Registration number:
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AMI Group Ltd
Contents
Company Information |
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Balance Sheet |
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Notes to the Filleted Financial Statements |
AMI Group Ltd
Company Information
Directors |
G G Stockton J L Stockton J W Horlock P J Stockton |
Company secretary |
J L Stockton |
Registered office |
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Accountants |
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Page 1 |
AMI Group Ltd
(Registration number: 05663641)
Filleted Balance Sheet as at 31 December 2016
Note |
2016 |
2015 |
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Fixed assets |
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Intangible assets |
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- |
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Tangible assets |
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Investments |
- |
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Current assets |
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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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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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For the financial year ending 31 December 2016 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 financial statements. |
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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Page 2 |
AMI Group Ltd
Notes to the Filleted Financial Statements for the Year Ended 31 December 2016
General information |
The company is a private company limited by share capital incorporated in England and Wales.
The address of its registered office is:
United Kingdom
The principal place of business is:
Saxon House
Saxon Street
Denton
M34 3DS
These financial statements were authorised for issue by the
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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The presentational currency is £ Sterling and all amounts are rounded to the nearest £.
Going concern
The financial statements have been prepared on the assumption that the company is able to carry on business as a going concern, which the directors consider appropriate.
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 sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.
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.
Tax
The tax expense for the period comprises current 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 countries where the company operates and generates taxable income.
Page 3 |
AMI Group Ltd
Notes to the Filleted Financial Statements for the Year Ended 31 December 2016
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Land and buildings |
2% on cost |
Motor vehicles |
25% on net book value |
Property improvements |
2% on cost |
Plant and machinery |
33% on cost |
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Goodwill |
over 7 years |
Other intangible assets |
over 5 years |
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for goods sold and services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at the initial transaction price, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Page 4 |
AMI Group Ltd
Notes to the Filleted Financial Statements for the Year Ended 31 December 2016
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised at the transaction price.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
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 over the shorter of the useful life of the asset and the lease term, less any estimated residual value. 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.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Page 5 |
AMI Group Ltd
Notes to the Filleted Financial Statements for the Year Ended 31 December 2016
Intangible assets |
Goodwill |
Other intangible assets |
Total |
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Cost or valuation |
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At 1 January 2016 |
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- |
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Additions acquired separately |
- |
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Disposals |
( |
- |
( |
At 31 December 2016 |
- |
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Amortisation |
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At 1 January 2016 |
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- |
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Amortisation charge |
- |
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Amortisation eliminated on disposals |
( |
- |
( |
At 31 December 2016 |
- |
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Carrying amount |
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At 31 December 2016 |
- |
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Tangible assets |
Land and buildings |
Motor vehicles |
Property improvements |
Plant and machinery |
Total |
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Cost or valuation |
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At 1 January 2016 |
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Additions |
- |
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- |
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Disposals |
- |
( |
- |
( |
( |
At 31 December 2016 |
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Depreciation |
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At 1 January 2016 |
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Charge for the year |
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Eliminated on disposal |
- |
( |
- |
( |
( |
At 31 December 2016 |
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Carrying amount |
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At 31 December 2016 |
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At 31 December 2015 |
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Page 6 |
AMI Group Ltd
Notes to the Filleted Financial Statements for the Year Ended 31 December 2016
Investments |
2016 |
2015 |
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Investments in subsidiaries |
- |
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Subsidiaries |
£ |
Cost or valuation |
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At 1 January 2016 |
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Additions |
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Disposals |
( |
At 31 December 2016 |
- |
Provision |
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Carrying amount |
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At 31 December 2016 |
- |
At 31 December 2015 |
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Debtors |
2016 |
2015 |
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Trade debtors |
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Other debtors |
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Total current trade and other debtors |
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Page 7 |
AMI Group Ltd
Notes to the Filleted Financial Statements for the Year Ended 31 December 2016
Creditors |
Note |
2016 |
2015 |
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Due within one year |
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Bank loans and borrowings |
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Trade creditors |
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Amounts due to related parties |
- |
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Taxation and social security |
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Corporation tax liability |
- |
24,101 |
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Other creditors |
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Due after one year |
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Loans and borrowings |
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Security
Security has been given by the company by way of fixed and floating charges over the assets of the company. The security has been given in respect of payments received on account from factor, the bank borrowings and the finance lease liabilities.
Loans and borrowings |
2016 |
2015 |
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Non-current loans and borrowings |
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Bank borrowings |
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Finance lease liabilities |
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2016 |
2015 |
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Current loans and borrowings |
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Bank borrowings |
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Finance lease liabilities |
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Page 8 |
AMI Group Ltd
Notes to the Filleted Financial Statements for the Year Ended 31 December 2016
Related party transactions |
Loans from related parties
2016 |
Directors |
At start of period |
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Repaid |
( |
At end of period |
- |
2015 |
Directors |
At start of period |
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Advanced |
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At end of period |
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Terms of loans from related parties
Transition to FRS 102 |
Page 9 |