William Hodge & Company (Holdings) Limited Company Accounts

WILLIAM HODGE & COMPANY (HOLDINGS) LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: SC126941

William Hodge & Company (Holdings) Limited

Filleted Unaudited Financial Statements

For the year ended

30 June 2017

William Hodge & Company (Holdings) Limited

Financial Statements

Year ended 30 June 2017

Contents	Page

Officers and professional advisers	1

Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements	2

Statement of financial position	3

Notes to the financial statements	5

William Hodge & Company (Holdings) Limited

Officers and Professional Advisers

The board of directors	Mr M C Hodge
	Mr W L Hodge

Company secretary	Mr Michael C Hodge

Registered office	Mercantile Chambers
	53 Bothwell Street
	Glasgow
	G2 6TB

Accountants	Nelson Gilmour Smith
	Chartered Accountants
	Mercantile Chambers
	53 Bothwell Street
	Glasgow
	G2 6TB

Bankers	Clydesdale Bank PLC
	30 St. Vincent Place
	Glasgow
	G1 2HL

Solicitors	West, Anderson & Co
	Solicitors
	92 Bath Street
	Glasgow
	G2 2EJ

William Hodge & Company (Holdings) Limited

Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of William Hodge & Company (Holdings) Limited

Year ended 30 June 2017

As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 30 June 2017, which comprise the statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.

Nelson Gilmour Smith Chartered Accountants

Mercantile Chambers 53 Bothwell Street Glasgow G2 6TB

11 December 2017

William Hodge & Company (Holdings) Limited

Statement of Financial Position

30 June 2017

	2017		2016
Note	£	£	£

Fixed assets

Investments	5		612,120	541,378

Current assets

Debtors	6	10,398	19,586
Cash at bank and in hand		16,977	24,979
		--------	--------
		27,375	44,565

Creditors: amounts falling due within one year	7	32,820		32,019
		--------		--------
Net current (liabilities)/assets			( 5,445)	12,546
			---------	---------
Total assets less current liabilities			606,675	553,924

Provisions

Taxation including deferred tax	37,975	29,315
	---------	---------
Net assets	568,700	524,609
	---------	---------

Capital and reserves

Called up share capital	20,500	20,500
Profit and loss account	548,200	504,109
	---------	---------
Members funds	568,700	524,609
	---------	---------

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 statement of income and retained earnings has not been delivered.

For the year ending 30 June 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 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 .

William Hodge & Company (Holdings) Limited

Statement of Financial Position (continued)

30 June 2017

These financial statements were approved by the board of directors and authorised for issue on 8 December 2017 , and are signed on behalf of the board by:

Mr W L Hodge

Director

Company registration number: SC126941

William Hodge & Company (Holdings) Limited

Notes to the Financial Statements

Year ended 30 June 2017

1. General information

The company is a private company limited by shares, registered in Scotland. The address of the registered office is Mercantile Chambers, 53 Bothwell Street, Glasgow, G2 6TB.

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 the 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.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 July 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 10.

Consolidation

The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Investments in associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

Impairment of fixed assets

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. For the purposes of impairment testing, 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 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.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

4. Employee numbers

The average number of persons employed by the company during the year, including the directors, amounted to 1 (2016: 1 ).

5. Investments

	Shares in group undertakings	Other investments other than loans	Total
	£	£	£
Cost
At 1 July 2016	4,500	536,878	541,378
Additions	–	48,400	48,400
Disposals	–	( 30,950)	( 30,950)
Revaluations	–	53,292	53,292
	-------	---------	---------
At 30 June 2017	4,500	607,620	612,120
	-------	---------	---------
Impairment
At 1 Jul 2016 and 30 Jun 2017	–	–	–
	-------	---------	---------

Carrying amount
At 30 June 2017	4,500	607,620	612,120
	-------	---------	---------
At 30 June 2016	4,500	536,878	541,378
	-------	---------	---------

6. Debtors

	2017	2016
	£	£
Amounts owed by group undertakings and undertakings in which the company has a participating interest	–	5,000
Other debtors	10,398	14,586
	--------	--------
	10,398	19,586
	--------	--------

7. Creditors: amounts falling due within one year

	2017	2016
	£	£
Social security and other taxes	240	119
Other creditors	32,580	31,900
	--------	--------
	32,820	32,019
	--------	--------

8. Financial instruments at fair value

	2017	2016
	£	£

Financial assets measured at fair value through profit or loss

Listed Investments	607,620	536,878
	---------	---------

9. Related party transactions

During the year Directors received aggregate salaries of £ 2,400 (2016: £2,400), and aggregate dividends of £1,275 (2016: £1,430). No other transactions with related parties were entered into in the period that are required to be disclosed under the terms of FRS 102 Section 1A.

10. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 July 2015.

Reconciliation of equity

	1 July 2015			30 June 2016
	As previously stated	Effect of transition	FRS 102 (as restated)	As previously stated	Effect of transition	FRS 102 (as restated)
	£	£	£	£	£	£
Fixed assets	391,550	132,247	523,797	394,801	146,577	541,378
Current assets	37,651	–	37,651	44,565	–	44,565
Creditors: amounts falling due within one year	( 11,400)	–	( 11,400)	( 32,019)	–	( 32,019)
	---------	---------	---------	---------	---------	---------
Net current (liabilities)/assets	26,251	–	26,251	12,546	–	12,546
	---------	---------	---------	---------	---------	---------
Total assets less current liabilities	417,801	132,247	550,048	407,347	146,577	553,924

Provisions	–	( 26,449)	( 26,449)	–	( 29,315)	( 29,315)
	---------	---------	---------	---------	---------	---------
Net assets	417,802	105,797	523,599	407,347	117,262	524,609
	---------	---------	---------	---------	---------	---------

	---------	---------	---------	---------	---------	---------
Capital and reserves	417,802	105,797	523,599	407,347	117,262	524,609
	---------	---------	---------	---------	---------	---------

As a result of the adoption of FRS 102, fixed asset investments are now required to be measured at Fair Value.