P.N. & M.P. Hamilton Limited - Period Ending 2017-01-31

Registration number: 01318678

P.N. & M.P. Hamilton Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 January 2017

Houndiscombe Consultants Limited
T/A Condy Mathias Chartered Accountants
6 Houndiscombe Road
Plymouth
PL4 6HH

P.N. & M.P. Hamilton Limited

Contents

Company Information	1
Accountants' Report	2
Balance Sheet	3 to 4
Notes to the Financial Statements	5 to 11

P.N. & M.P. Hamilton Limited

Company Information

Directors

Mr Peter Noel Hamilton Mrs Mary Patricia Hamilton

Company secretary

Mrs Mary Patricia Hamilton

Registered office

6 Houndiscombe Road Plymouth Devon PL4 6HH

Accountants

Houndiscombe Consultants Limited T/A Condy Mathias Chartered Accountants 6 Houndiscombe Road Plymouth PL4 6HH

Page 1

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
P.N. & M.P. Hamilton Limited
for the Year Ended 31 January 2017

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of P.N. & M.P. Hamilton Limited for the year ended 31 January 2017 as set out on pages 3 to 11 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/en/members/regulations-standards-and-guidance/.

This report is made solely to the Board of Directors of P.N. & M.P. Hamilton Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of P.N. & M.P. Hamilton Limited and state those matters that we have agreed to state to the Board of Directors of P.N. & M.P. Hamilton Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than P.N. & M.P. Hamilton Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that P.N. & M.P. Hamilton Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of P.N. & M.P. Hamilton Limited. You consider that P.N. & M.P. Hamilton Limited 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 accounts of P.N. & M.P. Hamilton Limited. 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 accounts.

......................................

Houndiscombe Consultants Limited
T/A Condy Mathias Chartered Accountants
6 Houndiscombe Road
Plymouth
PL4 6HH

31 July 2017

Page 2

P.N. & M.P. Hamilton Limited

(Registration number: 01318678)
Balance Sheet as at 31 January 2017

	Note	2017 £	2016 £
Fixed assets
Tangible assets	4	194,930	174,900
Investment property	5	749,900	749,900
		944,830	924,800
Current assets
Stocks	6	200	200
Debtors	7	1,223	1,801
Cash at bank and in hand		-	8,284
		1,423	10,285
Creditors: Amounts falling due within one year	8	(70,810)	(65,159)
Net current liabilities		(69,387)	(54,874)
Total assets less current liabilities		875,443	869,926
Provisions for liabilities		(88,669)	(105,295)
Net assets		786,774	764,631
Capital and reserves
Called up share capital		61,942	61,942
Revaluation reserve		280,324	280,324
Profit and loss account		444,508	422,365
Total equity		786,774	764,631

The notes on pages 5 to 11 form an integral part of these financial statements.

Page 3

P.N. & M.P. Hamilton Limited

(Registration number: 01318678)
Balance Sheet as at 31 January 2017

For the financial year ending 31 January 2017 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 accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to small companies subject to the small company regime and the option not to file the Profi and Loss account and the Directors report has been taken.

Approved and authorised by the Board on 31 July 2017 and signed on its behalf by:
 

.........................................

Mr Peter Noel Hamilton

Director

The notes on pages 5 to 11 form an integral part of these financial statements.

Page 4

P.N. & M.P. Hamilton Limited

Notes to the Financial Statements for the Year Ended 31 January 2017

1	General information

The company is a private company limited by share capital incorporated in England.

The address of its registered office is:
6 Houndiscombe Road
Plymouth
Devon
PL4 6HH
United Kingdom

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance
These financial statements have been prepared using the historic cost convention except as disclosed in the accounting policies certain items are shown at fair value. The financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
These are the company's first set of financial statements prepared in accordance with FRS 102. The adjustments made on transition are disclosed in Note 12.

Going concern

As at the year end, the company's balance sheet shows net current liabilities of £69,387 (2015: £54,874). Accordingly the directors have had to consider the basis upon which the accounts should be prepared and determine whether a going concern basis remains appropriate. The accounts have been prepared on a going concern basis as the directors will continue to provide financial support when necessary to the company.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Page 5

P.N. & M.P. Hamilton Limited

Notes to the Financial Statements for the Year Ended 31 January 2017

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Buildings	2% straight line
Plant and equipment	25% reducing balance
Holiday let fixtures and fittings	15% reducing balance

Investment property

Investment property is carried at fair value, derived from current market prices for comparable real estate determined annually by the directors, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss. Deferred tax is provided on these gains at the rate expected to apply when the property is sold.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2016 - 2).

Page 6

P.N. & M.P. Hamilton Limited

Notes to the Financial Statements for the Year Ended 31 January 2017

4	Tangible assets

	Freehold land and buildings £	Furniture, fittings and equipment  £	Other property, plant and equipment  £	Total £
Cost or valuation
At 1 February 2016	171,875	25,343	10,759	207,977
Additions	21,079	-	-	21,079
At 31 January 2017	192,954	25,343	10,759	229,056
Depreciation
At 1 February 2016	-	23,604	9,473	33,077
Charge for the year	465	261	323	1,049
At 31 January 2017	465	23,865	9,796	34,126
Carrying amount
At 31 January 2017	192,489	1,478	963	194,930
At 31 January 2016	171,875	1,739	1,286	174,900

Page 7

P.N. & M.P. Hamilton Limited

Notes to the Financial Statements for the Year Ended 31 January 2017

5	Investment properties

	2017 £
At 1 February 2016	749,900
At 31 January 2017	749,900

The investment properties were revalued by the directors in the year. The fair value of the investment properties at 31 January 2017 was considered to be the same as the deemed cost on transition to FRS102. The directors' valuation is based on local knowledge and no independent valuations were undertaken.

6

Stocks

	2017 £	2016 £
Other inventories	200	200

7

Debtors

	2017 £	2016 £
Trade debtors	548	1,126
Other debtors	675	675
	1,223	1,801

8

Creditors

	Note	2017 £	2016 £
Due within one year
Bank loans and overdrafts	10	785	-
Trade creditors		1,103	4,224
Directors loan account		57,378	50,893
Taxation and social security		1,580	-
Other creditors		9,964	10,042
		70,810	65,159

Page 8

P.N. & M.P. Hamilton Limited

Notes to the Financial Statements for the Year Ended 31 January 2017

9

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:

	Investments 2017 £
Total amount of revalued assets	749,900
Amount of revaluation brought forward	280,324
Total carrying amount of assets had they not been revalued	469,576

If the above properties were sold, then corporation tax of £95,025 would become payable. A provision for this liability has been included within these financial statements.

10	Loans and borrowings

	2017 £	2016 £
Current loans and borrowings
Bank overdrafts	785	-

Page 9

P.N. & M.P. Hamilton Limited

Notes to the Financial Statements for the Year Ended 31 January 2017

11	Transition to FRS 102

Balance Sheet at 1 February 2015
 

	Note	As originally reported £	Reclassification £	Remeasurement £	As restated £
Fixed assets
Tangible assets		175,637	-	-	175,637
Investment property		469,576	-	280,324	749,900
		645,213	-	280,324	925,537
Current assets
Stocks		200	-	-	200
Debtors		1,857	-	-	1,857
Cash at bank and in hand		7,004	-	-	7,004
		9,061	-	-	9,061
Creditors: Amounts falling due within one year		(61,098)	-	-	(61,098)
Net current liabilities		(52,037)	-	-	(52,037)
Total assets less current liabilities		593,176	-	280,324	873,500
Provisions for liabilities		-	-	(106,534)	(106,534)
Net assets		593,176	-	173,790	766,966
Capital and reserves
Called up share capital		61,942	-	-	61,942
Revaluation reserve		-	-	280,324	280,324
Profit and loss account		531,234	-	(106,534)	424,700
		593,176	-	173,790	766,966
Total equity		593,176	-	173,790	766,966

Page 10

P.N. & M.P. Hamilton Limited

Notes to the Financial Statements for the Year Ended 31 January 2017

Balance Sheet at 31 January 2016
 

	Note	As originally reported £	Reclassification £	Remeasurement £	As restated £
Fixed assets
Tangible assets		174,900	-	-	174,900
Investment property		469,576	-	280,324	749,900
		644,476	-	280,324	924,800
Current assets
Stocks		200	-	-	200
Debtors		1,801	-	-	1,801
Cash at bank and in hand		8,284	-	-	8,284
		10,285	-	-	10,285
Creditors: Amounts falling due within one year		(65,158)	-	-	(65,158)
Net current liabilities		(54,873)	-	-	(54,873)
Total assets less current liabilities		589,603	-	280,324	869,927
Provisions for liabilities		-	-	(105,295)	(105,295)
Net assets		589,603	-	175,029	764,632
Capital and reserves
Called up share capital		61,942	-	-	61,942
Revaluation reserve		-	-	280,324	280,324
Profit and loss account		527,661	-	(105,295)	422,366
		589,603	-	175,029	764,632
Total equity		589,603	-	175,029	764,632

Page 11

P.N. & M.P. Hamilton Limited

Detailed Profit and Loss Account for the Year Ended 31 January 2017

	2017 £	2016 £
Turnover	51,754	52,586
Cost of sales	(26,504)	(28,105)
Gross profit	25,250	24,481
Administrative expenses (analysed below)
Employment costs	(7,900)	(7,900)
Establishment costs	(4,467)	(13,053)
General administrative expenses	(6,071)	(6,104)
Finance charges	(246)	(254)
Depreciation costs	(1,049)	(737)
	(19,733)	(28,048)
Operating profit/(loss)	5,517	(3,567)
Interest payable and similar expenses	-	(6)
Profit/(loss) before tax	5,517	(3,573)

This page does not form part of the statutory financial statements.

Page 12

P.N. & M.P. Hamilton Limited

Detailed Profit and Loss Account for the Year Ended 31 January 2017

2017 £

2016 £

Turnover
Holiday lettings	44,060	43,168
Agricultural sales and subsidies	3,694	5,418
Rental income from investment property	4,000	4,000
	51,754	52,586

Cost of sales
Holiday letting commissions and expenses	24,023	26,954
Hedging, fencing and forestry expenses	2,481	1,151
	26,504	28,105

Employment costs
Directors remuneration	7,900	7,900

Establishment costs
Rent	1,452	1,318
Light, heat and power	306	313
Insurance	2,096	1,992
Repairs and renewals	613	9,430
	4,467	13,053

General administrative expenses
Telephone and fax	926	1,119
Office expenses	312	276
Motor expenses	3,538	3,425
Accountancy fees	1,295	1,284
	6,071	6,104

Finance charges
Bank charges	246	254

Depreciation costs
Depreciation of freehold property	465	-
Depreciation of plant and machinery (owned)	323	430
Depreciation of fixtures and fittings (owned)	261	307
	1,049	737

This page does not form part of the statutory financial statements.

Page 13