A W Hamilton (2002) Limited Company Accounts

A.W. HAMILTON 2002 LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: NI042852

A W Hamilton (2002) Limited

Filleted Unaudited Financial Statements

30 April 2017

A W Hamilton (2002) Limited

Financial Statements

Year ended 30 April 2017

Contents	Page

Officers and professional advisers	1

Statement of financial position	2

Notes to the financial statements	3

A W Hamilton (2002) Limited

Officers and Professional Advisers

The board of directors	Mr J D Erskine
	Mrs K L Erskine

Company secretary	Mrs K Erskine

Registered office	216/218 Holywood Road
	Belfast
	BT4 1PD

Accountants	Johnston Graham Limited
	Chartered accountant
	216/218 Holywood Road
	Belfast
	BT4 1PD

Bankers	Ulster Bank
	202 York Street
	Belfast
	Co. Down
	BT15 IHY

A W Hamilton (2002) Limited

Statement of Financial Position

30 April 2017

	2017		2016
Note	£	£	£

Fixed assets

Tangible assets	4		459,754	459,754

Current assets

Cash at bank and in hand	9,210		–

Creditors: amounts falling due within one year	5	24,640		35,005
		--------		--------
Net current liabilities			15,430	35,005
			---------	---------
Total assets less current liabilities			444,324	424,749
			---------	---------
Net assets			444,324	424,749
			---------	---------

Capital and reserves

Called up share capital	75	75
Share premium account	427,853	427,853
Profit and loss account	16,396	( 3,179)
	---------	---------
Members funds	444,324	424,749
	---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 30 April 2017 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 financial statements for the year in question in accordance with section 476 ;

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

These financial statements were approved by the board of directors and authorised for issue on 26 January 2018 , and are signed on behalf of the board by:

Mr J D Erskine

Director

Company registration number: NI042852

A W Hamilton (2002) Limited

Notes to the Financial Statements

Year ended 30 April 2017

1. General information

The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 216/218 Holywood Road, Belfast, BT4 1PD.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 May 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 7.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Plant and machinery	-	20% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

4. Tangible assets

	Land and buildings	Plant and machinery	Total
	£	£	£
Cost
At 1 May 2016 and 30 April 2017	459,753	1,689	461,442
	---------	-------	---------
Depreciation
At 1 May 2016 and 30 April 2017	–	1,688	1,688
	---------	-------	---------
Carrying amount
At 30 April 2017	459,753	1	459,754
	---------	-------	---------

5. Creditors: amounts falling due within one year

	2017	2016
	£	£
Bank loans and overdrafts	–	12,371
Corporation tax	8,680	8,175
Social security and other taxes	2,000	1,750
Other creditors	13,960	12,709
	--------	--------
	24,640	35,005
	--------	--------

The bank facility is secured by land held at Unit 3 Kiltonga Industrial Estate, Belfast Road, Newtownards, Co Down.

6. Related party transactions

No transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard for Smaller Entities.

7. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 May 2015.

No transitional adjustments were required in equity or profit or loss for the year.