Registration number:
Hamilton Cars Ltd
for the Year Ended 30 November 2024
Hamilton Cars Ltd
Contents
|
Company Information |
|
|
Balance Sheet |
|
|
Notes to the Unaudited Financial Statements |
Hamilton Cars Ltd
Company Information
|
Director |
Mr A P Hamilton |
|
Registered office |
|
|
Accountants |
|
Hamilton Cars Ltd
(Registration number: 08766844)
Balance Sheet as at 30 November 2024
|
Note |
2024 |
2023 |
|
|
Fixed assets |
|||
|
Tangible assets |
|
|
|
|
Current assets |
|||
|
Stocks |
|
|
|
|
Debtors |
|
|
|
|
Cash at bank and in hand |
|
|
|
|
|
|
||
|
Creditors: Amounts falling due within one year |
( |
( |
|
|
Net current assets |
|
|
|
|
Total assets less current liabilities |
|
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
|
Provisions for liabilities |
( |
( |
|
|
Net (liabilities)/assets |
( |
|
|
|
Capital and reserves |
|||
|
Called up share capital |
1 |
1 |
|
|
Retained earnings |
(244) |
13 |
|
|
Shareholders' (deficit)/funds |
(243) |
14 |
For the financial year ending 30 November 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
|
• |
|
|
• |
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Approved and authorised by the
.......................................................
Director
Hamilton Cars Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024
|
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
|
Accounting policies |
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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention.
The presentational currency is sterling.
Going concern
The financial statements have been prepared on a going concern basis.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
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.
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.
Hamilton Cars Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
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.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation.
Depreciation
Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:
|
Asset class |
Depreciation method and rate |
|
Computer and office equipment |
25% straight line basis |
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
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.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
|
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Hamilton Cars Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024
|
Tangible assets |
|
Computer & office equipment |
Total |
|
|
Cost or valuation |
||
|
At 1 December 2023 |
|
|
|
Additions |
|
|
|
At 30 November 2024 |
|
|
|
Depreciation |
||
|
At 1 December 2023 |
|
|
|
Charge for the year |
|
|
|
At 30 November 2024 |
|
|
|
Carrying amount |
||
|
At 30 November 2024 |
|
|
|
At 30 November 2023 |
|
|
|
Stocks |
|
2024 |
2023 |
|
|
Vehicle stock |
|
|
|
Debtors |
|
Current |
2024 |
2023 |
|
Prepayments |
|
|
|
Other debtors |
|
|
|
|
|
Hamilton Cars Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024
|
Creditors |
Creditors: amounts falling due within one year
|
Note |
2024 |
2023 |
|
|
Due within one year |
|||
|
Loans and borrowings |
|
|
|
|
Trade creditors |
|
|
|
|
Taxation and social security |
|
|
|
|
Accruals and deferred income |
|
|
|
|
Other creditors |
|
|
|
|
|
|
Creditors: amounts falling due after more than one year
|
Note |
2024 |
2023 |
|
|
Due after one year |
|||
|
Loans and borrowings |
|
|
|
Share capital |
Allotted, called up and fully paid shares
|
2024 |
2023 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
1 |
|
1 |
|
Loans and borrowings |
Current loans and borrowings
|
2024 |
2023 |
|
|
Bank borrowings |
- |
|
|
Other borrowings |
|
|
|
|
|
|
Hamilton Cars Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024
Non-current loans and borrowings
|
2024 |
2023 |
|
|
Bank borrowings |
- |
|
|
Other borrowings |
|
|
|
|
|
|
|
Related party transactions |
Directors advances, credits and guarantees
During the year ended 30 November 2024 the company advanced unsecured loans amounting to £20,903 (2023 - £11,494) to the director of the company. The interest rate on the loans was 2.25% (2023 - nil) and had no fixed repayment date. The company received repayments of £3,288 (2023 - £5,486).