Company No:
Contents
Note | 2023 | 2022 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 3 |
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Investment property | 4 |
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200,022 | 200,027 | |||
Current assets | ||||
Debtors | 5 |
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Cash at bank and in hand |
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31,850 | 30,281 | |||
Creditors: amounts falling due within one year | 6 | (
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Net current liabilities | (23,832) | (26,077) | ||
Total assets less current liabilities | 176,190 | 173,950 | ||
Provision for liabilities | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital |
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Share premium account |
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Fair value reserve |
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Profit and loss account | (
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Total shareholders' funds |
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Directors' responsibilities:
The financial statements of A E Sams Ltd (registered number:
Mr R F Sams
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
A E Sams Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Leanne House, 6 Avon Close, Weymouth, DT4 9UX, United Kingdom.
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 items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The company recognises revenue when :
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, 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.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.
Plant and machinery etc. |
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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.
2023 | 2022 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Plant and machinery etc. | Total | ||
£ | £ | ||
Cost | |||
At 01 January 2023 |
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At 31 December 2023 |
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Accumulated depreciation | |||
At 01 January 2023 |
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Charge for the financial year |
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At 31 December 2023 |
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Net book value | |||
At 31 December 2023 |
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At 31 December 2022 |
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Investment property | |
£ | |
Valuation | |
As at 01 January 2023 |
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As at 31 December 2023 |
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Valuation
The investment property class of fixed asset was valued at 31 December 2023 by Mr R F Sams who is internal to the company. The basis of the valuation was open market value.
The class of asset has a current valuation of £200,000 (2022 £200,000) and a carrying amount oh historical cost of £25,342 (2022 £25,342). The depreciation on this historical cost is £nil (2022 £nil).
There has been no valuation of investment property by an independant valuer.
2023 | 2022 | ||
£ | £ | ||
Other debtors |
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2023 | 2022 | ||
£ | £ | ||
Taxation and social security |
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Other creditors |
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Transactions with the entity's directors
During the year the directors maintained an interest free loan with the company which is repayable on demand.
At the balance sheet date the amount owing to the directors was £53,526 (2022 £54,713).