J Hamilton & Co (Lurgan) Ltd - Limited company accounts 20.1
J Hamilton & Co (Lurgan) Ltd - Limited company accounts 20.1
| REGISTERED NUMBER: |
| Strategic Report, Report of the Directors and |
| Financial Statements |
| for the Year Ended 31 March 2021 |
| for |
| James Hamilton & Company (Lurgan) Ltd |
| James Hamilton & Company (Lurgan) Ltd (Registered number: NI006169) |
| Contents of the Financial Statements |
| for the Year Ended 31 March 2021 |
| Page |
| Company Information | 1 |
| Strategic Report | 3 |
| Report of the Directors | 4 |
| Report of the Independent Auditors | 6 |
| Income Statement | 10 |
| Other Comprehensive Income | 11 |
| Balance Sheet | 12 |
| Statement of Changes in Equity | 13 |
| Cash Flow Statement | 14 |
| Notes to the Cash Flow Statement | 15 |
| Notes to the Financial Statements | 17 |
| James Hamilton & Company (Lurgan) Ltd |
| Company Information |
| for the Year Ended 31 March 2021 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| BUSINESS ADDRESS: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Chartered Accountants and Registered Auditors |
| Quaker Buildings |
| High Street |
| Lurgan |
| Craigavon |
| Co. Armagh |
| BT66 8BB |
| James Hamilton & Company (Lurgan) Ltd |
| Company Information |
| for the Year Ended 31 March 2021 |
| BANKERS: |
| 39 Market Street |
| Lurgan |
| Co. Armagh |
| BT66 6AB |
| SOLICITORS: |
| 15 Windsor Avenue |
| Lurgan |
| Co. Armagh |
| BT67 9BG |
| James Hamilton & Company (Lurgan) Ltd (Registered number: NI006169) |
| Strategic Report |
| for the Year Ended 31 March 2021 |
| The directors present their strategic report for the year ended 31 March 2021. |
| REVIEW OF BUSINESS |
| The results for the year show a pre-tax profit of £822,991, compared to £596,411 in the previous year. |
| Gross profit for the year was 28.31% (2020: 27.62%). The company has net funds of £1,082,588 (2020: net funds £246,964). |
| The external commercial environment is expected to be very challenging in 2021, however we remain confident that we will maintain close to our current level of performance in the future. |
| PRINCIPAL RISKS AND UNCERTAINTIES |
| The management of the business and the execution of the company's strategy are subject to a number of risks. The key business risks and uncertainties affecting the business are considered to relate to competition and the general economic climate. |
| ON BEHALF OF THE BOARD: |
| James Hamilton & Company (Lurgan) Ltd (Registered number: NI006169) |
| Report of the Directors |
| for the Year Ended 31 March 2021 |
| The directors present their report with the financial statements of the company for the year ended 31 March 2021. |
| DIVIDENDS |
| An interim dividend of £ |
| The total distribution of dividends for the year ended 31 March 2021 will be £ |
| DIRECTORS |
| The directors shown below have held office during the whole of the period from 1 April 2020 to the date of this report. |
| STATEMENT OF DIRECTORS' RESPONSIBILITIES |
| The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
| Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
| - | select suitable accounting policies and then apply them consistently; |
| - | make judgements and accounting estimates that are reasonable and prudent; |
| - | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
| The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
| STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
| So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
| James Hamilton & Company (Lurgan) Ltd (Registered number: NI006169) |
| Report of the Directors |
| for the Year Ended 31 March 2021 |
| AUDITORS |
| The auditors, McCleary & Company Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
| ON BEHALF OF THE BOARD: |
| Report of the Independent Auditors to the Members of |
| James Hamilton & Company (Lurgan) Ltd |
| Opinion |
| We have audited the financial statements of James Hamilton & Company (Lurgan) Ltd (the 'company') for the year ended 31 March 2021 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
| In our opinion the financial statements: |
| - | give a true and fair view of the state of the company's affairs as at 31 March 2021 and of its profit for the year then ended; |
| - | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
| - | have been prepared in accordance with the requirements of the Companies Act 2006. |
| Basis for opinion |
| We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
| Conclusions relating to going concern |
| In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
| Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
| Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
| Other information |
| The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
| Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
| In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
| Report of the Independent Auditors to the Members of |
| James Hamilton & Company (Lurgan) Ltd |
| Opinions on other matters prescribed by the Companies Act 2006 |
| In our opinion, based on the work undertaken in the course of the audit: |
| - | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
| - | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
| Matters on which we are required to report by exception |
| In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
| We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
| - | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
| - | the financial statements are not in agreement with the accounting records and returns; or |
| - | certain disclosures of directors' remuneration specified by law are not made; or |
| - | we have not received all the information and explanations we require for our audit. |
| Responsibilities of directors |
| As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
| In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
| Report of the Independent Auditors to the Members of |
| James Hamilton & Company (Lurgan) Ltd |
| Auditors' responsibilities for the audit of the financial statements |
| Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
| Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
| Having considered the nature of the business and the sector in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to breaches of health and safety laws and the potential for Fraud. We considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that do not have a direct impact on the preparation of the financial statements but compliance with which may be fundamental to the Company’s ability to operate such as the Companies Act 2006. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to Stock cut-off/ Valuation and Completeness of income.. Audit procedures performed included: |
| - Assessment of compliance with key laws and regulations; |
| - Enquiry of those charged with management including any known or suspected instances of non-compliance with laws and regulations, potential litigation and fraud; |
| - Identifying and testing journal entries for appropriateness, evaluating the rationale for significant transactions outside what is normal for the company and assessing whether the judgments made in making accounting estimates are indicative of potential bias, in order to assess the risk of fraud through management override of controls; |
| - Analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; |
| - Challenging assumptions and judgments made by management in significant accounting estimates; |
| - Reviewing the disclosures in the financial statements against the specific legal requirements. |
| We communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. |
| There are inherent limitations in the audit procedures outlined above. We are less likely to become aware of instances with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment. |
| A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
| Report of the Independent Auditors to the Members of |
| James Hamilton & Company (Lurgan) Ltd |
| Use of our report |
| This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
| for and on behalf of |
| Chartered Accountants and Registered Auditors |
| Quaker Buildings |
| High Street |
| Lurgan |
| Craigavon |
| Co. Armagh |
| BT66 8BB |
| McCleary & Company Ltd. |
| James Hamilton & Company (Lurgan) Ltd (Registered number: NI006169) |
| Income Statement |
| for the Year Ended 31 March 2021 |
| 31.3.21 | 31.3.20 |
| Notes | £ | £ | £ | £ |
| TURNOVER | 3 |
| Cost of sales |
| GROSS PROFIT |
| Administrative expenses |
| 339,785 | 284,969 |
| Other operating income |
| OPERATING PROFIT | 6 |
| Income from fixed asset investments |
| Interest receivable and similar income |
| 3,933 | 4,196 |
| 866,452 | 664,915 |
| Interest payable and similar expenses | 7 |
| PROFIT BEFORE TAXATION |
| Tax on profit | 8 |
| PROFIT FOR THE FINANCIAL YEAR |
| James Hamilton & Company (Lurgan) Ltd (Registered number: NI006169) |
| Other Comprehensive Income |
| for the Year Ended 31 March 2021 |
| 31.3.21 | 31.3.20 |
| Notes | £ | £ |
| PROFIT FOR THE YEAR |
| OTHER COMPREHENSIVE INCOME |
| Revaluation of listed investments | ( |
) |
| Income tax relating to other comprehensive income |
| OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX |
( |
) |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
| James Hamilton & Company (Lurgan) Ltd (Registered number: NI006169) |
| Balance Sheet |
| 31 March 2021 |
| 31.3.21 | 31.3.20 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 10 |
| Tangible assets | 11 |
| Investments | 12 |
| Investment property | 13 |
| CURRENT ASSETS |
| Stocks | 14 |
| Debtors | 15 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 16 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
17 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | 21 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 22 |
| Revaluation reserve | 23 |
| Retained earnings | 23 |
| SHAREHOLDERS' FUNDS |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| James Hamilton & Company (Lurgan) Ltd (Registered number: NI006169) |
| Statement of Changes in Equity |
| for the Year Ended 31 March 2021 |
| Called up |
| share | Retained | Revaluation | Total |
| capital | earnings | reserve | equity |
| £ | £ | £ | £ |
| Balance at 1 April 2019 |
| Changes in equity |
| Dividends | - | ( |
) | - | ( |
) |
| Total comprehensive income | - |
| Balance at 31 March 2020 |
| Changes in equity |
| Dividends | - | ( |
) | - | ( |
) |
| Total comprehensive income | - |
| Balance at 31 March 2021 |
| James Hamilton & Company (Lurgan) Ltd (Registered number: NI006169) |
| Cash Flow Statement |
| for the Year Ended 31 March 2021 |
| 31.3.21 | 31.3.20 |
| Notes | £ | £ |
| Cash flows from operating activities |
| Cash generated from operations | 1 |
| Interest paid | ( |
) | ( |
) |
| Interest element of hire purchase payments paid |
( |
) |
( |
) |
| Tax paid | ( |
) | ( |
) |
| Net cash from operating activities |
| Cash flows from investing activities |
| Purchase of intangible fixed assets | ( |
) |
| Purchase of tangible fixed assets | ( |
) | ( |
) |
| Purchase of fixed asset investments | (2,222 | ) | (2,074 | ) |
| Sale of tangible fixed assets |
| Interest received |
| Dividends received |
| Net cash from investing activities | ( |
) |
| Cash flows from financing activities |
| Loan repayments in year | ( |
) | ( |
) |
| Capital repayments in year | ( |
) | ( |
) |
| Amount introduced by directors | 41,064 | 84,048 |
| Equity dividends paid | ( |
) | ( |
) |
| Net cash from financing activities | ( |
) | ( |
) |
| Increase/(decrease) in cash and cash equivalents | ( |
) |
| Cash and cash equivalents at beginning of year |
2 |
254,575 |
| Cash and cash equivalents at end of year |
2 |
1,082,588 |
246,964 |
| James Hamilton & Company (Lurgan) Ltd (Registered number: NI006169) |
| Notes to the Cash Flow Statement |
| for the Year Ended 31 March 2021 |
| 1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
| 31.3.21 | 31.3.20 |
| £ | £ |
| Profit before taxation |
| Depreciation charges |
| Loss/(profit) on disposal of fixed assets | ( |
) |
| Finance costs | 43,461 | 68,504 |
| Finance income | (3,933 | ) | (4,196 | ) |
| 1,298,417 | 1,049,618 |
| Increase in stocks | ( |
) | ( |
) |
| Decrease/(increase) in trade and other debtors | ( |
) |
| Increase in trade and other creditors |
| Cash generated from operations |
| 2. | CASH AND CASH EQUIVALENTS |
| The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
| Year ended 31 March 2021 |
| 31.3.21 | 1.4.20 |
| £ | £ |
| Cash and cash equivalents | 1,082,588 | 246,964 |
| Year ended 31 March 2020 |
| 31.3.20 | 1.4.19 |
| £ | £ |
| Cash and cash equivalents | 246,964 | 254,575 |
| James Hamilton & Company (Lurgan) Ltd (Registered number: NI006169) |
| Notes to the Cash Flow Statement |
| for the Year Ended 31 March 2021 |
| 3. | ANALYSIS OF CHANGES IN NET (DEBT)/FUNDS |
| At 1.4.20 | Cash flow | At 31.3.21 |
| £ | £ | £ |
| Net cash |
| Cash at bank and in hand | 246,964 | 835,624 | 1,082,588 |
| 246,964 | 1,082,588 |
| Debt |
| Finance leases | (411,997 | ) | 256,182 | (155,815 | ) |
| Debts falling due within 1 year | (51,118 | ) | (2,117 | ) | (53,235 | ) |
| Debts falling due after 1 year | (491,589 | ) | 53,758 | (437,831 | ) |
| (954,704 | ) | 307,823 | (646,881 | ) |
| Total | (707,740 | ) | 1,143,447 | 435,707 |
| James Hamilton & Company (Lurgan) Ltd (Registered number: NI006169) |
| Notes to the Financial Statements |
| for the Year Ended 31 March 2021 |
| 1. | STATUTORY INFORMATION |
| James Hamilton & Company (Lurgan) Ltd is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| Turnover represents the total invoice value, excluding value added tax, of sales made during the year and derives from the provision of goods and services falling within the company's ordinary activities. |
| Goodwill |
| Goodwill arising on business combinations is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful life. The period chosen for writing off goodwill is two years. The reason for choosing this period is due to the expected useful life of the customer list benefits. Provision is made for any impairment. |
| Intangible assets |
| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
| Tangible fixed assets |
| Freehold property | - |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| Investment property |
| Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
| Stocks |
| Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. |
| James Hamilton & Company (Lurgan) Ltd (Registered number: NI006169) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2021 |
| 2. | ACCOUNTING POLICIES - continued |
| 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 balance sheet date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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. |
| Foreign currencies |
| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
| Hire purchase and leasing commitments |
| 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. |
| Government grants |
| Capital grants and other contributions received towards the cost of tangible fixed assets are included in creditors as deferred income and credited to the profit and loss account over the life of the asset. Revenue grants are credited to the profit and loss account so as to match them with the expenditure to which they relate. |
| James Hamilton & Company (Lurgan) Ltd (Registered number: NI006169) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2021 |
| 3. | TURNOVER |
| The turnover and profit before taxation are attributable to the one principal activity of the company. |
| An analysis of turnover by geographical market is given below: |
| 31.3.21 | 31.3.20 |
| £ | £ |
| United Kingdom |
| Europe |
| 4. | EMPLOYEES AND DIRECTORS |
| 31.3.21 | 31.3.20 |
| £ | £ |
| Wages and salaries |
| Social security costs |
| Other pension costs |
| The average number of employees during the year was as follows: |
| 31.3.21 | 31.3.20 |
| Administrative staff | 35 | 33 |
| Other | 50 | 50 |
| 5. | DIRECTORS' EMOLUMENTS |
| 31.3.21 | 31.3.20 |
| £ | £ |
| Directors' remuneration |
| Directors' pension contributions to money purchase schemes |
| The number of directors to whom retirement benefits were accruing was as follows: |
| Money purchase schemes |
| James Hamilton & Company (Lurgan) Ltd (Registered number: NI006169) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2021 |
| 6. | OPERATING PROFIT |
| The operating profit is stated after charging/(crediting): |
| 31.3.21 | 31.3.20 |
| £ | £ |
| Other operating leases |
| Depreciation - owned assets |
| Loss/(profit) on disposal of fixed assets | ( |
) |
| Goodwill amortisation |
| Auditors' remuneration |
| Auditors' remuneration for non audit work |
| Foreign exchange differences |
| 7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| 31.3.21 | 31.3.20 |
| £ | £ |
| Bank loan interest |
| Other interest |
| Hire purchase |
| 8. | TAXATION |
| Analysis of the tax charge |
| The tax charge on the profit for the year was as follows: |
| 31.3.21 | 31.3.20 |
| £ | £ |
| Current tax: |
| UK corporation tax |
| Deferred tax | ( |
) | ( |
) |
| Tax on profit |
| James Hamilton & Company (Lurgan) Ltd (Registered number: NI006169) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2021 |
| 8. | TAXATION - continued |
| Reconciliation of total tax charge included in profit and loss |
| The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
| 31.3.21 | 31.3.20 |
| £ | £ |
| Profit before tax |
| Profit multiplied by the standard rate of corporation tax in the UK of |
| Effects of: |
| Expenses not deductible for tax purposes |
| Income not taxable for tax purposes | ( |
) | ( |
) |
| Depreciation in excess of capital allowances |
| Adjustments to tax charge in respect of previous periods | ( |
) | ( |
) |
| Profits/(Losses) from JH Label Solutions LLP | 5,913 | 3,257 |
| Total tax charge | 138,303 | 97,507 |
| Tax effects relating to effects of other comprehensive income |
| 31.3.21 |
| Gross | Tax | Net |
| £ | £ | £ |
| Revaluation of listed investments | - | 7,280 |
| 31.3.20 |
| Gross | Tax | Net |
| £ | £ | £ |
| Revaluation of listed investments | ( |
) | - | (4,244 | ) |
| 9. | DIVIDENDS |
| 31.3.21 | 31.3.20 |
| £ | £ |
| Interim |
| James Hamilton & Company (Lurgan) Ltd (Registered number: NI006169) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2021 |
| 10. | INTANGIBLE FIXED ASSETS |
| Goodwill |
| £ |
| COST |
| Additions |
| At 31 March 2021 |
| AMORTISATION |
| Amortisation for year |
| At 31 March 2021 |
| NET BOOK VALUE |
| At 31 March 2021 |
| Goodwill relates to Customer Lists, purchased in the year ending 31 March 2021. The expected useful life of this asset is two years. |
| 11. | TANGIBLE FIXED ASSETS |
| Fixtures |
| Freehold | Plant and | and | Motor |
| property | machinery | fittings | vehicles | Totals |
| £ | £ | £ | £ | £ |
| COST |
| At 1 April 2020 |
| Additions |
| Disposals | ( |
) | ( |
) | ( |
) |
| At 31 March 2021 |
| DEPRECIATION |
| At 1 April 2020 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) | ( |
) |
| At 31 March 2021 |
| NET BOOK VALUE |
| At 31 March 2021 |
| At 31 March 2020 |
| James Hamilton & Company (Lurgan) Ltd (Registered number: NI006169) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2021 |
| 12. | FIXED ASSET INVESTMENTS |
| Listed | Unlisted |
| investments | investments | Totals |
| £ | £ | £ |
| COST OR VALUATION |
| At 1 April 2020 | 35,038 |
| Additions | 2,222 |
| Revaluations | 7,280 |
| At 31 March 2021 | 44,540 |
| NET BOOK VALUE |
| At 31 March 2021 | 44,540 |
| At 31 March 2020 | 35,038 |
| Cost or valuation at 31 March 2021 is represented by: |
| Listed | Unlisted |
| investments | investments | Totals |
| £ | £ | £ |
| Valuation in 2021 | 32,226 | 12,314 | 44,540 |
| 13. | INVESTMENT PROPERTY |
| Total |
| £ |
| FAIR VALUE |
| At 1 April 2020 |
| and 31 March 2021 |
| NET BOOK VALUE |
| At 31 March 2021 |
| At 31 March 2020 |
| Fair value at 31 March 2021 is represented by: |
| £ |
| Valuation in 2021 | 675,000 |
| In accordance with FRS102, Investment property is not being depreciated and is valued at fair value. Investment property consists of three properties, with a total fair value of £675,000. In 2018 one of the properties was revalued at £515,000 by an independent estate agent. The other two were valued by an independent estate agent in 2016. The Directors feel the fair value at the year end, has not changed significantly for these three properties, since the last valuations. |
| James Hamilton & Company (Lurgan) Ltd (Registered number: NI006169) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2021 |
| 14. | STOCKS |
| 31.3.21 | 31.3.20 |
| £ | £ |
| Raw materials |
| Work-in-progress |
| Finished goods |
| 15. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.3.21 | 31.3.20 |
| £ | £ |
| Trade debtors |
| Amounts owed by participating interests | 3,302,926 | 3,204,427 |
| Other debtors |
| Directors' current accounts | 75,888 | 76,154 |
| Prepayments |
| 16. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.3.21 | 31.3.20 |
| £ | £ |
| Bank loans and overdrafts (see note 18) |
| Hire purchase contracts (see note 19) |
| Trade creditors |
| Tax |
| Social security and other taxes |
| VAT | 581,874 | 297,214 |
| Other creditors |
| Directors' current accounts | 408,389 | 367,591 |
| Accrued expenses |
| Bank borrowings are secured by a floating charge over all monies, a fixed charge over property at Millenium Way Lurgan, and letters of guarantee from the Directors totalling £200,000. |
| 17. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 31.3.21 | 31.3.20 |
| £ | £ |
| Bank loans (see note 18) |
| Hire purchase contracts (see note 19) |
| James Hamilton & Company (Lurgan) Ltd (Registered number: NI006169) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2021 |
| 18. | LOANS |
| An analysis of the maturity of loans is given below: |
| 31.3.21 | 31.3.20 |
| £ | £ |
| Amounts falling due within one year or on demand: |
| Bank loans |
| Amounts falling due between one and two years: |
| Bank loans - 1-2 years |
| Amounts falling due between two and five years: |
| Bank loans - 2-5 years |
| Amounts falling due in more than five years: |
| Repayable by instalments |
| Bank loans more than 5 years | 209,789 | 263,547 |
| 19. | LEASING AGREEMENTS |
| Minimum lease payments under hire purchase fall due as follows: |
| 31.3.21 | 31.3.20 |
| £ | £ |
| Net obligations repayable: |
| Within one year |
| Between one and five years |
| 20. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 31.3.21 | 31.3.20 |
| £ | £ |
| Bank loans |
| Hire purchase contracts | 155,815 | 411,997 |
| James Hamilton & Company (Lurgan) Ltd (Registered number: NI006169) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2021 |
| 21. | PROVISIONS FOR LIABILITIES |
| 31.3.21 | 31.3.20 |
| £ | £ |
| Deferred tax | 84,317 | 109,351 |
| Deferred |
| tax |
| £ |
| Balance at 1 April 2020 |
| Movement due to: |
| Capital allowances | (25,034 | ) |
| Balance at 31 March 2021 |
| 22. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 31.3.21 | 31.3.20 |
| value: | £ | £ |
| Ordinary | £1 | 5,003 | 5,003 |
| 23. | RESERVES |
| Retained | Revaluation |
| earnings | reserve | Totals |
| £ | £ | £ |
| At 1 April 2020 | 8,807,571 |
| Profit for the year |
| Dividends | ( |
) | ( |
) |
| Revaluation of investments | 7,280 | - | 7,280 |
| At 31 March 2021 | 9,495,587 |
| James Hamilton & Company (Lurgan) Ltd (Registered number: NI006169) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2021 |
| 24. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| The following loans to directors subsisted during the years ended 31 March 2021 and 31 March 2020: |
| 31.3.21 | 31.3.20 |
| £ | £ |
| Mr Keith Alistair Hamilton |
| Balance outstanding at start of year | 76,153 | 76,226 |
| Amounts advanced | 1712 | 1,904 |
| Amounts repaid | (1977 | ) | (1977 | ) |
| Balance outstanding at end of year | 75,888 | 76,153 |
| Interest on loans to directors is charged at the current official rate for beneficial loan arrangements. |
| 25. | RELATED PARTY DISCLOSURES |
| At the start of the year James Hamilton & Company Ltd was owed £3,337,747 by JH Label Solutions LLP. Various expenses were paid on behalf of, and payments received from JH Label Solutions LLP. The amount owed by the LLP at the year end was £3,476,861. The company is a corporate member of this limited liability partnership. The directors, Mr K A Hamilton and Mr A J Hamilton, are both designated members of JH Label Solutions LLP. During the year, losses from the LLP amounting to £40,615 have been allocated to the James Hamilton & Company Ltd current account. At the year end £173,935 was owed to JH Label Solutions LLP. |
| 26. | ULTIMATE CONTROLLING PARTY |
| The ultimate controlling party is |