Hamax_Limited_30_Nov_2018_companies_house_set_of_accounts.html
Hamax_Limited_30_Nov_2018_companies_house_set_of_accounts.html
Company registration number:
Officers and Professional Advisers
Year ended 30 November 2018
| Director |
| Registered office |
| Accountant | |
| Autumn Cottage,Randalls GreenChalford HillStroudGL6 8EBUnited Kingdom |
| Bank | |
| PO Box 4 6 Broad Street WorcesterWR1 2EJUnited Kingdom |
Director's Report
Year ended 30 November 2018
The director presents the report and the unaudited financial statements of the company for the year ended 30 November 2018.
Directors
The director who served the company during the year was as follows:
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 29 November 2019 and signed on behalf of the board by:
| Director |
Report to the board of directors on the preparation of the unaudited statutory financial statements of Hamax Limited
Year ended 30 November 2018
As described on the statement of financial position, the Board of Directors of Hamax Limited are responsible for the preparation of the financial statements for the year ended 30 November 2018 , which comprise the income statement, statement of income and retained earnings, statement of financial position and related notes.
You consider that the company is exempt from an audit under the Companies Act 2006.
Autumn Cottage,Randalls GreenChalford HillStroudGL6 8EBUnited Kingdom
Date:
29 November 2019
Income Statement
Year ended 30 November 2018
| 2018 | 2017 | |||
|---|---|---|---|---|
| £ | £ | |||
| Turnover |
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| Cost of sales |
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| Gross profit |
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| Administrative expenses |
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| Operating profit |
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| Interest payable and similar expenses |
(
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(
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| Profit before tax |
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| Tax on profit |
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(
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| Profit for the financial year |
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The company has no other recognised items of income or expense other than the results for the year as set out above.
Statement of Income and Retained Earnings
Year ended 30 November 2018
| 2018 | 2017 | |||
|---|---|---|---|---|
| £ | £ | |||
| Retained earnings at the start of the year |
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| Profit for the financial year |
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| Dividends declared and paid or payable during the year |
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| Retained earnings at the end of the year |
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Statement of Financial Position
| 2018 | 2017 | ||||
|---|---|---|---|---|---|
| Note | £ | £ | |||
| Fixed assets | |||||
| Tangible assets | 6 |
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| Current assets | |||||
| Debtors | 7 |
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| Cash at bank and in hand |
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| Creditors: amounts falling due within one year | 8 |
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| Net current (liabilities)/assets |
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| Total assets less current liabilities | 2,406 | 63,708 | |||
| Capital and reserves | |||||
| Called up share capital |
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| Profit and loss account |
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| Shareholders funds |
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For the year ending 30 November 2018 , the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared 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'.
These financial statements were approved by the board of directors and authorised for issue on 29 November 2019 , and are signed on behalf of the board by:
| Director |
Company registration number:
07836296
Notes to the Financial Statements
Year ended 30 November 2018
1 General information
The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is Suite 5b Malvern Gate , Bromwich Road , Worcester , WR2 4BN , United Kingdom.
2 Statement of compliance
These financial statements have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and 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 assets.
The financial statements are prepared in sterling, which is the functional currency of the company.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied, 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.
Current tax
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.
Intangible assets
Intangible assets are initially measured at cost and are subsequently measured at cost less any accumulated amortisation and accumulated impairment losses or at a revalued amount. However, Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Any intangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation 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 capital and reserves. However, the increase is recognised in profit or loss to the extent that 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 capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
| Other intangible assets |
Tangible assets
Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
Any tangible assets carried at a revalued amount 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 capital and reserves. However, the increase is recognised in profit or loss to the extent that 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 capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
| Office equipment | |
| Motor vehicles | |
| Fixtures and fittings |
Impairment
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.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price and are subsequently measured as follows: Debt instruments are subsequently measured at amortised cost and commitments to receive a loan and to make a loan to another entity are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.
All other financial instruments, including derivatives, are initially recognised at fair value, which is normally the transaction price and are subsequently measured at fair value, with any changes recognised in profit or loss.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
All equity instruments regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution pension plan
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
Operating leases
4 Average number of employees
The average number of persons employed by the company during the year was 110 (2017: 90.00 ).
5 Intangible assets
| Other intangible assets | ||
|---|---|---|
| £ | ||
| Cost | ||
| At |
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| Amortisation | ||
| At |
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| Carrying amount | ||
| At |
- | |
| At 30 November 2017 | - | |
6 Tangible assets
| Plant and machinery etc. | ||
|---|---|---|
| £ | ||
| Cost | ||
| At |
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| Additions |
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| At |
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| Depreciation | ||
| At |
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| Charge |
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| At |
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| Carrying amount | ||
| At |
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| At 30 November 2017 |
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7 Debtors
| 2018 | 2017 | |||
|---|---|---|---|---|
| £ | £ | |||
| Trade debtors |
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| Other debtors |
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8 Creditors: amounts falling due within one year
| 2018 | 2017 | |||
|---|---|---|---|---|
| £ | £ | |||
| Trade creditors |
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| Taxation and social security |
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| Other creditors |
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Mr M Hamer provides a personal guarantee for the bank overdraft.
9 Director's advances, credit and guarantees
As at 30 November 2018, Mr M Hamer, director of the company, was owed £2,589 (2017 :£1,024) by the company.
11 Controlling party
The company is controlled by Mr M Hamer, director of the company.