Registered number
03661429
Amorini Components Limited
Filleted Accounts
30 April 2023
Amorini Components Limited
Registered number: 03661429
Balance Sheet
as at 30 April 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 3,791 4,223
Current assets
Debtors 4 453,826 397,775
Cash at bank and in hand 97,647 220,179
551,473 617,954
Creditors: amounts falling due within one year 5 (24,992) (90,650)
Net current assets 526,481 527,304
Net assets 530,272 531,527
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 529,272 530,527
Shareholders' funds 530,272 531,527
The directors are 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 directors acknowledge their 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.
Mr P C Robson
Director
Approved by the board on 11 October 2023
Amorini Components Limited
Notes to the Accounts
for the year ended 30 April 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 (as applied to small entities by section 1A of the standard).
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.
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, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Leasehold land and buildings 10% straight line over the lease term
Plant and machinery 10% straight line
Fixtures, fittings, tools and equipment 33% straight line
Stocks
Stock, including work in progress, are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell.
At each balance sheet date, stocks are assessed for impairment. If stock is 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.
Debtors
Short term debtors are measured at transaction 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.
Creditors
Short term creditors are measured at transaction price. Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs.
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
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 3 3
3 Tangible fixed assets
Leasehold property Plant and machinery Total
£ £ £
Cost
At 1 May 2022 4,495 57,374 61,869
Additions - 123 123
At 30 April 2023 4,495 57,497 61,992
Depreciation
At 1 May 2022 4,495 53,151 57,646
Charge for the year - 555 555
At 30 April 2023 4,495 53,706 58,201
Net book value
At 30 April 2023 - 3,791 3,791
At 30 April 2022 - 4,223 4,223
4 Debtors 2023 2022
£ £
Trade debtors 4,770 62,769
Amounts owed by group undertakings and undertakings in which the company has a participating interest 85,000 -
Other debtors 364,056 335,006
453,826 397,775
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 22,243 86,954
Taxation and social security costs - 946
Other creditors 2,749 2,750
24,992 90,650
6 Pension commitments
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £10,705 (2022: £81,859).
7 Related party transactions
Amorini Holdings Limited
(Parent company)
At the balance sheet date the amount due from Amorini Holdings Limited was £85,000 (2022 - £nil).
Benchtop Express Pty Limited
The company made a trade loan to Benchtop Express Pty Limited, a company in which P C Robson has a financial interest. At the balance sheet date the amount due from Amorini Holdings Limited was £346,728 (2022 - £326,667).
8 Controlling party
The company is controlled by the director who owns 60% of the called up share capital in Amorini Holdings Limited which has the majority shareholding in the company
9 Other information
Amorini Components Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit G
Great Daux Road
Billingshurst
West Sussex
BN1 1GE
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