P.N. & M.P. Hamilton Limited - Period Ending 2019-01-31

Registration number: 01318678

P.N. & M.P. Hamilton Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 January 2019

Houndiscombe Consultants Limited
T/A Condy Mathias Chartered Accountants
6 Houndiscombe Road
Plymouth
Devon
PL4 6HH

P.N. & M.P. Hamilton Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Financial Statements	4 to 8

P.N. & M.P. Hamilton Limited

Company Information

Directors

Mr Peter Noel Hamilton Mrs Mary Patricia Hamilton

Company secretary

Mrs Mary Patricia Hamilton

Registered office

6 Houndiscombe Road Plymouth Devon PL4 6HH

Accountants

Houndiscombe Consultants Limited T/A Condy Mathias Chartered Accountants 6 Houndiscombe Road Plymouth Devon PL4 6HH

Page 1

P.N. & M.P. Hamilton Limited

(Registration number: 01318678)
Balance Sheet as at 31 January 2019

	Note	2019 £	2018 £
Fixed assets
Tangible assets	4	201,672	195,959
Investment property	5	749,900	749,900
		951,572	945,859
Current assets
Stocks	6	200	200
Debtors	7	675	675
Cash at bank and in hand		7,097	7,850
		7,972	8,725
Creditors: Amounts falling due within one year	8	(61,723)	(68,284)
Net current liabilities		(53,751)	(59,559)
Total assets less current liabilities		897,821	886,300
Provisions for liabilities		(88,525)	(87,132)
Net assets		809,296	799,168
Capital and reserves
Called up share capital		61,942	61,942
Revaluation reserve		280,324	280,324
Profit and loss account		467,030	456,902
Total equity		809,296	799,168

The notes on pages 4 to 8 form an integral part of these financial statements.

Page 2

P.N. & M.P. Hamilton Limited

(Registration number: 01318678)
Balance Sheet as at 31 January 2019

For the financial year ending 31 January 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 requirements of the Act with respect to accounting records and the preparation of accounts.

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 small companies subject to the small company regime and the option not to file the Profi and Loss account and the Directors report has been taken.

Approved and authorised by the Board on 28 May 2019 and signed on its behalf by:
 

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

Mr Peter Noel Hamilton
Director

The notes on pages 4 to 8 form an integral part of these financial statements.

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P.N. & M.P. Hamilton Limited

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

1	General information

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

The address of its registered office is:
6 Houndiscombe Road
Plymouth
Devon
PL4 6HH
United Kingdom

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 using the historic cost convention except as disclosed in the accounting policies certain items are shown at fair value. The financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.

Going concern

As at the year end, the company's balance sheet shows net current liabilities of £53,751 (2018: £59,559). Accordingly the directors have had to consider the basis upon which the accounts should be prepared and determine whether a going concern basis remains appropriate. The accounts have been prepared on a going concern basis as the directors will continue to provide financial support when necessary to the company.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services 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.

Page 4

P.N. & M.P. Hamilton Limited

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 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 and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

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
Buildings	2% straight line
Plant and equipment	25% reducing balance
Holiday let fixtures and fittings	15% reducing balance
Office and computer equipment	33% straight line

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2018 - 2).

Page 5

P.N. & M.P. Hamilton Limited

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

4	Tangible assets

	Freehold land and buildings £	Furniture, fittings and equipment  £	Other property, plant and equipment  £	Total £
Cost or valuation
At 1 February 2018	194,950	25,343	10,759	231,052
Additions	-	612	8,580	9,192
Disposals	-	-	(7,300)	(7,300)
At 31 January 2019	194,950	25,955	12,039	232,944
Depreciation
At 1 February 2018	969	24,086	10,038	35,093
Charge for the year	505	391	2,241	3,137
Eliminated on disposal	-	-	(6,958)	(6,958)
At 31 January 2019	1,474	24,477	5,321	31,272
Carrying amount
At 31 January 2019	193,476	1,478	6,718	201,672
At 31 January 2018	193,981	1,257	721	195,959

Page 6

P.N. & M.P. Hamilton Limited

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

5	Investment properties

Investment property is carried at fair value, derived from current market prices for comparable real estate determined annually by the directors, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss. Deferred tax is provided on these gains at the rate expected to apply when the property is sold.

	2019 £
At 1 February 2018	749,900
At 31 January 2019	749,900

The investment properties were valued by the directors during the year ended 31 January 2019 and no change was required to the above figure. The directors' valuation is based on local knowledge and no independent valuations were undertaken.

6

Stocks

	2019 £	2018 £
Other inventories	200	200

7

Debtors

	2019 £	2018 £
Other debtors	675	675
	675	675

8

Creditors

Creditors: amounts falling due within one year

	Note	2019 £	2018 £
Due within one year
Trade creditors		451	592
Other creditors		61,272	67,692
		61,723	68,284

Page 7

P.N. & M.P. Hamilton Limited

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

9

Reserves

There were no changes to the revaluation reserve balance of £280,324.

	Investments 2019 £
Total amount of revalued assets brought forward	749,900
Amount of revaluation brought forward	280,324
Total carrying amount of assets had they not been revalued	469,576

If the above properties were sold, then corporation tax of £87,132 would become payable. A provision for this liability has been included within these financial statements.

Page 8