Registration number:
AM Networks Limited
for the Year Ended 31 March 2023
AM Networks Limited
Contents
Company Information |
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Accountants' Report |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
AM Networks Limited
Company Information
Directors |
Mr M T Hayward Mrs J H Hayward |
Registered office |
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Accountants |
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Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
AM Networks Limited
for the Year Ended 31 March 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of AM Networks Limited for the year ended 31 March 2023 as set out on pages 3 to 14 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/regulation.
This report is made solely to the Board of Directors of AM Networks 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 AM Networks Limited and state those matters that we have agreed to state to the Board of Directors of AM Networks 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 AM Networks Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that AM Networks 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 profit of AM Networks Limited. You consider that AM Networks 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 AM Networks 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.
Chartered Accountants
Sherborne
Dorset
DT9 3BA
AM Networks Limited
(Registration number: 08840304)
Balance Sheet as at 31 March 2023
Note |
2023 |
2022 |
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Fixed assets |
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Tangible assets |
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Investments |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
- |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
2 |
2 |
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Retained earnings |
2,730,222 |
2,784,995 |
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Shareholders' funds |
2,730,224 |
2,784,997 |
For the financial year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
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• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
AM Networks Limited
(Registration number: 08840304)
Balance Sheet as at 31 March 2023 (continued)
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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
Director
AM Networks Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The principal place of business is:
4 Wyvern Close
Yeovil
Somerset
BA20 2HF
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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
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.
Group accounts not prepared
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.
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.
Foreign currency transactions and balances
AM Networks Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)
2 |
Accounting policies (continued) |
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
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.
Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation.
Depreciation
Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Other property, plant and equipment |
20% reducing balance |
Motor vehicles |
25% reducing balance |
Furniture, fittings and equipment |
3 years on cost |
Fixtures and fittings |
2% on cost |
Investments
Investments are in equity shares which are not publicly traded and where the fair value cannot be measured reliably and are measured at cost less impairment.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
AM Networks Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)
2 |
Accounting policies (continued) |
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Financial instruments
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
AM Networks Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
AM Networks Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)
Tangible assets |
Furniture, fittings and equipment |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 April 2022 |
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Additions |
- |
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Disposals |
- |
( |
( |
At 31 March 2023 |
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Depreciation |
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At 1 April 2022 |
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Charge for the year |
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Eliminated on disposal |
- |
( |
( |
At 31 March 2023 |
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Carrying amount |
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At 31 March 2023 |
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At 31 March 2022 |
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Investments |
2023 |
2022 |
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Investments in subsidiaries |
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Subsidiaries |
£ |
Cost or valuation |
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At 1 April 2022 |
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Provision |
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Carrying amount |
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At 31 March 2023 |
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At 31 March 2022 |
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AM Networks Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)
5 |
Investments (continued) |
Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
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2023 |
2022 |
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Subsidiary undertakings |
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77a Cheap Street
England & Wales |
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Subsidiary undertakings |
AM Property Lettings Ltd The principal activity of AM Property Lettings Ltd is |
AM Networks Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)
Stocks |
2023 |
2022 |
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Other inventories |
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Debtors |
Current |
Note |
2023 |
2022 |
Trade debtors |
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Amounts owed by related parties |
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Prepayments |
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Other debtors |
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AM Networks Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)
Creditors |
Creditors: amounts falling due within one year
Note |
2023 |
2022 |
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Due within one year |
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Loans and borrowings |
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- |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £6,171 (2022 - £0).
Creditors: amounts falling due after more than one year
Note |
2023 |
2022 |
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Due after one year |
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Loans and borrowings |
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- |
Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £48,689 (2022 - £0).
AM Networks Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)
Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
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No. |
£ |
No. |
£ |
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2 |
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2 |
Related party transactions |
Transactions with directors |
2023 |
At 1 April 2022 |
Repayments by director |
At 31 March 2023 |
Interest free loan - joint |
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( |
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2022 |
At 1 April 2021 |
Advances to director |
Repayments by director |
At 31 March 2022 |
Interest free loan - joint |
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( |
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AM Networks Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)
10 |
Related party transactions (continued) |
Loans to group companies
2023 |
Subsidiary |
Total |
At start of period |
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Advanced |
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Repaid |
( |
( |
At end of period |
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2022 |
Subsidiary |
Total |
At start of period |
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Advanced |
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Repaid |
( |
( |
At end of period |
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Terms of loans to group companies