Amspeed Limited 30/04/2022 iXBRL

Amspeed Limited 30/04/2022 iXBRL

AMSPEED LIMITED - Company Information

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Company registration number: 07612768
Amspeed Limited
Unaudited filleted financial statements
30 April 2022
Amspeed Limited
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
Amspeed Limited
Directors and other information
Directors Mr Arran Moulton-Smith
Mr Mark Smith
Company number 07612768
Registered office 3 Hampstead West
224 Iverson Road
London
NW6 2HX
Accountants Redford & Co Limited
Chartered Accountants
First Floor
64 Baker Street
London
W1U 7GB
Amspeed Limited
Statement of financial position
30 April 2022
2022 2021
Note £ £ £ £
Fixed assets
Tangible assets 5 77,151 84,703
_______ _______
77,151 84,703
Current assets
Stocks 125,327 135,664
Debtors 6 64,822 142,072
Cash at bank and in hand 33,748 23,333
_______ _______
223,897 301,069
Creditors: amounts falling due
within one year 7 ( 224,412) ( 492,144)
_______ _______
Net current liabilities ( 515) ( 191,075)
_______ _______
Total assets less current liabilities 76,636 ( 106,372)
Creditors: amounts falling due
after more than one year 8 ( 31,667) ( 41,667)
_______ _______
Net assets/(liabilities) 44,969 ( 148,039)
_______ _______
Capital and reserves
Called up share capital 120 100
Share premium account 146,192 -
Profit and loss account ( 101,343) ( 148,139)
_______ _______
Shareholders funds/(deficit) 44,969 ( 148,039)
_______ _______
For the year ending 30 April 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors 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 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 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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 27 February 2023 , and are signed on behalf of the board by:
Mr Arran Moulton-Smith
Director
Company registration number: 07612768
Amspeed Limited
Notes to the financial statements
Year ended 30 April 2022
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is 3 Hampstead West, 224 Iverson Road, London, NW6 2HX.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The accounts have been prepared on a going concern basis. The directors have a reasonable expectation that the company will be able to meet known liabilities as they fall due and will have adequate resources to continue in operational existence for the foreseeable future.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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 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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
tangible assets are initially recorded at cost, and are 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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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:
Plant and machinery - 25 % reducing balance
Fittings fixtures and equipment - 25 % reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
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 stocks to their present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Defined contribution plans
The pension costs charged in the financial statements represent the contribution payable by the company during the year.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2021: 4 ).
5. Tangible assets
Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 May 2021 27,678 80,792 199,900 308,370
Additions 11,155 7,010 - 18,165
_______ _______ _______ _______
At 30 April 2022 38,833 87,802 199,900 326,535
_______ _______ _______ _______
Depreciation
At 1 May 2021 18,414 67,330 137,923 223,667
Charge for the year 5,105 5,118 15,494 25,717
_______ _______ _______ _______
At 30 April 2022 23,519 72,448 153,417 249,384
_______ _______ _______ _______
Carrying amount
At 30 April 2022 15,314 15,354 46,483 77,151
_______ _______ _______ _______
At 30 April 2021 9,264 13,462 61,977 84,703
_______ _______ _______ _______
6. Debtors
2022 2021
£ £
Trade debtors 26,072 30,045
Amounts owed by group undertakings and undertakings in which the company has a participating interest 38,750 112,027
_______ _______
64,822 142,072
_______ _______
7. Creditors: amounts falling due within one year
2022 2021
£ £
Bank loans and overdrafts 15,348 18,683
Trade creditors 111,188 84,553
Amounts owed to group undertakings and undertakings in which the company has a participating interest - 226,769
Social security and other taxes 9,347 8,696
Other creditors 88,529 153,443
_______ _______
224,412 492,144
_______ _______
8. Creditors: amounts falling due after more than one year
2022 2021
£ £
Bank loans and overdrafts 31,667 41,667
_______ _______