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Registration number: 08264165

Hamilton Hargreaves Limited

Directors' Report and Unaudited Financial Statements

for the Year Ended 30 September 2024

 

Hamilton Hargreaves Limited

(Registration number: 08264165)

Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Investment properties

3

2,582,000

2,474,884

Current assets

 

Debtors

4

86,017

77,392

Cash at bank and in hand

 

6,626

6,299

 

92,643

83,691

Creditors: Amounts falling due within one year

5

(1,084,107)

(1,082,648)

Net current liabilities

 

(991,464)

(998,957)

Total assets less current liabilities

 

1,590,536

1,475,927

Creditors: Amounts falling due after more than one year

5

(1,146,931)

(1,148,343)

Provisions for liabilities

(96,301)

(67,220)

Net assets

 

347,304

260,364

Capital and reserves

 

Called up share capital

1,000

1,000

Revaluation reserve

10,815

-

Retained earnings

335,489

259,364

Shareholders' funds

 

347,304

260,364

For the financial year ending 30 September 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 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 delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Directors' Report and the Profit and Loss Account has been taken.

These financial statements, which 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 and in accordance with the provisions of FRS 102 Section 1A Small Entities, were approved and authorised for issue by the Board on 25 June 2025 and signed on its behalf by:
 

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

G Beech

Director

 

Hamilton Hargreaves Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

1

Accounting policies

Statutory information

Hamilton Hargreaves Limited is a private company, limited by shares, domiciled in England and Wales, company number 08264165. The registered office is at Agility House, Rose Lane, Mansfield Woodhouse, Nottinghamshire, NG19 8BA.

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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 presentation currency is United Kingdom pounds sterling, which is the functional currency of the company. The financial statements are those of an individual entity.

Revenue recognition

Turnover represents the income arising from property lettings. Revenue is recognised on a straight line basis over the lease term.

Tax

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 income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used.

 

Hamilton Hargreaves Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)

1

Accounting policies (continued)

Investment properties

Investment properties are initially recognised at cost which includes purchase cost and any directly attributable expenditure.

Investment properties whose fair value can be measured reliably are measured at fair value. The surplus or deficit on revaluation is recognised in the accumulated profit and loss reserve unless a deficit below original cost, or its reversal, on an individual investment property is expected to be permanent, in which case it is recognised in the profit and loss account for the year.

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.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the statement of comprehensive income.

2

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2023 - 0).

3

Investment properties

Fair value
£

Valuation

At 1 October 2023

2,474,884

Revaluations

107,116

At 30 September 2024

2,582,000

The investment properties class of fixed assets were revalued by the directors on 30 September 2024. The basis of this valuation was existing use basis. This class of assets has a historical cost of £2,474,884 (2023 - £2,474,884).

 

Hamilton Hargreaves Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)

4

Debtors

2024
£

2023
£

Amounts owed by related undertakings

83,106

73,228

Prepayments

2,911

4,164

 

86,017

77,392

5

Creditors

2024
£

2023
£

Due within one year

Bank loans

5,844

6,290

Trade creditors

10,615

9,788

Amounts owed to related undertakings

278,821

283,321

Directors loan account

787,077

781,499

Accruals

1,750

1,750

1,084,107

1,082,648

2024
£

2023
£

Due after one year

Bank loans

1,146,931

1,148,343

Included in the bank loans are the following amounts due after more than five years:

2024
£

2023
£

After more than five years by instalments

1,120,752

1,112,192

Bank loans and overdrafts after five years

Borrowings comprise an amount due to Cambridge and Counties Bank. This is repayable in line with the terms for the loan. The loan is interest only over 10 years with interest charged on a monthly basis at 6.79% per annum. The loan is repayable on 17 March 2033.

The bank loan is secured on Redlands, 7 Rock Hill, Mansfield, Nottinghamshire, NG18 2JP.

6

Related party transactions

During the year the directors had a loan account with the company. At the balance sheet date the amount owing to the directors was £787,077 (2023 : £781,449). The loan was interest free.