Hawksworth Retail Asset Management Limited - Period Ending 2019-12-31

Registration number: SC390738

Hawksworth Retail Asset Management Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2019

Glen Drummond Ltd
Chartered Accountants
Argyll House
Quarrywood Court
Livingston
West Lothian
EH54 6AX

 

Hawksworth Retail Asset Management Limited

Contents

Company Information	1
Accountants' Report	2
Balance Sheet	3 to 4
Notes to the Financial Statements	5 to 8

Hawksworth Retail Asset Management Limited

Company Information

Directors

Mr M A Holt Mr R T Stevenson

Registered office

1 West Regent Street Glasgow G2 1RW

Accountants

Glen Drummond Ltd Chartered Accountants Argyll House Quarrywood Court Livingston West Lothian EH54 6AX

Page 1

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Hawksworth Retail Asset Management Limited
for the Year Ended 31 December 2019

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Hawksworth Retail Asset Management Limited for the year ended 31 December 2019 as set out on pages 3 to 8 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants of Scotland, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of Hawksworth Retail Asset Management Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Hawksworth Retail Asset Management Limited and state those matters that we have agreed to state to the Board of Directors of Hawksworth Retail Asset Management Limited, as a body, in this report in accordance with the requirements of the Institute of Chartered Accountants of Scotland as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Hawksworth Retail Asset Management Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Hawksworth Retail Asset Management Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Hawksworth Retail Asset Management Limited. You consider that Hawksworth Retail Asset Management Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Hawksworth Retail Asset Management 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 accounts.

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

Glen Drummond Ltd
Chartered Accountants
Argyll House
Quarrywood Court
Livingston
West Lothian
EH54 6AX

24 June 2020

Page 2

Hawksworth Retail Asset Management Limited

(Registration number: SC390738)
Balance Sheet as at 31 December 2019

	Note	2019 £	2018 £
Fixed assets
Tangible assets	4	-	416
Current assets
Debtors	5	55,890	175,437
Cash at bank and in hand		145,179	117,071
		201,069	292,508
Creditors: Amounts falling due within one year	6	(26,146)	(65,582)
Net current assets		174,923	226,926
Total assets less current liabilities		174,923	227,342
Provisions for liabilities		-	(79)
Net assets		174,923	227,263
Capital and reserves
Called up share capital	7	1	1
Profit and loss account		174,922	227,262
Total equity		174,923	227,263

For the financial year ending 31 December 2019 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 Sections 386 and 387 of the Companies Act 2006 with respect to accounting records and the preparation of the 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.

These financial statements 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.

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 Profit and Loss Account has been taken.

Approved and authorised by the Board on 24 June 2020 and signed on its behalf by:
 

The notes on pages 5 to 8 form an integral part of these financial statements.

Page 3

Hawksworth Retail Asset Management Limited

(Registration number: SC390738)
Balance Sheet as at 31 December 2019

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

Mr R T Stevenson
Director

The notes on pages 5 to 8 form an integral part of these financial statements.

Page 4

Hawksworth Retail Asset Management Limited

Notes to the Financial Statements for the Year Ended 31 December 2019

1	General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
1 West Regent Street
Glasgow
G2 1RW

These financial statements were authorised for issue by the Board on 24 June 2020.

2	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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. There were no material departures from that standard.

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 of the financial statements is the Pound Sterling (£).

Revenue recognition

Turnover comprises the fair value of the consideration derived from the provision of consultancy services to the retail property industry. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

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.

At the balance sheet date, the company reviews the carrying amounts of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Expenditure of £500 or more on individual tangible fixed assets is capitalised at cost. Expenditure on assets below this threshold is charged directly to the profit and loss account in the period it is incurred.

Page 5

Hawksworth Retail Asset Management Limited

Notes to the Financial Statements for the Year Ended 31 December 2019

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
Furniture, fittings and equipment	15% and 33% on cost

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.

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 profit and loss account.

 

3	Staff numbers

The average number of persons employed by the company (including the directors) during the year was 4 (2018 - 4).

Page 6

Hawksworth Retail Asset Management Limited

Notes to the Financial Statements for the Year Ended 31 December 2019

4	Tangible assets

	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 January 2019	3,516	3,516
Disposals	(2,270)	(2,270)
At 31 December 2019	1,246	1,246
Depreciation
At 1 January 2019	3,100	3,100
Charge for the year	416	416
Eliminated on disposal	(2,270)	(2,270)
At 31 December 2019	1,246	1,246
Carrying amount
At 31 December 2019	-	-
At 31 December 2018	416	416

5

Debtors

	Note	2019 £	2018 £
Trade debtors		29,521	150,293
Amounts owed by group undertakings and undertakings in which the company has a participating interest	8	13,941	13,941
Other debtors		12,428	11,203
		55,890	175,437

6

Creditors

Creditors: amounts falling due within one year

	2019 £	2018 £
Due within one year
Taxation and social security	17,300	59,913
Other creditors	8,846	5,669
	26,146	65,582

Page 7

Hawksworth Retail Asset Management Limited

Notes to the Financial Statements for the Year Ended 31 December 2019

7	Share capital

Allotted, called up and fully paid shares

	2019		2018
	No.	£	No.	£
Ordinary share of £1 each	1	1	1	1

8	Related party transactions

The company operates a loan account with the director, Mr R T Stevenson.

During the year, the company repaid loans totalling £1,445 to the director. At the year end, the balance due to the director was £2,769 (2018 - £4,214). This loan is unsecured, interest free and has no fixed repayment terms.


The company operates a loan account with the director, Mr M A Holt.

During the year, the director advanced loans totalling £352 to the company. At the year end, the balance due to the director was £1,808 (2018 - £1,456). This loan is unsecured, interest free and has no fixed repayment terms.


The company operates a loan account with the parent company, Hawksworth Retail Group Limited.

During the year, dividends totalling £125,200 (2018 - £181,200) were declared and paid to the parent company. At the year end, the balance due from the parent company was £13,941 (2018 - £13,941). This loan is unsecured, interest free and has no fixed repayment terms.


The company operates a loan account with the related company, Mall Max GmbH.

During the year, the company advanced loans totalling £477 to Mall Max GmbH. At the year end, the balance due from Mall Max GmbH was £10,289 (2018 - £9,812). This loan is unsecured, interest free and has no fixed repayment terms.
 

Page 8