.10
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.

HAMILTON HOUSE MEDICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 6 -
1.11
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.

1.12
Retirement benefits

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

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. During the year there were no key judgements or sources of estimation uncertainty.

3
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
19,200
22,509
For other services
Taxation compliance services
1,600
1,500
All other non-audit services
2,100
2,000
3,700
3,500
4
Employees

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

2024
2023
Number
Number
Management and administrative staff
1
2
Nursing staff
60
60
Total
61
62
HAMILTON HOUSE MEDICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
5
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
24,000
-
0
6
Tangible fixed assets
Freehold land and buildings
Fixtures and fittings
Computer equipment
Total
£
£
£
£
£
Cost
At 1 April 2023
4,001,340
385,664
-
0
40,588
4,427,592
Additions
-
0
10,117
35,801
-
0
45,918
At 31 March 2024
4,001,340
395,781
35,801
40,588
4,473,510
Depreciation and impairment
At 1 April 2023
-
0
357,051
-
0
36,248
393,299
Depreciation charged in the year
-
0
13,467
1,492
4,340
19,299
At 31 March 2024
-
0
370,518
1,492
40,588
412,598
Carrying amount
At 31 March 2024
4,001,340
25,263
34,309
-
0
4,060,912
At 31 March 2023
4,001,340
28,613
-
0
4,340
4,034,293
7
Financial instruments
2024
2023
£
£
Carrying amount of financial assets
Instruments measured at fair value through profit or loss
455,215
328,287
8
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
28,431
33,599
Other debtors
191,455
180,698
Prepayments and accrued income
20,612
16,257
240,498
230,554
9
Stocks
2024
2023
£
£
Finished goods
9,000
9,000
HAMILTON HOUSE MEDICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
10
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans
12
-
0
365,251
Trade creditors
71,681
40,133
Amounts owed to group undertakings
528,483
527,712
Corporation tax
324,155
175,925
Other taxation and social security
42,458
24,230
Other creditors
137,628
141,768
Accruals and deferred income
86,003
71,206
1,190,408
1,346,225
11
Current asset investments
2024
2023
£
£
Listed investments
455,215
328,287
12
Loans and overdrafts
2024
2023
£
£
Bank loans
-
0
365,251
Payable within one year
-
0
365,251

There are no loans payable at the year end.

13
Deferred taxation

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

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
77,097
78,203
HAMILTON HOUSE MEDICAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
13
Deferred taxation
(Continued)
- 9 -
2024
Movements in the year:
£
Liability at 1 April 2023
78,203
Credit to profit or loss
(1,106)
Liability at 31 March 2024
77,097
14
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
ordinary shares of £1 each
425,886
425,886
425,886
425,886
15
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Jack Tatschner ACA
Statutory Auditor:
Azets Audit Services
16
Related party transactions
Transactions with related parties

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

Cookham Riverside Limited is a company with shareholders in common with Hamilton House Medical Limited. At the year end £303,687 (2023 £312,314) was owed to Cookham Riverside Limited by Hamilton House Medical Limited.

17
Ultimate controlling party

The ultimate parent company is Hamilton House Holdings Limited, a company registered in England and Wales.

 

The registered office of the controlling entity can be found at: The Cookham Riverside, Berries Road, Cookham, Berkshire, United Kingdom, SL6 9SD.

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