Company registration number 08427781 (England and Wales)
AMESPLAN LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
PAGES FOR FILING WITH REGISTRAR
AMESPLAN LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
AMESPLAN LIMITED
BALANCE SHEET
AS AT
30 APRIL 2023
30 April 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
5
527,385
566,685
Tangible assets
6
256,479
226,500
Investment property
7
850,000
850,000
Investments
8
100
100
1,633,964
1,643,285
Current assets
Stocks
452,500
547,000
Debtors
10
991,536
1,065,606
Cash at bank and in hand
156,567
12,030
1,600,603
1,624,636
Creditors: amounts falling due within one year
11
(1,831,337)
(1,838,515)
Net current liabilities
(230,734)
(213,879)
Total assets less current liabilities
1,403,230
1,429,406
Creditors: amounts falling due after more than one year
12
(450,852)
(502,763)
Provisions for liabilities
14
(50,415)
(43,780)
Net assets
901,963
882,863
Capital and reserves
Called up share capital
3
3
Profit and loss reserves
901,960
882,860
Total equity
901,963
882,863
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 April 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.
AMESPLAN LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 APRIL 2023
30 April 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 18 April 2024 and are signed on its behalf by:
Mr V Patel
Director
Company registration number 08427781 (England and Wales)
AMESPLAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
- 3 -
1
Accounting policies
Company information
Amesplan Limited is a private company limited by shares incorporated in England and Wales. The registered office is .
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, [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.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
1.4
Intangible fixed assets - goodwill
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:
Goodwill - 5% - 10% per annum straight line basis
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation 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:
Land and buildings Leasehold
Over the term of the lease
Plant and machinery
25% Reducing balance basis
Fixtures, fittings & equipment
25% Reducing balance basis
Motor vehicles
25% Reducing balance basis
AMESPLAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.7
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.
1.8
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. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
AMESPLAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 5 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was 13 (2022 - 12).
2023
2022
Number
Number
Total
13
12
4
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
6,178
(18,793)
Adjustments in respect of prior periods
49
Total current tax
6,178
(18,744)
Deferred tax
Revaluation of Investment properties
6,635
Total tax charge/(credit)
12,813
(18,744)
AMESPLAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 6 -
5
Intangible fixed assets
Goodwill
£
Cost
At 1 May 2022 and 30 April 2023
786,000
Amortisation and impairment
At 1 May 2022
219,315
Amortisation charged for the year
39,300
At 30 April 2023
258,615
Carrying amount
At 30 April 2023
527,385
At 30 April 2022
566,685
6
Tangible fixed assets
Land and buildings Leasehold
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 May 2022
194,221
56,136
53,189
59,938
363,484
Additions
5,470
86,205
91,675
At 30 April 2023
199,691
142,341
53,189
59,938
455,159
Depreciation and impairment
At 1 May 2022
26,749
24,560
37,527
48,148
136,984
Depreciation charged in the year
25,388
29,445
3,916
2,947
61,696
At 30 April 2023
52,137
54,005
41,443
51,095
198,680
Carrying amount
At 30 April 2023
147,554
88,336
11,746
8,843
256,479
At 30 April 2022
167,472
31,576
15,662
11,790
226,500
7
Investment property
2023
£
Fair value
At 1 May 2022 and 30 April 2023
850,000
Investment property is valued at it's estimated open market value by the directors.
AMESPLAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 7 -
8
Fixed asset investments
2023
2022
£
£
Investments
100
100
Movements in fixed asset investments
Shares in group undertakings
Loans to group undertakings
Total
£
£
£
At 1 May 2022 & 30 April 2023
100
-
100
Carrying amount
At 30 April 2023
100
-
100
At 30 April 2022
100
-
100
9
Subsidiaries
Details of the company's subsidiaries at 31 October 2020 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
DDP Auto Limited
United Kingdom
Ordinary
100.00
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
DDP Auto Limited
48,806
20,742
10
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
471,328
399,830
Corporation tax recoverable
18,793
18,793
Other debtors and prepayments
501,415
646,983
991,536
1,065,606
AMESPLAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 8 -
11
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
663,636
932,821
Trade creditors
453,372
705,209
Amounts owed to group undertakings
50,100
50,100
Corporation tax
6,178
Other taxation and social security
67,064
3,333
Other creditors
590,987
147,052
1,831,337
1,838,515
12
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
213,279
265,190
Other loans
237,573
237,573
450,852
502,763
13
Loans and overdrafts
2023
2022
£
£
Bank loans
256,156
308,739
Bank overdrafts
620,759
889,272
876,915
1,198,011
Payable within one year
663,636
932,821
Payable after one year
213,279
265,190
The long-term loans are secured by fixed and floating charges over the assets of the company.
14
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
50,415
43,780
AMESPLAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 9 -
15
Related party transactions
During the year the company entered into the following transactions with related parties:
At the year end date the company owed £50,100 (2022 - £50,100) to DDP Auto Limited. No interest is payable on the loan.
At the year end date, an amount of £377,963 (2022 - £425,000) was owed by Culross Mayfair Limited, a company connected to Mr V Patel, a director of the company. No interest is payable on the loan.
At the year end date, an amount of £80,000 (2022 - £80,000) was owed by Gold Coast Property Limited, a company connected to Mr V Patel, a director of the company. No interest is payable on the loan.
At the year end date, an amount of £475,243 (2022 - Nil) was owed to Rosscull Ltd, a company connected to Mr V Patel, a director of the company. No interest is payable on the loan.
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