AMG Southern Services Limited Filleted accounts for Companies House (small and micro)

AMG Southern Services Limited Filleted accounts for Companies House (small and micro)


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COMPANY REGISTRATION NUMBER: 06054410
AMG Southern Services Limited
Filleted Unaudited Financial Statements
For the year ended
31 December 2021
AMG Southern Services Limited
Statement of Financial Position
31 December 2021
2021
2020
Note
£
£
£
Fixed assets
Tangible assets
6
269,140
255,761
Current assets
Stocks
70,630
78,639
Debtors
7
112,683
105,040
Cash at bank and in hand
249,275
691,156
---------
---------
432,588
874,835
Creditors: amounts falling due within one year
8
533,003
874,086
---------
---------
Net current (liabilities)/assets
( 100,415)
749
---------
---------
Total assets less current liabilities
168,725
256,510
Creditors: amounts falling due after more than one year
9
44,011
50,311
Provisions
Taxation including deferred tax
41,917
38,368
---------
---------
Net assets
82,797
167,831
---------
---------
AMG Southern Services Limited
Statement of Financial Position (continued)
31 December 2021
2021
2020
Note
£
£
£
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss account
81,797
166,831
--------
---------
Shareholders funds
82,797
167,831
--------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- 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 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 27 September 2022 , and are signed on behalf of the board by:
Mr Hall
Director
Company registration number: 06054410
AMG Southern Services Limited
Notes to the Financial Statements
Year ended 31 December 2021
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit E Cartel Business Estate, Edinburgh Way, Harlow, Essex, CM20 2TT, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.
Going concern
During 2020 and 2021 the worldwide spread of Coronavirus occurred and from March 2020 affected the UK. Although the pandemic can now be contained, nevertheless it has affected how the Company operates and the markets it operates in. Additionally in 2022 there was also a conflict between Russia and Ukrain resulting an invasion which affect economy worldwide. The directors and sharholders however remain committed in supporting the company and has made appropriate adjustments in terms of how it operates and to protect its employees.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. There were no judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. There are no material adjustments included in the accounts for the year.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all material timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Leasehold property
-
Straight line over the remaining lease period
Plant & machinery
-
25% reducing balance
Fixtures & fittings
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised at fair value when there is reasonable assurace that the conditions attaching to them are met and the grants will be received. The grants related to expenses and are treated as other income in the financial statements.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
The company holds basic financial instruments as defined in FRS102. The financial assets and financial liabilities of the company and their measurement basis are as follows: Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments. Cash at bank is classified as a basic financial instrument and is measured at amortised cost. Financial liabilities - trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost. Taxation and social security are not included in the financial instruments disclosure definition.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 122 (2020: 74 ).
5. Intangible assets
Goodwill
£
Cost
At 1 January 2021 and 31 December 2021
231,334
---------
Amortisation
At 1 January 2021 and 31 December 2021
231,334
---------
Carrying amount
At 31 December 2021
---------
At 31 December 2020
---------
6. Tangible assets
Leasehold improvements
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2021
51,800
222,300
93,379
696,942
1,064,421
Additions
37,441
3,246
45,108
85,795
--------
---------
--------
---------
------------
At 31 December 2021
51,800
259,741
96,625
742,050
1,150,216
--------
---------
--------
---------
------------
Depreciation
At 1 January 2021
51,800
172,048
67,915
516,897
808,660
Charge for the year
18,648
7,398
46,370
72,416
--------
---------
--------
---------
------------
At 31 December 2021
51,800
190,696
75,313
563,267
881,076
--------
---------
--------
---------
------------
Carrying amount
At 31 December 2021
69,045
21,312
178,783
269,140
--------
---------
--------
---------
------------
At 31 December 2020
50,252
25,464
180,045
255,761
--------
---------
--------
---------
------------
7. Debtors
2021
2020
£
£
Trade debtors
75,329
65,581
Other debtors
37,354
39,459
---------
---------
112,683
105,040
---------
---------
8. Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
191,007
187,088
Social security and other taxes
217,562
554,141
Other creditors
124,434
132,857
---------
---------
533,003
874,086
---------
---------
Included in other creditors are hire purchase agreements £39,173 (2020 £39,933) which are secured against the assets to which they relate.
9. Creditors: amounts falling due after more than one year
2021
2020
£
£
Other creditors
44,011
50,311
--------
--------
Included in other creditors are hire purchase agreements of £44,011 (2020 £50,311) which are secured against the assets to which they relate.
10. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2021
2020
£
£
Not later than 1 year
62,350
62,350
Later than 1 year and not later than 5 years
15,588
77,938
--------
---------
77,938
140,288
--------
---------
11. Director's advances, credits and guarantees
During the period the company advanced the director total £6,338. The amount remains unpaid as at the balance sheet date (2020 the company owed the director £6,222). No interest has been charged and the loan is repayable on demand.