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COMPANY REGISTRATION NUMBER: 08039770
Amazon Capital Ltd
Filleted Unaudited Financial Statements
For the year ended
31 December 2023
Amazon Capital Ltd
Financial Statements
Year ended 31st December 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Amazon Capital Ltd
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
1,250,223
1,250,279
Investments
6
19,397,281
18,303,326
-------------
-------------
20,647,504
19,553,605
Current assets
Debtors
7
9,675
8,384
Cash at bank and in hand
285,256
330,413
---------
---------
294,931
338,797
Creditors: amounts falling due within one year
8
9,930,054
10,614,491
------------
-------------
Net current liabilities
9,635,123
10,275,694
-------------
-------------
Total assets less current liabilities
11,012,381
9,277,911
Provisions
Taxation including deferred tax
589,898
114,589
-------------
------------
Net assets
10,422,483
9,163,322
-------------
------------
Capital and reserves
Called up share capital
200
200
Profit and loss account
10,422,283
9,163,122
-------------
------------
Shareholders funds
10,422,483
9,163,322
-------------
------------
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 31st December 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 .
Amazon Capital Ltd
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 5 August 2024 , and are signed on behalf of the board by:
Mr K Pirie
Director
Company registration number: 08039770
Amazon Capital Ltd
Notes to the Financial Statements
Year ended 31st December 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 20 Chamberlain Street, Wells, Somerset, BA5 2PF.
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.
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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Operating leases
Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.
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:
Equipment
-
20% reducing balance
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.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
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.
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 liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
5. Tangible assets
Freehold property
Equipment
Total
£
£
£
Cost
At 1st January 2023 and 31st December 2023
1,250,000
3,000
1,253,000
------------
-------
------------
Depreciation
At 1st January 2023
2,721
2,721
Charge for the year
56
56
------------
-------
------------
At 31st December 2023
2,777
2,777
------------
-------
------------
Carrying amount
At 31st December 2023
1,250,000
223
1,250,223
------------
-------
------------
At 31st December 2022
1,250,000
279
1,250,279
------------
-------
------------
6. Investments
Other investments other than loans
£
Cost
At 1st January 2023
18,370,899
Additions
1,094,201
Disposals
( 1,366,919)
Revaluations
1,335,054
-------------
At 31st December 2023
19,433,235
-------------
Impairment
At 1st January 2023
67,573
Reversal of impairment losses
( 31,619)
-------------
At 31st December 2023
35,954
-------------
Carrying amount
At 31st December 2023
19,397,281
-------------
At 31st December 2022
18,303,326
-------------
7. Debtors
2023
2022
£
£
Other debtors
9,675
8,384
-------
-------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Other creditors
9,930,054
10,614,491
------------
-------------
9. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2023
2022
£
£
Included in provisions
589,898
114,589
---------
---------
The deferred tax account consists of the tax effect of timing differences in respect of:
2023
2022
£
£
Accelerated capital allowances
42
13
Fair value adjustment of financial assets
589,856
114,576
---------
---------
589,898
114,589
---------
---------
10. Financial instruments
The carrying amount for each category of financial instrument is as follows:
2023
2022
£
£
Financial assets measured at fair value through profit or loss
Financial assets measured at fair value through profit or loss
19,397,281
18,303,326
-------------
-------------
11. Related party transactions
The company was under the control of Mr Kane Pirie & Mrs Iwona Pirie throughout the current period. Mr & Mrs Pirie are managing directors and joint shareholders. Dividends paid to Mrs Pirie in her capacity as shareholder was £1,850 (2022: £1,800). Dividends paid to Mr Pirie in his capacity as shareholder was £1,850 (2022: £1,800).