ACCOUNTS - Final Accounts preparation

Share capital

Shares classified as equity

Unaudited Financial Statements

Hamilton Internet Services Limited

For the year ended 31 December 2024

Registered number: NI622351


Hamilton Internet Services Limited

Company Information

Directors	J S Hamilton
	S W J Rusk


Registered number	NI622351


Registered office	Mayfair Business Centre
	Garvaghy Road
	Portadown
	Craigavon
	BT62 1EH


Accountants	Grant Thornton Advisors (NI) LLP
	Chartered Accountants
	12 - 15 Donegall Square West
	Belfast
	BT1 6JH


Bankers	Danske Bank
	Donegall Square West
	Belfast
	BT1 6JS


Solicitors	Miller Wylie McCall
	Imperial House
	Donegall Square East
	Belfast
	BT1 5HD


Hamilton Internet Services Limited

Contents

	Page
Accountants' report	1
Balance sheet	2 - 3
Notes to the financial statements	4 - 12

Independent Accountant's Report to the directors of the unaudited financial statements of Hamilton Internet Services Limited for the year ended 31 December 2024

In order to assist you fulfil your duties under the Companies Act 2006, we have compiled the financial statements of Hamilton Internet Services Limited for the year ended 31 December 2024, which comprise the Statement of comprehensive income, the Balance sheet, and the related notes to the financial statements, including a summary of significant accounting policies, from the company's accounting records and from information and explanations you have given to us.

The financial statements have been prepared on the basis set out in the notes to the financial statements.

This report is made solely to the directors of Hamilton Internet Services Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely that we might compile the financial statements that we have been engaged to compile, report to the company's directors that we have done so and state those matters that we have agreed to state to the directors of Hamilton Internet Services Limited, as a body, in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Hamilton Internet Services Limited and its directors, as a body, for our work or for this report.

We have carried out this engagement in accordance with International Standard on Related Services 4410 (Revised) Compilation Engagements issued by the International Auditing and Assurance Standards Board (the ‘IAASB’’) and have complied with the ethical guidance laid down by the IESBA Code and Chartered Accountants Ireland relating to members undertaking the compilation of financial statements.

You have approved the financial statements for the year ended 31 December 2024 and you have acknowledged on the Balance sheet as at 31 December 2024 your duty to ensure that Hamilton Internet Services Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view in accordance with the Companies Act 2006. You consider that Hamilton Internet Services Limited is exempt from the statutory audit requirement for the year ended 31 December 2024.

We have not been instructed to carry out an audit or review the financial statements of Hamilton Internet Services Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Grant Thornton Advisors (NI) LLP
Chartered Accountants 12 - 15 Donegall Square West Belfast BT1 6JH

Date: 25 September 2025

Page 1


Hamilton Internet Services Limited Registered number:NI622351

Balance sheet

As at 31 December 2024

	2024	2024	2023	2023
Note	£	£	£	£

Fixed assets
Intangible assets	5		100,626		209
Tangible assets	6		175		270
			100,801		479
Current assets
Debtors: amounts falling due within one year	7	103,410		266,624
Cash at bank and in hand	8	24,293		54,459
		127,703		321,083

Creditors: amounts falling due within one year	9	(1,848,995)		(1,258,271)
Net current liabilities			(1,721,292)		(937,188)
Total assets less current liabilities			(1,620,491)		(936,709)
Creditors: amounts falling due after more than one year	10		(400,000)		(400,000)

Net liabilities			(2,020,491)		(1,336,709)

Capital and reserves
Called up share capital	12	5,943	5,943
Share premium account	13	6,024,855	6,024,855
Profit and loss account	13	(8,051,289)	(7,367,507)
		(2,020,491)	(1,336,709)

Page 2


Hamilton Internet Services Limited Registered number:NI622351

Balance sheet (continued)

As at 31 December 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 25 September 2025.

J S Hamilton

Director

The notes on pages 4 to 12 form part of these financial statements.

Page 3


Hamilton Internet Services Limited

Notes to the financial statements

For the year ended 31 December 2024

1.	General information

Hamilton Internet Services Limited is a private company, limited by shares and incorporated in Northern Ireland. Its registered office is Mayfair Business Centre, Garvaghy Road, Portadown Craigavon, BT62 1EH.
The principal activity of the company in the financial year was the management and operation of a website specialising in the sale and service of motor vehicle parts.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The financial statements are presented in Sterling (£).

The following principal accounting policies have been applied:

2.2

Going concern

The company made a loss for the year of £683,782 (2023: £595,540) and has net current liabilities of £1,748,140 (2023: £937,188) and net liabilities of £2,020,491 (2023: £1,336,709). The company meets its working capital requirements through financial support from shareholders and is dependent on this continuing support. The directors are confident the support will continue to be made available to allow the company to trade for the foreseeable future. The directors have assessed that there are adequate resources to meet the ongoing costs of the business for a minimum of 12 months from the date of signing the financial statements. For this reason the financial statements have been prepared on a going concern basis which presumes the realisation of assets and liabilities in the normal course of business.

Page 4


Hamilton Internet Services Limited

Notes to the financial statements

For the year ended 31 December 2024

2.Accounting policies (continued)

2.3

Revenue

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of turnover can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.4

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

The estimated useful lives range as follows:

Website development

years

The assets' residual values, useful lives and amortisation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Page 5


Hamilton Internet Services Limited

Notes to the financial statements

For the year ended 31 December 2024

2.Accounting policies (continued)

2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

The estimated useful lives range as follows:

				Office equipment	-	3 years
				Computer equipment	-	3 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.6

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, including transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.8

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, including transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.9

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 6


Hamilton Internet Services Limited

Notes to the financial statements

For the year ended 31 December 2024

2.Accounting policies (continued)

2.10

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.11

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

2.12

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

Page 7


Hamilton Internet Services Limited

Notes to the financial statements

For the year ended 31 December 2024

3.	Judgements in applying accounting policies and key sources of estimation uncertainty

Estimates and judgements are required when applying accounting policies. These are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The company makes estimates and assumptions concerning the future, which can involve a high degree of judgement or complexity. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below:

Allowance for impairment of trade debtors
The Company estimates the allowance for doubtful trade debtors based on assessment of specific accounts where the Company has objective evidence comprising default in payment terms or significant financial difficulty that certain customers are unable to meet their financial obligations. In these cases, judgment used was based on the best available facts and circumstances including but not limited to, the length of relationship.

Estimating useful lives of depreciable assets
The Company estimates the useful lives of tangible fixed assets based on the period over which the assets are expected to be available for use. The estimated useful lives are reviewed periodically and are updated if expectations differ from previous estimates due to physical wear and tear, technical or commercial obsolescence and legal or other limits on the use of the assets. In addition, estimation of the useful lives of tangible fixed assets is based on collective assessment of industry practice, internal technical evaluation and experience with similar assets. Actual results, however may vary due to changes in estimates brought about by changes in factors mentioned above. Based on management's assessment as at 31 December 2024 and 31 December 2012, there is no change in the estimated useful lives of tangible assets during those years.

Estimating useful lives of intangible assets
The annual amortisation charge depends primarily on the estimated lives of each type of trademark and, in certain circumstances, estimates of fair values and residual values. The directors annually review these asset lives and adjust them as necessary to reflect current thinking on remaining lives in light of the technological change and prospective economic utilisation. Changes in asset lives can have significant impact on amortisation charges for the period. It is not practical to quantify the impact of changes in asset lives on an overall basis, as asset lives are individually determined and there are a significant number of asset lives in use. The impact of any change would vary significantly depending on the individual changes in assets and the classes of assets impacted.

Employees

The average monthly number of employees, including directors, during the year was 7 (2023 - 7).

Page 8


Hamilton Internet Services Limited

Notes to the financial statements

For the year ended 31 December 2024

5.	Intangible assets

		Website development
		£
	Cost
	At 1 January 2024	268,141
	Additions	105,000
	At 31 December 2024	373,141
	Amortisation
	At 1 January 2024	267,932
	Charge for the year	4,583
	At 31 December 2024	272,515
	Net book value
	At 31 December 2024	100,626
	At 31 December 2023	209

Page 9


Hamilton Internet Services Limited

Notes to the financial statements

For the year ended 31 December 2024

6.	Tangible fixed assets

	Office equipment	Computer equipment	Total
	£	£	£
Cost or valuation
At 1 January 2024	25,110	2,334	27,444
At 31 December 2024	25,110	2,334	27,444
Depreciation
At 1 January 2024	25,110	2,064	27,174
Charge for the year	-	95	95
At 31 December 2024	25,110	2,159	27,269
Net book value
At 31 December 2024	-	175	175
At 31 December 2023	-	270	270

7.	Debtors: Amounts falling due within one year

					2024	2023
					£	£


Trade debtors	39,284	90,442
Other debtors	28,309	27,170
Prepayments and accrued income	2,483	82,070
Corporation tax recoverable	31,753	60,456
Deferred taxation	1,581	6,486
	103,410	266,624

8.	Cash and cash equivalents
		2024	2023
		£	£

	Cash at bank and in hand	24,293	54,459

Page 10


Hamilton Internet Services Limited

Notes to the financial statements

For the year ended 31 December 2024

9.	Creditors: Amounts falling due within one year
		2024	2023
		£	£

Trade creditors	146,633	158,585
Other taxation and social security	7,888	9,779
Other creditors	1,627,345	977,315
Accruals and deferred income	67,129	112,592
	1,848,995	1,258,271

Trade and other creditors are payable at various dates over the coming months in accordance with suppliers' usual and customary credit terms.

Other taxes are repayable at various dates over the coming months in accordance with the applicable statutory provisions.

10.	Creditors: Amounts falling due after more than one year
		2024	2023
		£	£

Share capital treated as debt	400,000	400,000
	400,000	400,000

11.	Deferred tax asset

	2024	2023
	£	£

At beginning of year	6,486	-
Charged to profit or loss	-	6,486
Utilised in year	(4,905)	-
At end of year	1,581	6,486

The deferred tax asset is made up as follows:
	2024	2023
	£	£

Fixed asset timing differences	(44)	(68)
Short term timing differences	1,625	6,554
	1,581	6,486

Page 11


Hamilton Internet Services Limited

Notes to the financial statements

For the year ended 31 December 2024

Allotted, called up and fully paid

29,716,645 (2023 - 29,716,645) ordinary shares of £0.0002 each	5,943	5,943

	2024	2023
	£	£
Shares classified as debt

Allotted, called up and fully paid

400,000 (2023 - 400,000) ordinary shares of £1.00 each	400,000	400,000

13.

Reserves

Share premium account

Share premium account includes any premiums received on issue of share capital. Any transaction costs associated with the issuing of shares are deducted from share premium.

Profit and loss account

Profit and loss accounts includes all current and prior period retained profits and losses.

14.	Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately
from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £7,875 (2023: £7,379).

15.	Related party transactions
	Other creditors includes loans from a director/shareholder totalling £1,627,312 (2023: £977,312). The director/shareholder advanced funds of £650,000 during the financial year. The loans are unsecured, interest free and deemed repayable on demand.

16.	Controlling party

The ultimate controlling party is considered to be S W J Rusk by nature of his share ownership.

Page 12