Company Registration No. 00611177 (England and Wales)
HAMILTON & RAY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2016
PAGES FOR FILING WITH REGISTRAR
HAMILTON & RAY LIMITED
COMPANY INFORMATION
Directors
Professor C P Hamilton
R J Yates
L K H Hopkins
Company number
00611177
Registered office
UHY Hacker Young LLP
Quadrant House - Floor 6
4 Thomas More Square
London
E1W 1YW
Accountants
UHY Hacker Young
Quadrant House
4 Thomas More Square
London
E1W 1YW
HAMILTON & RAY LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 10
HAMILTON & RAY LIMITED
BALANCE SHEET
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
3
14,001
16,299
Investment properties
4
8,087,400
8,587,400
8,101,401
8,603,699
Current assets
Debtors
5
4,248,853
4,435,808
Cash at bank and in hand
849,652
242,610
5,098,505
4,678,418
Creditors: amounts falling due within one year
6
(332,780)
(301,374)
Net current assets
4,765,725
4,377,044
Total assets less current liabilities
12,867,126
12,980,743
Provisions for liabilities
8
(791,666)
(950,138)
Net assets
12,075,460
12,030,605
Capital and reserves
Called up share capital
9
20,000
20,000
Revaluation reserve
10
6,183,954
7,494,151
Profit and loss reserves
5,871,506
4,516,454
Total equity
12,075,460
12,030,605
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 May 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
T he directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
he directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
T he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 .
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
HAMILTON & RAY LIMITED
BALANCE SHEET (CONTINUED)
- 2 -
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The financial statements were approved by the board of directors and authorised for issue on 22 February 2017 and are signed on its behalf by:
Professor C P Hamilton
Director
Company Registration No. 00611177
HAMILTON & RAY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2016
- 3 -
1
Accounting policies
Company information
Hamilton & Ray Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
UHY Hacker Young LLP, Quadrant House - Floor 6, 4 Thomas More Square, London, E1W 1YW.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
These financial statements for the year ended 31 May 2016
are the
first
financial statements of Hamilton & Ray Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 June 2014. An explanation of how transition to FRS 102 has affected the reported financial position and financial performance is given in note 13.
1.2
Turnover
Turnover represents rents receivable. Income is credited to the profit and loss account as space and other services are provided to customers.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
HAMILTON & RAY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2016
1
Accounting policies
(Continued)
- 4 -
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure . Subsequently it is measured at fair value a t the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account. Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.
. Subsequently it is measured
at fair value a
t
the reporting end date.
The surplus or deficit on revaluation is recognised in the profit and loss account.
Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.
1.5
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the
company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit)
in
prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
HAMILTON & RAY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2016
1
Accounting policies
(Continued)
- 5 -
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset , with the net amounts presented in the financial statements , when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future receipts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
HAMILTON & RAY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2016
1
Accounting policies
(Continued)
- 6 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets. The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received. Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 1 (2015 - 1).
HAMILTON & RAY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2016
- 7 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 June 2015
171,050
Additions
2,137
At 31 May 2016
173,187
Depreciation and impairment
At 1 June 2015
154,752
Depreciation charged in the year
4,434
At 31 May 2016
159,186
Carrying amount
At 31 May 2016
14,001
At 31 May 2015
16,299
4
Investment property
2016
£
Fair value
At 1 June 2015
8,587,400
Disposals
(500,000)
At 31 May 2016
8,087,400
Investment property comprises let residential and office properties. The fair value of the investment property has been arrived at on the basis of a valuation carried out by the directors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
HAMILTON & RAY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2016
- 8 -
5
Debtors
2016
2015
Amounts falling due within one year:
£
£
Trade debtors
9,017
13,493
Amounts due from group undertakings
4,213,596
4,381,453
Other debtors
26,240
40,862
4,248,853
4,435,808
6
Creditors: amounts falling due within one year
2016
2015
£
£
Trade creditors
5,533
-
Corporation tax
185,990
48,898
Other creditors
141,257
252,476
332,780
301,374
7
Provisions for liabilities
2016
2015
£
£
Deferred tax liabilities
8
791,666
950,138
791,666
950,138
8
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2016
2015
Balances:
£
£
Revaluations
797,166
956,221
Other short teerm timing differences
(5,500)
(6,083)
791,666
950,138
HAMILTON & RAY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2016
8
Deferred taxation
(Continued)
- 9 -
2016
Movements in the year:
£
Liability at 1 June 2015
950,138
Credit to profit or loss
(97,110)
Transfer on disposal
(61,362)
Liability at 31 May 2016
791,666
9
Called up share capital
2016
2015
£
£
Ordinary share capital
Issued and fully paid
20,000 Ordinary shares of £1 each
20,000
20,000
10
Revaluation reserve
2016
2015
£
£
At beginning of year
7,494,151
7,485,751
Revaluation surplus arising in the year
-
8,400
Deferred tax on revaluation of tangible assets
(797,166)
-
Other movements
(513,031)
-
At end of year
6,183,954
7,494,151
11
Directors' transactions
As at the year end the company was owed £9,433 (2015: owed £95,955) by the director. The advance was repaid after the year end. Accrued interest payable to the director was £28,174 (2015: £28,174).
12
Parent company
The parent company is Hamilton & Daughters Holdings Limited, a company registered in England & Wales.
HAMILTON & RAY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2016
- 10 -
13
Reconciliations on adoption of FRS 102
Reconciliations and descriptions of the effect of the transition to FRS 102 on; (i) equity at the date of transition to FRS 102; (ii) equity at the end of the comparative period; and (iii) profit or loss for the comparative period reported under previous UK GAAP are given below.
Reconciliation of equity
1 June
31 May
2014
2015
Notes
£
£
Equity as reported under previous UK GAAP
12,960,272
12,986,826
Adjustments arising from transition to FRS 102:
Deferred tax on revalued investment property
(963,204)
(956,221)
Equity reported under FRS 102
11,997,068
12,030,605
Reconciliation of profit for the financial period
2015
Notes
£
Profit as reported under previous UK GAAP
175,811
Adjustments arising from transition to FRS 102:
Deferred tax on revalued investment property
6,983
Profit reported under FRS 102
182,794
Notes to reconciliations on adoption of FRS 102
Under previous UK GAAP the company was not required to provide for taxation on revaluations, unless the company had entered into a binding sale agreement and recognised the gain or loss expected to arise. Under FRS 102 deferred taxation is provided on the temporary difference arising from the revaluation. A deferred tax charge of £
963,204
arose on transition to FRS 102. In the year ending
31 May 2015
there is tax credit arising of £
6,983
in the profit and loss account on the reversal of the revaluation in the year.
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