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Company registration number: 01741522
Amir Power Transmission Limited
Unaudited filleted financial statements
31 December 2023
Amir Power Transmission Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Amir Power Transmission Limited
Directors and other information
Directors Mr S N Khodadoost
Mr S Khodadoost
Mrs S Khodadoost (Resigned 14 July 2023)
Company number 01741522
Registered office Unit 4 Bay 1 Cannel Road
Zone 3 Burntwood Business Park
Burntwood
WS7 3FU
Accountants Simpson Accountants Limited
5 Border Lane
Buckingham
MK18 7SE
Bankers Barclays Bank Plc
Hemel Hempstead
Amir Power Transmission Limited
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Amir Power Transmission Limited
Year ended 31 December 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Amir Power Transmission Limited for the year ended 31 December 2023 which comprise the statement of financial position and 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 (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of Amir Power Transmission Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Amir Power Transmission Limited and state those matters that we have agreed to state to the board of directors of Amir Power Transmission Limited as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Amir Power Transmission Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Amir Power Transmission Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Amir Power Transmission Limited. You consider that Amir Power Transmission Limited 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 financial statements of Amir Power Transmission Limited. 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 financial statements.
Simpson Accountants Limited
Chartered Accountants
5 Border Lane
Buckingham
MK18 7SE
8 February 2024
Amir Power Transmission Limited
Statement of financial position
31 December 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 92,956 112,806
_______ _______
92,956 112,806
Current assets
Stocks 1,317,341 1,104,419
Debtors 6 780,089 708,885
Cash at bank and in hand 154,552 501,964
_______ _______
2,251,982 2,315,268
Creditors: amounts falling due
within one year 7 ( 1,350,528) ( 1,303,355)
_______ _______
Net current assets 901,454 1,011,913
_______ _______
Total assets less current liabilities 994,410 1,124,719
Creditors: amounts falling due
after more than one year 8 ( 30,171) ( 42,545)
Provisions for liabilities ( 23,239) ( 27,212)
_______ _______
Net assets 941,000 1,054,962
_______ _______
Capital and reserves
Called up share capital 9 2,000 2,167
Capital redemption reserve 5,000 4,833
Profit and loss account 934,000 1,047,962
_______ _______
Shareholders funds 941,000 1,054,962
_______ _______
For the year ending 31 December 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 08 February 2024 , and are signed on behalf of the board by:
Mr S N Khodadoost Mr S Khodadoost
Director Director
Company registration number: 01741522
Amir Power Transmission Limited
Notes to the financial statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is Unit 4 Bay 1 Cannel Road, Zone 3 Burntwood Business Park, Burntwood, WS7 3FU.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment loss.Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the statement of comprehensive income.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 15 % reducing balance
Fittings fixtures and equipment - 15 % reducing balance
Motor vehicles - 25 % reducing balance
Office equipment - 15 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.
Defined contribution plans
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.The contributions are recognised as an expense in the statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the Company in independently administered funds.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 20 (2022: 20 ).
5. Tangible assets
Plant and machinery Fixtures, fittings and equipment Motor vehicles Office equipment Total
£ £ £ £ £
Cost
At 1 January 2023 44,245 80,226 90,731 79,568 294,770
Additions 27,458 - - 1,911 29,369
Disposals - - ( 58,336) - ( 58,336)
_______ _______ _______ _______ _______
At 31 December 2023 71,703 80,226 32,395 81,479 265,803
_______ _______ _______ _______ _______
Depreciation
At 1 January 2023 28,850 69,817 33,324 49,973 181,964
Charge for the year 3,841 1,565 11,143 9,690 26,239
Disposals - - ( 35,356) - ( 35,356)
_______ _______ _______ _______ _______
At 31 December 2023 32,691 71,382 9,111 59,663 172,847
_______ _______ _______ _______ _______
Carrying amount
At 31 December 2023 39,012 8,844 23,284 21,816 92,956
_______ _______ _______ _______ _______
At 31 December 2022 15,395 10,409 57,407 29,595 112,806
_______ _______ _______ _______ _______
6. Debtors
2023 2022
£ £
Trade debtors 740,715 664,192
Other debtors 39,374 44,693
_______ _______
780,089 708,885
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts - 8,610
Trade creditors 1,047,612 1,036,701
Social security and other taxes 84,538 71,637
Other creditors 218,378 186,407
_______ _______
1,350,528 1,303,355
_______ _______
8. Creditors: amounts falling due after more than one year
2023 2022
£ £
Other creditors 30,171 42,545
_______ _______
9. Called up share capital
Issued, called up and fully paid
2023 2022
No £ No £
Ordinary shares of £ 1.00 each 1,700 1,700 1,700 1,700
Ordinary A shares of £ 1.00 each 300 300 300 300
Ordinary B shares of £ 1.00 each - - 167 167
_______ _______ _______ _______
2,000 2,000 2,167 2,167
_______ _______ _______ _______
Share movements
No £
Ordinary B :
At 1 January 2023 167 167
Shares cancelled 167 167
_______ _______
At 31 December 2023 - -
_______ _______
During the year the company purchased 167 (2022: 256) of its own Ordinary B shares out of distributable profits for £150 (2022: £150) per share and then immediately cancelled the shares.
10. Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
£ £
Not later than 1 year 15,000 60,000
Later than 1 year and not later than 5 years - 15,000
_______ _______
15,000 75,000
_______ _______