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Registration number: 06266876

Amthal Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2023

 

Amthal Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Amthal Limited

Company Information

Directors

Mr JP Allam

Mr PJ Rosenthal

Mr JR Allam

Company secretary

Mr JR Allam

Registered office

1 Executive Park
Hatfield Road
St Albans
Hertfordshire
AL1 4TA

 

Amthal Limited

(Registration number: 06266876)
Balance Sheet as at 30 June 2023

Note

2023
£

(As restated)

2022
£

Fixed assets

 

Investment property

4

850,000

636,877

Current assets

 

Debtors

5

6,116

6,116

Cash at bank and in hand

 

11,480

40,415

 

17,596

46,531

Creditors: Amounts falling due within one year

6

(1,757)

(183,951)

Net current assets/(liabilities)

 

15,839

(137,420)

Total assets less current liabilities

 

865,839

499,457

Creditors: Amounts falling due after more than one year

6

(756,548)

(543,054)

Provisions for liabilities

8

(38,152)

-

Net assets/(liabilities)

 

71,139

(43,597)

Capital and reserves

 

Called up share capital

3

3

Retained earnings

71,136

(43,600)

Shareholders' funds/(deficit)

 

71,139

(43,597)

 

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:

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. 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 Board on 16 October 2023 and signed on its behalf by:
 

.........................................
Mr JP Allam
Director

.........................................
Mr PJ Rosenthal
Director

.........................................
Mr JR Allam
Company secretary and director

     
 

Amthal Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

1

General information

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

The address of its registered office is:
1 Executive Park
Hatfield Road
St Albans
Hertfordshire
AL1 4TA
United Kingdom

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.

Reclassification of comparative amounts

Upon discussion with the directors it was confirmed that the property held by the business was held for long-term investment with rental income being received. It was agreed that the classification of property was more appropriate as investment property than properties under construction within tangible assets. The property was still undergoing significant improvements at the prior year end and therefore there was no revaluation uplift to be recognised.

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

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2022 - 3).

4

Investment properties

2023
£

At 1 July (as restated)

636,877

Additions

63,534

Fair value adjustments

149,589

At 30 June

850,000


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.

5

Debtors

Current

2023
£

2022
£

Other debtors

6,116

6,116

 

6,116

6,116

 

Amthal Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023 (continued)

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

7

-

175,000

Trade creditors

 

-

8,051

Taxation and social security

 

677

-

Accruals and deferred income

 

1,080

900

 

1,757

183,951

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

7

651,000

750

Other non-current financial liabilities

 

105,548

542,304

 

756,548

543,054

7

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Other borrowings

650,250

-

Directors loan account

750

750

651,000

750

2023
£

2022
£

Current loans and borrowings

Other loans

-

175,000

 

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.

8

Provisions for liabilities

Deferred tax
£

Total
£

Additional provisions

32,036

32,036

At 30 June 2023

32,036

32,036

 

Amthal Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023 (continued)

9

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

717,304

717,304

Advanced

38,244

38,244

Repaid

(653,175)

(653,175)

Interest transactions

3,175

3,175

At end of period

105,548

105,548

2022

Other related parties
£

Total
£

At start of period

699,457

699,457

Advanced

267,847

267,847

Repaid

(250,000)

(250,000)

At end of period

717,304

717,304

10

Ultimate controlling party

The ultimate controlling party are the directors, by virtue of their joint shareholding.