Company Registration No. 06006749 (England and Wales)
AMAXMO LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
PAGES FOR FILING WITH REGISTRAR
AMAXMO LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2
Notes to the financial statements
3 - 5
AMAXMO LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF AMAXMO LIMITED FOR THE YEAR ENDED 31 DECEMBER 2021
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Amaxmo Limited for the year ended 31 December 2021 which comprise, the balance sheet and the related notes 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 in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance.
This report is made solely to the Board of Directors of Amaxmo Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Amaxmo Limited and state those matters that we have agreed to state to the Board of Directors of Amaxmo Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Amaxmo Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Amaxmo Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Amaxmo Limited. You consider that Amaxmo Limited 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 financial statements of Amaxmo Limited. 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 financial statements.
Ormerod Rutter Limited
23 August 2022
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
AMAXMO LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2021
31 December 2021
- 2 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
4
38
38
Current assets
Debtors
5
12,785
6,936
Cash at bank and in hand
70
651
12,855
7,587
Creditors: amounts falling due within one year
6
(42,483)
(41,585)
Net current liabilities
(29,628)
(33,998)
Total assets less current liabilities
(29,590)
(33,960)
Capital and reserves
Called up share capital
7
2
2
Profit and loss reserves
(29,592)
(33,962)
Total equity
(29,590)
(33,960)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 23 August 2022 and are signed on its behalf by:
Mr A E F Taylor
Director
Company Registration No. 06006749
AMAXMO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
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1
Accounting policies
Company information
Amaxmo Limited is a private company limited by shares incorporated in England and Wales. The registered office is 7 Addenbrooke Road, Droitwich, Worcestershire, WR9 8RW.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
These financial statements have been drawn up on the going concern basis. If the going concern basis were not appropriate, adjustments would have been made to reduce assets to recoverable amounts, to provide for any further liabilities that might arise, and to re-classify fixed assets as current assets and long term liabilities as current liabilities.true
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from the provision of services is recognised by reference to the stage of completion, when the costs incurred and costs to complete can be estimated reliably.
1.4
Intangible fixed assets - goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2006, has been amortised evenly over its estimated useful life of two years.
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Short leasehold
over the lease term
Fixtures and fittings
33% on cost and 20% on cost
Computer equipment
33% on cost
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
AMAXMO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 4 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 2 (2020 - 2).
3
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2021 and 31 December 2021
4,490
Amortisation and impairment
At 1 January 2021 and 31 December 2021
4,490
Carrying amount
At 31 December 2021
At 31 December 2020
AMAXMO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
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4
Tangible fixed assets
Short leasehold
Fixtures and fittings
Computer equipment
Total
£
£
£
£
Cost
At 1 January 2021 and 31 December 2021
10
13,275
560
13,845
Depreciation and impairment
At 1 January 2021 and 31 December 2021
10
13,238
559
13,807
Carrying amount
At 31 December 2021
37
1
38
At 31 December 2020
37
1
38
5
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
6,874
Deferred tax asset
5,911
6,936
12,785
6,936
6
Creditors: amounts falling due within one year
2021
2020
£
£
Other creditors
42,483
41,585
7
Called up share capital
2021
2020
£
£
Ordinary share capital
Issued and fully paid
2 Ordinary A of £1 each
2
2
2
2
8
Ultimate controlling party
The ultimate controlling party is Mr A E F Taylor and Mrs M J Taylor.