Hamlet Networks Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC375041 (Scotland)

Unaudited Financial Statements for the Year Ended 31 March 2019

for

Hamlet Networks Ltd

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTORS:

A M Letham

W J S Letham

REGISTERED OFFICE:

Suite 181

98 Woodlands Road

Charing Cross

Glasgow

G3 6HB

REGISTERED NUMBER:

SC375041 (Scotland)

ACCOUNTANTS:

Peter Deans Chartered Accountants

42 Stirling Street

Denny

Stirlingshire

FK6 6DJ

BANKERS:

HSBC

2 Buchanan Street

Glasgow

G1 3LB

FIXED ASSETS

Tangible assets

4

227,346

39,555

CURRENT ASSETS

Stocks

2,000

-

Debtors

5

124,039

216,819

Cash at bank and in hand

2,866

1,420

128,905

218,239

CREDITORS

Amounts falling due within one year

6

252,221

197,201

NET CURRENT (LIABILITIES)/ASSETS

(123,316

)

21,038

TOTAL ASSETS LESS CURRENT LIABILITIES

104,030

60,593

CREDITORS

Amounts falling due after more than one year

7

(88,475

)

(17,260

)

PROVISIONS FOR LIABILITIES

9

(7,887

)

(7,880

)

NET ASSETS

7,668

35,453

CAPITAL AND RESERVES

Called up share capital

5

5

Retained earnings

7,663

35,448

SHAREHOLDERS' FUNDS

7,668

35,453

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2019 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing 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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 31 December 2019 and were signed on its behalf by:

A M Letham - Director

1.	STATUTORY INFORMATION

Hamlet Networks Ltd is a private company, limited by shares , registered in Scotland. The company's registered

number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents net invoiced sales of goods and services, excluding value added tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery etc

-

25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and

slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws

that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal

of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those

held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance

leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element

of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2018 - 12 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2018

100,446

Additions

231,346

Disposals

(47,998

)

At 31 March 2019

283,794

DEPRECIATION

At 1 April 2018

60,891

Charge for year

29,514

Eliminated on disposal

(33,957

)

At 31 March 2019

56,448

NET BOOK VALUE

At 31 March 2019

227,346

At 31 March 2018

39,555

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

etc

£

COST

At 1 April 2018

57,842

Transfer to ownership

(15,950

)

At 31 March 2019

41,892

DEPRECIATION

At 1 April 2018

29,706

Charge for year

5,891

Transfer to ownership

(11,378

)

At 31 March 2019

24,219

NET BOOK VALUE

At 31 March 2019

17,673

At 31 March 2018

28,136

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.19

31.3.18

£

£

Trade debtors

119,005

146,358

Other debtors

5,034

70,461

124,039

216,819

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.19

31.3.18

£

£

Bank loans and overdrafts

24,820

6,653

Hire purchase contracts

8,780

9,223

Trade creditors

149,938

134,422

Taxation and social security

29,970

39,701

Other creditors

38,713

7,202

252,221

197,201

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.19

31.3.18

£

£

Bank loans

83,312

-

Hire purchase contracts

5,163

17,260

88,475

17,260

8.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.19

31.3.18

£

£

Bank loans

108,132

-

HSBC Bank PLC have a floating charge over all assets and undertaking dated 12 April 2018.

9.	PROVISIONS FOR LIABILITIES

31.3.19

31.3.18

£

£

Deferred tax

7,887

7,880

Deferred

tax

£

Balance at 1 April 2018

7,880

Provision for year

7

Balance at 31 March 2019

7,887

10.	RELATED PARTY DISCLOSURES

During the year, total dividends of £63,000 (2018 - £60,876) were paid to the directors .

11.	ULTIMATE CONTROLLING PARTY

The directors are the major shareholders and in their opinion the ultimate controlling party.