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REGISTERED NUMBER: SC451413 (Scotland)















HAMEPARK HOLDINGS LIMITED

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024






HAMEPARK HOLDINGS LIMITED (REGISTERED NUMBER: SC451413)






CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4 to 7

Consolidated Income Statement 8

Consolidated Other Comprehensive Income 9

Consolidated Balance Sheet 10

Company Balance Sheet 11

Consolidated Statement of Changes in Equity 12

Company Statement of Changes in Equity 13

Consolidated Cash Flow Statement 14

Notes to the Consolidated Cash Flow Statement 15 to 16

Notes to the Consolidated Financial Statements 17 to 31


HAMEPARK HOLDINGS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2024







DIRECTORS: Roderick Graham Mercer
James Mercer
James Cowie Mercer
Cissie Anderson Mercer



SECRETARY: Cissie Anderson Mercer



REGISTERED OFFICE: Staneyhill Gas Depot
Staneyhill Industrial Estate
Lerwick
Shetland
ZE1 0NA



REGISTERED NUMBER: SC451413 (Scotland)



AUDITORS: Azets Audit Services
Chartered Accountants
Statutory Auditor
Accountants
Titanium 1
King's Inch Place
Renfrew
Glasgow
PA4 8WF



BANKERS: Virgin Money
30 St Vincent Place
Glasgow
G1 2HL

HAMEPARK HOLDINGS LIMITED (REGISTERED NUMBER: SC451413)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024

The directors present their strategic report of the company and the group for the year ended 30 June 2024.

REVIEW OF BUSINESS
Hamepark Holdings Limited continues to operate as a group holding company where it owns and leases the group's properties to its operating subsidiaries.

Its principal trading subsidiaries are Rearo Supplies Limited which supplies and distributes LPG gas to domestic and commercial customers within the Shetland Isles and Rearo Laminates Limited which manufactures a variety of laminate furniture components and sells these products for residential and commercial contracts through its network of showrooms across the UK.

The directors consider turnover, gross profit margin and profit before tax to be the key performance indicators of the group's strategic operational effectiveness.

The results for the year and financial position of the company are as shown in the annexed financial statements.

The financial highlights are as follows:
2024 2023 2022
£ £ £
Turnover 10,917,163 10,174,899 9,316,386
Gross profit margin 51.2% 46.8% 49.6%
Profit/ (Loss) before tax (154,527 109,077 313,238

The net assets of the group have increased from £3,307,822 at 30 June 2023, to £3,796,576 at 30 June 2024.

PRINCIPAL RISKS AND UNCERTAINTIES
The market conditions are difficult given the current economic conditions, but the directors considers that the group is well placed to obtain contracts given its experience and business relationships. In addition, the directors seeks to control overhead costs in order to improve the profitability of the group.

Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

FINANCIAL INSTRUMENTS
The company's principal financial instruments comprise bank balances, trade creditors, and a bank loan in relation to the company's properties. The main purpose of these instruments is to finance the company's operations.

Trade debtors are managed in respect of credit and cashflow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding.

Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.

FUTURE DEVELOPMENTS
The group will continue to operate on a similar basis to the previous year.

ON BEHALF OF THE BOARD:





Roderick Graham Mercer - Director


5 March 2025

HAMEPARK HOLDINGS LIMITED (REGISTERED NUMBER: SC451413)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 JUNE 2024

The directors present their report with the financial statements of the company and the group for the year ended 30 June 2024.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of the manufacture of laminated boarding, and also the supply of liquid gas and other fuels.

DIVIDENDS
The total distribution of dividends for the year ended 30 June 2024 will be £ 82,000 .

DIRECTORS
The directors shown below have held office during the whole of the period from 1 July 2023 to the date of this report.

Roderick Graham Mercer
James Mercer
James Cowie Mercer
Cissie Anderson Mercer

DIRECTORS' RESPONSIBILITIES STATEMENT
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS
The auditors, Azets Audit Services, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Roderick Graham Mercer - Director


5 March 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
HAMEPARK HOLDINGS LIMITED

Opinion
We have audited the financial statements of Hamepark Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 30 June 2024 and of the group's loss for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
HAMEPARK HOLDINGS LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Directors' Responsibilities Statement set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
HAMEPARK HOLDINGS LIMITED


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council's website, to detect material misstatements in respect of irregularities, including fraud.

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

- Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;
- Reviewing minutes of meetings of those charged with governance;
- Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the company through enquiry and inspection;
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
- Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
HAMEPARK HOLDINGS LIMITED


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Alex Webb BAcc FCCA (Senior Statutory Auditor)
for and on behalf of Azets Audit Services
Chartered Accountants
Statutory Auditor
Accountants
Titanium 1
King's Inch Place
Renfrew
Glasgow
PA4 8WF

5 March 2025

HAMEPARK HOLDINGS LIMITED (REGISTERED NUMBER: SC451413)

CONSOLIDATED
INCOME STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024

30/6/24 30/6/23
Notes £    £   

TURNOVER 3 10,917,163 10,174,899

Cost of sales (5,330,613 ) (5,417,349 )
GROSS PROFIT 5,586,550 4,757,550

Distribution costs (133,079 ) (105,022 )
Administrative expenses (5,360,031 ) (4,432,292 )
93,440 220,236

Other operating income 33,072 128,518
OPERATING PROFIT 126,512 348,754

Interest receivable and similar income 18,220 15,710
144,732 364,464

Interest payable and similar expenses 5 (299,259 ) (255,387 )
(LOSS)/PROFIT BEFORE TAXATION 6 (154,527 ) 109,077

Tax on (loss)/profit 7 (199,719 ) (53,342 )
(LOSS)/PROFIT FOR THE FINANCIAL
YEAR

(354,246

)

55,735
(Loss)/profit attributable to:
Owners of the parent (354,246 ) 55,735

HAMEPARK HOLDINGS LIMITED (REGISTERED NUMBER: SC451413)

CONSOLIDATED
OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024

30/6/24 30/6/23
Notes £    £   

(LOSS)/PROFIT FOR THE YEAR (354,246 ) 55,735


OTHER COMPREHENSIVE INCOME
Property revaluation 925,000 -
Income tax relating to other comprehensive
income

-

-
OTHER COMPREHENSIVE INCOME
FOR THE YEAR, NET OF INCOME TAX

925,000

-
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

570,754

55,735

Total comprehensive income attributable to:
Owners of the parent 570,754 55,735

HAMEPARK HOLDINGS LIMITED (REGISTERED NUMBER: SC451413)

CONSOLIDATED BALANCE SHEET
30 JUNE 2024

30/6/24 30/6/23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 137,185 168,619
Tangible assets 11 4,359,967 3,580,745
Investments 12 - -
4,497,152 3,749,364

CURRENT ASSETS
Stocks 13 2,529,737 2,422,689
Debtors 14 1,979,690 2,409,433
Cash at bank and in hand 118,027 4,221
4,627,454 4,836,343
CREDITORS
Amounts falling due within one year 15 3,609,389 4,452,728
NET CURRENT ASSETS 1,018,065 383,615
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,515,217

4,132,979

CREDITORS
Amounts falling due after more than one
year

16

(1,344,188

)

(646,490

)

PROVISIONS FOR LIABILITIES 21 (374,453 ) (178,667 )
NET ASSETS 3,796,576 3,307,822

CAPITAL AND RESERVES
Called up share capital 22 10,000 10,000
Revaluation reserve 23 1,392,772 699,022
Retained earnings 23 2,393,804 2,598,800
SHAREHOLDERS' FUNDS 3,796,576 3,307,822

The financial statements were approved by the Board of Directors and authorised for issue on 5 March 2025 and were signed on its behalf by:





Roderick Graham Mercer - Director


HAMEPARK HOLDINGS LIMITED (REGISTERED NUMBER: SC451413)

COMPANY BALANCE SHEET
30 JUNE 2024

30/6/24 30/6/23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 - -
Tangible assets 11 3,860,000 2,935,000
Investments 12 10,103 10,103
3,870,103 2,945,103

CURRENT ASSETS
Debtors 14 388,865 564,834
Cash at bank 11,771 6,565
400,636 571,399
CREDITORS
Amounts falling due within one year 15 774,652 1,607,530
NET CURRENT LIABILITIES (374,016 ) (1,036,131 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,496,087

1,908,972

CREDITORS
Amounts falling due after more than one
year

16

(1,267,586

)

(525,518

)

PROVISIONS FOR LIABILITIES 21 (264,583 ) (33,333 )
NET ASSETS 1,963,918 1,350,121

CAPITAL AND RESERVES
Called up share capital 22 10,000 10,000
Revaluation reserve 23 1,392,772 699,022
Retained earnings 23 561,146 641,099
SHAREHOLDERS' FUNDS 1,963,918 1,350,121

Company's (loss)/profit for the financial year (229,203 ) 5,294

The financial statements were approved by the Board of Directors and authorised for issue on 5 March 2025 and were signed on its behalf by:





Roderick Graham Mercer - Director


HAMEPARK HOLDINGS LIMITED (REGISTERED NUMBER: SC451413)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024

Called up
share Retained Revaluation Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 July 2022 10,000 2,601,065 699,022 3,310,087

Changes in equity
Profit for the year - 55,735 - 55,735
Total comprehensive income - 55,735 - 55,735
Dividends - (58,000 ) - (58,000 )
Balance at 30 June 2023 10,000 2,598,800 699,022 3,307,822

Changes in equity
Deficit for the year - (354,246 ) - (354,246 )
Other comprehensive income - - 925,000 925,000
Total comprehensive income - (354,246 ) 925,000 570,754
Dividends - (82,000 ) - (82,000 )
Deferred tax on property
revaluation

-

231,250

(231,250

)

-
Balance at 30 June 2024 10,000 2,393,804 1,392,772 3,796,576

HAMEPARK HOLDINGS LIMITED (REGISTERED NUMBER: SC451413)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024

Called up
share Retained Revaluation Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 July 2022 10,000 693,805 699,022 1,402,827

Changes in equity
Profit for the year - 5,294 - 5,294
Total comprehensive income - 5,294 - 5,294
Dividends - (58,000 ) - (58,000 )
Balance at 30 June 2023 10,000 641,099 699,022 1,350,121

Changes in equity
Deficit for the year - (229,203 ) - (229,203 )
Other comprehensive income - - 925,000 925,000
Total comprehensive income - (229,203 ) 925,000 695,797
Dividends - (82,000 ) - (82,000 )
Deferred tax on property
revaluation

-

231,250

(231,250

)

-
Balance at 30 June 2024 10,000 561,146 1,392,772 1,963,918

HAMEPARK HOLDINGS LIMITED (REGISTERED NUMBER: SC451413)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024

30/6/24 30/6/23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 914,702 547,000
Interest paid (293,863 ) (250,571 )
Interest element of hire purchase payments
paid

(5,396

)

(4,816

)
Net cash from operating activities 615,443 291,613

Cash flows from investing activities
Purchase of intangible fixed assets (39,373 ) (117,936 )
Purchase of tangible fixed assets (59,301 ) (211,511 )
Interest received 18,220 15,710
Net cash from investing activities (80,454 ) (313,737 )

Cash flows from financing activities
Loan repayments in year (235,750 ) (253,957 )
Capital repayments in year (52,532 ) (30,298 )
Amount introduced by directors 44,012 38,039
Equity dividends paid (82,000 ) (58,000 )
Net cash from financing activities (326,270 ) (304,216 )

Increase/(decrease) in cash and cash equivalents 208,719 (326,340 )
Cash and cash equivalents at beginning of
year

2

(90,692

)

235,648

Cash and cash equivalents at end of year 2 118,027 (90,692 )

HAMEPARK HOLDINGS LIMITED (REGISTERED NUMBER: SC451413)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024

1. RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

30/6/24 30/6/23
£    £   
(Loss)/profit before taxation (154,527 ) 109,077
Depreciation charges 275,886 249,368
Finance costs 299,259 255,387
Finance income (18,220 ) (15,710 )
402,398 598,122
(Increase)/decrease in stocks (107,048 ) 161,253
Decrease/(increase) in trade and other debtors 429,743 (467,573 )
Increase in trade and other creditors 189,609 255,198
Cash generated from operations 914,702 547,000

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 June 2024
30/6/24 1/7/23
£    £   
Cash and cash equivalents 118,027 4,221
Bank overdrafts - (94,913 )
118,027 (90,692 )
Year ended 30 June 2023
30/6/23 1/7/22
£    £   
Cash and cash equivalents 4,221 235,648
Bank overdrafts (94,913 ) -
(90,692 ) 235,648


HAMEPARK HOLDINGS LIMITED (REGISTERED NUMBER: SC451413)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024

3. ANALYSIS OF CHANGES IN NET DEBT

At 1/7/23 Cash flow At 30/6/24
£    £    £   
Net cash
Cash at bank and in hand 4,221 113,806 118,027
Bank overdrafts (94,913 ) 94,913 -
(90,692 ) 208,719 118,027
Debt
Finance leases (173,632 ) 52,532 (121,100 )
Debts falling due within 1 year (1,233,715 ) 977,818 (255,897 )
Debts falling due after 1 year (525,518 ) (742,068 ) (1,267,586 )
(1,932,865 ) 288,282 (1,644,583 )
Total (2,023,557 ) 497,001 (1,526,556 )

HAMEPARK HOLDINGS LIMITED (REGISTERED NUMBER: SC451413)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1. STATUTORY INFORMATION

Hamepark Holdings Limited is a private company, limited by shares, registered in Scotland. The Company’s registered number is SC451413 and registered office address is Staneyhill Gas Depot, Staneyhill Industrial Estate, Lerwick, Shetland, United Kingdom, ZE1 ONA.

The nature of the group's operations and its principal activities was that of the manufacture of laminated boarding, and also the supply of liquid gas and other fuels.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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

Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the group 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.

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

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity, and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Intangible assets
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation 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:

Software and website - 25% straight line
Patents & licences - 10% straight line

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Improvements to property - 5-10% straight line
Plant and machinery - 25% straight line and 20% straight line
Motor vehicles - 20% straight line
Computer equipment - 20% straight line

Government grants
Government grants are recognised based on the performance model and are recognised in profit and loss at the date the performance-related conditions are met.

HAMEPARK HOLDINGS LIMITED (REGISTERED NUMBER: SC451413)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

2. ACCOUNTING POLICIES - continued

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

Cost comprises direct materials, and where applicable, direct labour costs and those overheads that have been incurred in bringing the stock to their present location and condition.

Work in progress includes cost of direct materials and labour plus attributable overheads based on a normal level of activity.

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 transactions 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.

Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the Company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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, 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.


HAMEPARK HOLDINGS LIMITED (REGISTERED NUMBER: SC451413)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

2. ACCOUNTING POLICIES - continued
Taxation
Current tax is recognised for the amount of income tax payable in respect of the taxable profit for the current or past reporting periods using the tax rates and laws that have been enacted or substantively enacted by the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date, except as otherwise indicated.

Deferred tax assets are only 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.

If and when all conditions for retaining tax allowances for the cost of a fixed asset have been met, the deferred tax is reversed.

Deferred tax is calculated using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

With the exception of changes arising on the initial recognition of a business combination, the tax expense (income) is presented either in profit or loss, other comprehensive income or equity depending on the transaction that resulted in the tax expense (income).

Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors.

Deferred tax assets and deferred tax liabilities are offset only if the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities which intend either to settle current tax liabilities and assets on a net basis, or to realise the assets and settle the liabilities simultaneously.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Leases
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the profit and loss account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks and other short-term liquid investments with original maturities of three months or less.

HAMEPARK HOLDINGS LIMITED (REGISTERED NUMBER: SC451413)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

2. ACCOUNTING POLICIES - continued

Impairment of assets
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

Non-financial assets
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

Financial assets
For financial assets carried at amortised cost, the amount of impairment is the difference between the asset's carrying amount and the present value of estimated future cash flows, discounted at the financial asset's original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset's carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal.

An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

3. TURNOVER

The turnover and loss (2023 - profit) before taxation are attributable to the one principal activity of the group.

An analysis of turnover by class of business is given below:

30/6/24 30/6/23
£    £   
Gas and associated services 1,717,010 1,603,709
Laminate products 9,200,153 8,571,190
10,917,163 10,174,899

An analysis of turnover by geographical market is given below:

30/6/24 30/6/23
£    £   
United Kingdom 10,917,163 10,174,899
10,917,163 10,174,899

HAMEPARK HOLDINGS LIMITED (REGISTERED NUMBER: SC451413)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

4. EMPLOYEES AND DIRECTORS
30/6/24 30/6/23
£    £   
Wages and salaries 2,607,341 2,412,888
Social security costs 228,701 214,135
Other pension costs 47,801 42,444
2,883,843 2,669,467

The average number of employees during the year was as follows:
30/6/24 30/6/23

Production 35 34
Administrative 55 54
90 88

The average number of employees by undertakings that were proportionately consolidated during the year was 90 (2023 - 88 ) .

30/6/24 30/6/23
£    £   
Directors' remuneration 153,885 149,455

5. INTEREST PAYABLE AND SIMILAR EXPENSES
30/6/24 30/6/23
£    £   
Bank interest and charges payable 149,311 126,574
Bank loan interest 144,556 123,009
Other interest and penalties (4 ) 988
Hire purchase 5,396 4,816
299,259 255,387

6. (LOSS)/PROFIT BEFORE TAXATION

The loss (2023 - profit) is stated after charging:

30/6/24 30/6/23
£    £   
Other operating leases 1,083 519
Depreciation - owned assets 135,938 109,429
Depreciation - assets on hire purchase contracts 69,141 68,379
Patents and licences amortisation 859 859
Computer software amortisation 69,948 70,701
Auditors' remuneration 23,120 22,040
Foreign exchange differences 1,258 4,211

HAMEPARK HOLDINGS LIMITED (REGISTERED NUMBER: SC451413)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

7. TAXATION

Analysis of the tax charge
The tax charge on the loss for the year was as follows:
30/6/24 30/6/23
£    £   
Current tax:
UK corporation tax 3,933 -

Deferred tax 195,786 53,342
Tax on (loss)/profit 199,719 53,342

UK corporation tax has been charged at 25 % (2023 - 19 %).

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

30/6/24 30/6/23
£    £   
(Loss)/profit before tax (154,527 ) 109,077
(Loss)/profit multiplied by the standard rate of corporation tax in the UK of
25 % (2023 - 19 %)

(38,632

)

20,725

Effects of:
Expenses not deductible for tax purposes 8,219 1,921
Deferred tax adjustments in respect of prior years (142 ) (230 )
Deferred tax rate changes 231,258 30,926
Marginal relief (984 ) -
Total tax charge 199,719 53,342

Tax effects relating to effects of other comprehensive income

30/6/24
Gross Tax Net
£    £    £   
Property revaluation 925,000 - 925,000

The main rate of UK corporation tax increased to 25% from 1 April 2023.

8. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


9. DIVIDENDS
30/6/24 30/6/23
£    £   
Interim 82,000 58,000

HAMEPARK HOLDINGS LIMITED (REGISTERED NUMBER: SC451413)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

10. INTANGIBLE FIXED ASSETS

Group
Patents
and Computer
licences software Totals
£    £    £   
COST
At 1 July 2023 15,081 498,224 513,305
Additions - 39,373 39,373
At 30 June 2024 15,081 537,597 552,678
AMORTISATION
At 1 July 2023 10,662 334,024 344,686
Amortisation for year 859 69,948 70,807
At 30 June 2024 11,521 403,972 415,493
NET BOOK VALUE
At 30 June 2024 3,560 133,625 137,185
At 30 June 2023 4,419 164,200 168,619

11. TANGIBLE FIXED ASSETS

Group
Improvements
Freehold to Plant and
property property machinery
£    £    £   
COST OR VALUATION
At 1 July 2023 2,935,000 938,540 1,942,031
Additions - 30,945 28,356
Revaluations 925,000 - -
At 30 June 2024 3,860,000 969,485 1,970,387
DEPRECIATION
At 1 July 2023 - 786,624 1,532,926
Charge for year - 33,655 141,011
At 30 June 2024 - 820,279 1,673,937
NET BOOK VALUE
At 30 June 2024 3,860,000 149,206 296,450
At 30 June 2023 2,935,000 151,916 409,105

HAMEPARK HOLDINGS LIMITED (REGISTERED NUMBER: SC451413)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

11. TANGIBLE FIXED ASSETS - continued

Group

Motor Computer
vehicles equipment Totals
£    £    £   
COST OR VALUATION
At 1 July 2023 258,228 24,036 6,097,835
Additions - - 59,301
Revaluations - - 925,000
At 30 June 2024 258,228 24,036 7,082,136
DEPRECIATION
At 1 July 2023 174,168 23,372 2,517,090
Charge for year 29,877 536 205,079
At 30 June 2024 204,045 23,908 2,722,169
NET BOOK VALUE
At 30 June 2024 54,183 128 4,359,967
At 30 June 2023 84,060 664 3,580,745

The freehold land and buildings were revalued by Colliers International Valuation UK LLP on 19 November 2024 and L A Simpson Chartered Surveyors on 16 January 2025, on a market value basis. The directors confirmed the carrying values in the financial statements as at 30 June 2024 are reflective of these valuations.

The properties of the group are held as security over the bank borrowings in favour of Virgin Money. There is also cross guarantees in place and a floating charge over all group assets with the Virgin Money.

The net book value of tangible fixed assets includes £ 132,906 (2023 - £ 202,047 ) in respect of assets held under hire purchase contracts.

Company
Freehold
property
£   
COST OR VALUATION
At 1 July 2023 2,935,000
Revaluations 925,000
At 30 June 2024 3,860,000
NET BOOK VALUE
At 30 June 2024 3,860,000
At 30 June 2023 2,935,000

HAMEPARK HOLDINGS LIMITED (REGISTERED NUMBER: SC451413)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

11. TANGIBLE FIXED ASSETS - continued

Company

Cost or valuation at 30 June 2024 is represented by:

Freehold
property
£   
Valuation in 2014 277,493
Valuation in 2016 250,000
Valuation in 2018 326,482
Valuation in 2019 (121,619 )
Valuation in 2024 925,000
Cost 2,202,644
3,860,000

12. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 July 2023
and 30 June 2024 10,103
NET BOOK VALUE
At 30 June 2024 10,103
At 30 June 2023 10,103

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Rearo Laminates Limited
Registered office: Ladies Drive, Lerwick, Shetland, ZE1 0NA
Nature of business: Manufacture of laminated boarding
%
Class of shares: holding
Ordinary 100.00
30/6/24 30/6/23
£    £   
Aggregate capital and reserves 298,125 305,060
Loss for the year (6,935 ) (213,409 )

HAMEPARK HOLDINGS LIMITED (REGISTERED NUMBER: SC451413)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

12. FIXED ASSET INVESTMENTS - continued

Rearo Supplies Limited
Registered office: Ladies Drive, Lerwick, Shetland, ZE1 0NA
Nature of business: Supply of liquid gas and other fuels
%
Class of shares: holding
Ordinary 100.00
30/6/24 30/6/23
£    £   
Aggregate capital and reserves 1,544,633 1,662,741
(Loss)/profit for the year (118,108 ) 263,851

Rearo Trade Counters Limited
Registered office: Staneyhill Gas Depot, Staneyhill Industrial Estate, Lerwick, Shetland, ZE1 0NA
Nature of business: Dormant company
%
Class of shares: holding
30/6/24 30/6/23
£    £   
Aggregate capital and reserves 3 3


13. STOCKS

Group
30/6/24 30/6/23
£    £   
Stocks 2,529,737 2,422,689

14. DEBTORS

Group Company
30/6/24 30/6/23 30/6/24 30/6/23
£    £    £    £   
Amounts falling due within one year:
Trade debtors 1,588,605 1,392,186 - -
Amounts owed by group undertakings - - 388,865 564,834
Other debtors 391,085 129,761 - -
1,979,690 1,521,947 388,865 564,834

Amounts falling due after more than one year:
Other debtors - 887,486 - -

Aggregate amounts 1,979,690 2,409,433 388,865 564,834

Included within other debtors is a loan due from Staneyhill Brewery Limited, an associated company, of £275,000 (2023 - £887,486).

Interest is being charged at a rate of 2.5% per annum.

HAMEPARK HOLDINGS LIMITED (REGISTERED NUMBER: SC451413)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
30/6/24 30/6/23 30/6/24 30/6/23
£    £    £    £   
Bank loans and overdrafts (see note 17) 255,897 1,328,628 255,897 1,233,715
Hire purchase contracts (see note 18) 44,498 52,660 - -
Trade creditors 1,749,644 1,690,392 - -
Amounts owed to group undertakings - - 226,358 155,564
Corporation tax 3,933 - 480 -
Social security and other taxes 259,172 234,057 201,727 175,695
Other creditors 872,792 889,788 - -
Directors' current accounts 82,668 38,656 82,668 38,656
Accruals and deferred income 340,785 218,547 7,522 3,900
3,609,389 4,452,728 774,652 1,607,530

16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group Company
30/6/24 30/6/23 30/6/24 30/6/23
£    £    £    £   
Bank loans (see note 17) 1,267,586 525,518 1,267,586 525,518
Hire purchase contracts (see note 18) 76,602 120,972 - -
1,344,188 646,490 1,267,586 525,518

17. LOANS

An analysis of the maturity of loans is given below:

Group Company
30/6/24 30/6/23 30/6/24 30/6/23
£    £    £    £   
Amounts falling due within one year or on demand:
Bank overdrafts - 94,913 - -
Bank loans 255,897 1,233,715 255,897 1,233,715
255,897 1,328,628 255,897 1,233,715
Amounts falling due between one and two years:
Bank loans - 1-2 years 239,222 158,852 239,222 158,852
Amounts falling due between two and five years:
Bank loans - 2-5 years 1,028,364 366,666 1,028,364 366,666

The long-term loans are secured by a standard security over the property owned by the group along with cross guarantees and a floating charge over all assets of the group.

The interest rate payable on the bank loans is 3.25 - 4% plus base rate.

HAMEPARK HOLDINGS LIMITED (REGISTERED NUMBER: SC451413)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

18. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
30/6/24 30/6/23
£    £   
Net obligations repayable:
Within one year 44,498 52,660
Between one and five years 76,602 120,972
121,100 173,632

Group
Non-cancellable operating leases
30/6/24 30/6/23
£    £   
Within one year 298,474 273,806
Between one and five years 626,345 576,919
In more than five years 13,500 -
938,319 850,725

19. SECURED DEBTS

The following secured debts are included within creditors:

Group Company
30/6/24 30/6/23 30/6/24 30/6/23
£    £    £    £   
Bank loans 1,523,483 1,759,233 1,523,483 1,759,233
Hire purchase contracts 121,100 173,632 - -
Other creditors 810,224 710,016 - -
2,454,807 2,642,881 1,523,483 1,759,233

There is a cross guarantee in place for all borrowings by the group with Virgin Money. There is also in place a floating charge over the group's assets together with a standard security over certain properties owned by the group in favour of Virgin Money.

The bank loans are secured by way of a bond and floating charge over the assets of the group, and a cross company guarantee.

Secured other creditors includes the factoring account which is secured by way of a floating charge over the group's assets.

Hire purchase creditors are secured over the assets to which they relate.

HAMEPARK HOLDINGS LIMITED (REGISTERED NUMBER: SC451413)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

20. FINANCIAL INSTRUMENTS

The carrying amount for each category of financial instrument is as follows:

Group 2024 2023
£ £
Financial assets
Financial assets that are debt instruments measured at amortised cost 2,097,717 2,413,654
Financial liabilities
Financial liabilities measured at amortised cost 4,953,577 5,099,218

21. PROVISIONS FOR LIABILITIES

Group Company
30/6/24 30/6/23 30/6/24 30/6/23
£    £    £    £   
Deferred tax 374,453 178,667 264,583 33,333

Group
Deferred
tax
£   
Balance at 1 July 2023 178,667
Originating and reversal of 28,805
timing differences
Effect of changes in tax rates (8,769 )
STRGL 175,750
Balance at 30 June 2024 374,453

Company
Deferred
tax
£   
Balance at 1 July 2023 33,333
Originating and reversal of 63,500
timing differences
Effect of changes in tax rates (8,000 )
STRGL 175,750
Balance at 30 June 2024 264,583

22. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30/6/24 30/6/23
value: £    £   
10,000 Ordinary £1 10,000 10,000

HAMEPARK HOLDINGS LIMITED (REGISTERED NUMBER: SC451413)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

23. RESERVES

Group
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1 July 2023 2,598,800 699,022 3,297,822
Deficit for the year (354,246 ) (354,246 )
Dividends (82,000 ) (82,000 )
Revaluation of property - 925,000 925,000
Deferred tax on property
revaluation

231,250

(231,250

)

-

At 30 June 2024 2,393,804 1,392,772 3,786,576

Company
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1 July 2023 641,099 699,022 1,340,121
Deficit for the year (229,203 ) (229,203 )
Dividends (82,000 ) (82,000 )
Revaluation of property - 925,000 925,000
Deferred tax on property
revaluation

231,250

(231,250

)

-

At 30 June 2024 561,146 1,392,772 1,953,918

Revaluation reserve
Represents property revaluations, including revaluations of property prior to the transition to FRS 102.

Retained earnings
Includes all current and prior year retained profits and losses less dividends.

24. PENSION COMMITMENTS

The group operates a defined contribution pension scheme in respect of the employees. The scheme and its assets are held by independent managers. The pension charge represented contributions due from the group and amounted to £47,801 (2023 - £42,444).

25. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

During the year the directors benefited from an interest free loan to the company, amounting to £82,668 (2023 - £38,656).

26. 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.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

HAMEPARK HOLDINGS LIMITED (REGISTERED NUMBER: SC451413)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

26. RELATED PARTY DISCLOSURES - continued

Group
Within other debtors the group is due £275,000 (2023 - £887,486) from Staneyhill Brewery Limited, a company in which James Cowie Mercer and Roderick Graham Mercer are directors. No repayment terms are stipulated on this loan and interest is charged at a commercial rate, amounting to £18,220 (2023 - £15,710).

Hamepark Holdings Limited hold the entire share capital of Rearo Laminates Limited, Rearo Supplies Limited, and Rearo Trade Counters Limited.

Company
No transactions with related parties were undertaken during the current or previous year.

27. ULTIMATE CONTROLLING PARTY

No individual in isolation can exercise control over the company.