REGISTERED NUMBER: |
Hamilton Scott Estates Limited |
Unaudited Financial Statements |
for the Year Ended 31 December 2023 |
REGISTERED NUMBER: |
Hamilton Scott Estates Limited |
Unaudited Financial Statements |
for the Year Ended 31 December 2023 |
Hamilton Scott Estates Limited (Registered number: 03834028) |
Contents of the Financial Statements |
for the Year Ended 31 December 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Hamilton Scott Estates Limited |
Company Information |
for the Year Ended 31 December 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
Hamilton Scott Estates Limited (Registered number: 03834028) |
Balance Sheet |
31 December 2023 |
2023 | 2022 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Hamilton Scott Estates Limited (Registered number: 03834028) |
Balance Sheet - continued |
31 December 2023 |
The financial statements were approved by the Board of Directors and authorised for issue on |
Hamilton Scott Estates Limited (Registered number: 03834028) |
Notes to the Financial Statements |
for the Year Ended 31 December 2023 |
1. | STATUTORY INFORMATION |
Hamilton Scott Estates Limited is a |
2. | STATEMENT OF COMPLIANCE |
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. |
3. | ACCOUNTING POLICIES |
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. |
The company's functional and presentational currency is pound sterling. |
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. |
GOING CONCERN |
The financial statements have been prepared on a going concern basis. |
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 |
Fixtures and fittings | 25% reducing balance basis |
REVENUE RECOGNITION |
Turnover consists of rent receivable, net of value added tax, and is credited to revenue in the accounting period in which it is receivable. Turnover is recognised on the date of the invoice. |
The company recognises revenue when: |
The amount of revenue can be reliably measured; |
it is probable that future economic benefits will flow to the entity; |
and specific criteria have been met for each of the company's activities. |
Hamilton Scott Estates Limited (Registered number: 03834028) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
3. | ACCOUNTING POLICIES - continued |
TAXATION |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
DEFERRED TAX |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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. |
TRADE DEBTORS |
Trade debtors are amounts due from customers for services provided in the ordinary course of business. |
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade |
debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Hamilton Scott Estates Limited (Registered number: 03834028) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
5. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | and |
property | fittings | Totals |
£ | £ | £ |
COST |
At 1 January 2023 |
Disposals | ( |
) | ( |
) |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
Revaluation |
The fair value of the company's investment properties was revalued on 31 December 2020. An independent |
valuer was not involved.The basis of this valuation was open market value. This class of asset has a current value of £600,120 [2020: £822,620].Had this class of asset been measured on a historical cost basis, the carrying amount would have been £932,159 (2020 - £932,159). |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other loans |
Other debtors | 160,249 | 66,549 |
Directors' current accounts | 282,394 | 198,857 |
Prepayments |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Corporation tax liability |
VAT | 287 | 79 |
Other creditors |
Accruals and deferred income |
Hamilton Scott Estates Limited (Registered number: 03834028) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
8. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary shares | £1 | 2 | 2 |
9. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to directors subsisted during the years ended 31 December 2023 and 31 December 2022: |
2023 | 2022 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |