Hatton Holdings Limited - Period Ending 2018-03-31

Registration number: 09443575

Hatton Holdings Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2018

Lanham & Francis
Chartered Accountants
77a Cheap Street
Sherborne
Dorset
DT9 3BA

Hatton Holdings Limited

Contents

Company Information	1
Accountants' Report	2
Balance Sheet	3
Notes to the Financial Statements	4 to 8

Hatton Holdings Limited

Company Information

Directors

Mrs G E M Pole-Carew Mr G A P Pole-Carew

Registered office

77a Cheap Street Sherborne Dorset DT9 3BA

Accountants

Lanham & Francis Chartered Accountants 77a Cheap Street Sherborne Dorset DT9 3BA

Page 1

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Hatton Holdings Limited
for the Year Ended 31 March 2018

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Hatton Holdings Limited for the year ended 31 March 2018 as set out on pages 3 to 8 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 Hatton Holdings 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 Hatton Holdings Limited and state those matters that we have agreed to state to the Board of Directors of Hatton Holdings 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 Hatton Holdings Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Hatton Holdings 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 loss of Hatton Holdings Limited. You consider that Hatton Holdings 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 Hatton Holdings 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.

Lanham & Francis
Chartered Accountants
77a Cheap Street
Sherborne
Dorset
DT9 3BA

19 December 2018

Page 2

Hatton Holdings Limited

(Registration number: 09443575)
Balance Sheet as at 31 March 2018

	Note	2018 £	2017 £
Fixed assets
Tangible assets	4	1,052	1,788
Current assets
Stocks	5	144,221	179,064
Debtors	6	5,273	9,296
Cash at bank and in hand		-	123
		149,494	188,483
Creditors: Amounts falling due within one year	7	(225,156)	(189,016)
Net current liabilities		(75,662)	(533)
Total assets less current liabilities		(74,610)	1,255
Creditors: Amounts falling due after more than one year	7	-	(6,951)
Net liabilities		(74,610)	(5,696)
Capital and reserves
Called up share capital		4	4
Profit and loss account		(74,614)	(5,700)
Total equity		(74,610)	(5,696)

For the financial year ending 31 March 2018 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 companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 19 December 2018 and signed on its behalf by:



 

Mr G A P Pole-Carew

Director

The notes on pages 4 to 8 form an integral part of these financial statements.

Page 3

Hatton Holdings Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

1	General information

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

The address of its registered office is:
77a Cheap Street
Sherborne
Dorset
DT9 3BA

The principal place of business is:
Higher Waterston Farm
High Waterston
DORCHESTER
Dorset
DT2 7SW

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 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.

Basis of preparation

These financial statements have been prepared using the historical cost convention.

These financial statements are prepared in Sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.

Going concern

At 31 March 2018 the company is insolvent and entirely reliant on the support of its directors. The directors will not withdraw this from the company and will provide finance to the company from personal resources to avoid any cashflow difficulties. The financial statements have therefore been prepared on a going concern basis. However the company has no stock insurance as the directors do not believe that this is economically viable. There is one particularly valuable item of stock. If this were to be stolen or in some way damaged, it is uncertain whether the company could continue trading.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of equine stock and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax and rebates.

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 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 United Kingdom.

Page 4

Hatton Holdings Limited

Notes to the Financial Statements for the Year Ended 31 March 2018 (continued)

2	Accounting policies (continued)

Tangible assets

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

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
Furniture, fittings and equipment	20% on reducing balance
Other property, plant and equipment	3 years on cost

Trade debtors

Trade debtors are amounts due from customers for equine stock sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently reviewed for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Equine stock is valued on a fair value basis less costs to sell. Brood mares and other purchased stock are initially valued at original cost to the company whilst a cost of rearing is applied to homebred stock from birth to the age of three years. Net realisable value is used for any equine stock with health issues which reduce the value of individual animals to below cost price.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised at the transaction price.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

The interest expense is recognised as charged and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Page 5

Hatton Holdings Limited

Notes to the Financial Statements for the Year Ended 31 March 2018 (continued)

2	Accounting policies (continued)

Financial instruments

Classification
FRS 102 classifies financial instruments as either basic financial instruments or other financial instruments. The accounting treatment varies according to the classification.
Basic financial instruments are defined as one of the following:
- cash
- a debt instrument (such as accounts receivable and payable)
- commitment to receive a loan that satisfy certain criteria
- investments in non-convertible preference shares, and non puttable ordinary shares.

All other financial instruments are classed as other financial instruments and treated accordingly.

 Recognition and measurement
The company only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2017 - 2).

4	Tangible assets

	Furniture, fittings and equipment  £	Other property, plant and equipment  £	Total £
Cost or valuation
At 1 April 2017	1,417	2,055	3,472
At 31 March 2018	1,417	2,055	3,472
Depreciation
At 1 April 2017	944	740	1,684
Charge for the year	473	263	736
At 31 March 2018	1,417	1,003	2,420
Carrying amount
At 31 March 2018	-	1,052	1,052
At 31 March 2017	473	1,315	1,788

Page 6

Hatton Holdings Limited

Notes to the Financial Statements for the Year Ended 31 March 2018 (continued)

5

Stocks

	2018 £	2017 £
Other inventories	144,221	179,064

6

Debtors

	2018 £	2017 £
Trade debtors	5,016	6,662
Other debtors	257	2,634
Total current trade and other debtors	5,273	9,296

7

Creditors

	Note	2018 £	2017 £
Due within one year
Bank loans and overdrafts	8	8,587	12,951
Trade creditors		52,820	17,621
Taxation and social security		8,057	5,365
Other creditors		155,692	153,079
		225,156	189,016
Due after one year
Loans and borrowings	8	-	6,951

Page 7

Hatton Holdings Limited

Notes to the Financial Statements for the Year Ended 31 March 2018 (continued)

8	Loans and borrowings

	2018 £	2017 £
Non-current loans and borrowings
Other borrowings	-	6,951

	2018 £	2017 £
Current loans and borrowings
Bank overdrafts	87	-
Other borrowings	8,500	12,951
	8,587	12,951

Page 8