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COMPANY REGISTRATION NUMBER: 04379729
PAUL HAMILTON (MO-TECH) LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
27 February 2024
PAUL HAMILTON (MO-TECH) LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 27th FEBRUARY 2024
CONTENTS
PAGES
Statement of financial position
1 to 2
Notes to the financial statements
3 to 7
PAUL HAMILTON (MO-TECH) LIMITED
STATEMENT OF FINANCIAL POSITION
27 February 2024
2024
2023
Note
£
£
£
£
FIXED ASSETS
Tangible assets
5
129,868
111,039
CURRENT ASSETS
Stocks
6
366,184
330,135
Debtors
7
1,946
2,140
Cash at bank and in hand
3,892
58,833
----------
----------
372,022
391,108
CREDITORS: amounts falling due within one year
8
338,185
305,730
----------
----------
NET CURRENT ASSETS
33,837
85,378
----------
----------
TOTAL ASSETS LESS CURRENT LIABILITIES
163,705
196,417
----------
----------
NET ASSETS
163,705
196,417
----------
----------
CAPITAL AND RESERVES
Called up share capital
9
100
100
Profit and loss account
163,605
196,317
----------
----------
SHAREHOLDERS FUNDS
163,705
196,417
----------
----------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 27th February 2024 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
PAUL HAMILTON (MO-TECH) LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
27 February 2024
These financial statements were approved by the board of directors and authorised for issue on 27 February 2025 , and are signed on behalf of the board by:
P. Hamilton
Director
Company registration number: 04379729
PAUL HAMILTON (MO-TECH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 27th FEBRUARY 2024
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Old Post Office, 63 Saville Street, North Shields, Tyne and Wear, NE30 1AY.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity. Monetary amounts in these financial statements are rounded to the nearest £.
Going concern
The financial statements have been prepared on the going concern basis. The directors consider that this basis is appropriate following due consideration of the present financial position, the expected prospects of the company during the twelve months from the date of approval of these financial statements and the continued support of the company's directors, bankers and other lending agents during this time.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property
-
2% straight line
Leasehold improvements
-
2% straight line
Plant and machinery
-
25% straight line
Fixtures and fittings
-
25% straight line
Motor vehicles
-
25% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 6 (2023: 8 ).
5. TANGIBLE ASSETS
Freehold property
Leasehold improvements
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 28 Feb 2023
111,624
52,863
14,139
65,068
31,170
274,864
Additions
27,799
27,799
Disposals
( 1,111)
( 642)
( 17,630)
( 19,383)
----------
---------
---------
---------
---------
----------
At 27 Feb 2024
111,624
52,863
13,028
64,426
41,339
283,280
----------
---------
---------
---------
---------
----------
Depreciation
At 28 Feb 2023
43,032
11,218
13,592
64,813
31,170
163,825
Charge for the year
2,234
1,059
328
137
5,212
8,970
Disposals
( 1,111)
( 642)
( 17,630)
( 19,383)
----------
---------
---------
---------
---------
----------
At 27 Feb 2024
45,266
12,277
12,809
64,308
18,752
153,412
----------
---------
---------
---------
---------
----------
Carrying amount
At 27 Feb 2024
66,358
40,586
219
118
22,587
129,868
----------
---------
---------
---------
---------
----------
At 27 Feb 2023
68,592
41,645
547
255
111,039
----------
---------
---------
---------
---------
----------
6. STOCKS
2024
2023
£
£
Goods for resale
366,184
330,135
----------
----------
7. DEBTORS
2024
2023
£
£
Prepayments
1,946
1,753
Other debtors
387
-------
-------
1,946
2,140
-------
-------
8. CREDITORS: amounts falling due within one year
2024
2023
£
£
Bank overdraft
13,208
Payments received on account
36,115
46,931
Trade creditors
236,273
187,425
Accruals
7,384
7,376
Corporation tax
23,677
27,004
Social security and other taxes
5,996
3,621
Director loan accounts
14,049
20,307
Company credit card
1,483
2,316
Valmoto NE Limited
700
Other creditors
10,050
----------
----------
338,185
305,730
----------
----------
9. CALLED UP SHARE CAPITAL
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
10. RELATED PARTY TRANSACTIONS
The company rents premises from a Small Self Invested Pension Scheme and the major beneficiary of this scheme is P. Hamilton , a director of the company. The company paid rent during the year of £18,500 (2023: £18,500). No further transactions with related parties were undertaken such as are required to be disclosed under FRS102 Section 1A small entities.