Amity Estates Limited
Registered number: 07493164
Balance Sheet
as at 31 January 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 14,812 22,218
Current assets
Debtors 4 218,756 218,896
Cash at bank and in hand 289,323 244,977
508,079 463,873
Creditors: amounts falling due within one year 5 (154,689) (168,303)
Net current assets 353,390 295,570
Net assets 368,202 317,788
Capital and reserves
Called up share capital 2 2
Profit and loss account 368,200 317,786
Shareholders' funds 368,202 317,788
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
A Ogunyemi
Director
Approved by the board on 9 October 2023
Amity Estates Limited
Notes to the Accounts
for the year ended 31 January 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Motor Vehicle 25% straight line
Plant and machinery 25% straight line
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 9 7
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 February 2022 14,624 15,000 29,624
At 31 January 2023 14,624 15,000 29,624
Depreciation
At 1 February 2022 3,656 3,750 7,406
Charge for the year 3,656 3,750 7,406
At 31 January 2023 7,312 7,500 14,812
Net book value
At 31 January 2023 7,312 7,500 14,812
At 31 January 2022 10,968 11,250 22,218
4 Debtors 2023 2022
£ £
Other debtors 218,756 218,896
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 7,232 7,532
Corporation tax 13,275 19,207
Other taxes and social security costs 19,245 15,820
Other creditors 114,937 125,744
154,689 168,303
6 Related party transactions
Amity Estates Limited, Cheyne Properties Limited and Cheyne Property Estates Limited are related as a result of being under same directorship and control. As at 31/01/2022, Amity Estates Limited has a balance due of £100,000 (2022: £100,000) and £110,000 (2022: £110,000) from Cheyne Property Estates Limited and Cheyne Properties Limited respectively.
7 Other information
Amity Estates Limited is a private company limited by shares and incorporated in England. Its registered office is:
The Cedars
82 Camden Park Road
Chislehurst
Kent
BR7 5HF
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