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Registration number: 00530142

Amerson Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2022

image-name

Chartered Accountants

 

Amerson Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

4 to 7

 

Amerson Limited

Company Information

Directors

Mr A J Smith

Mr T B Blundell

Company secretary

Mr A J Smith

Registered office

9 Albany Road
WEYMOUTH
Dorset
DT4 9TH

Accountants

Edwards & Keeping
Chartered Accountants
Unity Chambers
34 High East Street
Dorchester
Dorset
DT1 1HA

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Amerson Limited
for the Year Ended 31 March 2022

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Amerson Limited for the year ended 31 March 2022 as set out on pages 3 to 7 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 Amerson Limited, as a body, in accordance with the terms of our engagement letter dated 8 August 2019. Our work has been undertaken solely to prepare for your approval the accounts of Amerson Limited and state those matters that we have agreed to state to the Board of Directors of Amerson 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 Amerson Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Amerson Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Amerson Limited. You consider that Amerson 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 accounts of Amerson 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 accounts.






Edwards & Keeping
Chartered Accountants
Unity Chambers
34 High East Street
Dorchester
Dorset
DT1 1HA

5 August 2022

 

Amerson Limited

(Registration number: 00530142)
Balance Sheet as at 31 March 2022

Note

2022
 

2021
 

   

£

£

£

£

Current assets

   

 

Stocks

 

3,353

 

627

Debtors

4

 

35,737

 

54,416

Cash at bank and in hand

   

5,073

 

11,467

   

44,163

 

66,510

Creditors: Amounts falling due within one year

5

 

(16,686)

 

(23,621)

Total assets less current liabilities

   

27,477

 

42,889

Creditors: Amounts falling due after more than one year

5

 

(32,500)

 

(44,523)

Net liabilities

   

(5,023)

 

(1,634)

Capital and reserves

   

 

Called up share capital

1,032

 

1,032

 

Capital redemption reserve

568

 

568

 

Profit and loss account

(6,623)

 

(3,234)

 

Total equity

   

(5,023)

 

(1,634)

For the financial year ending 31 March 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 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 for issue by the Board on 5 August 2022 and signed on its behalf by:
 


Mr A J Smith
Company secretary and director

   
 

Amerson Limited

Notes to the Financial Statements
for the Year Ended 31 March 2022

1

General information

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

The address of its registered office is:
9 Albany Road
WEYMOUTH
Dorset
DT4 9TH

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.

Going concern

The financial statements have been prepared on a going concern basis on the expectation that the company will receive continued support from its parent company Blundell Harling Limited.

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.

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.

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.

 

Amerson Limited

Notes to the Financial Statements
for the Year Ended 31 March 2022

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2021 - 2).

4

Debtors

Note

2022
£

2021
£

Trade debtors

 

7,696

10,528

Amounts owed by group undertakings and undertakings in which the company has a participating interest

8

28,041

43,888

 

35,737

54,416

 

Amerson Limited

Notes to the Financial Statements
for the Year Ended 31 March 2022

5

Creditors

Creditors: amounts falling due within one year

Note

2022
£

2021
£

Due within one year

 

Bank loans and overdrafts

7

10,000

8,853

Trade creditors

 

4,167

4,786

Taxation and social security

 

456

1,172

Other creditors

 

2,063

8,810

 

16,686

23,621

Due after one year

 

Loans and borrowings

7

32,500

44,523

Creditors: amounts falling due after more than one year

Note

2022
£

2021
£

Due after one year

 

Loans and borrowings

7

32,500

44,523

2022
£

2021
£

Due after more than five years

After more than five years by instalments

-

2,500

-

-

6

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary shares of £1 each

1,032

1,032

1,032

1,032

         

7

Loans and borrowings

2022
£

2021
£

Non-current loans and borrowings

Bank borrowings

32,500

44,523

 

Amerson Limited

Notes to the Financial Statements
for the Year Ended 31 March 2022

2022
£

2021
£

Current loans and borrowings

Bank borrowings

10,000

5,477

Bank overdrafts

-

3,376

10,000

8,853

Bank borrowings

Bank Overdraft and Bounce back loan

Included within creditors is £Nil (2021:£3,376) owed to Lloyds Bank. In relation to this there is both a fixed and floating charge over the undertaking and all property and assets both present and future of the company.

There is also a bounce back loan of £10,000 (2021:£5,477) due in less than one year.

8

Related party transactions

Summary of transactions with other related parties


Blundell Harling Limited (Parent Company)

 The company purchased materials of £60,834 (2021:£58,836) from Blundell Harling Limited, other purchases of £16,620 (2021:£16,620) and was recharged overheads of £10,767 (2021:£25,792). At the balance sheet the amount due from Blundell Harling Limited was £28,041 (2021:£43,888).

9

Parent and ultimate parent undertaking

The ultimate controlling party is Mr T B Blundell by virtue of his holding of 57.6% of Blundell Harling Limited's issued share capital.