A.M.L. Wedding Bands Ltd
Company Registration No. 06664963 (England And Wales)
Unaudited Financial Statements
Year Ended 30 June 2023
A.M.L. WEDDING BANDS LTD
A.M.L. Wedding Bands Ltd
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
A.M.L. WEDDING BANDS LTD
A.M.L. Wedding Bands Ltd
BALANCE SHEET
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
3,765
Current assets
Stocks
54,137
51,284
Debtors
4
196,910
200,706
Cash at bank and in hand
1,500
7,852
252,547
259,842
Creditors: amounts falling due within one year
5
(13,074)
(16,900)
Net current assets
239,473
242,942
Total assets less current liabilities
243,238
242,942
Provisions for liabilities
(941)
Net assets
242,297
242,942
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
242,197
242,842
Total equity
242,297
242,942
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 2023 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.
The 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.
A.M.L. WEDDING BANDS LTD
A.M.L. Wedding Bands Ltd
BALANCE SHEET (CONTINUED)
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 23 August 2023 and are signed on its behalf by:
Mr P Lovatt
Director
Company registration number 06664963 (England and Wales)
A.M.L. WEDDING BANDS LTD
A.M.L. Wedding Bands Ltd
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 3 -
1
Accounting policies
Company information
A.M.L. Wedding Bands Ltd 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 amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
These financial statements are prepared on the going concern basis. The directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future.
1.3
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.
1.4
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.
1.5
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
A.M.L. WEDDING BANDS LTD
A.M.L. Wedding Bands Ltd
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 4 -
Amortisation 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:
Software
33% straight line
1.6
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.
1.7
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.
1.8
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.
A.M.L. WEDDING BANDS LTD
A.M.L. Wedding Bands Ltd
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 5 -
1.9
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.
1.10
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.
1.11
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
Employees
2023
2022
Number
Number
Total
3
3
A.M.L. WEDDING BANDS LTD
A.M.L. Wedding Bands Ltd
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 6 -
3
Intangible fixed assets
Goodwill
Other
Total
£
£
£
Cost
At 1 July 2022
9,600
9,600
Additions
-
3,765
3,765
At 30 June 2023
9,600
3,765
13,365
Amortisation and impairment
At 1 July 2022 and 30 June 2023
9,600
9,600
Carrying amount
At 30 June 2023
3,765
3,765
At 30 June 2022
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
5,651
18,000
Other debtors
191,259
182,706
196,910
200,706
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
6,244
6,538
Corporation tax
106
647
Other taxation and social security
2,479
2,565
Other creditors
4,245
7,150
13,074
16,900
The company is subject to a charge over all monies due or to become due from the company to the chargee from National Westminster Bank PLC.
6
Related party transactions
A.M.L. WEDDING BANDS LTD
A.M.L. Wedding Bands Ltd
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
6
Related party transactions
(Continued)
- 7 -
The directors consider Hanalex 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:
The following amounts were outstanding at the reporting end date:
2023
2022
Amounts due from related parties
£
£
Hanalex Limited
150,556
143,340
Alexandra's of Alsager Limited
40,703
39,366
Other information
During the year the Directors advanced the Company £1,500 (2022: £1,625) and were repaid £4,500 (2022: £21,930). At 30 June 2023 the Company owed £2,890 (2022: £5,890) to the Directors. Interest has been charged to the Company in respect of this loan which is repayable on demand and classified in creditors due within one year.