Registration number:
Amthal Limited
for the Year Ended 30 June 2023
Amthal Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Amthal Limited
Company Information
Directors |
Mr JP Allam Mr PJ Rosenthal Mr JR Allam |
Company secretary |
Mr JR Allam |
Registered office |
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Amthal Limited
(Registration number: 06266876)
Balance Sheet as at 30 June 2023
Note |
2023 |
(As restated) |
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Fixed assets |
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Investment property |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets/(liabilities) |
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( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
- |
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Net assets/(liabilities) |
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( |
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Capital and reserves |
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Called up share capital |
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Retained earnings |
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( |
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Shareholders' funds/(deficit) |
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( |
Amthal Limited
(Registration number: 06266876)
Balance Sheet as at 30 June 2023 (continued)
For the financial year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
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Amthal Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
United Kingdom
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.
Reclassification of comparative amounts
The change of accounting policy has resulted in a prior year adjustment. £636,877 of tangible assets have been reallocated to investment property. This adjustment has not affected the Profit and Loss account and Statement of retained earnings.
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.
Amthal Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023 (continued)
2 |
Accounting policies (continued) |
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.
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.
Investment property
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.
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
Amthal Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023 (continued)
2 |
Accounting policies (continued) |
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Investment properties |
2023 |
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At 1 July (as restated) |
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Additions |
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Fair value adjustments |
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At 30 June |
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A Valuation of the investment properties was carried out on 13 September 2022 by London's Surveyors and Valuers on a market value basis in the sum of £850,000. Upon reviewing the current market, the directors do not consider the fair value of the property to have altered by the financial year-end.
Debtors |
Current |
2023 |
2022 |
Other debtors |
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Amthal Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023 (continued)
Creditors |
Creditors: amounts falling due within one year
Note |
2023 |
2022 |
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Due within one year |
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Loans and borrowings |
- |
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Trade creditors |
- |
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Taxation and social security |
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- |
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Accruals and deferred income |
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Creditors: amounts falling due after more than one year
Note |
2023 |
2022 |
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Due after one year |
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Loans and borrowings |
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Other non-current financial liabilities |
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Loans and borrowings |
2023 |
2022 |
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Non-current loans and borrowings |
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Other borrowings |
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Directors loan account |
750 |
750 |
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2023 |
2022 |
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Current loans and borrowings |
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Other loans |
- |
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Amthal Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023 (continued)
7 |
Loans and borrowings (continued) |
Other borrowings
The LendInvest loan is denominated in with a nominal interest rate of 4.97%, and the final instalment is due on 12 December 2027. The carrying amount at year end is £650,250 (2022 - £Nil). The lender has a debenture over all the assets of the company and a legal charge over the investment properties. |
Provisions for liabilities |
Deferred tax |
Total |
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Additional provisions |
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At 30 June 2023 |
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Amthal Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023 (continued)
Related party transactions |
Summary of transactions with other related parties
Amthal Fire & Security Limited, Mr R & Mrs R Allam
Amthal Fire & Security Limited are owned and controlled by the same individuals as the company. Mr & Mrs Allam are the parents of two of the directors.
During the year, the loan from Mr & Mrs Allam was repaid in full with a lower than commercial rate of interest being charged.
The second loan from Amthal Fire & Security was partially paid off. There are no specific terms of repayment or interest charged on this loan.
Loans from related parties
2023 |
Other related parties |
Total |
At start of period |
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Advanced |
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Repaid |
( |
( |
Interest transactions |
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At end of period |
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2022 |
Other related parties |
Total |
At start of period |
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Advanced |
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Repaid |
( |
( |
At end of period |
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Ultimate controlling party |
The ultimate controlling party are