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Registration number: 02703484

AMS No-Dig Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2023

 

AMS No-Dig Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

AMS No-Dig Limited

Company Information

Directors

GW Aitkenhead

M Tomlin

M Waterson

Registered office

Ams No-Dig Ltd
Brigg Road
Scunthorpe
North Lincolnshire
DN16 1AP

 

AMS No-Dig Limited

(Registration number: 02703484)
Balance Sheet as at 30 April 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

683,419

986,353

Current assets

 

Stocks

5

1,201,039

1,881,422

Debtors

6

1,119,982

2,964,966

Cash at bank and in hand

 

571,206

340,739

 

2,892,227

5,187,127

Creditors: Amounts falling due within one year

7

(1,147,176)

(3,572,610)

Net current assets

 

1,745,051

1,614,517

Total assets less current liabilities

 

2,428,470

2,600,870

Creditors: Amounts falling due after more than one year

7

(74,246)

(266,536)

Provisions for liabilities

(59,816)

(40,264)

Net assets

 

2,294,408

2,294,070

Capital and reserves

 

Called up share capital

30,000

30,000

Share premium reserve

88,924

88,924

Capital redemption reserve

3,333

3,333

Other reserves

100,000

100,000

Retained earnings

2,072,151

2,071,813

Shareholders' funds

 

2,294,408

2,294,070

For the financial year ending 30 April 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 accounts for the year in question in accordance with section 476; and

The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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 Directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 9 January 2024 and signed on its behalf by:
 

.........................................
GW Aitkenhead
Director

 

AMS No-Dig Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

1

General information

The company is a private company limited by share capital incorporated in England and Wales and the company registration number is 02703484.

The address of its registered office is:
Ams No-Dig Ltd
Brigg Road
Scunthorpe
North Lincolnshire
DN16 1AP

These financial statements were authorised for issue by the Board on 9 January 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.

The financial statements have been prepared in sterling and are rounded to the nearest pound.

Exemption from preparing group accounts
The company has taken advantage of the exemption in section 398 of the Companies Act 2006 from the requirement to prepare consolidated financial statements, on the grounds that it is a small sized group.

Going Concern
Specifically in connection with the current economic climate, the directors are satisfied that the company has sufficient financial headroom to continue trading for at least the next 12 months. For this reason the financial statements have been prepared on a going concern basis.

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.
The Stage of comletion of the contract at the end of the reporting period can be measured reliably and
The costs incurred and the costs to complete the contract can be measured reliably.

Government grants

Government grants which become receivable as compensation for expenses or losses already incurred, or for the purpose of giving immediate financial support to the entity with no future related costs, are recognised as income in the period in which they become receivable.

 

AMS No-Dig Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

Foreign currency transactions and balances

Assets and liabilities in foreign currencies are translated into sterling at the rate of exchange ruling at the balance sheet date. Transactions in foreign currencies are transalted into sterling at the rate of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating result.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, 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.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the Company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

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.

Tangible assets

Tangible assets are stated in the statement of financial position 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

Motor vehicles

25% straight line

Office equipment

33% straight line

Plant and machinery

20-33% straight line

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. 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.

 

AMS No-Dig Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 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.

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

 

AMS No-Dig Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

3

Staff numbers

The average number of persons employed by the Company (including Directors) during the year, was 48 (2022 - 47).

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 May 2022

6,478,726

871,475

7,350,201

Additions

123,871

57,300

181,171

Disposals

(560,689)

(61,124)

(621,813)

At 30 April 2023

6,041,908

867,651

6,909,559

Depreciation

At 1 May 2022

5,726,791

637,057

6,363,848

Charge for the year

350,239

124,288

474,527

Eliminated on disposal

(560,688)

(51,547)

(612,235)

At 30 April 2023

5,516,342

709,798

6,226,140

Carrying amount

At 30 April 2023

525,566

157,853

683,419

At 30 April 2022

751,935

234,418

986,353

5

Stocks

2023
£

2022
£

Work in progress

872,560

1,634,270

Other inventories

328,479

247,152

1,201,039

1,881,422

6

Debtors

Current

2023
£

2022
£

Trade debtors

772,739

2,512,058

Prepayments

146,952

149,406

Other debtors

200,291

303,502

 

1,119,982

2,964,966

 

AMS No-Dig Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

261,807

341,188

Trade creditors

 

267,637

1,120,759

Taxation and social security

 

67,343

108,388

Other creditors

 

460,522

779,078

Accruals and deferred income

 

89,867

1,223,197

 

1,147,176

3,572,610

Due after one year

 

Loans and borrowings

8

74,246

266,536

The hire purchase contracts are secured by the assets they are relating to.

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

HP and finance lease liability 1 (1-2 yrs)

74,246

266,536

2023
£

2022
£

Current loans and borrowings

Finance lease liabilities

261,807

341,188

 

AMS No-Dig Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £Nil (2022 - £15,000).

The total amount of contingencies not included in the balance sheet is £409,787 (2022 - £192,117). The company has guaranteed the hire purchase obligations of AMS Bobcat Limited, a company under common control. Capital amounts outstanding at the year end were £409,787 (2022- £192,117).

The banking arrangements are subject to a multilateral guarantee with the related companies AMS Bobcat Limited and AMS Shell Limited, neither of which had a liability to the bank at the year end.