| HAMPCO SERVICES LIMITED |
| Notes to the Accounts |
| for the year ended 31 December 2022 |
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| 1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
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Going concern |
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At the time of the approval of the financial statements, within a fellow subsidiary, Hampco Limited, there remains uncertainty over the recoverability of a trade debtors balance of £0.751m due on a large contract the company worked on during prior years. This in turn, may impact on the recoverability of amounts due to group undertakings shown on the balance sheet of Hampco Services Limited. |
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The director is in active dialogue regarding settlement of the outstanding amount and is confident that these will be received. |
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In making his going concern assessment, the director has considered various scenarios that may arise, ranging from full recovery to no recovery of the outstanding trade debtors balance referred to above. The director has also considered financial support that is available from the parent company and from within the wider group. |
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Included in creditors is a balance of £64,091 due to group undertakings. The company's parent company has confirmed, on behalf of all group entities, that these balances will not be called up for at least a period of 12 months following the date of approval of these financial statements and has also confirmed that they will provide such funding as is required to allow the company to meet its liabilities as they fall due, for a period of at least 12 months from the date of approval of these financial statements. |
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Based on the above, the director therefore has a reasonable expectation that the company will be able to continue in operational existence for the foreseeable future and accordingly the director continues to adopt the going concern basis in preparing these financial statements. |
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Turnover |
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Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. |
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
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| 2 |
Employees |
2022 |
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2021 |
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Number |
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Number |
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Average number of persons employed by the company |
0 |
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0 |
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| 3 |
Debtors |
2022 |
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2021 |
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£ |
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£ |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
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142,718 |
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142,718 |
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Other debtors |
108 |
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18 |
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142,826 |
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142,736 |
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Amounts owed by group undertakings are interest free and repayable on demand. |
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| 4 |
Creditors: amounts falling due within one year |
2022 |
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2021 |
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£ |
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£ |
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Trade creditors |
- |
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54 |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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64,091 |
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63,045 |
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Other creditors |
500 |
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500 |
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64,591 |
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63,599 |
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Amounts owed to group undertakings are interest free and repayable on demand. |
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| 5 |
Security |
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At 31 December 2022, the company is party to a cross corporate guarantee (bond and floating charge) signed by all members of the TOP Management Ltd group. The parties to the guarantee have no outstanding bank debt at the period end. |
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| 6 |
Related party transactions |
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The company has taken advantage of the exemption available in accordance with Section 33 of FRS 102 'Related Party Disclosures' not to disclose transactions entered into between two or more wholly owned members of the group. |
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| 7 |
Controlling party |
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The company's immediate and ultimate parent company is TOP Management Limited, a company registered in Scotland, and the ultimate controlling party is Mr A L Grieve. |
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| 8 |
Other information |
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HAMPCO SERVICES LIMITED is a private company limited by shares and incorporated in Scotland. Its registered office is: |
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Archballoch Business Centre |
|
Alford |
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Aberdeenshire |
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AB33 8HP |
