Holmes Miller International Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: SC116088

HOLMES MILLER INTERNATIONAL LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

Page

Balance Sheet

1

Notes to the Financial Statements

3

FIXED ASSETS

Investments

4

50,300

50,300

CURRENT ASSETS

Debtors

5

1,916

124,266

Cash at bank

38,918

40,655

40,834

164,921

CREDITORS

Amounts falling due within one year

6

266,448

369,861

NET CURRENT LIABILITIES

(225,614

)

(204,940

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(175,314

)

(154,640

)

CAPITAL AND RESERVES

Called up share capital

1,003

1,003

Retained earnings

(176,317

)

(155,643

)

SHAREHOLDERS' FUNDS

(175,314

)

(154,640

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15 August 2023 and were signed on its behalf by:

C M Houston - Director

1.	STATUTORY INFORMATION

Holmes Miller International Limited is a private company, limited by shares, registered in Scotland. The company's registered office address is 89 Minerva Street, Glasgow, G3 8LE.

The financial statements are presented in Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. There were no material departures from that standard. The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared on a going concern basis. The validity of this is dependent on continued support from the company's directors and the associated company Holmes Miller Ltd. If support was to be withdrawn, adjustments may have to be made to reduce the value of the assets to their recoverable amount and to provide for any further liabilities that may arise.

Judgements

The company considers on an annual basis the judgements that are made by management when applying its significant accounting policies that would have the most significant effect on amounts that are recognised in the financial statements. The directors consider there to be none.

Turnover

Turnover represents the invoice value of services rendered and reimbursed expenses charged during the year, excluding value added tax. The company's policy is to recognise a sale when substantively all the risks and rewards in connection with the services have been passed to the buyer.

Investments in subsidiaries

Investments representing shareholdings in unquoted subsidiary undertakings are stated at cost less impairment.

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.

Taxation

Taxation represents the sum of tax currently payable and deferred tax. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in the periods in which the timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

With the exception of changes arising on the initial recognition of a business combination, the tax expense is presented either in profit or loss, other comprehensive income or statement of changes in equity depending on the transaction that resulted in the tax expense.

Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and loans to and from related parties.

Debt instruments like loans and other accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and trade creditors, are measured, initially and subsequently, at the undiscounted amount of cash or other consideration expected to be paid or received.

Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for evidence of impairment and if found, an impairment loss is recognised in profit or loss.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Cash and cash equivalents includes cash in hand and cash held at banks.

Provisions

Provisions are recognised when the company has a legal or constructive obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle the obligation and the amount of the obligation can be reliably estimated. Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

4.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 April 2022

and 31 March 2023

50,300

NET BOOK VALUE

At 31 March 2023

50,300

At 31 March 2022

50,300

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Other debtors

1,916

124,266

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Amounts due to associated

company

242,794

308,957

Other creditors

23,654

60,904

266,448

369,861

7.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At the year end, the directors owed the company £252 (2022: £252). These amounts are interest free and repayable on demand.

8.	RELATED PARTY DISCLOSURES

At the balance sheet date the company owed £242,794 (2022 - £308,957) to Holmes Miller Ltd, a company which is a majority shareholder in Holmes Miller International Limited. The amount is included in creditors and is unsecured and interest free with no fixed repayment terms.

At the balance sheet date the company was owed £1,664 (2022 - £124,014) from Holmes Miller China Limited, a company under common control. The amount is included in other debtors and is interest free with no fixed repayment terms.