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Registration number: 06817611

2 AM Management Company Limited

Annual Report and Consolidated Financial Statements

for the Year Ended 31 March 2023

 

2 AM Management Company Limited

Contents

Company Information

1

Strategic Report

2

Directors' Report

3 to 4

Statement of Directors' Responsibilities

5

Independent Auditor's Report

6 to 9

Consolidated Profit and Loss Account

10

Consolidated Statement of Comprehensive Income

11

Consolidated Balance Sheet

12 to 13

Balance Sheet

14

Consolidated Statement of Changes in Equity

15

Statement of Changes in Equity

16

Consolidated Statement of Cash Flows

17

Notes to the Financial Statements

18 to 35

 

2 AM Management Company Limited

Company Information

Directors

Mr Christopher Allender

Mr Christopher McGinley

Company secretary

Mr Christopher Allender

Registered office

Stanton Building
Colliery Lane
Thurnscoe
Rotherham
S63 0JF

Auditor

GBAC Ltd
Old Linen Court
83-85 Shambles Street
Barnsley
South Yorkshire
S70 2SB

 

2 AM Management Company Limited

Strategic Report for the Year Ended 31 March 2023

The directors present their strategic report for the year ended 31 March 2023.

Fair review of the business

The overall sales received an increase of 8% on the previous year, gross profit was up on the previous year by 4%, and the resultant profit before tax had an decrease of 12% on the previous year.

The Directors are suitably pleased with the results and the direction the group has been following which has beaten internal budgets and exceeded expectations.

Principal risks and uncertainties

There are a number of risks and uncertainties that affect the operational activities of the group, increasing interest rates are adding an extra financial load to the group and industry in general. The Ukraine war is also contributing to variability with fuel prices and excess pressure within the transport sector, this is also another consideration driving the economic climate going forward.

Key Performance Indicators

We rely on the below Key performance indicators along with a number of internal KPI's including cash flow management, sales growth, weekly P&L, monthly internal management accounts and more.

2023
£

2022
£

Difference
£

%

Sales

24,925,670

23,146,449

1,779,221

8

Gross Profit

4,222,548

4,076,969

145,579

4

Operating Profit

1,473,587

1,534,486

(60,899)

(4)

Profit Before Tax

1,272,050

1,441,381

(169,331)

(12)

Approved and authorised by the Board on 15 November 2023 and signed on its behalf by:
 

.........................................
Mr Christopher Allender
Company secretary and director

.........................................
Mr Christopher McGinley
Director

 

2 AM Management Company Limited

Directors' Report for the Year Ended 31 March 2023

The directors present their report and the for the year ended 31 March 2023.

Directors of the group

The directors who held office during the year were as follows:

Mr Christopher Allender - Company secretary and director

Mr Christopher McGinley

Information included in the Strategic Report

The results for the year are set out on page 10. The profit for the year after taxation was £1,120,371. The dividends paid during the year totalled £478,365.

The directors are confident that the company will continue to increase turnover and profitability in the future period.

Employment of disabled persons

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the group continues and that the appropriate training is arranged. It is the policy of the group that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

Employee involvement

The group's policy is to consult and discuss with employees, though unions, staff councils and at meetings, matters likely to affect employees' interests.

Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the group's performance

the directors introduced a Employee Ownership Trust after the year end date, as a means of further encouraging the involvment of employees in the company's performance.

Disclosure of information to the auditor

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

Auditor

The auditor, GBAC Limited, is deemed to be reappointed under section 487 (2) of the Companies Act 2006.

 

2 AM Management Company Limited

Directors' Report for the Year Ended 31 March 2023

Approved and authorised by the Board on 15 November 2023 and signed on its behalf by:
 

.........................................
Mr Christopher Allender
Company secretary and director

.........................................
Mr Christopher McGinley
Director

 

2 AM Management Company Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have 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 directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and the company and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

2 AM Management Company Limited

Independent Auditor's Report to the Members of 2 AM Management Company Limited

Opinion

We have audited the financial statements of 2am Management Company Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2023 which comprise the group income statement, the group statement of comprehensive income, the group statement of financial position, the company statement of financial position, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the group's and the parent company's affairs as at 31 March 2023 and of the group's profit for the year then ended;

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

 

2 AM Management Company Limited

Independent Auditor's Report to the Members of 2 AM Management Company Limited

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditors' report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matter prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

the parent company financial statements are not in agreement with the accounting records and returns; or

certain disclosures of directors' remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

 

2 AM Management Company Limited

Independent Auditor's Report to the Members of 2 AM Management Company Limited

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

We obtained an understanding of the company and the sector in which it operates to identify laws and regulations that could reasonably be expected to have a direct effect on the financial statements. We obtained our understanding in this regard through discussions with management, application of cumulative audit knowledge and experience of the sector.

We determined the principal laws and regulations relevant to the company in this regard to be those arising from the Companies Act 2006, Local tax laws and regulations, Anti Money Laundering Legislation, Bribery Act 2010, Road Vehicles (Authorised Weight) Regulations 1998, Road Traffic Act 1988, Employment Agencies Act 1973 and Conduct of Employment Agencies & Employment Business Regulations 2003

We designed our audit procedures to ensure the audit team considered whether there were any indications of non-compliance by the company with those laws and regulations. These procedures included, but were not limited to; a review of general ledger transactions and discussions with management.

We also identified the risks of material misstatement of the financial statements due to fraud. We considered, in addition to the non-rebuttable presumption of a risk of fraud arising from management override of controls, including the potential for management bias identified in relation to the provisions and estimates and we addressed this by challenging the assumptions and judgements made by management when auditing that significant accounting estimate.

As in all of our audits, we addressed the risk of fraud arising from management override of controls by performing audit procedures which included, but were not limited to: the testing of journals; reviewing accounting estimates for evidence of bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditors/audit-assurance-ethics/auditors-responsibilities-for-the-audit. This description forms part of our auditors' report.

 

2 AM Management Company Limited

Independent Auditor's Report to the Members of 2 AM Management Company Limited

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

......................................
Emma Dawson (Senior Statutory Auditor)
For and on behalf of GBAC Ltd, Statutory Auditor

Old Linen Court
83-85 Shambles Street
Barnsley
South Yorkshire
S70 2SB

15 November 2023

 

2 AM Management Company Limited

Consolidated Profit and Loss Account for the Year Ended 31 March 2023

Note

2023
£

2022
£

Turnover

3

24,925,670

23,146,449

Cost of sales

 

(20,703,122)

(19,069,480)

Gross profit

 

4,222,548

4,076,969

Administrative expenses

 

(2,749,548)

(2,557,878)

Other operating income

4

586

15,395

Operating profit

6

1,473,586

1,534,486

Other interest receivable and similar income

7

682

2,310

Interest payable and similar expenses

8

(202,219)

(95,415)

   

(201,537)

(93,105)

Profit before tax

 

1,272,049

1,441,381

Tax on profit

12

(155,579)

(354,263)

Profit for the financial year

 

1,116,470

1,087,118

Profit/(loss) attributable to:

 

Owners of the company

 

1,090,758

1,062,960

Minority interests

 

25,712

24,158

 

1,116,470

1,087,118

 

2 AM Management Company Limited

Consolidated Statement of Comprehensive Income for the Year Ended 31 March 2023

2023
£

2022
£

Profit for the year

1,116,470

1,087,118

Surplus on property, plant and equipment revaluation

-

777,184

Total comprehensive income for the year

1,116,470

1,864,302

Total comprehensive income attributable to:

Owners of the company

1,090,758

1,840,144

Minority interests

25,712

24,158

1,116,470

1,864,302

 

2 AM Management Company Limited

(Registration number: 06817611)
Consolidated Balance Sheet as at 31 March 2023

Note

2023
£

2022
£
restated

Fixed assets

 

Tangible assets

13

5,392,489

4,420,039

Investment property

14

584,734

248,827

Other financial assets

16

25,000

25,000

 

6,002,223

4,693,866

Current assets

 

Debtors

17

5,050,098

4,454,319

Cash at bank and in hand

18

1,223,966

2,287,702

 

6,274,064

6,742,021

Creditors: Amounts falling due within one year

19

(5,249,705)

(5,695,858)

Net current assets

 

1,024,359

1,046,163

Total assets less current liabilities

 

7,026,582

5,740,029

Creditors: Amounts falling due after more than one year

19

(1,976,516)

(1,364,195)

Provisions for liabilities

20

(552,024)

(515,898)

Net assets

 

4,498,042

3,859,936

Capital and reserves

 

Called up share capital

22

2

2

Revaluation reserve

777,184

777,184

Other reserves

(145,300)

(145,300)

Retained earnings

3,816,286

3,203,892

Equity attributable to owners of the company

 

4,448,172

3,835,778

Minority interests

 

49,870

24,158

Shareholders' funds

 

4,498,042

3,859,936

 

2 AM Management Company Limited

(Registration number: 06817611)
Consolidated Balance Sheet as at 31 March 2023

Approved and authorised by the Board on 15 November 2023 and signed on its behalf by:
 

.........................................
Mr Christopher Allender
Company secretary and director

.........................................
Mr Christopher McGinley
Director

 

2 AM Management Company Limited

(Registration number: 06817611)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£
restated

Fixed assets

 

Tangible assets

13

2,132,797

2,194,617

Investment property

14

584,734

248,827

Investments

15

145,610

145,610

 

2,863,141

2,589,054

Current assets

 

Debtors

17

1,067,754

63,980

Cash at bank and in hand

 

399,348

1,057,128

 

1,467,102

1,121,108

Creditors: Amounts falling due within one year

19

(134,972)

(104,387)

Net current assets

 

1,332,130

1,016,721

Total assets less current liabilities

 

4,195,271

3,605,775

Provisions for liabilities

20

(51,805)

(73,654)

Net assets

 

4,143,466

3,532,121

Capital and reserves

 

Called up share capital

22

2

2

Revaluation reserve

777,184

777,184

Retained earnings

3,366,280

2,754,935

Shareholders' funds

 

4,143,466

3,532,121

As permitted by S408 Companies Act 2006, the company has not presented its own profit and loss account and related disclosures.


The company made a profit after tax for the financial year of £961,065 (2022 - profit of £956,306).

Approved and authorised by the Board on 15 November 2023 and signed on its behalf by:
 

.........................................
Mr Christopher Allender
Company secretary and director

.........................................
Mr Christopher McGinley
Director

 

2 AM Management Company Limited

Consolidated Statement of Changes in Equity for the Year Ended 31 March 2023
 

Share capital
£

Revaluation reserve
£

Other reserves
£

Retained earnings
£

Total
£

Non- controlling interests
£

Total equity
£

At 1 April 2022

2

777,184

(145,300)

3,203,892

3,835,778

24,158

3,859,936

Profit for the year

-

-

-

1,090,758

1,090,758

25,712

1,116,470

Dividends

-

-

-

(478,364)

(478,364)

-

(478,364)

At 31 March 2023

2

777,184

(145,300)

3,816,286

4,448,172

49,870

4,498,042

Share capital
£

Revaluation reserve
£

Other reserves
£

Retained earnings
£

Total
£

Non- controlling interests
£

Total equity
£

At 1 April 2021

2

-

(145,300)

2,620,237

2,474,939

-

2,474,939

Profit for the year

-

-

-

1,062,960

1,062,960

24,158

1,087,118

Other comprehensive income

-

777,184

-

-

777,184

-

777,184

Total comprehensive income

-

777,184

-

1,062,960

1,840,144

24,158

1,864,302

Dividends

-

-

-

(479,305)

(479,305)

-

(479,305)

At 31 March 2022 (As restated)

2

777,184

(145,300)

3,203,892

3,835,778

24,158

3,859,936

 

2 AM Management Company Limited

Statement of Changes in Equity for the Year Ended 31 March 2023
Equity attributable to the parent company

Share capital
£

Revaluation reserve
£

Retained earnings
£

Total
£

At 1 April 2022

2

777,184

2,754,935

3,532,121

Profit for the year

-

-

961,065

961,065

Dividends

-

-

(349,720)

(349,720)

At 31 March 2023

2

777,184

3,366,280

4,143,466

Share capital
£

Revaluation reserve
£

Retained earnings
£

Total
£

At 1 April 2021

2

-

2,148,349

2,148,351

Profit for the year

-

-

956,306

956,306

Other comprehensive income

-

777,184

-

777,184

Total comprehensive income

-

777,184

956,306

1,733,490

Dividends

-

-

(349,720)

(349,720)

At 31 March 2022

2

777,184

2,754,935

3,532,121

 

2 AM Management Company Limited

Consolidated Statement of Cash Flows for the Year Ended 31 March 2023

Note

2023
£

2022
£

Cash flows from operating activities

Profit for the year

 

1,116,470

1,087,118

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

6

898,053

728,192

Profit on disposal of tangible assets

5

(38,676)

(72,558)

Finance income

7

(682)

(2,310)

Finance costs

8

202,219

95,415

Income tax expense

12

155,579

354,263

 

2,332,963

2,190,120

Working capital adjustments

 

Increase in trade debtors

17

(614,837)

(791,362)

Decrease in trade creditors

19

(37,818)

(837,198)

Cash generated from operations

 

1,680,308

561,560

Income taxes paid

12

(108,903)

(62,758)

Net cash flow from operating activities

 

1,571,405

498,802

Cash flows from investing activities

 

Interest received

682

113

Acquisitions of tangible assets

(2,036,227)

(1,415,994)

Proceeds from sale of tangible assets

 

204,399

77,000

Acquisition of investment properties

14

(335,907)

-

Dividend income

-

2,197

Net cash flows from investing activities

 

(2,167,053)

(1,336,684)

Cash flows from financing activities

 

Interest paid

8

(202,219)

(95,415)

Proceeds from bank borrowing draw downs

 

-

(100,000)

Repayment of other borrowing

 

(670,498)

2,048,926

Payments to finance lease creditors

 

882,992

550,118

Dividends paid

(478,363)

(479,305)

Net cash flows from financing activities

 

(468,088)

1,924,324

Net (decrease)/increase in cash and cash equivalents

 

(1,063,736)

1,086,442

Cash and cash equivalents at 1 April

 

2,287,702

1,201,260

Cash and cash equivalents at 31 March

 

1,223,966

2,287,702

 

2 AM Management Company Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

1

General information

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

The address of its registered office is:
Stanton Building
Colliery Lane
Thurnscoe
Rotherham
S63 0JF

These financial statements were authorised for issue by the Board on 15 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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

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.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 March 2023.

 

2 AM Management Company Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.

The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.

Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.

Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.

Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

 

Key sources of estimation uncertainty

The preparation of financial information requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expenses. Judgements and estimates are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The resulting accounting estimates may differ from the related actual results.

There are no key judgements, estimates or assumptions that have been made by the directors in the preparation of these financial statements.

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 group’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the group.

 

2 AM Management Company Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

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 group operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the consolidated 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used.

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.

 

2 AM Management Company Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

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

Office Equipment

33% Straight Line

Motor Vehicles

20% Straight Line

Fixtures and Fittings

33% Straight Line

Plant and equipment

2 year straight Line

Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recogniised at cost, which includes the purchase cost and any directly sttributable expenditure. Subsequently it is measured at fair value at the reporting end date. Charges in fair value are recognised in profit or loss.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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 group 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 group 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.

 

2 AM Management Company Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

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 group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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 group’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recoginised as part of the cost of stock or non-current assets.

The cost of any unused holiday entitlement is recogined in the period in which the employee's services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

 

2 AM Management Company Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

3

Revenue

The analysis of the group's revenue for the year from continuing operations is as follows:

2023
£

2022
£

Hiring out commercial vehicles and drivers

17,203,861

16,111,319

Provision of temporary staff

7,648,194

6,985,797

Rental income

73,615

49,333

24,925,670

23,146,449

The analysis of the group's Turnover for the year by market is as follows:

2023
£

2022
£

UK

24,925,670

23,146,449

4

Other operating income

The analysis of the group's other operating income for the year is as follows:

2023
£

2022
£

Government grants

500

15,088

Miscellaneous other operating income

86

307

586

15,395

5

Other gains and losses

The analysis of the group's other gains and losses for the year is as follows:

2023
£

2022
£

Gain on disposal of Tangible assets

38,676

72,558

6

Operating profit

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

898,053

728,192

Profit on disposal of property, plant and equipment

(38,676)

(72,558)

 

2 AM Management Company Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

7

Other interest receivable and similar income

2023
£

2022
£

Interest income on bank deposits

682

113

Dividend income

-

2,197

682

2,310

8

Interest payable and similar expenses

2023
£

2022
£

Interest on bank overdrafts and borrowings

-

62

Interest on obligations under finance leases and hire purchase contracts

75,415

36,670

Interest expense on other finance liabilities

8,037

639

Other finance costs

118,767

58,044

202,219

95,415

9

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2023
£

2022
£

Wages and salaries

11,804,261

10,826,294

Social security costs

1,165,391

1,031,884

Other short-term employee benefits

5,525

4,535

Pension costs, defined contribution scheme

273,539

202,932

Other employee expense

20,636

46,054

13,269,352

12,111,699

The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:

2023
No.

2022
No.

Administration and support

39

34

Distribution

146

125

Other departments

211

198

396

357

 

2 AM Management Company Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

10

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

59,765

54,241

Contributions paid to money purchase schemes

80,000

80,000

139,765

134,241

11

Auditors' remuneration

2023
£

2022
£

Group and Parent

4,000

1,900

Subsidiaries

14,000

14,785

18,000

16,685


 

12

Taxation

Tax charged/(credited) in the consolidated profit and loss account

2023
£

2022
£

Current taxation

UK corporation tax

119,453

108,903

Deferred taxation

Arising from origination and reversal of timing differences

36,126

245,360

Tax expense in the income statement

155,579

354,263

 

2 AM Management Company Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2022 - the same as the standard rate of corporation tax in the UK) of 19% (2022 - 19%).

The differences are reconciled below:

2023
£

2022
£

Profit before tax

1,272,049

1,441,381

Corporation tax at standard rate

241,690

273,862

Tax (decrease)/increase from effect of capital allowances and depreciation

(86,111)

80,401

Total tax charge

155,579

354,263

The future taxable losses carried forward are £1,099,702.

 

2 AM Management Company Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

13

Tangible assets

Group

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2022

1,900,000

214,211

3,587,620

145,927

5,847,758

Additions

25,579

17,504

1,979,797

13,347

2,036,227

Disposals

-

-

(430,409)

-

(430,409)

At 31 March 2023

1,925,579

231,715

5,137,008

159,274

7,453,576

Depreciation

At 1 April 2022

-

157,816

1,183,313

86,590

1,427,719

Charge for the year

-

46,949

809,288

41,817

898,054

Eliminated on disposal

-

-

(264,686)

-

(264,686)

At 31 March 2023

-

204,765

1,727,915

128,407

2,061,087

Carrying amount

At 31 March 2023

1,925,579

26,950

3,409,093

30,867

5,392,489

At 31 March 2022 (As Restated)

1,900,000

56,395

2,404,307

59,337

4,420,039

Included within the net book value of land and buildings above is £1,925,579 (2022 - £1,900,000) in respect of leasehold land and buildings.
 

 

2 AM Management Company Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

Assets held under finance leases and hire purchase contracts

The depreciation charged during the year was £642,173 (2022: £459,760).

The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:

 

2023
£

2022
£

Plant & Machinery

2,975,244

1,961,989

     
 

2 AM Management Company Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

Company

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2022

1,900,000

58,454

313,245

43,809

2,315,508

Additions

25,579

7,173

-

-

32,752

At 31 March 2023

1,925,579

65,627

313,245

43,809

2,348,260

Depreciation

At 1 April 2022

-

33,644

73,056

14,191

120,891

Charge for the year

-

17,320

62,649

14,603

94,572

At 31 March 2023

-

50,964

135,705

28,794

215,463

Carrying amount

At 31 March 2023

1,925,579

14,663

177,540

15,015

2,132,797

At 31 March 2022 (As Restated)

1,900,000

24,810

240,189

29,618

2,194,617

Included within the net book value of land and buildings above is £1,925,579 (2022 - £1,900,000) in respect of leasehold land and buildings.
 

 

2 AM Management Company Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

14

Investment properties

Group

2023
£

Restated
2022
£

At 1 April

248,827

-

Acquired through business combinations

335,907

248,827

At 31 March

584,734

248,827

There has been no valuation of investment property by an independent valuer.

The original valuations upon purchase were £550,000.

Company

2023
£

Restated
2022
£

At 1 April

248,827

-

Acquired through business combinations

335,907

248,827

At 31 March

584,734

248,827

There has been no valuation of investment property by an independent valuer.

The original valuations upon purchase were £550,000.

15

Investments

Group

Details of undertakings

Details of the investments in which the group holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2023

2022

Subsidiary undertakings

Talstaff Limited

Ordinary voting rights Proportion of shares held

100%

91.6%

100%

91.6%

 

England

     

Stanton Logistics Limited

Ordinary voting rights Proportion of shares held

100%

95.2%

100%

95.2%

 

England

     
 

2 AM Management Company Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

Transport & Logistics Staff Limited

Ordinary voting rights Proportion of shares held

100%

100%

100%

100%

 

England

     

Subsidiary undertakings

Talstaff Limited

The principal activity of Talstaff Limited is provision of temporary staff

Stanton Logistics Limited

The principal activity of Stanton Logistics Limited is hiring out commercial vehicle and drivers

Transport & Logistics Staff Limited

The principal activity of Transport & Logistics Staff Limited is Dormant

Company

2023
£

2022
£

Investments in subsidiaries

145,610

145,610

Subsidiaries

£

Cost or valuation

At 1 April 2022

145,610

Provision

Carrying amount

At 31 March 2023

145,610

At 31 March 2022

145,610

 

2 AM Management Company Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

16

Other financial assets

Group

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

At 1 April 2022

25,000

25,000

At 31 March 2023

25,000

25,000

Impairment

Carrying amount

At 31 March 2023

25,000

25,000

17

Debtors

   

Group

Company

Current

Note

2023
£

2022
£

2023
£

2022
£

Trade debtors

 

2,984,142

3,323,972

600

600

Other debtors

 

1,039,848

199,946

1,000,557

231

Prepayments

 

486,152

539,947

66,597

44,091

Accrued income

 

539,956

371,396

-

-

Income tax asset

12

-

19,058

-

19,058

   

5,050,098

4,454,319

1,067,754

63,980

Group

The carrying amount of trade debtors pledged as security for liabilities amounted to £1,666.100 (2022 - £2,336,599).

18

Cash and cash equivalents

 

Group

Company

2023
£

2022
£

2023
£

2022
£

Cash at bank

1,223,966

2,287,702

399,348

1,057,128

 

2 AM Management Company Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

19

Creditors

   

Group

Company

Note

2023
£

2022
£

2023
£

2022
£

Due within one year

 

Loans and borrowings

23

2,493,284

2,893,111

-

-

Trade creditors

 

889,233

1,126,385

59,608

55,574

Social security and other taxes

 

1,077,936

877,669

34,463

33,946

Outstanding defined contribution pension costs

 

11,578

3,598

551

-

Other payables

 

240,440

2,964

-

2,917

Accruals

 

437,404

683,793

10,840

11,950

Income tax liability

12

99,830

108,338

29,510

-

 

5,249,705

5,695,858

134,972

104,387

Due after one year

 

Loans and borrowings

23

1,976,516

1,364,195

-

-

20

Provisions for liabilities

Group

Deferred tax
£

Total
£

At 1 April 2022

515,898

515,898

Additional provisions

36,126

36,126

At 31 March 2023

552,024

552,024

Company

Deferred tax
£

Total
£

At 1 April 2022

73,654

73,654

Additional provisions

(21,849)

(21,849)

At 31 March 2023

51,805

51,805

21

Pension and other schemes

Defined contribution pension scheme

The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £273,539 (2022 - £202,932).

Contributions totalling £11,578 (2022 - £3,598) were payable to the scheme at the end of the year and are included in creditors.

 

2 AM Management Company Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

22

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary A of £0.01 each

180

1.80

180

1.80

Ordinary B of £0.01 each

20

0.20

20

0.20

 

200

2.00

200

2.00

23

Loans and borrowings

 

Group

Company

2023
£

2022
£

2023
£

2022
£

Non-current loans and borrowings

Finance lease liabilities

1,976,516

1,364,195

-

-

 

Group

Company

2023
£

2022
£

2023
£

2022
£

Current loans and borrowings

Finance lease liabilities

827,163

556,492

-

-

Other borrowings

1,666,121

2,336,619

-

-

2,493,284

2,893,111

-

-

Group

Finance leases are secured against the assets to which they relate.

Other Borrowings

Advances against invoices in Stanton Logistics Limited and Talstaff Limited are secured by a first charge over trade debtors, a personal guarantee of £25,000 from each director and a cross guarantee with 2AM Management Company Ltd.
 

24

Commitments

Group

Capital commitments

The total amount contracted for but not provided in the financial statements was £Nil (2022 - £460,422).

 

2 AM Management Company Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

25

Related party transactions

Group

Summary of transactions with other related parties

During the year the group paid £40,000 (2022: £40,000) in sponsorship to McAllen Racing Ltd, a company in which Mr C McGinley and Mr C Allender are directors. There was no balance outstanding at the year end (2022: £nil).

During the year the group borrowed money to CMA Lettings and Developments Ltd, a company in which Mr C McGinley and Mr C Allender are directors. The balance outstanding at the year of the year was £760,325 owing to 2AM Management Company Ltd.

 

26

Non adjusting events after the financial period

After the reporting period, an Employee Ownership Trust was set up and took ownership of the company, the owners are now 2 AM Trustee Ltd. The building and investment properties have been disposed of as payment for the shares.
An estimate of the financial effect cannot be made.

27

Prior year adjustment

The accounts have been restated to incorporate the misclassification of £248,827 of Investment properties as freehold property. The minority interest was amended.