Company registration number 04270218 (England and Wales)
AMASIS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
PAGES FOR FILING WITH REGISTRAR
AMASIS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
AMASIS LIMITED
BALANCE SHEET
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
92,275
109,575
Tangible assets
4
523,677
67,021
615,952
176,596
Current assets
Stocks
1,739,255
2,847,978
Debtors
5
2,271,319
2,455,820
Cash at bank and in hand
12,672
46,960
4,023,246
5,350,758
Creditors: amounts falling due within one year
6
(2,953,211)
(3,895,925)
Net current assets
1,070,035
1,454,833
Total assets less current liabilities
1,685,987
1,631,429
Creditors: amounts falling due after more than one year
7
(305,622)
(48,776)
Net assets
1,380,365
1,582,653
Capital and reserves
Called up share capital
8
292,542
292,542
Profit and loss reserves
1,087,823
1,290,111
Total equity
1,380,365
1,582,653
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 July 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.
AMASIS LIMITED
BALANCE SHEET (CONTINUED)
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 23 April 2024 and are signed on its behalf by:
K M Warn
Director
Company registration number 04270218 (England and Wales)
AMASIS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
- 3 -
1
Accounting policies
Company information
Amasis Limited is a private company limited by shares incorporated in England and Wales. The registered office is Amasis Limited, Blueprint 1, 35 Walworth Business Park, Andover, Hampshire, SP10 5LH.
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 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.
1.3
Intangible fixed assets - goodwill
Acquired goodwill is written off in equal annual instalments over its estimated useful economic life.
1.4
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:
Land and buildings Leasehold
5 years straight line
Leasehold improvements
10 years straight line
Plant and machinery
15% reducing balance
Fixtures, fittings & equipment
15% Reducing Balance
Computer equipment
33.33% straight line
Motor vehicles
25% Reducing Balance
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.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
1.6
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.
AMASIS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
1
Accounting policies
(Continued)
- 4 -
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ 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.
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.
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.
1.8
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.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
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.
1.10
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.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the profit and loss account so as to produce a constant periodic rate of interest on the remaining balance of the liability.
AMASIS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
1
Accounting policies
(Continued)
- 5 -
1.13
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
12
12
3
Intangible fixed assets
Goodwill
£
Cost
At 1 August 2022 and 31 July 2023
346,000
Amortisation and impairment
At 1 August 2022
236,425
Amortisation charged for the year
17,300
At 31 July 2023
253,725
Carrying amount
At 31 July 2023
92,275
At 31 July 2022
109,575
AMASIS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 6 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 August 2022
63,976
132,334
196,310
Additions
451,058
49,118
500,176
Disposals
(63,976)
(63,976)
At 31 July 2023
451,058
181,452
632,510
Depreciation and impairment
At 1 August 2022
63,976
65,313
129,289
Depreciation charged in the year
22,553
20,967
43,520
Eliminated in respect of disposals
(63,976)
(63,976)
At 31 July 2023
22,553
86,280
108,833
Carrying amount
At 31 July 2023
428,505
95,172
523,677
At 31 July 2022
67,021
67,021
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,035,209
983,375
Amounts owed by group undertakings
871,049
860,717
Other debtors
365,061
611,728
2,271,319
2,455,820
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
2,033,139
2,472,980
Trade creditors
500,811
872,258
Corporation tax
24,435
146,040
Other taxation and social security
226,531
312,611
Other creditors
168,295
92,036
2,953,211
3,895,925
AMASIS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
6
Creditors: amounts falling due within one year
(Continued)
- 7 -
HSBC Invoice Finance (UK) Ltd has a fixed and floating charge over all the property undertaking of the company. HSBC Bank Plc has a fixed and floating charge over all assets of the company.
Included within other creditors is a balance of £49,708 owed in relation to assets purchased under finance lease, these hire purchase liabilities are secured over the assets to which they relate.
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
142,537
Other creditors
163,085
48,776
305,622
48,776
Other creditors represents hire purchase liabilities due after one year. All hire purchase liabilities are secured over the assets to which they relate.
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
7542 Ordinary shares of £1 each
7,542
7,542
7,542
7,542
285000 A Ordinary shares of £1 each
285,000
285,000
285,000
285,000
292,542
292,542
292,542
292,542