Registered number
05672786
AME Trade Limited
Report and Unaudited Accounts
30 April 2023
AME Trade Limited
Chartered Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of AME Trade Limited for the year ended 30 April 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of AME Trade Limited for the year ended 30 April 2023 which comprise of the Profit and Loss Account, the Balance Sheet, the Statement of Changes in Equity and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at
icaew.com/membershandbook.
Our work has been undertaken in accordance with AAF 2/10 as detailed at icaew.com/compilation.
Pitts & SeeUs
Chartered Accountants
Studio 6
6 Hornsey Street
London
N7 8GR
21 October 2023
AME Trade Limited
Registered number: 05672786
Balance Sheet
as at 30 April 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 18,981 23,725
Current assets
Debtors 4 269,534 722,447
Cash at bank and in hand 230,659 133,950
500,193 856,397
Creditors: amounts falling due within one year 5 (461,018) (814,910)
Net current assets 39,175 41,487
Total assets less current liabilities 58,156 65,212
Creditors: amounts falling due after more than one year 6 (45,418) (63,326)
Net assets 12,738 1,886
Capital and reserves
Called up share capital 2 2
Profit and loss account 12,736 1,884
Shareholders' funds 12,738 1,886
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 Mahad Ali Ahmed
Director
Approved by the board on 21 October 2023
AME Trade Limited
Statement of Changes in Equity
for the year ended 30 April 2023
Share Profit Total
capital and loss
account
£ £ £
At 1 May 2021 2 9,843 9,845
Profit for the financial year 112,041 112,041
Dividends (120,000) (120,000)
At 30 April 2022 2 1,884 1,886
At 1 May 2022 2 1,884 1,886
Profit for the financial year 342,852 342,852
Dividends (332,000) (332,000)
At 30 April 2023 2 12,736 12,738
AME Trade 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. 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:
Plant and machinery 20% Reducing Balance
Fixtures, fittings, tools and equipment 20% Reducing Balance
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.
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.
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 6 14
3 Tangible fixed assets
Plant and machinery etc Furniture fixtures & fittings Total
£ £ £
Cost
At 1 May 2022 119,997 127,685 247,682
At 30 April 2023 119,997 127,685 247,682
Depreciation
At 1 May 2022 110,690 113,267 223,957
Charge for the year 1,861 2,883 4,744
At 30 April 2023 112,551 116,150 228,701
Net book value
At 30 April 2023 7,446 11,535 18,981
At 30 April 2022 9,307 14,418 23,725
4 Debtors 2023 2022
£ £
Trade debtors 153,013 557,770
Inter-company loan 110,000 35,000
Other debtors 6,521 129,677
269,534 722,447
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 21,492 23,113
Trade creditors 6,741 52,060
Corporation tax 98,568 39,836
Other taxes and social security costs 5,197 5,071
Other creditors 329,020 694,830
461,018 814,910
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 45,418 63,326
7 Other information
AME Trade Limited is a private company limited by shares and incorporated in England. Its registered office is:
Office 403
4th Floor Mabledon Place
London
WC1H 9BB
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