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Registration number: NI073138

AMG Financial Planning Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2021

 

AMG Financial Planning Ltd

(Registration number: NI073138)
Balance Sheet as at 31 December 2021

Note

2021
£

2020
£

Fixed assets

 

Tangible assets

5

105,807

106,830

Current assets

 

Debtors

6

360,638

369,106

Cash at bank and in hand

 

14,228

79,557

 

374,866

448,663

Creditors: Amounts falling due within one year

7

(57,431)

(68,459)

Net current assets

 

317,435

380,204

Total assets less current liabilities

 

423,242

487,034

Creditors: Amounts falling due after more than one year

7

(144,754)

(307,348)

Provisions for liabilities

(20,103)

(20,114)

Net assets

 

258,385

159,572

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

258,285

159,472

Shareholders' funds

 

258,385

159,572

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with FRS 102 Section 1A - small entities.

For the financial year ending 31 December 2021 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.

 

AMG Financial Planning Ltd

(Registration number: NI073138)
Balance Sheet as at 31 December 2021

Approved and authorised by the director on 5 August 2022
 

.........................................
Mr William Alexander McGothigan
Director

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.

 

AMG Financial Planning Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

1

General information

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

The address of its registered office is: 27 Hill Street, Ballymena, BT43 6BH.

These financial statements were authorised for issue by the director on 5 August 2022.

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.

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.

 

AMG Financial Planning Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

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 balance sheet 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 provided on tangible fixed assets so as to write off the cost or valuation, less
any estimated residual value, over their expected useful economic life as follows: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 Equipment

15% reducing balance

Fixtures and fittings

15% reducing balance

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.

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.

Short-term debtors and creditors
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement in operating expenses.

 

AMG Financial Planning Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

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.

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 the director) during the year, was 7 (2020 - 7).

 

AMG Financial Planning Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 January 2021

45,420

45,420

At 31 December 2021

45,420

45,420

Amortisation

At 1 January 2021

45,420

45,420

At 31 December 2021

45,420

45,420

Carrying amount

At 31 December 2021

-

-

5

Tangible assets

Fixtures and fittings
£

Plant and equipment
£

Total
£

Cost or valuation

At 1 January 2021

137,828

194,376

332,204

Additions

15,847

1,800

17,647

At 31 December 2021

153,675

196,176

349,851

Depreciation

At 1 January 2021

84,641

140,733

225,374

Charge for the year

10,353

8,317

18,670

At 31 December 2021

94,994

149,050

244,044

Carrying amount

At 31 December 2021

58,681

47,126

105,807

At 31 December 2020

53,187

53,643

106,830

 

AMG Financial Planning Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

6

Debtors

2021
£

2020
£

Trade debtors

64,632

56,527

Other debtors

296,006

312,579

 

360,638

369,106

7

Creditors

Creditors: amounts falling due within one year

2021
£

2020
£

Due within one year

Loans and overdraft

10,763

5,337

Taxation and social security

-

3,049

Other creditors and accruals

46,668

60,073

57,431

68,459

Due after one year

Loans

144,754

307,348

8

Share capital

Allotted, called up and fully paid shares

 

2021

2020

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

         
 

AMG Financial Planning Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

9

Dividends

2021

2020

£

£

Dividend paid during the year

70,000

70,000

10

Related party transactions

Included in creditor amounts falling due after one year is the following:-

2021

2020

£

£

Directors loan account

144,754

210,160


Included in other debtors are the following amounts due from related companies:-

 

£

£

AMG Property Holdings (NI) Ltd

291,373

302,634

AMG Property Maintenance (N.I.) Ltd

1,065

4,422


AMG Property Holdings (NI) Ltd is a company in which Alex and Daniel McGothigan own 100% of the share capital.

AMG Property Maintenance (N.I.) Ltd is a company in which Alex and Daniel McGothgian own 66.67% of the share capital

Included in other creditors was the following amount due to a related company:-

2021

2020

£

£

AMG Property Sales Ltd

10,894

10,950

AMG Property Sales Ltd is a company in which Alex and Daniel McGothigan own 100% of the share capital.