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

AMG SOUTHERN SERVICES LTD - Company Information

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COMPANY REGISTRATION NUMBER: 06054410

AMG Southern Services Limited

Filleted Unaudited Financial Statements

For the year ended

31 December 2022

AMG Southern Services Limited

Statement of Financial Position

31 December 2022

	2022		2021
Note	£	£	£

Fixed assets

Tangible assets	6		183,298	269,140

Current assets

Stocks		72,160	70,630
Debtors	7	160,144	112,683
Cash at bank and in hand		265,130	249,275
		---------	---------
		497,434	432,588

Creditors: amounts falling due within one year	8	689,491		533,003
		---------		---------
Net current liabilities			192,057	100,415
			---------	---------
Total assets less current liabilities			( 8,759)	168,725

Creditors: amounts falling due after more than one year	9		42,559	44,011

Provisions

Taxation including deferred tax	15,567	41,917
	--------	---------
Net (liabilities)/assets	( 66,885)	82,797
	--------	---------

AMG Southern Services Limited

Statement of Financial Position (continued)

31 December 2022

	2022		2021
Note	£	£	£

Capital and reserves

Called up share capital	1,000	1,000
Profit and loss account	( 67,885)	81,797
	--------	--------
Shareholders (deficit)/funds	( 66,885)	82,797
	--------	--------

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 2022 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 28 September 2023 , and are signed on behalf of the board by:

G Hall
Director

Company registration number: 06054410

AMG Southern Services Limited

Notes to the Financial Statements

Year ended 31 December 2022

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

The company continues to be loss making and has an overdrawn Balance Sheet. It retains the support of the director and shareholders and for this reason the financial statements have been prepared on a going concern basis.

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.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

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.

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 67 (2021: 74 ).

5. Intangible assets

	Goodwill
	£
Cost
At 1 January 2022 and 31 December 2022	231,334
	---------
Amortisation
At 1 January 2022 and 31 December 2022	231,334
	---------
Carrying amount
At 31 December 2022	–
	---------
At 31 December 2021	–
	---------

6. Tangible assets

	Leasehold improvements	Plant and machinery	Fixtures and fittings	Motor vehicles	Total
	£	£	£	£	£
Cost
At 1 January 2022	51,800	259,741	96,625	742,050	1,150,216
Additions	–	12,345	4,201	44,496	61,042
Disposals	–	( 65,026)	( 34,272)	( 448,991)	( 548,289)
	--------	---------	--------	---------	------------
At 31 December 2022	51,800	207,060	66,554	337,555	662,969
	--------	---------	--------	---------	------------
Depreciation
At 1 January 2022	51,800	190,696	75,313	563,267	881,076
Charge for the year	–	14,430	5,866	55,898	76,194
Disposals	–	( 47,028)	( 29,353)	( 401,218)	( 477,599)
	--------	---------	--------	---------	------------
At 31 December 2022	51,800	158,098	51,826	217,947	479,671
	--------	---------	--------	---------	------------
Carrying amount
At 31 December 2022	–	48,962	14,728	119,608	183,298
	--------	---------	--------	---------	------------
At 31 December 2021	–	69,045	21,312	178,783	269,140
	--------	---------	--------	---------	------------

7. Debtors

	2022	2021
	£	£
Trade debtors	120,145	75,329
Other debtors	39,999	37,354
	---------	---------
	160,144	112,683
	---------	---------

8. Creditors: amounts falling due within one year

	2022	2021
	£	£
Trade creditors	385,460	191,007
Social security and other taxes	181,107	217,562
Other creditors	122,924	124,434
	---------	---------
	689,491	533,003
	---------	---------

Included in other creditors are hire purchase agreements which are secured against the assets to which they relate.

9. Creditors: amounts falling due after more than one year

	2022	2021
	£	£
Other creditors	42,559	44,011
	--------	--------

Included in other creditors are hire purchase agreements 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:

	2022	2021
	£	£
Not later than 1 year	62,350	62,350
Later than 1 year and not later than 5 years	15,588	15,588
	--------	--------
	77,938	77,938
	--------	--------

11. Director's advances, credits and guarantees

During the period the company advanced the director total £8,859 (2021 - £6,338) and this was the maximum balance outstanding. No interest has been charged and the loan is repayable on demand.