Company registration number 09055003 (England and Wales)
AMNB LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
AMNB LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
AMNB LTD
BALANCE SHEET
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
17,864
30,071
Current assets
Debtors
4
543
1,366
Cash at bank and in hand
1,152
360
1,695
1,726
Creditors: amounts falling due within one year
5
(190,970)
(181,722)
Net current liabilities
(189,275)
(179,996)
Net liabilities
(171,411)
(149,925)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(171,511)
(150,025)
Total equity
(171,411)
(149,925)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 20 February 2024 and are signed on its behalf by:
Mrs A P McCormick
Director
Company registration number 09055003 (England and Wales)
AMNB LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
- 2 -
1
Accounting policies
Company information
AMNB Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Old Bartons, High Street, Shutford, Banbury, Oxfordshire, OX15 6PQ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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 £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet 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.
The company has the ongoing support of the directors whilst the company maintains an adverse balance.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
5 years straight line
Computers
3 years straight line
Motor vehicles
4 years straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
AMNB LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
1
Accounting policies
(Continued)
- 3 -
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
2
2
3
Tangible fixed assets
Plant and equipment
Computers
Motor vehicles
Total
£
£
£
£
Cost
At 1 June 2022 and 31 May 2023
33,044
543
30,965
64,552
Depreciation and impairment
At 1 June 2022
13,598
181
20,702
34,481
Depreciation charged in the year
6,895
181
5,131
12,207
At 31 May 2023
20,493
362
25,833
46,688
Carrying amount
At 31 May 2023
12,551
181
5,132
17,864
At 31 May 2022
19,446
362
10,263
30,071
AMNB LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 4 -
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Corporation tax recoverable
606
Other debtors
543
760
543
1,366
5
Creditors: amounts falling due within one year
2023
2022
£
£
Other creditors
189,691
180,442
Accruals and deferred income
1,279
1,280
190,970
181,722
6
Directors' transactions
Dividends totalling £0 (2022 - £0) were paid in the year in respect of shares held by the company's directors.
Description
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Mr K McCormick -
90,221
8,951
(4,326)
94,846
Mr K McCormick -
90,221
8,951
(4,327)
94,845
180,442
17,902
(8,653)
189,691