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Registration number: NI662626

AMK Painting Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2023

 

AMK Painting Ltd

Director's Report for the Year Ended 30 June 2023

The director presents his report and the financial statements for the year ended 30 June 2023.

Director of the company

The director who held office during the year was as follows:

Mr Aidan John McKee

Statement of Director's Responsibilities

The director acknowledges his responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006 and are in accordance with FRS 102 Section 1A The Financial Reporting Standard applicable to the Small Entities Regime. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Principal activity

The principal activity of the company is Painting.

Small companies provision statement

This report has 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.

Approved and authorised by the director on 9 November 2023
 

.........................................
Mr Aidan John McKee
Director

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
AMK Painting Ltd
for the Year Ended 30 June 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of AMK Painting Ltd for the year ended 30 June 2023 as set out on pages 3 to 11 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 Ireland, we are subject to its ethical and other professional requirements which are laid down by the Institute relating to members undertaking the compilation of financial statements.

This report is made solely to the Board of Directors of AMK Painting Ltd, as a body, in accordance with the terms of our engagement. Our work has been undertaken so that we might compile the financial statements that we have been engaged to compile, report to the Company's Board of Directors that we have done so, and state those matters that we have agreed to state to them, in this report in accordance with technical guidance issued by the Institute. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than AMK Painting Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that AMK Painting Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of AMK Painting Ltd. You consider that AMK Painting Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of AMK Painting Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Stevenson and Wilson
22 Broadway Avenue
Ballymena
BT43 7AA

9 November 2023

 

AMK Painting Ltd

Profit and Loss Account for the Year Ended 30 June 2023

Note

2023
£

2022
£

Turnover

 

182,133

175,931

Cost of sales

 

(114,256)

(106,713)

Gross profit

 

67,877

69,218

Distribution costs

 

(7,000)

-

Administrative expenses

 

(45,491)

(41,904)

Operating profit

 

15,386

27,314

Interest payable and similar expenses

 

(350)

(115)

Profit before tax

4

15,036

27,199

Tax on profit

 

(3,020)

(5,385)

Profit for the financial year

 

12,016

21,814

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

AMK Painting Ltd

(Registration number: NI662626)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

5,510

6,369

Current assets

 

Stocks

6

5,760

5,000

Debtors

7

14,264

25,210

Cash at bank and in hand

 

4,966

7,504

 

24,990

37,714

Creditors: Amounts falling due within one year

8

(14,861)

(23,320)

Net current assets

 

10,129

14,394

Total assets less current liabilities

 

15,639

20,763

Creditors: Amounts falling due after more than one year

8

(8,495)

(10,635)

Net assets

 

7,144

10,128

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

7,044

10,028

Shareholders' funds

 

7,144

10,128

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.

Director's 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 director acknowledges his 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.

 

AMK Painting Ltd

(Registration number: NI662626)
Balance Sheet as at 30 June 2023

Approved and authorised by the director on 9 November 2023
 

.........................................
Mr Aidan John McKee
Director

 

AMK Painting Ltd

Statement of Changes in Equity for the Year Ended 30 June 2023

Share capital
£

Retained earnings
£

Total
£

At 1 July 2022

100

10,028

10,128

Profit for the year

-

12,016

12,016

Dividends

-

(15,000)

(15,000)

At 30 June 2023

100

7,044

7,144

Share capital
£

Retained earnings
£

Total
£

At 1 July 2021

100

17,814

17,914

Profit for the year

-

21,814

21,814

Dividends

-

(29,600)

(29,600)

At 30 June 2022

100

10,028

10,128

 

AMK Painting Ltd

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 Northern Ireland.

The address of its registered office is: 6 Shelton Meadows, Loughgiel, Co. Antrim, BT44 9JX.

These financial statements were authorised for issue by the director on 9 November 2023.

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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

Tax

The tax expense for the period comprises current 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.

 

AMK Painting Ltd

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

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Equipment

25% RB

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.

Short-term debtors and creditors

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement in operating expenses.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Borrowings

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.

 

AMK Painting Ltd

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

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 4 (2022 - 4).

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

859

1,145

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 July 2022

2,934

6,492

830

10,256

At 30 June 2023

2,934

6,492

830

10,256

Depreciation

At 1 July 2022

-

3,486

401

3,887

Charge for the year

-

752

107

859

At 30 June 2023

-

4,238

508

4,746

Carrying amount

At 30 June 2023

2,934

2,254

322

5,510

At 30 June 2022

2,934

3,006

429

6,369

Included within the net book value of land and buildings above is £2,934 (2022 - £2,934) in respect of freehold land and buildings.
 

 

AMK Painting Ltd

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

6

Stocks

2023
£

2022
£

Work in progress

5,760

5,000

7

Debtors

Current

2023
£

2022
£

Trade debtors

13,670

24,311

Other debtors

594

899

 

14,264

25,210

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

2,947

3,680

Trade creditors

 

5,080

4,910

Taxation and social security

 

3,020

5,385

Accruals and deferred income

 

3,617

9,340

Other creditors

 

197

5

 

14,861

23,320

 

AMK Painting Ltd

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

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary £1 of £1 each

100

100

100

100

         

10

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Other borrowings

8,495

10,635

2023
£

2022
£

Current loans and borrowings

Other borrowings

2,947

3,680

11

Related party transactions

2023
£

2022
£

Directors current account

(197)

(5)

 

AMK Painting Ltd

Detailed Profit and Loss Account for the Year Ended 30 June 2023

2023
£

2022
£

Turnover

182,133

175,931

Cost of sales

(114,256)

(106,713)

Gross profit

67,877

69,218

Administrative expenses

Wages and salaries (excluding directors)

12,480

12,120

Directors remuneration

12,480

12,120

Staff pension

7,000

-

Insurance

1,203

1,894

Repairs and maintenance

253

-

Telephone and fax

1,050

904

Sundry expenses

1,123

237

Motor expenses

13,875

10,765

Accountancy fees

2,050

2,600

Bank charges

118

119

Depreciation of freehold property

859

1,145

52,491

41,904

Operating profit

15,386

27,314

Interest payable and similar expenses

(350)

(115)

Profit before tax

15,036

27,199