Hamlet Networks Ltd - Accounts to registrar - small 17.2

REGISTERED NUMBER: SC375041 (Scotland)

Unaudited Financial Statements for the Year Ended 31 March 2017

for

Hamlet Networks Ltd

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTORS:

A M Letham

W J S Letham

REGISTERED OFFICE:

Suite 181

98 Woodlands Road

Charing Cross

Glasgow

G3 6HB

REGISTERED NUMBER:

SC375041 (Scotland)

ACCOUNTANTS:

Peter Deans Chartered Accountants

42 Stirling Street

Denny

Stirlingshire

FK6 6DJ

BANKERS:

HSBC

2 Buchanan Street

Glasgow

G1 3LB

FIXED ASSETS

Tangible assets

4

52,739

33,574

CURRENT ASSETS

Stocks

20,789

32,774

Debtors

5

179,227

234,396

Cash at bank and in hand

5,555

11,666

205,571

278,836

CREDITORS

Amounts falling due within one year

6

149,302

198,838

NET CURRENT ASSETS

56,269

79,998

TOTAL ASSETS LESS CURRENT LIABILITIES

109,008

113,572

CREDITORS

Amounts falling due after more than one year

7

(22,999

)

(4,153

)

PROVISIONS FOR LIABILITIES

8

(10,510

)

(6,669

)

NET ASSETS

75,499

102,750

CAPITAL AND RESERVES

Called up share capital

5

5

Retained earnings

75,494

102,745

SHAREHOLDERS' FUNDS

75,499

102,750

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2017 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 of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 21 December 2017 and were signed on its behalf by:

A M Letham - Director

1.	STATUTORY INFORMATION

Hamlet Networks Ltd is a private company, limited by shares , registered in Scotland. The company's registered

number and registered office address can be found on the Company Information page.

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. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents net invoiced sales of goods and services, excluding value added tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery etc

-

25% on reducing balance

Stocks

Work in progress is valued at the lower of cost and net realisable value.

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.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

statement of financial position 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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those

held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance

leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element

of the future payments is treated as a liability.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2016 - 8 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2016

70,754

Additions

41,892

Disposals

(12,200

)

At 31 March 2017

100,446

DEPRECIATION

At 1 April 2016

37,180

Charge for year

17,580

Eliminated on disposal

(7,053

)

At 31 March 2017

47,707

NET BOOK VALUE

At 31 March 2017

52,739

At 31 March 2016

33,574

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

etc

£

COST

At 1 April 2016

52,708

Additions

41,892

Transfer to ownership

(20,683

)

At 31 March 2017

73,917

DEPRECIATION

At 1 April 2016

26,812

Charge for year

14,766

Transfer to ownership

(11,957

)

At 31 March 2017

29,621

NET BOOK VALUE

At 31 March 2017

44,296

At 31 March 2016

25,896

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.17

31.3.16

£

£

Trade debtors

172,801

228,009

Other debtors

6,426

6,387

179,227

234,396

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.17

31.3.16

£

£

Hire purchase contracts

14,758

9,800

Trade creditors

108,151

138,858

Taxation and social security

21,211

39,692

Other creditors

5,182

10,488

149,302

198,838

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.17

31.3.16

£

£

Hire purchase contracts

22,999

4,153

8.	PROVISIONS FOR LIABILITIES

31.3.17

31.3.16

£

£

Deferred tax

10,510

6,669

Deferred

tax

£

Balance at 1 April 2016

6,669

Provision for year

3,841

Balance at 31 March 2017

10,510

9.	RELATED PARTY DISCLOSURES

During the year, total dividends of £69,500 (2016 - £99,900) were paid to the directors .

Dividends paid during the year to directors were as follows:

T G Letham £- (2016 - £23,500)

A M Letham £34,750 (2016 - £38,200)

W J S Letham £34,750 (2016 - £38,200)

10.	ULTIMATE CONTROLLING PARTY

The directors are the only shareholders and in their opinion the ultimate controlling party.