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Company registration number: 02489890
AMPTEAM LIMITED
Unaudited abridged financial statements
30 June 2023
AMPTEAM LIMITED
Contents
Directors report
Abridged statement of income and retained earnings
Abridged statement of financial position
Notes to the financial statements
AMPTEAM LIMITED
Directors report
Year ended 30 June 2023
The directors present their report and the unaudited financial statements of the company for the year ended 30 June 2023.
Directors
The directors who served the company during the year were as follows:
Robert David Mantle
Claire Louise Beckert
Philip Reyner
Janet Mantle
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 29 February 2024 and signed on behalf of the board by:
Robert David Mantle
Director
AMPTEAM LIMITED
Abridged statement of income and retained earnings
Year ended 30 June 2023
2023 2022
Note £ £
Gross profit 880,216 846,242
Administrative expenses ( 584,546) ( 481,584)
_______ _______
Operating profit 295,670 364,658
Other interest receivable and similar income 8,020 2,411
_______ _______
Profit before taxation 5 303,690 367,069
Tax on profit ( 63,834) ( 69,935)
_______ _______
Profit for the financial year and total comprehensive income 239,856 297,134
_______ _______
Dividends declared and paid or payable during the year ( 60,000) ( 167,500)
Retained earnings at the start of the year 1,170,628 1,040,994
_______ _______
Retained earnings at the end of the year 1,350,484 1,170,628
_______ _______
All the activities of the company are from continuing operations.
AMPTEAM LIMITED
Abridged statement of financial position
30 June 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 6 164,857 167,651
_______ _______
164,857 167,651
Current assets
Stocks 117,898 126,595
Debtors 308,539 458,734
Cash at bank and in hand 1,227,070 882,070
_______ _______
1,653,507 1,467,399
Creditors: amounts falling due
within one year ( 454,121) ( 444,283)
_______ _______
Net current assets 1,199,386 1,023,116
_______ _______
Total assets less current liabilities 1,364,243 1,190,767
Provisions for liabilities ( 13,757) ( 20,137)
_______ _______
Net assets 1,350,486 1,170,630
_______ _______
Capital and reserves
Called up share capital 2 2
Profit and loss account 1,350,484 1,170,628
_______ _______
Shareholders funds 1,350,486 1,170,630
_______ _______
For the 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.
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 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'.
All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the current year ending 30 June 2023 in accordance with Section 444(2A) of the Companies Act 2006.
These financial statements were approved by the board of directors and authorised for issue on 29 February 2024 , and are signed on behalf of the board by:
Robert David Mantle
Director
Company registration number: 02489890
AMPTEAM LIMITED
Notes to the financial statements
Year ended 30 June 2023
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is 121 Brownswall Road, Sedgley, West Midlands, DY3 3NS.
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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
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 losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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:
Short leasehold property - 10 % straight line
Plant and machinery - 25 % reducing balance
Fittings fixtures and equipment - 25 % reducing balance
Motor vehicles - 25 % 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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
Financial Instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. 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, loans to related parties.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 12 (2022: 13 ).
5. Profit before taxation
Profit before taxation is stated after charging/(crediting):
2023 2022
£ £
Depreciation of tangible assets 48,327 38,257
_______ _______
6. Tangible assets
£
Cost
At 1 July 2022 459,695
Additions 47,157
Disposals ( 26,682)
_______
At 30 June 2023 480,170
_______
Depreciation
At 1 July 2022 292,044
Charge for the year 48,327
Disposals ( 25,058)
_______
At 30 June 2023 315,313
_______
Carrying amount
At 30 June 2023 164,857
_______
At 30 June 2022 167,651
_______
7. Directors advances, credits and guarantees
Balance brought forward and o/standing Balance brought forward and o/standing
2023 2022
£ £
Robert David Mantle 161 161
Janet Mantle 161 161
_______ _______
322 322
_______ _______
The company has taken advantage of the exemption under s1AC.35 not to disclose transactions which have been conducted under normal market conditions.
8. Related party transactions
Three of the directors had an interest in Ampteam Assets Limited. During the year business was conducted with this company at arms length, with rent and product licence fees of £85,896 (2022 - £78,806) being charged from Ampteam Assets Limited. The aggregate amount due to this company as at the year end was £8,708 (2022 - £15,647).