Company registration number 9095736 (England and Wales)
AMES PRIME PROPERTY LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
AMES PRIME PROPERTY LIMITED
COMPANY INFORMATION
Directors
Mrs J Ames
Mr G J Ames
Miss R Ames
Miss S Ames
Mr B Ames
Miss L Ames
Company number
9095736
Registered office
Brackenwood
59 Wood Lane
HAWARDEN
Deeside
Flintshire
CH5 3JG
Accountants
Sage & Company Business Advisors Ltd
102 Bowen Court
St Asaph Business Park
St Asaph
Denbighshire
LL17 0JE
AMES PRIME PROPERTY LIMITED
CONTENTS
Page
Directors' report
1
Accountants' report
2
Profit and loss account
3
Balance sheet
4
Notes to the financial statements
5 - 8
AMES PRIME PROPERTY LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2023
- 1 -

The directors present their annual report and financial statements for the year ended 30 June 2023.

Principal activities

The principal activity of the company continued to be that of purchase and sale of real estate and rentals.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mrs J Ames
Mr G J Ames
Miss R Ames
Miss S Ames
Mr B Ames
Miss L Ames
Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
Mr G J Ames
Director
22 February 2024
AMES PRIME PROPERTY LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF AMES PRIME PROPERTY LIMITED FOR THE YEAR ENDED 30 JUNE 2023
- 2 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Ames Prime Property Limited for the year ended 30 June 2023 set out on pages 3 to 8 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 https://www.icaew.com/regulation.

This report is made solely to the board of directors of Ames Prime Property Limited, as a body, in accordance with the terms of our engagement letter dated 20 March 2020. Our work has been undertaken solely to prepare for your approval the financial statements of Ames Prime Property Limited and state those matters that we have agreed to state to the board of directors of Ames Prime Property 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 Ames Prime Property Limited and its board of directors as a body, for our work or for this report.

It is your duty to ensure that Ames Prime Property 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 Ames Prime Property Limited. You consider that Ames Prime Property 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 Ames Prime Property 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.

Sage & Company Business Advisors Ltd
22 February 2024
Chartered Accountants
102 Bowen Court
St Asaph Business Park
St Asaph
Denbighshire
LL17 0JE
AMES PRIME PROPERTY LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 JUNE 2023
- 3 -
2023
2022
£
£
Gross profit
29,659
26,140
Administrative expenses
(5,865)
(4,989)
Operating profit
23,794
21,151
Interest payable and similar expenses
4
(988)
(3,867)
Profit before taxation
22,806
17,284
Tax on profit
(4,333)
(1,707)
Profit for the financial year
18,473
15,577

The profit and loss account has been prepared on the basis that all operations are continuing operations.

AMES PRIME PROPERTY LIMITED
BALANCE SHEET
AS AT
30 JUNE 2023
30 June 2023
- 4 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment properties
5
240,000
240,000
Current assets
Debtors
441
441
Cash at bank and in hand
40,816
111,994
41,257
112,435
Creditors: amounts falling due within one year
(33,729)
(96,915)
Net current assets
7,528
15,520
Total assets less current liabilities
247,528
255,520
Creditors: amounts falling due after more than one year
(23,179)
(37,644)
Provisions for liabilities
(9,522)
(9,522)
Net assets
214,827
208,354
Capital and reserves
Called up share capital
6
6
Profit and loss reserves
6
214,821
208,348
Total equity
214,827
208,354

In accordance with section 444 of the Companies Act 2006, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).

For the financial year ended 30 June 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 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 22 February 2024 and are signed on its behalf by:
Mr G J Ames
Director
Company Registration No. 9095736
AMES PRIME PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 5 -
1
Accounting policies
Company information

Ames Prime Property Limited is a private company limited by shares incorporated in England and Wales. The registered office is Brackenwood, 59 Wood Lane, HAWARDEN, Deeside, Flintshire, CH5 3JG.

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
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.3
Investment properties

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

1.4
Cash at bank and in hand

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.

AMES PRIME PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 6 -
1.5
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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.6
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.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

AMES PRIME PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 7 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
6
6
4
Interest payable and similar expenses
2023
2022
£
£
Interest payable and similar expenses includes the following:
Interest payable to group undertakings
-
0
3,177
AMES PRIME PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 8 -
5
Investment property
2023
£
Fair value
At 1 July 2022 and 30 June 2023
240,000

Investment property comprises a restaurant site.The directors for the company consider that £240,0000

to be a fair value in the current market..

6
Profit and loss reserves

The net figure of £53,678 is retained in the reserve as an uncrystallised gain and therefore un-distributable.

 

AMES PRIME PROPERTY LIMITED
MANAGEMENT INFORMATION
FOR THE YEAR ENDED 30 JUNE 2023
2023-06-302022-07-01falseCCH SoftwareCCH Accounts Production 2023.300Mrs J AmesMr G J AmesMiss R AmesMiss S AmesMr B AmesMiss L Amesfalse90957362022-07-012023-06-309095736bus:Director12022-07-012023-06-309095736bus:Director22022-07-012023-06-309095736bus:Director32022-07-012023-06-309095736bus:Director42022-07-012023-06-309095736bus:Director52022-07-012023-06-309095736bus:Director62022-07-012023-06-309095736bus:RegisteredOffice2022-07-012023-06-3090957362023-06-3090957362021-07-012022-06-3090957362022-06-309095736core:CurrentFinancialInstrumentscore:WithinOneYear2023-06-309095736core:CurrentFinancialInstrumentscore:WithinOneYear2022-06-309095736core:Non-currentFinancialInstrumentscore:AfterOneYear2023-06-309095736core:Non-currentFinancialInstrumentscore:AfterOneYear2022-06-309095736core:ShareCapital2023-06-309095736core:ShareCapital2022-06-309095736core:RetainedEarningsAccumulatedLosses2023-06-309095736core:RetainedEarningsAccumulatedLosses2022-06-3090957362022-06-309095736bus:PrivateLimitedCompanyLtd2022-07-012023-06-309095736bus:FRS1022022-07-012023-06-309095736bus:AuditExemptWithAccountantsReport2022-07-012023-06-309095736bus:FullAccounts2022-07-012023-06-30xbrli:purexbrli:sharesiso4217:GBP