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Registration number: 07177324

AMH Retail Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 July 2018

MKL Accountants Limited
Chartered Certified Accountants
Herston Cross House
230 High Street
Swanage
Dorset
BH19 2PQ

 

AMH Retail Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 9

 

AMH Retail Limited

Company Information

Directors

Mrs ML Hobbs

Mr SC Hobbs

Company secretary

Mrs ML Hobbs

Registered office

Herston Cross House
230 High Street
Swanage
Dorset
BH19 2PQ

Accountants

MKL Accountants Limited
Chartered Certified Accountants
Herston Cross House
230 High Street
Swanage
Dorset
BH19 2PQ

 

AMH Retail Limited

(Registration number: 07177324)
Balance Sheet as at 31 July 2018

Note

2018
£

2017
£

Fixed assets

 

Intangible assets

4

22,100

23,800

Tangible assets

5

4,483

4,672

 

26,583

28,472

Current assets

 

Stocks

6

22,190

17,350

Debtors

7

2,191

5,020

Cash at bank and in hand

 

33,882

50,716

 

58,263

73,086

Creditors: Amounts falling due within one year

8

(42,217)

(63,230)

Net current assets

 

16,046

9,856

Total assets less current liabilities

 

42,629

38,328

Provisions for liabilities

(78)

(116)

Net assets

 

42,551

38,212

Capital and reserves

 

Called up share capital

9

100

100

Profit and loss account

42,451

38,112

Total equity

 

42,551

38,212

 

AMH Retail Limited

(Registration number: 07177324)
Balance Sheet as at 31 July 2018

For the financial year ending 31 July 2018 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their 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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 26 October 2018 and signed on its behalf by:
 

.........................................
Mr SC Hobbs
Director

   
     
 

AMH Retail Limited

Notes to the Financial Statements for the Year Ended 31 July 2018

1

General information

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

The address of its registered office is:
Herston Cross House
230 High Street
Swanage
Dorset
BH19 2PQ
U. K.

The principal place of business is:
Unit 1 Jessop House
28 Mill Lane
Wimborne
Dorset
BH21 1JQ
United Kingdom

These financial statements were authorised for issue by the Board on 26 October 2018.

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

AMH Retail Limited

Notes to the Financial Statements for the Year Ended 31 July 2018

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% Reducing Balance Method

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Amortisation of Goodwill

5% Straight Line Method

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

AMH Retail Limited

Notes to the Financial Statements for the Year Ended 31 July 2018

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2017 - 4).

 

AMH Retail Limited

Notes to the Financial Statements for the Year Ended 31 July 2018

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 August 2017

34,000

34,000

At 31 July 2018

34,000

34,000

Amortisation

At 1 August 2017

10,200

10,200

Amortisation charge

1,700

1,700

At 31 July 2018

11,900

11,900

Carrying amount

At 31 July 2018

22,100

22,100

At 31 July 2017

23,800

23,800

The aggregate amount of research and development expenditure recognised as an expense during the period is £Nil (2017 - £Nil).
 

5

Tangible assets

Land and buildings
£

Other tangible assets
£

Total
£

Cost or valuation

At 1 August 2017

4,095

2,139

6,234

Disposals

-

(107)

(107)

At 31 July 2018

4,095

2,032

6,127

Depreciation

At 1 August 2017

-

1,562

1,562

Charge for the year

-

129

129

Eliminated on disposal

-

(47)

(47)

At 31 July 2018

-

1,644

1,644

Carrying amount

At 31 July 2018

4,095

388

4,483

At 31 July 2017

4,095

577

4,672

Included within the net book value of land and buildings above is £4,095 (2017 - £4,095) in respect of long leasehold land and buildings.
 

 

AMH Retail Limited

Notes to the Financial Statements for the Year Ended 31 July 2018

6

Stocks

2018
£

2017
£

Merchandise

22,190

17,350

7

Debtors

2018
£

2017
£

Prepayments

2,170

2,169

Other debtors

21

2,851

2,191

5,020

8

Creditors

Creditors: amounts falling due within one year

2018
£

2017
£

Due within one year

Trade creditors

7,665

36

Taxation and social security

140

208

Accruals and deferred income

56

39

Other creditors

34,356

62,947

42,217

63,230

9

Share capital

Allotted, called up and fully paid shares

 

2018

2017

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         

10

Dividends

   

2018

 

2017

   

£

 

£

Interim dividend of £40.00 (2017 - £71.43) per ordinary share

 

4,000

 

7,143

 

AMH Retail Limited

Notes to the Financial Statements for the Year Ended 31 July 2018

11

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2018
£

2017
£

Remuneration

9,600

17,805

Contributions paid to money purchase schemes

38

17

9,638

17,822