Hawksworth Retail Asset Management Limited - Period Ending 2017-12-31

Registration number: SC390738

Hawksworth Retail Asset Management Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2017

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

Hawksworth Retail Asset Management Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Financial Statements	4 to 7

Hawksworth Retail Asset Management Limited

Company Information

Directors

Mr R T Stevenson Mr M A Holt

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

Hawksworth Retail Asset Management Limited

(Registration number: SC390738)
Balance Sheet as at 31 December 2017

	Note	2017 £	2016 £
Fixed assets
Tangible assets	4	1,132	994
Current assets
Debtors	5	80,254	46,571
Cash at bank and in hand		133,923	164,572
		214,177	211,143
Creditors: Amounts falling due within one year	6	(59,317)	(62,945)
Net current assets		154,860	148,198
Total assets less current liabilities		155,992	149,192
Provisions for liabilities		(215)	(199)
Net assets		155,777	148,993
Capital and reserves
Called up share capital		1	1
Profit and loss account		155,776	148,992
Total equity		155,777	148,993

For the financial year ending 31 December 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 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.

The notes on pages 4 to 7 form an integral part of these financial statements.

Page 2

Hawksworth Retail Asset Management Limited

(Registration number: SC390738)
Balance Sheet as at 31 December 2017

Approved and authorised by the Board on 25 September 2018 and signed on its behalf by:
 

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

Mr R T Stevenson
Director

The notes on pages 4 to 7 form an integral part of these financial statements.

Page 3

Hawksworth Retail Asset Management Limited

Notes to the Financial Statements for the Year Ended 31 December 2017

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 25 September 2018.

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.

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 £300 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.

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

Page 4

Hawksworth Retail Asset Management Limited

Notes to the Financial Statements for the Year Ended 31 December 2017

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 (2016 - 4).

Page 5

Hawksworth Retail Asset Management Limited

Notes to the Financial Statements for the Year Ended 31 December 2017

4	Tangible assets

	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 January 2017	5,498	5,498
Additions	1,246	1,246
Disposals	(3,228)	(3,228)
At 31 December 2017	3,516	3,516
Depreciation
At 1 January 2017	4,504	4,504
Charge for the year	1,108	1,108
Eliminated on disposal	(3,228)	(3,228)
At 31 December 2017	2,384	2,384
Carrying amount
At 31 December 2017	1,132	1,132
At 31 December 2016	994	994

5

Debtors

	Note	2017 £	2016 £
Trade debtors		54,898	36,086
Amounts owed by group undertakings and undertakings in which the company has a participating interest	7	13,941	40
Other debtors		11,415	10,445
		80,254	46,571

6

Creditors

Creditors: amounts falling due within one year

	2017 £	2016 £
Due within one year
Trade creditors	888	-
Taxation and social security	33,614	49,846
Other creditors	24,815	13,099
	59,317	62,945

Page 6

Hawksworth Retail Asset Management Limited

Notes to the Financial Statements for the Year Ended 31 December 2017

7	Related party transactions

Mr R T Stevenson
(Director)

The company operates a loan account with the director, Mr R T Stevenson. During the year, the company repaid loans totalling £1,344 to the director. At the year end, the balance due to the director was £3,171 (2016 - £4,515). There are no fixed repayment terms and no interest is charged.

Mr M A Holt
(Director)

The company operates a loan account with the director, Mr M A Holt. During the year, the director advanced loans totalling £13,061 to the company. At the year end, the balance due to the director was £21,645 (2016 - £8,584). There are no fixed repayment terms and no interest is charged.

Hawksworth Retail Group Limited
(Parent company)

The company operates a loan account with the parent company, Hawksworth Retail Group Limited. Dividends of £132,200 (2016 - £326,200) were declared and paid to Hawksworth Retail Group Limited. During the year, the company advanced loans totalling £13,901 to the parent company. At the year end, the balance due from the parent company was £13,941 (2016 - £40). There are no fixed repayment terms and no interest is charged.

Mall Max GmbH
(Mr R T Stevenson and Mr M A Holt are directors of Mall Max GmbH)

The company operates a loan account with the related company, Mall Max GmbH. During the year, the company was advanced loans totalling £1,774 to the related company. At the year end, the balance due from the company was £9,392 (2016 - £7,618). There are no fixed repayment terms and no interest is charged.
 

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