Holmes Miller Ltd. - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC400828

HOLMES MILLER LTD.

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2018

Page

Balance Sheet

1

Notes to the Financial Statements

3

FIXED ASSETS

Intangible assets

4

305,000

350,000

Tangible assets

5

817,472

836,798

1,122,472

1,186,798

CURRENT ASSETS

Debtors

6

1,414,147

1,076,624

Cash at bank and in hand

1,040,823

369,326

2,454,970

1,445,950

CREDITORS

Amounts falling due within one year

7

(1,467,618

)

(812,091

)

NET CURRENT ASSETS

987,352

633,859

TOTAL ASSETS LESS CURRENT LIABILITIES

2,109,824

1,820,657

CREDITORS

Amounts falling due after more than one year

8

(256,051

)

(333,061

)

PROVISIONS FOR LIABILITIES

(53

)

(24,166

)

NET ASSETS

1,853,720

1,463,430

CAPITAL AND RESERVES

Called up share capital

1,014

1,014

Fair value reserve

84,000

84,000

Retained earnings

1,768,706

1,378,416

SHAREHOLDERS' FUNDS

1,853,720

1,463,430

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2018 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors on 20 August 2018 and were signed on its behalf by:

C M Houston - Director

1.	STATUTORY INFORMATION

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

office is 89 Minerva Street, Glasgow, G3 8LE.

The presentation currency of the financial statements is 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 as modified by the revaluation of certain

fixed assets.

Turnover

Turnover represents the invoice value of services rendered during the year, excluding value added tax. The

company's policy is to recognise a sale when substantively all of the risks and rewards in connection with the

services have been passed to the buyer. Where the substance of a contract is that the company's contractual

obligations are performed gradually over time, revenue is recognised as contract activity progresses to reflect the

company's partial performance of its contractual obligations.

Goodwill

Goodwill, representing the amount established on incorporation of The Holmes Partnership in 2011 and the

acquisition of the assets of LRK Associates Ltd in 2018, is being amortised evenly over its estimated useful life

of ten years although there was no amortisation in the period of acquisition. Goodwill is reviewed for impairment

at the end of the first full financial year following each acquisition and subsequently as and when necessary if

circumstances emerge that indicate that the carrying value may not be recoverable.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Land and buildings

-

2% straight line

Plant and machinery etc

-

25% on cost

Land and buildings is carried at its revalued amount, being fair value at the date of valuation less subsequent

depreciation and impairment losses.

Any revaluation increase in the carrying amount of land and buildings is recognised in other comprehensive

income and included in a revaluation reserve in equity, except to the extent that it reverses a revaluation decrease

of the same asset previously recognised in profit or loss, in which case the increase is credited to profit and loss

to the extent of the decrease previously expended. Decreases that offset previous increases to the same asset are

charged to other comprehensive income and debited against revaluation reserve in equity; decreases exceeding

the balance in revaluation reserve relating to an asset are recognised in profit or loss. Each year the difference

between depreciation based on the revalued carrying amount of the asset recognised in profit or loss and

depreciation based on the asset's original cost is transferred from revaluation reserve to retained earnings.

Land and buildings was revalued for the first time during the previous financial year, whilst they were carried at

cost in prior periods. No depreciation had been charged in prior years as in the opinion of the directors, the

residual value of the property was such that any depreciation arising would have been immaterial. The use of a

policy of revaluation provides more relevant and reliable information about the value of the property owned by

the company. As from 1 April 2017, land and buildings will be written off over its estimated useful life of 50

years.

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.

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.

Operating lease commitments

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 defined contribution pension schemes for directors and employees. The assets of the

scheme are held separately from those of the company. The annual contributions payable are charged to the

profit and loss account.

Financial instruments

The company only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic

financial instruments are recognised at amortised cost.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 53 (2017 - 51 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2017

700,000

Additions

25,000

At 31 March 2018

725,000

AMORTISATION

At 1 April 2017

350,000

Charge for year

70,000

At 31 March 2018

420,000

NET BOOK VALUE

At 31 March 2018

305,000

At 31 March 2017

350,000

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST OR VALUATION

At 1 April 2017

800,000

318,048

1,118,048

Additions

-

20,691

20,691

At 31 March 2018

800,000

338,739

1,138,739

DEPRECIATION

At 1 April 2017

-

281,250

281,250

Charge for year

16,000

24,017

40,017

At 31 March 2018

16,000

305,267

321,267

NET BOOK VALUE

At 31 March 2018

784,000

33,472

817,472

At 31 March 2017

800,000

36,798

836,798

The fair value of heritable property at 31 March 2018 has been arrived at on the basis of a valuation carried out

on that date by the directors who are not professional qualified valuers. The valuation was arrived at by reference

to market evidence of transaction prices for similar properties in the location where the property is situated and

takes into account the current state of the rental market in the area.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

879,351

560,004

Other debtors

534,796

516,620

1,414,147

1,076,624

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Bank loans and overdrafts

46,338

61,338

Trade creditors

236,368

87,369

Taxation and social security

507,902

325,086

Other creditors

677,010

338,298

1,467,618

812,091

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Bank loans

90,000

135,000

Other creditors

166,051

198,061

256,051

333,061

9.	SECURED DEBTS

The following secured debts are included within creditors:

2018

2017

£

£

Bank loans and overdrafts

136,338

196,338

10.	RELATED PARTY DISCLOSURES

The balance due to the directors at the balance sheet date was £316,051 (2017 - £348,061) and, of this, £150,000

(2017 - £150,000) is interest free, unsecured and repayable on demand. The balance of £166,051 (2017 -

£198,061) is also interest free and unsecured but the directors have deferred repayment for more than one year

from the balance sheet date.