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Registration number: 02881098

Amek Investments Limited

Unaudited Filleted Financial Statements

for the Period from 29 March 2022 to 27 March 2023

 

Amek Investments Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 12

 

Amek Investments Limited

Company Information

Director

Mr MARCUS SIMON COOPER

Company secretary

Mr BENJAMIN IAIN WEST

Registered office

16 FINCHLEY ROAD
ST JOHNS WOOD
LONDON
NW8 6EB

 

Amek Investments Limited

(Registration number: 02881098)
Balance Sheet as at 27 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

5,122,342

5,228,411

Investments

5

178

178

Other financial assets

6

3,503,689

3,503,689

 

8,626,209

8,732,278

Current assets

 

Stocks

7

8,620,086

8,713,256

Debtors

8

15,788,683

12,032,744

Cash at bank and in hand

 

708,702

702,673

 

25,117,471

21,448,673

Creditors: Amounts falling due within one year

9

(26,736,031)

(23,952,066)

Net current liabilities

 

(1,618,560)

(2,503,393)

Total assets less current liabilities

 

7,007,649

6,228,885

Creditors: Amounts falling due after more than one year

9

(640,000)

(640,000)

Provisions for liabilities

(619,157)

(619,157)

Net assets

 

5,748,492

4,969,728

Capital and reserves

 

Called up share capital

10

1,000

1,000

Retained earnings

5,747,492

4,968,728

Shareholders' funds

 

5,748,492

4,969,728

For the financial period ending 27 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Amek Investments Limited

(Registration number: 02881098)
Balance Sheet as at 27 March 2023

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 18 April 2024
 

.........................................
Mr MARCUS SIMON COOPER
Director

 

Amek Investments Limited

Notes to the Unaudited Financial Statements for the Period from 29 March 2022 to 27 March 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
16 FINCHLEY ROAD
ST JOHNS WOOD
LONDON
NW8 6EB
England

These financial statements were authorised for issue by the director on 18 April 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures, fittings and equipment

25% on a reducing balance

Motor vehicles

25% on a reducing balance

 

Amek Investments Limited

Notes to the Unaudited Financial Statements for the Period from 29 March 2022 to 27 March 2023

Investment property

In accordance with FRS 102 as applied for Smaller Entities by section 1A of the standard, investment properties are held under the revaluation model, whereby revaluations are undertaken regularly to ensure that the carrying amount does not materially differ from the fair value at the end of the period.

Any aggregate surplus or temporary deficit from the original cost is cumulated within equity in the revaluation reserve and also reflected in other comprehensive income. Any impairment in the value of an investment property from original cost is taken to the profit and loss account for the year.

On realisation any gain or loss is calculated by reference to the carrying value at the last balance sheet date and is included in the profit and loss account. Any balance in the revaluation reserve is transferred to the profit and loss account reserve.

No depreciation is provided in respect of freehold investment properties and leasehold investment properties with over 20 years unexpired. FRS 102 requires all properties to be depreciated however the residual value of such investment properties is considered not to be materially different from that of the carrying value and therefore depreciation is not required.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Amek Investments Limited

Notes to the Unaudited Financial Statements for the Period from 29 March 2022 to 27 March 2023

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the period, was 14 (2022 - 12).

 

Amek Investments Limited

Notes to the Unaudited Financial Statements for the Period from 29 March 2022 to 27 March 2023

4

Tangible assets

Investment property
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 29 March 2022

5,170,999

181,261

74,814

5,427,074

Additions

46,950

-

-

46,950

Disposals

(138,666)

-

-

(138,666)

At 27 March 2023

5,079,283

181,261

74,814

5,335,358

Depreciation

At 29 March 2022

-

179,960

18,703

198,663

Charge for the period

-

325

14,028

14,353

At 27 March 2023

-

180,285

32,731

213,016

Carrying amount

At 27 March 2023

5,079,283

976

42,083

5,122,342

At 28 March 2022

5,170,999

1,301

56,111

5,228,411

Included within the net book value of land and buildings above is £5,079,283 (2022 - £5,170,999) in respect of freehold land and buildings.
 

 

Amek Investments Limited

Notes to the Unaudited Financial Statements for the Period from 29 March 2022 to 27 March 2023

5

Investments

2023
£

2022
£

Investments in subsidiaries

178

178

Subsidiaries

£

Cost or valuation

At 29 March 2022

178

Provision

Carrying amount

At 27 March 2023

178

At 28 March 2022

178

 

Amek Investments Limited

Notes to the Unaudited Financial Statements for the Period from 29 March 2022 to 27 March 2023

6

Other financial assets (current and non-current)

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

At 29 March 2022

3,503,689

3,503,689

At 27 March 2023

3,503,689

3,503,689

Impairment

Carrying amount

At 27 March 2023

3,503,689

3,503,689

7

Stocks

2023
£

2022
£

Other inventories

8,620,086

8,713,256

8

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

130,111

27,479

Amounts owed by related parties

12

1,219,486

1,219,486

Prepayments

 

-

20,000

Other debtors

 

14,439,086

10,765,779

   

15,788,683

12,032,744

 

Amek Investments Limited

Notes to the Unaudited Financial Statements for the Period from 29 March 2022 to 27 March 2023

9

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

11

3,911,047

3,519,532

Trade creditors

 

70,080

71,771

Amounts owed to group undertakings and undertakings in which the company has a participating interest

12

7,369,364

7,369,364

Taxation and social security

 

67,258

2,938

Accruals and deferred income

 

103,277

121,393

Other creditors

 

15,215,005

12,867,068

 

26,736,031

23,952,066

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

11

640,000

640,000

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

640,000

640,000

10

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

1,000

1,000

1,000

1,000

         
 

Amek Investments Limited

Notes to the Unaudited Financial Statements for the Period from 29 March 2022 to 27 March 2023

11

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

640,000

640,000

2023
£

2022
£

Current loans and borrowings

Bank borrowings

3,210,715

3,304,015

Bank overdrafts

700,332

215,517

3,911,047

3,519,532

 

Amek Investments Limited

Notes to the Unaudited Financial Statements for the Period from 29 March 2022 to 27 March 2023

12

Related party transactions

Transactions with the director

2023

At 29 March 2022
£

Advances to director
£

Repayments by director
£

At 27 March 2023
£

Mr MARCUS SIMON COOPER

Directors loan

2,747,685

1,679,236

(3,502,655)

924,266

         
       

 

2022

At 30 March 2021
£

Advances to director
£

Repayments by director
£

At 28 March 2022
£

Mr MARCUS SIMON COOPER

Directors loan

2,401,541

1,560,411

(1,214,267)

2,747,685

         
       

 

Director's remuneration

The director's remuneration for the period was as follows:

2023
£

2022
£

Remuneration

150,000

150,000

Contributions paid to money purchase schemes

1,321

1,320

151,321

151,320