Amato Food Products Limited 07675912 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is food wholesalers Digita Accounts Production Advanced 6.30.9574.0 true true true true 07675912 2023-01-01 2023-12-31 07675912 2023-12-31 07675912 bus:Director1 1 2023-12-31 07675912 bus:Director2 1 2023-12-31 07675912 core:CurrentFinancialInstruments 2023-12-31 07675912 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 07675912 core:CurrentFinancialInstruments core:WithinOneYear 2 2023-12-31 07675912 core:Goodwill 2023-12-31 07675912 core:FurnitureFittingsToolsEquipment 2023-12-31 07675912 core:LandBuildings 2023-12-31 07675912 core:MotorVehicles 2023-12-31 07675912 core:DeferredTaxation 2023-12-31 07675912 bus:FRS102 2023-01-01 2023-12-31 07675912 bus:Audited 2023-01-01 2023-12-31 07675912 bus:FullAccounts 2023-01-01 2023-12-31 07675912 bus:RegisteredOffice 2023-01-01 2023-12-31 07675912 bus:Director1 2023-01-01 2023-12-31 07675912 bus:Director1 1 2023-01-01 2023-12-31 07675912 bus:Director2 2023-01-01 2023-12-31 07675912 bus:Director2 1 2023-01-01 2023-12-31 07675912 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 07675912 core:Goodwill 2023-01-01 2023-12-31 07675912 core:FurnitureFittingsToolsEquipment 2023-01-01 2023-12-31 07675912 core:LandBuildings 2023-01-01 2023-12-31 07675912 core:MotorVehicles 2023-01-01 2023-12-31 07675912 core:Vehicles 2023-01-01 2023-12-31 07675912 core:DeferredTaxation 2023-01-01 2023-12-31 07675912 core:UKTax 2023-01-01 2023-12-31 07675912 countries:EnglandWales 2023-01-01 2023-12-31 07675912 2022-12-31 07675912 bus:Director1 1 2022-12-31 07675912 bus:Director2 1 2022-12-31 07675912 core:Goodwill 2022-12-31 07675912 core:FurnitureFittingsToolsEquipment 2022-12-31 07675912 core:LandBuildings 2022-12-31 07675912 core:MotorVehicles 2022-12-31 07675912 core:DeferredTaxation 2022-12-31 07675912 2022-01-01 2022-12-31 07675912 2022-12-31 07675912 bus:Director1 1 2022-12-31 07675912 bus:Director2 1 2022-12-31 07675912 core:CurrentFinancialInstruments 2022-12-31 07675912 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 07675912 core:CurrentFinancialInstruments core:WithinOneYear 2 2022-12-31 07675912 core:FurnitureFittingsToolsEquipment 2022-12-31 07675912 core:LandBuildings 2022-12-31 07675912 core:MotorVehicles 2022-12-31 07675912 bus:Director1 1 2022-01-01 2022-12-31 07675912 bus:Director2 1 2022-01-01 2022-12-31 07675912 core:UKTax 2022-01-01 2022-12-31 07675912 bus:Director1 1 2021-12-31 07675912 bus:Director2 1 2021-12-31 iso4217:GBP xbrli:pure

Registration number: 07675912

Amato Food Products Limited

Annual Report and Financial Statements

for the Year Ended 31 December 2023

 

Amato Food Products Limited

Contents

Company Information

1

Strategic Report

2

Directors' Report

3

Independent Auditor's Report

4 to 6

Profit and Loss Account

7

Statement of Comprehensive Income

8

Balance Sheet

9

Notes to the Financial Statements

10 to 18

 

Amato Food Products Limited

Company Information

Directors

Mr Robert M Amato

Mrs Dolores A Amato

Registered office

6 St Andrews Square
Manchester
M1 2NS

Auditors

Matravers
Accountants & Business Advisers
Bridgewater House
Century Park, Caspian Road
Altrincham
Cheshire
WA14 5HH

 

Amato Food Products Limited

Strategic Report for the Year Ended 31 December 2023

The directors present their strategic report for the year ended 31 December 2023.

Principal activity

The principal activity of the company is food wholesalers

Fair review of the business

The directors are satisfied with the results for the period and the year end balance sheet position. The company returned results in line with management expectations.

The company has continued its strategy of focusing on beneficial trading activities core to the business and is expected to contnue to maintain its profitability in future periods.

Profit on ordinary activities before taxation was £1,380,657 (2022:£1,949,809).

Principal risks and uncertainties

The company's principal risks in order to sustain financial performance have been identified as:
- Ensuring turnover levels
- Maintaining satisfactory gross profit margins
- Controlling levels of expenditure
- Purchasing foreign goods at favourable exchange rates

These are managed on a day to day basis by the managing director who also monitors the following financial key performance indicators:
- Management accounts
- Cash and bank balances
- Trade debtor balances
- Stock levels

Approved and authorised by the Board on 26 July 2024 and signed on its behalf by:
 

.........................................
Mr Robert M Amato
Director

.........................................
Mrs Dolores A Amato
Director

 

Amato Food Products Limited

Directors' Report for the Year Ended 31 December 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

Directors of the company

The directors who held office during the year were as follows:

Mr Robert M Amato

Mrs Dolores A Amato

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Approved and authorised by the Board on 26 July 2024 and signed on its behalf by:
 

.........................................
Mr Robert M Amato
Director

.........................................
Mrs Dolores A Amato
Director

 

Amato Food Products Limited

Independent Auditor's Report to the Members of Amato Food Products Limited

Opinion

We have audited the financial statements of Amato Food Products Limited (the 'company') for the year ended 31 December 2023, which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its profit for the year then ended;

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

The corresponding figures are unaudited.

 

Amato Food Products Limited

Independent Auditor's Report to the Members of Amato Food Products Limited

Opinion on other matter prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

the financial statements are not in agreement with the accounting records and returns; or

certain disclosures of directors' remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the [set out on page ], the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor Responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

 

Amato Food Products Limited

Independent Auditor's Report to the Members of Amato Food Products Limited

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

......................................
Carol Ann Graham (Senior Statutory Auditor)
For and on behalf of Matravers, Statutory Auditor

Accountants & Business Advisers
Bridgewater House
Century Park, Caspian Road
Altrincham
Cheshire
WA14 5HH

26 July 2024

 

Amato Food Products Limited

Profit and Loss Account for the Year Ended 31 December 2023

Note

2023
£

2022
£

Turnover

3

17,958,089

17,325,720

Cost of sales

 

(15,423,553)

(14,339,831)

Gross profit

 

2,534,536

2,985,889

Administrative expenses

 

(1,299,319)

(1,058,334)

Other operating income

500

-

Operating profit

5

1,235,717

1,927,555

Other interest receivable and similar income

6

26,556

8,614

Interest payable and similar expenses

7

78,770

13,640

   

105,326

22,254

Profit before tax

 

1,341,043

1,949,809

Tax on profit

11

(343,430)

(370,449)

Profit for the financial year

 

997,613

1,579,360

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Amato Food Products Limited

Statement of Comprehensive Income for the Year Ended 31 December 2023

2023
£

2022
£

Profit for the year

997,613

1,579,360

Total comprehensive income for the year

997,613

1,579,360

 

Amato Food Products Limited

(Registration number: 07675912)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

13

932,117

934,111

Current assets

 

Stocks

14

1,052,519

1,211,381

Debtors

15

4,174,748

2,508,964

Cash at bank and in hand

 

1,021,208

1,651,048

 

6,248,475

5,371,393

Creditors: Amounts falling due within one year

17

(1,822,909)

(1,966,595)

Net current assets

 

4,425,566

3,404,798

Total assets less current liabilities

 

5,357,683

4,338,909

Provisions for liabilities

18

(94,407)

(68,246)

Net assets

 

5,263,276

4,270,663

Capital and reserves

 

Called up share capital

100

100

Retained earnings

5,263,176

4,270,563

Shareholders' funds

 

5,263,276

4,270,663

Approved and authorised by the Board on 26 July 2024 and signed on its behalf by:
 

.........................................
Mr Robert M Amato
Director

.........................................
Mrs Dolores A Amato
Director

 

Amato Food Products Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

1

General information

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

The address of its registered office is:
6 St Andrews Square
Manchester
M1 2NS

These financial statements were authorised for issue by the Board on 26 July 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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

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.

Going concern

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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

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.

 

Amato Food Products Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

The current income 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 in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

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

Land and buildings

2% straight line

Furniture, fittings and equipment

20% and 25% reducing balance

Motor vehicles

25% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

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.

 

Amato Food Products Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

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.

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.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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

Turnover

The analysis of the company's revenue for the year from continuing operations is as follows:

 

Amato Food Products Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

2023
 £

2022
 £

Sale of goods

17,958,089

17,325,420

Rental income from investment property

-

300

17,958,089

17,325,720

4

Other gains and losses

The analysis of the company's other gains and losses for the year is as follows:

2023
 £

2022
 £

Gain/loss on disposal of property, plant and equipment

(2,757)

(7,700)

5

Operating profit

Arrived at after charging/(crediting)

2023
 £

2022
 £

Depreciation expense

100,501

76,106

Loss on disposal of property, plant and equipment

2,757

7,700

6

Other interest receivable and similar income

2023
 £

2022
 £

Interest income on bank deposits

1,916

90

Other finance income

24,640

8,524

26,556

8,614

7

Interest payable and similar expenses

2023
 £

2022
 £

Foreign exchange gains/losses

(78,770)

(13,640)

8

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2023
 £

2022
 £

Wages and salaries

1,374,962

1,313,515

Social security costs

134,837

131,958

Pension costs, defined contribution scheme

248,919

42,891

Other employee expense

2,379

1,247

1,761,097

1,489,611

 

Amato Food Products Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

2023
No.

2022
No.

Production

33

33

Administration and support

13

13

46

46

9

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
 £

2022
 £

Remuneration

16,686

16,685

Contributions paid to money purchase schemes

227,905

24,000

244,591

40,685

10

Auditors' remuneration

2023
 £

2022
 £

Audit of the financial statements

3,500

-


 

11

Taxation

Tax charged/(credited) in the income statement

2023
 £

2022
 £

Current taxation

UK corporation tax

317,269

346,969

Deferred taxation

Arising from origination and reversal of timing differences

26,161

23,480

Tax expense in the income statement

343,430

370,449

Deferred tax

 

Amato Food Products Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

12

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 January 2023

344,500

344,500

At 31 December 2023

344,500

344,500

Amortisation

At 1 January 2023

344,500

344,500

At 31 December 2023

344,500

344,500

Carrying amount

At 31 December 2023

-

-

13

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

816,412

259,128

395,647

1,471,187

Additions

-

29,014

72,250

101,264

Disposals

-

-

(20,645)

(20,645)

At 31 December 2023

816,412

288,142

447,252

1,551,806

Depreciation

At 1 January 2023

178,901

198,910

159,265

537,076

Charge for the year

16,328

17,389

66,784

100,501

Eliminated on disposal

-

-

(17,888)

(17,888)

At 31 December 2023

195,229

216,299

208,161

619,689

Carrying amount

At 31 December 2023

621,183

71,843

239,091

932,117

At 31 December 2022

637,511

60,218

236,382

934,111

Included within the net book value of land and buildings above is £621,183 (2022 - £637,512) in respect of freehold land and buildings.
 

14

Stocks

2023
 £

2022
 £

Finished goods and goods for resale

1,052,519

1,211,381

 

Amato Food Products Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

15

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

1,881,012

1,756,740

Other debtors

 

1,673,781

507,249

Prepayments

 

74,673

59,348

Income tax asset

11

545,282

185,627

   

4,174,748

2,508,964

16

Cash and cash equivalents

2023
 £

2022
 £

Cash on hand

67,886

54,536

Cash at bank

808,448

1,250,992

Short-term deposits

144,874

345,520

1,021,208

1,651,048

17

Creditors

Note

2023
 £

2022
 £

Due within one year

 

trade creditors

 

1,150,839

1,483,194

Social security and other taxes

 

33,571

27,501

Other payables

 

400,372

91,446

Accrued expenses

 

20,858

17,485

Income tax liability

11

217,269

346,969

 

1,822,909

1,966,595

18

Provisions for liabilities

Deferred tax
£

Total
£

At 1 January 2023

68,246

68,246

Increase (decrease) in existing provisions

26,161

26,161

At 31 December 2023

94,407

94,407

 

Amato Food Products Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

19

Pension and other schemes

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £248,919 (2022 - £42,891).

20

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary share capital of £1 each

100

100

100

100

       

21

Related party transactions

R Amato is a director and 50% shareholder in the company. During the year advances totalling £720.784 (2022: £29,538) were made to R Amato. At the year end his overdrawn director's loan account balance was £943,861 (2022: £223,077) which is included in debtors.

D Amato is a director and 50% shareholder in the company. During the year advances totalling £440,9972 (2022: £146,829) were made to D Amato. At the year end her overdrawn director's laon account balance was £687,746 (2022: £248,231) which is included in debtors.

Interest was charged at the official rate of 2.25% on directors advances and all advances were unsecured and repayable on demand.

 

Amato Food Products Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Transactions with directors

2023

At 1 January 2023
£

Advances to director
£

Repayments by director
£

At 31 December 2023
£

Mr Robert M Amato

(223,077)

(720,784)

-

(943,861)

Mrs Dolores A Amato

(248,231)

(440,972)

1,457

(687,746)

2022

At 1 January 2022
£

Advances to director
£

At 31 December 2022
£

Mr Robert M Amato

(193,539)

(29,538)

(223,077)

Mrs Dolores A Amato

(101,402)

(146,829)

(248,231)