Ami (Zimbabwe) Ltd. - Period Ending 2023-06-30

Ami (Zimbabwe) Ltd.

Contents

Company Information	1
Accountants' Report	2
Balance Sheet	3
Notes to the Unaudited Financial Statements	4 to 6

Ami (Zimbabwe) Ltd.

Company Information

Director

Mr DJR Smail

Registered office

c/o Sanderson McCreath & Edney 4 Quay Walls Berwick Upon Tweed TD15 1HD

Accountants

Deans Accountants And Business Advisors Ltd Chartered Accountants and Business Advisors 27 North Bridge Street Hawick Scottish Borders TD9 9BD

DEANS

Chartered Accountants

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Ami (Zimbabwe) Ltd. for the Year Ended 30 June 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Ami (Zimbabwe) Ltd. for the year ended 30 June 2023 as set out on pages 3 to 6 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants of Scotland (ICAS), we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/ethics/icas-code-of-ethics.

This report is made solely to the Board of Directors of Ami (Zimbabwe) Ltd., as a body, in accordance with the terms of our engagement letter dated 25 May 2001. Our work has been undertaken solely to prepare for your approval the accounts of Ami (Zimbabwe) Ltd. and state those matters that we have agreed to state to the Board of Directors of Ami (Zimbabwe) Ltd., as a body, in this report in accordance with ICAS guidance (www.icas.com/accountsprep/guidance). To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Ami (Zimbabwe) Ltd. and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Ami (Zimbabwe) Ltd. has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and results of Ami (Zimbabwe) Ltd.. You consider that Ami (Zimbabwe) Ltd. is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Ami (Zimbabwe) Ltd.. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Deans Accountants And Business Advisors Ltd
Chartered Accountants and Business Advisors
27 North Bridge Street
Hawick
Scottish Borders
TD9 9BD

16 February 2024

Ami (Zimbabwe) Ltd.

(Registration number: 03578384)
Balance Sheet as at 30 June 2023

	Note	2023 £	2022 £
Fixed assets
Investments	4	368,000	368,000
Capital and reserves
Called up share capital	5	235,225	235,225
Share premium reserve		1,400,777	1,400,777
Retained earnings		(1,268,002)	(1,268,002)
Shareholders' funds		368,000	368,000

For the financial year ending 30 June 2023 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 accounts for the year in question in accordance with section 476; and
•	The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 16 February 2024
 

......................................... Mr DJR Smail Director

Ami (Zimbabwe) Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

1	General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
c/o Sanderson McCreath & Edney
4 Quay Walls
Berwick Upon Tweed
TD15 1HD
England

These financial statements were authorised for issue by the director on 16 February 2024.

2	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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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 company is not directly impacted by Brexit.

The company has suffered financially from the pandemic. Where appropriate, government support in the forms of grants and loans were used to mitigate the impact of lockdowns etc. The directors will continue to assess the impact of the pandemic and make decisions accordingly.

The financial statements are presented in Sterling (£) and rounded to the nearest £0.

Going concern

The financial statements have been prepared on a going concern basis.

Judgements

Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these judgements and estimates have been made included:

Useful economic lives of tangible assets – the annual depreciation charge for tangible assets is sensitive to change in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on economic utilisation, and the physical condition of the assets.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

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.

Ami (Zimbabwe) Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

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.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of it’s liabilities.
 Recognition and measurement
Where shares are issued, any component that creates, a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as an interest expenses in the profit and loss account.
 Impairment
At the end of each reporting period financial instruments measured at fair value are assessed for objective evidence of impairment. The impairment loss is recognised in the profit and loss account.

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

4	Investments

	2023 £	2022 £
Investments in subsidiaries	368,000	368,000

Subsidiaries	£
Cost or valuation
At 1 July 2022	736,000
Provision
At 1 July 2022	368,000
Carrying amount
At 30 June 2023	368,000
At 30 June 2022	368,000

Ami (Zimbabwe) Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

5	Share capital

Allotted, called up and fully paid shares

	2023		2022
	No.	£	No.	£
Primary dividend shares of £0.10 each	815,002	81,500	815,002	81,500
Secondary dividend shares of £1 each	88,900	88,900	88,900	88,900
First redemption shares of £0.01 each	2,037,500	20,375	2,037,500	20,375
Second redemption shares of £1 each	44,450	44,450	44,450	44,450
	2,985,852	235,225	2,985,852	235,225