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2023-04-30
COMPANY REGISTRATION NUMBER:
09848967
Amphora Aromatics Holdings Limited |
|
Filleted Unaudited Financial Statements |
|
Amphora Aromatics Holdings Limited |
|
Year ended 30 April 2023
Report to the board of directors on the preparation of the unaudited statutory financial statements |
1 |
|
|
Statement of financial position |
2 |
|
|
Notes to the financial statements |
4 |
|
|
Amphora Aromatics Holdings Limited |
|
Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of
Amphora Aromatics Holdings Limited |
|
Year ended 30 April 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Amphora Aromatics Holdings Limited for the year ended 30 April 2023, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html. Our work has been undertaken in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf.
JAY & JAY PARTNERSHIP LIMITED
Chartered Certified Accountants
2 Chesterfield Buildings
Westbourne Place
Clifton
Bristol
BS8 1RU
15 January 2024
Amphora Aromatics Holdings Limited |
|
Statement of Financial Position |
|
30 April 2023
Fixed assets
Tangible assets |
6 |
2,384,320 |
2,468,706 |
Investments |
7 |
201 |
101 |
|
------------ |
------------ |
|
2,384,521 |
2,468,807 |
|
|
|
|
Current assets
Debtors |
8 |
1,096,516 |
1,276,644 |
Cash at bank and in hand |
16,261 |
61,721 |
|
------------ |
------------ |
|
1,112,777 |
1,338,365 |
|
|
|
|
Creditors: amounts falling due within one year |
9 |
184,754 |
240,856 |
|
------------ |
------------ |
Net current assets |
928,023 |
1,097,509 |
|
------------ |
------------ |
Total assets less current liabilities |
3,312,544 |
3,566,316 |
|
|
|
|
Creditors: amounts falling due after more than one year |
10 |
868,462 |
921,926 |
|
|
|
|
Provisions
Taxation including deferred tax |
148,375 |
164,408 |
|
------------ |
------------ |
Net assets |
2,295,707 |
2,479,982 |
|
------------ |
------------ |
|
|
|
Capital and reserves
Called up share capital |
6 |
6 |
Profit and loss account |
2,295,701 |
2,479,976 |
|
------------ |
------------ |
Shareholders funds |
2,295,707 |
2,479,982 |
|
------------ |
------------ |
|
|
|
These financial statements have been prepared and delivered 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'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the 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 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
.
Amphora Aromatics Holdings Limited |
|
Statement of Financial Position (continued) |
|
30 April 2023
These financial statements were approved by the
board of directors
and authorised for issue on
15 January 2024
, and are signed on behalf of the board by:
Mr W. Evans |
Mr M. Davies |
Director |
Director |
|
|
Company registration number:
09848967
Amphora Aromatics Holdings Limited |
|
Notes to the Financial Statements |
|
Year ended 30 April 2023
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Airfield House, Western Drive, Hengrove, Bristol, BS14 0AF.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Revenue recognition
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.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
|
Goodwill |
- |
5% straight line |
|
|
|
|
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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:
|
Plant and machinery |
- |
10% straight line |
|
Fixtures and fittings |
- |
10% straight line |
|
|
|
|
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss. If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis. Depreciation is not charged on the property as required by the Companies Act and FRS 102.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment of fixed assets
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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised using the accrual and performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are 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 in income in the period in which it becomes receivable. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable.
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 as a finance cost in profit or loss in the period 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.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
3
(2022:
1
).
5.
Intangible assets
|
Goodwill |
|
£ |
Cost |
|
At 1 May 2022 and 30 April 2023 |
5,000 |
|
------- |
Amortisation |
|
At 1 May 2022 and 30 April 2023 |
5,000 |
|
------- |
Carrying amount |
|
At 30 April 2023 |
– |
|
------- |
At 30 April 2022 |
– |
|
------- |
|
|
6.
Tangible assets
|
Land and buildings |
Plant and machinery |
Fixtures and fittings |
Total |
|
£ |
£ |
£ |
£ |
Cost |
|
|
|
|
At 1 May 2022 |
2,250,000 |
458,531 |
103,701 |
2,812,232 |
Additions |
– |
357 |
18,543 |
18,900 |
Disposals |
– |
(
332,955) |
– |
(
332,955) |
|
------------ |
--------- |
--------- |
------------ |
At 30 April 2023 |
2,250,000 |
125,933 |
122,244 |
2,498,177 |
|
------------ |
--------- |
--------- |
------------ |
Depreciation |
|
|
|
|
At 1 May 2022 |
– |
276,076 |
67,450 |
343,526 |
Charge for the year |
– |
9,445 |
5,479 |
14,924 |
Disposals |
– |
(
244,593) |
– |
(
244,593) |
|
------------ |
--------- |
--------- |
------------ |
At 30 April 2023 |
– |
40,928 |
72,929 |
113,857 |
|
------------ |
--------- |
--------- |
------------ |
Carrying amount |
|
|
|
|
At 30 April 2023 |
2,250,000 |
85,005 |
49,315 |
2,384,320 |
|
------------ |
--------- |
--------- |
------------ |
At 30 April 2022 |
2,250,000 |
182,455 |
36,251 |
2,468,706 |
|
------------ |
--------- |
--------- |
------------ |
|
|
|
|
|
Included within the above is investment property as follows:
|
£ |
|
------------ |
At 1 May 2022 and 30 April 2023 |
2,250,000 |
|
------------ |
|
|
The directors consider the fair value of the investment property to be £2,250,000 at 30 April 2023. The basis of the valuation is fair value taking into account market conditions.
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
|
Freehold property |
|
£ |
At 30 April 2023 |
|
Aggregate cost |
1,603,400 |
Aggregate depreciation |
– |
|
------------ |
Carrying value |
1,603,400 |
|
------------ |
|
|
At 30 April 2022 |
|
Aggregate cost |
1,603,400 |
Aggregate depreciation |
– |
|
------------ |
Carrying value |
1,603,400 |
|
------------ |
|
|
7.
Investments
|
Shares in group undertakings |
|
£ |
Cost |
|
At 1 May 2022 |
101 |
Additions |
100 |
|
---- |
At 30 April 2023 |
201 |
|
---- |
Impairment |
|
At 1 May 2022 and 30 April 2023 |
– |
|
---- |
|
|
Carrying amount |
|
At 30 April 2023 |
201 |
|
---- |
At 30 April 2022 |
101 |
|
---- |
|
|
8.
Debtors
|
2023 |
2022 |
|
£ |
£ |
Trade debtors |
2,160 |
399,647 |
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
932,383 |
876,242 |
Other debtors |
161,973 |
755 |
|
------------ |
------------ |
|
1,096,516 |
1,276,644 |
|
------------ |
------------ |
|
|
|
9.
Creditors:
amounts falling due within one year
|
2023 |
2022 |
|
£ |
£ |
Bank loans and overdrafts |
36,000 |
47,368 |
Trade creditors |
8,813 |
14,709 |
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
200 |
100 |
Social security and other taxes |
1,402 |
12,252 |
Other creditors |
138,339 |
166,427 |
|
--------- |
--------- |
|
184,754 |
240,856 |
|
--------- |
--------- |
|
|
|
The company has given security for some of the creditors that fall due within one year.
Included in other creditors is a hire purchase creditor of £29,909 (2022 - £29,909) that is secured on the assets purchased. The company has also given a fixed and floating charge on all assets of the company, in respect of the bank loan of £36,000 (2022 - £47,368).
10.
Creditors:
amounts falling due after more than one year
|
2023 |
2022 |
|
£ |
£ |
Bank loans and overdrafts |
813,629 |
837,464 |
Other creditors |
54,833 |
84,462 |
|
--------- |
--------- |
|
868,462 |
921,926 |
|
--------- |
--------- |
|
|
|
The company has given security for all of the creditors that fall due after more than one year.
Included in other creditors is a hire purchase creditor of £54,833 (2022 - £84,462) that is secured on the assets purchased. The company has also given a fixed and floating charge on all assets of the company, in respect of the bank loan of £813,629 (2022 - £837,464).