Hannaway Hilltown Ltd 31/07/2019 iXBRL

Hannaway Hilltown Ltd 31/07/2019 iXBRL

HANNAWAY HILLTOWN LIMITED - Company Information

Print Friendly Version

31/07/2019 2019-07-31 false false false false false false false false false false true false false true false false false false false false false No description of principal activities is disclosed 2018-08-01 Sage Accounts Production 19.0 - FRS102_2019 xbrli:pure xbrli:shares iso4217:GBP NI051131 2018-08-01 2019-07-31 NI051131 2019-07-31 NI051131 2018-07-31 NI051131 2017-08-01 2018-07-31 NI051131 2018-07-31 NI051131 2017-07-31 NI051131 core:NetGoodwill 2018-08-01 2019-07-31 NI051131 core:LandBuildings core:LongLeaseholdAssets 2018-08-01 2019-07-31 NI051131 core:PlantMachinery 2018-08-01 2019-07-31 NI051131 core:FurnitureFittingsToolsEquipment 2018-08-01 2019-07-31 NI051131 core:MotorVehicles 2018-08-01 2019-07-31 NI051131 bus:RegisteredOffice 2018-08-01 2019-07-31 NI051131 bus:LeadAgentIfApplicable 2018-08-01 2019-07-31 NI051131 bus:Director1 2018-08-01 2019-07-31 NI051131 bus:Director2 2018-08-01 2019-07-31 NI051131 core:NetGoodwill 2018-07-31 NI051131 core:NetGoodwill 2019-07-31 NI051131 core:LandBuildings core:LongLeaseholdAssets 2018-07-31 NI051131 core:PlantMachinery 2018-07-31 NI051131 core:FurnitureFittingsToolsEquipment 2018-07-31 NI051131 core:MotorVehicles 2018-07-31 NI051131 core:LandBuildings core:LongLeaseholdAssets 2019-07-31 NI051131 core:PlantMachinery 2019-07-31 NI051131 core:FurnitureFittingsToolsEquipment 2019-07-31 NI051131 core:MotorVehicles 2019-07-31 NI051131 core:WithinOneYear 2019-07-31 NI051131 core:WithinOneYear 2018-07-31 NI051131 core:AfterOneYear 2019-07-31 NI051131 core:AfterOneYear 2018-07-31 NI051131 core:RetainedEarningsAccumulatedLosses 2017-08-01 2018-07-31 NI051131 core:RetainedEarningsAccumulatedLosses 2018-08-01 2019-07-31 NI051131 core:ShareCapital 2019-07-31 NI051131 core:ShareCapital 2018-07-31 NI051131 core:RetainedEarningsAccumulatedLosses 2019-07-31 NI051131 core:RetainedEarningsAccumulatedLosses 2018-07-31 NI051131 core:ShareCapital 2017-07-31 NI051131 core:RetainedEarningsAccumulatedLosses 2017-07-31 NI051131 core:NetGoodwill 2018-07-31 NI051131 core:LandBuildings core:LongLeaseholdAssets 2018-07-31 NI051131 core:PlantMachinery 2018-07-31 NI051131 core:FurnitureFittingsToolsEquipment 2018-07-31 NI051131 core:MotorVehicles 2018-07-31 NI051131 bus:Director1 2018-07-31 NI051131 bus:Director1 2019-07-31 NI051131 bus:Director2 2018-07-31 NI051131 bus:Director2 2019-07-31 NI051131 bus:Director1 2017-07-31 NI051131 bus:Director1 2018-07-31 NI051131 bus:Director2 2018-07-31 NI051131 bus:Director1 2017-08-01 2018-07-31 NI051131 bus:Director2 2017-08-01 2018-07-31 NI051131 bus:SmallEntities 2018-08-01 2019-07-31 NI051131 bus:AuditExemptWithAccountantsReport 2018-08-01 2019-07-31 NI051131 bus:FullAccounts 2018-08-01 2019-07-31 NI051131 bus:SmallCompaniesRegimeForAccounts 2018-08-01 2019-07-31 NI051131 bus:PrivateLimitedCompanyLtd 2018-08-01 2019-07-31
Company registration number: NI051131
Hannaway Hilltown Ltd
Unaudited filleted financial statements
31 July 2019
Hannaway Hilltown Ltd
Contents
Directors and other information
Accountants report
Balance sheet
Statement of changes in equity
Notes to the financial statements
Hannaway Hilltown Ltd
Directors and other information
Directors Mr Shane Hannaway
Mrs Patricia Hannaway
Company number NI051131
Registered office 44 Main Street
Hilltown
Newry
Co Down
BT34 5JU
Business address 44 Main Street
Hilltown
Newry
Co Down
BT34 5JU
Accountants McPolin & Murdock
37 Church Street
Warrenpoint
Co Down
BT34 3HN
Bankers Ulster Bank
86 Hill Street
Newry
Co Down
BT34 1BT
Hannaway Hilltown Ltd
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Hannaway Hilltown Ltd
Year ended 31 July 2019
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Hannaway Hilltown Ltd for the year ended 31 July 2019 which comprise the Balance Sheet, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of Chartered Accountants Ireland , we are subject to its ethical and other professional requirements which are detailed at www.charteredaccountants.ie.
This report is made solely to the board of directors of Hannaway Hilltown Ltd, as a body, in accordance with the terms of our engagement letter dated 1 May 2018. Our work has been undertaken solely to prepare for your approval the financial statements of Hannaway Hilltown Ltd and state those matters that we have agreed to state to the board of directors of Hannaway Hilltown Ltd as a body, in this report in accordance with the requirements of Chartered Accountants Ireland as detailed at www.charteredaccountants.ie. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Hannaway Hilltown Ltd and its board of directors as a body for our work or for this report.
It is your duty to ensure that Hannaway Hilltown Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Hannaway Hilltown Ltd. You consider that Hannaway Hilltown Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Hannaway Hilltown Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
McPolin & Murdock
Chartered Accountants
37 Church Street
Warrenpoint
Co Down
BT34 3HN
3 July 2020
Hannaway Hilltown Ltd
Balance sheet
31 July 2019
2019 2018
Note £ £ £ £
Fixed assets
Intangible assets 5 12,946 15,104
Tangible assets 6 287,762 297,069
_______ _______
300,708 312,173
Current assets
Stocks 145,571 132,351
Debtors 7 17,300 23,589
Cash at bank and in hand 57,100 163
_______ _______
219,971 156,103
Creditors: amounts falling due
within one year 8 ( 291,722) ( 288,416)
_______ _______
Net current liabilities ( 71,751) ( 132,313)
_______ _______
Total assets less current liabilities 228,957 179,860
Creditors: amounts falling due
after more than one year 9 ( 88,954) ( 126,346)
_______ _______
Net assets 140,003 53,514
_______ _______
Capital and reserves
Called up share capital 4 4
Profit and loss account 139,999 53,510
_______ _______
Shareholders funds 140,003 53,514
_______ _______
For the year ending 31 July 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 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 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 Profit and Loss Account has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 03 July 2020 , and are signed on behalf of the board by:
Mr Shane Hannaway
Director
Company registration number: NI051131
Hannaway Hilltown Ltd
Statement of changes in equity
Year ended 31 July 2019
Called up share capital Profit and loss account Total
£ £ £
At 1 August 2017 4 64,949 64,953
Profit for the year 32,761 32,761
_______ _______ _______
Total comprehensive income for the year - 32,761 32,761
Dividends paid and payable ( 44,200) ( 44,200)
_______ _______ _______
Total investments by and distributions to owners - ( 44,200) ( 44,200)
_______ _______ _______
At 31 July 2018 and 1 August 2018 4 53,510 53,514
Profit for the year 140,689 140,689
_______ _______ _______
Total comprehensive income for the year - 140,689 140,689
Dividends paid and payable ( 54,200) ( 54,200)
_______ _______ _______
Total investments by and distributions to owners - ( 54,200) ( 54,200)
_______ _______ _______
At 31 July 2019 4 139,999 140,003
_______ _______ _______
Hannaway Hilltown Ltd
Notes to the financial statements
Year ended 31 July 2019
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 44 Main Street, Hilltown, Newry, Co Down, BT34 5JU.
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 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.
Turnover
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill - 5 % straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:
Long leasehold property - 2 % straight line
Plant and machinery - 15 % reducing balance
Fittings fixtures and equipment - 15 % reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
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. 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 are 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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments 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. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
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. For all equity instruments regardless of significance, and other financial assets that are individually significant, these 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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 19 (2018: 18 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 August 2018 and 31 July 2019 43,154 43,154
_______ _______
Amortisation
At 1 August 2018 28,050 28,050
Charge for the year 2,158 2,158
_______ _______
At 31 July 2019 30,208 30,208
_______ _______
Carrying amount
At 31 July 2019 12,946 12,946
_______ _______
At 31 July 2018 15,104 15,104
_______ _______
6. Tangible assets
Long leasehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £ £
Cost
At 1 August 2018 30,452 306,601 131,040 51,629 519,722
Additions - 444 18,666 26,000 45,110
Disposals - - - ( 9,500) ( 9,500)
_______ _______ _______ _______ _______
At 31 July 2019 30,452 307,045 149,706 68,129 555,332
_______ _______ _______ _______ _______
Depreciation
At 1 August 2018 4,916 153,655 50,775 13,306 222,652
Charge for the year 609 23,009 14,840 13,706 52,164
Disposals - - - ( 7,246) ( 7,246)
_______ _______ _______ _______ _______
At 31 July 2019 5,525 176,664 65,615 19,766 267,570
_______ _______ _______ _______ _______
Carrying amount
At 31 July 2019 24,927 130,381 84,091 48,363 287,762
_______ _______ _______ _______ _______
At 31 July 2018 25,536 152,946 80,265 38,323 297,070
_______ _______ _______ _______ _______
7. Debtors
2019 2018
£ £
Trade debtors 824 1,824
Other debtors 16,476 21,765
_______ _______
17,300 23,589
_______ _______
8. Creditors: amounts falling due within one year
2019 2018
£ £
Bank loans and overdrafts 15,418 78,494
Trade creditors 120,429 99,205
Corporation tax 10,848 -
Social security and other taxes 3,561 3,642
Other creditors 141,466 107,075
_______ _______
291,722 288,416
_______ _______
9. Creditors: amounts falling due after more than one year
2019 2018
£ £
Bank loans and overdrafts 34,045 46,796
Other creditors 54,909 79,550
_______ _______
88,954 126,346
_______ _______
10. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2019
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr Shane Hannaway ( 53,015) ( 9,843) ( 62,858)
Mrs Patricia Hannaway ( 22,100) ( 27,100) ( 49,200)
_______ _______ _______
( 75,115) ( 36,943) ( 112,058)
_______ _______ _______
2018
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr Shane Hannaway ( 48,171) ( 4,844) ( 53,015)
Mrs Patricia Hannaway - ( 22,100) ( 22,100)
_______ _______ _______
( 48,171) ( 26,944) ( 75,115)
_______ _______ _______