AML Wedding Bands Limited
Company Registration No. 6664963 (England And Wales)
Unaudited Financial Statements
Year Ended 30 June 2021
AML WEDDING BANDS LIMITED
AML Wedding Bands Limited
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
AML WEDDING BANDS LIMITED
AML Wedding Bands Limited
BALANCE SHEET
AS AT
30 JUNE 2021
30 June 2021
- 1 -
2021
2020
Notes
£
£
£
£
Current assets
Stocks
49,272
48,662
Debtors
5
232,490
226,732
Cash at bank and in hand
4,310
15,722
286,072
291,116
Creditors: amounts falling due within one year
6
(79,107)
(96,337)
Net current assets
206,965
194,779
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
206,865
194,679
Total equity
206,965
194,779
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 30 June 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 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
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
AML WEDDING BANDS LIMITED
AML Wedding Bands Limited
BALANCE SHEET (CONTINUED)
AS AT
30 JUNE 2021
30 June 2021
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 27 September 2021 and are signed on its behalf by:
Mr Peter Lovatt
Director
Company Registration No. 6664963
AML WEDDING BANDS LIMITED
AML Wedding Bands Limited
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
- 3 -
1
Accounting policies
Company information
AML Wedding Bands Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
7 Crewe Road, Alsager, Stoke-on-Trent, Cheshire, ST7 2EW.
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.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated
amortisation and accumulated impairment losses.
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss.
AML WEDDING BANDS LIMITED
AML Wedding Bands Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2021
1
Accounting policies
(Continued)
- 4 -
1.5
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
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.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.7
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.8
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation
in the period
are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
AML WEDDING BANDS LIMITED
AML Wedding Bands Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2021
- 5 -
3
Employees
2021
2020
Number
Number
Total
4
Intangible fixed assets
Goodwill
£
Cost
At 1 July 2020 and 30 June 2021
9,600
Amortisation and impairment
At 1 July 2020 and 30 June 2021
9,600
Carrying amount
At 30 June 2021
At 30 June 2020
5
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
31,228
9,789
Other debtors
201,262
216,943
232,490
226,732
AML WEDDING BANDS LIMITED
AML Wedding Bands Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2021
- 6 -
6
Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
15,586
7,181
Corporation tax
2,886
2,442
Other taxation and social security
77
648
Other creditors
60,558
86,066
79,107
96,337
7
Related party transactions
The directors consider Hanalex Limited, Philip Davies Jewellers Limited and Alexandra's of Alsager Limited to be related parties as they are also under the control of Mr P Lovatt. At the reporting date the company had the following balances of account with its related parties:
2021
2020
Amounts due to related parties
£
£
Philip Davies Jewellers Limited
33,163
33,271
The following amounts were outstanding at the reporting end date:
2021
2020
Amounts due from related parties
£
£
Hanalex Limited
167,287
175,211
Alexandra's of Alsager Limited
33,974
41,732