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AMG INVESTMENTS AND CONSULTANCY LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
AMG Investments and Consultancy Limited is a private company limited by shares incorporated in England and Wales. The address of the registered office is disclosed on the company information page.
2.
Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of
Financial Reporting Standard 102, the Financial Reporting Standard applicable in
the UK and the Republic of Ireland and the Companies Act 2006
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The following principal accounting policies have been applied:
The Coronavirus pandemic is creating significant uncertainty globally and the company is not immune to this. The director is working to ensure the safety of the employees and maintaining the continuity of operations as far as he is able, whilst adhering to government advice. Whilst the pandemic will have a financial impact on the company, at this stage, it is not possible to reliably forecast what this may be. However, the director has taken all relevant measures to ensure the company is able to safeguard cash flow, jobs, customers and supplies to put them in the best possible position to be able to pick up on opportunities as they arise once business starts to return to normal. Given the uncertainties that exist, this may cast significant doubt on the company’s ability to continue as a going concern, however, the director believes that the actions he has taken should enable it to continue in operational existence for the foreseeable future.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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The average monthly number of employees, including directors, during the year was
1
(2021 -
1
)
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